#1JPMORGAN CHASE & Co. 1Q23 Financial Results April 14, 2023#21Q23 Financial highlights ROTCE¹ 23% Income statement Balance sheet Capital distributed 1Q23 net income of $12.6B and EPS of $4.10 Managed revenue of $39.3B5 Included net investment securities losses of $868mm • Expense of $20.1B and managed overhead ratio of 51% 5 CET1 capital ratios² Std. 13.8% | Adv. 13.9% Total Loss-Absorbing Capacity2 $488B - • Loans: average loans of $1.1T up 6% YoY and flat QoQ • Deposits: average deposits of $2.3T down 8% YoY and down 3% QoQ CET1 capital of $227B² Standardized CET1 capital ratio of 13.8% ²; Advanced CET1 capital ratio of 13.9%² . Common dividend of $3.0B or $1.00 per share $1.9B of common stock net repurchases Net payout LTM of 33% 7 SIGNIFICANT ITEMS ($MM, EXCLUDING EPS) Net investment securities losses in Corporate Std. RWA3 $1.7T Cash and marketable securities $1.4T Average loans $1.1T 4 Cash and marketable securities represents HQLA and unencumbered marketable securities. Estimated for the current period. See note 2 on slide 11 5 See note 1 on slide 10 6 Includes the net impact of employee issuances 7 Last twelve months ("LTM"). Net of stock issued to employees JPMORGAN CHASE & CO. 1 See note 3 on slide 10 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 11 3 Standardized risk-weighted assets ("RWA"). Estimated for the current period. See note 1 on slide 11 Pretax ($868) Net income ($660) EPS ($0.22) 1#31Q23 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 ROTCE 2,3 1,2 Overhead ratio - managed ¹,² Memo: NII excluding Markets 4 4 NIR excluding Markets ª Markets revenue 1 Managed revenue ¹ 5 Adjusted expense º 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 10 2 Actual numbers for all periods, not over/(under) 3 See note 3 on slide 10 4 See note 2 on slide 10 5 See note 4 on slide 10 6 Reflects fully taxable-equivalent ("FTE") adjustments of $987mm in 1Q23 JPMORGAN CHASE & CO. 1Q23 $1.1 1.1 $2.3 4Q22 1Q22 $0.9 $0.6 1.4 0.9 $2.3 $1.5 1Q23 Tax rate Effective rate: 20.9% Managed rate: 25.6% 1,6 1Q23 CCB CIB CB AWM ROE O/H ratio 40% 49% 16% 55% 18% 37% 34% 65% 1Q23 $20.8 18.5 39.3 20.1 2.3 $12.6 $12.2 $4.10 18% 23 51 $20.9 10.0 8.4 39.3 $19.9 51% $ 0/(U) 4Q 22 $0.5 3.3 3.8 1.1 (0.0) $1.6 $1.6 $0.53 16% 20 53 $0.9 0.1 2.7 3.8 $0.9 53% 1Q22 $6.9 0.9 7.7 0.9 0.8 $4.3 $4.3 $1.47 13% 16 61 $9.2 (1.1) (0.4) 7.7 $0.9 60% 2#4Fortress balance sheet $B, EXCEPT PER SHARE DATA Risk-based capital metrics¹ CET1 capital CET1 capital ratio - Standardized CET1 capital ratio - Advanced Basel III Standardized RWA Leverage-based capital metric² Firm SLR Liquidity metrics ³ Firm LCR Bank LCR 1Q23 Balance sheet metrics Total assets (EOP) Deposits (average) Tangible book value per share4 $227 $219 13.8% 13.2% 13.9 13.6 $1,650 $1,654 5.9% 140 Total excess HQLA $368 HQLA and unencumbered marketable securities 1,431 114% $3,744 2,320 76.69 4Q22 5 Reflects Net Income Applicable to Common Equity 6 Excludes AOCI on cash flow hedges and DVA related to structured notes 5.6% 112% 151 $437 1,427 1Q22 $208 7 Includes net share repurchases and common dividends 8 Primarily CET1 capital deductions, including the impact of CECL. See note 1 on slide 11 JPMORGAN CHASE & CO. 11.9% 12.7 $1,751 5.2% 110% 181 $625 1,662 $3,666 $3,955 2,380 2,516 73.12 69.58 STANDARDIZED CET1 RATIO (%)¹ 14 bps 13.2% 4Q22 1,654 74 bps 4Q22 Net income5 AOCI6 (6) (29 bps) Loans Net share repurchases: (12 bps) Capital Distributions STANDARDIZED RISK-WEIGHTED ASSETS ($B)¹ (4) Note: Totals may not sum due to rounding 1 Estimated for the current period. See note 1 on slide 11 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 11 4 See note 3 on slide 10 3 bps Market Risk RWA 6 13.8% L (9 bps) Other 8 Credit Risk ex. Loans 1Q23 1,650 1Q23 3#5Consumer & Community Banking ¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Banking & Wealth Management² Home Lending Card Services & Auto Expense ² Credit costs Net charge-offs (NCOs) Change in allowance Net income KEY DRIVERS / STATISTICS ($B)³ Equity ROE Overhead ratio Average loans Average deposits Active mobile customers (mm)4 Debit & credit card sales volume 5 1Q23 $16,456 10,041 720 5,695 8,065 1,402 1,052 350 $5,243 1 See note 1 on slide 10 2 See note 3 on slide 11 For additional footnotes see slide 12. JPMORGAN CHASE & CO. 1Q23 $52.0 40% 49 $449.8 1,113.0 50.9 $387.3 $ 0/(U) 4Q22 $663 459 136 68 153 (443) 207 (650) $687 $2,335 4Q22 $50.0 Average loans up 5% YoY and flat QoQ Average deposits down 4% YoY and 3% QoQ EOP deposits down 4% YoY and up 1% QOQ Active mobile customers up 9% YoY Debit & credit card sales volume up 10% YoY Client investment assets down 1% YoY and up 7% QOQ 1Q22 $4,274 4,026 35% 50 (449) 697 410 724 499 225 23% 63 $448.5 $428.9 1,142.5 1,153.5 49.7 46.5 $411.1 $351.5 1Q22 $50.0 CCB CIB FINANCIAL PERFORMANCE • Net income of $5.2B, up 80% YoY • Revenue of $16.5B, up 35% YoY, driven by higher net interest income • Expense of $8.1B, up 5% YoY, largely driven by higher compensation, including wage inflation and headcount growth, as well as investments in the business, largely offset by lower auto lease depreciation CB Credit costs of $1.4B NCOs of $1.1B, up $499mm YoY, predominantly driven by Card Services Banking & Wealth Management Business Banking average loans Business Banking loan originations Client investment assets (EOP) Deposit margin Home Lending Average loans Loan originations . Reserve build of $300mm in Card Services and $50mm in Home Lending KEY DRIVERS / STATISTICS ($B) - DETAIL BY BUSINESS 1Q23 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 AWM Corp. $19.9 1.0 690.8 2.78% $172.1 5.7 575.9 (0.04)% $180.5 80.3 9.2 2.07% 10.38 $266.2 $20.5 1.1 647.1 2.48% $174.5 6.7 584.3 (0.08)% $177.0 80.0 7.5 1.62% 10.06 $284.8 1Q22 $24.8 1.0 696.3 1.22% $176.5 24.7 575.4 (0.17)% $149.4 85.7 8.4 1.37% 9.87 $236.4 4#6Corporate & Investment Bank1 SELECTED INCOME STATEMENT DATA ($MM) Revenue Investment Banking revenue Payments² Lending Total Banking Fixed Income Markets Equity Markets Securities Services Credit Adjustments & Other Total Markets & Securities Services Expense ² Credit costs Net income KEY DRIVERS / STATISTICS ($B)³ Equity ROE² Overhead ratio Comp/revenue IB fees ($mm) Average loans Average client deposits Merchant processing volume 5 Assets under custody ($T) 6 ALL/EOP loans ex-conduits and trade Net charge-off/(recovery) rate Average VaR ($mm) 1 See note 1 on slide 10 2 See note 3 on slide 11 For additional footnotes see slide 12. 1Q23 $13,600 1,560 2,396 267 JPMORGAN CHASE & CO. 4,223 5,699 2,683 1,148 (153) 9,377 7,483 58 $4,421 1Q23 $108.0 16% 55 30 $1,654 228.1 633.7 558.8 29.7 1.81% 0.11 $45 $ 0/(U) 4Q22 $3,002 171 276 (56) 391 1,960 752 (11) (90) 2,611 988 (83) $1,107 4Q22 $103.0 12% 61 29 $1,467 225.8 649.7 583.2 28.6 1.67% 0.02 $60 1Q22 $24 (497) 495 (54) (56) 1 (372) 80 371 80 120 (387) $49 1Q22 $103.0 16% 54 30 $2,050 212.4 709.1 490.2 31.6 1.31% 0.05 $64 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE • Net income of $4.4B, up 1% YoY; revenue of $13.6B, flat YoY • Banking revenue - IB revenue of $1.6B, down 24% YoY IB fees down 19% YoY, predominantly driven by lower debt underwriting fees ● Payments revenue of $2.4B, up 26% YoY Excluding the net impact of equity investments, primarily a gain in the prior year, up 55%, predominantly driven by higher rates, partially offset by lower deposit balances • Lending revenue of $267mm, down 17% YoY, predominantly driven by mark-to-market losses on hedges of retained loans, largely offset by higher net interest income on higher loan balances Markets & Securities Services revenue • Markets revenue of $8.4B, down 4% YoY Fixed Income Markets revenue of $5.7B, flat YoY, reflecting higher revenue in Rates and Credit and lower revenue in Currencies & Emerging Markets - - Equity Markets revenue of $2.7B, down 12% YoY, against a strong first quarter in the prior year • Securities Services revenue of $1.1B, up 7% YoY, driven by higher rates, partially offset by lower deposit balances and market levels • Expense of $7.5B, up 2% YoY, reflecting higher compensation, including headcount growth and wage inflation, largely offset by lower revenue-related compensation ● Credit costs of $58mm LO 5#7Commercial Banking1 SELECTED INCOME STATEMENT DATA ($MM) Revenue Middle Market Banking Corporate Client Banking Commercial Real Estate Banking Other Expense Credit costs Net income Equity ROE KEY DRIVERS / STATISTICS ($B)² Overhead ratio Payments revenue ($mm)³ Gross IB revenue ($mm)4 Average loans5 Average client deposits Allowance for loan losses Nonaccrual loans 6 Net charge-off/(recovery) rate ALL/loans 1 See note 1 on slide 10 For additional footnotes see slide 12. 1Q23 $3,511 1,681 1,176 642 12 JPMORGAN CHASE & CO. 1,308 417 $1,347 1Q23 $28.5 18% 37 $2,028 $881 238.0 266.0 3.6 0.9 0.06% 1.49 $ 0/(U) 4Q22 $107 62 67 (24) 2 5 54 179 133 260 ($76) $497 4Q22 $25.0 22% 37 1Q22 $1,113 701 346 61 $1,989 $700 235.3 278.9 3.3 0.8 0.06% 1.42 1Q22 $25.0 13% 47 $1,022 $729 210.7 316.9 2.4 0.8 0.01% 1.11 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE • Net income of $1.3B, up 58% YoY • Revenue of $3.5B, up 46% YoY, driven by higher deposit margins, partially offset by lower deposit-related fees ● Payments revenue of $2.0B, up 98% YoY • Gross IB revenue of $881mm, up 21% YoY • Expense of $1.3B, up 16% YoY, largely driven by higher compensation, including headcount growth, as well as higher volume- related expense ● Credit costs of $417mm, reflecting a net reserve build Average loans of $238B, up 13% YoY and up 1% QOQ C&17 up 18% YoY and up 1% QOQ CRE7 up 8% YoY and up 1% QOQ • Average deposits of $266B, down 16% YoY and 5% QoQ, predominantly driven by continued attrition in non-operating deposits as well as seasonally lower balances 6#8Asset & Wealth Management¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Asset Management Global Private Bank Expense Credit costs Net income KEY DRIVERS / STATISTICS ($B)² Equity ROE Pretax margin Assets under management ("AUM") Client assets Average loans Average deposits 1Q23 $4,784 2,434 2,350 3,091 28 $1,367 1 See note 1 on slide 10 2 Actual numbers for all periods, not over/(under) JPMORGAN CHASE & CO. 1Q23 $16.0 34% 35 $3,006 4,347 211.5 224.4 $ 0/(U) 4Q22 $196 276 (80) 69 (4) $233 4Q22 $17.0 26% 33 $2,766 4,048 214.2 237.0 1Q22 $469 120 349 231 (126) $359 1Q22 $17.0 23% 30 $2,960 4,116 214.6 287.8 CCB CIB AWM Corp. FINANCIAL PERFORMANCE • Net income of $1.4B, up 36% YoY • Revenue of $4.8B, up 11% YoY, driven by higher deposit margins on lower balances and a valuation gain of $339mm on the Firm's initial investment in the Asset Management joint venture in China as a result of taking 100% ownership, partially offset by the impact of lower average market levels on management fees and lower performance fees • Expense of $3.1B, up 8% YoY, predominantly driven by higher compensation, including headcount growth, higher revenue-related compensation and the impact of acquisitions • AUM of $3.0T was up 2% YoY and client assets of $4.3T were up 6% YOY, driven by continued net inflows . For the quarter, AUM had long-term net inflows of $47B and liquidity net inflows of $93B Average loans of $211B, down 1% YoY and down 1% QOQ Average deposits of $224B, down 22% YoY and down 5% QOQ 7#9Corporate ¹ SELECTED INCOME STATEMENT DATA ($MM) Revenue Net interest income Noninterest revenue Expense Credit costs Net income/(loss) 1 See note 1 on slide 10 JPMORGAN CHASE & CO. $ 0/(U) 1Q23 $985 1,740 4Q22 ($198) 442 (755) (640) (410) 160 (179) (24) 370 384 341 $244 ($337) $1,100 1Q22 $1,866 2,276 CCB CIB CB AWM Corp. FINANCIAL PERFORMANCE ● Revenue was $985mm, up $1.9B YOY • Net interest income was $1.7B, compared with a loss of $536mm in the prior year, due to the impact of higher rates • Noninterest revenue was a loss of $755mm, compared with a loss of $345mm in the prior year, and included net investment securities losses of $868mm • Expense: Noninterest expense of $160mm, down $24mm YoY ● Credit costs of $370mm, reflecting a net reserve build, driven by single name exposures 8#10Outlook 1 FIRMWIDE 1 2 3 Expect FY2023 net interest income and net interest income excluding Markets of $81B, market dependent NII EX. MARKETS $21B Run-rate: $84B 1Q23 1 See notes 1, 2 and 4 on slide 10 -$60B ~$80B JPMORGAN CHASE & CO. 2Q23-4Q23 mid-70s ($B) Expect FY2023 adjusted expense of ~$81B, market dependent Medium-term Expect FY2023 Card Services NCO rate of ~2.60% SIGNIFICANT SOURCES OF UNCERTAINTY • Deposit reprice (magnitude and timing) Consumer behavior and competitive dynamics ● Hard vs. soft landing • Impacts both rates and loan growth Loan growth, including card revolve • Securities reinvestment strategy Impact of policy choices Pace of quantitative tightening ● Path of Fed Funds rate Size and terms of RRP 9#11Notes 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 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 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. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. Book value per share was $94.34, $90.29 and $86.16 at March 31, 2023, December 31, 2022 and March 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 Firm wide legal expense of $176mm, $27mm and $119mm for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively. 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 Corporate & Investment Bank ("CIB") calculates the ratio of the allowance for loan losses to end-of-period loans ("ALL/EOP") excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB's allowance coverage ratio JPMORGAN CHASE & CO. 10#12Additional notes 1. 2. 3. 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 March 31, 2023, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $1.4B CECL benefit; as of December 31, 2022 and March 31, 2022, CET1 capital reflected a $2.2B benefit. Refer to Capital Risk Management 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 the Firm's average eligible HQLA, other end-of-period HQLA-eligible securities which are included as part of the excess liquidity at the Bank that are not transferable to non-bank affiliates and thus excluded from the Firm's LCR under the LCR rule, and 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 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 JPMORGAN CHASE & CO. 11#13Additional notes on slides 4-6 Slide 4 Consumer & Community Banking 3. 4. 5. 6. 7. 3. 4. 5. 6. Slide 5 - Corporate & Investment Bank 2. 3. Actual numbers for all periods, not over/(under) Users of all mobile platforms who have logged in within the past 90 days Excludes Commercial Card 4. Includes the impact of loans originated under the PPP. For further information, refer to page 13 of the Earnings Release Financial Supplement Firm wide mortgage origination volume was $6.8B, $8.5B and $30.2B for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively 5. 6. 7. Slide 6 Commercial Banking Actual numbers for all periods, not over/(under) Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses Represents total merchant processing volume across CIB, CCB and CB Loans held-for-sale and loans at fair value were excluded when calculating the loan loss coverage ratio and net charge-off/(recovery) rate. ALL/EOP loans as reported was 1.31%, 1.22%, and 1.01% at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. See note 5 on slide 10 Actual numbers for all periods, not over/(under) In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. 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 with the CIB, for products sold to CB clients through the Investment Banking, Markets or Payments businesses. 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 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. 12#14Forward-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, which has 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. 13