Throughout our history, JPMorgan Chase has built its reputation on being there for clients, customers and communities in the most critical times. This unprecedented environment is no different. Our actions during this global crisis are essential to keeping the global economy going and will be remembered for years to come.

Jamie Dimon's Letter to Shareholders

Jamie Dimon's 2019 Letter to Shareholders

While I have a deep and abiding faith in the United States of America and its extraordinary resiliency and capabilities, we do not have a divine right to success. Our challenges are significant, and we should not assume they will take care of themselves. Let us all do what we can to strengthen our exceptional union.I would like to express my deep gratitude and appreciation for the employees of JPMorgan Chase. From this letter, I hope shareholders and all readers gain an appreciation for the tremendous character and capabilities of our people and how they have helped communities around the world. I hope you are as proud of them as I am.Jamie DimonChairman and Chief Executive OfficerApril 4, 2019 You can find the annual letter to shareholders at jpmorganchase.com.

In Closing

The American Dream is alive — but fraying for many.We must have a proper diagnosis of our problems — the issues are real and serious — if we want to have the proper prescription that leads to workable solutions.All these issues are fixable, but that will happen only if we set aside partisan politics and narrow self-interest — our country must come first.Governments must be better and more effective — we cannot succeed without their help. The rest of us could do a better job, too.CEOs: Your country needs you!America’s global role and engagement are indispensable.

Section III: Public Policy

We need to continue to restore trust in the strength of the U.S. banking system and global systemically important financial institutions.We have to remind ourselves that responsible banking is good and safe banking.We believe in good regulation — both to help America grow and improve financial stability.We believe stock buybacks are an essential part of proper capital allocation but secondary to long-term investing.On the importance of the cloud and artificial intelligence, we are all in.We remain devoted and diligent to protect privacy and stay cyber safe — we will do what it takes.We know there are risks on the horizon that will eventually demand our attention.We are prepared for — though we are not predicting — a recession.

Section II: Comments on Current Critical Issues

First and foremost, we look at our business from the point of view of the customer.We endeavor to be the best at anything and everything we do.We will maintain a fortress balance sheet — and fortress financial principles.We lift up our communities.We take care of our employees.We always strive to learn more about management and leadership.We do not worry about some issues.

Section I: JPMorgan Chase Principles and Strategies

Dear Fellow Shareholders,Once again, I begin this annual letter to shareholders with a sense of pride about our company and our hundreds of thousands of employees around the world. As I look back on the last decade — a period of profound political and economic change — it is remarkable how much we have accomplished, not only in terms of financial performance but in our steadfast dedication to help clients, communities and countries all around the world.

Introduction

This is Jamie Dimon, and I want to thank you for taking the time to listen to my annual letter to our shareholders. While we’ve enlisted some help to narrate the letter, the words you’re about to hear are mine – and they’re straight from my heart. I’m so proud of this company, and in my letter you’ll see why. I cover topics that I view as most important to our shareholders, clients, customers, employees, communities and, importantly, our country. You’ll hear more about our business principles and strategies, as well as my thinking about current critical issues and my views on public policy.Thanks again for listening and I hope you find the letter informative.

Foreword by Jamie Dimon

Once again, I begin this annual letter to shareholders with a sense of pride about our company and our hundreds of thousands of employees around the world. As I look back on the last decade — a period of profound political and economic change — it is remarkable how much we have accomplished, not only in terms of financial performance but in our steadfast dedication to help clients, communities and countries all around the world.

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Jamie Dimon's Letter to Shareholders

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