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NEW YORK — Despite a bit of a dip as 2012 closed, Chase Auto
Finance finished the year with a double-digit climb in auto originations.

The company recently reported originations jumped by 11
percent to $23.4 billion, up from the $21.0 billion Chase generated in 2011.

Chase originated $5.5 billion in auto loans during the
fourth quarter, an amount 12 percent above the year-ago figure of $4.9 billion.
However, the company originated $6.3 billion in the third quarter so Chase did
finish 2012 with a 13-percent quarter-over-quarter decline.

As the result of its origination activity, Chase said its average
amount of auto loans on the books settled at $49.3 billion at the end of the
fourth quarter, up 5 percent from the prior year and 2 percent from the prior
quarter.

Delving deeper into fourth quarter auto loan portfolio data,
Chase said its net charge-off rate was 0.36 percent in the fourth quarter and
0.39 percent for the year. The rate dropped significantly quarter-over-quarter,
but company officials explained in their previous financial report why the
third-quarter rate spiked to 0.74 percent.

"Regulatory guidance requiring loans discharged under
Chapter 7 bankruptcy and not reaffirmed by the borrower to be charged off to
their collateral value, regardless of their delinquency status, resulted in an
incremental $55 million of net charge-offs," they said

"Excluding these incremental charge-offs, auto net
charge-offs would have been $35 million for the quarter, and the net charge-off
rate would have been 0.29 percent," Chase added.

Returning back to fourth-quarter information, Chase's 30-day
delinquency rate moved up to 1.25 percent, the level it finished at for the
year. The company indicated the rate was 1.11 percent in the third quarter
after being below 1 percent during each of the first two quarters of 2012.

Overall Financial Results

In delving into its complete financial report, JPMorgan
Chase & Co. said its net income for the fourth quarter totaled $5.7
billion, compared with net income of $3.7 billion in the fourth quarter of
2011. Earnings per share were $1.39, compared with $0.90 in the fourth quarter
of 2011. Revenue for the quarter was $24.4 billion, up 10 percent compared with
the prior year.

The company's return on tangible common equity for the
fourth quarter of 2012 was 15 percent, compared with 11 percent in the prior
year.

Net income for full-year 2012 was a record $21.3 billion,
compared with $19.0 billion for the prior year. Earnings per share were a
record $5.20 for 2012, compared with $4.48 for 2011. Revenue for 2012 was $99.9
billion, flat compared with 2011.

Chairman and chief executive officer Jamie Dimon said "For
the third consecutive year, the firm reported both record net income and a
return on tangible common equity of 15 percent. The firm's results reflected
strong underlying performance across virtually all our businesses for the
fourth quarter and the full year, with strong lending and deposit growth. We
also maintained our leadership positions and continued to gain market share in
key areas of our franchise. As we highlight upfront in this release, there were
several significant items that affected our results this quarter, but they
largely offset each other.

Dimon continued, "We continued to see favorable credit
conditions across our wholesale loan portfolios and strong credit performance
in our credit card portfolio, where charge-off rates remain at historic lows.
The real estate portfolios, while at elevated levels of losses, continued to
show improvement as the housing market and economy continued to recover. As a
result, we reduced the related allowance for credit losses by $700 million in
the fourth quarter and we are likely to continue to see reductions in the
allowance as the environment improves."

Dimon went on to say "We are particularly proud that,
through the turbulence of recent years, we never stopped serving clients and
investing in the future of our franchise opening new offices and branches,
adding bankers in key markets, innovating and gaining market share. The capital
strength and earnings power of the firm is as strong as it has ever been, and
our 260,000 employees are doing more than ever to serve our customers and
clients, and support our communities around the world. Challenges still exist,
but as we look forward to 2013, we remain optimistic."

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