#1Firm Overview Global Technology Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management INVESTOR DAY 2023 CORPORATE & INVESTMENT BANK JPMORGAN CHASE & CO.#2CIB maintained its #1 rank, and our strategy continues to strengthen our business 2022 CIB OVERVIEW 1,2,3 CIB $48.1B Revenue Investment Banking $6.9B IB Fees Markets $29.0B Revenue 10.0% #1 7.9% #1 11.6% #1 Market share Rank Market share Rank Market share Rank Complete Global Key strategic pillars Payments Securities Services $7.6B CIB Revenue $13.9B J.P. Morgan Payments Revenue 8.4% Market share #1 Rank (based on J.P. Morgan Treasury Services) $4.5B Revenue 10.5% #3 Market share Rank Diversified At Scale Note: J.P. Morgan Payments and Firmwide Payments revenue and expense throughout the CIB presentation predominantly includes CIB and CB unless otherwise noted 1 Financials are as reported. J.P. Morgan Payments revenue excludes the net impact of equity investments 2 Source: Coalition Greenwich Competitor Analytics (CIB, Markets, Payments and Securities Services market share and rank), reflecting JPMorgan Chase's internal business structure and internal revenue, which may differ from externally disclosed revenue. Rank is based on the Coalition Index Banks. Payments reflects global J.P. Morgan Treasury Services business (CIB and CB). For additional information, see note 1 on slide 43 3 Source: Dealogic (Investment Banking market share and rank). For additional information, see note 2 on slide 43 JPMORGAN CHASE & CO. 1#3CIB performance remained strong amid increased capital requirements and industry wallet decline $431 Industry wallet ($B)1 $381 $381 $375 $456 $438 10.3% 10.3% 10.0% JPM market 9.0% 9.1% share (%) 1 8.6% $51.9 $49.5 $48.1 Revenue ($B) $35.7 $37.5 $39.4 Adjusted net $17.8 $21.3 $11.0 $11.9 $12.3 $15.0 income ($B) 2 2017 2018 2019 2020 2021 2022 Capital ($B) $70 $70 $80 $80 $83 $103 Adjusted ROE (%)² 15% 16% 14% 21% 25% 14% Note: Prior-period amounts have been revised to conform with the current presentation. For additional information, see notes 1 and 2 on slide 44 1 Source: Coalition Greenwich Competitor Analytics. Industry wallet and market share for CIB, reflecting JPMorgan Chase's internal business structure and internal revenue. For additional information, see note 1 on slide 43 2 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 45 for a reconciliation of reported results to these non-GAAP financial measures JPMORGAN CHASE & CO. 2#4We continue to maintain a leadership position across products and regions 2022 GLOBAL LEADERSHIP POSITIONS COMPARED TO PEERS 1,2 Number of products ranked top 3 (out of 25 products) ■ #1 ■#2-3 24 10 10 14 J.P.Morgan Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 For footnoted information, refer to slide 46 JPMORGAN CHASE & CO. WE MAINTAINED OUR LEADERSHIP POSITION ACROSS REGIONS WITH IMPROVEMENT IN SEVERAL PRODUCTS 1,2,3,4 Number of products ranked ■ #1 #2-3 ■■#4+ Americas 10 2017 2022 14 #1 15 EMEA #1 APAC #3 2 10 2017 12 2022 12 10 2 6 5 11 2017 2022 10 13 #1 in 1 additional product since 2017 Maintained top 3 position in 22 products #1 in 3 additional products since 2017 3#5Market share gains across most businesses and all regions have helped widen the gap to peers MARKET SHARE BY BUSINESS1 MARKET SHARE BY REGION2 MARKET SHARE VS. PEERS³ NOT TO SCALE NOT TO SCALE 2017 ■2022 2017 2017 2022 2022 Investment Banking Markets 7.9% 8.2% -30bps 10.6% Payments (J.P. Morgan Treasury Services) 5.6% 11.6% Americas +160bps 10.5% 12.1% JPM 8.6% 10.0% 1 Peer 1 340 bps 380 bps +100bps EMEA +70bps Peer 2 8.7% 9.4% 5.2% Avg 6.2% Avg 8.4% Peer 3 +280bps Securities Services 9.7% +80bps For footnoted information, refer to slide 46 JPMORGAN CHASE & CO. 10.5% APAC +200bps 4.7% 6.7% Peer 4 4#6We are being disciplined with expenses, with growth driven mainly by wage inflation and investments ADJUSTED EXPENSE 1 ($B) Investments $0.6 $27.2 $0.4 $0.2 ~$28 $1.5 $25.3 Market dependent 2023 total investment spend $3.9B $3.9 $3.6 $(0.2) Technology investments $3.2B $3.0 CIB technology $2.1B Enterprise technology $1.1B Digital, Data, and AI/ML $0.3B Revenue producers $0.2B Acquisitions $0.1B $23.6 ~$24 $22.3 2021 Volume- & revenue- Structural Investments 2022 related Volume- & revenue- related Structural Investments 2023 market dependent Volume- & revenue-related Performance-driven compensation Volume-related operations, brokerage, and marketing Structural Compensation, including wage inflation Regulatory • T&E normalization Note: Prior-period amounts have been revised to conform with the current presentation. For additional information, see note 1 on slide 44; totals may not sum due to rounding 1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 45 for a reconciliation of reported results to these non-GAAP financial measures JPMORGAN CHASE & CO. LO 5#7The strength and completeness of our CIB businesses create a differentiated ability to serve our clients PRINCIPLES OF HOW WE OPERATE CROSS-BUSINESS IMPACT AND OPPORTUNITIES 1,2,3 Corporates Top 500 clients Financial Institutions (FI) & Public Sector (PS) Top 500 clients 88 Client-centric relationship view We deploy capital to support our clients' growth, which is measured primarily at the relationship level Clients served by 3-4 CIB businesses Clients served by 3-4 CIB businesses Continuous client engagement across products Product diversity enables continuous client engagement on flow business, which helps win episodic business -80% ~75% Average revenue (Corporate clients) Average revenue (FI & PS clients) ~1.6x ~2.3x Clients served by Clients served by 3-4 businesses Clients served by 1-2 businesses Clients served by 3-4 businesses Complete & harmonized product offering Partnering with our clients in one product helps us holistically serve them in their adjacent product needs 1-2 businesses $2B+ revenue opportunity from further increasing multi-product penetration in these segments 1 Top 500 CIB clients based on average annual JPM revenue generated during the last 24 months, as of February 2023 2 Number of CIB businesses (Investment Banking, Markets, Payments and Securities Services) that generated at least $1,000 in client revenue over the last 24 months, as of February 2023 3 Average annual JPM revenue generated per client for top 500 clients during the last 24 months, as of February 2023 JPMORGAN CHASE & CO. 6#8Markets We remain the leading global Markets franchise, with sustained growth and continued client excellence LEADING MARKETS RANKS GLOBALLY1 #1 FICC #1 Equities #1 Research MULTI-ASSET COUNTERPARTY3 Client distribution by # of products traded ≥ 6 products 35% ≤3 43% products 22% 4-5 products Products: Cash Equities, Equity Derivatives, FX, Commodities, Credit, Rates, Structured Products, etc. For footnoted information, refer to slide 47 JPMORGAN CHASE & CO. SUSTAINED FINANCIAL GROWTH $29.0B Revenue ↑ 57% vs FY17 11.6% Market share² 100bps vs FY17 Continued client excellence GLOBAL EXPERTISE4 Leading market share across regions OMNICHANNEL CONNECTIVITY 5 Revenue CAGR (2017-2022) 7% 12% DEEP CLIENT RELATIONSHIPS 6 Coalition Greenwich Voice of Client Survey Highlights J.P. Morgan offers the best service quality across Equities and FICC to institutional clients Across all FICC products, J.P. Morgan has the highest number of buy-side clients expecting to increase business #1 Americas #1 (tied) EMEA #1 APAC 000 Voice Electronic 7#9Markets We have gained share across Equities and FICC since 2017 - with further room to grow MARKETS REVENUE, MARKET SHARE, AND RANK 1,2 FICC revenue ($B) Equities revenue ($B) Markets market share 12.6% 12.1% 11.6% EQUITIES MARKET SHARE AND RANK² 12.9% 11.4% 11.4% 12.1% 10.6% 11.3% 11.7% $29.5 11.0% $29.0 10.1% $27.4 $8.6 2017 2018 2019 2020 2021 2022 $10.4 $20.9 $10.5 $19.6 #1 rank (tied) #1 rank $18.5 $6.5 $5.7 $6.9 FICC MARKET SHARE AND RANK² $20.9 12.8% $18.6 12.4% $16.9 11.4% 11.6% $14.4 10.9% 11.0% $12.8 $12.7 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 #1 rank #1 rank 1 Revenue is as reported 2 Source: Coalition Greenwich Competitor Analytics (market share and rank). For additional information, see note 1 on slide 43 JPMORGAN CHASE & CO. 8#10Markets Our Markets franchise is well-positioned to outperform on a relative basis INDUSTRY WALLET PER COALITION1 ($B) Industry wallet is expected to soften, but remain elevated vs. pre-pandemic levels MARKET SHARE FOR TOP 5 PLAYERS 1 (%) 2023F ROE2 (%) Marginal returns are expected to deliver above the cost of capital NOT TO SCALE We continue to benefit from wallet consolidation among the largest Markets players 163 212 (~4%) 2017-19 Avg. 2020-22 Avg. 2023F 40.4% ~370bps 44.1% Marginal ROE 32.0% Peers 2-5 29.3% JPM 11.1% 12.1% 2017-2019 Avg. 2020-2022 Avg. Fully-loaded ROE Cost of capital 1 Source: Coalition Greenwich Competitor Analytics. Peer ranks are for the respective year. For additional information, see notes 1 and 3 on slide 43 2 Fully-loaded ROE includes allocation of all income (ex-legal) and capital items across the businesses, with legal held in management; Marginal ROE is a way of evaluating the marginal impact of a business if it were to be removed from the overall LOB, assuming that some of the allocated costs/ capital that are allocated to the LOB would not be reduced, but be redirected to other LOBS JPMORGAN CHASE & CO. 9#11Markets We remain focused on being a complete counterparty with differentiated offerings STRATEGIC DRIVERS CURRENT FOCUS AREAS Be a complete counterparty Be differentiated across the trade lifecycle Be on the frontier of secular trends Meeting client needs through a complete product set and a holistic coverage model Deploying capital dynamically and with discipline Extending our reach beyond trade execution Integrating our digital interface Gaining share with our largest institutional clients as they grow Extending our e-Trading leadership position Promoting efficient market structures Building private credit capabilities Scalable infrastructure KEY ENABLERS and systems JPMORGAN CHASE & CO. Advanced data and analytics Client and business tools 10 10#12Securities Services Securities Services is a leading provider, delivering strong financial performance and consistent market share growth BUSINESS STRENGTHS OUR BUSINESS PRESENCE SERVING THE TOP INSTITUTIONS1 BY THE NUMBERS 2022 Growth vs. 2017 Delivering critical services and solutions at scale - with 100% of our top 200 clients common to Markets and Investment Banking Asset Managers 17 of top 20 are clients² AUC6 $29T ↑ 22% Sovereign Funds 8 of top 10 are clients³ Revenue7 $4.5B Insurance Robust and consistent revenue 7 of top 10 are clients4 ↑ 17% (+23% fee revenue) Deposits 6 $203B ↑ 42% WELL-DIVERSIFIED GLOBAL PRESENCE5 Capital-light business ~40% ~40% -20% Operating margin³ 28% 30%+ average $ Liquidity provisioning to the rest of the firm Americas EMEA APAC Daily NAVS 25k ↑ 64% 公 Tailwinds from rising interest rates 100 global markets Market share⁹ 10.5% ↑ 80bps For footnoted information, refer to slide 47 JPMORGAN CHASE & CO. 11#13Securities Services Our investments are delivering both scale and growth to benefit our clients and the franchise Our core businesses deliver scale and efficiency... 13 KEY METRICS1 ...while investments in enhanced capabilities are delivering additional growth KEY METRICS1 Global Custody Settle $900B notional daily •Provide safekeeping, settlement, and servicing of listed assets in 100 markets globally Traditional Fund Services Deliver 25k daily NAVS • Support clients in global fund domiciles across the full range of fund structures and instrument types Trading Services Doubled lendable balances³ ⚫ Offer lending and collateral solutions that help clients optimize inventory and improve portfolio returns 1 All metrics show change from 2017 to 2022 Market share² ▲ 40bps Cost per trade ▼ 26% End-to-end automation across AUC ETF lifecycle: baskets, orders, and post-trade ▲ 353% ETFs Market share² ▲ 440bps Alternatives Complete offering across Alternatives portfolio (hedge, private equity, private credit, real assets) AUA ▲ 107% Cost per NAV 16% Middle Office Differentiated solution that leverages the scale and capabilities of the broader CIB AUA ▲ 34% Market share² ▲ 640bps Cost per trade 84% Data Solutions Accurate, timely, and integrated data solutions to improve decision making and to generate alpha Fusion by JPMorgan 2 Source: Coalition Greenwich Competitor Analytics. Share reflects JPM share of Coalition Index Banks. Custody share based on Global Custody revenue. Traditional Fund Services share based on Fund Administration and Fund Services Other revenue. Trading Services share based on Agency Securities Lending, Depositary Receipts and Collateral Management revenue. For additional information, see notes 1 and 3 on slide 43 3 Trading services lendable balances doubled compared to peak 2022 lendable balances vs. average 2017 JPMORGAN CHASE & CO. 12#14Investment Banking We have been ranked #1 in Investment Banking (IB) fees for over a decade and have consistently achieved top positions across products and regions RANKED #1 BY INVESTMENT BANKING FEES FOR OVER A DECADE FOCUS AREAS FOR DEEP-DIVE DISCUSSION Industry wallet ($B) JPM market share 8.6% 8.9% 9.1% 9.3% 8.2% 7.9% $133 $92 $82 $81 $78 $78 2017 2018 2019 2020 2021 2022 #1 rank since 2009 North America EMEA #1 since 2014 #1 for more than a decade Wallet: $40B Market share: 10.0% Wallet: $20B Market share: 7.6% APAC #3 among global peers since 2018 Wallet: $16B Market share: 2.7% LATAM Top 2 since 2018 Wallet: $1B Market share: 10.3% Source: Dealogic. Regional wallet size and market share metrics are for 2022. For additional information, see note 2 on slide 43 JPMORGAN CHASE & CO. Differentiated strengths that benefit clients and position us to grow (e.g., talent, unrivaled breadth in offering) Synergies with the franchise (e.g., Commercial Banking, Private Bank) deepen client relationships Continued progress in strategic focus areas (Financial Sponsors, Private Capital, International, Carbon Transition) Excellence in execution (e.g., by investing in technology and analytics, while deploying capital with discipline) 13#15Payments Our Payments business has grown significantly as a result of both NII and fee growth PERFORMANCE (EXCLUDING EQUITY INVESTMENTS) CIB revenue ($B) Including Equity Investments 2021: $6.5B 2022: $7.6B Fees $8.0 $5.9 $5.9 $5.7 $6.0 $5.4 NII 2017 2018 2019 2020 2021 2022 Firmwide metrics 2017 2018 2019 2020 2021 2022 Revenue ($B) $9.2 $10.4 $10.2 $9.6 $9.9 $13.9 Avg. deposits ($B) 440 453 483 651 800 779 TS market share1 5.6% 6.1% 6.0% 6.9% 7.2% 8.4% TS rank1 #2 #1 FOCUS AREAS FOR DEEP-DIVE DISCUSSION World's largest payments franchise1, occupying a unique place in the payments industry On track to achieve our $15B firmwide revenue target set last year Continue to invest to deliver scalability, efficiency, and differentiated product offerings, but expect investment spend growth to plateau going forward Our business architecture builds on our core capabilities to fulfill evolving client needs and drive higher margins Note: Prior-period amounts have been revised to conform with the current presentation. For additional information, see notes 1 and 2 on slide 44 1 Source: Coalition Greenwich Competitor Analytics. Reflects global J.P. Morgan Treasury Services business (CIB and CB). Rank is based on the Coalition Index Banks. For additional information, see note 1 on slide 43 JPMORGAN CHASE & CO. 14#16Investment Banking Payments Closing Remarks INVESTOR DAY 2023 CORPORATE & INVESTMENT BANK JPMORGAN CHASE & CO.#17After a record 2021, the Investment Banking (IB) industry wallet reverted to pre-pandemic levels in 2022, with a softer start this year GLOBAL WALLET EVOLUTION BY PRODUCT ($B) GLOBAL WALLET EVOLUTION BY REGION ($B) DRIVERS $133 $133 2% 17% 39% $92 $77 44% 27% 38% DCM 47% ↑ Financial sponsor dry powder ↑ Private capital ↑ Corporate balance sheets ↑ Debt maturities $92 2% 23% $78 ? Interest rates $78 $77 20% 2% LATAM 2% ? Valuations APAC 19% 21% 23% EMEA 25% 15% 29% ECM 22% Average: 1Q 2012-19 $19 34% 47% $16 M&A 31% 27% 44% 17% 39% Average: 2020 2012-19 2021 2022 1Q'23 Source: Dealogic. For additional information, see note 2 on slide 43 JPMORGAN CHASE & CO. 26% 58% Average: 1Q 2012-19 $19 55% NAMR 54% 51% $16 1% 27% 20% 52% Average: 2020 2012-19 2021 2022 1Q'23 ✓ Geopolitical uncertainty Inflation recession concerns 15#18We have been ranked #1 in IB fees for over a decade and have consistently achieved top positions across products and regions Ranked #1 by Investment Banking fees for over a decade Continued strong leadership position across products 7.7% 6.1% 4.2% Industry wallet ($B) Sum of top 5 boutiques¹ JPM market share Average of top 3 banks (ex-JPM)1 9.1% 9.3% $133 8.7% 7.9% $92 $75 $81 $82 $76 $81 $75 $78 $78 $67 6.1% 6.1% $16 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q'23 #1 rank since 2009 Source: Dealogic. For additional information, see note 2 on slide 43 Top banks and top boutiques refer to the top positions (excluding J.P. Morgan) by year JPMORGAN CHASE & CO. M&A ECM DCM 8.6% Industry wallet ($B) JPM market share 8.5% 8.2% 51 39 36 36 40 30 7. 2017 2018 2019 2020 2021 2022 1Q'23 #1 rank 7.2% 5.7% 6.6% 36 18 27 15 15 12 2017 2018 2019 2020 2021 2022 1Q'23 #2 #1 #1 #2 rank 8.4% 10.1% 8.1% 45 26 29 37 27 26 -6 2017 2018 2019 2020 2021 2022 1Q'23 #2 rank 16#19Key opportunities We have several organic growth opportunities at the region, product, client, and sub-sectors level which will further strengthen our #1 position REGIONS #1 in North America for over a decade #1 in EMEA since 2014 PRODUCTS CLIENTS SECTORS #1 in DCM since 2012 #1 rank with Corporates Strong leadership position across all sectors #1 rank with Financial Institutions Priority markets where we are not #1 (e.g., Australia & Japan) ~170bps opportunity to close gap to #1 in M&A¹ ~130bps opportunity to close gap to #1 in ECM 1,2 Leverage franchise to further deepen and build new relationships across segments (middle market corporates and sponsors, venture capital) Select sub-sectors Source: Dealogic. For additional information, see note 2 on slide 43 1 Average gap to #1 bank from 2020-2022 2 ECM excludes SPACS and A-share Note: #1 position based on Dealogic rank for Investment Banking fees. For additional information, see note 2 on slide 43 JPMORGAN CHASE & CO. 17#20Sectors opportunity As a leader across sectors, our approach to growth is through investment in priority sub-sectors Sectors Long-standing leadership position at the sector level Rank (2017-2022)1 Consumer & Retail #1 Sub-Sectors We have delivered growth by focusing on priority sub-sectors... Wallet JPM market share (2020-22 average) ...and still have an opportunity in priority sub-sectors where we have gaps Diversified Industrials #1 Energy & Renewables $8.2B Priority sub-sectors² +100bps Energy, Power & Renewables, #1 Metals & Mining ~20% แบบบ Financial Institutions #1 FinTech $3.4B +220bps Global IB industry wallet Healthcare #1 000 Media & Communications Retail $3.1B #1 Real Estate ✓ Technology Source: Dealogic. For additional information, see notes 2 and 3 on slide 43 1 Based on aggregate global industry wallet for 2017-2022 2 Based on average global industry wallet for 2017-2022 JPMORGAN CHASE & CO. #1 +210bps 2017-19 average 2020-22 average #2 18#21With our differentiated strengths, we are uniquely positioned to support our clients franchise integration Innovation Talent titi ~25-year average JPM tenure of IB senior leadership¹; ~15-year across all IB MDs2 Talent Fortress balance sheet แบบบ Financial strength to consistently support clients across business cycles Unmatched client experience Unrivaled breadth in offering 1 Senior IB leaders defined as IB management team, IB Global Chairs, IB Vice Chairs 2 Includes IB and Global Corporate Banking MDs JPMORGAN CHASE & CO. Fortress balance sheet Unrivaled breadth in offering Scaled products and nuanced expertise across regions and industries Innovation mindset Evolving client solutions and coverage model to be at the forefront of client needs Strategic franchise integration across client lifecycle Multiple client touchpoints and complementary products that strengthen clients as they grow 19#22Breadth in offering Innovation mindset We have best-in-class IB coverage and solutions to help clients succeed as their needs evolve Client needs JPM IB offering & innovative solutions Private capital funding Commercial Banking: # 1 lead share in middle market1 Early and Growth Mature Business expansion Take public Debt and equity funding Strategic growth Shareholder value creation Dedicated cross-LOB Innovation Economy Multi-billion dollar Direct Lending program For footnoted information, refer to slide 48 JPMORGAN CHASE & CO. coverage CAPITAL Leadership in Equity Private Placements CONNECT aumni by J.P.Morgan Global Shares a J.P.Morgan company #1 in Leveraged Loans 2,3 1 out of 5 transactions awarded Lead Left role 2,4 ~18% IB share with clients who award us Lead Left2,5 M&A Corporate Clarity Activist Defense #2 up from #5 in 20196 20 20#23Breadth in offering Strategic franchise integration We partner across the JPM franchise to support clients, adding unique value during IB transactions, and providing a complete set of offerings that deepen our relationships $ Client needs Private capital funding Business expansion Take public Debt and equity funding Strategic growth Shareholder value Private Debt issuance Cross-border Equity Defense follow-on Investment Banking EPP M&A IPO M&A Spin off Commercial Banking Lending Identifies potential Direct loan targets and buyers Payments Liquidity & Account Solutions Identifies mid-sized opportunities Manages spin-off entity Payments & Commerce Solutions Private Bank Lending Investment Solutions Wealth Advisory Equity mgmt. (Global Shares) Raises private capital for IPO Manages founder wealth Markets FX & Hedging Research Provides loan to investor clients Syndicates and places securities Provides corporate derivatives Securities Services Global Custody Commercial Banking $19B+1 IB revenue generated with CB clients since 2017 Markets 23% CAGR² Corporate Derivatives revenue growth rate generated for IB client transactions since launch in 2019 Ongoing client touchpoints with flow businesses across JPM strengthen relationships and keep us top of mind when strategic activity occurs 1 Includes gross revenue earned by the Firm that are subject to a revenue sharing arrangement with the CIB for products sold to CB clients through the Investment Banking, Markets or Payments businesses. This includes revenue related to fixed income and equity markets products 2 CAGR 2019-2022, current approach / team in place since 2019 JPMORGAN CHASE & CO. 21#24Clients value our powerful franchise collaboration model, and reward us for it 88888 Unmatched client experience For footnoted information, refer to slide 48 JPMORGAN CHASE & CO. For every dollar we generate with IB corporate clients, clients reward us with a further $1.4 dollars in additional franchise revenue¹ 1.0 IB revenue from all IB corporate clients 1.4 Additional non-IB revenue from all IB corporate clients 2.4 Total franchise revenue from all IB corporate clients #1 #1 #1 #1 #1 #3 Investment Banking2 Commercial Banking: lead share in middle market³ Payments4 Private Bank5 Markets4 Securities Services4 Multiplier effect 22 22#25We have made tangible progress on our strategic priorities M Financial Sponsors $2.1T dry powder¹ Private Capital $2.1T market³ OBJECTIVES Deepen relationships with sponsors Identify new M&A opportunities PROGRESS MADE ✓ Grew share in sponsor sell-side deals by +90bps² in collaboration with Commercial Banking (CB) ✓ Focused on select industries (technology, healthcare, green economy) International $8.1B addressable IB wallet in focus countries4 Continue investing in high touch servicing of larger deals Launch and scale Capital Connect by J.P. Morgan Collaborate across franchise to strengthen offering • CB and Global Corporate Banking (GCB) expansion • Deepen coverage expertise in Australia, India, China, Japan, and Middle East ✓ Raised $12B+ in proceeds for nearly 60 deals in 2022 ✓ Acquired Aumni Collaborated with CB to launch multi-billion dollar Direct Lending program ✓ Deepened IB presence in Australia and India ✓ Expanded GCB coverage of multi-national companies with APAC presence Hired top talent to drive growth in New Economy and Healthcare Carbon Transition $1.1T global investment in low-carbon energy transition5 Deepen coverage in New Economy and Healthcare ⚫ Deepen advisory expertise Leverage Centers of Excellence to provide holistic advice Maintained #2 global rank in green IB transactions, in 2022 achieved #2 position across M&A, ECM, and DCM6 ✓ IB financed and facilitated $120B+ in support of green activities since 2020; including advancement of emerging green economy For footnoted information, refer to slide 48 JPMORGAN CHASE & CO. 23 23#26In closing #1 in Investment Banking for over a decade¹ Differentiated strengths that benefit clients and position us to grow (e.g., talent, unrivaled breadth in offering) Synergies with the franchise (e.g., Commercial Banking, Private Bank) deepen client relationships Continued progress in strategic focus areas (Financial Sponsors, Private Capital, International, Carbon Transition) 25 Excellence in execution (e.g., by investing in technology and analytics, while deploying capital with discipline) 1 Source: Dealogic. For additional information, see note 2 on slide 43 JPMORGAN CHASE & CO. 24 24#27Investment Banking Payments Closing Remarks INVESTOR DAY 2023 CORPORATE & INVESTMENT BANK JPMORGAN CHASE & CO.#28J.P. Morgan Payments Overview vs. 2021: Revenue $13.9B 41% CLIENT SEGMENTS Corporates (52% of revenue) Financial Institutions (33% of revenue) KEY 2022 FIRMWIDE METRICS 1 Clients (excl. SMB2) 31k Average deposits Pre-tax Income $779B 2k $21B BUSINESS SEGMENTS $6.0B 91%3 LOBS Treasury Services (TS) - Liquidity & Payments (88% of revenue) JOOOC Corporate & Investment Bank (57% of revenue) SHOP E-commerce / Marketplaces (12% of revenue) (2000) SMB Merchant Services Merchant Services (MS) (9% of revenue) Trade & Working Capital (3% of revenue) (4% of revenue) Note: J.P. Morgan Payments and Firmwide Payments revenue and expense throughout the CIB presentation predominantly includes CIB and CB unless otherwise noted; totals may not sum due to rounding 1 All revenue and PTI numbers exclude the net impact of equity investments unless otherwise noted 2 Excludes 400k active SMB clients across CCB and Payments First 3 2021 PTI was adjusted to include CCB Merchant Services expenses JPMORGAN CHASE & CO. Commercial Banking and Consumer & Community Banking (43% of revenue) 25 25#29J.P. Morgan Payments delivered record growth in 2022 FIRM WIDE PAYMENTS REVENUE ($B) Gains/losses on equity investments LEADERSHIP POSITIONS & GROWTH 2021 2022 2021 2022 Rank Rank excluding $0.4B losses TS market share1 7.2% 8.4% #1 #1 13.9 0.1 0.4 0.1 on equity investments USD SWIFT #1 #1 13.5 3.4 Avg. payments transaction value/day $9.7T $9.8T 10.3 9.9 excluding $0.4B gains on equity investments Lockbox market share² 24.3% 29.8% #1 #1 U.S. real-time payments volume³ 140mm 162mm #1 #1 Net Promoter Score4 50 54 #1 #1 Digital banking (J.P. Morgan AccessⓇ)5 #1 #1 SCF market share6 9.6% 9.9% #3 #3 U.S. merchant acquiring transactions 32B 36B #1 #1 U.S. merchant transaction value8 $1.7T $2.0T #1 #1 2021 TS Liquidity TS Payments Merchant Services Trade 2022 Payments processing accuracy⁹ >99.999999% For footnoted information, refer to slide 49 JPMORGAN CHASE & CO. 26#30Treasury Services growth outpaced our top competitors as we continue to serve companies - large and small-around the world FIRM WIDE TREASURY SERVICES REVENUE ($B)1 2017 JPM Rank #2 2022 JPM Rank #1 $2.4 WE SERVE MOST OF THE WORLD'S LARGEST COMPANIES 80% + of the U.S. Fortune 500 Companies AND OF THE 20 LARGEST GLOBAL COMPANIES²... $0.7 17 are our Payments clients, generating $500mm+ in total revenue in 2022 $11.9 $9.5 $7.3 $6.5 15 expanded their relationship with us in the last year J.P.Morgan Top 3 peer average J.P.Morgan Top 3 peer average 2017 vs. 2022 CIB Core Cash Revenue CIB Corporates Revenue CIB FIG Revenue ANNUAL NUMBER OF MANDATES JPM Top 3 peer average Corporates 1.9x 62% 30% 93% 47% 50% 34% 2017 2022 1 Source: Coalition Greenwich Competitor Analytics. Reflects global J.P. Morgan Treasury Services business (CIB and CB). Rank is based on the Coalition Index Banks. For additional information, see note 1 on slide 43 2 Top 20 companies by market cap are as of May 15, 2023 JPMORGAN CHASE & CO. FIG 1.6x 2017 2022 27 27#31Our investments are beginning to yield results in Merchant Services, which we believe will drive continued margin expansion in the business OUR REVENUE GREW AS WE GAINED MOMENTUM AGAINST TOP COMPETITORS... ... AND OUR INVESTMENTS ARE BEGINNING TO DRIVE MARGIN EXPANSION NOT TO SCALE Volume grew steadily over the years... 13% CAGR U.S. MS Volume ($T) while revenue showed limited growth U.S. MS Revenue ($B) 3% CAGR 2017 2022 ($T) JPM (U.S. Volume) $2.0 Traditional Peer 1 (U.S. Volume) 1 $1.7 Traditional Peer 2 (U.S. Volume) 1 $1.7 Leading Fintech (Global Volume)² $0.8 2021 Growth '22 vs '21 (%) 17% New Unified Gateway and APIs Live Enhancing developer experience Integrated value prop across TS and MS End-to-end payment acceptance and disbursement 11% New set of value-added services Offering checkout, tokenization, omni- channel and biometrics Growth '22 vs '21 (%) 17% 紅 6% 9% 26% Note: Prior-period amounts have been revised to conform with the current presentation. For additional information, see note 2 on slide 44 1 Source: Nilson 2 Source: Based on externally reported data JPMORGAN CHASE & CO. Data and insights Leveraging unparalleled scale to improve authorization rates and reduce fraud International expansion Expanded beyond U.S., Canada, U.K. and EU to Brazil and 7 new markets in APAC 28#32We expect expense growth to remain at low-to-mid single digits over the medium term as our investments are fully at scale NOT TO SCALE 2022 Actuals FIRMWIDE PAYMENTS EXPENSES ($B) EXPENSES GOING FORWARD + Limited increase in investment spend as our transformation efforts are largely staffed and at scale Modest increase in 2023 expenses driven primarily by wage inflation and regulatory surcharges as well as acquisition-related expenses As we add clients and volume, modest increase + in structural and volume-related expenses Productivity gains to be delivered by new operating model integrating product and technology organizations Volume- & revenue-related Investments Structural/ Productivity 2023 JPMORGAN CHASE & CO. Overall, we expect low-to-mid single digit expense growth for the medium-term 29 29#33We continue to modernize our infrastructure and are making significant progress on cloud migration RE-PLATFORMING OF OUR PROCESSING PLATFORMS CONTINUES... Progress updates since last year Transactions Engine (Graphite) Grown to 3rd largest J.P. Morgan Payments platform 2022 2023 ...AS WE MAKE SIGNIFICANT PROGRESS ON CLOUD MIGRATION % of internal applications NOT TO SCALE 15 -15% 2016 2024 Next step: Migration from core legacy platforms and decommissioning Liquidity Platform (GLASS) Nearing completion; we continue to win a substantially large share of liquidity RFPs in the market 2017 2024 2021 Next step: Finalize platform build and complete up to 85% of client migrations Merchant Acquiring (Helix) ● Integrated Gemstone and Renovite acquisitions to accelerate technology deployment • Configurable, modern stack live for e-commerce 2019 2026 Next step: Commercialize new unified gateway and decommission legacy systems to migrate clients JPMORGAN CHASE & CO. 2023 -60%+ 70%+ Medium-term Modern Off-Prem Modern On-Prem Heritage We continue to build new platforms that are foundational to our modernization and cloud efforts 30#34We are expanding our offerings to deliver more value for our clients and unlock higher margins KEY PRINCIPLES OUR STRATEGIC FOCUS AREAS Selected product examples, not exhaustive Embedded Finance ✓ Leverage our strong foundation of core capabilities, controls and scale FOR OUR CLIENTS' CLIENTS $ ✓ Address evolving client needs and personas ✓ Harness advanced AI/ML at scale to unlock value for us and our clients FOR OUR CLIENTS ✓ Capture higher margin opportunities, proportionate to the value delivered JPMORGAN CHASE & CO. + Live Upcoming Pilot Orchestrate complex money movement and embed banking services in platforms (e.g., Marketplaces, PayFacs) Onboarding SaaS by Industry Wallets bank accounts Managed Pay-Outs Merchant Lending Contextualized offerings that address needs of specific industries, either through proprietary (full stack) or partner (thin stack) offerings Healthcare Mobility Commerce Smart Energy Data and Capabilities as-a-Service New products that deliver enhanced experiences, more intelligence and better security for our clients FX-as-a-Service Payments Products Innovation Data-as-a-Service Security-as-a-Service Expanding core payments offerings facilitating global money movement and liquidity management Real-time payments Alternative payment methods Structured Trade JPM Coin Margin Expansion 31#35We continue to enhance the ways our clients can connect with us, focusing on improving developer experience and ease of use STRONG DIGITAL PORTAL SUPPORTING TREASURERS... J.P. Morgan Access® #1 for Overall Digital Capabilities¹ ...THAT GENERATES SIGNIFICANT REVENUE ... Firmwide Payments Digital Channels Fee Revenue NOT TO SCALE ...AS WE CONTINUE TO BUILD A NEW VALUE PROPOSITION FOR DEVELOPERS New Developer Console coming live in 3Q ~34k Profiles ~$9T Monthly Transactions 9% ~6k Mobile Users ~2k API Clients CAGR • Updated user interface for improved navigation and client experience, including mobile Enhanced service tools Al-enabled value-added services (e.g., Cash Flow Intelligence) Embedded within leading ERP systems 1 Source: Coalition Greenwich Digital Transformation Benchmarking 2022 - Large Corporate Segment 2 Target growth rates go out no further than 2025 JPMORGAN CHASE & CO. 15% CAGR JPMorgan 2017 2022 Target 2 POST /payments const url- "https://execute-api/sapi/v1/peynenta": Products Solutions Payments made for developers Make use of our APIs to accept, manage and send your payments globally. fetch(url, method: POST, headers: Content Type': 'application/json', body: JSUN.stringify({}). }).then((res) console.log(res)); START NOW Explore our products > Unified API across payment rails <1. global.api> Javascript 32 32#36We are beginning to unlock value by transforming the breadth and scale of our data into value-added products for our clients JPM PAYMENTS' VAST SCOPE OF DATA... ...COMBINED WITH OUR TOOLS... ...POWERS KEY USE CASES WITH HIGH CLIENT VALUE 1 Validation Services 50%+ U.S. DDA Payment Accounts 36B U.S. Annual Merchant Acquiring Transactions Payments Data Lake Single source, cloud-native platform that stores and harnesses the data 0 to 200+ clients onboarded in <2 years Extend internationally through Liink network 2 Optimization Tools for Merchant Acquiring Improved authorization ~1.3B Unique U.S. Cards #1 USD Clearing Correspondent Bank Biometrics and Digital Identity (in testing) Lower fraud rates rates Tokenization 3 Customer Insights Tokenize customer data to store in proprietary secure vault Una Combined issuing and acquiring data Customized reports with anonymized insights on our customers' customers 요 ☐ 5 Direct access to Third Party Datasets (e.g., Early Warning Services - EWS) Strong data governance and controls 4 Instant Identity Verification Data is appropriately encrypted, depersonalized, and aggregated Test: onboard and validate identity Test: face and palm biometrics JPMORGAN CHASE & CO. We continue to build more use cases in partnership with other Lines of Business (e.g., CCB) and our Strategy & Growth Office 33 33#37We see strong near-term growth from extending our market-leading FX payments capabilities, in partnership with our Markets business WE HAVE A STRONG BUSINESS TODAY... ...WITH NEW OPPORTUNITIES... EXPECTED TO DELIVER STRONG CONTINUED GROWTH Firmwide Payments FX Revenue¹ NOT TO SCALE ~120 Currencies 7k+ Clients ~160 Countries -$190B Annual FX Payments Flow Global Mass Pay for Corporates: Helping platforms and marketplaces facilitate millions of low-value transactions around the world in minutes, with high STP rates 15%+ CAGR ⚫ Joint product development and deep partnership between Payments and Markets New Transact platform in Markets enables Corporates to proactively hedge and manage FX exposures through integrated pre-trade, trade, and post-trade workflow ●Consistent double digit revenue growth with both CIB and CB clients FX-as-a-Service for Fls: Giving traditional banks a white-label solution to support their clients... ... and giving fintechs the APIs needed to connect to global payments infrastructure 1 Portion of Firmwide Payments FX revenue is shared with the Markets business 2 Target growth rates go out no further than 2025 JPMORGAN CHASE & CO. 15%+ CAGR $1B 2017 2022 Target 2 34 34#38Many of our end-to-end Embedded Finance solutions are now live and scaling to support client demand Client needs Payment acceptance Intuitive digital experience, allowing payments when and how desired Manage funds Convenience of managing risk and complexity of money movement Payment disbursement Hassle-free enrollment of sellers, with reliable and fast payments Seller Wallet 1 Seller Bank Account 1 Merchant Developer Console Online Checkout, Tokenization and Optimization 3rd Party Money Account Seller Wallet 2 Managed Pay-Outs Seller Bank Account 2 ... Global Real- Time Payments Our enhanced product suite Omnichannel (incl. Biometrics) Alternative Methods of Payments (incl. Pay-by- Bank) Onboarding Est. margin expansion 3-4x Embedded Finance Accounts Lending Unlocks New Revenue Streams 5 23 140+ Client traction >>> >>> Live In Implementation / Mandated In Pipeline 1 Calculated based on external market reports and J.P. Morgan Payments internal data JPMORGAN CHASE & CO. Embedded FX Payments 3-4x $15B 2022 U.S. Embedded Finance TAM 1 Enabling Key Use Cases/Industry Solutions Retail & Commerce E-commerce Mobility ISVS Energy Professional Services 35#39Video: Embedded Finance Solutions Easy account creation, real-time access to funds for customers JPMORGAN CHASE & CO. 回 Seach FAC 8880 # Embed financial solutions into marketplaces and platforms 8421 Streamline your business banking today when you open an account. Manage your finances where you do business with an embedded financial offering 88 Create Commerce WHAT 1234 513 9412 <=00190 Q. 422227 DEBIT JUCA Open a business bank account A digital business bank account that lives right here, enabling you to hold balances and make payments from within your dashboard. Organic Dog Bed 03 $126.75 Add to Reviews ***** *RAMIN Create a transaction "type": "ACH", "originatingAccount": "8g3031tf991r8xa6na4wan8sxi6cb3xqi". "recipient":{ "id": "gjq2hk6hqtz7m8we0i2f5i2u6irke1s84". "partyDetals": [ Simple customization, no banking experience required 36#40Video: Omnichannel journey Recognize shoppers across channels (5% Off) $45.00 deliver every 3 mo. (most commo By enrolling you consent to the rep your subscription Same-Day Delivery ⑬ Tap to see availability for 30060 Buy Online & Pick Up (i) O Limited Stock al Miracle Mile Order by 6:00PM, ready today SEPHORA Long-wearing 11:00 Q Search SEPHORA ASSOCIATE In-Store Sales iKJ Miracle Mile✓ REBECCA JOHNSON Unified payment history SEPHORA COLLECTION Clean Skin Gel Cleanser with Prebiotics ✰✰✰✰✰ 412 Ask a question 43.2 K SEPHORA QUAY SELILI VVT $12.00 grel il for $11.40 (5% Off) with Auto-Replenish cr 4 payments at $3.00 with Klarna, or afterpay O exclusive SIZE: 4.22 oz/ 125 mL SIZE 1.22 cz/ 125 mL tem# 2457076 Without S & SI ES Get It Shipped JPMORGAN CHASE & CO. Shipping 1 v Buy Now for In-store Purchase Home Seles Telp Circluye 000 Commun Frictionless in-store shopping SEPHORA SEPHORA INSIDER Based on your last order, we curated this new beauty with you in mind. SEPHORA THIENNE VEDEN CRON YOUKOLAT SEPHORA COLLECTION Eve Cream with 37#41The future of stores with biometric payments Enroll in biometric payments and pay by face Experience a faster way to pay with biometric payments Note: Future biometrics capabilities are under development; features and timelines are subject to change at the bank's sole discretion Simple in-store checkout flow JPMORGAN CHASE & CO. JPMorgan IREG VALURE PAYMENTS UNBOUND THE NEW WORLD OF COMMERCE Thd expanding universe of digital marketplaces The virtual care economy lifts off Space: The finance frontier Conuring Contactless payments Payment Approved Thank You, Emily 38#42We work closely with the rest of the Firm to deliver value to our clients PAYMENTS IS INTEGRAL TO OUR FIRMWIDE SUCCESS... Excerpt from Investment Banking section Client needs Private capital funding Business expansion Take public Debt and equity funding Strategic growth Shareholder value Private Debt issuance Equity follow-on Cross-border Defense Investment Banking EPP M&A IPO M&A Spin off Commercial Banking Lending Payments Identifies potential Direct loan targets and buyers Liquidity & Account Solutions Identifies mid-sized opportunities Manages spin-off entity Payments & Commerce Solutions 8 Private Bank Lending Investment Solutions Wealth Advisory Equity mgmt. (Global Shares) Raises private capital for IPO Manages founder wealth Markets FX & Hedging Research Provides loan to investor clients Syndicates and places securities Provides corporate derivatives ...AS WE PARTNER WITH OTHER BUSINESSES ACROSS CLIENTS' LIFECYCLE One Client Strategy With IB and CB... Coordinated client coverage and solutioning Product innovation and co-creation Client Lifecycle Engagement Day-to-day flow relationship maintains client dialogue and enhances economics Solutions to help clients grow and expand internationally Securities Services Global Custody Ongoing client touchpoints with flow businesses across JPM strengthen relationships and keep us top of mind when strategic activity occurs Cross-LOB Partnerships With Markets: FX Payments With CCB: Data & Analytics, Payment Network Relationships, Small Business With Firmwide Centers of Excellence: Client Onboarding and KYC, Technology (e.g., Cloud), AI/ML JPMORGAN CHASE & CO. 39#43We delivered on our promises made last year and will continue to work towards sustained growth and higher operating leverage Targets set at 2022 Investor Day 2022 performance NOT TO SCALE $15B $13.9B Medium-term revenue target >10%¹ 41% Average annual revenue growth (2021 onwards) >20%¹ 91% Average annual PTI growth $13.9B (2021 onwards) 10% 1 14% TS Payments YoY revenue growth 15% 1 8% MS YOY revenue growth (over-time) 15%1 17% Trade YoY revenue growth 10% 8.4% 2 TS market share 20% SCF market share 2022 9.9% 3 FIRM WIDE PAYMENTS REVENUE Grow to $1B / year in the medium-term $15B Target set last year ןײן Organic growth 2023 Outlook Rates going forward Organic growth, incl. balances Revised Target Rates + balances 1 Target growth rates go out no further than 2025 2 Source: Coalition Greenwich Competitor Analytics. Reflects global J.P. Morgan Treasury Services business (CIB and CB). For additional information, see note 1 on slide 43 3 Source: Coalition Greenwich Competitor Analytics. SCF represents Supply Chain Finance. Share reflects JPM share of Coalition Index Banks for CIB. For additional information, see note 1 on slide 43 JPMORGAN CHASE & CO. 40 40#44Closing thoughts 1 2 3 4 5 J.P.Morgan PAYMENTS We delivered record revenue and expect client momentum to drive continued organic growth Our scale, security & controls have earned the trust of our clients, and we are there for them in good and bad times. We build and innovate like a leading technology company, with scale and appropriate controls Innovation across payments and merchant services will drive margin expansion across our business Our unified approach across the Firm helps provide unique value to our clients at any scale and geography JPMORGAN CHASE & CO. 41#45Investment Banking Payments Closing Remarks INVESTOR DAY 2023 CORPORATE & INVESTMENT BANK JPMORGAN CHASE & CO.#46We will build on our leadership position by applying consistent discipline and continuously future-proofing our model MACRO ENVIRONMENT MARKET FORCES COMPETITIVE LANDSCAPE 瓜 % Inflation Rates Geopolitics Digitization & AI Carbon transition Market structure War for talent Traditional players New entrants COMPLETE GLOBAL DIVERSIFIED AT SCALE 1 $ Maintaining day-to-day discipline Agile capital deployment and dynamic financial management to optimize profits Holistic client servicing across businesses to bring the best of the Firm Continued resilience in the face of disruption risks to our business 2 Optimizing our current model 3 Transforming for the future ☐Ĥ Closing addressable gaps in our wallet ✓ Accelerating organic growth 289 Attracting and retaining our talent ~16% ROE through the cycle target Modernizing our core technology to enable scale and faster innovation Advancing strategic platforms to further 2 integrate our delivery of the Firm and provide a better experience for our clients Monitor and invest in new and emerging ✓ technology (e.g., Al) to develop future-proof solutions Note: ROE through the cycle target excludes the impact of legal expense JPMORGAN CHASE & CO. 42 42#47Notes 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: - CIB and Markets: BAC, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG and UBS - Treasury Services and Supply Chain Finance (SCF): 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 2. Source: Dealogic as of April 3, 2023 (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 JPMORGAN CHASE & CO. 43 33#48Additional notes 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 2. Revenue adjusted down by $0.1B for 2017 and $0.2B for 2018, 2019 for both CIB and Firmwide Payments for data processing accounting re-class JPMORGAN CHASE & CO. 44#49Notes on non-GAAP financial measures 1. The 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 2 and 5 exclude the impact of legal expense. Adjusted ROE on slide 2 is calculated as net income after preferred stock costs excluding the impact of legal expense divided by average equity. CIB average equity was $70B, $70B, $80B, $80B, $83B and $103B for 2017, 2018, 2019, 2020, 2021 and 2022, 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 Year ended December 31, (in millions, except where otherwise noted) 2017 (1) Revenue (2) Expense Reported/ Adjusted $ 35,667 $ 2018 37,549 $ 2019 39,436 $ 2020 49,451 $ 2021 51,942 $ 2022 48,102 Reported 20,259 $ 22,094 $ 22,662 $ 23,773 $ 25,553 $ 27,350 Adjustments: Legal Expenses $ 18 $ (205) $ (381) $ Adjusted $ 20,277 $ 21,890 $ 22,281 $ (796) $ 22,977 $ (252) $ 25,302 $ (117) 27,232 (3) Net Income Reported $ 10,976 $ 11,760 $ 11,919 $ 17,043 $ 21,107 $ 14,925 Adjustments: Legal Expenses $ (17) $ Adjusted $ 10,959 $ 184 $ 11,944 $ 347 $ 12,266 $ 732 $ 17,775 $ 224 $ 21,331 $ 86 15,011 (4) ROE Reported 15% 16% 14% 20% 25% 14% Adjusted 15% 16% 14% 21% 25% 14% JPMORGAN CHASE & CO. 45 45#50Notes on slides 3-4 Slide 3 – We continue to maintain a leadership position across products and regions 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 CIB, Banking, GIB, M&A, ECM, DCM, CIB Treasury Services, CIB Trade Finance, 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. FY17 includes Credit and does not include EM Credit and G10 Credit. EMEA and APAC do not include Public Finance 3. Source: Coalition Greenwich Competitor Analytics. 2022 total CIB regional rank for Americas, EMEA and APAC. Ranks are based on the Coalition Index Banks 4. Americas reflects North America and Latin America For additional information, see notes 1 and 2 on slide 43 Slide 4 - Market share gains across most businesses and all regions have helped widen the gap to peers 1. Source: Coalition Greenwich Competitor Analytics (Markets, Payments and Securities Services), reflecting JPMorgan Chase's internal business structure and internal revenue; Payments reflects global J.P. Morgan Treasury Services business (CIB and CB). Dealogic (Investment Banking) 2. Source: Coalition Greenwich Competitor Analytics. Market share for CIB, reflecting JPMorgan Chase's internal business structure and internal revenue. Americas reflects North America and Latin America 3. Source: Coalition Greenwich Competitor Analytics. Market share for CIB, reflecting JPMorgan Chase's internal business structure and internal revenue. Peer ranks are for the respective year For additional information, see notes 1, 2 and 3 on slide 43 JPMORGAN CHASE & CO. 46 46#51Notes on slides 7-11 Slide 7 - We remain the leading global Markets franchise, with sustained growth and continued client excellence 1. Source: Coalition Greenwich Competitor Analytics for FICC and Equities ranks; Institutional Investor for Research rank. Ranks for 2022 2. Source: Coalition Greenwich Competitor Analytics 3. Source: Coalition Greenwich Client Analytics. Represents top 1,000 financial institutions (FI) based on wallet size 4. Source: Coalition Greenwich Competitor Analytics (for 2022). Americas reflects North America and Latin America. Ranks are based on JPMorgan Chase's internal business structure and internal revenue and the Coalition Index Banks 5. Revenue CAGR is based on internal management revenue 6. Source: Coalition Greenwich Institutional Voice of the Client Analytics (for 2022) For additional information related to footnotes 1, 2 and 4, see notes 1 and 3 on slide 43 Slide 11 - Securities Services is a leading provider, delivering strong financial performance and consistent market share growth 1. Client (institution) is defined as receiving one or more services across Custody, Fund Services, Trading Services, or Data Solutions 2. Based on Thinking Ahead Institute 2022 Top 500 ranking 3. Based on GlobalSWF.com ranking 4. Based on SWF Institute.org ranking 5. Based on 2022 revenue 6. AUC is on a spot basis. Deposits are on an average basis 7. 2017 revenue excludes discontinued business 8. Average operating margin is shown from 2017 through 2022. Operating margin excludes credit reserves of $(5)mm and $38mm for 2017 and 2022, respectively 9. Source: Coalition Greenwich Competitor Analytics. For additional information, see notes 1 and 3 on slide 43 JPMORGAN CHASE & CO. 47#52Notes on slides 20-23 Slide 20 - We have best-in-class IB coverage and solutions to help clients succeed as their needs evolve 1. Source: Coalition Greenwich FY22. $20mm-$500mm 2. Source: Dealogic. For additional information, see note 2 on slide 43 3. Based on aggregate deal value from 2017-2022 4. From 2017-2022; transaction size of at least $500mm 5. From 2017-2022 6. Source: Bloomberg Slide 22 Clients value our powerful franchise collaboration model, and reward us for it 1. Analysis based on all IB corporate clients with IB revenue from 2020-22; Franchise revenue includes IB, Payments, Markets, Securities Services, Asset Management, Bank Lending 2. Source: Dealogic. For additional information, see note 2 on slide 43 3. Source: Coalition Greenwich FY22. $20mm-$500mm 4. Source: Coalition Greenwich Competitor Analytics (Markets, Payments and Securities Services rank), reflecting JPMorgan Chase's internal business structure and internal revenue, which may differ from externally disclosed revenue. Rank is based on the Coalition Index Banks. Payments reflects global J.P. Morgan Treasury Services business (CIB and CB). For additional information, see note 1 on slide 43 5. Source: Euromoney's Private Banking Awards 2023 Slide 23 We have made tangible progress on our strategic priorities 1. Source: Preqin 2. Source: Dealogic. 2020-2022 average share vs. 2012-2019 average share. For additional information, see notes 2 and 3 on slide 43 3. Source: Pitchbook (for Equity Private Placements) and Preqin (for Private Debt) 4. Source: Dealogic as of May 15, 2023. Excludes A-shares and domestic bond issuances 5. Source: Bloomberg NEF: Energy Transition Investment Trends 2023 6. Source: Dealogic as of January 1, 2023 JPMORGAN CHASE & CO. 48 88#53Slide 26-J.P. Morgan Payments delivered record growth in 2022 1. Source: Coalition Greenwich Competitor Analytics. Reflects global J.P. Morgan Treasury Services business (CIB and CB). Rank is based on the Coalition Index Banks. For additional information, see note 1 on slide 43 2. Source: EY Cash Management Ranking Report 3. Source: The Clearing House (TCH); annual volume originated and received 4. Source: Coalition Greenwich US Large Corporate Cash Management 2022 Program. NPS for J.P. Morgan based on Total Market. 2022 Investor Day represented JPM Target Market 5. Source: Coalition Greenwich Digital Transformation Benchmarking 2022 - Large Corporate Segment 6. Source: Coalition Greenwich Competitor Analytics. SCF represents Supply Chain Finance. Share reflects JPM share of Coalition Index Banks for CIB. Prior period amounts have been revised to conform with the latest analysis from Coalition Greenwich. For additional information, see note 1 on slide 43 7. Source: Nilson. 2022 Investor Day reflected Global Merchant Acquiring transactions / year of 37B in 2021 which is 41B in 2022 8. Source: Nilson. including Visa/Mastercard, pin and other credit volumes 9. Payment errors divided by total transactions processed Notes on slide 26 JPMORGAN CHASE & CO. 49 49