JPMorgan Chase : Fixed Income Investor Information

FIXED INCOME INVESTOR INFORMATION

February 25, 2020

Continuing to optimize funding mix

Total liabilities & stockholders'equity($B)

Capital markets liabilities (%)

Secured funding highlights

	$2,687
			Long-term
			secured
			debt
			7%
Deposits	1,562
			Securities
			loaned/repo
			agreements
			33%
Trading liabilities	119
Accounts payable and other	215
liabilities1
Secured funding	249
Unsecured funding	281	$557	Short-term
	secured debt2
Preferred stock	27		5%
Common stockholders' equity	234
	12/31/2019		Commercial paper2
		3%

Preferred Stock

5%

Long-term

unsecured debt

46%

Other borrowed

funds2

1%

• Long-termsecured debt
• • $29B FHLB advances
  • $6B credit card securitization
• Short-termsecured debt
• • $18B collateralized commercial paper
  • $9Basset-backed commercial paper

Unsecured funding highlights

• Long-termunsecured debt
• • $166B senior debt
  • $18B subordinated debt3
  • $75B structured notes
• Commercial paper
• • $15B
  • Supports CIB Markets business

Note: For footnoted information, refer to slide 6

1

JPMorgan Chase & Co. ("HoldCo") unsecured benchmark funding - Managing a balanced and efficient portfolio

Gross issuance by security type ($B)

Senior debt Subordinated debt Preferred stock

$38
6	$28
3	$25	$25	$25
				5
28	27	23	24	20
2015	2016	2017	2018	2019
Gross issuance by tenor ($B)2
		<5 yrs.	5-10 yrs.	10+ yrs.

WAM3:

~8 yrs.

~7 yrs.

~15 yrs.

~10 yrs.

~11 yrs.

$32	$28
4	$23	$24
9	6	$20
	12		13
19	15	11
		8
10	5	6
		3	3	2
2015	2016	2017	2018	2019

Long-term debt maturity profile ($B)1
			Senior debt	Subordinated debt
					$92
	$20		$18	$18	12
$16
	$12	2	3	80
	20
16		16	15
12
2020	2021	2022	2023	2024	>2024
Preferred stock trends ($B)	Issuances	Redemptions

$6

						$5
						$4
		$1	$1	$2	$2
2015	2016	2017	2018	2019

Note: Totals may not sum due to rounding. For footnoted information, refer to slide 6

2

Firmwide wholesale long-term funding outstanding

End of period outstanding($B) - HoldCo (left) vs. Bank1(right)

Senior unsecured	Subordinated debt2	Structured notes	FHLB	Credit card securitization3	Other secured debt4
				WAM:
				~9 yrs.	~5 yrs.

$183

21

21

141

$136

12

30

72

17

$188

24

20

143

$140

13

33

80

12

$192

27

17

149

$113

19

21

61

8

$196

29

16

151

$100

24

13

44

13

$211

36

17

158

$87

38

6

29

9

HoldCo2015Bank

HoldCo2016Bank

HoldCo2017Bank

HoldCo2018Bank

HoldCo2019Bank

Note: Totals may not sum due to rounding. The HoldCo includes JPMorgan Chase & Co. and its non-bank subsidiaries. The Bank includes JPMorgan Chase Bank, N.A and its subsidiaries

For footnoted information, refer to slide 7

3

TLAC and external LTD requirement summary - TLAC compliance is maintained

TLAC Requirements - key metrics, at 12/31/2019 ($B)	External TLAC		External LTD
Eligible long-term debt			$172		$162
Preferred equity				27		-
Common equity Tier 1			188		-
Total				$386		$162
% of RWA				25.5%		10.7%
Requirement				23.0%		9.5%
(Shortfall)/surplus			$38		$18
% of leveraged assets			11.3%		4.7%
Requirement				9.5%		4.5%
(Shortfall)/surplus			$61		$8
HoldCo - external long-term debt, at 12/31/2019 ($B)
			$197			$172
				($9)			$162
				($16)		($10)
Senior debt	180
Sub. & jr.
sub. debt
	17
			2019	Structured notes & other	Debt with <1 yr	Debt eligible for external	50% haircut on LTD	External
					maturity	TLAC1	1-2 yrs. maturity	LTD

Note: Totals may not sum due to rounding	4
1Includes ~$19B of debt classified as structured notes

Wholesale funding sources - purpose and key features

Available to meet regulatory requirement

HoldCo

Broker- dealer

Bank

Product

Typical term

Callable

Multi-

TLAC

T1/T2

LCR

NSFR

currency3

Reg. cap.

Senior unsecured

2-30 years













Subordinated debt

10-30 years1













Preferred stock

Perpetual













Structured notes

2-30 years





 /4







Commercial paper

Generally < 1 year2











2

Securities loaned / Repo agreements

Generally < 6 months











2

Collateralized commercial paper

Generally < 1 year2











2

Senior unsecured

2-30 years













Subordinated debt

2-30 years













Structured notes

2-30 years













FHLB borrowing

Generally < 5 years2

2









2

Card securitization

1-10 years













Asset-backed commercial paper

Generally < 1 year2











2

Secured funding

Note: excludes deposits and common equity. For footnoted information, refer to slide 7

5

Notes

Slide 1 - Continuing to optimize funding mix

1. Includes federal funds purchased andclient-driven loan securitizations which are included in beneficial interests issued by consolidated variable interest entities on the Firm's Consolidated balance sheets totaling ~$4B as of December 31, 2019
2. The Firm's obligations under the collateralized commercial paper ("CCP") programs,short-term Federal Home Loan Bank ("FHLB") advances, unsecured commercial paper and other borrowed funds ("OBF") are reported in short-term borrowings on the Firm's Consolidated balance sheets. Obligations under the asset-backed commercial paper ("ABCP") programs are included in beneficial interests issued by consolidated variable interest entities on the Firm's Consolidated balance sheet
3. Includes junior subordinated debt

Slide 2 - JPMorgan Chase & Co. ("HoldCo") unsecured benchmark funding - Managing a balanced and efficient portfolio

1. Excludes ~$22B of debt classified as structured notes
2. Excludes preferred stock issuance
3. Weighted average maturity ("WAM") is calculated based on the final maturity of all unsecuredlong-term debt issuance

6

Notes

Slide 3 - Firmwide wholesale long-term funding outstanding

1. Senior unsecured for banking subsidiaries includes subordinated debt of $7.7B and $3.9B in 2015 and 2016, respectively, and $313M, $301M and $305M in 2017, 2018 and 2019, respectively
2. Includes junior subordinated debt
3. Includes $1.8B and $1.5B of student loan securitizations in 2015 and 2016, respectively
4. Includes $500M of other secured debt in a HoldCo (i.e., JPMorgan Chase & Co) subsidiary in each of 2015 and 2016, and $21M in 2019

Slide 5 - Wholesale funding sources - purpose and key features

1. Currently it is not optimal from a regulatory capital treatment perspective to issue subordinated debt with a tenor of less than 10 years
2. Commercial Paper ("CP")/CCP/ABCP can be issued for periods up to 397 days, except for certain CP/CCP, which has a maximum tenor of 270 days. Certificates of Deposit ("CD") do not have a maximum contractual maturity. FHLB advances may have a legal maturity of up to 30 years and may also be extendible. Only funding with maturities > 365 days get the full benefit for the net stable funding ratio ("NSFR")
3. Multi-currencyrepresents two or more currencies
4. Certainplain-vanilla debt that is classified as structured notes is TLAC-eligible

7