In this letter, I will focus my comments on the important issues a ff ecting your company, including some of the regulatory and political issues facing us. 

The main sections of the letter are as follows: 

I. Our mission and how we operate to fulfill our role in society 

II. A brief update on our major initiatives 

III. The new One Chase — strengthening the customer experience 

IV.  An intense focus in 2012 on adapting our businesses successfully to the new regulatory framework 

V. Comments on global financial reform 

VI. The mortgage business — the good, the bad and the ugly 

VII. Comments on the future of investment banking and the critical role of market making 

VIII. Why would you want to own the stock? 

IX. Closing 

