WIXLIB

HOWWEDOBUSINESS

Twenty principles that are fundamental toour success and will guide us into the future.

HOWWEDOBUSINESS

OurMissionWe are devoted to building and maintaining the best and most respectedfinancial services company in the world, serving our clients and growingour communities globally.To do this, we must continue to deliver superior long-term value to ourshareholders. Only by building and maintaining a healthy and vibrantcompany can we invest for the long run and thrive in both good and badtimes. A bank can’t be a fair weather friend. We must be unquestionablysafe and sound — both for our businesses and for our clients — and wemust invest in our great and diverse group of employees, who makeit all possible. Finally, we will be a good corporate citizen wherever weoperate. Our success will let us continuously help build economies andcommunities around the globe.

OurBusinessPrinciplesCertain principles are fundamental to our success. They focus on how westrengthen, safeguard and grow our company over time. Adhering to eachof these principles is how we will become the best and most respectedbank in the world. We cannot promise specific outcomes or risk-free results.From time to time, we may fall short in our efforts, and if that happens,we will renew our commitment to these principles and re-double ourefforts. What we can and will promise is to be truthful and give honestassessments of our businesses and prospects; act with integrity andhonor; and do the right thing — not necessarily the easy or expedientthing. We will work with fierce resolve to make this a company of whichour customers, employees, shareholders and communities cancontinue to be proud.

ExceptionalClient ServiceOperationalExcellenceA Commitment to Integrity,Fairness and ResponsibilityA Great Team andWinning Culture1.We focus on the customer4.11. We will not compromise our integrity2.We are field and client driven;we operate at the local level16. We hire, train and retain great,diverse employees3.We build world-class franchises, investingfor the long term, to serve our clientsWe set the highest standardsof performance5. We demand financial rigor and riskdiscipline; we will always maintaina fortress balance sheet6. We strive for the best internalgovernance and controls7.We act and think like owners and partners8. We strive to build and maintain the best,most efficient systems and operations9.We are disciplined in everything we do10. We execute with both skill and urgency12. We face facts13. We have fortitude14. We foster an environment of respect,inclusiveness, humanity and humility15. We help strengthen the communitiesin which we live and work17. We build teamwork, loyalty and morale18. We maintain an open, entrepreneurialmeritocracy for all19. We communicate honestly,clearly and consistently20. We strive to be good leaders

ExceptionalClientServiceFor more than two centuries, JPMorgan Chase has always been there forour constituents around the world. In the toughest of times when strongbanks are needed the most, we never waver in our support, and we neverlose sight of our main mission: serving our clients. Our job is to alwaysdo right by them and consistently strive not only to meet their needs butalso to exceed their expectations and continually make it easy for clientsto do business with us.As much as any company on the planet, we are helping individuals,businesses of all sizes, governments, nonprofits and communities seizethe opportunities of our times. We can do this because of the strongcompany we have built — global in reach, local in execution, with animpressive set of products and capabilities and a steadfast commitmentto provide exceptional client service.

TwoThreeWe focus on the customer Treat the customer the way you wantto be treated and make sure you seeeverything from the customer’s eyes Give customers a good, fair deal —offer high-quality, competitivelypriced products and services Read customer complaints —and be the customer’s advocate Consider the full range of productsand services that will fit customerneeds, cross-selling when appropriate Exceed expectations by listeningto customers and anticipating theirneeds, making it easy for themto do business with us Earn trust by always focusingon customers’ best interests;high-quality customers will growalong with the company Never allow short-term profitconsiderations to get in the way ofdoing what’s right for the customer Use our own products — when itcomes to understanding the customer,nothing beats being a customerEXCEPTIONAL CLIENT SERVICEOne

TwoThreeWe are field and clientdriven; we operate at thelocal level Use our size as a strength toexecute well at the local level Spend time in local marketsto understand everything aboutthe customer (and what thecompetition might be doingfor him or her) Provide the resources andauthority needed for decisionmaking in the field Innovate, test and learn —we know some ideas will fail,and that’s okayEXCEPTIONAL CLIENT SERVICEOne

TwoThreeWe build world-classfranchises, investing forthe long term, to serveour clients Make good, long-term decisions thatallow us to do well in the good timesand withstand the tough times Be proud of what we are doing Do right by the customer in allour interactions Ensure our company will standthe test of timeEXCEPTIONAL CLIENT SERVICEOne

OperationalExcellenceAs important as strategy is, we have to execute to win. Execution involvesevery employee and every contact we have with customers. The devilis in the details. We must act quickly on problems; drive results,not just activities; and ensure detailed follow-up so that we meetour commitments.

FiveSixSevenEightNineTenWe set the higheststandards of performance Measure performance with adetailed, balanced scorecard Strive for excellence; don’t settlefor mediocrity Recognize that teamwork alsorequires maximum individual effort Compare yourself with the best Stay hungry; competition iseverywhere, so you cannot belulled into a false senseof security — complacency killsOPERATIONAL EXCELLENCEFour

FiveSixSevenEightNineTenWe demand financial rigor andrisk discipline; we will alwaysmaintain a fortress balance sheet Monitor, track and report theright things the right way —fix ineffective reporting Share consistent, comprehensiveinformation with shareholdersand each other Ensure that accounting is fair,accurate and transparent Make analysis disciplined,real and fact based, focusing onareas for improvement Create capital flexibility andmanage risk dynamically Remember, we do not worry aboutthe stock price or quarterly earningsin the short run; if you continue tobuild a great company, the stockprice will take care of itself Anticipate problems; be preparedwith solutions Be a risk manager; raising red flagsis every employee’s responsibilityExterior of J.P. Morgan & Co. headquarters at 23 Wall Street, c. 1914OPERATIONAL EXCELLENCEFour

We strive for the bestinternal governanceand controls Commit to enterprisewideworld-class governance,controls and compliance Ensure that our controlsinfrastructure is as robustas our businessSeven Cultivate strong relationships withour regulators — be transparent,direct and respectful Remember that goodcompliance is good businessEight Build a safety-first cultureFiveSixNineTenOPERATIONAL EXCELLENCEFour

FiveSixSevenEightNineTenWe act and think likeowners and partners Work for profitable, sustainable,long-term growth Streamline management andencourage an appropriate disregardfor hierarchy Guard the firm’s resources; spend thefirm’s money as if it were your own Invest wisely for the future —including on infrastructureand people Recognize that competitiveintelligence is competitive advantage Foster a spirit of partnership Ensure compensation is fair and fullytransparent to senior managementbased on a balanced scorecard; anyspecial deals should be minimizedand for good reason Respect and learn from yourpeople / teamOPERATIONAL EXCELLENCEFour

FiveSixSevenEightNineTenWe strive to build andmaintain the best,most efficient systemsand operations Promote efficiencies andremember that leaner is better Leverage technology to makeoperations fast and simple Cut waste relentlessly —and eliminate unnecessarybureaucracy Be an expert and ensure weknow our business bestOPERATIONAL EXCELLENCEFour

FiveSixSevenEightNineTenWe are disciplined ineverything we do Be rigorous and detailed, withcontinuous follow-up Maintain an intense work ethicto get the job done right Enforce a good decision-makingprocess and eliminate “waste of time”meetings; stand up war rooms toget the right people in the room andkill bureaucracy Always strive for improvementand have the ability to drive change— make a list and get it done Do it consistently — like exercisingor weeding the garden Act in a thoughtful, coordinatedway — not in haste or in isolation Conduct regular, well-organizedand thorough business reviewsof functions and controls Always fight complacency byanalyzing our own actions andour own weaknesses; managementshould celebrate our successes,but also emphasize the negativesOPERATIONAL EXCELLENCEFour

FiveSixSevenEightNineTenWe execute with bothskill and urgency Work with energy and focus;take responsibility and deliveron commitments Ensure that every role, every personand every detail count Get a little better every day —continually raise the bar Deliver results; investigate, analyzeand improve when problems arise Know the details, commit tofollow-ups, and meet deadlinesfor clients and colleagues Manage change with deliberate speedOPERATIONAL EXCELLENCEFour

ACommitmentTo Integrity,Fairness AndResponsibilityIn business, as in every other arena, ethical behavior does not justhappen. It has to be cultivated and repeatedly affirmed throughout theorganization. At JPMorgan Chase, acting with integrity is paramount —and it applies to every aspect of our company. Maintaining the higheststandards of integrity involves faithfully meeting our commitments toall our constituents — customers, communities, employees, the Board,shareholders, regulators — and to ourselves.

TwelveThirteenFourteenFifteenWe will not compromiseour integrity Do the right thing even whenit’s not the easy thing Have zero tolerance forunethical behavior Be accountable, straightforwardand honest in all your dealings Abide by the spirit and the letterof the laws and regulationsA COMMITMENT TO FAIRNESS AND RESPONSIBILITYEleven

TwelveThirteenFourteenFifteenWe face facts Look at the facts in a cold-bloodedway; admit and learn from mistakes Acknowledge the negatives Have only one truth for all audiences Keep one set of books Get the right people in the room(and the best answers will be found)A COMMITMENT TO FAIRNESS AND RESPONSIBILITYEleven

TwelveThirteenFourteenFifteenWe have fortitude Have a fierce resolve ineverything you do Demonstrate determination,resiliency and tenacity Do not let temporary setbacksbecome permanent excuses Use mistakes and problemsas opportunities to get better —not reasons to quitA COMMITMENT TO FAIRNESS AND RESPONSIBILITYEleven