INVESTOR

DAY 2024

May 20, 2024

Forward-looking statements

The Investor Day presentations contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks
and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase &
Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual
Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024,
which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website
(https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website
(www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.
Our new Commercial & Investment Bank is positioned for success

Corporate &
Consumer & Commercial & Investment Bank Asset &
Community Banking Investment Bank Investment Banking
$49
6
Wealth Management
Lending
2023 Revenue1 ($B) $70 Payments 9

$64
Investment Banking 7
Markets 28
Lending 7
Banking & Wealth
43
Management Securities Services 5
Payments 18

Home Lending 4 Commercial

Banking
$20
Markets 28
Card Services & $16 Asset Management 9
23 Middle Market 7
Auto
Corp. Client 5 Global Private Bank 11
Securities Services 5 CRE 3

For footnoted information, refer to slide 7

1
Targeted initiatives – significant runway for growth

Complete Global Diversified At Scale

Invest and grow market-leading franchises

Grow & deepen Capture the full Scale new markets & Deliver the Firm to Extend momentum in
consumer opportunity in businesses private capital markets active management
relationships Payments & venture ecosystem

Leading financial results | Fortress balance sheet

2
Tech modernization, combined with our unrivalled data, position us to benefit from next gen AI

Investing in modern technology Experience and success using

Opportunities with Generative AI
infrastructure and practices traditional AI / machine learning

Products and
Customer
features tailored
personalization Software engineering
to the customer
Modern data
centers
Pricing and
Trading
hedging

Customer support
Drive software
development
+ Operations
Automation and
insights =
excellence
Fraud Detecting and
management preventing fraud Front office

Improving
Journey to cloud Credit
accuracy and
decisioning access

Productivity
Power of unrivalled data and analytics
Innovation

Personalization

3
Disciplined approach to risk and resource utilization is key to our operating model

Risk management Capital Expense efficiencies Regulatory / Control

We prepare for a range Our fortress balance sheet is Expense discipline is essential Compliance & controls remain
of outcomes a pillar of our strength to earning the right to invest non-negotiable priorities
LIQUIDITY CAPITAL
Overhead ratio1
75% 77%
72%
66% 67%
Provide operational Address multi-
$1.5T $520B 54% resiliency and jurisdictional
HQLA & marketable Total Loss- security sanctions
securities Absorbing Capacity

112% 15.0%
Firm LCR Standardized CET1 ratio
Minimize fraud Comply with AML3 laws
and cyber risk and KYC4 protocols

JPM WFC BAC C GS MS

129% 6.1% 5-year
change in:
Bank LCR Firm SLR
Revenue1,2 $51B ($4B) $8B $5B $10B $14B
Protect clients’ assets,
As of
Expense $24B ($1B) $13B $13B $11B $13B money in movement and data
March 31, 2024

For footnoted information, refer to slide 7

4
Assuming a reasonable B3E outcome, our 17% through the cycle target is still achievable

STRONG TRACK RECORD OF PERFORMANCE

ROTCE ex. reserve
ROTCE1 (%) release/build3 was 19.3%
Adj. ROTCE2
was 13.6% (2020) and 18.5% (2021)

24%
23%
22%
21%

19%
18%
17%

15% 15% 15% 15%

14%
13% 13% 13%

17%
12%
11%
10%

6%

through the cycle

ROTCE target

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Complete Global Diversified At Scale

For footnoted information, refer to slide 7

5
Notes on non-GAAP financial measures

1. 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 fully taxable-equivalent 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. For a reconciliation of the
Firm’s results from a reported to managed basis for the full years 2022 and 2023, refer to page 62 of JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2023
(“2023 Form 10-K”). For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorgan Chase’s Annual
Report on Form 10-K for each respective year

2. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the
Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related
deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by
common shares at period-end. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity. For a reconciliation from common
stockholders’ equity to TCE for the full years 2021, 2022 and 2023, refer to page 64 of JPMorgan Chase’s 2023 Form 10-K. For all other periods presented, refer to the Explanation and
Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorgan Chase’s Annual Report on Form 10-K for each respective year

6
Notes on slides 1-5
Slide 1 – Our new Commercial & Investment Bank is positioned for success
1. Totals may not sum due to rounding. See note 1 on slide 6

Slide 4 – Disciplined approach to risk and resource utilization is key to our operating model
1. See note 1 on slide 6
2. Amounts for JPM, BAC, C and WFC are on a fully taxable-equivalent basis. Amounts for GS and MS represent reported revenue
3. Anti-money laundering (“AML”)
4. Know your customer (“KYC”)

Slide 5 – Assuming a reasonable B3E outcome, our 17% through the cycle target is still achievable
1. See note 2 on slide 6
2. Adjusted net income, which is a non-GAAP financial measure, excludes $2.4B from reported net income of $24.4B for 2017 as a result of the enactment of the Tax Cuts and Jobs Act
3. Effective January 1, 2020, the Firm adopted the Financial Instruments – Credit Losses accounting guidance. Firmwide results excluding the net impact of reserve release/(build) of ($9.3B) and $9.2B for the years ending December
31, 2020 and 2021, respectively, are non-GAAP financial measures. Reported net income for those periods was $29.1B and $48.3B, respectively

7
Topics of discussion

Firm overview

Financial results

Operating environment

Outlook

Conclusion

1
We have a proven operating model that is supported by a consistent strategic framework

Complete Global Diversified At Scale

Exceptional client Unwavering Long-term Sustainable

franchises principles shareholder value business practices

⚫ Customer centric and easy to do ⚫ Fortress balance sheet ⚫ Continuously investing in the ⚫ Investing in and supporting our
business with future while maintaining expense communities
⚫ Risk governance and controls discipline
⚫ Comprehensive set of products ⚫ Integrating environmental
and services ⚫ Culture and conduct ⚫ Focus on customer experience sustainability into business and
and innovation operating decisions
⚫ Focus on safety and security ⚫ Operational resilience
⚫ Employer of choice for top talent ⚫ Serving a diverse customer base
⚫ Powerful brands from all backgrounds
⚫ Promoting sound governance

2
Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs
across the spectrum and through cycles
OUR DIVERSE BUSINESS MIX PERFORMS THROUGH CYCLES… …AND OUR CLIENTS AND CUSTOMERS BENEFIT FROM A COMPLETE AND AT-SCALE OFFERING

Consumer Banking Commercial Banking

Revenue1 by segment ($B)
$162
20 Global Corporate Banking
Business
$125
$118 Banking
AWM 17 ECM
14 64
CIB2,3 49 62

$3.9T $3.4T $5.0T

FillCard
level
DCM
70 Services
CCB2 55 Total assets AUM Client assets
50 M&A
Corp.
2019 2021 2023 Home Lending
Lending 82mm $5.9T $10T
U.S. Consumer Daily payment Payments
Revenue1 by type ($B) consumers5 payments5,6 processing7
$162 Auto
Equities

$118 $125 28
>90% 310k 100+
Of Fortune 500 Employees Markets FICC
Markets 21 28 44 Wealth
companies across 60+ globally
Management do business with us countries
NIR4 43 53 Global Research

90
NII4 55 International Securities Services
44
Consumer Initiatives

2019 2021 2023 Asset Global

Management Private Bank
For footnoted information, refer to slide 17

3
 We have leading client and customer-centric franchises…

Market share 2013 2023

#1
Rated Private
U.S. retail deposits3

Credit card sales11

7.5%

20.9%
+380bps

+260bps
+200bps
11.3%
22.9%
Bank in the World1 CCB
Active flows2 Client investment assets12 $189B +3.5x
+5.0x $951B
⚫ #1 retail deposit share in four of top five U.S. markets: NY, LA, Chicago and SF
AWM
CIB Investment Banking fees6 8.7% +3.5x
~ flat 8.7%
Markets revenue7 9.0% +3.5x
+240bps 11.4%

CCB CIB Treasury Services revenue8 4.6%13 +3.5x

+470bps 9.3%

#1 Securities Services revenue14 8.9%15 +3.5x

+170bps 10.6%
⚫ Combined business is well positioned to serve end-to-end wholesale client needs

#1
IB fees6
Markets revenue7
Treasury Services revenue8 Client assets16 $2.3T +3.5x
+117% $5.0T
U.S. retail deposits3 Multifamily lender9
U.S. credit card issuer4 Long-term fund AUM
Middle Market bookrunner10 AWM outperforming over 10 years17
80% +3ppts
+3.5x 83%
Primary Business Bank5
⚫ 20 straight years of positive net new flows

For footnoted information, refer to slide 18

4
…which has led to strong absolute and relative performance over the last decade

STRONG TRACK RECORD OF PERFORMANCE AND GROWTH… …AND CONSISTENTLY INVESTING… …MAKING US WHO WE ARE TODAY…
TBVPS1 ($) 20233
“We are committed to achieving high

$86
quality of earnings. This means consistently
investing in our businesses”
- Jamie Dimon, 2007
$162B
Revenue4
10% 8th consecutive year of growth
compound annual $72 $73

53%
growth rate since 2005 $66
510bps > peers2 $61
Technology
$56
$54 Adj. overhead ratio4,5
$51
$48 -4ppts YoY
$45
$41 Bankers, Advisors &

$50B
$39 Branches
$34
$30
$27 Net Income
Marketing
$22 $23 +32% YoY
$19
$16

Digital, Data, AI
& Product Design 21%
ROTCE1
+3ppts YoY
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 New and Expanded
Businesses
…AND PREPARING US FOR THE FUTURE

Complete Global Diversified At Scale

For footnoted information, refer to slide 19

5
Looking ahead, the environment is changing – with tailwinds from 2023 likely turning into headwinds,
and a number of uncertainties

Tailwinds → headwinds? Uncertainties

⚫ NII under pressure ⚫ Regulation ⚫ SCB normalization

⚫ Rate cuts? ⚫ Basel III Endgame ⚫ Elections
⚫ Continued mix shift in deposits ⚫ GSIB
⚫ Geopolitical tensions
⚫ Credit normalization dynamics ⚫ Consumer

We are prepared to deliver for our clients, customers and stakeholders in any environment

6
We expect ~$91B in NII ex. Markets for 2024

NET INTEREST INCOME EX. MARKETS1 ($B)

From 4Q23 earnings Total NII Total NII

outlook: ~$90B outlook: ~$91B
$94
$90 $3 ~$91
$1.5 ~$88

($8)
4Q23: $24 4Q Rate / reprice Balance sheet 4 fewer rate cuts than
run rate growth / mix at 4Q23 earnings, paired
◼ Assumed 6 rate cuts
◼ Loan growth including with better-than-
in 2024 (4.0% FFTUB2
continued growth in expected reprice and
at YE)
credit card revolving migration performance
◼ Deposit reprice and
3Q23: $23 balances Card late fee rule
internal migration
◼
~ Modest deposit attrition

2Q23: $22

1Q23: $21

2023 4Q23 annualized 2024 outlook at 4Q23 2024 outlook

earnings

For footnoted information, refer to slide 19

7
Our 2024 expense outlook is ~$92B and increase from previous outlook reflects $1B Foundation
contribution
2024 ADJUSTED EXPENSE1 ($B)

FDIC SA2 2024 YoY expense drivers (ex. FDIC SA) ⚫ Organic business growth
Pre-funded Foundation
contribution
⚫ CCB: Field and branch network, Wealth
~$92 Management
$85.7 2 Organic business
CCB CIB AWM Corp. $3.0 ⚫ CIB: Innovation Economy
growth
Corp. 2 14 (incl. ⚫ AWM: Private banker growth
International
AWM 13 Technology Consumer ⚫ Corp: International Consumer Initiatives
$1.4 Initiatives)
ex. First Republic
⚫ Technology

35 Acquisitions $0.7 ⚫ Acquisitions

CIB 33
⚫ Annualization and integration of First
Republic
Volume- and
$1.2
revenue-related ⚫ Volume- and revenue-related

⚫ Marketing

Marketing $0.6 ⚫ Drives demand for card products and

38 strong customer engagement
CCB 35
Pre-funded ⚫ We continue to see meaningful inflationary
Foundation $1.0 pressures across our expense base
contribution

2023 2024 outlook

For footnoted information, refer to slide 19

8
Our 2024 Firmwide technology expense outlook is ~$17B

2024 TECHNOLOGY EXPENSE ($B) 2024 TECHNOLOGY INVESTMENTS ($B)

~$1.5 ~$17 Tech investments by strategy

1

$15.5 2 Products, platforms and user experiences $4.5

Corp. 1
Modernize technology and software
AWM 2
development excellence
⚫ First Republic +$0.2

⚫ Investments +$0.5 Technology lifecycle management $3.1

⚫ Wage growth and inflation +$0.4

8
Protect the Firm and our customers
⚫ Volumes net of efficiencies +$0.5
CIB 7
Total $7.6

Fully loaded tech investments by line of business

CCB $3.1

7
CCB 6 CIB $3.6

AWM $1.0

2023 2024 outlook Total $7.6

Totals may not sum due to rounding

9
 Our technology modernization continues to deliver infrastructure and engineering efficiencies

UPDATE ~50% ~80% ~70%

ON OUR
of applications run their processing largely in of production applications have been migrated to
of data is on the public or private cloud
PROGRESS the public or private cloud strategic data centers and the public cloud1

ENGINEERING PRODUCTIVITY INFRASTRUCTURE PRODUCTIVITY

Private cloud compute Private cloud compute

and storage volumes and storage cost

~50% ~5%

Speed Agility Stability

> 90%
~20% increase ~12% reduction
agile practice adoption
in incidents with impact, and
overall in speed to deliver across teams, and
product features
agility metrics improved for 99.98%
over the last 2 years
change success rate
> 60% of teams
2021 2023 2021 2023

For footnoted information, refer to slide 19

10
We are well reserved for the current environment
WE ARE RESERVED FOR PEAK UNEMPLOYMENT OF 5.4% IN THE FIRST QUARTER OF 20251 WE EXPECT A CARD SERVICES NCO RATE OF ~3.4% FOR 2024
8-quarter weighted average UER forecasts (%) Card Services NCO rate (%)

5.6%
5.4%
Pre-Covid, our NCO rate was
expected to trend up as we were
4.00% underwriting to higher loss rates

1Q24 Pandemic
3.50%
4Q22

Q0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Illustrative
3.00%

LOAN GROWTH HAS BEEN THE PRIMARY DRIVER OF RESERVE BUILDS

2.50%
Firmwide allowance ($B)2

1.2 $24.7
1.3 2.00%
$22.2
(0.1)
incl. 10.3 1.50%
Wholesale3 8.9

⚫ Net loan growth

Consumer ex. (primarily Card4): $1.0B 1.8 1.00%
2.1
Card
⚫ CRE (Office): $0.5B

12.6 0.50% FY19 FY20 FY21 FY22 FY23 FY24

Card 11.2
3.10% 2.93% 1.94% 1.47% 2.45% ~3.4%

0.00%
4Q22 total allowance Economic Loan growth / mix First Republic 1Q24 total allowance 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24
drivers and credit quality

For footnoted information, refer to slide 19

11
We are told to expect “broad and material changes” to capital requirements… but what does that mean?

Final B3E RWA could result from a broad range of permutations spanning all aspects of the rule

Retail Operational Renewable energy Corporate risk Other capital

NPR RWA gold-plating 2 risk investments weights markets 3
One illustrative RWA scenario that results in a
50% or ~$250B reduction from the B3E NPR1 is described below:
B C D
E
Reduction vs.
A Removal of U.S. gold-plating on retail credit A
NPR RWA
(to scale)

B Modest recalibration of operational risk RWA

Point estimate for illustrative scenario

Lower risk weights on tax oriented renewable energy equity Other potential outcomes Illustrative scenario
C
investments
NPR as written A-E

*$500B B3E impact as previously disclosed in 3Q23

D Broader application of investment grade corporate risk weights
Reductions in B3E
Current
RWA impact ($B) NPR rules

B3E RWA impact 500 * 250 0

E Other capital markets adjustments
B3E CET1 impact4 50 22 0

RWA reduction vs. NPR 0 (250) (500)

A lot remains unknown – the final change to capital requirements should ultimately involve a combination of B3E RWA, GSIB and SCB changes
For footnoted information, refer to slide 19

12
Our excess capital supports increased buybacks, but we remain cautious
ILLUSTRATIVE EXCESS CAPITAL EVOLUTION ($B)

Based on analyst estimates2 +50bps

Phase-in
starting in 3Q25
(4) 5 (9)

32

78 78

54 Supports increase of
buybacks compared
to modest pace in
recent quarters

Management
buffer

1Q24 Organic capital RWA growth Visa exchange offer 3 Uncertainty in 1Q25 (pre-B3E) B3E range
Higher future+ capital
other Range of
generation 1 2024 SCB 4 requirements
regulatory excess capital
(B3E RWA, GSIB, SCB)
uncertainty

We have flexibility to support a range of regulatory outcomes, economic conditions and business opportunities

For footnoted information, refer to slide 20

13
We are positioned to deliver strong returns across a range of macroeconomic conditions…
DESPITE EXPECTED SOFT LANDING,
ILLUSTRATIVE ROTCE1 PATH BY SCENARIO
RISKS AND UNCERTAINTIES REMAIN
21%

Lagged effects of monetary tightening

17%
Persistent inflation through the
cycle target

Higher-for-longer rates

Liquidity risks

Deposit repricing pressure

Credit costs 2023 Medium-term

Alternate scenarios
Persistent short-term A shallow, early Persistent inflation A moderate to deep,
Scenario Slowly abating inflation
Regulatory landscape assumptions
inflation and a softer
and a soft landing
recession drives drives a moderate, early recession causes
landing inflation to fall delayed recession inflation to fall sharply

Inflation Persistent in short-term Slowly abating Abating Persistent Sharply abating

Fed Funds Rate No cuts in 2024 2+ cuts in 2024 Cut to LT rate rapidly Higher for longer Cut below LT rate rapidly
Geopolitical risks
All scenarios include a range of B3E outcomes

…supporting our 17% through the cycle target, assuming a reasonable B3E outcome
For footnoted information, refer to slide 20

14
We remain committed to serving our clients and customers with the full breadth of our offering, while
producing strong returns

Complete
~17%
ROTCE target Global

Promotes stronger and deeper

relationships with customers ~$91B2024 NII
Allows us to serve more clients everywhere

Diversified
~$91B
2024 NII ex. Markets At Scale

Supports more stable earnings in any

operating environment ~$92B
2024 adjusted expense
Offsets margin compression through volume
growth and facilitates efficiencies

See notes on slide 16 for additional information on ROTCE, NII ex. Markets and adjusted expense

15
Notes on non-GAAP financial measures

1. 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 fully taxable-equivalent 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. For a reconciliation of the
Firm’s results from a reported to managed basis for the full years 2021, 2022 and 2023, refer to page 62 of JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31,
2023 (“2023 Form 10-K”). For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorgan Chase’s
Annual Report on Form 10-K for each respective year

2. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed
Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude
Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-
raising activities, without the volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur
across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue.
Management believes that disclosure of these measures provides investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR
from reported to excluding Markets for the full year 2023 and the first quarter of 2024, refer to page 63 of JPMorgan Chase’s 2023 Form 10-K and page 17 of JPMorgan Chase’s Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024, respectively. For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial
Measures disclosure in JPMorgan Chase’s Annual Report on Form 10-K for each respective year or Quarterly Report on Form 10-Q for respective quarters

3. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the
Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related
deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by
common shares at period-end. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity. For a reconciliation from common
stockholders’ equity to TCE for the full years 2022 and 2023, refer to page 64 of JPMorgan Chase’s 2023 Form 10-K. For all other periods presented, refer to the Explanation and Reconciliation
of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorgan Chase’s Annual Report on Form 10-K for each respective year

4. Adjusted expense is a non-GAAP financial measure. Adjusted expense represents noninterest expense excluding Firmwide legal expense of $1.4B for the full year ended December 31, 2023.
Management believes this information helps investors understand the effect of certain items on reported results and provides an alternate presentation of the Firm’s performance

16
Notes on slide 3
Slide 3 – Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs across the spectrum and through cycles
1. Totals may not sum due to rounding. See note 1 on slide 16
2. In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period
amounts have been revised to conform with the current presentation
3. Sum of heritage CB and heritage CIB
4. Ex. Markets. See note 2 on slide 16
5. Ex. First Republic
6. Total payment volumes reflect Consumer and Small Business customers’ digital (ACH, BillPay, PayChase, Zelle, RTP, external transfers, digital wires), non-digital (non-digital wires, ATM, teller, checks) and credit and
debit card payment outflows
7. Based on Firmwide data using regulatory reporting guidelines prescribed by the Federal Reserve for US Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors
and banks, and other internal transfers

17
Notes on slide 4
Slide 4 – We have leading client and customer-centric franchises…
1. Euromoney
2. Internal JPMorgan Chase analysis
3. Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches for market share. While many of our branches
have more than $1B in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks, savings banks and savings institutions as
defined by the FDIC
4. Based on 2023 sales volume and loans outstanding public disclosures by peers (C, BAC, COF, AXP, DFS) and JPMorgan Chase estimates. Sales volume excludes private label and Commercial Card. Loans
outstanding exclude private label, AXP Charge Card, and Citi Retail. Card outstandings market share has been revised to reflect a restatement to the 2022 reported total industry outstandings disclosed by Nilson;
Chase restated from 17.3%
5. Barlow Research Associates, Primary Bank Market Share Database as of 4Q23. Rolling 8-quarter average of small businesses with revenues of more than $100,000 and less than $25mm. 2023 results include First
Republic
6. Dealogic as of April 1, 2024. Rank for 2023
7. Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and revenue. Rank and share based on Coalition Index Banks for Markets
8. Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and revenue. Rank and share based on Coalition Index Banks for Treasury Services (Firmwide). Reflects global J.P.
Morgan Treasury Services (Firmwide). Tied for 2023
9. S&P Global Market Intelligence as of December 31, 2023
10. LSEG – U.S. Overall Middle Market Bookrunner, 2023
11. Represents general purpose credit card spend, which excludes private label and Commercial Card. Based on company filings and JPMorgan Chase estimates
12. Certain wealth management clients were realigned from Asset & Wealth Management (AWM) to Consumer & Community Banking (CCB) in 4Q20. 2013 amounts were not revised in connection with this realignment
13. Data reflects 2015 market share
14. Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and revenue. Share based on Coalition Index Banks for Securities Services
15. Data reflects 2014 market share
16. In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation
17. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile (one, three and five years): All quartile rankings, the assigned peer categories and the asset values
used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset
values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile
ranking for U.K., Luxembourg and Hong Kong SAR funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not
indicative of future results. “Primary share class” means the C share class for European funds and Acc share class for Hong Kong SAR and Taiwan funds. If these share classes are not available, the oldest share class
is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets

18
Notes on slides 5-12
Slide 5 – …which has led to strong absolute and relative performance over the last decade
1. See note 3 on slide 16
2. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo
3. Results include First Republic
4. See note 1 on slide 16
5. See note 4 on slide 16

Slide 7 – We expect ~$91B in NII ex. Markets for 2024

1. Totals may not sum due to rounding. See notes 1 and 2 on slide 16
2. Federal Funds target upper bound (“FFTUB”)

Slide 8 – Our 2024 expense outlook is ~$92B and increase from previous outlook reflects $1B Foundation contribution
1. See note 4 on slide 16. Totals may not sum due to rounding
2. 2023 FDIC special assessment of $2.9B and increase to the FDIC special assessment of $725mm in 1Q24, to reflect the FDIC’s revised estimated losses

Slide 10 – Our technology modernization continues to deliver infrastructure and engineering efficiencies
1. Includes retired/replaced applications

Slide 11 – We are well reserved for the current environment

1. As of March 31, 2024
2. Totals may not sum due to rounding
3. Wholesale includes Securities
4. Card loan growth of $1.5B and other loan growth (ex. office and multifamily) of ($0.5B)

Slide 12 – We are told to expect “broad and material changes” to capital requirements… but what does that mean?
1. Basel III Endgame (“B3E”), Notice of Proposed Rulemaking (“NPR”)
2. Retail gold-plating refers to the higher risk weights for residential mortgages, credit card, and other retail lending in the U.S. B3E NPR compared to the retail credit risk weights in the 2017 Basel Committee for Banking
Supervision final rule (Basel III: Finalizing post-crisis reforms)
3. Includes adjustments related to capital markets activities, including Fundamental Review of the Trading Book and the removal of Securities Financing Transactions haircut floors. Capital markets reductions associated
with operational risk and corporate counterparty risk weights would already be reflected in those categories
4. Numbers have been rounded for ease of illustration and reflect the effects of GSIB and SCB under higher RWA

19
Notes on slides 13-14
Slide 13 – Our excess capital supports increased buybacks, but we remain cautious
1. Net income, less common and preferred stock dividends
2. Represents the median consensus of research analyst estimates as of May 3, 2024 (pre-Visa exchange offer)
3. Incremental CET1 impact of the Visa exchange offer reflects previously stated donation to the JPMorgan Chase Foundation and is assumed to be post liquidation
4. +50bps represents an illustrative increase in our 2024 SCB

Slide 14 – We are positioned to deliver strong returns across a range of macroeconomic conditions…
1. See note 3 on slide 16. ROTCE ranges indicated are estimates

20
0
Asset & Wealth Management overview

⚫ Fiduciary engine of the Firm: Dedicated to alpha generation for individuals and institutions with ~200-year legacy

FORTRESS
⚫ Complement to other LOBs: Manage assets of families, companies, sovereign wealth funds and central banks
FOUNDATION

⚫ On-the-ground research with personalized advice: Global reach and robust controls to deliver best-in-class offerings

⚫ Consistent, strong investment performance: 80%+ of long-term fund 10Y AUM above peer median1 for the past decade

POSITIONED
⚫ Innovating & investing: Workplace, international and enhanced solutions (Alternatives, Active ETFs, SMAs)
FOR GROWTH

⚫ Inflows for the future: $490B in 2023 AWM flows (#1 of publicly listed peers) across all regions and channels

⚫ Flight-to-quality fortress risk manager: “Step function” growth in every crisis and during market uncertainty
DIFFICULT TO
REPLICATE
⚫ Predictable, attractive financial model: 73% recurring revenue, healthy 25%+ margin and capital efficient with 25%+ ROE

For footnoted information, refer to slide 18

1
Asset & Wealth Management serves all types of clients through our solutions

WE SERVE A BREADTH OF CLIENTS…

First-time HNW UHNW Retirees Endowments Family Offices PE & VC Broker-Dealer RIAs Government / Pensions
Investors & Foundations Public Sector

…AND OFFER A SPECTRUM OF SOLUTIONS…

Multi-Asset Solutions Trusts & Estates Insurance

Traditional Assets Workplace

Lending Alternatives

Deposits / Cash Co-investment

Mgmt. ASSET & WEALTH MANAGEMENT

… SUPPORTED BY OUR KEY STRATEGIC PILLARS

Complete Global Diversified At scale

2
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

AWM is a consistent growth franchise

ASSETS UNDER SUPERVISION1 ($T) REVENUE1 ($B) PRETAX INCOME1 ($B)

CAGR +8% CAGR +6% CAGR

+8%
5.0 19.8 6.9
4.3 4.0 17.0 17.7 6.3 5.8
3.7 13.4 13.6 14.2
3.1 11.5 12.2 12.3 12.2 13.2 4.0
2.3 2.3 2.3 2.4 2.7 2.6 3.3 3.4 3.2 3.5 3.6 3.8 3.8

2013 14 15 16 17 18 19 20 21 22 23 2013 14 15 16 17 18 19 20 21 22 23 2013 14 15 16 17 18 19 20 21 22 23

AM2 GPB Increase YoY Decrease YoY

AWM REVENUE1 DRIVERS YOY % CHANGE

NII NIR
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Mortgage Deposit Mortgage Mortgage Deposit Lending Lending Perf. fees Mortgage Deposit Lending

Higher YoY % change

Perf. fees Mgmt. fees Lending Deposit Perf. fees Deposit Brokerage Brokerage Perf. fees Mortgage Deposit

Mgmt. fees Mortgage Mgmt. fees Lending Brokerage Mgmt. fees Mgmt. fees Lending Lending Lending Brokerage

Brokerage Lending Brokerage Mgmt. fees Mgmt. fees Brokerage Mortgage Mortgage Brokerage Perf. fees Mgmt. fees

Deposit Brokerage Deposit Brokerage Lending Mortgage Perf. fees Mgmt. fees Mgmt. fees Mgmt. fees Mortgage

Lending Perf. fees Perf. fees Perf. fees Mortgage Perf. fees Deposit Deposit Deposit Brokerage Perf. fees

For footnoted information, refer to slide 18

3
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Powered by two market-leading businesses

End of period (EOP), $B
ASSET & WEALTH MANAGEMENT
ASSET MANAGEMENT1 GLOBAL PRIVATE BANK3
10Y Assets under Client asset flows 10Y
2013 2023 Growth supervision ($T)4 ($B)4 2013 2023 Growth
⚫ AM ranking by AUM2 (#) #7 #5 +2 +2.2x +6.0x
⚫ GPB ranking5 (#) #3 #1 +2
⚫ AM ranking by active AUM2 (#) #4 #3 +1 $5.0 $490 ⚫ GPB UHNW ranking5 (#) #1 #1 -
$2.3 $82
⚫ U.S. AUM3 $840 $1,712 2.0x 2013 2023 2013 2023
⚫ U.S. AUM $275 $823 3.0x
⚫ International AUM3 $397 $736 1.9x Alternatives assets Cities with AWM ⚫ International AUM $86 $151 1.8x
($B)4 presence
⚫ Global Funds AUM $460 $960 2.1x ⚫ Clients with $100mm+ (#) 1,519 3,719 2.4x
+2.0x +1.4x
⚫ Global Institutional AUM $777 $1,488 1.9x 411 133
⚫ Chase WM managed assets $16 $224 14.1x
207 92
⚫ AM client-facing (#) 614 749 1.2x ⚫ GPB client advisors (#) 2,512 3,515 1.4x
2013 2023 2013 2023

10-YEAR AVERAGE
ROE6 Net charge-off rate6 Recurring revenue4 Pretax margin4

27% 0.01% 73% 30%

10Y range: 21%-33% 10Y range: 0.02%-(0.01)% 10Y range: 71%-75% 10Y range: 26%-37%

For footnoted information, refer to slide 18

4
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Expense discipline and focused investing

TOTAL ADJUSTED EXPENSE ($B)1 BREAKDOWN OF EXPENSE

Revenue-producing & volume-related
Investments ⚫ Front office hiring – 3.5k GPB advisors in 2023 (record),
grew at 12% CAGR since 2021 and will continue to grow at
$0.2 $0.1 $0.2 $14.0 the same rate for the next three years
$0.9
$12.6 ⚫ Performance-driven compensation – driven by new
$2.4 advisor hiring and growing revenue
$2.2 ⚫ Fund distribution expense – driven by higher
management fees (revenue) on markets / flows

Technology
⚫ Prod. development (e.g., automation, Artificial Intelligence)
⚫ Modernization

Applications have been migrated to strategic

$11.6
$10.4 95% data centers and the cloud
On track to migrate 99% by YE 2024

Applications processing largely in the public

60%
or private cloud

Acquisitions
2023 Revenue-producing Technology Acquisitions Other 2024 outlook
⚫ 55ip, Campbell Global, OpenInvest, Global Shares, J.P.
& volume-related
Morgan Asset Management China (formerly CIFM) and
First Republic

For footnoted information, refer to slide 18

5
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Fortress foundation built on money market funds, deposits and lending

End of period (EOP), $B

$963
MONEY
$563
$688 $754 $680 +3.1 p.p. #1 in Institutional AUM 2 +216%
MARKET
Institutional market share2,
#2 in Global AUM
Morgan Money platform
FUNDS1 to 16.5%
2
AUM growth since 2019

2019 2020 2021 2022 2023

$14B Nearly all +65%

DEPOSITS3 $282
$199 $233 $233 deposits from net deposit migration stays assets & revenue when USPB
$143
~20k FRC clients to AWM within the firm clients actively bank with us

2019 2020 2021 2022 2023

Net charge-off / (recovery) rate (%)4

$228
#1 2% +11 p.p.
LENDING3 $158 $187 $218 $214
mortgage provider for US
credit-only clients in GPB ROE vs. 2019
0.02 (0.01) 0.01 0.00 0.01 households >$10mm NW 5

2019 2020 2021 2022 2023

For footnoted information, refer to slide 19

6
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Commitment to research and risk management drive strong investment performance

RESEARCH KEY PART OF INVESTMENT PROCESS ROBUST RISK MANAGEMENT

Asset class Investment professionals Research Average # of positions analyzed daily

Equities 450+ 160+ +1.3x

GFICC 360+ 70+

Alts & Solutions 920+ 200+ + 2022 2024

$460mm+ ~4,600 ~10,100 3,000+ Cross-asset 1B+

company meetings class governance data points
annual research spend companies covered portfolio reviews
annually for oversight analyzed daily1

STRONG OVERALL INVESTMENT PERFORMANCE SUCCESS IN EQUITIES

% of 10Y JPMAM long-term funds AUM above peer median2 1Q24 % of 10Y Equity funds Largest 3,000 active Equity funds mgrs. by 3Y Flows3 ($B)
AUM above peer median2
100% 91% 85% 85% 90% 83% 86%
80% 82% 84% 85% 80% 86% 105
75% Peer 1 38
50%
94% Peer 2 20
25% Peer 3 19
0% Peer 4 16
2013 14 15 16 17 18 19 20 21 22 23 1Q24

For footnoted information, refer to slide 19

7
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

High-quality talent and world-class training to support higher contribution / productivity

INCREASED HIRING ENHANCED TRAINING ENRICHED CONTENT

Net new hires, client advisors Training hours per new hire Past Today
Culture
+1.8x +5.6x Culture

Capstone

+ + Python
Prompt
Core skills engineering
Core skills
2019 2023 2019 2023

=
DEEPER RELATIONSHIPS HIGHER ADVISOR PRODUCTIVITY HAPPIER CLIENTS
USPB average client size1 USPB average revenue per client advisor1 USPB client satisfaction score1

+28% +23% +8 p.p.

2019 2023 2019 2023 20182 2023

For footnoted information, refer to slide 19

8
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Building Workplace through Global Shares

LEVERAGING

Equity Compensation
Assets Under Administration ($B)
Community & Asset & Wealth Commercial &
Consumer Bank Management Investment Bank
International U.S.
Cap Table Management

+17%

+73%
173
~4.9k ~9k 160+ Executive Services
148 branch JPMC Wealth countries
57 network Mgmt. Advisors reached
33
Financial Education
2022 2023 >5Y 2022 2023 >5Y

6mm ~2.9k >90%

1.1mm +62% Small Business Commercial Fortune 500 Wealth Management
total participants1 YoY in total clients1 clients Banking Bankers companies

For footnoted information, refer to slide 19

9
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Continuing international expansion across AWM while some competitors retreat

INTERNATIONAL PRIVATE BANK ASSET MANAGEMENT CHINA

AUS growth ($B) #1 client assets by organic growth YoY1 AUM growth ($B) #1 foreign Asset Manager3

#1
+1.6x
#1 client advisor growth1
+1.1x AAA Money Market Fund4

80+ countries with client coverage 64mm clients

2019 2023 +11 IPB city locations since 2013 2019 2023 800 companies covered

APAC EMEA LATAM LEGACY COMMITMENT LEADERSHIP

Top 4 International Top 5 International Top 2 International 100Y+ of JPMC 100% ownership , 5
Golden Bull
AM Company of the Year6
Private Bank by AUS1 Private Bank by AUS1 Private Bank by AUS2 doing business in China celebrated with a rebrand
(Overseas Investment)

For footnoted information, refer to slide 20

10
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Extending Active ETF momentum through innovation

GROWING OFFERING STRONG ETF PERFORMANCE ACHIEVING SCALE

# JPMAM Active ETFs 1Q24 % of 3Y JPMAM long-term Active ETFs Largest Active ETFs by AUM, globally4 AUM
Inception
+1.3x AUM above peer median3 ($B)
+9.1x
J.P. Morgan
1
Equity Premium Income ETF
JEPI 34 2020
2017 2023 <1Y
Dimensional
2 DFAC 27 2007
#2 Active ETF AUM in the industry1
US Core Equity 2 ETF
Equities 96% 3
J.P. Morgan
JPST 23 2017
DIVERSIFIED PRODUCTS Ultra-Short Income ETF
Top 10 long-term Morningstar categories by 12-month fund flows J.P. Morgan
4
Nasdaq Equity Premium Inc. ETF
JEPQ 12 2022
JPM Active
Category Market flows2 ($B)
ETFs PIMCO
5 MINT 11 2009
Large Blend 25
✓ JPEF Enhanced Short Maturity Active ETF
Derivative Income 22
✓ JEPI, JEPQ
READY TO GROW
Options Trading 14
✓ HELO
Fixed JPMAM Active ETF AUM ($B)
Int. Core-Plus Bond 13
✓ JCPB
Income 96% +6.7x
Large Value 10
✓ JAVA
1,000
Ultrashort Bond 9
✓ JPST
Int. Core Bond 8
✓ JBND
+50x
Foreign Large Blend 7
✓ JIRE
150
Small Value 7
✓ JPSV
#2 Active ETF provider by flows 1
3
Diversified EM 5 ✓ JEMA 2017 2023 <10Y

For footnoted information, refer to slide 20

11
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Driving scale in Fixed Income through strong performance

STRONG FIXED INCOME PERFORMANCE CAPTURING FLOWS AND DRIVING SCALE

% of 5Y JPMAM Fixed Income funds AUM above peer median1 Top peers by 2023 Active FI AUM flows4 ($B) JPM AWM Fixed Income AUM ($B)

+2.1x
751
2014 63% 1Q24 86% 69.8

364

# of JPMAM 4/5-star rated funds2 Peer 1 32.3

2013 2023

2014 17 1Q24 48 Peer 2 10.1

# of AWM Fixed Income SMAs

+3.1x
Global Bond Opportunities fund performance3 81,697
Peer 3 4.0
5Y Net Ann. Return

JPM 3.0%
25,971
Category avg. 2.4% Peer 4 0.7

Benchmark -1.0% 2020 2023

For footnoted information, refer to slide 21

12
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Empowering clients and advisors for a personalized investment journey

TOTAL SMA PLATFORM

Existing Separately
Managed Accounts platform JPM + 55ip + OpenInvest AUM ($B)

20Y of refining
+ Tax optimization
+ Curated choice / = +1.6x

customized portfolios technology preference expertise 292

181

WORKING TOWARDS A FULLY INTEGRATED PLATFORM THAT ENABLES CLIENT PERSONALIZATION

2020 2023
Single Asset Cross Including Including Assets
Strategy Class Asset Class Alternatives Held Away accelerating JPM SMA growth

Cerulli SMA ranking1

✓ Tax optimization ✓ Choice / preferences Look-through 2

✓ Tax transition ✓ Exclusion Voting 4

For footnoted information, refer to slide 21

13
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Utilizing Artificial Intelligence to enhance experience, manage risks and drive efficiencies

Connect Coach pilot user experience

+30%
CASEY Connect Coach Sales Assist

Research, Traders &

Client Service Advisors Marketing
Portfolio Managers
2023 YTD 2024

⚫ Client service “co-pilot” ⚫ Decades of proprietary data ⚫ Meeting prep and summary ⚫ Relevant product content
Sales Assist gross sales per user
⚫ Client sentiment & insights ⚫ Investment insights ⚫ Real-time document retrieval ⚫ Performance & market data
+188%
⚫ Multi-layer fraud detection ⚫ Trading strategies ⚫ Next Best Action ⚫ Personalized recommendations

✓ Remove “no joy” work ✓ Drive productivity ✓ Increase revenue 2022 2023

14
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Unlocking the power of JPMC through cross-LOB connectivity

Consumer
Commercial Banking
Banking
Business Global Corporate Banking DELIVERING UNMATCHED VALUE TO
Banking
ECM
CLIENTS AND SHAREHOLDERS

DCM
Card
Services
M&A $459B Liquidity AUM managed for CIB and CCB clients10
#1 Top 5 #1 Lending
Home Bank in Most Admired Investment
Deposits1 Company2 Bank3
Lending Payments
~3k GPB referrals given to Chase WM in 2023

Auto
#1 Top 100 #1 Equities
Bank for Small Most Influential Middle Market
Businesses4 Company5 Bookrunner6 FICC

Global Research 98% of top 50 AWM clients do business with other LOBs
Wealth
Management #1 #1 #1
Company to Asset Mgr. Securities Services
Private Bank7
work for8 (Active Flows)9
International
Consumer
Initiatives
80% of top Global IPOs have cross-LOB connectivity

Asset Global Private

Management Bank

For footnoted information, refer to slide 21

15
 FORTRESS FOUNDATION POSITIONED FOR GROWTH DIFFICULT TO REPLICATE

Maximizing our strengths to deliver value to clients and shareholders

JPMC TOTAL CLIENT ASSET FLOWS ($B)1

(Long-term AUM + Liquidity + AUS + U.S. WM AUS + CPC Deposits) 1Y TOTAL
(2023) Publicly traded peers only
≥$0 <$0
1Y Flows Rev PTI
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 ($T) YoY YoY

Fixed Income #1 JPMC1 $0.4 11.7% 18.9%

Assets = AUS + AUM

Equity
AUM

Multi-Asset #2 MS2 $0.3 6.2% (0.2%)

Asset Alternatives
Class / Liquidity #3 BLK3 $0.3 (0.1%) 13.8%
Product
Brokerage
#4 SCHW4 $0.2 (7.5%) (26.5%)
AUS

Custody
Deposits #5 UBS5 $0.1 10.6% (40.7%)
GPB + U.S. WM
Assets

Channel Funds 5Y TOTAL

Institutional (2019 - 2023) Publicly traded peers only
U.S. 5Y Flows 5Y Rev 5Y PTI
($T) CAGR CAGR
Assets

Region LatAm
EMEA
#1 BLK3 $2.0 4.7% 5.9%
Asia
Overall #2 JPMC1 $1.5 8.1% 12.6%

80% of last 80 quarters have net new inflows #3 MS2 $1.4 9.6% 8.1%

100% of last 20 years have net new inflows #4 SCHW4 $0.8 14.5% 10.3%

$1.9T+ of total client asset flows over the past decade #5 GS6 $0.7 (0.2%) (23.2%)

For footnoted information, refer to slide 22

16
Exceeding expectations and achieving targets

LONG-TERM REVENUE PRETAX

ROE
AUM FLOWS GROWTH MARGIN

3- to 5-year
targets (+/-), 4% 5% 25%+ 25%+
as of 2020

2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023
Results range1
5% 8% 2% 7% 5% 19% 5% 12% 28% 37% 33% 35% 28% 33% 25% 31%

Meeting targets ✓ ✓  ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

For footnoted information, refer to slide 22

17
Notes on slides 1-5

Slide 1 – Asset & Wealth Management overview

1. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive
these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values
into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile
ranking for U.K., Luxembourg and Hong Kong SAR funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not
indicative of future results. “Primary share class” means the C share class for European funds and Acc share class for Hong Kong SAR and Taiwan funds. If these share classes are not available, the oldest
share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets

Slide 3 – AWM is a consistent growth franchise

1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform
with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018
2. Asset Management represents Global Funds and Global Institutional

Slide 4 – Powered by two market-leading businesses

1. Asset Management represents Global Funds and Global Institutional
2. Source: Public filings, company websites and press releases
3. Global Funds and Global Institutional AUM
4. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform
with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018
5. Source: Euromoney
6. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Before 2018, amounts have not been revised to
conform with the current presentation

Slide 5 – Expense discipline and focused investing

1. Adjusted expense is a non-GAAP financial measure, which represents noninterest expense excluding legal expense of $144mm and $56mm for the full-year 2023 and for the three months ended in March 31,
2024, respectively

18
Notes on slides 6-9

Slide 6 – Fortress foundation built on money market funds, deposits and lending
1. Includes assets managed on behalf of other product teams
2. Source: iMoneyNet
3. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform
with the current presentation
4. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Before 2018, amounts have not been revised to
conform with the current presentation
5. Source: KYC, Suitability, Lending, Wealthx, Factset, Pitchbook, Corelogic, and others, March 2024, U.S. only

Slide 7 – Commitment to research and risk management drive strong investment performance
1. Through Spectrum for Risk Management
2. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive
these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values
into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile
ranking for U.K., Luxembourg and Hong Kong SAR funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not
indicative of future results. “Primary share class” means the C share class for European funds and Acc share class for Hong Kong SAR and Taiwan funds. If these share classes are not available, the oldest
share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets
3. Source: Morningstar

Slide 8 – High-quality talent and world-class training to support higher contribution / productivity
1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform
with the current presentation
2. Measured by the overall satisfaction score (OSAT); as of 2018 due to lack of comparable data for 2019

Slide 9 – Building Workplace through Global Shares

1. As of April 30, 2024

19
Notes on slides 10-11

Slide 10 – Continuing international expansion across AWM while some competitors retreat
1. Source: Company filings and internal JPMorgan Chase analysis
2. Source: Bloomberg – as of April 3, 2023
3. Source: WIND, mutual funds including MMF, passive, ETFs and cross-border
4. Source: WIND
5. 100% ownership approved by Chinese Securities Regulatory Commission (CSRC) in January 2023 and registered in March 2023
6. Awarded by China Securities Journal

Slide 11 – Extending Active ETF momentum through innovation

1. Source: Morningstar and Bloomberg – AUM as of March 31, 2024. Flows are rolling 12 months as of March 31, 2024
2. Source: Morningstar as of March 31, 2024; excludes categories with only one fund
3. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive
these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into
U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile
ranking for U.K., Luxembourg and Hong Kong SAR funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not
indicative of future results. “Primary share class” means the C share class for European funds and Acc share class for Hong Kong SAR and Taiwan funds. If these share classes are not available, the oldest
share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets
4. Source: Morningstar as of March 31, 2024

20
Notes on slides 12-15

Slide 12 – Driving scale in Fixed Income through strong performance

1. Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile: All quartile rankings, the assigned peer categories and the asset values used to derive
these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values
into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile
ranking for U.K., Luxembourg and Hong Kong SAR funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not
indicative of future results. “Primary share class” means the C share class for European funds and Acc share class for Hong Kong SAR and Taiwan funds. If these share classes are not available, the oldest
share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets
2. Source: Morningstar
3. Source: Morningstar. JPM 5Y net annualized return (net of fees) is for Institutional share class as of March 31, 2024. Other share classes may have higher expenses, which would lower returns. JPM
performance compared to category average (Multisector Bond) and fund benchmark (Bloomberg Multiverse TR USD)
4. Source: Company filings

Slide 13 – Empowering clients and advisors for a personalized investment journey

1. Source: Cerulli U.S. Managed Accounts 2023 report

Slide 15 – Unlocking the power of JPMC through cross-LOB connectivity

1. Source: Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1 billion deposit cap to Chase and industry branches for market share.
While many of our branches have more than $1 billion in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks,
savings banks and savings institutions as defined by the FDIC
2. Source: Fortune
3. Source: Dealogic Global Rank as of April 1, 2024
4. Source: Primary bank market share sourced from Barlow Research Associates as of 4Q22. Rolling 8 quarter average of small businesses with sales size between $100k-$25mm
5. Source: Time
6. Source: LSEG
7. Source: Euromoney
8. Source: LinkedIn
9. Source: Public filings, company websites, and press releases. #1 ranking in 2023 among publicly traded peers
10. As of March 31, 2024

21
Notes on slides 16-17

Slide 16 – Maximizing our strengths to deliver value to clients and shareholders

1. Includes Asset & Wealth Management client assets, U.S. Wealth Management investments and Chase Private Client deposits. In the fourth quarter of 2020, the Firm realigned certain Wealth Management
clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation
2. Flows include Investment Management total net flows, Wealth Management net new assets. Excludes impact from acquisitions E*Trade, Eaton Vance, Hyas Group, and Cook Street. Revenue and PTI for
Wealth Management and Investment Management businesses
3. Total AUM net flows
4. Revenue, PTI and Net new assets for Investor Services business. Net new assets excludes impact from acquisitions of TD Ameritrade and asset acquisition from USAA’s Investment Management Company
5. Flows include Asset management net new money, Global Wealth Management net new money (2019-2021) and net new assets (2022-2023). Excludes impact from CS acquisition. Revenue and PTI for
Global Wealth Management and Asset Management businesses
6. Firmwide total AUS net flows. Excludes impacts from acquisitions including NNIP, S&P Investment Advisory Services, United Capital, and Rocaton. 5Y Revenue and PTI based on comparison between
combined results for GS AM and Consumer & Wealth Management businesses for 2018 and GS AWM results for 2023

Slide 17 – Exceeding expectations and achieving targets

1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform
with the current presentation

22
We have a consistent set of strategic priorities

Growing and deepening relationships by engaging customers1 with products and services they
Strategy 1 love and by expanding our distribution

2 Leveraging data and technology to drive speed to market and deliver customer value

Enablers 3 Protecting our customers and the firm through a strong risk and controls environment

4 Cultivating talent to build high-performing, diverse teams where culture is a competitive advantage

Outcome 5 Delivering financial performance that is consistently best-in-class

For footnoted information, refer to slide 45

1
We continue to make progress against our commitments
STRATEGIC COMMITMENTS

 Added net ~3.6mm customers to the CCB franchise

 Continued to scale distribution by opening 166 branches – committed to build over 500 new branches in the next three years
 Launched Freedom Rise and DoorDash credit cards, JPM Premium Deposit and Chase Travel brand
Strategy
 Grew client investment assets1 to ~$950B (+$300B YoY), benefitting from market performance and First Republic (FRC)
 Delivered $20B in volume through our Commerce platforms2 – on track for ~$30B 2025 target, while macro travel headwinds affect margins
 Added 350+ Business Relationship Managers and 420+ Advisors

 Migrated ~80% of production applications to strategic data centers and the public cloud3
 Migrated ~90% of analytical data to the public cloud4
Enablers
 Continued to operate in a strong risk and controls environment
 Attracted top talent and reduced employee attrition

 Extended #1 position in retail deposit share5 by 40bps to 11.3% (up 10bps ex. FRC)
 Extended #1 position in credit card sales share by 50bps to 22.9% and outstandings by 30bps to 16.9% – on path to 20%6

Outcome  Generated $52.6B in net interest income ex. FRC and $55.0B incl. FRC, up ~$15B from last year
 Incurred $33.4B in adjusted expense ex. FRC ($34.6B incl. FRC)7, in line with ~$33B guidance from last year
 Delivered 38% ROE on net income of $21.2B – delivered >25% ROE for the past 3 years

For footnoted information, refer to slide 45

2
We continue to successfully execute on our strategy
Grow Engage Deepen

Overall customers (mm)1 Digital2 and branch3 active customers (mm) Multi-LOB customers4 (mm)

3% 6% 1% 7%
CAGR CAGR CAGR CAGR
+4%
+6%
88.5
84.9
78.4 5.7 6.4
67.0
4.6 63.1
52.5 +4%

+9%
82.1 32.6 32.9 34.3
73.8 79.2

>20% reduction in
everyday branch 24.2
transactions vs. ‘19 18.6 22.3

2019 2022 2023 Digital active Branch active 2019 2022 2023

Consumers Small businesses 2019 2022 2023

2x 2 of 3 ~75% ~85% ~50% ~50%

faster growth since of new Consumer Bank and of CCB customers of D&I5 balances multi-LOB among multi-LOB among
the pandemic Branded Card customers are digitally active held by branch Primary Consumer Branded Card customers
are Millennials or Gen-Z active customers Bank customers6

For footnoted information, refer to slide 45

3
 Grow Engage Deepen

We continue to grow faster than the competition

Consumer & Business Banking Card

Deposit share1,2 Card sales and outstandings market share3

Growth Growth
+220bps +20bps +50bps (70bps) +30bps +10bps
vs. 2019 vs. 2019
+190bps ex. FRC 22.9%
20.4%
16.9%
11.3% 10.1% 10.4%

Chase Leading competitor Sales OS

Chase Leading competitor

>20% growth in total checking accounts vs. 20194 >30% growth in active accounts5 vs. 2019

>40% growth in net new checking accounts vs. 20194 >25% growth in new accounts vs. 2019

~80% primary bank6 >60% highly engaged card members7

>95% primary bank customer retention8 98% account retention9

For footnoted information, refer to slide 46

4
 Grow Engage Deepen

Our customers are engaging with us across channels to manage their financial lives

Digital OMNI-CHANNEL Branch

% mobile active Total monthly
90-day digitally users who engaged2 at engaged sessions2 Our channels complement each Branch active % who met Customers who met
active users1 least once a week vs. ‘22 other via omnichannel journeys customers with a banker with a banker5 vs. ‘22
(examples):
~67mm >50% +20% ~34mm >40% +20%
Planning
Key digital experiences (monthly active users)3: Key reasons for meetings:
Account opening
Financial planning
Payments View Offers Relationship & advice Open / upgrade Account updates Information
& advice tools4
~45mm ~36mm an account & questions on investing
~17mm

Recently launched features:

Chase Travel Credit score planning tool Wealth Plan Digitally-enabled opening in branch
Brand launch: 1Q 2024 Launched: 1Q 2023 Launched: 4Q 2022 Launched: 4Q 2023

12% increase in bookings6 >3mm score plans >1mm personalized plans >20% of in-branch account
in 1Q24 vs. 1Q23 created since launch created since launch openings now digitally-enabled7

When we launch a new feature, we have a proven track record of scaling and driving customer engagement
For footnoted information, refer to slide 46

5
 Grow Engage Deepen

We have the scale and scope of data to drive increasing value from AI / ML
THE SCALE OF OUR DATA CONTINUES TO GROW, THE VALUE FROM AI / ML INVESTMENTS
ENABLING US TO SERVE CUSTOMER NEEDS1 IS ACCELERATING AND CHANGING2

Revenue examples
Sales effectiveness Marketing effectiveness

Financial data Digital engagement Personalization Underwriting

34mm customer incomes 18B digital log-ins

Efficiency & risk examples
36mm credit profiles 325B digital customer
interactions Fraud detection Predictive servicing

82mm Credit risk Branch optimization

consumers

Shopping behavior Lifestyle

25B credit and debit card 9mm+ trips booked
transactions
~1T Ultimate Rewards
>10B Offers points redeemed
served3
Current state Future state

For footnoted information, refer to slide 47

6
 Grow Engage Deepen

Customer experience is an operating discipline

Understand Build products & services our customers love Help customers discover the right
customer needs and continuously innovate solutions for them

Customer segment Design target product (examples) NPS1 impact of design target alignment Growth in product-segment fit vs. ‘19

Banking
>5 For Lower Mass in Secure Banking
vs. other accounts 2x Secure Banking2 accounts

Emerging

Card
>5 For early month on book accounts in
Freedom Rise vs. other Freedom cards 2.5x new-to-credit accounts3

For Affluent customers in Chase Private

Banking &
Wealth >10 Client (CPC) with JPMWM Advisor
coverage vs. other Affluent customers
~50% CPC clients with deposits & investments

Affluent

Card >10 For Affluent top of wallet customers with a

Sapphire card4 vs. other Branded cards ~50% Sapphire card accounts

Small
business
(SMB)
Banking >10 For Large SMBs5 with Business
Relationship Manager (BRM) coverage 80% clients with BRM coverage6

Record channel satisfaction ~65 Net Promoter Score (NPS)

across branch, digital and phone channels in ‘23 among primary bank deposit customers & highly engaged card members

For footnoted information, refer to slide 47

7
 Grow Engage Deepen

We continue to deepen relationships into natural adjacencies

Wealth Management Connected Commerce

Client investment assets ($B) Volume through our Connected Commerce platforms1 ($B)

~2x 2025 Target:

~3x
$1T

~$950
~$500 ~$650 $20
$15
$7
2019 2022 2023 2019 2022 2023
Target: ~6,000 advisors 2025 Target: ~$30B

 420+ advisors added ending the year with ~5,500 advisors  9mm+ travel bookings as we improve our Travel experience
(+30% total advisors vs. 2019) (+19% YoY)
 120k+ first time investors with a full-service relationship  $8B+ attribution spend from Chase Offers via scale & UX uplift
(record-high and +24% YoY) (+31% YoY)

# of Wealth
Management 1.6mm 2.5mm
% of Branded Card3
Travel spend captured
~8% ~10%
relationships2 2019 2023 on Chase Travel 2019 2023

For footnoted information, refer to slide 47

8
We continue to deliver strong financial performance
CCB Pretax Income ex. LLR ($B)1,2

$30.0 ex. FRC: $27.9B

$21.7 $20.9

2019 2022 2023 ex. FRC

Average deposits ($B) $698 $1,163 $1,127 $1,087
Average loans ($B) $478 $439 $526 $464

Average Card outstandings ($B) $156 $163 $191

Revenue ($B) $55.0 $54.8 $70.1 $66.9

Deposit margin3 2.48% 1.71% 2.84% 2.81%

Expense ($B) $28.1 $31.2 $34.8 $33.6

Overhead ratio 51% 57% 50% 50%

ROE 31% 29% 38% 38%

Note: Totals may not sum due to rounding
For footnoted information, refer to slide 48

9
In 2023, we benefitted from a positive macro rate environment and absorbed headwinds with core growth

CCB REVENUE ($B)

2024 outlook
($0.2) $3.3 $70.1
$12.4 ($0.2)
NIR $15.1

▲ Card margin expansion and annual fees

▼ Overdraft fee policy change
$54.8 ▼ Home Lending NIM compression

NIR $14.9 NII $55.0

▲ Card loan growth

▼ Deposit balances
▼ Auto leases
▼ Increase in Card acquisition
NII $39.9

2022 Macro rate Volume Margin / Other First Republic 2023

Note: Totals may not sum due to rounding

10
Since 2019, organic growth has been the biggest revenue driver – more than offsetting net headwinds

CCB REVENUE ($B) EX. FRC 2024 OUTLOOK

NIR
+$11.9 ▲ Wealth Management
▲ Connected Commerce
+$3.6B
▲ Other growth Growth Business growth

$66.9 NIR
▼ Auto lease
$14.2 ▼ Mortgage market ($7B)
$54.9 ($3.4) ▼ Card acquisitions Headwinds Reduced headwinds

NIR1 $17.6 ▼ Overdraft policy changes

$52.6

+$15.3 NII
▲ Deposit margin2 (+33bps) +$3.5B
NII $37.3 Deposit margin &
▲ Deposit balances (+12% CAGR) +$9.6B balances
NII
▲ Card NII (+5% CAGR Card OS) +$2.8B

▼ Other Card OS

2019 2023

Our investments will continue to deliver core business growth

Note: Totals may not sum due to rounding
For footnoted information, refer to slide 48

11
We will continue to invest in our business to drive profitable growth and efficiency

DRIVERS OF ADJUSTED EXPENSE1 ($B) – 2023 vs. 2024 OUTLOOK

$0.7 ~$38
$0.2
$0.5
$0.6
$1.0
▲ Wage inflation
$0.8 ▼ Connected Commerce acquisition
$34.6 ▼ Auto lease depreciation

2023 Field & Branch network Technology and Marketing Operations & fraud Other First 2024 outlook
product losses Republic
$33.4 ex. FRC ~$36 ex. FRC

Note: Totals may not sum due to rounding

For footnoted information, refer to slide 48

12
We are delivering the benefits of scale
WE’VE MANAGED OUR RUN THE BANK EXPENSE1 AS WE GROW RUN THE BANK EXPENSE1 PER ACCOUNT
All percentages reflect 2019-2024 outlook CAGR All percentages reflect 2019-2024 outlook CAGR

Field & Branch 8% customers per branch2

CCB REVENUE
TOTAL CCB ACCOUNTS ex. impact of auto lease income Network
(ex. Card accounts) 6% checking / savings sales per branch2
We have driven strong 0% CAGR

5% 6%
8% client investment assets per tenured Advisor3
top-line growth of the
franchise 6% servicing calls per account
Operations &
Fraud Losses
1% fraud loss rate per transaction

(2%) CAGR 2% statement / payment processing per account4

TRANSACTION TRANSACTION DIGITAL
VOLUMES ($) VOLUMES (#) DIGITAL
LOG-INS Card Marketing
per account per account LOG-INS / ACCT
per account & Product 7% annual fees per account5
Higher volumes have Benefits
(per Card account5)
added to inflationary
5% 2% 3%
9% voluntary attrition on annual fee cards
4% CAGR
pressures on expenses

Tech risk platforms and cyber controls

Production6 “bubble” costs during data center migration
RUN THE BANK EXPENSE
RUN THE BANK EXPENSE per account 6% CAGR
2024 outlook, ex. auto lease depreciation wage inflation

We’re delivering benefits

~$26B 6% 1%
Staff Functions,
of scale – moderating Real Estate and FDIC assessments
expense growth Regulatory
wage inflation
3% CAGR

For footnoted information, refer to slide 48

13
Our investment strategies are consistent – and consistently delivering

CCB INVESTMENTS ($B)

2023 return 2024

+$0.8 profile status

~$9.0 Connected  Deal integration & amortization (cxLoyalty, FROSCH, 6 year 6+

$0.3
Commerce Figg) payback years
$8.2 $0.7
Growth
$0.8 Wealth 4 year
businesses
Management
$0.4  Advisor hiring
break-even 
$4.3
Distribution $3.8 Branch  New builds in expansion and mature markets 4 year
Network
$1.6
 Banker hiring break-even 
 Acquisitions & deepening Note: marketing investments
Marketing $2.6
 Branding
are part of ~$9B total gross
marketing spend
2 – 3x ROI 
Technology $4.0
$3.6 ~50% pays
& product1  Channels, products and platform development
 Infrastructure, applications and data modernization
back in <5 
years

2023 2024 outlook

Outlook

Our disciplined investment process is focused on long-term growth and profitability

Note: Totals may not sum due to rounding
For footnoted information, refer to slide 49

14
We continue to invest in technology to support growth and profitability
TECHNOLOGY & PRODUCT TECHNOLOGY & PRODUCT
TECH MODERNIZATION: ~$1.4B
INVESTMENTS ($B) INVESTMENTS BY CATEGORY ($B)
+$0.4

~$4.0 ~$4.0
Other Production applications
$3.6
$0.9 Data & AI / ML ~80% migrated to strategic data
centers and the public cloud1
Product &
$0.8
design org

Products

$1.7 Applications processing

Tech product
development
$1.3
2024 total
~55% largely in the public or
Tech spend Channel private cloud
outlook Delivery &
(incl. Run Enablement
the Bank):
<$7B
Tech $1.4 $1.4
modernization Analytical data migrated to the
Platforms
~90% public cloud2

2023 2024 outlook 2024 outlook

It takes >100 products and services to deliver the end-to-end ecosystem for our customers
Note: Totals do not sum due to rounding; Product investment costs include all CCB product compensation costs
For footnoted information, refer to slide 49

15
Consumer financial health has largely normalized and remains stable
Median balances remain up from pre-pandemic levels and Spending remains solid as our portfolio is growing, while
In aggregate, wages are keeping up with inflation
operating cash buffers have largely normalized spend growth at the stable cohort level remains stable

Median cash buffer1 Total portfolio debit and credit spend growth Median nominal income growth vs. inflation
Total population Total population
+11%
+84% 41%

9% 24%
8%
7%
21%

Historical avg. Pandemic high Mar '24 FY23 vs. FY22 1Q24 vs. 1Q23 Mar '24 vs. Mar '23

Median deposit balance +98% +46%

Total population

Stable cohort 2 vs. historical avg. Consumer credit card stable cohort4 Jan ’20 Mar ’24

FY23 vs. 1Q24 vs. Mar ’24 vs.

Deposit balances Peak Mar ‘24 FY22 1Q23 Mar ’23 7
Inflation (all categories)
All incomes +126% +66% Total spend 1.4% 0.6% 2.2% 8
Nominal income growth (stable cohort, all incomes)
Lowest incomes3 +183% +86% 9
Total spend: Nominal income growth (stable cohort, lowest incomes)
Cash buffer Peak Mar ’24 3.3% 1.8% 3.2%
lowest incomes5
All incomes +16 days +3 days Discretionary spend6:
1.6% 0.2% 1.5%
Lowest incomes +15 days +3 days all incomes

For footnoted information, refer to slide 49

16
Small businesses also remain financially healthy as normalization continues
Median deposit balances and cash buffers remain While overall debt levels remain below 2019, debt for As businesses manage expenses,
elevated, particularly for larger businesses smaller businesses are closer to historical norms they are prioritizing spend on payroll

Median cash buffer1 Combined debt levels6 Non-payroll expenses and payroll expenses7,8
Cohort of clients2 Cohort of clients Cohort of clients indexed to Jan. 2019
+26% (18)%
+83% (17)%

42%

39%

2019 Pandemic high 3 Mar '24 2019 Pandemic low 3 Mar '24

Median deposit balance +69% +14%

Cohort of clients2

vs. 2019 vs. 2019

Deposit balances Peak Mar ’24 Debt levels Low Mar ’24

Large revenue4 +128% +60%

Large revenue (20%) (25%)
Small revenue5 +67% +14%
Jan ’19 Mar ’24
Cash buffer Peak Mar ‘24 Small revenue (10%) +3%

Large revenue +29 days +8 days

Small revenue +25 days +8 days

Deposit balances and cash buffers remain elevated as businesses navigate uncertain times
For footnoted information, refer to slide 50

17
We’ve maintained a prudent risk profile while we continue to grow the business

PORTFOLIO RISK METRICS ORIGINATION RISK METRICS

2012 2019 2023 2019 2023 ∆

% of portfolio <660 credit

16% 16% 14% Industry9 10% 10% -
score1,2
% of originations
Card Card <660 credit score
% of outstandings from balance
20% 9% 5% Chase 3% 2% (1)ppt
parker segment3

% of portfolio <660 credit score5 22% 18% 16% Industry9 12% 18% 6ppts
% of originations
Auto4 Auto4 with term ≥84
% of portfolio <660 credit score months
1.6% 2.1% 1.2% Chase 5% 7% 2ppts
and LTV >1206

Owned-portfolio avg. credit

692 758 770 Industry10 11% 18% 7ppts
score1 % LTV >80 HFI
Home Home
jumbo origination
Lending7,8 Lending mix
Owned-portfolio avg. CLTV 79% 55% 49% Chase11 9% 8% (1)ppt

For footnoted information, refer to slide 51

18
Credit has normalized

CREDIT RISK OUTLOOK NET CHARGE-OFF GUIDANCE

 Consumer balance sheets and credit have normalized 2024

and continue to remain generally healthy 2019 2020 2021 2022 2023 outlook

 Loss performance reflects primarily:

Card ~3.6%
3.10% 2.93% 1.94% 1.47% 2.45% ~3.4%
Services 2025 outlook
 Normalization

 Change in portfolio mix

Auto 0.33% 0.20% 0.05% 0.21% 0.49% ~0.65%

 We continue to invest in new data and scores to

enhance our risk management and have tightened on Retail only 0.44% 0.25% 0.04% 0.24% 0.56% ~0.75%
the margin
Home
(0.05%) (0.09%) (0.17%) (0.14%) (0.02%) ~0.0%
 As excess cash buffers have largely been exhausted, Lending1
we are closely monitoring consumers whose incomes
have not kept pace with inflation
Business
Banking2 0.47% 0.48% 0.41% 0.17% 0.35% ~0.70%
 Looking forward, we expect loss rates to remain ex. overdraft
relatively stable

For footnoted information, refer to slide 51

19
Proposed regulation and legislation will negatively impact the banking industry and harm consumers

Data sharing,
Capital Credit card Deposit
collection & reporting1

Merchant litigation Credit Card 1022, 1033,

Basel III Late fee changes Overdraft rule Reg II
settlement Competition Act 1034(c), 1071

Likely impacts:

 Less consumer access to financial products and services, and higher cost for those who do have access
Proforma impact to consumers if costs are fully passed through given current proposals / rules – not intended to reflect our strategy

Mortgages Credit cards Checking accounts

>$500 annual increase in >10% fewer customers issued a card per Estimated 2 of 3 consumers would likely
payments for a mortgage2 year and/or pay up to 2% higher APR have to pay a monthly service fee

 Margin pressures may disincentivize investment and innovation – leading to a decline in customer experience

 Difficulty for smaller banks to absorb costs – leading to increased consolidation

 More financial activity moving outside of the regulatory perimeter – increasing risk for consumers

Note: Regulation, legislation and litigation referenced on this page are in various stages of development and finalization
For footnoted information, refer to slide 51

20
We run our business for the long-term and manage through cycles

We are operating from a position of strength…

Scale of our customer
Continued core business Disciplined management
relationships and Unmatched capacity to
growth despite of resources, capital,
diversification of our invest through cycles
headwinds liquidity
businesses

…and while the current outlook is uncertain…

Regulatory uncertainty Deposit outlook Credit trends

…we are prepared for a range of outcomes

Through-the-cycle Execute with an Reshape our business

Industry leading
approach to managing increased focus on where necessary in
credit performance
our business efficiency and flexibility response to regulations

Our medium-term guidance remains at 25%+ ROE through the cycle

21
Key questions on Deposits and Branch Network

1. Primary Bank How have primary bank relationships held up at this point in the cycle?

2. Deposits How are deposits performing at this point in the cycle?

3. Outlook What is your outlook for deposits?

4. Market Share What is your progress on capturing deposit share?

5. Branch Network What is the impact and outlook for branch expansion?

22
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

We are growing primary bank relationships, which are satisfied, loyal, and engaged
How have primary bank relationships held up at this point in the cycle?

CONSUMER BANKING BUSINESS BANKING

Consumer Banking customers (mm)1 Business Banking clients (mm)6

+4% CAGR +9% CAGR

40.6 42.0
38.1 39.4 4.1
3.5 3.8
35.5 3.2
2.9

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Primary Primary
Consistently ~80% Consistently ~70%
bank2 bank

Satisfied Loyal Engaged Satisfied Loyal Engaged

8 in 10 >95% ~50% 2 in 3 >90% ~80%

primary bank retention rate among of primary bank primary bank retention rate of clients also have a
customers would primary bank customers are businesses would among primary bank Consumer Banking
recommend Chase3 customers4 multi-LOB5 recommend Chase3 clients7 relationship

We continue to grow valuable primary bank relationships through rate cycles

For footnoted information, refer to slide 52

23
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

Focusing on the distinct needs of customer segments is critical to our success

How have primary bank relationships held up at this point in the cycle?

Growth since 2019 Recent accomplishments How we’re extending our position

Emerging Segments
~20% of accounts1
>50%  Launched Freedom Rise for new-to-credit customers  Enhancing risk and marketing strategies for Secure Banking
Increase in checking accounts tailored  Launched Score Planner on Credit Journey  Scaling Community Strategy to 19 locations by year end
to younger and lower income segments2

Core Segments >10%  Launched Pay in 4

 Strengthened Overdraft Assist with next day no-fee and
 Strengthening digital offerings (e.g., self-directed investing
experience)
~75% of accounts1 Increase in mass market
$50 buffer  Continuing branch expansion to serve more communities
checking accounts3

Affluent Segments ~50%  Scaled Banker and Advisor capacity  Launching Private Client tiered offering
~5% of accounts1 Increase in Chase Private Client relationships  Scaled high-yield offerings  Launching J.P. Morgan Financial Centers
with deposits and investments4

Small / Micro SMBs5 >40%  Improved servicing and increased client coverage  Launching invoicing functionality
~90% of clients1 Increase in Small / Micro  Refreshed Ink Cash to better serve Small / Micro SMB needs  Expanding Tap to Pay
clients

Large SMBs6 ~75%  Scaled Business Relationship Manager capacity  Continuing to hire bankers to cover more Large clients
~10% of clients1 Increase in Large client  Launched Ink Business Premier  Launching payroll capabilities
deposit balances

Our segment strategies are critical to drive growth and scale primary bank relationships
For footnoted information, refer to slide 52

24
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

Our strategy enables us to capture money in motion

How are deposits performing at this point in the cycle?

Deposit margin: 2.78% Banking & Wealth Management Deposit Balances - EOP ($B)1 Deposit margin: 2.71%
% in CDs: 5% % in CDs: 11%
$41
FRC balances

$72 ($117) $163

$1,134 Chase growth2 Total yield-seeking inflows

$53
JPMWM investments $1,093
▲ Income growth
▼ Tax payments ($150)
▼ Elevated spend $110

52% checking ▼ JPMWM investments ▲ Internal migration6

52% checking
▼ Internal migration3 ▲ Net new money ~$40B
▼ External brokerages
▼ Online banks

1Q23
4/1/2023 Customer Growth
Customer growth Customer
Customer activity
Activity Yield-seeking outflows
Yield-Seeking Outflows4 inflows
Yield-seeking Inflows 1Q24
3/31/2024

Core
~4% ~10% <10% ~80%
YoY customer decline in deposit of banking customers outflow to an retention of yield
Drivers growth balances driven by online bank, while maintaining above seeking flows7
spend and taxes portfolio average primary bank rate5

We have maintained primary bank relationships and captured money in motion, with a modest increase in rate paid
Note: totals may not sum due to rounding
For footnoted information, refer to slide 53

25
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

We are prepared for a range of scenarios and continue to execute our proven playbook
What is your outlook for deposits?

THE OUTLOOK FOR RATES CONTINUES TO EVOLVE… …WHILE OUR STRATEGY REMAINS CONSISTENT

SOFR 5-year forward curves

Maintain primary Grow customers by meeting distinct segment needs
bank relationships
5.34% ~80% of customers
5.30% 5.31%
are primary bank Improve core experiences in all channels
5.06%
5.03%
4.80%
4.24%
4.30%

3.81% Profitably capture Compete on holistic value, not just price

money in motion
3.02%
~80% capture of yield
seeking flows Provide customers with high-yield options
2.29%

1.50%
Accelerate Wealth
0.79% Enhance and tier Private Client value propositions
strategy
0.29% ~50% growth of Private
Client relationships
Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28 Jan-29 Extend advisor capacity
with D&I on us

We expect deposits to be relatively flat for the remainder of 2024 with a modest increase in rate paid

26
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

Our strategies are enabling deposit share gains over time

What is your progress on capturing deposit share?

WE OUTPERFORMED PEERS IN DEPOSIT GROWTH SINCE 2019 OUR DEPOSIT SHARE GAINS HAVE BEEN WIDESPREAD

National retail deposit share1,2 Retail deposit share in top 125 markets1,3

Peer 1 Peer 2
+220bps +20bps (60bps)
+450bps
+190bps
ex FRC
+240bps 22.5%
11.3%
9.9% 10.1% 9.8% 18.0%
9.1% 9.2% +170bps
12.9%
+110bps 10.5%
7.8%
6.1%

1.3%
0.2%

2019 2023 2019 2023 2019 2023 2019 2023 2019 2023 2019 2023 2019 2023

Rank #3 #1 #1 #2 #2 #3 2023 deposit share <5% 5-10% 10-15% 15%+

Number of markets 39 16 18 33
(+26 since 2019) (+11 since 2019)

We have #1 deposit share in 20 of top 125 markets, including 4 of top 5 We gained share in 95% of the top 125 markets over the past 5 years4

For footnoted information, refer to slide 53

27
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

Branch expansion is core to our long-term growth

What is the impact and outlook for branch expansion?

WE CONTINUE TO EXPAND AND OPTIMIZE OUR NETWORK OUR INVESTMENTS CREATE AN UNPARALLELED GROWTH ENGINE

2019-2023 Branch count1 2019-2023 Retail deposits ($B)4

% of Retail deposit share
network <10 11.3%
685 921 years old
5,028 $78 $33 $1,072
86 4,878
9.1% $285

$676
21%

2019 New builds Consolidations First Republic 2023 2019 Growth from Growth from Growth from 2023
branches >10 branches <10 First Republic
Peer 11 4,338 184 708 - 3,814 8% years old in ‘23 years old in ‘23 acquisition
Peer 21 5,588 52 1,071 - 4,569 4%
Large
29,089 657 6,076 - 23,670 6%
Banks1,2

Next 3 years3 Branch expansion impact

500 1,700 3,500 ~4 year

break-even on
new builds ~80bps
of deposit share gain from
branches <10 years old
new builds branch refreshes branch employees

Branch expansion is contributing meaningfully to our outperformance with more upside as branches mature
For footnoted information, refer to slide 54

28
 Q1: Primary Bank Q2: Deposits Q3: Outlook Q4: Market Share Q5: Branch Network

Looking ahead, we will extend our presence to cover >50% of the population in each state
What is the impact and outlook for branch expansion?

BRANCH NETWORK – YE 2023 BRANCH NETWORK – LOOKING AHEAD

>50%

Increasing population coverage by

state within an accessible drive time

~65% National population coverage1,2

within an accessible drive time ~75%
24 48
States with >50% population coverage1,2,3
within an accessible drive time

Our expansion strategy is key to achieving our target of 15% national retail deposit share, with more upside from there
For footnoted information, refer to slide 54

29
 Miami, FL

Birmingham, AL

New York, NY

The Bronx, NY Los Angeles,

33 CA
Key questions for Card & Connected Commerce

1. Market Share What is your progress on gaining sales and OS share and what are your plans to continue doing so?

2. Marketing
What is your outlook for marketing investment? How do you balance account growth with quality?
Investment

3. Connected
What is the latest on your progress in Connected Commerce and how are you tracking to your goals?
Commerce

31
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We are gaining share in an increasingly competitive market

What is your progress on gaining sales and OS share and what are your plans to continue doing so?

KEY DRIVERS MARKET SHARE

#1 Sales Volume Share2
22.4% 22.4% 22.9%
New accounts (mm) Active accounts (mm)1

6% CAGR 7% CAGR Peer 1 21.2% 20.4% 20.4%

9.6 10.0 56
8.0 47 52
7.8 43
Peer 2 11.4% 12.0% 11.9%

2019 2021 2022 2023 2019 2021 2022 2023

2019 2020 2021 2022 2023

#1 Outstandings Share2,3

Sales volume ($T) Average outstandings ($B)

16.6% 16.6% 16.9%

11% CAGR 5% CAGR

Peer 2 10.3% 10.4% 10.4%

1.1 1.2 191
0.9 156 140 163
0.8
8.4% 8.7%
Peer 1 7.5%
2019 2021 2022 2023 2019 2021 2022 2023
2019 2020 2021 2022 2023
For footnoted information, refer to slide 55

32
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We are driving OS growth by executing on our strategy as revolve behavior continues to normalize
What is your progress on gaining sales and OS share and what are your plans to continue doing so?

Average Outstandings ($B)

$24
2023 Vintage

2022 Vintage

2021 Vintage

$11
($7) ▲ Size of account vintages
▲ Premium mix shift1
$191
▲ Revolve normalization
– Consistent spend levels
$163

FY22 Mature book attrition Existing portfolio growth Account acquisition seasoning FY23
(pre-'21 vintages) (pre-'21 vintages) ('21-'23 vintages)

Core 98% >60% 28mm

Drivers Account retention2 Of Card customers are
highly spend engaged3
New accounts in
2021 – 2023

We are expecting a double-digit OS growth rate in 2024

For footnoted information, refer to slide 55

33
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We are focused on key segments where we have outsized opportunity for growth
What is your progress on gaining sales and OS share and what are your plans to continue doing so?

 Record year of new accounts in new-to-credit1 segment

Starter  ~95% of Freedom Rise customers also have a Consumer Bank relationship
 Majority of Freedom Rise accounts from customers 18-24 years old
Launched Freedom Refreshed Ink Cash
Rise in June ‘23 in March ‘24

 Record year of new accounts in business portfolios

Small Business  >40% of Ink accounts also have a Business Banking relationship
 Refreshed Ink Cash to better serve the needs of smaller SMBs

 Record year of new accounts in consumer T&E portfolios

Affluent  Sapphire accounts spend ~2.5x more than other consumer portfolios
 Opened 6 lounges, including BOS, LGA, and JFK, with 6 in the pipeline
Named #1 overall airport lounge2

Our strategy will fuel growth toward our goal of 20% share of outstandings
For footnoted information, refer to slide 55

34
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We continue to invest in attractive opportunities to fuel future growth

CARD GROSS CASH MARKETING SPEND
What is (B)
your outlook 2023
for marketing investment? How do you balance KEY DRIVERS
account AND quality?
growth with PERFORMANCE METRICS

CARD GROSS CASH MARKETING SPEND ($B)1 KEY PERFORMANCE METRICS

15% Product Benefits

$6.8
98% Account retention2
$5.9

~20%
$1.9
Product benefits
YoY growth in annual fee revenue
$1.6 14%
(incl. co-brand)

8% YoY growth in active accounts

Acquisition, 15% $4.9 Acquisition, Distribution & Media

$4.3
Distribution & Media

~2x ROI of 2023 vintage3

2022 2023 9% YoY growth in lifetime value4 per account

YoY
New
9.6mm 10.0mm +4%
3 yr. Payback period
Accounts

We increased share of new accounts from premium portfolios by >550bps in 20235

For footnoted information, refer to slide 56

35
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We are leveraging our Connected Commerce acquisitions to scale our two-sided platform
What is the latest on your progress in Connected Commerce and how are you tracking to your goals?

REMINDER OF OUR CONNECTED COMMERCE PLAYBOOK:

Identify high value experiences Accelerate engagement in Develop differentiated on-us Make Chase the best platform to
with high category spend that existing channels and products journeys and own the economics book travel, explore shopping, and
resonate with card members with benefits, rewards, and content with owned platforms discover new dining experiences

Consumers Brands
Gaining access to exclusive offers and Gaining access to new customers to
benefits from brands that they love shift share away from competitors

~$1.7T ~67mm ~18B ~350k ~30k >600

Credit & debit Digital active Annual customer Chase Travel Infatuation dining National Chase
spend volume customers1 digital logins hotel properties venues covered2 Offers merchants
Enabled by:
We have the
assets to win…

Differentiated Larger
…unlocking Merchant value Business resiliency Talent
customer experience profit pools
For footnoted information, refer to slide 56

36
 Q1: Market Share Q2: Marketing Investment Q3: Connected Commerce

We have been executing on our Connected Commerce playbook

What is the latest on your progress in Connected Commerce and how are you tracking to your goals?

ACTIONS WE HAVE TAKEN 2023 ENGAGEMENT METRICS COMMERCE VOLUME ($B)5

 Launched Chase Travel brand and improved 3.5mm $20

discoverability of our platform Unique customers booking travel1
(+19% YoY)
 Debuted our premium hotel collection The Edit with
$15
Travel & ~800 properties live ~40%
Dining  Launched the capability to sell Southwest Airlines YoY increase in premium
hotel bookings2
inventory online, directly to consumers $11
 Embedded bookings into The Infatuation and
>5.5mm
Unique monthly Infatuation visitors3
expanded EEEEEATSCON to new cities (+25% YoY)

 Launched Chase Media Solutions, the only bank-

63mm
Customers served Chase Offers
led media platform of its kind (+5% YoY)
Shopping
 Delivered uplifted offers digital experience and
>10B 2021 2022 2023
testing AI/ML enabled personalization engine
Offers served to customers4
(+12% YoY) Reached >$10B in Travel sales in ‘23

We expect our strategy to deliver ~$30B in Commerce platform volume in 2025 and ~$2B in run-rate revenue in 2026
For footnoted information, refer to slide 56

37
Key questions for First Republic update

1. Integration How is the integration going – what have you completed and what is left to migrate to JPMC?

2. Business
How has the business performed across key metrics (e.g., retention, balance growth)?
Performance

3. Go-Forward
How does the acquisition fit into your go-forward strategy to grow share with Affluent clients?
Strategy

39
 Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy

We have been focused on integrating the legacy business while minimizing disruption
How is the integration going – what have you completed and what is left to migrate to JPMC?
How has the business performed across key metrics (e.g., retention, balance growth)?

OUR INTEGRATION …AND WE’RE FOCUSED ON ...WHILE STABILIZING ...AND PRESERVING

PLAN IS ON TRACK… WINNING BACK DEPOSITS… THE CLIENT BASE... TALENT

~95% ~20% ~85% ~80%

of accounts will growth in deposits in the of client of employees
be migrated by months following acquisition, relationships offered permanent
the end of 2Q1 balances have stabilized since2 retained3 roles retained4

For footnoted information, refer to slide 57

40
 Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy

First Republic complements growth strategies across the firm

How does the acquisition fit into your go-forward strategy to grow share with Affluent clients?

Existing JPMC growth strategy First Republic acceleration

Asset & Wealth

Management Become leading bank for Innovation Accelerated growth strategy in tech, life
Innovation
Economy across high-growth companies, sciences, founders, and VCs; added scale
Economy
startups, founders, and VC community to existing JPMorgan co-invest platform

Commercial &
Investment Bank Extend #1 U.S. Multifamily lender
Commercial Acquired large Commercial Term Lending
position1, serving Commercial Term
Real Estate book and gained share on the West Coast
Lending in 13 major metros

Wealth Scale Wealth Advisors and client Added talent, client investment assets, and
Management investment assets depth in service expertise
Consumer &
Community
Banking
Affluent Deliver value for relationship, expert Added talent, premium locations, and a
Strategy advice & guidance, and premium service concierge servicing model

For footnoted information, refer to slide 57

41
 Q1: Integration Q2: Business Performance Q3: Go-Forward Strategy

We are building a more complete Affluent value proposition

How does the acquisition fit into your go-forward strategy to grow share with Affluent clients?

Affluent segments High / Ultra-High Net Worth segments

Chase Private Client J.P. Morgan Private Client J.P. Morgan Private Bank

Partnering across the firm to offer the … supported by a dedicated …delivered through new distribution
full breadth of JPMC products… concierge servicing team… channels across Affluent markets

Investing

Banking Lending End-to-end resolution through

single point-of-contact

Commercial Fund
real estate finance
Priority response and resolution
Single point- on requests
Multifamily of-contact Management
real estate company lines

Large
Hospitality through opportunities
Co-invest to ‘surprise and delight’
commercial
programs J.P. Morgan Private Client
lines
Financial Centers

42
New York San Francisco

43
Notes on non-GAAP financial measures

1. Adjusted expense excludes CCB legal expense and is a non-GAAP financial measure. For 2022, reported noninterest expense was $31,208 million and
legal losses were $47 million; for 2023, reported noninterest expense was $34,819 million (or $33,600 million excluding FRC), and legal losses were $242
million including FRC. Management believes this information helps investors understand the effect of certain items on reported results and provides an
alternate presentation of the Firm’s performance.
2. Income before income tax expense (pretax income) excluding the change in loan loss reserves (“pretax income ex. LLR”) is a non-GAAP financial
measure. This metric reflects the exclusion of the portion of the provision for credit losses attributable to the change in allowance for credit losses. The table
below provides a reconciliation of reported results to this non-GAAP financial measure.

Pre-tax income ex. LLR

Pre-tax income ex. LLR First Republic
(ex. First Republic)
Year ended December 31,
(in millions) 2019 2022 2023 2023 2023

Reported pretax income 21,950 19,793 28,430 1,637 26,793

Adjustments:

Change in loan loss reserves (299) 1,125 1,560 421 1,139

Pretax income ex. LLR 21,651 20,918 29,990 2,058 27,932

44
Notes on slides 1-3

Slide 1 – We have a consistent set of strategic priorities

1. "Customer” includes both consumers and small businesses and reflects unique individuals and businesses and legal entities, respectively, that have financial ownership or decision-making power with respect to accounts;
these metrics exclude customers under the age of 18. Where a customer uses the same unique identifier as both a consumer and a small business (SMB), the customer is included in both metrics. All following references
to customers in these materials exclude First Republic except when otherwise noted

Slide 2 – We continue to make progress against our commitments

1. Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager

2. Includes Chase Travel Sales Volume (incl. FROSCH affiliates), and volume attributed to Chase Offers, Chase Media Solutions, Shop Through Chase and Ultimate Rewards Apple Store

3. Includes retired / replaced applications

4. Share of analytical data in scope for migration to public cloud

5. Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1 billion deposit cap to Chase and industry branches for market share. While many of our
branches have more than $1 billion in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks, savings banks and savings
institutions as defined by the FDIC

6. Based on 2022-2023 sales volume and loans outstanding public disclosures by peers (C, BAC, COF, AXP, DFS) and JPMorgan Chase estimates. Sales volume excludes private label and Commercial Card. Loans
outstanding exclude private label, AXP Charge Card, and Citi Retail. Card outstandings market share has been revised to reflect a restatement to the 2022 reported total industry outstandings disclosed by Nilson; Chase
restated from 17.3%

7. See note 1 on slide 44

Slide 3 – We continue to successfully execute on our strategy

1. Prior period consumer amounts have been revised to include certain checking account only consumers previously excluded

2. Digital active customers are users of all web and/or mobile platforms who have logged in within the past 90 days

3. Branch active customers are customers who have visited a branch at least once a year

4. Refers to consumers and small businesses with two or more relationships within the following sub-LOBs: Consumer Banking, Business Banking, Wealth Management, Credit Card, Home Lending, and Auto Lending

5. Deposits and Investments

6. Primary bank customers meet one of the following conditions: ≥15 withdrawals from a checking account or ≥5 withdrawals from a checking account and ≥$500 of inflows in a given month

45
Notes on slides 4-5

Slide 4 – We continue to grow faster than the competition

1. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks,
savings banks, and savings institutions as defined by the FDIC; prior periods have been revised to conform to the current period presentation

2. Deposit share changes are rounded to reflect the change in share listed on the page with 1 decimal point

3. Based on 2019-2023 sales volume and loans outstanding public disclosures by peers (C, BAC, COF, AXP, DFS) and JPMorgan Chase estimates. Sales volume excludes private label and Commercial Card. Loans
outstanding exclude private label, AXP Charge Card, and Citi Retail. Card outstandings market share has been revised to reflect a restatement to the 2022 reported total industry outstandings disclosed by Nilson; Chase
restated from 17.3%

4. Accounts for growth in both consumer and SMB checking accounts

5. Active accounts defined as average sales debit active accounts

6. Reflects primary bank customers for both consumers and SMBs

7. % of monthly active customers who have greater than or equal to 10 transactions or greater than or equal to $833 per month ($10K in annualized) spend

8. Reflects retention for consumers and SMBs with a tenure of >6 months

9. Account retention is based on voluntary attrition of accounts with greater than 12 months-on-book

Slide 5 – Our customers are engaging with us across channels to manage their financial lives

1. Users of all web and/or mobile platforms who have logged in within the past 90 days as of December 2023. Excludes First Republic

2. Engaged sessions defined as mobile app sessions with page views beyond homepage, account transactions and mandatory pages (e.g., log-in, pop-ups)

3. 30-day monthly active users as of December 2023

4. Financial planning and advice tools includes Finance & Drive, Chase MyHome, Credit Journey, Spending Planner and Wealth Plan

5. Customers who met with a banker includes walk-in and scheduled meetings, banker phone calls and ‘Discover Needs’ sessions

6. Gross number of bookings on Chase Travel made by Chase Branded Card (excluding Slate), Amazon co-brand and Instacart co-brand customers

7. Share of Consumer Bank 1Q 2024 in-branch accounts opened on digitally-enabled platform. Digitally-enabled opening in branch is a capability where bankers start the account opening process in-branch and track
customers’ progress as they finish the process digitally

46
Notes on slides 6-8

Slide 6 – We have the scale and scope of data to drive increasing value from AI / ML

1. Data reflects full year 2023, except for credit profiles and consumer counts which are as of YE 2023

2. Growing use of advanced modeling capabilities (AI/ML) has been supported across CCB by controls to mitigate risks associated with fairness, including independent oversight, bias testing and enhanced model
risk governance

3. Number of offers viewed by a customer during a campaign (excludes multiple views of the same offer)

Slide 7 – Customer experience is an operating discipline

1. Net promoter score (NPS) is an indicator of customer satisfaction

2. Secure Banking accounts includes consolidated Liquid accounts in 2019

3. Includes any customer approved for a new account if they are one of the following: (1) have no credit history or report at any of the three national bureaus; (2) have primary tradeline(s) less than 12 months at the national
bureaus; (3) have only authorized user tradelines at the national bureaus

4. Sapphire cards include Sapphire Reserve, Sapphire Preferred, and other legacy Sapphire credit cards

5. Small and medium sized businesses with annual revenue greater than $1mm

6. Compares December 2023 covered client count to that of January 2020

Slide 8 – We continue to deepen relationships into natural adjacencies

1. Connected Commerce business launched in 2021. 2019 volumes represent $3B in Travel GTV prior to cxLoyalty acquisition, and $4B in Offers attribution spend. Volumes include Travel Sales volume (including FROSCH
affiliates), Offers Attribution Spend and Shopping & Apple GMV (incl. non-Chase Offers redemption volume)

2. Unique families with primary and joint account owners for open and funded accounts. Excluding First Republic

3. Includes Chase Branded Card (excluding Slate)

47
Notes on slides 9-13

Slide 9 – We continue to deliver strong financial performance

1. Represents loan loss reserves

2. See note 2 on slide 44

3. Reflects Banking & Wealth Management deposit margin

Slide 11 - Since 2019, organic growth has been the biggest revenue driver – more than offsetting net headwinds

1. In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior period
amounts have been revised to conform with the current presentation

2. Reflects Banking & Wealth Management deposit margin

Slide 12 - We will continue to invest in our business to drive profitable growth and efficiency

1. See note 1 on slide 44

Slide 13 – We are delivering the benefits of scale

1. Run the bank expense excludes legal losses, investments, auto lease depreciation and First Republic

2. Reflects 2019 to 2023 CAGR

3. Tenured Advisors includes both CWM and JPMA advisors

4. Excludes JPMorgan Wealth Management

5. Represents Card accounts that receive a statement

6. Tech Production excludes Product and Data & Analytics

48
Notes on slides 14-16

Slide 14 – Our investment strategies are consistent – and consistently delivering

1. Reflects 80% gearing ratio for Product expenses

Slide 15 – We continue to invest in technology to support growth and profitability

1. Includes retired / replaced applications

2. Share of analytical data in scope for migration to public cloud

Slide 16 – Consumer financial health has largely normalized and remains stable

1. Average Daily Balance divided by the total outflow in the month, multiplied by 30 to express in number of days. Includes all the checking and savings (ex. CDs) Chase accounts that are owned or jointly owned by the
customer. Customers without outflow in the month are excluded

2. Tracks cohort of primary bank customers from March 2020 – January 2024. At time of start in March 2020, cohort includes all primary bank customers, with at least one year of consumer checking tenure, and greater than
$6k of take-home income (payroll, government assistance, unemployment benefits, tax refunds, social security, and retirement) within the last twelve months

3. Lowest incomes represents customers within the cohort who had greater than $6k but less than $30k of net take-home income within the last twelve months of March 2020

4. Tracks a cohort of Credit Card customers who had at least one spend active, 18+ month on book account in the prior year and at least one spend active account in the current year for each month

5. Lowest income defined as gross income (self-reported) of <$50k

6. Includes spending on Retail, Restaurants, Travel, Entertainment, and other smaller discretionary categories

7. Source: Bureau of Labor Statistics (CPIU)

8. Tracks income growth for cohort defined in Note 2 above, requiring greater than $6k of take-home income (payroll, government assistance, unemployment benefits, tax refunds, social security, and retirement) within last
twelve months of Jan 2020. Additionally, take home income must be greater than $0 within the last twelve months throughout the measurement period

9. Represents customers within the cohort who had greater than $6k but less than $30k of net take-home income (payroll, government assistance, unemployment benefits, tax refunds, social security, and retirement) within
the last twelve months of January 2020. Additionally, take home income must be greater than $0 within the last twelve months throughout the measurement period

49
Notes on slides 17

Slide 17 – Small businesses also remain financially healthy as normalization continues

1. Cash buffers (measured in days) indicate the number of days a business can cover regular expenses using existing cash assets from demand deposit accounts without new income

2. Cohort of clients defined as Business Deposits clients active with deposit accounts from January 2019 to March 2024, which have not shifted revenue bands

3. Pandemic High and Pandemic Low include max, min values during March 2020 – December 2022 time period

4. Large ($1mm+) includes Business Banking clients with annual revenue greater than or equal to $1mm. These clients have an active Chase Business Banking Deposit account, and they may have a Chase Business Card
and/or Chase Business Lines/Loans

5. Small (<$1mm) includes Business Banking clients with annual revenue below $1mm. These clients have an active Chase Business Banking Deposit account, and they may have a Chase Business Card and/or Chase
Business Lines/Loans

6. Combined debt includes Business Card and/or Business Line/Loan debt balances with Chase. ​ Revenue band groups include clients with Business Loans/Lines and/or Business Card with Business Deposits

7. Payroll expenses are based on transaction mining, tagging large payroll service providers (e.g., ADP) and exclude transfers made from Business Deposits accounts to the Consumer Deposits accounts of identified
business owners and signers

8. Payroll and non-payroll expenses are calculated on a 12 month rolling average and are indexed to January 2019

50
Notes on slides 18-20

Slide 18 – We’ve maintained a prudent risk profile while we continue to grow the business

1. Represents refreshed FICO scores

2. Includes those with no FICO score

3. Customers who revolve on credit cards but are not spend active

4. Chase Auto excludes Wholesale (Dealer Commercial Services) & Lease

5. Calculated using refreshed VantageScoreTM sourced from Experian

6. Represents FICO scores and LTV at time of origination

7. Includes AWM and Corporate mortgage loans

8. Includes First Republic beginning in 2023

9. Sourced from Experian

10. Sourced from Lender Share. Data is obtained from market shares relative to lenders participating in Curinos’ retail and correspondent channel origination analytics. Curinos is not liable for reliance on the data

11. Excludes First Republic

Slide 19 – Credit has normalized

1. Includes First Republic beginning in 2023

2. Excludes Paycheck Protection Program loans

Slide 20 – Proposed regulation and legislation will negatively impact the banking industry and harm consumers

1. Data sharing, collection and reporting developments include: 12 CFR §1022 (CFPB Proposal Expected Shortly) - Regulation V (Fair Credit Reporting Act); §1033 of the Dodd-Frank Act (CFPB Proposed Rule) –
Consumer Rights to Access Information; §1034(c) of the Dodd-Frank Act (CFPB Advisory Opinion) – Provision of Information to Consumers; and,§1071 of the Dodd-Frank Act (CFPB Final Rule) – Small Business Data
Collection

2. Reflects an estimated impact for a mortgage characteristic of those held on the balance sheet of JPMC

51
Notes on slides 23-24

Slide 23 – We are growing primary bank relationships, which are satisfied, loyal, and engaged

1. “Consumer Banking customer” reflects unique individuals that have financial ownership or decision-making power with respect to Consumer Banking accounts; excludes First Republic; prior periods have been revised to
conform to the current period presentation

2. A customer is considered primary bank if it meets one of the following conditions: ≥15 withdrawals from a checking account or ≥5 withdrawals from a checking account and ≥$500 of inflows in a given month

3. Source: One Chase Net Promoter Score (NPS) Survey. Reflects promoters, calculated as share of “9” and “10” responses as a % of total responses

4. Reflects retention for checking customers with a tenure of >6 months

5. Refers to primary bank customers with two or more relationships within the following sub-LOBs: Consumer Banking, Wealth Management, Credit Card, Home Lending, and Auto Lending

6. Reflects Business Banking clients only, excluding Small Business Card-only

7. Reflects FY 2023 retention, excluding transfers to the Commercial Bank

Slide 24 – Focusing on the distinct needs of customer segments is critical to our success

1. Account and client distribution is based on YE 2023

2. Includes Chase First Banking, Chase High School Checking, Chase College Checking, and Chase Secure Banking

3. Includes Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Banking

4. Based on Chase Private Client households

5. Small clients defined as businesses with annual sales under $1mm

6. Large clients defined as businesses with annual sales $1mm or greater

52
Notes on slides 25-27

Slide 25 – Our strategy enables us to capture money in motion

1. Totals may not sum due to rounding; end of period balances for March 2023 and March 2024; customer activity and flows do not include First Republic accounts

2. Customer growth represents balances of customers that opened their first primary account in Banking and Wealth Management from EOP March 2023 – EOP March 2024 with these customers’ flows removed from
subsequent categories

3. Migration of deposits out of checking and savings accounts

4. Net deposit flows to JPMorgan Wealth Management (JPMWM) Investments, and estimated flows for select external brokerages and online banks

5. Consumer Banking customers with at least one outflow to an online bank from EOP March 2023 – EOP March 2024; a customer is considered primary bank if it meets one of the following conditions: ≥15 withdrawals from
a checking account or ≥5 withdrawals from a checking account and ≥$500 of inflows per month

6. Migration of deposits into higher yielding JPMC products

7. Internal yield seeking inflows (incl. JPMWM flows and internal migration) excluding net new money, divided by total measured yield seeking outflows (incl. JPMWM flows, internal migration, external brokerages, online
banks)

Slide 27 – Our strategies are enabling deposit share gains over time

1. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks,
savings banks, and savings institutions as defined by the FDIC; prior periods have been revised to conform to the current period presentation

2. Deposit share changes are rounded to reflect the change in share listed on the page with 1 decimal point

3. Markets within each deposit share tier are assigned based on 2023 deposit share

4. Includes 106 of the top 125 markets with a Chase presence as of 2023

53
Notes on slides 28-29

Slide 28 – Branch expansion is core to our long-term growth

1. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks,
savings banks, and savings institutions as defined by the FDIC; prior periods have been revised to conform to the current period presentation; numbers do not foot to Form 10-K as FDIC represents branch counts as of
June 30th, 2023

2. Large banks consist of institutions with >$100B in retail deposits based on Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence, excluding Chase and
including Peer 1 and Peer 2

3. Announced February 6th, 2024; reflects commitment through 2027

4. Source: Federal Deposit Insurance Corporation (“FDIC”) 2023 Summary of Deposits survey per S&P Global Market Intelligence; applies a $1B deposit cap to Chase and industry branches; includes all commercial banks,
savings banks, and savings institutions as defined by the FDIC; prior periods have been revised to conform to the current period presentation

Slide 29 – Looking ahead, we will extend our presence to cover >50% of the population in each state

1. Drive times and population are derived from ESRI Business Analyst using 2023 and forward-looking population metrics; drive times are derived from 2022 street network vintage for 2023 and forward-looking time periods;
future traffic information may impact forward-looking statement

2. Accessible drive time of 10-minutes for populations that live in City / Suburb and adjusted drive time for populations that live in Rural / Town based on typical drive times to other services

3. State counts exclude Washington, D.C., where Chase currently has >50% population coverage within an accessible drive time

54
Notes on slides 32-34

Slide 32 – We are gaining share in an increasingly competitive market

1. Defined as average sales debit active accounts

2. Based on 2019-2023 sales volume and loans outstanding public disclosures by peers and JPMorgan Chase estimates. Sales volume excludes private label and Commercial Card. Total industry loans outstanding
excludes private label, AXP Charge Card, and Citi Retail

3. Card outstandings market share has been revised to reflect a restatement to the 2022 reported total industry outstandings disclosed by Nilson; Chase restated from 17.3%

Slide 33 – We are driving OS growth by executing on our strategy as revolve behavior continues to normalize

1. Reflects branded consumer T&E and small business accounts; premium definition based on spend

2. Account retention is based on voluntary attrition of accounts with greater than 12 months-on-book

3. % of monthly active customers who have >= 10 transactions or >= $833 per month ($10K in annualized) spend

Slide 34 – We are focused on key segments where we have outsized opportunity for growth

1. Includes any customer approved for a new account if they are one of the following: (1) have no credit history or report at any of the three national bureaus; (2) have primary tradeline(s) less than 12 months at the national
bureaus; (3) have only authorized user tradelines at the national bureaus

2. 2023 Travel Weekly Magellan Awards

55
Notes on slides 35-37

Slide 35 – We continue to invest in attractive opportunities to fuel future growth

1. Gross cash marketing spend represents total outlays in a calendar year, which includes expenses and contra revenues. Contra-revenue may be amortized and not all recognized in the year the outlay was made. Growth
rates may not tie due to rounding

2. Account retention is based on voluntary attrition of accounts with greater than 12 months-on-book

3. Reflects expected return of 2023 vintage

4. Defined as Net Present Value (NPV) of the vintage; NPV defined as the post-tax lifetime value of all incremental cash flows for the investment, including upfront investment costs and all other variable revenues and costs
resulting, discounted at the cost of equity

5. Reflects branded consumer T&E and small business accounts; premium definition based on spend

Slide 36 – We are leveraging our Connected Commerce acquisitions to scale our two-sided platform

1. Users of all web and/or mobile platforms who have logged in within the past 90 days

2. Reflects the number of individual geographic business locations featured on The Infatuation website and app (as of Dec. 2023)

Slide 37 – We have been executing on our Connected Commerce playbook

1. Represents customers booking through Chase Travel (excludes FROSCH and cxLoyalty partner business)

2. Represents YoY increase in 4.5+ star hotel bookings through Chase Travel, star rating sourced through cxLoyalty inventory application

3. Reflects the 2023 monthly average number of user device identifications to visit The Infatuation website and app

4. Number of offers viewed by a customer during a campaign (excludes multiple views of the same offer)

5. Includes Chase Travel Sales Volume (incl. FROSCH affiliates), and volume attributed to Chase Offers, Chase Media Solutions, Shop Through Chase and Ultimate Rewards Apple Store

56
Notes on slides 40-41

Slide 40 – We have been focused on integrating the legacy business while minimizing disruption

1. Includes deposits accounts and lending accounts, excludes wealth assets. Lending accounts migrating or exiting by 2Q24 include Home Lending, Personal Lines of Credit, Student Loan Refinance, Overdraft Line of
Credit

2. Core deposits (excludes institutional and sweep deposits). Months following acquisition includes period from deal to July 2023

3. Client relationships measured in households (includes individual and business relationships). As of 1Q24

4. Includes permanently placed employees since acquisition. As of April 2024

Slide 41 – First Republic complements growth strategies across the firm

1. S&P Global Market Intelligence as of December 31, 2023

57
Topics of discussion

Overview of the Commercial & Investment Bank (CIB)

Updates: Markets, Securities Services, Payments

Deep dive: Global Banking

Closing

1
 CIB Overview Markets Securities Services Payments Global Banking Closing

The Commercial & Investment Bank is well positioned to serve end-to-end wholesale client needs

Unparalleled wholesale client franchise

VC-backed SMBs Municipalities Regional Multinational Global Asset Government

start-ups banks corporates banks managers & Public sector

Full spectrum of capabilities to serve client needs

Risk Trading Market

Private capital management Data
insights analytics
funding Lending
Custody
Liquidity Capital
management markets

Advisory
Payments
Commercial & Investment Bank

Enhanced client centricity

   
Seamless client Solutions for client Offerings across Top expertise
experience ecosystems client lifecycle delivered to all clients

2
 CIB Overview Markets Securities Services Payments Global Banking Closing

The Commercial & Investment Bank is organized around both products and clients

Heritage businesses New business

Commercial Banking
Products Client engagement
Middle Market Banking

Corporate Client Banking Investment Banking Global Banking

Commercial Real Estate

Global
Commercial
Lending Corporate
Banking
Banking
Commercial &
Investment
Corporate & Investment Bank Payments Bank Global Investment Banking
Investment Banking

Lending Markets

Payments
Other
Sales and
Markets product-aligned
Research
Securities Services Sales
Securities Services

3
 CIB Overview Markets Securities Services Payments Global Banking Closing

Our strategy is consistent, and we are better positioned to execute against it

COMPLETE GLOBAL DIVERSIFIED AT SCALE4

International Revenue trend

Investment Banking
and Lending
#1 Down ≥5% YoY Roughly flat YoY3 Up ≥5% YoY
$900B+ Capital raised
for clients

IB + Lending
M&A, ECM, DCM, CRE IB Fees1
On-the-ground presence in
60+ countries
Payments
Treasury Services, Merchant
#1
tied serving clients in ~$10T Payments average

Payments
Services, Trade & Working Capital Firmwide TS2 100+ markets daily value processed5

Markets #1 Domestic ~$2T Securities traded

Markets
Equities and FICC Trading,
Global Research Franchise2
daily in Markets globally

Footprint in

Sec. Svcs.
Securities Services #3 85 of the top 100 MSAs $900B+ Notional settled
Custody, Fund Services,
Trading Services, Data Solutions in the United States daily in Securities Services
Franchise2
2019 2023

2023 Commercial & Investment Bank

$64B $21B $138B 15% 92k

Revenue Adjusted net income6 Capital Adjusted ROE6 Employees
For footnoted information, refer to slide 36

4
 CIB Overview Markets Securities Services Payments Global Banking Closing

Our market share remains strong, however competition has intensified across products and regions

Investment Banking1 Markets2 Securities Services2 Payments (Treasury Services2)

-20bps Flat +40bps +330bps

Flat +10bps
+90bps +90bps
11.4% 10.6%

8.7% 9.3%

2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

Overall market share3: 9.2% 9.9%

(2019) (2023)

Americas 11.7% 12.6% EMEA 9.0% 8.8% APAC 5.2% 6.3%

+90bps -20bps +110bps
2019 2023 2019 2023 2019 2023

For footnoted information, refer to slide 36

5
 CIB Overview Markets Securities Services Payments Global Banking Closing

Despite our leadership positions, there are several opportunities for growth

2023 GLOBAL LEADERSHIP POSITIONS COMPARED TO PEERS1,2 2023 PRODUCT LEADERSHIP POSITIONS ACROSS REGIONS1,2,3

Product rankings (out of 25 industry products) Number of products ranked ■ #1 ■ #2-3 ■ #4+
■ #1 ■ #2-3 ■ #4+

25 2 2
1 Americas
2019 14 2023 14 Maintained #1
9 9
#1 position in 14 products

11

EMEA 3 3
Maintained top 3
#1 2019 12 2023 11
9 10
position in 21 products
(tied)

13

2
6
APAC 7
10 #1 in 4 additional
2019 2023
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
#3 12
products since 2019
11

For footnoted information, refer to slide 36

6
 CIB Overview Markets Securities Services Payments Global Banking Closing

Since 2019, revenue and net income have grown meaningfully but ROE is flat due to higher capital levels

◼ Revenue ($B) ◼ Adjusted net income ($B)1 2019-2023 CAGR

Revenue

+7.2%

$62.0 $64.4
$58.8 $59.6
$48.7

Adj. net income1

$26.6
$20.4 $19.2 $20.9
$16.2 +6.5%

2019 2020 2021 2022 2023

Capital

Capital ($B) $102 $102 $107 $128 $138 +7.8%

Medium-term
Adjusted
15% 19% 24% 14% 15% ROE outlook2
ROE (%)1
16%
1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures
2 Medium-term ROE outlook excludes the impact of legal expense

7
 CIB Overview Markets Securities Services Payments Global Banking Closing

Combined CIB expense outlook is in line with previously communicated guidance

CIB ADJUSTED EXPENSE ($B)1

Investments Non-investments
$0.3 ~$35 2023 2024O
$0.5+/- $0.2
$0.6 Total investment spend $4.3B $4.7B
$33.3
$4.7 Technology investments $3.4B $3.6B
Digital, Data and AI/ML $0.4B $0.4B
$4.3
Revenue producers/adjacent $0.4B $0.5B
Acquisitions $0.1B $0.2B

~$30
$29.0

2023 Technology Revenue Acquisitions Other 2024O market

producers & (incl. FRC) dependent
volume-related

1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures

8
 CIB Overview Markets Securities Services Payments Global Banking Closing

Our portfolio of technology investments has been relatively stable year-on-year

CIB TECHNOLOGY INVESTMENTS ($B) INFRASTRUCTURE MODERNIZATION

+10% CAGR +5%

Production applications migrated to

$3.6 Applications processing largely
~80% strategic data centers and the public cloud ~40% in public or private cloud
$3.4 On track for ~95% by YE 20241
$0.4
$0.3

$1.2 PRODUCTS, PLATFORMS & EXPERIENCES ($B)

$1.2
$2.3 NOT TO SCALE
Reg., Risk & $2.0
$0.2
Controls ⚫ e-Trading automation & platform, supporting growth of e-execution
Infrastructure ⚫ Pricing, risk & trade management engine across asset classes
$0.5 $1.6
Modernization
⚫ Transaction engines to enable faster payments and higher volumes
Markets ⚫ Product enhancements to support new segments and geographies

Products, $1.9 $2.0

⚫ Core platforms to generate scale and efficiency
Platforms & $1.6 Payments
⚫ Data solutions for clients to better extract value from their data
Experiences
Securities Services
⚫ Digital Commercial Bank to deliver core banking services to clients
Banking in a frictionless way

2019 2023 2024O 2019 2024O

1 Includes retired / replaced applications

9
 CIB Overview Markets Securities Services Payments Global Banking Closing

We have an at-scale, complete and global Markets offering, serving clients of all types in every region

BUSINESS OVERVIEW1,2 SERVING A VARIETY OF CLIENT TYPES3 KEY ASPECTS OF OUR VALUE PROPOSITION

Asset and
$28.0B Wealth Managers
#1
Complete counterparty
FY 2023 Revenue ⚫ ~60% of clients trade 4+ products5
Hedge Fund
#1
Managers ⚫ ~75% of clients engaged from pre-trade to post-trade6

⚫ ~90% of the client wallet transacts in both lower and

#1 Banks, Insurance & higher ROE products7
FICC #1
Public Sector
(68% of revenue)

Corporates #2
(tied)
Omnichannel connectivity8
#2 ⚫ Voice: 7% CAGR
Equities GLOBAL REVENUE FOOTPRINT4
(32% of revenue) ⚫ Electronic: 12% CAGR

#1 #1 (tied) #1 (tied) Best-in-class Sales & Research

Americas EMEA APAC ⚫ Top dealer for ~60% of the largest wallets9
#1
⚫ Research across Economics, Debt, and Equity
Research markets including 5k+ companies in 80+ countries

For footnoted information, refer to slide 37

10
 CIB Overview Markets Securities Services Payments Global Banking Closing

We continue to maintain our industry-leading position

WALLET, MARKET SHARE AND RANK1,2 PRODUCT MARKET SHARE AND RANK2 CLIENT WALLET AND MARKET SHARE

FICC
NOT TO SCALE Client wallet 2019 2023 2019-2023 JPM SoW
Wallet change
12.9% NOT TO SCALE
CAGR (2019-2023)
JPM Share of 12.3%
11.4% 11.4%
Wallet (SoW)
11.6%
10.8% 11.0% 40
Large
Institutional 7%
250bps
Clients3
$28 52

2019 2020 2021 2022 2023

JPM revenue #1 rank

$21 70
($B) Mid-Size / Small
EQUITIES Institutional (2%)
200bps
Clients3
64
12.9%
12.2% 12.3%
Rest of wallet
11.8%
11.1%
14
Corporate
12% 100bps
Clients4
21
2019 2023
2019 2020 2021 2022 2023
#1 rank #1 rank (tied) #1 rank #2 rank

For footnoted information, refer to slide 37

11
 CIB Overview Markets Securities Services Payments Global Banking Closing

Our strategy positions us for future growth

Factors impacting the business Strategic priorities

Expand product offerings across select geographies and asset classes, including
Financing, Energy, Private Credit

Industry wallet projected to remain above

pre-pandemic levels

Invest in e-Trading capabilities and market structure innovation

Competition from non-banks

and platforms
Enhance digital platforms and further integrate with clients across channels

Market structure evolution and rapid Deepen relationships with increasingly complex Financial Institutions and capture
electronification opportunities with Corporates

Deploy financial resources dynamically and with discipline

Increasing capital and liquidity intensity

12
 CIB Overview Markets Securities Services Payments Global Banking Closing

Securities Services strives to be the strategic partner for the world’s largest Institutional investors

BUSINESS OVERVIEW SERVING THE TOP INSTITUTIONS KEY ASPECTS OF OUR VALUE PROPOSITION

Asset
$4.8B Managers
7 of top 10 are clients Diversified client base
FY 2023 Revenue ⚫ ~60% revenue generated outside the U.S.
⚫ ~50% revenue from asset owners, and ~50%
Sovereign from asset managers
Custody
Funds
9 of top 10 are clients
Solutions that provide access to
global investment opportunities

Insurance 7 of top 10 are clients Operational scale and efficiency

Fund Services
⚫ Best-in-class operating margin – avg. 30%+
Solutions to make
through the cycle
portfolios accessible to all
BROAD GLOBAL REACH
Securities
Services
Trading Services
Solutions that optimize
returns and performance Front-to-back integration
Support clients across 100 markets
⚫ Only leading provider with a complete Markets
franchise
Data Solutions ⚫ ~100% of top 200 clients common to Markets
Solutions that provide insights to
drive better decision making

13
 CIB Overview Markets Securities Services Payments Global Banking Closing

We continue to increase fees and close the gap to #1

FINANCIAL PERFORMANCE FOCUS ON SCALABLE GROWTH TO FURTHER CLOSE THE GAP TO #1
Key metrics3

Global Servicing of listed assets in 100 markets AUC Cost per trade

Mature
Market share1 10.2% 10.6% ▲ ~40bps Custody globally ▲ 21% ▼ 7%

$4.8B ▲ 15%
Traditional Global support of clients across the full Daily NAVs Cost per NAV
Revenue2 $4.1B Fund Services range of funds and instruments ▲ 27% ▼ 6%

▲ 33% Lendable
NII Trading Lending and collateral solutions for Cost per trade
Balances
Services portfolio optimization and management ▼ 74%
▲ 56%

End-to-end automation across ETF AUC

ETFs ▲ 195%
▲ 4% lifecycle
Fees

Complete offering across Alternatives AUA

Alternatives
portfolio ▲ 95%
2019 2023
Average
deposits
$155B $198B ▲ 28% Middle Office
Differentiated solution for outsourced AUA
client operations ▲ 40%

Growth
AUC $27T $32T ▲ 21%
Data Data solutions for accurate, timely, and
Solutions integrated client insights
Rank1 #3 #3

For footnoted information, refer to slide 38

14
 CIB Overview Markets Securities Services Payments Global Banking Closing

We are well positioned to grow as we innovate and scale our offerings

Factors impacting the business Strategic priorities

Grow with long-term sustainable clients by providing best-in-class service

Consolidation, AUM concentration
into largest players

Continue to scale our operating model to process growing volumes and

more complex products at a lower marginal cost
Operating model complexity (rise of
Alts & ETFs)

Improve productivity through automation and investments in new technologies,

including AI/ML
Margin compression

Invest in data solutions to deepen client relationships and grow revenue

New outsourcing needs (data)

15
 CIB Overview Markets Securities Services Payments Global Banking Closing

Our industry-leading Payments offering serves complex client needs with end-to-end solutions

BUSINESS OVERVIEW SERVING CLIENTS OF ALL SIZES & INDUSTRIES KEY ASPECTS OF OUR VALUE PROPOSITION

Combining the safety, scale and resiliency of a bank…

$18.3B Power of one franchise ~80%

FY 2023 Revenue1 Delivering cross-LOB solutions
Payments revenue
from clients common
via coordinated client coverage to rest of the firm 6
Corporates Financial SMBs
Institutions Operational excellence #1
(65% of revenue) (33% of revenue) (2% of revenue) Best-in-class client service, platform Net promoter
#1
Treasury Services (TS) – tied2 resiliency and operations score7

Liquidity & Payments

(89% of revenue) …with the innovation of a FinTech

GLOBAL FOOTPRINT End-to-end industry solutions Largest bank

Offerings to meet industry-specific with in-house pay-in,
3 needs liquidity, and pay-out
Merchant Services #1
(8% of revenue)

Data and Software Solutions #1 (tied)

Digital Platform8
Scale and monetize as-a-service
Supports 160+ countries5 and 120+ currencies offerings across key use cases

Trade & Working #3

SCF4 Innovation Track Record
Capital Portfolio of innovation, while
(3% of revenue) maintaining bank-level controls

For footnoted information, refer to slide 38

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 CIB Overview Markets Securities Services Payments Global Banking Closing

We continue to deliver strong performance across client segments and products

FINANCIAL PERFORMANCE REVENUE GROWTH DRIVERS

Annual number of mandates won
Payments revenue ($B)1
NOT TO SCALE
NOT TO SCALE
Financial Institutions Corporates
18.3
1.4x 2.3x

13.9

10.2
2019 2023 2019 2023

>27% USD SWIFT market share;

+400bps since 2019 5 18 of top 20 largest corporates
are Payments clients6

YoY fee growth (2022-2023)

2019 2022 Rate- Deposit- Fee- 2023
2 2
related related related

Average
$483B $779B ▼ $64B $715B
deposits3 Merchant Digital Cross-border
Services Channels FX
TS market
share4
6.0% 8.4% ▲ 90bps 9.3% ▲ 10%+ ▲ 20%+ ▲ 20%+

For footnoted information, refer to slide 39

17
 CIB Overview Markets Securities Services Payments Global Banking Closing

We remain focused on expanding our capabilities while reinforcing our foundation

Factors impacting the business Strategic priorities

Expand leadership with Financial Institutions through targeted growth with

Growing cross-border and 24x7 non-banks and in cross-border FX
real-time payments

Accelerate growth with Corporates in key corridors, markets and industry

Shifting client buying centers segments, including multinationals
and evolving client expectations

Power commerce as we continue to scale new e-Commerce, omnichannel and

Growth of omnichannel and
embedded finance offerings
platform commerce

Expanding importance of data Drive client value with innovative trust and safety, data and analytics solutions

Changing interest rate

Continue to modernize and scale core platforms to maintain resiliency and
environment
support growth

18
 CIB Overview Markets Securities Services Payments Global Banking Closing

Global Banking – combining Commercial Banking and Investment & Corporate Banking

Heritage Our future – Global Banking

Middle Market Banking

Commercial Banking
Commercial
Commercial Real Estate
Banking

Corporate Client Banking

Global Corporate Banking

Global Corporate Banking

Investment &
Corporate Banking
Global Investment Banking Global Investment Banking

BROAD-BASED CAPABILITIES

Advisory Capital Markets Payments Liquidity Management Risk Management Lending

19
 CIB Overview Markets Securities Services Payments Global Banking Closing

Segmented and focused to best serve our clients

Global Banking

Commercial Banking Global Corporate Banking

Global Investment Banking

DEEP INDUSTRY EXPERTISE SERVING CLIENTS ACROSS THEIR LIFECYCLE

Consumer, Retail and Business Services

Diversified Industries

Energy, Power, Renewables and Mining

Fund growth
Financial Institutions
Access capital
Healthcare Optimize payments 1 markets
Make strategic
Expand acquisition(s)
Media and Communications
Manage liquidity internationally
Real Estate

Technology

20
 CIB Overview Markets Securities Services Payments Global Banking Closing

Broad-based capabilities and global scale

Lending CIB Payments

~$7B IB fees ~$7B revenue
~$18B revenue1

~$350B Loans ~$700B Deposits

75k+ Clients 45+ Countries 225+ Cities

Global reach with Coordinated Comprehensive Growing Operating Rich data assets and
local delivery coverage team solutions client franchise scale cloud-based platforms

Note: Global Banking is a client coverage view of Total Banking & Payments within CIB, and encompasses Commercial Banking, Global Corporate Banking and Global Investment Banking. This Global Banking client coverage view includes certain services associated with the
Payments business. For additional information refer to the supplemental financial information contained in the Firm’s Current Report on Form 8-K furnished on May 15, 2024
1 Revenue figure excludes the net impact of equity investments

21
 CIB Overview Markets Securities Services Payments Global Banking Closing

Starting from a position of strength, with significant room for continued growth
STRONG LEADERSHIP POSITION IN IB1 CONSISTENT CLIENT FOCUS

#1 in IB fees for the 15th consecutive year

#1 U.S. market share in Middle Market2

#1
DCM ECM M&A
U.S. Multifamily lender for over a decade3
#1 #1 #2
with gap to #1 reduced
since 2012 in 2023
by ~250 bps in 2023
Middle Market lending4 Emerging Middle Market5

North America EMEA APAC

#1 #1
#1 #1 Top 3 Middle Market primary bank
for more than since 2014 among global syndicated lender market share
a decade peers since 2015

COMMITMENT TOWARDS COMMUNITY IMPACT

extended towards community financed and facilitated towards our

~$18B development efforts in 20236 ~$90B Sustainability Development Target in 20237

For footnoted information, refer to slide 39

22
 CIB Overview Markets Securities Services Payments Global Banking Closing

Investing for sustained organic growth

Be the primary bank for treasury and commerce needs of clients across all segments and
1 Payments
capture deposit and fee growth by delivering outstanding service, advice and innovation

Advance our long-standing, market-leading position by focusing on target growth

2 Investment Banking
opportunities across client segments, products and regions

Serve Financial Sponsors and their portfolio companies end-to-end by delivering differentiated
3 Financial Sponsors
holistic solutions

Global Innovation Be the most important financial partner to the Innovation Economy ecosystem and
4 Economy accelerate growth through investments in capabilities, sector expertise and market coverage

Continue to capitalize on new client opportunities and deepen existing client penetration
5 Middle Market
by executing a through-the-cycle, disciplined growth strategy

23
 CIB Overview Markets Securities Services Payments Global Banking Closing

1 Payments capabilities providing substantial value to our clients

ORGANIZED TO SUPPORT CLIENTS ACROSS GLOBAL BANKING… … WITH ACCESS TO EXTENSIVE, INNOVATIVE SOLUTIONS

Solutions-oriented coverage teams with deep expertise Delivering world-class card offering with tailored
of clients’ needs capabilities and streamlined payment processing
Card

Strong partnership between Relationship Managers

and Payments Sales Broad set of foreign exchange capabilities driving client
efficiencies and enhancing security
TSFX
Segment aligned with industry expertise

Investing in key growth corridors and aligning with Empowering clients with visibility, control and
regional treasury centers optimization through our robust set of liquidity solutions
Liquidity

Differentiated in the marketplace through exceptional Continued investment across our solutions to drive
client experience innovation and deliver next-gen products

OPPORTUNITIES TO EXPAND CLIENT FRANCHISE AND DEEPEN EXISTING RELATIONSHIPS

Innovation Commercial
Middle Market International Corporates
Economy Real Estate

24
 CIB Overview Markets Securities Services Payments Global Banking Closing

2 Opportunities to grow our premier Global Investment Banking franchise

LEVERAGING THE POWER OF GLOBAL BANKING

Targeted investments across all global industry coverage teams

Continued growth of CB Coverage alignment by

Enhancing M&A and ECM capacity and expertise
and GCB client franchise industry and segment

Deepening coverage across select high potential regions

Complete Coordinated account

solutions and products planning Expanding Middle Market-focused IB coverage

GROWTH OPPORTUNITIES ACROSS SUB-SECTORS

Sub-sector IB rank1 (2019-2023 average) #1 #2-3 #4+

Sub-sectors
Products

1 Dealogic as of May 1, 2024; based on global aggregate IB wallet for 2019-2023; ECM excludes class A-shares

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 CIB Overview Markets Securities Services Payments Global Banking Closing

3 Disciplined and focused approach to Financial Sponsors coverage

SIGNIFICANT OPPORTUNITY WITH FINANCIAL SPONSORS COMPLETE CAPABILITIES TO CAPTURE THE OPPORTUNITY

Coordinated global coverage across the Financial Sponsors ecosystem

$3T+ Financial Sponsors dry powder1

Dedicated coverage for Middle Market-focused Financial Sponsors

growth in the number of U.S. PE-backed

~23% companies since 20192 Specialized infrastructure fund coverage and advisory

Direct lending solutions that provide full range of financing alternatives

of global IB wallet related to Financial
~22% Sponsors3
Collaboration across the firm to deliver holistic solutions across
Payments, Markets and Asset & Wealth Management

of Financial Sponsors IB wallet related to

~50% Middle Market-sized transactions4
Risk discipline through specialized credit and structuring teams

For footnoted information, refer to slide 40

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 CIB Overview Markets Securities Services Payments Global Banking Closing

4 Broad-based capabilities to serve the Innovation Economy ecosystem

SPECIALIZED COVERAGE AND POWERFUL SOLUTIONS TO SERVE THE ECOSYSTEM ACCELERATED GROWTH

Founders Partners Bankers

Dedicated coverage of VC firms and ~150%
portfolio companies
~20% CAGR

Positioned to serve clients through every

stage of their lifecycle 2019 2020 2021 2022 2023

Clients
Portfolio Venture Global reach accelerated by international ~190%
Companies Capital Firms expansion
~40% CAGR
Deep sub-sector focus
Early-stage lending capabilities and
payments solutions
Software Applied Tech 2019 2020 2021 2022 2023
Revenue
Payments / Private Bank focus on founders and VC
Internet
Fintech
partners ~70%
Disruptive
Climate Tech ~30% CAGR
Commerce
Capitalizing on synergies from First
Health Tech Life Sciences Republic acquisition
2019 2020 2021 2022 2023

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 CIB Overview Markets Securities Services Payments Global Banking Closing

5 Organic growth in Middle Market Banking

MIDDLE MARKET NATIONAL COVERAGE EXPANSION MARKETS

Middle Market Middle Market bankers located Locations added in

28k clients
96% within branch network1
11k Clients 27 the last 5 years

Middle Market Top 100 MSAs in

54k prospects
85 Middle Market footprint
34k Prospects 700 Bankers

Expansion market revenue ($mm)

$2,240

33% CAGR

$53
Expansion states
Legacy states 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Client and prospect density2

Note: Figures as of December 31, 2023, excludes the impact from First Republic. Additionally, legend for map includes states with Banker presence, and map only includes contiguous U.S.
1 Does not include Middle Market offices outside the U.S.
2 Size indicates number of clients and prospects in each city

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 CIB Overview Markets Securities Services Payments Global Banking Closing

Continuing to invest in our platform and capabilities

OUR FOUNDATIONAL CORE DELIVERING VALUE

Cloud-based, client-focused data

Data
⚫ Unified Client 360 view combining 150+ sources of internal
and external data Client value Banker enablement
⚫ Transaction data, service activity, firmographics ⚫ Business optimization and ⚫ Data-driven solutioning, pricing
and client insights peer benchmarking and lead generation
⚫ Cash flow forecasting ⚫ Integrated tools across
coverage teams
Innovative, next-gen technologies
⚫ Integrated tools and platforms powered by AI
⚫ Optimized workflows and streamlined processes

Risk and portfolio Operational excellence

Client-centric digital solutions
management
⚫ Seamless, scalable solutions meeting clients’ needs across
⚫ Enhanced risk analytics and ⚫ Servicing automation and fraud
the size spectrum and personas credit approval processes prevention analytics
⚫ Personalized client offerings and experiences ⚫ Dynamic portfolio management ⚫ Targeted quality control

INVESTMENTS WILL DRIVE BUSINESS IMPACT

Banker productivity Revenue Client satisfaction Cycle time

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 CIB Overview Markets Securities Services Payments Global Banking Closing

Maintaining risk discipline – Commercial & Industrial

SUMMARY MARKET COMMENTARY

⚫ Global Banking C&I portfolio totals ~$563B of exposure1 ⚫ Higher interest rates and inflation driving margin compression for certain

⚫ Credit continues to perform within expectations

clients, concentrated in non-investment grade names

⚫ Closely watching potentially vulnerable sectors for stress (e.g., Consumer &
⚫ Diversified across industries and geographic regions in NAMR
Retail, Healthcare)
⚫ 59% of exposure is rated investment grade2
⚫ Refinancing risk is expected to be manageable
⚫ Rigorous underwriting standards
⚫ Extensive stress testing conducted across a range of economic scenarios
⚫ Appropriately reserved for macroeconomic environment

EXPOSURE BY INDUSTRY3 EXPOSURE BY REGION4

3% 2%
Consumer & Retail
Tech, Media & Telecom EMEA
21%
26% 14%
Industrials
Healthcare APAC
$563B $563B
5% 14% Banks & Finance Cos
LATAM
6% Oil & Gas
6% 12% 81%
10% Utilities NAMR
Others

Note: Metrics are as of March 31, 2024 unless otherwise noted

For footnoted information, refer to slide 40

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 CIB Overview Markets Securities Services Payments Global Banking Closing

Maintaining risk discipline – Commercial Real Estate

SUMMARY MARKET COMMENTARY

⚫ JPM Commercial Real Estate exposure totals ~$206B1 ⚫ Multifamily rent growth slowed from record growth rates post-COVID, while
⚫ ~60% of multifamily exposure is in Commercial Term Lending2
vacancy rates increased as a result of new deliveries, primarily in the sunbelt
markets5
⚫ Secured by class B/C properties in supply-constrained markets
⚫ Office market conditions remain challenging
⚫ Granular portfolio with average loan size of ~$2mm
⚫ Monitoring near-term maturities and rate resets
⚫ Stable cash flows and low leverage
⚫ JPM Office maturities represent minimal amount overall maturities6 in the
⚫ Office represents <10% of CRE exposure market through 2025
⚫ ~$4B with maturities through 2025 ⚫ Over 70% of CTL multifamily exposure has a fixed rate through 2025,
⚫ Adequately reserved for market uncertainty – ALL/Loans of ~8%3 which provides a mitigant to higher rates2
⚫ Demand for CRE loans remains muted

EXPOSURE BY PROPERTY TYPE EXPOSURE BY MATURITY7

Other4 ($B)

2024 29% 18% 8% 5% 40%

$9.3 23% of
17%
exposure
Retail
2025 $15.2 matures 34% 15% 12% 7% 32%
6%
over next 3
Office 8%
$206B
years
<$500mm in NPLs (~3%) 59% 2026 $22.8 35% 13% 17% 8% 26%
10% Multifamily
~$100mm in NPLs (~0.1%)
Industrial 2027 + $158.6 67% 6% 9% 6% 13%

Multifamily Office Industrial Retail All Other

Note: Metrics are as of March 31, 2024 unless otherwise noted
For footnoted information, refer to slide 40

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 CIB Overview Markets Securities Services Payments Global Banking Closing

Global Banking – leveraging the power of combined businesses to execute a long-term strategy
Factors impacting the business Long-term strategy

Expanding our client franchise

Cyclicality of NIM and IB fees, Organic growth driven by investments and expansion into high-potential markets and industries
reflecting macroeconomic, interest
rate and fiscal policy environment
Innovating to extend our competitive advantage
Deliver more value to clients through broad-based capabilities and help increase market share

Influence of geopolitics on global Empowering our teams

trade corridors and international Data-enabled, consultative bankers serve our clients in a highly-differentiated manner
expansion opportunities
Enhancing the client experience
Focus on operational excellence to deliver a superior client journey and drive efficiency

Competition from non-bank

Building a data-driven business
financial institutions and Fintechs
Rich data assets and cloud-based platforms that deliver valuable insights across the firm and to clients

Maintaining fortress principles

Growing scale and complexity Rigorous client selection with a long-term, through-the-cycle approach and strong credit & control culture
of private markets and
financial sponsors Delivering strong financial results
Ongoing expense discipline with focus on capital efficiency, and high-quality, resilient & diversified earnings

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 CIB Overview Markets Securities Services Payments Global Banking Closing

Our franchise is uniquely positioned for future growth

Deepen client relationships Close addressable gaps Broaden geographical reach Harness data, AI and digital tools

Financial Priority AI/ML use cases

Corporates Markets: Financing, e-Trading,
Institutions
Energy, Private Credit
Extend lead Improve position
Risk Workflow
management automation
High growth sectors e.g., Securities Services: Alternatives,
Middle Office, Fusion

Technology Healthcare Fraud Client

Middle Market: Enter new markets detection intelligence
Payments: TS FX, Merchant
Services
Client ecosystems e.g., Global Corridors: FX, cash pooling
and hedging Digital client platforms
Sponsors / Innovation
VCs Economy
International: Strengthen in EMEA
Middle Market Investment Banking: Sub-sectors
in Advisory and ECM and APAC
Companies

Maintain day-to-day discipline Optimize our current model Transform for the future

~16% medium-term ROE outlook

Note: Medium-term ROE outlook excludes the impact of legal expense

33
Notes on market share, ranks, and industry wallets

1. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Excludes the impact of Archegos in 2021

Historical Coalition Greenwich competitor revenue and industry wallets have been rebased to ensure consistent taxonomy and accounting/structural adjustments

Market share reflects share of the overall industry product pool, unless noted that share reflects share of Coalition Index Banks

Rank reflects JPMorgan Chase’s rank amongst Coalition Index Banks as follows:

– Total CIB and Markets: BAC, BARC, BNPP, CITI, DB, GS, HSBC, JPM, MS, SG, UBS, and WFC

– Treasury Services and Supply Chain Finance: BAC, BNPP, CITI, DB, HSBC, JPM, SG, SCB and WFC

– Securities Services: BAC, BBH, BNPP, BNY, CITI, DB, HSBC, JPM, NT, RBC, SCB, SG, and SS

h-CIB reflects heritage Corporate & Investment Bank. h-CB reflects heritage Commercial Bank. Firmwide figures include both h-CIB and h-CB

2. Source: Dealogic as of April 1, 2024 (unless otherwise noted) for GIB, ECM, DCM, and M&A rank, market share and industry wallet. ECM excludes shelf deals. DCM includes all bonds, loans, and other debt (i.e.,
securitizations and frequent borrowers), excluding money market and short-term debt

3. Market share changes are rounded to the nearest 10bps

34
Notes on non-GAAP financial measures

1. The Commercial & Investment Bank (CIB) provides certain non-GAAP financial measures. These measures should be viewed in addition to, and not as a substitute for, the CIB’s reported results. The non-GAAP
financial measures on slides 4, 7 and 8 exclude the impact of legal expense. Adjusted ROE on slides 4 and 7 is calculated as net income after preferred stock costs excluding the impact of legal expense divided by
average equity. CIB average equity was $102B, $102B, $107B, $128B, and $138B for 2019, 2020, 2021, 2022, and 2023, respectively. The table below provides a reconciliation of reported results to these non-GAAP
financial measures

Reconciliation of reported to adjusted results excluding the impact of legal expense

Commercial & Investment Bank

Year ended December 31,
(in millions, except where otherwise noted) 2019 2020 2021 2022 2023
(1) Revenue Reported/ Adjusted $ 48,701 $ 58,764 $ 61,951 $ 59,635 $ 64,353

(2) Expense Reported $ 26,397 $ 27,571 $ 29,594 $ 32,069 $ 33,972

Adjustments:
Legal Expenses $ (382) $ (797) $ (253) $ (123) $ (690)
Adjusted $ 26,015 $ 26,775 $ 29,341 $ 31,946 $ 33,282
(3) Net Income Reported $ 15,877 $ 19,621 $ 26,353 $ 19,138 $ 20,272
Adjustments:
Legal Expenses $ 348 $ 733 $ 226 $ 90 $ 632
Adjusted $ 16,225 $ 20,354 $ 26,579 $ 19,228 $ 20,904
(4) ROE Reported 15% 18% 24% 14% 14%
Adjusted 15% 19% 24% 14% 15%

35
Notes on slide 4-6

Slide 4 – Our strategy is consistent, and we are better positioned to execute against it

1. Source: Dealogic. For additional information see note 2 on slide 34

2. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Payments reflects global J.P. Morgan Treasury Services (Firmwide). For additional
information see note 1 on slide 34

3. “Roughly flat YoY” represents YoY change of less than 5%

4. All “at scale” metrics are as of 2023

5. Based on Firmwide data using regulatory reporting guidelines prescribed by the Federal Reserve for U.S. Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors
and banks, and other internal transfers

6. This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 35 for a reconciliation of reported results to these non-GAAP financial measures

Slide 5 – Our market share remains strong, however competition has intensified across products and regions

1. Source: Dealogic. For additional information see note 2 on slide 34

2. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Payments reflects global J.P. Morgan Treasury Services (Firmwide). For additional
information see note 1 on slide 34

3. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Overall market share reflects Total CIB (h-CIB). Americas reflects North America and
Latin America

Slide 6 – Despite our leadership positions, there are several opportunities for growth

1. Source: Coalition Greenwich Competitor Analytics (all ranks excluding GIB, ECM, DCM, and M&A) and Dealogic (GIB, ECM, DCM, and M&A ranks). Includes co-ranked positions as defined by Coalition Greenwich

2. Businesses include Total CIB (Firmwide), Banking (Firmwide), GIB, M&A, ECM, DCM, Treasury Services (Firmwide), Trade Finance (Firmwide), Markets, FICC, G10 Rates, G10 FX, EM Macro, EM Credit,
Commodities, G10 Credit, SPG, Public Finance, G10 Financing, Equities, Cash Equities, Equity Derivatives, Prime Brokerage, Futures, and Securities Services. EMEA and APAC do not include Public Finance

3. Source: Coalition Greenwich Competitor Analytics. Total CIB (Firmwide) regional rank for Americas, EMEA and APAC. Ranks are based on the Coalition Index Banks. Americas reflects North America and Latin
America

For additional information related to footnotes 1-3 see notes 1-2 on slide 34

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Notes on slides 10-11

Slide 10 – We have an at-scale, complete and global Markets offering, serving clients of all types in every region

1. JPM revenue as reported

2. Source: Coalition Greenwich Competitor Analytics for FICC and Equities ranks. Ranks based on JPMorgan Chase’s internal business structure and internal revenue. Institutional Investor for Research rank.
Ranks for 2023

3. Source: Coalition Greenwich Global Markets Voice of Client 2023 Study. Ranks represent quality leadership, based on feedback gathered from top buy-side and corporate clients

4. Source: Coalition Greenwich Competitor Analytics for Regional Markets ranks for 2023. Americas reflects North America and Latin America

5. Source: Coalition Greenwich Institutional Client Analytics. Represents top 1,000 Financial Institutions (FI) based on 2023 wallet size and product penetration derived with minimum $100k revenue threshold

6. Top clients identified based on Coalition Greenwich Institutional Client Analytics. Overlap across trade lifecycle determined based on internal management revenue

7. Source: Wallet based on Coalition Greenwich Institutional Client Analytics. Lower ROE products identified using average of 2019 to 2023 internal ROE

8. Revenue CAGR is for 2019-2023 and based on internal management revenue

9. JPM is ranked 1-3 for 609 out of Top 1,000 FI clients identified based on 2023 wallet size published by Coalition Greenwich Institutional Client Analytics

For additional information related to footnotes 2 and 4 see note 1 on slide 34

Slide 11 – We continue to maintain our industry-leading position

1. JPM revenue as reported

2. Source: Coalition Greenwich Competitor Analytics for Markets rank and share. Rank and share based on JPMorgan Chase’s internal business structure and internal revenue. Wallet reflects Coalition
Greenwich Global Markets Industry pool. For additional information see note 1 on slide 34

3. Source: Coalition Greenwich Institutional Client Analytics. “Large, Mid-Size and Small Institutional Clients” is a JPM only categorization based on share of wallet, product penetration and revenue metrics.
Wallet is based on 1,650 clients in 2019 and 2,049 clients in 2023

4. Source: Coalition Greenwich Corporate Client Analytics. Share of Corporate clients is calculated as the wallet of Top 2,000 clients in 2019 and 1H23 across FICC products. 1H23 client wallet is annualized

37
Notes on slides 14-16

Slide 14 – We continue to increase fees and close the gap to #1

1. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. For additional information see note 1 on slide 34

2. 2019 and 2023 revenue excludes discontinued business

3. All metrics denote change from 2019 to 2023

Slide 16 – Our industry-leading Payments offering serves complex client needs with end-to-end solutions

1. All revenue figures exclude the net impact of equity investments

2. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Rank reflects global J.P. Morgan Treasury Services (Firmwide)

3. Source: Nilson 2023 issue #1260. Includes Visa/Mastercard, pin and other credit volumes

4. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue

5. Represents countries where JPM has the capability to make payouts (e.g., wire transfers) to clients

6. Percentage of Payments revenue from clients with Payments revenue (>$50k) and revenue in at least one additional JPM product (e.g., Markets, Banking)

7. Source: Coalition Greenwich Voice of Client 2023 U.S. Large Corporate Cash Management Program. NPS for JPM based on Total Market

8. Source: Coalition Greenwich 2023 Digital Transformation Benchmarking - Large Corporate Segment

For additional information related to footnotes 2 and 4 see note 1 on slide 34

38
Notes on slide 17-22

Slide 17 – We continue to deliver strong performance across client segments and products

1. All revenue figures exclude the net impact of equity investments

2. Represents growth in fees excluding the impact of credits earned by Commercial & Investment Bank clients on balances held in non-interest bearing deposit accounts. The credits earned can be used to offset fees for
payments services (e.g. ACH, Fed wire, lockbox). Management reviews fees excluding the impact of client credits to analyze performance independent of the impacts from changes to deposit balances and interest
rates. The credits earned have reduced the rates-related growth noted in the Payments revenue chart

3. Average deposits includes Trade Finance

4. Source: Coalition Greenwich Competitor Analytics. Based on JPMorgan Chase’s internal business structure and internal revenue. Share reflects global J.P. Morgan Treasury Services (Firmwide). For additional
information see note 1 on slide 34

5. Source: USD Market Share represents U.S. dollar payment instructions for direct payments and credit transfers processed over Society for Worldwide Interbank Financial Telecommunications (“SWIFT”) in the countries
where J.P. Morgan has sales coverage

6. Top 20 global corporates (excluding FI clients) by market capitalization as of April 22, 2024

Slide 22 – Starting from a position of strength, with significant room for continued growth

1. Source: Dealogic as of April 1, 2024; excludes the impact of UBS/CS merger prior to the year of acquisition (2023)

2. Source: Coalition Greenwich 2023 Market Tracking Study (JPMorgan Chase - National - $20-500mm)

3. Source: S&P Global Market Intelligence as of December 31, 2023

4. Source: LSEG – U.S. Overall Middle Market Bookrunner, 2023

5. Source: Barlow Research Associates

6. Includes financing to vital institutions, emerging middle market businesses, affordable housing development, New Markets Tax Credit financing to support community development projects, community development
financial institutions

7. Includes commitments from CB and IB towards firmwide Sustainable Development Target for 2023

39
Notes on slides 26-31

Slide 26 – Disciplined and focused approach to Financial Sponsors coverage

1. Source: Preqin as of 2023; includes Private Equity, Infrastructure and Real Estate funds

2. Source: PitchBook Data, Inc. as of March 2024

3. Source: Dealogic as of April 1, 2024; based on global aggregate IB wallet for 2019-2023

4. Source: Dealogic as of May 6, 2024; based on global aggregate IB wallet for 2019-2023; Middle Market includes deals with size <$2B and undisclosed deals

Slide 30 – Maintaining risk discipline – Commercial & Industrial

1. Commercial & Industrial exposure (excluding loans at fair value and held for sale) is comprised of retained loans, lending-related commitments (LRC) and derivative receivables, based on groupings of NAICS codes
and may not align to regulatory definitions

2. Defined per internal facility risk ratings which take into consideration collateral and structural support

3. Based on groupings of NAICS codes and may not align to regulatory definitions

4. Region is defined by the country of assets

Slide 31 – Maintaining risk discipline – Commercial Real Estate

1. Commercial real estate exposure (excluding loans at fair value and held for sale) is comprised of retained loans, lending-related commitments (LRC) and derivative receivables, based on groupings of NAICS codes and
may not align to regulatory definitions, which includes secured by real estate, secured by non-real estate and unsecured exposure; ~93% of exposure is in Global Banking

2. Commercial Term Lending does not include exposure originated by First Republic

3. Calculated based on allowance for loan losses over loans outstanding for loans secured by office properties

4. Other includes services and non income producing, other income producing properties and lodging

5. Based on costar data National all class vacancy rate and rent growth as of 2023

6. Industry maturity data is based on MSCI Real Assets; ~$220B office debt maturing in 2024 and 2025

7. Based on contractual Maturity Date including extension options as documented

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