JPMorgan Chase : Opening Remarks

Our new Commercial & Investment Bank is positioned for success

Consumer &

Community Banking

Commercial &	Corporate &
Investment Bank
Investment Bank		$49
Investment Banking	6
	Lending

Asset &

Wealth Management

2023 Revenue1 ($B)

Banking & Wealth Management

Home Lending

Card Services & Auto

$70

43

4

23

				Payments	9
		$64
Investment Banking	7		Markets	28
Lending	7
				Securities Services
Payments	18			5
	Commercial
Markets	28				Banking
			$16
				Middle Market	7
Securities Services				Corp. Client	5
	5
		CRE
		3

Asset Management

Global Private Bank

$20

9

11

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

Modern data

centers

Drive software	+
development
excellence

Journey to cloud

Customer personalization

Trading

Operations

Fraud management

Credit decisioning

Products and
features tailored		Software engineering
to the customer
Pricing and
hedging
=		Customer support
Automation and
insights

Detecting and
preventing fraud	Front office
Improving
accuracy and
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%
					67%
				66%
$1.5T	$520B		54%
HQLA & marketable	Total Loss-
securities	Absorbing Capacity
112%	15.0%
Firm LCR	Standardized CET1 ratio
129%	6.1%	5-year	JPM	WFC	BAC	C	GS	MS
Bank LCR	Firm SLR	change in:
Revenue1,2
		$51B	($4B)	$8B	$5B	$10B	$14B
As of		Expense	$24B	($1B)	$13B	$13B	$11B	$13B
March 31, 2024

Provide operational	Address multi-
resiliency and	jurisdictional
security	sanctions

Minimize fraud	Comply with AML3 laws
and cyber risk	and KYC4 protocols

Protect clients' assets,

money in movement and data

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

ROTCE1 (%)				ROTCE ex. reserve
			release/build	3	was 19.3%
Adj. ROTCE	2
			(2020) and 18.5% (2021)
	was 13.6%

	24%
		22%														23%
																		21%
														19%
																	18%
													17%
15%					15%	15%	15%
															14%
									13%	13%	13%
								11%				12%
				10%
			6%
'05	'06	'07	'08	'09	'10	'11	'12	'13	'14	'15	'16	'17	'18	'19	'20	'21	'22	'23
	Complete							Global						Diversified
For footnoted information, refer to slide 7

17%

through the cycle

ROTCE target

At Scale

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 success1. 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-moneylaundering ("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