1.0.0.3falseOff-balance sheet lending-related financial instruments, guarantees and other commitmentsfalse1$falsefalseSharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli020jpm_OffBalanceSheetLendingRelatedFinancialInstrumentsAndGuaranteesAbstractjpmfalsenadurationstringOff Balance Sheet Lending Related Financial Instruments And Guarantees Abstract.falsefalsefalsefalsefalsetruefalsefalsefalse1falsefalse00falsefalseOff Balance Sheet Lending Related Financial Instruments And Guarantees Abstract.false31jpm_OffBalanceSheetLendingRelatedFinancialInstrumentsAndGuaranteesTextBlockjpmfalsenadurationstringDescription of lending related instruments and the allowance recorded to reflect obligations, contingent liabilities,...falsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 31 - jpm:OffBalanceSheetLendingRelatedFinancialInstrumentsAndGuaranteesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="position: relative">
<div align="left" style="font-size: 12pt; margin-top: 12pt"><b>Note 31 – Off-balance sheet lending-related financial instruments, guarantees and other
commitments</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">JPMorgan Chase utilizes lending-related financial instruments (e.g., commitments and
guarantees) to meet the financing needs of its customers. The contractual amount of these financial
instruments represents the maximum possible credit risk should the counterparties draw down the
commitment or the Firm fulfill its obligation under the guarantee, and the counterparties
subsequently fail to perform according to the terms of the contract. Most of these commitments and
guarantees expire without a default occurring or without being drawn. As a result, the total
contractual amount of these instruments is not, in the Firm’s view, representative of its actual
future credit exposure or funding requirements. Further, certain commitments, predominantly related
to consumer financings, are cancelable, upon notice, at the option of the Firm.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">To provide for the risk of loss inherent in wholesale-related contracts, an allowance for credit
losses on lending-related commitments is maintained. See Note 14 on pages 196–198 of this Annual
Report for further discussion of the allowance for credit losses on lending-related commitments.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the contractual amounts of off-balance sheet lending-related
financial instruments and guarantees and the related allowance for credit losses on lending-related
commitments at December 31, 2009 and 2008. The amounts in the table below for credit card and home
equity lending-related commitments represent the total available credit for these products. The
Firm has not experienced, and does not anticipate, that all available lines of credit for these
products will be utilized at the same time. The Firm can reduce or cancel these lines of credit by
providing the borrower prior notice or, in some cases, without notice as permitted by law.
</div>
</div>
<div align="center">
<table style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="47%"></td>
<td width="5%"></td>
<td width="47%"></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<!-- Blank Space -->
<td align="left" valign="top"></td>
<td></td>
<td align="right" valign="top"></td>
</tr>
<tr valign="bottom">
<td align="left" valign="top"></td>
<td></td>
<td align="right" valign="top"></td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
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</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Off-balance sheet lending-related financial instruments, guarantees and other commitments</b>
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Contractual amount</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Carrying Value<sup style="font-size: 85%; vertical-align: text-top">(h)</sup></td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000">December 31, (in millions)</td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Lending-related</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Consumer:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Home equity – senior lien
</div></td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>19,246</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">27,998</td>
<td> </td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Home equity – junior lien
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>37,231</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">67,745</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Prime mortgage
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,654</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,079</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Subprime mortgage
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Option ARMs
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Auto loans
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,467</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,726</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Credit card
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>569,113</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">623,702</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">All other loans
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>11,229</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,257</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px"><b>Total consumer</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>643,940</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">741,507</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Wholesale:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other unfunded commitments to extend credit<sup style="font-size: 85%; vertical-align: text-top">(a)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>192,145</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">189,563</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>356</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">349</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Asset purchase agreements
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>22,685</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53,729</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>126</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">147</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Standby letters of credit and financial guarantees<sup style="font-size: 85%; vertical-align: text-top">(a)(b)(c)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>91,485</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">95,352</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>919</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">671</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Unused advised lines of credit
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>35,673</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">36,300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other letters of credit<sup style="font-size: 85%; vertical-align: text-top">(a)(b)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,167</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,927</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px"><b>Total wholesale</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>347,155</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">379,871</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,402</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,169</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total lending-related</b>
</div></td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>991,095</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,121,378</td>
<td> </td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>1,414</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,194</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Other guarantees and commitments</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Securities lending guarantees<sup style="font-size: 85%; vertical-align: text-top">(d)</sup>
</div></td>
<td> </td>
<td align="left"><b>$</b></td>
<td align="right"><b>170,777</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">169,281</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right"><b>NA</b></td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">NA</td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Residual value guarantees
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>672</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">670</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives qualifying as guarantees<sup style="font-size: 85%; vertical-align: text-top">(e)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>87,191</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83,835</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>762</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,418</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity investment commitments<sup style="font-size: 85%; vertical-align: text-top">(f)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>2,374</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,424</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Loan sale and securitization-related indemnifications:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Repurchase liability<sup style="font-size: 85%; vertical-align: text-top">(g)</sup>
</div></td>
<td> </td>
<td colspan="2" align="right"><b>NA</b></td>
<td> </td>
<td> </td>
<td colspan="2" align="right">NA</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,705</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,093</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans sold with recourse
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>13,544</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15,020</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>271</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">241</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(a)</td>
<td> </td>
<td>Represents the contractual amount net of risk participations totaling $24.6 billion and $26.4
billion for standby letters of credit and other financial guarantees at December 31, 2009 and
2008, respectively, $690 million and $1.1 billion for other letters of credit at December 31,
2009 and 2008, respectively, and $643 million and $789 million for other unfunded commitments
to extend credit at December 31, 2009 and 2008, respectively. In regulatory filings with the
Federal Reserve Board these commitments are shown gross of risk participations.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(b)</td>
<td> </td>
<td>JPMorgan Chase held collateral relating to $31.5 billion and $31.0 billion of standby letters
of credit and $1.3 billion and $1.0 billion of other letters of credit at December 31, 2009
and 2008, respectively.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(c)</td>
<td> </td>
<td>Includes unissued standby letter of credit commitments of $38.4 billion and $39.5 billion at
December 31, 2009 and 2008, respectively.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(d)</td>
<td> </td>
<td>Collateral held by the Firm in support of securities lending indemnification agreements was
$173.2 billion and $170.1 billion at December 31, 2009 and 2008, respectively. Securities
lending collateral comprises primarily cash, and securities issued by governments that are
members of the Organization for Economic Co-operation and Development (“OECD”) and U.S.
government agencies.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(e)</td>
<td> </td>
<td>Represents notional amounts of derivatives qualifying as guarantees. The carrying value at
December 31, 2009 and 2008, reflects derivative payables of $981 million and $5.6 billion,
respectively, less derivative receivables of $219 million and $184 million, respectively.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(f)</td>
<td> </td>
<td>Includes unfunded commitments to third-party private equity funds of $1.5 billion and $1.4
billion at December 31, 2009 and 2008, respectively. Also includes unfunded commitments for
other equity investments of $897 million and $1.0 billion at December 31, 2009 and 2008,
respectively. These commitments include $1.5 billion at December 31, 2009, related to
investments that are generally fair valued at net asset value as discussed in Note 3 on pages
148-165 of this Annual Report.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(g)</td>
<td> </td>
<td>Indemnifications for breaches of representations and warranties in loan sale and
securitization agreements. For additional information, see Loan sale and
securitization-related indemnifications on page 233 of this Note.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(h)</td>
<td> </td>
<td>For lending-related products the carrying value represents the allowance for lending-related
commitments and the fair value of the guarantee liability, for derivative-related products the
carrying value represents the fair value, and for all other products the carrying value
represents the valuation reserve.</td>
</tr>
</table>
<div style="position: relative">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Other unfunded commitments to extend credit</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">Other unfunded commitments to extend credit include commitments to U.S. domestic states and
municipalities, hospitals and other not-for-profit entities to provide funding for periodic tenders
of their variable-rate demand bond obligations or commercial paper. Performance by the Firm is
required in the event that the variable-rate demand bonds or commercial paper cannot be remarketed
to new investors. The amount of commitments related to variable-rate demand bonds and commercial
paper of U.S. domestic states and municipalities, hospitals and not-for-profit entities was $23.3
billion and $23.5 billion at December 31, 2009 and 2008, respectively. Similar commitments exist to
extend credit in the form of liquidity facility agreements with nonconsolidated municipal bond
VIEs. For further information, see Note 16 on pages 206-214 of this Annual Report.
</div>
</div>
<div style="position: relative">
<div align="left" style="font-size: 10pt; margin-top: 10pt">Also included in other unfunded commitments to extend credit are commitments to investment- and
noninvestment-grade counterparties in connection with leveraged acquisitions. These commitments are
dependent on whether the acquisition by the borrower is successful, tend to be short-term in nature
and, in most cases, are subject to certain conditions based on the borrower’s financial condition
or other factors. The amounts of commitments related to leveraged acquisitions at December 31, 2009
and 2008, were $2.9 billion and $3.6 billion, respectively. For further information, see Note 3 and
Note 4 on pages 148-165 and 165-167 respectively, of this Annual Report.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Guarantees</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">The Firm considers the following off-balance sheet lending-related arrangements to be guarantees
under U.S. GAAP: certain asset
purchase agreements, standby letters of credit and financial guarantees, securities lending
indemnifications, certain indemnification agreements included within third-party contractual
arrangements and certain derivative contracts. The amount of the liability related to guarantees
recorded at December 31, 2009 and 2008, excluding the allowance for credit losses on
lending-related commitments and derivative contracts discussed below, was $475 million and $535
million, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Asset purchase agreements</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">Asset purchase agreements are principally used as a mechanism to provide liquidity to SPEs,
predominantly multi-seller conduits, as described in Note 16 on pages 206–214 of this Annual
Report.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The carrying value of asset purchase agreements was $126 million and $147 million at December 31,
2009 and 2008, respectively, which was classified in accounts payable and other liabilities on the
Consolidated Balance Sheets; the carrying values include $18
million and $9 million, respectively,
for the allowance for lending-related commitments, and $108 million and $138 million, respectively,
for the fair value of the guarantee liability.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Standby letters of credit</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">Standby letters of credit (“SBLC”) and financial guarantees are conditional lending commitments
issued by the Firm to guarantee the performance of a customer to a third party under certain
arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade
and similar transactions. The carrying values of standby and other letters of credit were $920
million and $673 million at December 31, 2009 and 2008, respectively, which was classified in
accounts payable and other liabilities on the Consolidated Balance Sheets; these carrying values
include $553 million and $276 million, respectively, for the allowance for lending-related
commitments, and $367 million and $397 million, respectively, for the fair value of the guarantee
liability.
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the type of facilities under which standby letters of credit and
other letters of credit arrangements are outstanding by the ratings profiles of the Firm’s
customers as of December 31, 2009 and 2008. The ratings scale represents the current status of the
payment or performance risk of the guarantee, and is based on the Firm’s internal risk ratings,
which generally correspond to ratings defined by S&P and Moody’s.
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">2008</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Standby letters</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Standby letters</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">of credit and other</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Other letters</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">of credit and other</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Other letters</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left">December 31, (in millions)</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">financial guarantees</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">of credit</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">financial guarantees</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">of credit<sup style="font-size: 85%; vertical-align: text-top">(d)</sup></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Investment-grade<sup style="font-size: 85%; vertical-align: text-top">(a)</sup>
</div></td>
<td> </td>
<td align="right"><b>$</b></td>
<td align="right"><b>66,786</b></td>
<td> </td>
<td> </td>
<td align="right"><b>$</b></td>
<td align="right"><b>3,861</b></td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">73,394</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">3,772</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Noninvestment-grade<sup style="font-size: 85%; vertical-align: text-top">(a)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>24,699</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,306</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,958</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,155</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total contractual amount<sup style="font-size: 85%; vertical-align: text-top">(b)</sup>
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"><b>$</b></td>
<td align="right"><b>91,485</b></td>
<td nowrap="nowrap"><sup style="font-size: 85%; vertical-align: text-top">(c)</sup></td>
<td> </td>
<td align="right"><b>$</b></td>
<td align="right"><b>5,167</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">$</td>
<td align="right">95,352</td>
<td nowrap="nowrap"><sup style="font-size: 85%; vertical-align: text-top">(c)</sup></td>
<td> </td>
<td align="right">$</td>
<td align="right">4,927</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Allowance for lending-related commitments
</div></td>
<td> </td>
<td align="right"><b>$</b></td>
<td align="right"><b>552</b></td>
<td> </td>
<td> </td>
<td align="right"><b>$</b></td>
<td align="right"><b>1</b></td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">274</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">2</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commitments with collateral
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>31,454</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,315</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,972</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(a)</td>
<td> </td>
<td>Ratings scale is based on the Firm’s internal ratings which generally correspond to
ratings defined by S&P and Moody’s.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(b)</td>
<td> </td>
<td>Represents the contractual amount net of risk participations totaling $24.6 billion and $26.4
billion for standby letters of credit and other financial guarantees at December 31, 2009 and
2008, respectively, and $690 million and $1.1 billion for other letters of credit at December
31, 2009 and 2008, respectively. In regulatory filings with the Federal Reserve Board these
commitments are shown gross of risk participations.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(c)</td>
<td> </td>
<td>Includes unissued standby letters of credit commitments of $38.4 billion and $39.5 billion at
December 31, 2009 and 2008, respectively.</td>
</tr>
<tr style="font-size: 0pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(d)</td>
<td> </td>
<td>The investment-grade and noninvestment-grade amounts have been revised from previous
disclosures.</td>
</tr>
</table>
<div style="position: relative">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Derivatives qualifying as guarantees</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">In addition to the contracts described above, the Firm transacts certain derivative contracts that
meet the characteristics of a guarantee under U.S. GAAP. These contracts include written put
options that require the Firm to purchase assets upon exercise by the option holder at a specified
price by a specified date in the future. The Firm may enter into written put option contracts in
order to meet client needs, or for trading purposes. The terms of written put options are typically
five years or less. Derivative guarantees also include contracts such as stable value derivatives
that require the Firm to make a payment of the difference between the market value and the book
value of a counterparty’s reference portfolio of assets in the event that market value is less than
book value and certain other conditions have been met. Stable value derivatives, commonly referred
to as “stable value wraps”, are transacted in order to allow investors to realize investment
returns with less volatility than an unprotected portfolio and are typically longer-term or may
have no stated maturity, but allow the Firm to terminate the contract under certain conditions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Derivative guarantees are recorded on the Consolidated Balance Sheets at fair value in trading
assets and trading liabilities. The total notional value of the derivatives that the Firm deems to
be guarantees
was $87.2 billion and $83.8 billion at December 31, 2009 and 2008, respectively. The
notional value generally represents the Firm’s maximum exposure to derivatives qualifying as
guarantees, although exposure to certain stable value derivatives is contractually limited to a
substantially lower percentage of the notional value. The fair value of the contracts reflects the
probability of whether the Firm will be required to perform under the contract. The fair value
related to derivative guarantees were derivative receivables of $219 million and $184 million and
derivative payables of $981 million and $5.6 billion at December 31, 2009 and 2008, respectively.
The Firm reduces exposures to these contracts by entering into offsetting transactions, or by
entering into contracts that hedge the market risk related to the derivative guarantees.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both
a purchaser and seller of credit protection in the credit derivatives market. For a further
discussion of credit derivatives, see Note 5 on pages 167-175 of this Annual Report.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Securities lending indemnification</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">Through the Firm’s securities lending program, customers’ securities, via custodial and
non-custodial arrangements, may be lent to
third parties. As part of this program, the Firm provides an indemnification in the lending
agreements which protects the lender against the failure of the third-party borrower to return the
lent securities in the event the Firm did not obtain sufficient collateral. To minimize its
liability under these indemnification agreements, the Firm obtains cash or other highly liquid
collateral with a market value exceeding 100% of the value of the securities on loan from the
borrower. Collateral is marked to market daily to help assure that collateralization is adequate.
Additional collateral is called from the borrower if a shortfall exists, or collateral may be
released to the borrower in the event of overcollateralization. If a borrower defaults, the Firm
would use the collateral held to purchase replacement securities in the market or to credit the
lending customer with the cash equivalent thereof.
Also, as part of this program, the Firm invests cash collateral received from the borrower in
accordance with approved guidelines.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Indemnification agreements – general</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">In connection with issuing securities to investors, the Firm may enter into contractual
arrangements with third parties that require the Firm to make a payment to them in the event of a
change in tax law or an adverse interpretation of tax law. In certain cases, the contract also may
include a termination clause, which would allow the Firm to settle the contract at its fair value
in lieu of making a payment under the indemnification clause. The Firm may also enter into
indemnification clauses in connection with the licensing of software to clients (“software
licensees”) or when it sells a business or assets to a third party (“third-party purchasers”),
pursuant to which it indemnifies software licensees for claims of liability or damages that may
occur subsequent to the licensing of the software, or third-party purchasers for losses they may
incur due to actions taken by the Firm prior to the sale of the business or assets. It is difficult
to estimate the Firm’s maximum exposure under these indemnification arrangements, since this would
require an assessment of future changes in tax law and future claims that may be made against the
Firm that have not yet occurred. However, based on historical experience, management expects the
risk of loss to be remote.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Loan sale and securitization-related indemnifications</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt"><i>Indemnifications for breaches of representations and warranties</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">As part of the Firm’s loan sale and securitization activities, as
described in Note 13 and Note 15 on pages 192–196 and 198–205, respectively, of this Annual Report,
the Firm generally makes
representations and warranties in its loan sale and securitization agreements that the loans sold
meet certain requirements. These agreements may require the Firm (including in its roles as a
servicer) to repurchase the loans and/or indemnify the purchaser of the loans against losses due to
any breaches of such representations or warranties. Generally, the maximum amount of future
payments the Firm would be required to make for breaches under these representations and warranties
would be equal to the unpaid principal balance of such loans held by purchasers, including
securitization-related SPEs, that are deemed to have defects plus, in certain circumstances,
accrued and unpaid interest on such loans and certain expense.
</div>
</div>
<div style="position: relative">
<div align="left" style="font-size: 10pt; margin-top: 6pt">At
December 31, 2009 and 2008, the Firm had recorded repurchase
liabilities of $1.7 billion and $1.1 billion, respectively. The
repurchase liabilities are intended to reflect the likelihood that JPMorgan Chase will have to
perform under these representations and warranties and is based on information available
at the reporting date. The estimate incorporates both presented
demands and probable future demands and is the product of an
estimated cure rate, an estimated loss severity and an estimated
recovery rate from third parties, where applicable. The liabilities
have been reported net of probable recoveries from third-parties and
predominately as a reduction of mortgage fees and related income.
During 2009, the Firm settled certain current and future claims for
certain loans originated and sold by Washington Mutual Bank.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Loans sold with recourse</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">The Firm provides servicing for mortgages and certain commercial lending products on both a
recourse and nonrecourse basis. In nonrecourse servicing, the principal credit risk to the Firm is
the cost of temporary servicing advances of funds (i.e., normal servicing advances). In recourse
servicing, the servicer agrees to share credit risk with the owner of the mortgage loans, such as
Fannie Mae or Freddie Mac or a private investor, insurer or guarantor. Losses on recourse servicing
predominantly occur when foreclosure sales proceeds of the property underlying a defaulted loan are
less than the sum of the outstanding principal balance, plus accrued interest on the loan and the
cost of holding and disposing of the underlying property. The Firm’s securitizations are
predominantly nonrecourse, thereby effectively transferring the risk of future credit losses to the
purchaser of the mortgage-backed securities issued by the trust. At December 31, 2009 and 2008, the
unpaid principal balance of loans sold with recourse totaled $13.5 billion and $15.0 billion,
respectively. The carrying value of the related liability that the Firm has recorded, which is
representative of the Firm’s view of the likelihood it will have to perform under this guarantee,
was $271 million and $241 million at December 31, 2009 and 2008, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Credit card charge-backs</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">Prior to November 1, 2008, the Firm was a partner with one of the leading companies in electronic
payment services in a joint venture operating under the name of Chase Paymentech Solutions, LLC
(the “joint venture”). The joint venture was formed in October 2005, as a result of an agreement by
the Firm and First Data Corporation, its joint venture partner, to integrate the companies’ jointly
owned Chase Merchant Services and Paymentech merchant businesses. The joint venture provided
merchant processing services in the United States and Canada. The dissolution of the joint venture
was completed on November 1, 2008, and JPMorgan Chase retained approximately 51% of the business
under the Chase Paymentech name.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Under the rules of Visa USA, Inc., and MasterCard International, JPMorgan Chase Bank, N.A., is
liable primarily for the amount of each processed credit card sales transaction that is the subject
of a dispute between a cardmember and a merchant. If a dispute is resolved in the cardmember’s
favor, Chase Paymentech will (through the cardmember’s issuing bank) credit or refund the amount to
the cardmember and will charge back the transaction to the merchant. If Chase Paymentech is unable
to collect the amount from the merchant, Chase Paymentech will bear the loss for the amount
credited or refunded to the cardmember. Chase Paymentech mitigates this risk by withholding future
settlements, retaining cash reserve accounts or by obtaining other security. However, in the
unlikely event that: (1) a merchant ceases operations and is unable to deliver products, services
or a refund; (2) Chase Paymentech does not have sufficient collateral from the merchant to provide
customer refunds; and (3) Chase Paymentech does not have sufficient financial resources to provide
customer refunds, JPMorgan Chase Bank, N.A., would be liable for the amount of the
transaction. For the year ended December 31, 2009, Chase Paymentech incurred aggregate credit
losses of $11 million on $409.7 billion of aggregate volume processed, and at December 31, 2009, it
held $213 million of collateral. For the year ended December 31, 2008, Chase Paymentech incurred
aggregate credit losses of $13 million on $713.9 billion of aggregate volume processed, and at
December 31, 2008, it held $222 million of collateral. The Firm believes that, based on historical
experience and the collateral held by Chase Paymentech, the fair value of the Firm’s charge
back-related obligations, which are representative of the payment or performance risk to the Firm
is immaterial.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Credit card association, exchange and clearinghouse guarantees</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">The Firm holds an equity interest in VISA Inc. During October 2007, certain VISA-related entities
completed a series of restructuring transactions to combine their operations, including VISA USA,
under one holding company, VISA Inc. Upon the restructuring, the Firm’s membership interest in VISA
USA was converted into an equity interest in VISA Inc. VISA Inc. sold shares via an initial public
offering and used a portion of the proceeds from the offering to redeem a portion of the Firm’s
equity interest in Visa Inc. Prior to the restructuring, VISA USA’s by-laws obligated the Firm upon
demand by VISA USA to indemnify VISA USA for, among other things, litigation obligations of Visa
USA. The accounting for that guarantee was not subject to initial recognition at fair value. Upon
the restructuring event, the Firm’s obligation to indemnify Visa Inc. was limited to certain
identified litigations. Such a limitation is deemed a modification of the indemnity by-law and,
accordingly, became subject to initial recognition at fair value. The value of the litigation
guarantee has been recorded in the Firm’s financial statements based on its then fair value; the
net amount recorded (within other liabilities) did not have a material adverse effect on the Firm’s
financial statements. In addition to Visa, the Firm is a member of other associations, including
several securities and futures exchanges and clearinghouses, both in the United States and other
countries. Membership in some of these organizations requires the Firm to pay a pro rata share of
the losses incurred by the organization as a result of the default of another member. Such
obligations vary with different organizations. These obligations may be limited to members who
dealt with the defaulting member or to the amount (or a multiple of the amount) of the Firm’s
contribution to a member’s guarantee fund, or, in a few cases, the obligation may be unlimited. It
is difficult to estimate the Firm’s maximum exposure under these membership agreements, since this
would require an assessment of future claims that may be made against the Firm that have not yet
occurred. However, based on historical experience, management expects the risk of loss to be
remote.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Residual value guarantee</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt">In connection with the Bear Stearns merger, the Firm succeeded to an operating lease arrangement
for the building located at 383 Madison Avenue in New York City (the “Synthetic Lease”). Under the
terms of the Synthetic Lease, the Firm is obligated to make periodic payments based on the lessor’s
underlying interest costs. The Synthetic Lease expires on November 1, 2010. Under the terms of the
Synthetic Lease, the Firm has the right to purchase the
building for the amount of the then
outstanding indebtedness of the lessor, or to arrange for the sale of the building, with the
proceeds of the sale to be used to satisfy the lessor’s debt obligation. If the sale does not
generate sufficient proceeds to satisfy the lessor’s debt obligation, the Firm is required to fund
the shortfall, up to a maximum residual value guarantee. As of December 31, 2009, there was no
expected shortfall and the maximum residual value guarantee was approximately $670 million.
</div>
</div>
</div>
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