T h r o u g h s u s t a i ne d  i n v es t men t a n d s t r o n g  e x e c u t io n , J.P. Mo r g a n h a s d e v e lo p e d u n p a r a ll e l e d s c a l e a n d c a p a b ili t i es t o  p a r t ne r  glo b a lly  w i t h cli en t s t o  en a b l e t h em t o  r e a li ze d iv e r se fin a n ci a l  a n d s t r a t e gic go a l s .  Ov e r t h e p a s t d e c a d e ,  d es p i t e  glo b a l  c r i ses ,  w o r l d  co mme r c e h a s e volv e d a t a r em a r ka b l e p a c e . To d a y,  m u l t i n a - t io n a l co r p o r a t io ns  o p e r a t e  i n m a n y  l a r g e ,  new m a r k e t s t h a t , i n a gg r e g a t e ,  d w a r f t h e r e v en u e p o t en t i a l o f t h e m a t u r e e co n o m i es  i n Wes t e r n  E u r o p e a n d t h e  U n i t e d  S t a t es ; d e v e lo p i n g  m a r k e t fin a n ci a l  a sse t s a cco u n t f o r 2 0 %  o f t h e  glo b a l  t o t a l  a f t e r  y e a r s  o f d o u b l e - d igi t  i n c r e a ses . L a s t  y e a r ,  w h il e se r vi n g  m o r e t h a n 25, 000  i ns t i t u t io n a l cli en t s h e a dq u a r - t e r e d  i n  17 0  co u n t r i es a n d  ov e r  5  m illio n  i n d ivi d u a l s ,  we  cl e a r e d  2 0 % o f t h e w o r l d ’ s d oll a r t r a ns a c t io ns ,  r a i se d m o r e d e b t a n d e q u i t y c a p i t a l  t h a n a n y o t h e r fi r m  ($43 0 b illio n ),  p r ovi d e d  c u s t o d y  f o r ne a r ly $17  t r il- lio n  o f a sse t s a n d s up e r vi se d ne a r ly  $2  t r illio n  o f  i n v es t men t a sse t s . J.P. Mo r g a n ’ s a gg r e g a t e r e v en u e t o t a l e d  $43.5  b illio n ,*  r o u g h ly  h a l f f r o m  i n t e r n a t io n a l  s o u r c es ,  m i rr o r i n g  w o r l d w i d e t r en d s . Al t h o u g h we a l r e a d y  a r e we ll  p o s i- t io ne d f o r t h e f u t u r e ,  we a r e a dd i n g  new d i mens io ns t o o u r  c a p a b ili- t i es . Fo r e x a m p l e ,  m o r e I n v es t men t B a n k i n g cli en t s a r e u s i n g  t h e e x p e r - t i se we ’v e d e v e lo p e d  i n  T r e a s u r y &  S e c u r i t i es  S e r vic es t o  s t r e a m li ne t h e i r  o wn t r e a s u r y  a c t ivi t i es t o  a c h i e v e  g r e a t e r e GLYPH<0> ci en cy i n d iv e r se o p e r a t i n g  a n d r e g u l a t o r y  en vi r o n - men t s a r o u n d t h e w o r l d . We a r e t ak i n g  b ol d s t e p s t o i m p r ov e coo r d i n a t io n  o f  co m p l emen t a r y  a c t ivi t i es a c r o ss  o u r  li nes  o f b u s i- ness t h a t w ill g r o w r e v en u e a n d s t r en g t h en  c u s t o me r r e l a t io ns h i p s .  T h e  Glo b a l Co r p o r a t e  B a n k ,  a p a r t ne r - s h i p b e t ween  T r e a s u r y & S e c u r i t i es S e r vic es a n d t h e I n v es t men t  B a n k t h a t b e g a n  i n  2 0 1 0 ,  t a r g e t s a pp r oxi- m a t e ly 3,5 00  co r p o r a t e ,  fin a n ci a l  a n d pu b lic  se c t o r  cli en t s f o r  i n t en - s iv e  cov e r a g e b y  a d e d ic a t e d t e a m  o f b a n k i n g  a n d t r e a s u r y  p r o fess io n a l s . T h e  Glo b a l Co r p o r a t e  B a n k  i s o n t r a c k t o  d e liv e r m o r e t h a n  $1  b illio n  i n a nn u a l  p r e t a x  e a r n i n g s b y 2 0 15. Si m il a r  v en t u r es a r e u n d e r w a y i n volvi n g A sse t  M a n a g emen t ,  Co mme r ci a l B a n k i n g  a n d  o t h e r  li nes o f b u s i ness .  I n  2 0 11,  r e v en u e s y ne r - gi es a tt r i b u t e d t o  t h ese a c t ivi t i es we r e a pp r oxi m a t e ly $3  b illio n  i n t h e I n v es t men t  B a n k , $1  b illio n  i n A sse t  M a n a g emen t a n d  $3  b illio n  i n T r e a s u r y & S e c u r i t i es  S e r vic es ,  a n d , i n o u r  o p i n io n ,  we ’v e  j u s t s c r a t c h e d t h e s u r f a c e  o f w h a t ’ s a c h i e v a b l e . I n a dd i t io n ,  we  l a u n c h e d a n o t h e r s t r a - t e gic a lly i m p o r t a n t  i n i t i a t iv e a c r o ss o u r b u s i nesses  – “V a l u e f o r  Sc a l e ” –  t o  e li m i n a t e u nne c ess a r y co m p l e xi t y,  i m p r ov e  co mm u n ic a t io n ,  a n d  o p t i- m i ze s h a r e d a n d s h a r e a b l e r es o u r c es .  T h i s p r o m i ses s u b s t a n t i a l co s t s a vi n g s ,  f u r t h e r f oc u ses a tt en t io n a n d r es o u r c es w h e r e t h e y  a r e m o s t p r o d u c- t iv e ,  a n d  g r e a t ly  en h a n c es t h e q u a li t y  o f  o u r w o r k a n d  cli en t eGLYPH<0>e c t iv eness . Al t h o u g h we ’v e r e a lly j u s t b e g u n ,  i t ’ s  o u r b e li ef t h a t we ’ r e  o n a p a t h t o  t r a nsf o r m t h e w a y glo b a l  w h ol es a l e b a n k i n g  b u s i ness  i s  co n d u c t e d ,  d e liv- e r i n g  b e tt e r r es u l t s f o r  o u r  cli en t s a n d u l t i m a t e ly  m o r e p r o fi t s f o r  o u r s h a r e - h ol d e r s . T h i s a m b i t io n w o u l d n ’ t b e p o ss i b l e w i t h o u t t h e eGLYPH<0> o r t s a n d s h a r e d vi s io n  o f t h e  72, 000 e x t r a o r d i n a r y  em p loy ees t h r o u g h o u t  o u r  o r g a n i z a - t io n w h o m we a r e p r ivil e g e d t o l e a d . M a r y Mi k e J es Revenue Synergy Examples Investment  Bank $3 billion Treasury & Securities Services 78% of top clients  shared with  Investment Bank 75% of CB clients  use Treasury Services products $3 billion Asset Management Jointly cover  1,800 clients with  Commercial Banking (CB) Robust client referral to and from Asset Management $1 billion Manage $120 billion of  assets for CB clients Manage $90 billion of  assets for Treasury &  Securities Services clients J.P. Morgan Revenue*) North America 53% EMEA 29% Asia 13% Latin America 5% 2011 total: $43.5 billion 9% growth year-over-year * Includes Investment Bank, Asset Management  and Treasury & Securities Services 53