#1JPMORGAN CHASE & Co. 4Q23 Financial Results January 12, 2024#2Agenda 1 2 3 4Q23 and FY23 Financial Results Financial Outlook Notes JPMORGAN CHASE & CO. Page 1 10 13#34Q23 Financial highlights ROTCE¹ 15% Income statement Balance sheet Capital distributed 4Q23 net income of $9.3B and EPS of $3.04 Excluding significant items5, 4Q23 net income of $12.1B, EPS of $3.97 and ROTCE of 19% Managed revenue of $39.9B6 Expense of $24.5B and managed overhead ratio of 61% 6 Loans: average loans of $1.3T up 17% YoY and 1% QOQ Ex. FR7, average loans of $1.2T up 4% YoY and 1% QOQ - JPMORGAN CHASE & CO. CET1 capital ratios² Std. 15.0% | Adv. 15.0% Total Loss-Absorbing Capacity² $514B Deposits: average deposits of $2.4T flat YoY and up 1% QOQ Ex. FR, average deposits of $2.3T down 3% YoY and up 1% QOQ CET1 capital of $251B² Standardized and Advanced CET1 capital ratios of 15.0% ² SIGNIFICANT ITEMS ($MM, EXCLUDING EPS) Common dividend of $3.1B or $1.05 per share $2.0B of common stock net repurchases8 Net payout LTM of 41% 8,9 FDIC special assessment in Corporate Net investment securities losses in Corporate 1 See note 4 on slide 13 2 Represents the estimated Basel III common equity Tier 1 ("CET1") capital and ratio and Total Loss- Absorbing Capacity for the current period. See note 1 on slide 14 3 Standardized risk-weighted assets ("RWA"). Estimated for the current period. See note 1 on slide 14 4 Cash and marketable securities represents HQLA and unencumbered marketable securities. Estimated for the current period. See note 2 on slide 14 5 See note 3 on slide 13 Std. RWA3 $1.7T Cash and marketable securities $1.4T Average loans $1.3T Pretax ($2,882) ($743) Net income ($2,186) ($563) 6 See note 1 on slide 13. 7 On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic. All references in this presentation to "ex. FR" or "FR impact" refer to excluding or including the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable 8 Includes the net impact of employee issuances. Excludes excise tax and commissions cost 9 Last twelve months ("LTM") EPS ($0.74) ($0.19) 1#44Q23 Financial results 1 $B, EXCEPT PER SHARE DATA Net interest income Noninterest revenue Managed revenue ¹ $B Expense Credit costs Net charge-offs Reserve build/(release) Credit costs Net income Net income applicable to common stockholders EPS - diluted ROE² ROTCE 2,3 1,2 Overhead ratio - managed ¹,² Memo: 4 NII excluding Markets NIR excluding Markets 4 Markets revenue Managed revenue ¹ Adjusted expense 5 Adjusted overhead ratio 1,2,5 Note: Totals may not sum due to rounding 1 See note 1 on slide 13 2 Actual numbers for all periods, not over/(under) 3 See note 4 on slide 13 4 See note 2 on slide 13 5 See note 5 on slide 13 6 Reflects fully taxable-equivalent ("FTE") adjustments of $1.4B in 4Q23 4Q23 $2.2 0.6 $2.8 JPMORGAN CHASE & CO. 4Q23 CCB CIB CB AWM 3Q23 4Q22 $1.5 $0.9 1.4 $2.3 (0.1) Reported $24.2 15.8 39.9 24.5 2.8 $9.3 $8.9 $3.04 $1.4 4Q23 Tax rate Effective rate: 17.8% Managed rate: 26.7% 1,6 ROE O/H ratio 33% 52% 9% 62% 21% 35% 28% 66% 12% 15 61 $23.6 10.6 5.8 39.9 $24.3 61% 4Q23 FR impact $1.3 0.5 1.9 0.9 0.1 $0.6 $0.6 $0.22 1% 1 (1) $1.3 0.5 1.9 $0.9 (1)% ex. FR $22.8 15.2 38.1 23.6 2.6 $8.7 $8.2 $2.82 11% 14 62 $22.2 10.0 5.8 38.1 $23.4 62% ex. FR $ 0/(U) 3Q23 $1.4 (1.8) (0.4) 2.7 1.2 ($3.4) ($3.4) ($1.15) 16% 20 54 $0.5 (0.1) (0.8) (0.4) $3.2 53% 4Q22 $2.5 (0.0) 2.5 4.6 0.3 ($2.3) ($2.4) ($0.75) 16% 20 53 $2.2 0.1 0.1 2.5 $4.4 53% 2#5FY23 Financial results 1 $B, EXCEPT PER SHARE DATA Net interest income Noninterest revenue Managed revenue ¹ Expense Credit costs Net income Net income applicable to common stockholders EPS - diluted ROE² ROTCE2,3 1,2 Overhead ratio - managed ¹,² Memo: 4 NII excluding Markets NIR excluding Markets 4 Markets revenue Managed revenue ¹ Adjusted expense 5 Adjusted overhead ratio 1,2,5 $B Net charge-offs Reserve build/(release) Credit costs Note: Totals may not sum due to rounding 1 See note 1 on slide 13 2 Actual numbers for all periods, not over/(under) 3 See note 4 on slide 13 4 See note 2 on slide 13 5 See note 5 on slide 13 6 Reflects fully taxable-equivalent ("FTE") adjustments of $4.3B in 2023 JPMORGAN CHASE & CO. Reported $89.7 72.6 162.4 87.2 9.3 $49.6 $47.8 $16.23 FY23 CCB CIB CB AWM FY2023 FY2022 $6.2 $2.9 3.1 3.5 $9.3 $6.4 FY23 Tax rate Effective rate: 19.6% Managed rate: 24.8% 1,6 ROE O/H ratio 38% 50% 13% 59% 20% 35% 31% 64% 17% 21 54 $90.0 44.5 27.8 162.4 $85.7 53% FY2023 FR impact $3.7 4.4 8.2 2.3 1.3 $4.1 $4.1 $1.39 1% 2 (1) $3.7 4.4 8.2 $2.3 (1)% ex. FR $86.0 68.2 154.2 84.8 8.0 $45.4 $43.7 $14.84 16% 19 55 $86.3 40.1 27.8 154.2 $83.4 54% FY2022 Reported $67.1 65.1 132.3 76.1 6.4 $37.7 $35.9 $12.09 14% 18 58 $62.4 40.9 29.0 132.3 $75.9 57% ex. FR $ 0/(U) FY2022 $18.9 3.0 21.9 8.7 1.7 $7.8 $7.8 $2.75 $24.0 (0.8) (1.2) 21.9 $7.5 3#6Fortress balance sheet $B, EXCEPT PER SHARE DATA Risk-based capital metrics CET1 capital CET1 capital ratio - Standardized CET1 capital ratio - - Advanced Basel III Standardized RWA Leverage-based capital metric² Firm SLR 3 Liquidity metrics ³ Firm LCR Bank LCR Balance sheet metrics Total assets (EOP) Deposits (average) Tangible book value per share5 4Q23 $251 15.0% JPMORGAN CHASE & CO. 129 Total excess HQLA $309 HQLA and unencumbered marketable securities 1,447 6.1% 113% 15.0 $1,676 $1,692 3Q23 $3,875 2,372 86.08 $242 14.3% 14.5 6.0% 112% 123 $252 1,386 4Q22 $219 13.2% 13.6 $1,654 Note: Totals may not sum due to rounding 1 Estimated for the current period. See note 1 on slide 14 2 Estimated for the current period. Represents the supplementary leverage ratio ("SLR") 3 Estimated for the current period. Liquidity Coverage Ratio ("LCR") represents the average LCR for the Firm and JPMorgan Chase Bank, N.A. ("Bank"). See note 2 on slide 14 4 See note 4 on slide 14 5.6% 112% 151 $437 1,429 4 $3,898 $3,666 2,356 2,380 82.04 73.12 STANDARDIZED CET1 RATIO (%)¹ 14.3% 3Q23 1,692 53 bps 3Q23 Includes FDIC special assessment: (13 bps) Net income 30 bps (4) AOCI 10 (30 bps) Lending¹0 Capital Distributions STANDARDIZED RISK-WEIGHTED ASSETS ($B)¹ (2) Market Risk 15 bps 5 See note 4 on slide 13 6 Reflects Net Income Applicable to Common Equity 7 Excludes AOCI on cash flow hedges and DVA related to structured notes 8 Includes net share repurchases and common dividends 9 Primarily a reduction in CET1 capital deductions 10 Includes Loans and Commitments RWA (1 bps) Other (10) Credit Risk ex. Lending 15.0% 4Q23 1,676 4Q23 4#7Consumer & Community Banking ¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Banking & Wealth Management² Home Lending Card Services & Auto Expense² Credit costs Net charge-offs (NCOs) Change in allowance Net income Average equity ROE Reported $18,097 10,877 1,161 6,059 9,336 2,189 1,638 551 $4,788 Overhead ratio Average loans Average deposits Active mobile customers (mm)4 Debit & credit card sales volume 5 KEY DRIVERS / STATISTICS ($B)³ 4Q23 Reported $55.5 33% 52 $571.2 1,092.4 53.8 $441.0 4Q23 FR impact $1,091 745 346 Note: Totals may not sum due to rounding 1 See note 1 on slide 13; 2 See note 3 on slide 14 For additional footnotes see slide 15 599 15 2 13 $362 JPMORGAN CHASE & CO. FR impact $3.5 0% 0 $94.5 42.9 n.a. $0.5 ex. FR $17,006 10,132 814 6,059 8,737 2,174 1,636 538 $4,425 ex. FR $52.0 33% Ex. FR: Average loans up 6% YoY nd 1% QOQ Average deposits down 8% YoY and 3% QOQ -EOP deposits down 7% YoY and 2% QOQ Active mobile customers up 8% YoY Debit & credit card sales volume up 7% YoY Client investment assets up 25% YoY and 9% QOQ 51 $476.7 1,049.6 53.8 $440.5 ex. FR $ 0/(U) 3Q23 ($1) (209) (87) 4Q22 $1,213 550 230 294 432 215 825 726 329 237 791 489 (462) ($882) ($131) ex. FR 3Q23 $52.0 40% 50 4Q22 $50.0 35% 50 $470.0 $448.5 1,076.8 1,142.5 53.2 49.7 $411.1 $425.8 CCB CIB FINANCIAL PERFORMANCE (ex. FR) Net income of $4.4B, down 3% YoY • Revenue of $17.0B, up 8% YoY, predominantly driven by higher net interest income Banking & Wealth Management Business Banking average loans Business Banking loan originations Client investment assets (EOP) Deposit margin Home Lending Average loans Loan originations Expense of $8.7B, up 10% YoY, largely driven by higher compensation, including an increase in employees, primarily in bankers, advisors and technology, and wage inflation, as well as continued investments in marketing and technology Credit costs of $2.2B NCOs of $1.6B, up $791mm YoY, predominantly driven by continued normalization in Card Services Net reserve build of $538mm was driven by loan growth in Card Services Third-party mortgage loans serviced (EOP) Net charge-off/(recovery) rate Card Services & Auto Card Services average loans Auto average loans and leased assets Auto loan and lease originations Card Services net charge-off rate Card Services net revenue rate Card Services sales volume 5 KEY DRIVERS / STATISTICS ($B)- DETAIL BY BUSINESS 4Q23 FR impact Reported $19.5 1.1 951.1 2.82% CB $261.4 7.2 631.2 0.01% $202.7 86.8 9.9 2.79% AWM Corp. 9.82 $307.2 144.6 0.03% $91.1 0.4 2.9 (0.00)% ex. FR $19.5 1.1 806.5 2.79% $170.3 6.8 628.3 0.01% $202.7 86.8 9.9 2.79% 9.82 $307.2 ex. FR 3Q23 $19.5 1.3 741.7 2.85% 4Q22 $20.5 1.1 647.1 2.48% $172.9 $174.5 10.3 634.9 (0.04)% 6.7 584.3 (0.08)% $195.2 $177.0 85.1 80.0 10.2 7.5 2.49% 1.62% 9.60 10.06 $296.2 $284.8 LO 5#8Corporate & Investment Bank1 SELECTED INCOME STATEMENT DATA ($MM) Revenue Investment Banking revenue Payments² Lending Total Banking Fixed Income Markets Equity Markets Securities Services. Credit Adjustments & Other Total Markets & Securities Services Expense² Credit costs Net income KEY DRIVERS / STATISTICS ($B)³ Equity ROE Overhead ratio Comp/revenue IB fees ($mm) Average loans 4 Average client deposits Merchant processing volume Assets under custody ($T) 6 Net charge-off/(recovery) rate Average VaR ($mm) 1 See note 1 on slide 13 2 See note 3 on slide 14 For additional footnotes see slide 15 JPMORGAN CHASE & CO. 4Q23 $10,958 1,576 2,332 150 4,058 4,033 1,778 1,191 (102) 6,900 6,774 210 $2,524 4Q23 $108.0 9% 62 31 $1,654 233.3 660.8 639 32.4 0.25% $32 $ 0/(U) 3Q23 ($772) (37) 238 (141) 60 (481) (289) (21) (41) 212 (173) 226 294 (153) 32 (39) (832) 134 (669) 279 395 69 ($568) ($790) 3Q23 $108.0 11% 63 29 4Q22 $360 $1,717 232.9 638.1 610 29.7 0.09% $38 4Q22 $103.0 12% 61 29 $1,467 225.8 649.7 583 28.6 0.02% $60 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE Net income of $2.5B, down 24% YoY; revenue of $11.0B, up 3% YoY Banking revenue IB revenue of $1.6B, up 13% YoY IB fees up 13% YoY, predominantly driven by higher debt and equity underwriting fees Payments revenue of $2.3B, up 10% YoY Excluding the net impact of equity investments, which included higher markdowns in the prior year, revenue was flat, as fee growth was predominantly offset by higher deposit-related client credits Lending revenue of $150mm, down 54% YoY, driven by mark-to-market losses on hedges of retained loans, partially offset by higher net interest income Markets & Securities Services revenue Markets revenue of $5.8B, up 2% YoY Fixed Income Markets revenue of $4.0B, up 8% YOY, driven by higher revenue in the Securitized Products Group7, partially offset by lower revenue in Rates - Equity Markets revenue of $1.8B, down 8% YoY, driven by lower revenue in Derivatives and Cash Securities Services revenue of $1.2B, up 3% YoY Expense of $6.8B, up 4% YoY, predominantly driven by the timing of revenue-related compensation Credit costs were $210mm NCOs of $121mm Net reserve build of $89mm 6#9Commercial Banking1 SELECTED INCOME STATEMENT DATA ($MM) Revenue Middle Market Banking Corporate Client Banking Commercial Real Estate Banking Other Expense Credit costs Net income Average equity ROE Reported $4,016 1,898 Overhead ratio Payments revenue ($mm) Investment Banking and Markets revenue, gross ($mm)4 5 Average loans Average client deposits Allowance for loan losses Nonaccrual loans Net charge-off/(recovery) rate ALL/loans Note: Totals may not sum due to rounding 1 See note 1 on slide 13 For additional footnotes see slide 15 1,164 939 JPMORGAN CHASE & CO. 15 1,395 KEY DRIVERS / STATISTICS ($B)² 366 $1,653 Reported $30.0 21% 35 $2,045 $924 281.0 267.8 5.0 0.8 0.18% 1.80 4Q23 FR impact $361 75 2 284 4Q23 27 97 $180 FR impact $1.5 1% (3) $65 39.0 5.7 0.7 0.1 (0.03) % (0.01) 7 ex. FR $3,655 1,823 1,162 655 15 1,368 269 $1,473 ex. FR $28.5 20% 37 $1,980 $924 242.0 262.1 4.3 0.7 0.21% 1.81 ex. FR $ 0/(U) 3Q23 ($10) 40 (46) 7 (11) 11 205 ($217) ex. FR 3Q23 $28.5 23% 37 $2,045 $821 244.0 262.1 4.2 0.9 0.08% 1.72 4Q22 $251 204 53 (11) 5 114 (15) $50 4Q22 $25.0 22% 37 $1,937³ $700 235.3 278.9 3.3 0.8 0.06% 1.42 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE (ex. FR) • Net income of $1.5B, up 4% YoY Revenue of $3.7B, up 7% YoY, largely driven by higher net interest income, where the impact of rates was partially offset by lower deposit balances ● Payments revenue of $2.0B, up 2% YoY, reflecting fee growth, largely offset by higher deposit-related client credits Investment Banking and Markets revenue, gross of $924mm, up 32% YoY, primarily reflecting increased capital markets and M&A activity Expense of $1.4B, up 9% YoY, driven by an increase in employees, including front office and technology investments, as well as higher volume-related expense, including the impact of new client acquisition Credit costs of $269mm NCOs of $127mm .Net reserve build of $142mm, driven by a deterioration in the outlook related to commercial real estate valuations • Average loans of $242B, up 3% YoY and down 1% QOQ C&18 up 1% YoY and down 2% QOQ ● CRE8 up 4% YoY and flat QoQ • Average deposits of $262B, down 6% YoY, primarily driven by lower non-operating deposits Flat QoQ, as client balances are seasonally higher at year- end 7#10Asset & Wealth Management¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Asset Management Global Private Bank Expense Credit costs Net income Average equity ROE Pretax margin Assets under management ("AUM") KEY DRIVERS / STATISTICS ($B)² Client assets Reported $5,095 2,403 Average loans Average deposits 2,692 3,388 (1) $1,217 Note: Totals may not sum due to rounding 1 See note 1 on slide 13 2 Actual numbers for all periods, not over/(under) JPMORGAN CHASE & CO. Reported $17.0 28% 34 $3,422 5,012 227.0 226.6 4Q23 FR impact $432 432 33 4Q23 13 $292 FR impact $1.0 6% 5 12 11.7 11.2 ex. FR $4,663 2,403 2,260 3,355 (14) $925 ex. FR $16.0 22% 28 $3,422 5,000 215.3 215.4 ex. FR $ 0/(U) 3Q23 $94 239 ex. FR (145) (170) 234 3Q23 $16.0 (32) (46) ($150) ($209) 26% 31 $3,186 4,644 4Q22 210.8 $75 202.0 245 333 4Q22 $17.0 26% 33 $2,766 4,048 214.2 237.0 CCB CIB AWM Corp. FINANCIAL PERFORMANCE (ex. FR) Net income of $925mm, down 18% YoY Revenue of $4.7B, up 2% YoY, driven by higher management fees on strong net inflows and higher average market levels, predominantly offset by lower net interest income on lower deposit margins and balances, partially offset by wider loan spreads Expense of $3.4B, up 11% YoY, largely driven by higher compensation, including performance-based incentives, continued growth in private banking advisor teams, the impacts of closing the J.P. Morgan Asset Management China acquisition and continued investments in Global Shares AUM of $3.4T and client assets of $5.0T were each up 24% YoY, driven by continued net inflows and higher market levels . For the quarter, AUM had long-term net inflows of $12B and liquidity net inflows of $49B Average loans of $215B, up 1% YoY and up 2% QOQ Average deposits of $215B, down 9% YoY Up 7% QoQ, driven by inflows generated by targeted pricing and product offering initiatives 8#11Corporate ¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Net interest income Noninterest revenue Expense Credit costs Net income/(loss) Note: Totals may not sum due to rounding 1 See note 1 on slide 13 Reported $1,777 2,445 JPMORGAN CHASE & CO. (668) 3,593 (2) ($875) 4Q23 FR impact ($4) (23) 19 231 ($187) ex. FR $1,780 2,468 (687) 3,362 ex. FR $ 0/(U) 3Q23 $300 482 (181) 2,907 4Q22 $597 1,170 (572) 3,023 (2) (49) ($689) ($1,600) ($1,270) 12 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE (ex. FR) Revenue was $1.8B, up $597mm YoY Net interest income was $2.5B, up $1.2B YoY, driven by the impact of higher rates and balance sheet mix Noninterest revenue was a net loss of $687mm, compared with a net loss of $115mm in the prior year The current quarter included net investment securities losses of $743mm - The prior year quarter included a $914mm gain on the sale of Visa B shares, largely offset by $874mm of net investment securities losses Expense of $3.4B, up $3.0B YoY, predominantly driven by the FDIC special assessment 9#12Agenda 1 2 3 4Q23 and FY23 Financial Results Financial Outlook Notes JPMORGAN CHASE & CO. Page 1 10 03 13#13We expect ~$88B in NII ex. Markets for 2024, as loan growth partially offsets lower rates NET INTEREST INCOME ($B) NII ex. Markets ¹ $90 4Q23: $24 3Q23: $23 2Q23: $22 1Q23: $21 2023 Markets NII 4Q run rate Note: Charts are not to scale; totals may not sum due to rounding 1 See note 2 on slide 13 $97 4Q23 annualized 2 Outlook is based on implied rate curve as of January 11, 2024 3 Federal Funds target upper bound (FFTUB) JPMORGAN CHASE & CO. $94 ($8) Rate / reprice² Assumes 6 rate cuts in 2024 (4.0% FFTUB3 at YE) Deposit reprice and internal migration - FFTUB - Cost of deposits 0.25% 0.02% 4.50% Rate/reprice 0.97% $21 ¹22 Q4 Q1 Q2 Q3 Q4 Q1 $1.5 Balance sheet growth / mix Loan growth including continued growth in credit card revolving balances Modest deposit attrition 5.50% 2.01% ¹23 Q2 Q3 Q4 Balance sheet growth/mix -$90 NII ex. Markets ¹: -$88 Sequential decline Q1 Q2 Q3 Q4 2024 outlook 10#14Our 2024 expense outlook is ~$90B ADJUSTED EXPENSE¹ ($B) Corp. AWM CB CIB CCB $85.7 FDIC SA² $2 $13 $5 $28 $35 2023 -$86 JPMORGAN CHASE & CO. $21.43 Q1 Q2 Q3 Q4 4Q23 annualized (ex. FDIC SA) -$90 $2 $14 $6 $29 $38 2024 Note: Totals may not sum due to rounding 1 See note 5 on slide 13 2 2023 FDIC special assessment 3 Represents a non-GAAP financial measure calculated as 4Q23 Adjusted expense of $24.3B less the FDIC special assessment ("SA") of $2.9B 2024 DRIVERS Business-growth-driven hiring, primarily in front office Increase in technology spend associated with investments and higher business volumes, net of efficiencies Continued investments in the business Marketing Bankers, Advisors & Branches Higher market-dependent volume- and revenue-related expense • Annualization of First Republic, with significantly lower 2024 exit run rate Residual inflationary pressures 11#15Outlook 1 FIRMWIDE 1 2 3 Expect FY2024 net interest income of $90B, market dependent ~ Expect FY2024 net interest income excluding Markets of ~$88B, market dependent Expect FY2024 adjusted expense of ~$90B, market dependent Adjusted expense excludes Firm wide legal expense Expect FY2024 Card Services NCO rate of <3.50% See notes 1, 2 and 5 on slide 13. JPMORGAN CHASE & CO. 12#16Agenda 1 2 3 4Q23 and FY23 Financial Results Financial Outlook Notes JPMORGAN CHASE & CO. Page 1 10 13#17Notes on non-GAAP financial measures 1. 2. 3. 4. 5. 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, refer to page 7 of the Earnings Release Financial Supplement. There are no reclassifications associated with FR managed revenue In addition to reviewing net interest income ("NII") and noninterest revenue ("NIR") on a managed basis, management also reviews these metrics excluding CIB Markets ("Markets", which is composed of Fixed Income Markets and Equity Markets). Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm's lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets, refer to page 29 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm's 2022 Form 10-K Fourth-quarter 2023 net income, earnings per share and ROTCE excluding significant items are non-GAAP financial measures. Significant items collectively refer to the FDIC special assessment of $2.9B and net investment securities losses of $743mm. Excluding these significant items resulted in an increase of $2.7B (after tax) to reported net income from $9.3B to $12.1B; an increase of $0.93 per share to reported EPS from $3.04 to $3.97; and an increase of approximately 4% to ROTCE from 15% to 19%. Management believes these measures provide useful information to investors and analysts in assessing the Firm's results 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. For a reconciliation from common stockholders' equity to TCE, refer to page 10 of the Earnings Release Financial Supplement. ROTCE measures the Firm's net income applicable to common equity as a percentage of average TCE. ROTCE ex. FR uses the same average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. Book value per share was $104.45, $100.30 and $90.29 at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal expense of $175mm, $665mm and $27mm for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively; and $1.4B and $266mm for the full year 2023 and 2022, respectively. There was no legal expense excluded from FR adjusted expense for the three months ended December 31, 2023 and September 30, 2023, and for the full year 2023. The adjusted overhead ratio measures the Firm's adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm's performance JPMORGAN CHASE & CO. 13#18Additional notes 1. 2. 3. 4. Reflects the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9B CECL capital benefit is being phased out at 25% per year over a three-year period. As of December 31, 2023 and September 30, 2023, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $1.4B CECL benefit; as of December 31, 2022, CET1 capital reflected a $2.2B benefit. Refer to Capital Risk Management on pages 48-53 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 and on pages 86-96 of the Firm's 2022 Form 10-K for additional information Total excess high-quality liquid assets ("HQLA") represent the average eligible unencumbered liquid assets that are in excess of what is required to meet the estimated Firm and Bank total net cash outflows over a prospective 30 calendar-day period of significant stress under the LCR rule. HQLA and unencumbered marketable securities, includes end-of-period HQLA, excluding regulatory prescribed haircuts under the LCR rule where applicable, for both the Firm and the excess HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A., which are not transferable to non-bank affiliates and thus excluded from the Firm's LCR. Also includes other end-of-period unencumbered marketable securities, such as equity and debt securities. Does not include borrowing capacity at Federal Home Loan Banks and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 54-61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 and on pages 97-104 of the Firm's 2022 Form 10-K for additional information In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation The 4Q22 prior-period amount has been revised to conform with the current presentation, which uses end-of-period HQLA and end-of-period unencumbered marketable securities. Previous presentations used average Firm HQLA (consistent with the LCR metric) and end-of-period unencumbered marketable securities JPMORGAN CHASE & CO. 14#19Additional notes on slides 5-7 Slide 5 Consumer & Community Banking 3. 4. 5. 6. 7. 3. 4. 5. 6. 7. Slide 6 Corporate & Investment Bank 2. 3. 4. Actual numbers for all periods, not over/(under) Users of all JPMorgan Chase mobile platforms who have logged in within the past 90 days. Excludes First Republic Excludes Commercial Card Slide 7 - Commercial Banking 5. 6. 7. Includes the impact of loans originated under the PPP. For further information, refer to page 13 of the Earnings Release Financial Supplement Firmwide mortgage origination volume was $8.6B, $13.0B and $8.5B for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively 8. Actual numbers for all periods, not over/(under) Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses Represents Firmwide merchant processing volume Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate Securitized Products Group is comprised of Securitized Products and Tax Oriented Investments Actual numbers for all periods, not over/(under) In the third quarter of 2023, certain revenue from CIB Markets products was reclassified from payments to investment banking. Prior-period amounts have been revised to conform with the current presentation Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets' products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to page 61 of the Firm's 2022 Form 10-K for discussion of revenue sharing Includes the impact of loans originated under the PPP. For further information, refer to page 20 of the Earnings Release Financial Supplement Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate and loan loss coverage ratio Note that FR net charge-offs were a net recovery of $1mm in CB in 4Q23; the FR impact to the net charge-off rate is negative due to the addition of FR loans to the overall denominator and the net recovery Commercial and Industrial ("C&I") and Commercial Real Estate ("CRE") groupings for CB are generally based on client segments and do not align with regulatory definitions JPMORGAN CHASE & CO. 15#20Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.'s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended December 31, 2022, and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, which have been filed with the Securities and Exchange Commission and is available on JPMorgan Chase & Co.'s website (https://jpmorganchaseco.gcs- web.com/financial-information/sec-filings), and on the Securities and Exchange Commission's website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements. JPMORGAN CHASE & CO. 16