#1JPMORGAN CHASE & Co. JPMorgan Chase's Climate Strategy: Evolving our Approach to Energy, Scenarios, Targets and Emissions Disclosure Investor Relations event for the launch of the 2023 Climate Report | November 2023#2Table of Contents A B C D E LL F Summary Energy Mix Absolute Emissions IEA NZE Scenarios New Sector Targets Methane JPMORGAN CHASE & CO. We explained how we conduct business and provide a summary of the key new updates in the 2023 Climate Report We expanded the focus of our Oil & Gas End Use target. Now called Energy Mix, the target encompasses a broader view of energy supply that better captures the system-wide substitution from oil and natural gas to low- carbon fuels and zero-carbon electricity generation under the International Energy Agency ("IEA") Net-Zero Emissions by 2050 ("NZE") Scenario We disclosed absolute financed emissions based on our Carbon Compass SM methodology for sectors where we have set targets and explain how our methodology deviates from the PCAF methodology used by some stakeholders and the reasons we believe these address the main shortcomings of PCAF We updated our original targets to align with the latest science-based climate scenarios and net zero by 2050 We set 2030 targets for two new sectors - Aluminum and Shipping - expanding our work with clients in carbon- intensive sectors We shared our perspective on how reducing methane emissions and flaring in the Oil & Gas sector is an immediate action that can produce positive outcomes for companies and stakeholders, and explain how we are supporting our clients with our work on methane measurement and mitigation 2#3A Summary A note on our business JPMorgan Chase & Co. provides financial services for individuals, industries and geographies — regardless of political, social or religious viewpoints. We deal in facts and don't change our policies, procedures or progress based on who's asking. Our ambition is to work with shareholders, clients, customers and communities around the world to fulfill banking's essential purpose of helping people, businesses of all sizes and vital institutions like schools, hospitals and governments - achieve their goals 1.1° We make independent business decisions for the Firm We don't "boycott" We manage risk We want to compete We believe in free enterprise We value engagement JPMORGAN CHASE & CO. We make business decisions to advance the long-term interests of our Firm and its shareholders, including serving our clients, supporting our employees and helping our communities. We work with a broad array of organizations that advance those interests, even if we don't support every position taken. Firm decisions are always made independently and based on business principles We support clients around the globe and in every state in the U.S., across industries, religions and political affiliation. We proudly serve more than 80 million households in the U.S, more than 5.7 million small businesses and hundreds of thousands of companies in critical economic sectors. We do not make decisions based on viewpoints or political or social agendas Managing risk is critical to the long-term success of our business and required by our regulators. We make risk-based assessments, including legal, credit, market, reputational and regulatory, to drive decisions and advance the interests of our constituencies Our ability to compete, in both established and new markets, is critical to the long-term success of our business. We decide where and how we choose to compete by assessing risk and opportunity, not to further political or social agendas Markets and economies of all sizes benefit when free and fair enterprise thrives — creating innovation, competition and maximizing value for shareholders, clients, customers and communities. Government intervention of free market principles, for political reasons in the short-term, sets a dangerous precedent that's hard to reverse We believe the best answers reside in engagement and discourse. When policymakers seek input to tackle challenges, we want to help. We know that our success requires working closely with government on sound public policy that grows the economy and lifts up communities. Throughout our history, we have engaged with officials from all parties to address the world's most pressing needs, and we look forward to continuing to do so 3#4A Summary In our 2023 Climate Report, we share a number of updates about what we're doing to engage with clients on their transitions and address our financed emissions This table summarizes the key new updates in the report and what they mean Topic Financing Other Area Energy Mix Target Absolute Emissions Disclosure Alignment to Net Zero by 2050 New Net Zero Aligned Targets Financing Decisions Governance Strategy JPMORGAN CHASE & CO. 2022 Climate Report Oil & Gas End Use (Scope 3) target, which did not consider alternative energy sources No disclosure Electric Power, Auto Manufacturing, Oil & Gas aligned to an older scenario 6 sectors with targets Disclosed our Carbon Compass SM methodology by sector and included capital markets activity 2023 Climate Report Changed our "Oil & Gas End Use" target to a new "Energy Mix" target, which includes zero-carbon energy sources Absolute financed emissions disclosure for eight sectors of our financing portfolio All targets now align to IEA NZE 8 sectors with targets Consolidated our Carbon Compass SM methodology into a single document and expanded it to encompass our 2 new sectors What and Why did we change? To better reflect how we support the world's energy system transition by including our financing of alternatives to fossil fuels in our target To provide more transparency on our progress and comparable information To align sector-based targets with the latest science-based climate scenarios Added 2 new sectors with net zero aligned targets to reflect how we are expanding our work with aluminum and shipping clients on decarbonization To clarify how we include climate considerations in making business decisions using our Carbon Assessment Framework, and key choices and considerations when designing our metrics and targets Enhanced disclosure on our Firmwide Environmental Committee to provide further details on management of ESG- and climate-related matters across the Firm Updated language of our strategy pillar (previously "Meeting Needs Responsibly" and now called "Balancing Environmental, Social and Economic Needs") to add clarity of this important pillar of our environmental sustainability strategy 4#5B Energy Mix - Overview We've updated and expanded the boundary of the Oil & Gas Scope 3 target to a broader Energy Mix target to better reflect how our business supports the global energy transition The Global Energy Pathway • The IEA makes clear that any decrease in fossil fuel supply will need to be matched by a corresponding increase in clean energy supply to meet energy demand in order to maintain energy security and affordability Aligned with NZE and Increased Ambitions This expanded Energy Mix target is aligned with the 2050 IEA NZE Scenario. As a result we are now targeting a more ambitious 36% reduction in carbon intensity by 2030 from our 2019 baseline vs. a 15% reduction under the prior Oil & Gas Scope 3 target ४९ JPMORGAN CHASE & CO. Energy Mix Target Decarbonizing Energy Supply Jamie Dimon, Chairman & CEO 2023 Climate Report • A singular focus on fossil fuels will not successfully achieve the necessary transition of the global energy system. Our Energy Mix target recognizes this by considering financing provided to oil and gas, alternative fuels and zero-carbon based electricity generation, including renewables and nuclear Dedicated to Transparency and Engagement "We expect this updated target will not only reflect market actions that are needed to support the transition from fossil fuels to low- or zero-carbon alternatives but will also provide a more holistic representation of decarbonization efforts." Our engagement with investors, clients and NGOs has helped inform this change. We've disclosed further details in our 2023 Climate Report, including the changes in our Oil & Gas financing and Oil & Gas Scope 3 intensity, which contributed to our progress on the Energy Mix target LO 5#6B Energy Mix - Rationale Energy Mix encompasses a broader view of energy supply that better captures the system-wide substitution from oil and natural gas to low-carbon fuels and zero-carbon electricity generation under the IEA NZE scenario 1 GLOBAL ENERGY SUPPLY (EXCLUDING COAL¹) BY SOURCE IN THE IEA NZE AND SDS SCENARIOS Oil² 2 The IEA NZE scenario pathways reflect more reliance on electrification, and in turn zero-carbon power, than the IEA Sustainable Development Scenario ("SDS"). Our IEA SDS aligned target for Oil & Gas End Use was to achieve a 15% reduction by 2030 from our 2019 baseline Aligning this target with the IEA NZE scenario would require an increase to a 29% reduction. In addition, the build-out of zero- carbon power is taking place primarily in the Electric Power sector ENERGY MIX TARGET SUMMARY In conjunction with the change to the IEA NZE scenario, we are expanding the boundary of our Oil & Gas End Use (Scope 3) target - now called Energy Mix - to include zero-carbon power generation activity from our Electric Power portfolio and better capture how our financing is helping to facilitate the substitution of fossil fuels with zero- and low-carbon alternatives We will also maintain our Electric Power target that focuses specifically on the decarbonization of electric grids. Due to the integrated nature of our Energy Mix target, and its partial overlap with our existing Electric Power target, we will include our financing of zero-carbon power generation activities in both targets' calculations, which we believe is consistent with the IEA NZE scenario's treatment of global power generation For additional information and footnotes, please see slide 14 JPMORGAN CHASE & CO. 28% 34% 38% 2019 Activity Focus Scope Metric Scenario 2030 Target Natural Gas 39% 31% 30% 2030 Renewables & Nuclear 72% 17% 11% 2050 L IEA SDS- 49% 29.5 g CO₂/MJ 26% 25% 2030 90% 8% 2% 2050 LIEA NZE J Production and refining of oil and natural gas for end use combustion Production of low-carbon fuels Zero-carbon power generation by Oil & Gas companies NEW Zero-carbon power generation by Electric Power companies Scope 3 CO₂ emissions from end use of energy products g CO₂/MJ IEA NZE with adjustments to exclude coal and non-energy uses of oil 6#7B Energy Mix - Rationale We believe this updated target better captures the shift in fuel mix of the global energy complex, and balances the trade-offs between fossil-fuel based and zero- or low-carbon energy sources to achieve net zero emissions by 2050 3 PROGRESS TOWARD OUR PORTFOLIO-WEIGHTED AVERAGE ENERGY MIX CARBON INTENSITY TARGET IS DEPENDENT ON THREE FACTORS: 2 INCREASE FINANCING OF ZERO-CARBON POWER GENERATION 4 Solar Natural Gas Wind REDUCTION IN OIL & GAS SECTOR SCOPE 3 INTENSITY Shift from oil to: JPMORGAN CHASE & CO. Hydro Biofuels 8 Hydrogen 3 DECREASE IN OIL & GAS SECTOR FINANCING Biomass Zero-carbon power D Nuclear 0 Implementation of Carbon Capture Utilization and Storage (CCUS) Geothermal 7#8B Energy Mix - Rationale While we have expanded our target to include zero-carbon power generation activity from our Electric Power portfolio, we have also increased the ambition of our target • The expansion to Energy Mix, which includes all zero-carbon power generation in our target's boundary, implies a global carbon intensity of 29.5 g CO₂/MJ (or a 33% reduction between 2019 and 2030) under the IEA NZE scenario . Given that our 2019 baseline exceeded the 2019 global level, we are setting an adjusted target of a 36% reduction by 2030 from our 2019 baseline to align with a carbon intensity of 29.5 g CO₂/ MJ required under the IEA NZE scenario 4 BREAKDOWN OF OUR OIL & GAS END USE TARGET UPDATE Adjustment from Original Target Portfolio Baseline to Updated Target Portfolio Baseline¹ (g CO₂/MJ) 66.5 (20.6) 45.9 I'l Oil & Gas End Use Target 2019 Baseline Zero-Carbon Power Generation Inclusion For additional information and footnotes, please see slide 14 Energy Mix Target 2019 Baseline JPMORGAN CHASE & CO. (0.1) Updated Target Portfolio Progress as of December 31, 2022² Changes in Oil & Gas End Use Carbon Intensity (1.6) Changes in Oil & Gas Financing (5.4) Changes in Zero-Carbon Power Financing (15%) 38.8 Energy Mix Progress as of Dec 31, 2022 Updated 2030 Target³ (36%) 29.5 2030 Energy Mix Target 5 KEY OIL & GAS UPDATES • To complement our Energy Mix target, we have increased the ambition of our Oil & Gas Operational (Scope 1 & 2) target from 35% to 45% reduction in emissions intensity by 2030, which aligns with achieving net zero emissions by 2050 • To provide transparency and insight into the emissions footprint of our financing to the Oil & Gas sector, we are also disclosing our absolute financed emissions covering Scope 1, 2 and 3 for upstream, refining, and integrated companies • We are also publishing The Methane Emissions Opportunity, which describes energy security, climate, and business benefits of immediate action to reduce methane emissions and flaring in the Oil & Gas sector, and identifies best-in-class and positive actions companies can consider implementing 8#9C Absolute Emissions We've started disclosing absolute financed emissions for sectors where we've set targets to provide our stakeholders with additional transparency and comparability of information . We have aligned our absolute financed emissions disclosure with fiscal year reporting and built on international standards and guidance to make our calculations. We intend to report this metric annually moving forward As a point of comparison, we also disclosed and explained the differences between our own emissions reporting using Carbon Compass SM methodology and the PCAF methodology used by some of our stakeholders • The table below summarizes main deviations of our Carbon Compass SM methodology from PCAF's methodology and states the reasons we believe these address the main shortcomings of PCAF's methodology Capital Structure Capital Markets Tax Equity Lending Public Companies Private Companies CARBON COMPASSSM JPMORGAN CHASE & CO. METHODOLOGY 3-year average EVIC 3-year average Debt + Equity 100% of capital markets activity on a 3-year rolling average basis 12-mo monthly average outstanding balance 12-mo monthly average committed financing PCAF METHODOLOGY End-of-period EVIC End-of-period Debt + Equity Not covered Not covered Year-end outstanding balance REASONS FOR DEVIATION Using a three-year average of capital structure helps us reduce distortion due to the effect of volatility on company valuations Including 100% of our share in capital markets activity allows us to provide a more complete picture of our financing activity and how we are supporting our clients through direct lending and capital markets facilitation As one of the top renewable energy tax equity investors in the U.S., we believe including tax equity best captures our financing impact Using 12-month monthly average enables us to capture the impact of short-term obligations, such as bridge loans, which frequently have terms of less than one year We still believe measuring our financed emission's intensity is the most decision-useful metric for our business 9#10D We've updated our original targets to align with the latest science-based climate scenarios and net-zero by 2050 • We are updating our targets set in May 2021 (Electric Power, Auto Manufacturing, Oil & Gas) to align with the IEA NZE Scenario¹,2 ● In particular, we've aligned our 2030 target for Oil & Gas Operational (Scope 1 and 2) targets to the IEA NZE scenario, which results in an increase to our target. We continue to work with clients to decrease their operational emissions, including through addressing methane emissions and carbon capture utilization and storage, which can have important near-term impacts on climate change and energy security • In May 2021, we were the first large US bank to set detailed emissions-related targets for portions of its financing portfolio. At the time we developed those targets, the most ambitious scenario published by the IEA was the Sustainable Development Scenario END USE / ENERGY MIX (g CO₂ / MJ) 80 60 40 20 0 IEA NZE Scenarios 400 300 200 ELECTRIC POWER (kg CO₂/MWh) 100 0 66.5 15% reduction 56.5 Baseline Target 2019 IEA SDS 375.6 69% reduction 115.4 Baseline Target 2019 IEA SDS For additional information and footnotes, please see slide 14 JPMORGAN CHASE & CO. 45.9 Baseline 2019 36% reduction 29.5 342.6 Target IEA NZE 69% reduction 105.3 Baseline Target 2019 IEA NZE4 OIL AND GAS OPERATIONAL (g CO₂e / MJ) 8 6 4 2 150 100 50 5.4 0 Baseline 2019 AUTO MANUFACTURING (g CO₂e/KM) 200 35% reduction 3.5 IEA SDS 157.8 Target Baseline 2019 41% reduction IEA SDS 92.3 Target 4.9 Baseline 2019 164.8 45% reduction 2.7 IEA NZE³ Baseline 2019 Target 48% reduction 86.1 Target IEA NZE5 10#11E New Sector Targets We've set 2030 targets for two new sectors - Aluminum and Shipping - expanding our work with clients in carbon-intensive sectors . We picked these sectors because they are high-emitting but they have opportunities to decarbonize, such as alternative fuels in shipping and lower carbon production methods for aluminum • We're working with our clients on meaningful decarbonization activity across the real economy. Including the two sectors announced today, we now have set 2030 portfolio-level emissions intensity reduction targets for 8 sectors Sector Shipping Aluminum Scope(s) Included Scope 1 (tank-to-wake) Scopes 1 and 2 Current Carbon Intensity Forecasted Carbon Intensity Historical Carbon Intensity Reduction For additional information and footnotes, please see slide 14 Quantitative Assessment Scenarios Used IEA NZE IEA NZE CAF Quantitative Score (1-5) JPMORGAN CHASE & CO. Lowest Unit of Measurement g CO₂e / t-nm mt CO₂e / t aluminum Alongside this, our Carbon Assessment Framework ("CAF"), which is used as a factor to inform our financing decisions, will be updated to reflect that we've increased the number of sectors covered from six to eight sectors Client is scored relative to JPMorgan Chase's applicable portfolio • We use the CAF to assess how each new in-scope transaction may affect progress toward our net zero aligned targets, which informs related client financing decisions Client is scored relative to JPMorgan Chase's sector portfolio target, as applicable Client is scored based on the 2-year change in its carbon intensity Bucket 1 Key Aspects of Our Carbon Assessment Framework Bucket 2 Baseline Year¹ 2021 Bucket 3 2021 Portfolio Baseline Bucket 4 12.5 8.7 Client's investments toward decarbonization Bucket 5 Qualitative Assessment Holistic view of the client's plans and actions to achieve its decarbonization plans including: 2030 Targets2,3 Client's Board oversight and corporate governance of climate-related matters Client's integration of climate risk and opportunities in corporate strategy 8.4 -33% from baseline 6.5 -25% from baseline Highest CAF Qualitative Score (1-5) 11#12F Methane Reducing methane emissions and flaring in the Oil & Gas sector is an immediate action that can produce positive outcomes for companies and stakeholders GOOD FOR ENERGY SECURITY • Bringing more natural gas to the global market enhances energy security • Around 260 billion cubic meters of methane is currently lost to the atmosphere each year from Oil & Gas operations¹ • Approximately three-quarters of this gas could be retained and brought to market using proven technologies and practices² ● This captured methane, which is currently wasted, would amount to more than the European Union's total annual gas imports from Russia prior to the invasion of Ukraine in 2022³ GOOD FOR BUSINESSES Capturing methane emissions is often a cost-effective decision for a company's bottom line • The IEA has found that approximately 40% of methane emissions from Oil & Gas operations could be avoided at no net cost based on average natural gas prices from 2017-20214 • This is due to the economic value companies can realize from selling the captured gas, which is mainly composed of methane GOOD FOR THE CLIMATE • Methane has a global warming potential that is around 83 times greater than carbon dioxide in a 20-year timeframe5 . By curbing methane emissions and routine flaring today, the Oil & Gas industry can make immediate contributions toward achieving global climate targets and, in certain cases, their own corporate-level emissions reduction targets For additional information and footnotes, please see slide 15 JPMORGAN CHASE & CO. Background on Methane Sources of global greenhouse gas emission (Scope 1 and 2) from Oil & Gas operations, 20197 O Other 45% Flaring 9% Methane 46% • The energy sector is responsible for around 40% of global methane emissions attributable to human activity (second only to agriculture)³. Methane abatement in the Oil & Gas sector is one of the most cost-effective emission reduction options⁹ . There are three main sources of methane emissions from that result from the Oil & Gas sector: venting, flaring, and unintentional leaks (aka fugitive emissions). Together these methane emissions sources account for around 55% of operational emissions (Scope 1 and 2) from the Oil & Gas sector¹0 12#13F Methane How JPMorgan Chase works to enhance methane measurement and mitigation We work across multiple segments of our business to actively identify and engage with companies that are developing promising technologies and bringing low carbon solutions to market — including those focused on methane and flaring Deploying Capital to Help Methane Solutions Scale Delivering Financing to Meet the Needs of a Variety of Market Participants Engaging with Stakeholders Evaluating Environmental and Social (E&S) Risk • Our Commercial Banking (CB) Green Economy and Climate Tech teams lead our green economy-focused client franchise and are called upon to provide banking and leveraged finance solutions for companies focused on sustainable solutions, including methane monitoring, measurement, and abatement JPMORGAN CHASE & CO. • We believe, over time, that providing funding to growth stage methane innovation companies can help them scale and drive down the cost curve to make services accessible for broader segments of industry • We recognize that these business models are capex and manufacturing intensive and have created solutions tailored to these unique needs ● Our CB and Corporate & Investment Bank (CIB) businesses provide strategic advice, raise capital, and extend credit to a wide variety of energy producers • Dedicated advisory and product teams engage clients on their operational footprint to understand capital needs and offer tailored solutions, which may include support for measures that reduce operational emissions ● As appropriate, we engage clients on incorporating methane considerations in financial products to support them in their emissions reduction efforts ● Through our Corporate Sustainability team, we engage NGOs, thinktanks, technology innovators, methane coalitions, and select clients on methane and flaring mitigation technology and practice • We welcome stakeholder engagement to share action-oriented perspectives from diverse efforts and learnings ● As part of the firm's due diligence process of E&S risks of Oil & Gas companies (both existing clients and prospects), E&S risk teams assess companies' greenhouse gas emission risk profile, which includes their methane emissions and intensity • This review incorporates companies' public disclosures, along with their ambition for, and progress towards, their independently set reduction commitments This information is evaluated in the context of the companies regional and global peers, and E&S risk teams can use this to discuss with companies ways to help them reach their commitments Moving forward, we plan to continue supporting transparent reporting efforts, which we expect to help attract more capital for methane reduction and flaring mitigation projects 13#14F We identify eight interrelated elements for Oil & Gas companies to consider implementing in their methane and flaring management plans 1 2 3 4 LO 5 6 7 Methane 8 ELEMENT Target setting Monitoring Reduction plans Flaring Measurement and Reporting Culture Third-party engagement Mergers and Acquisitions (M&A) JPMORGAN CHASE & CO. BEST-IN-CLASS ACTION Publicly set a 2025 methane emission intensity target at or below 0.20% Conduct quarterly methane monitoring for all operated assets Develop and disclose plans and timelines for emission reduction, including priority assets Commit to eliminating routine flaring by 2025 with credible plans to significantly reduce all (routine and non-routine) flaring by 2030 or sooner Demonstrate a commitment to methane measurement and reporting by participating in the Oil & Gas Methane Partnership 2.0 or equivalent standard Regularly drive methane management as a priority from senior management to operators and contractors in the field Consider undertaking independent, third-party audits to validate measurements and support continuous improvement Improve operational emission footprint of acquired assets and pursue responsible disposition of assets POSITIVE ACTION Set a methane-specific emissions reduction target Conduct routine methane monitoring for largest operated assets Develop and disclose methane abatement initiatives Develop plans to reduce routine flaring by 2025 Report methane emissions separately from CO2 emissions Educate and engage workforce on importance of methane emission management as good operational practice Learn from no-cost, best management practices disseminated by leading industry groups Include consideration of operational emission consequences as one factor during M&A activity 14#15Notes Slide Slide 6 Source: IEA World Energy Outlook Note: 2019 data, and 2030 and 2050 IEA SDS Scenario projections are sourced from World Energy Outlook 2021 (Table A.1a: World energy supply and Table A.1c: World energy supply, respectively) published in October 2021. 2030 and 2050 IEA NZE Scenario projections are sourced from World Energy Outlook 2022 (Table A.1c: World energy supply) published in October 2022 1. Coal is excluded above to reflect that coal is not included in the Firm's IEA NZE-aligned Energy Mix target 2. Excludes non-energy use oil Slide 8 1. Adjustment from Original Target Portfolio Baseline to Revised Target Portfolio Baseline: Expansion of target boundary to include 2019 zero-carbon power generation intensity resulted in a revised 2019 baseline of 45.9 g CO₂/ MJ 2. Portfolio Carbon Intensity Progress as of December 31, 2022 (from Revised Baseline): As of December 31, 2022, a decrease in Oil & Gas End Use intensity, combined with a decrease in our exposure to the Oil & Gas sector and an increase in our exposure to zero-car-bon power generation, resulted in a 15% reduction from the revised 2019 baseline 3. Revised IEA NZE-aligned Target: Aligning our Oil & Gas End Use target to IEA NZE scenario, coupled with the expansion of the target boundary to include zero-carbon power generation, resulted in a revised Energy Mix net zero aligned carbon intensity target of 29.5 g CO₂/ MJ, representing a 36% reduction from our revised 2019 baseline of 45.9 g CO₂/MJ Slide 10 1. Baseline year corresponds to the last year with available data 2. Our net zero aligned targets are currently constructed for 2030 as portfolio-level targets by sector, using an emissions intensity reduction metric 3. Our targets are based on available data and scenario projections as of September 2023. Future updates to the IEA NZE scenario and/or other inputs - for example, changes in global emissions, available technologies or economic conditions - may result in changes to the projected emissions trajectories, and we may therefore change our targets for these sectors. We may also make additional revisions of our baselines for one or more of the included sectors in response to improved visibility, quality or availability of data. We intend to monitor these changes and assess the need to revise our baselines and targets as appropriate Slide 11 1. Our net zero aligned targets are currently constructed for 2030 as portfolio-level targets by sector, using an emissions intensity reduction metric 2. Our targets are based on data and scenario projections available as of September 2023. Future updates to the IEA NZE scenario and/or other inputs for example, changes in global emissions, available technologies or economic conditions may result in changes to the projected emissions trajectories, and we may therefore change our targets for these sectors. We monitor these changes, as well as improved visibility, quality or availability of data, and assess the need to revise our baselines and targets as appropriate. We revised baselines for the Oil & Gas Operational, Electric Power, Auto Manufacturing, Iron & Steel, and Cement sectors this year 3. Revised 2019 portfolio baseline for Oil & Gas Operational to 4.9 g CO₂e / MJ from previously disclosed 5.4 g CO₂e / MJ 4. Revised 2019 portfolio baseline for Electric Power to 342.6 kg CO₂/MWh from previously disclosed 375.6 kg CO₂/MWh 5. Revised 2019 portfolio baseline for Auto Manufacturing to 164.8 g CO₂e / km from previously disclosed 157.8 g CO₂e / km JPMORGAN CHASE & CO. 15#16Notes Slide Slide 12 1. Global Methane Tracker 2023, IEA, Paris 2. Global Methane Tracker 2023, IEA, Paris 3. Global Methane Tracker 2023, IEA, Paris 4. Global Methane Tracker 2023, IEA, Paris 5. Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), IPCC, New York 6. According to the World Bank, routine flaring of gas is "flaring during normal oil production operations in the absence of sufficient facilities or amenable geology to re-inject the produced gas, utilize it on-site, or dispatch it to a market. Venting is not an acceptable substitute for flaring." Zero Routine Flaring by 2030 (ZRF) Initiative, World Bank 7. Financing Solutions to Reduce Natural Gas Flaring and Methane Emissions 2022, World Bank 8. IEA 2023, Global Methane Tracker 2023, IEA Paris 9. Financing Reductions in Oil and Gas Methane Emissions 2023, IEA, Paris 10. Financing Solutions to Reduce Natural Gas Flaring and Methane Emissions 2022, World Bank JPMORGAN CHASE & CO. 16