Management’s discussion and analysis
## Table 0 ##
(a) These hedges do not qualify for hedge accounting under U. S.  GAAP.
Lending-related commitments JPMorgan Chase uses lending-related financial instruments, such as 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 on these commitments or the Firm fulfills its obligation under these guarantees, and should the counterparties subsequently fail to perform according to the terms of these contracts.
Wholesale lending-related commitments were $346.1 billion at December 31, 2010, compared with $347.2 billion at December 31, 2009.
The decrease reflected the January 1, 2010, adoption of accounting guidance related to VIEs.
Excluding the effect of the accounting guidance, lending-related commitments would have increased by $16.6 billion.
In the Firm’s view, the total contractual amount of these wholesale lending-related commitments is not representative of the Firm’s actual credit risk exposure or funding requirements.
In determining the amount of credit risk exposure the Firm has to wholesale lending-related commitments, which is used as the basis for allocating credit risk capital to these commitments, the Firm has established a “loan-equivalent” amount for each commitment; this amount represents the portion of the unused commitment or other contingent exposure that is expected, based on average portfolio historical experience, to become drawn upon in an event of a default by an obligor.
The loan-equivalent amounts of the Firm’s lendingrelated commitments were $189.9 billion and $179.8 billion as of December 31, 2010 and 2009, respectively.
Country exposure The Firm’s wholesale portfolio includes country risk exposures to both developed and emerging markets.
The Firm seeks to diversify its country exposures, including its credit-related lending, trading and investment activities, whether cross-border or locally funded.
Country exposure under the Firm’s internal risk management approach is reported based on the country where the assets of the obligor, counterparty or guarantor are located.
Exposure amounts, including resale agreements, are adjusted for collateral and for credit enhancements (e. g. , guarantees and letters of credit) provided by third parties; outstandings supported by a guarantor located outside the country or backed by collateral held outside the country are assigned to the country of the enhancement provider.
In addition, the effect of credit derivative hedges and other short credit or equity trading positions are taken into consideration.
Total exposure measures include activity with both government and private-sector entities in a country.
The Firm also reports country exposure for regulatory purposes following FFIEC guidelines, which are different from the Firm’s internal risk management approach for measuring country exposure.
For additional information on the FFIEC exposures, see Crossborder outstandings on page 314 of this Annual Report.
Several European countries, including Greece, Portugal, Spain, Italy and Ireland, have been subject to credit deterioration due to weaknesses in their economic and fiscal situations.
The Firm is closely monitoring its exposures to these five countries.
Aggregate net exposures to these five countries as measured under the Firm’s internal approach was less than $15.0 billion at December 31, 2010, with no country representing a majority of the exposure.
Sovereign exposure in all five countries represented less than half the aggregate net exposure.
The Firm currently believes its exposure to these five countries is modest relative to the Firm’s overall risk exposures and is manageable given the size and types of exposures to each of the countries and the diversification of the aggregate exposure.
The Firm continues to conduct business and support client activity in these countries and, therefore, the Firm’s aggregate net exposures may vary over time.
In addition, the net exposures may be impacted by changes in market conditions, and the effects of interest rates and credit spreads on market valuations.
As part of its ongoing country risk management process, the Firm monitors exposure to emerging market countries, and utilizes country stress tests to measure and manage the risk of extreme loss associated with a sovereign crisis.
There is no common definition of emerging markets, but the Firm generally includes in its definition those countries whose sovereign debt ratings are equivalent to “A+” or lower.
The table below presents the Firm’s exposure to its top 10 emerging markets countries based on its internal measurement approach.
The selection of countries is based solely on the Firm’s largest total exposures by country and does not represent its view of any actual or potentially adverse credit conditions.
Management’s discussion and analysis 84 JPMorgan Chase & Co. /2014 Annual Report Mortgage Banking Selected Financial statement data
## Table 1 ##
2014 compared with 2013 Mortgage Banking net income was $1.7 billion, a decrease of $1.5 billion, or 48%, from the prior year, driven by a lower benefit from the provision for credit losses and lower net revenue, partially offset by lower noninterest expense.
Net revenue was $7.8 billion, a decrease of $2.4 billion, or 24%, compared with the prior year.
Net interest income was $4.2 billion, a decrease of $529 million, or 11%, driven by spread compression and lower loan balances due to portfolio runoff and lower warehouse balances.
Noninterest revenue was $3.6 billion, a decrease of $1.9 billion, or 34%, driven by lower mortgage fees and related income.
The provision for credit losses was a benefit of $217 million, compared with a benefit of $2.7 billion in the prior year.
The current year reflected a $700 million reduction in the allowance for loan losses, reflecting continued improvement in home prices and delinquencies.
The prior year included a $3.8 billion reduction in the allowance for loan losses.
Net charge-offs were $483 million, compared with $1.1 billion in the prior year.
Noninterest expense was $5.3 billion, a decrease of $2.3 billion, or 30%, from the prior year, due to lower expense in production and servicing reflecting lower headcount-related expense, the absence of non-MBS related legal expense and lower expense on foreclosure-related matters.2013 compared with 2012 Mortgage Banking net income was $3.2 billion, a decrease of $257 million, or 7%, compared with the prior year, driven by lower net revenue, predominantly offset by a higher benefit from the provision for credit losses and lower noninterest expense.
Net revenue was $10.2 billion, a decrease of $3.9 billion, or 28%, compared with the prior year.
Net interest income was $4.8 billion, a decrease of $258 million, or 5%, driven by lower loan balances due to net portfolio runoff.
Noninterest revenue was $5.5 billion, a decrease of $3.7 billion, driven by lower mortgage fees and related income.
The provision for credit losses was a benefit of $2.7 billion, compared with a benefit of $490 million in the prior year.
The current year reflected a $3.8 billion reduction in the allowance for loan losses due to continued improvement in home prices and delinquencies.
The prior year included a $3.9 billion reduction in the allowance for loan losses.
Noninterest expense was $7.6 billion, a decrease of $1.5 billion, or 17%, from the prior year, due to lower servicing expense, partially offset by higher non-MBS related legal expense in Mortgage Production.
Management’s discussion and analysis 52 JPMorgan Chase & Co. /2017 Annual Report EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES Non-GAAP financial measures The Firm prepares its Consolidated Financial Statements using U. S.  GAAP; these financial statements appear on pages 148–152.
That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U. S.  GAAP financial statements.
In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures.
The Firm also reviews the results of the lines of business on a managed basis.
The Firm’s definition of managed basis starts, in each case, with the reported U. S.  GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on a FTE basis.
Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities.
These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources.
The corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
Management also uses certain non-GAAP financial measures at the Firm and business-segment level, because these other non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Firm or of the particular business segment, as the case may be, and, therefore, facilitate a comparison of the Firm or the business segment with the performance of its relevant competitors.
For additional information on these non-GAAP measures, see Business Segment Results on pages 55–74.
Additionally, certain credit metrics and ratios disclosed by the Firm exclude PCI loans, and are therefore non-GAAP measures.
For additional information on these non-GAAP measures, see Credit and Investment Risk Management on pages 99–120.
Non-GAAP financial measures used by the Firm may not be comparable to similarly named non-GAAP financial measures used by other companies.
The following summary table provides a reconciliation from the Firm’s reported U. S.  GAAP results to managed basis.
## Table 2 ##
(a) Predominantly recognized in CIB and CB business segments and Corporate.
(b) Included $375 million related to tax-oriented investments as a result of the enactment of the TCJA.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(in millions)</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Hedges of lending-related commitments<sup>(a)</sup></td><td>$-279</td><td>$-3,258</td><td>$2,216</td></tr><tr><td>CVA and hedges of CVA<sup>(a)</sup></td><td>-403</td><td>1,920</td><td>-2,359</td></tr><tr><td>Net gains/(losses)</td><td>$-682</td><td>$-1,338</td><td>$-143</td></tr></table>
<table><tr><td>(in millions, except ratios)</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Revenue</td><td></td><td></td><td></td></tr><tr><td>Mortgage fees and related income</td><td>$3,560</td><td>$5,195</td><td>$8,680</td></tr><tr><td>All other income</td><td>37</td><td>283</td><td>475</td></tr><tr><td>Noninterest revenue</td><td>3,597</td><td>5,478</td><td>9,155</td></tr><tr><td>Net interest income</td><td>4,229</td><td>4,758</td><td>5,016</td></tr><tr><td>Total net revenue</td><td>7,826</td><td>10,236</td><td>14,171</td></tr><tr><td>Provision for credit losses</td><td>-217</td><td>-2,681</td><td>-490</td></tr><tr><td>Noninterest expense</td><td>5,284</td><td>7,602</td><td>9,121</td></tr><tr><td>Income before income tax expense</td><td>2,759</td><td>5,315</td><td>5,540</td></tr><tr><td>Net income</td><td>$1,668</td><td>$3,211</td><td>$3,468</td></tr><tr><td>Return on common equity</td><td>9%</td><td>16%</td><td>19%</td></tr><tr><td>Overhead ratio</td><td>68</td><td>74</td><td>64</td></tr><tr><td>Equity (period-end and average)</td><td>$18,000</td><td>$19,500</td><td>$17,500</td></tr></table>
<table><tr><td></td><td colspan="4">2017</td><td colspan="3">2016</td><td colspan="3">2015</td></tr><tr><td>Year endedDecember 31,(in millions, except ratios)</td><td>ReportedResults</td><td>Fully taxable-equivalent adjustments<sup>(a)</sup></td><td></td><td>Managedbasis</td><td>ReportedResults</td><td>Fully taxable-equivalent adjustments<sup>(a)</sup></td><td>Managedbasis</td><td>ReportedResults</td><td>Fully taxable-equivalent adjustments<sup>(a)</sup></td><td>Managedbasis</td></tr><tr><td>Other income</td><td>$3,639</td><td>$2,704</td><td><sup>(b)</sup></td><td>$6,343</td><td>$3,795</td><td>$2,265</td><td>$6,060</td><td>$3,032</td><td>$1,980</td><td>$5,012</td></tr><tr><td>Total noninterest revenue</td><td>49,527</td><td>2,704</td><td></td><td>52,231</td><td>49,585</td><td>2,265</td><td>51,850</td><td>50,033</td><td>1,980</td><td>52,013</td></tr><tr><td>Net interest income</td><td>50,097</td><td>1,313</td><td></td><td>51,410</td><td>46,083</td><td>1,209</td><td>47,292</td><td>43,510</td><td>1,110</td><td>44,620</td></tr><tr><td>Total net revenue</td><td>99,624</td><td>4,017</td><td></td><td>103,641</td><td>95,668</td><td>3,474</td><td>99,142</td><td>93,543</td><td>3,090</td><td>96,633</td></tr><tr><td>Pre-provision profit</td><td>41,190</td><td>4,017</td><td></td><td>45,207</td><td>39,897</td><td>3,474</td><td>43,371</td><td>34,529</td><td>3,090</td><td>37,619</td></tr><tr><td>Income before income tax expense</td><td>35,900</td><td>4,017</td><td></td><td>39,917</td><td>34,536</td><td>3,474</td><td>38,010</td><td>30,702</td><td>3,090</td><td>33,792</td></tr><tr><td>Income tax expense</td><td>11,459</td><td>4,017</td><td><sup>(b)</sup></td><td>15,476</td><td>9,803</td><td>3,474</td><td>13,277</td><td>6,260</td><td>3,090</td><td>9,350</td></tr><tr><td>Overhead ratio</td><td>59%</td><td>NM</td><td></td><td>56%</td><td>58%</td><td>NM</td><td>56%</td><td>63%</td><td>NM</td><td>61%</td></tr></table>

Question: what was the annual decline in wholesale lending-related commitments in 2010?
Answer: -0.00317
Reasoning program: subtract(346.1,347.2), divide(#0,347.2)