3Q23 Financial Results

October 13, 2023

3Q23 Financial highlights
CET1 capital ratios2 Std. RWA3 $1.7T
ROTCE1
Std. 14.3% 14.5% | Adv. $1.4T
22% Cash and marketable securities4
Total Loss-Absorbing Capacity $496B 2
Average loans $1.3T

⚫ 3Q23 net income of $13.2B and EPS of $4.33

Income statement ⚫ Managed revenue of $40.7B5
⚫ Expense of $21.8B and managed overhead ratio of 53%5

⚫ Loans: average loans of $1.3T up 17% YoY and 5% QoQ

– Ex. FR6, average loans of $1.2T up 4% YoY and 2% QoQ
⚫ Deposits: average deposits of $2.4T down 4% YoY and 1% QoQ
Balance sheet
– Ex. FR, average deposits of $2.3T down 6% YoY and 2% QoQ
⚫ CET1 capital of $242B2
– Standardized CET1 capital ratio of 14.3%2; Advanced CET1 capital ratio of 14.5%2

⚫ Common dividend of $3.1B or $1.05 per share

Capital distributed ⚫ $2.0B of common stock net repurchases7
⚫ Net payout LTM of 35%8

SIGNIFICANT ITEMS ($MM, EXCLUDING EPS)

Pretax Net income EPS
Net investment securities losses in Corporate ($669) ($508) ($0.17)
Firmwide legal expense ($665) ($654) ($0.22)

1 See note 3 on slide 12 6 On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First
2 Represents the estimated Basel III common equity Tier 1 (“CET1”) capital and ratio and Total Loss- Republic. All references in this presentation to “ex. FR” or “FR impact” refer to excluding or including the
Absorbing Capacity for the current period. See note 1 on slide 13 relevant effects of the First Republic acquisition, as well as subsequent related business and activities,
3 Standardized risk-weighted assets (“RWA”). Estimated for the current period. See note 1 on slide 13 as applicable
4 Cash and marketable securities represents HQLA and unencumbered marketable securities. Estimated 7 Includes the net impact of employee issuances

for the current period. See note 2 on slide 13 8 Last twelve months (“LTM”). Net of stock issued to employees
5 See note 1 on slide 12

1
3Q23 Financial results1
$B, EXCEPT PER SHARE DATA

3Q23 ex. FR $ O/(U)

Reported FR impact ex. FR 2Q23 3Q22
Net interest income $22.9 $1.5 $21.4 $0.4 $3.8
Noninterest revenue 17.8 0.8 17.1 (0.3) 1.2
Managed revenue 1 $B 3Q23 2Q23 3Q22 40.7 2.2 38.5 0.1 5.0
Net charge-offs $1.5 $1.4 $0.7
Expense Reserve build/(release) (0.1) 1.5 0.8
21.8 0.9 20.9 0.7 1.7
Credit costs Credit costs $1.4 $2.9 $1.5 1.4 (0.0) 1.4 (0.3) (0.1)
Net income 3Q23 Tax rate $13.2 $1.1 $12.1 ($0.0) $2.3
Effective rate: 21.4%
Net income applicable to common stockholders Managed rate: 25.0%1,6 $12.7 $1.1 $11.6 ($0.0) $2.4
EPS – diluted $4.33 $0.36 $3.97 $0.02 $0.85
3Q23 ROE O/H ratio
ROE2 18% 2% 16% 17% 15%
CCB 41% 50%
ROTCE2,3 CIB 11% 63% 22 2 20 21 18
CB 25% 34%
Overhead ratio – managed1,2 AWM 32% 63% 53 (1) 54 53 57
Memo:
NII excluding Markets 4 $23.2 $1.5 $21.7 $0.2 $4.8
NIR excluding Markets 4 10.9 0.8 10.2 0.3 0.4
Markets revenue 6.6 - 6.6 (0.4) (0.2)
1
Managed revenue 40.7 2.2 38.5 0.1 5.0
Adjusted expense 5 $21.1 $0.9 $20.2 $0.4 $1.1
Adjusted overhead ratio 1,2,5 52% (1)% 53% 52% 57%

Note: Totals may not sum due to rounding

1 See note 1 on slide 12
2 Actual numbers for all periods, not over/(under)
3 See note 3 on slide 12
4 See note 2 on slide 12
5 See note 4 on slide 12
6 Reflects fully taxable-equivalent (“FTE”) adjustments of $812mm in 3Q23

2
Fortress balance sheet
$B, EXCEPT PER SHARE DATA STANDARDIZED CET1 RATIO (%)1
3Q23 2Q23 3Q22
1 75 bps
Risk-based capital metrics
4 bps 14.3%
(14 bps) 11 bps
CET1 capital $242 $236 $210
(30 bps)
CET1 capital ratio – Standardized 14.3% 13.8% 12.5% 13.8%

CET1 capital ratio – Advanced 14.5 13.9 13.0

Basel III Standardized RWA $1,693 $1,707 $1,678

Leverage-based capital metric2

7 9
Firm SLR 6.0% 5.8% 5.3% 2Q23 Net AOCI Capital RWA Other 3Q23
income6 Distributions8

Liquidity metrics3 STANDARDIZED RISK-WEIGHTED ASSETS ($B)1

Firm LCR 112% 112% 113%

Bank LCR 123 129 165 1,707

Total excess HQLA $252 $296 $531

(5)
(3) 1,693
HQLA and unencumbered marketable securities 1,386 1,411 1,4804
(5)

Balance sheet metrics

Total assets (EOP) $3,898 $3,868 $3,774

Deposits (average) 2,356 2,387 2,445

Tangible book value per share5 82.04 79.90 69.90 2Q23 Loans Market Risk Credit Risk 3Q23
ex. Loans

Note: Totals may not sum due to rounding 5 See note 3 on slide 12
1 Estimated for the current period. See note 1 on slide 13 6 Reflects Net Income Applicable to Common Equity
2 Estimated for the current period. Represents the supplementary leverage ratio (“SLR”) 7 Excludes AOCI on cash flow hedges and DVA related to structured notes
3 Estimated for the current period. Liquidity Coverage Ratio (“LCR”) represents the average LCR for 8 Includes net share repurchases and common dividends

the Firm and JPMorgan Chase Bank, N.A. (“Bank”). See note 2 on slide 13 9 Primarily reduction in CET1 capital deductions
4 See note 4 on slide 13

3
U.S. B3E NPR increases JPM’s required capital by 25%... but why?

⚫ As proposed, the U.S. B3E NPR1 increases the Firm’s RWA by 30% ($500B) and required capital by 25% ($50B)
⚫ $22.5B is directly linked to our 4.5% GSIB2 surcharge (4.5% x $500B), despite no change to our systemic risk footprint

⚫ The proposal increases the required capital for operational risk by $30B
⚫ We estimate our SCB already includes ~$15B3 capital for operational risk

GSIB SURCHARGE EXACERBATES THE IMPACT INCREASE IN OPERATIONAL RISK CAPITAL

= Operational risk capital $250B

~$45B

$200B $50B
98 GSIB

$22.5B
GSIB 75
$30B Capital
added
55 SCB for B3E
$5B RWA
SCB4 50 ~$15B

Regulatory 98 Regulatory
75 $22.5B SCB
minimum minimum

5
Current Standardized B3E NPR Current 3 Proposed

JPM believes that an RWA change of this magnitude requires corresponding adjustments to SCB and GSIB

Note: Estimated B3E impacts based on our best understanding of the proposal applied to our balance sheet as of 2Q23 and does not incorporate any remediation. Numbers above have been rounded for ease of illustration. Estimated
RWA impact of >$500B has been rounded down to $500B
For footnotes see slide 14

4
The “19%”1 quoted by the Agencies does not tell the full story

⚫ Measured since the 2017 rules, JPM’s CET1 capital requirements will have increased by ~45% should the rule be enacted as proposed

⚫ And looking beyond the B3E proposal, the future trend is up

⚫ We anticipate that the Fed’s incorporation of CECL in the stress test will raise the SCB
⚫ Since the GSIB proposal did not adjust for growth, we expect continued headwinds due to ordinary economic growth

⚫ JPM disagrees with the cost-benefit analysis and believes that increases of this magnitude are unwarranted

GROWTH IN JPM CET1 REQUIREMENTS SINCE 20172

~45%
?
CECL6 in
CCAR

?
B3E NPR
GSIB: 4.0 to 4.5%
$50B / 25% GSIB
SA-CCR and
headwinds
SCB adoptions4 $8B / 4%
GSIB: 3.5 to 4.0% GSIB NPR5 ?

$17B / 10% $4B / 2%

2017 rules 3 3Q23 Pre-NPR Post B3E and GSIB NPR Future

Note: Numbers above have been rounded for ease of illustration

For footnotes see slide 14

5
 CCB CIB CB AWM Corp.

Consumer & Community Banking1

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE (ex. FR)
3Q23 ex. FR $ O/(U) ⚫ Net income of $5.3B, up 22% YoY
Reported FR impact ex. FR 2Q23 3Q22 ⚫ Revenue of $17.0B, up 19% YoY, driven by higher net interest income
Revenue $18,362 $1,355 $17,007 $605 $2,726 ⚫ Expense of $8.5B, up 7% YoY, driven by higher compensation including an
Banking & Wealth Management
2
11,345 1,004 10,341 1 2,381 increase in headcount, continued investments in technology and marketing
Home Lending 1,252 351 901 129 (19) and the FDIC assessment increase announced in the prior year, partially
Card Services & Auto 5,765 - 5,765 475 364 offset by lower auto lease depreciation
Expense
2
9,105 583 8,522 246 539 ⚫ Credit costs of $1.4B
Credit costs 1,446 (2) 1,448 (6) 919 ⚫ NCOs of $1.4B, up $720mm YoY, predominantly driven by continued
Net charge-offs (NCOs) 1,399 - 1,399 148 720 normalization in Card Services
Change in allowance 47 (2) 49 (154) 199 ⚫ Net reserve build of $49mm reflected $301mm in Card Services,
Net income $5,895 $589 $5,307 $294 $963 predominantly offset by a net release of $250mm in Home Lending

KEY DRIVERS / STATISTICS ($B)3 KEY DRIVERS / STATISTICS ($B) – DETAIL BY BUSINESS
3Q23 ex. FR 3Q23 ex. FR
Reported FR impact ex. FR 2Q23 3Q22 Reported FR impact ex. FR 2Q23 3Q22
Average equity $55.5 $3.5 $52.0 $52.0 $50.0 Banking & Wealth Management
Business Banking average loans6 $19.5 - $19.5 $19.6 $21.3
ROE 41% 2% 40% 38% 34%
Business Banking loan originations 1.3 - 1.3 1.3 1.0
Overhead ratio 50 (1) 50 50 56
Client investment assets (EOP) 882.3 140.6 741.7 742.0 615.0
Average loans $564.3 $94.3 $470.0 $458.4 $442.7 Deposit margin 2.92% 0.07% 2.85% 2.82% 1.83%
Average deposits 1,143.5 66.7 1,076.8 1,110.1 1,174.2 Home Lending
Active mobile customers (mm) 4 53.2 n.a. 53.2 52.0 48.9 Average loans $264.0 $91.1 $172.9 $172.4 $176.9
7
5 Loan originations 11.0 0.7 10.3 10.1 12.1
Debit & credit card sales volume $426.3 $0.5 $425.8 $423.6 $395.8
Third-party mortgage loans serviced (EOP) 637.8 3.0 634.9 601.4 586.7
⚫ Ex. FR: Net charge-off/(recovery) rate (0.02)% 0.01% (0.04)% (0.07)% (0.14)%
Card Services & Auto
⚫ Average loans up 6% YoY and 3% QoQ
Card Services average loans $195.2 - $195.2 $187.0 $168.1
⚫ Average deposits down 8% YoY and 3% QoQ Auto average loans and leased assets 85.1 - 85.1 82.1 80.4
– EOP deposits down 9% YoY and 3% QoQ Auto loan and lease originations 10.2 - 10.2 12.0 7.5
⚫ Active mobile customers up 9% YoY Card Services net charge-off rate 2.49% - 2.49% 2.41% 1.40%
Card Services net revenue rate 9.60 - 9.60 9.11 9.92
⚫ Debit & credit card sales volume up 8% YoY
Card Services sales volume5 $296.2 - $296.2 $294.0 $272.3
⚫ Client investment assets up 21% YoY and flat QoQ
1 See note 1 on slide 12
2 See note 3 on slide 13
For additional footnotes see slide 14

6
 CCB CIB CB AWM Corp.

Corporate & Investment Bank1

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE
$ O/(U) ⚫ Net income of $3.1B, down 12% YoY; revenue of $11.7B, down 2%
3Q23 2Q23 3Q22 YoY
Revenue $11,730 ($789) ($195) ⚫ Banking revenue
Investment Banking revenue 1,613 119 (100) ⚫ IB revenue of $1.6B, down 6% YoY
2
Payments 2,094 (357) 55 – IB fees down 3% YoY, driven by lower advisory fees, largely offset by
Lending 291 (8) (32) higher debt underwriting fees
Total Banking 3,998 (246) (77) ⚫ Payments revenue of $2.1B, up 3% YoY
Fixed Income Markets 4,514 (53) 45 – Excluding the net impact of equity investments, which reflected an
Equity Markets 2,067 (384) (235) impairment in the current period, up 12%, driven by higher rates,
Securities Services 1,212 (9) 102 partially offset by lower deposit balances
Credit Adjustments & Other (61) (97) (30)
⚫ Lending revenue of $291mm, down 10% YoY, driven by mark-to-market
Total Markets & Securities Services 7,732 (543) (118) losses on hedges of retained loans, partially offset by higher net interest
Expense2 7,443 549 761 income
Credit costs (185) (223) (698)
⚫ Markets & Securities Services revenue
Net income $3,092 ($1,000) ($430)
⚫ Markets revenue of $6.6B, down 3% YoY
– Fixed Income Markets revenue of $4.5B, up 1% YoY, driven by
KEY DRIVERS / STATISTICS ($B)3 higher revenue in Securitized Products and Credit, predominantly
offset by lower revenue in Currencies & Emerging Markets
3Q23 2Q23 3Q22 – Equity Markets revenue of $2.1B, down 10% YoY, driven by lower
Equity $108.0 $108.0 $103.0 revenue across products when compared with a strong third quarter
ROE 11% 15% 13% in the prior year
Overhead ratio 63 55 56 ⚫ Securities Services revenue of $1.2B, up 9% YoY, driven by higher
Comp/revenue 29 28 28 rates, partially offset by lower deposit balances
IB fees ($mm) $1,717 $1,557 $1,762
⚫ Expense of $7.4B, up 11% YoY, predominantly driven by higher legal
Average loans 232.9 227.3 221.6
expense and wage inflation
4
Average client deposits 638.1 647.5 669.2
⚫ Credit costs were a net benefit of $185mm
Merchant processing volume5 610.1 600.1 545.4
Assets under custody ($T) 29.7 30.4 27.2 ⚫ Net reserve release of $230mm, driven by the impact of net lending
Net charge-off/(recovery) rate 6
0.09 0.12 0.04 activity and changes in the central scenario
Average VaR ($mm) $38 $44 $53 ⚫ NCOs of $45mm

1 See note 1 on slide 12

2 See note 3 on slide 13
For additional footnotes see slide 14

7
 CCB CIB CB AWM Corp.

Commercial Banking1
SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE (ex. FR)

3Q23 ex. FR $ O/(U) ⚫ Net income of $1.7B, up 79% YoY

Reported FR impact ex. FR 2Q23 3Q22 ⚫ Revenue of $3.7B, up 20% YoY

Revenue $4,031 $366 $3,665 ($145) $617

⚫ Payments revenue of $2.0B, up 30% YoY, driven by higher
rates
Middle Market Banking 1,876 93 1,783 (85) 417 ⚫ Investment Banking and Markets revenue, gross of
Corporate Client Banking 1,208 - 1,208 (21) 156 $821mm, up 8% YoY, reflecting increased M&A volume

Commercial Real Estate Banking 921 273 648 (28) 24 ⚫ Expense of $1.4B, up 15% YoY, largely driven by an
increase in headcount including front office and technology
Other 26 - 26 (11) 20 investments, as well as higher volume-related expense,
Expense 1,375 18 1,357 57 177 including the impact of new client acquisition
⚫ Credit costs of $64mm
Credit costs 90 26 64 (425) (554)
⚫ NCOs of $50mm
Net income $1,935 $245 $1,690 $156 $744
⚫ Reserve build of $14mm, driven by updates to certain
commercial real estate pricing variables, largely offset by
KEY DRIVERS / STATISTICS ($B)2 other changes in the central scenario and the impact of net
3Q23 ex. FR
lending activity
Reported FR impact ex. FR 2Q23 3Q22
⚫ Average loans of $244B, up 6% YoY and up 1% QoQ
Average equity $30.0 $1.5 $28.5 $28.5 $25.0
⚫ C&I8 up 7% YoY and flat QoQ
ROE 25% 2% 23% 21% 14%
⚫ CRE8 up 6% YoY and up 1% QoQ
Overhead ratio 34 (3) 37 34 39
3
$2,045 - $2,045 $2,188 $1,568
⚫ Average deposits of $262B, down 7% YoY and 5% QoQ,
Payments revenue ($mm)
primarily driven by lower non-operating deposits
Investment Banking and Markets
$821 - $821 $767 $761
revenue, gross ($mm) 4
Average loans5 283.0 39.0 244.0 242.2 229.1
Average client deposits 262.1 - 262.1 275.2 281.3
Allowance for loan losses 4.7 0.6 4.2 4.2 3.1
Nonaccrual loans 0.9 - 0.9 1.0 0.8
6 7
Net charge-off/(recovery) rate 0.07% (0.01)% 0.08% 0.17% 0.07%
6
ALL/loans 1.68 (0.04) 1.72 1.72 1.32

1 See note 1 on slide 12

For additional footnotes see slide 15

8
 CCB CIB CB AWM Corp.

Asset & Wealth Management1

SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE (ex. FR)

3Q23 ex. FR $ O/(U) ⚫ Net income of $1.1B, down 12% YoY

Reported FR impact ex. FR 2Q23 3Q22 ⚫ Revenue of $4.6B, relatively flat YoY, driven by higher
management fees on strong net inflows and higher average
Revenue $5,005 $436 $4,569 ($71) $30
market levels, offset by lower performance fees and lower net
Asset Management 2,164 - 2,164 36 (45) interest income

Global Private Bank 2,841 436 2,405 (107) 75 ⚫ Expense of $3.1B, up 3% YoY, driven by continued growth in
private banking advisor teams and the impact of JPMAM
Expense 3,138 17 3,121 (42) 93
China and Global Shares
Credit costs (13) (31) 18 19 120
⚫ AUM of $3.2T was up 22% YoY and client assets of $4.6T
Net income $1,417 $342 $1,075 ($32) ($144) were up 21% YoY, driven by continued net inflows and higher
market levels
⚫ For the quarter, AUM had long-term net inflows of $20B
and liquidity net inflows of $40B
⚫ Average loans of $211B, down 3% YoY and flat QoQ
KEY DRIVERS / STATISTICS ($B)2
⚫ Average deposits of $202B, down 20% YoY and down 5%
3Q23 ex. FR QoQ
Reported FR impact ex. FR 2Q23 3Q22

Average equity $17.0 $1.0 $16.0 $16.0 $17.0

ROE 32% 6% 26% 27% 28%

Pretax margin 38 6 31 32 36

Assets under management ("AUM") $3,186 - $3,186 $3,188 $2,616

Client assets 4,644 - 4,644 4,558 3,823

Average loans 223.8 13.0 210.8 209.8 216.7

Average deposits 202.0 - 202.0 211.9 253.0

1 See note 1 on slide 12

2 Actual numbers for all periods, not over/(under)

9
 CCB CIB CB AWM Corp.

Corporate1
SELECTED INCOME STATEMENT DATA ($MM) FINANCIAL PERFORMANCE (ex. FR)

3Q23 ex. FR $ O/(U) ⚫ Revenue was $1.5B, up $1.8B YoY

⚫ Net interest income was $2.0B, compared with $792mm in
Reported FR impact ex. FR 2Q23 3Q22
the prior year, driven by the impact of higher rates
Revenue $1,558 $78 $1,480 $495 $1,782 ⚫ Noninterest revenue was a loss of $506mm, compared
Net interest income 1,983 (3) 1,986 219 1,194
with a loss of $1.1B in the prior year, and included
$669mm of net investment securities losses
Noninterest revenue (425) 81 (506) 276 588
⚫ Expense of $456mm, up $151mm YoY
Expense 696 240 456 (134) 151

Credit costs 46 - 46 289 67

Net income/(loss) $812 ($99) $911 $572 $1,205

1 See note 1 on slide 12

10
Outlook1

FIRMWIDE

Expect FY2023 net interest income of ~$88.5B, market dependent

1 Expect FY2023 net interest income excluding Markets of ~$89B, market dependent

Expect FY2023 adjusted expense of ~$84B excluding the FDIC special assessment related to systemic risk
2 determination, market dependent
– Adjusted expense excludes Firmwide legal expense ($1.3B year-to-date)

3 Expect FY2023 Card Services NCO rate of ~2.50%

1 See notes 1, 2 and 4 on slide 12

11
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, refer to page 7 of the Earnings Release Financial Supplement. There are no reclassifications
associated with FR managed revenue

2. 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

3. 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 $100.30, $98.11 and $87.00 at
September 30, 2023, June 30, 2023 and September 30, 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

4. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal
expense of $665mm, $420mm and $47mm for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022, respectively. There was no legal
expense excluded from FR adjusted expense for the three months ended September 30, 2023 and June 30, 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

12
Additional notes

1. 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 September 30, 2023 and June 30, 2023, CET1 capital and Total Loss-Absorbing Capacity reflected the remaining $1.4B
CECL benefit; as of September 30, 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 June 30, 2023 and on pages 86-96 of the Firm’s 2022 Form 10-K for additional information

2. 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 June 30, 2023 and on pages 97-104 of the Firm’s 2022 Form 10-K for additional information

3. 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

4. The 3Q22 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

13
Additional notes on slides 4-7
Slide 4 – U.S. B3E NPR increases JPM’s required capital by 25%... but why?

1. Basel 3 Endgame Notice of Proposed Rulemaking (“B3E NPR”)

2. Global Systemically Important Banks (“GSIB”)
3. Estimate for operational risk losses calculated as follows: Federal Reserve nine-quarter operational risk losses of $185B for all CCAR banks allocated pro-rata based
on total assets and adjusted for a 50% haircut to reflect timing of peak stress occurring prior to the end of nine quarters. Applying this to JPM: $185B x 17% x 50% =
~$15B
4. Based on 2.9% current Stress Capital Buffer (“SCB”) and $500B RWA increase, the translation to an updated SCB requirement under the B3E regime would put
JPMorgan below the 2.5% floor, resulting in an effective increase in the dollars of SCB
5. Reflects CET1 based on estimated 3Q23 Standardized RWA with a 2.9% SCB and 4.5% GSIB

Slide 5 – The “19%” quoted by the Agencies does not tell the full story

1. 19% capital increase for Category I and II bank holding companies, as stated in the B3E NPR
2. Assumes flat balance sheet based on estimated 3Q23 Standardized RWA
3. Based on 2017 rule set the firm had an effective GSIB surcharge of 3.5% and a Capital Conservation Buffer (“CCB”) of 2.5%
4. Current Standardized Approach for Counterparty Credit Risk (“SA-CCR”) impact is assumed to be 50% of the Day 1 adoption impact which we reported as a 1Q22
Standardized RWA increase of $40B; and current SCB 2.9% vs. CCB of 2.5%
5. Estimated impacts from the GSIB Notice of Proposed Rulemaking (“NPR”) based on our best understanding of the proposal. The impact incorporates the benefit of a
higher B3E RWA on the short-term wholesale funding (“STWF”) component of the GSIB surcharge
6. Current Expected Credit Losses (“CECL”)

Slide 6 – Consumer & Community Banking

3. Actual numbers for all periods, not over/(under)

4. Users of all JPMorgan Chase mobile platforms who have logged in within the past 90 days. Excludes First Republic
5. Excludes Commercial Card
6. Includes the impact of loans originated under the PPP. For further information, refer to page 13 of the Earnings Release Financial Supplement
7. Firmwide mortgage origination volume was $13.0B, $13.0B and $15.2B for the three months ended September 30, 2023, June 30, 2023 and September 30, 2022,
respectively

Slide 7 – Corporate & Investment Bank

3. Actual numbers for all periods, not over/(under)

4. Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses
5. Represents Firmwide merchant processing volume
6. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate

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Additional notes on slide 8
Slide 8 – Commercial Banking

2. Actual numbers for all periods, not over/(under)

3. 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
4. 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
5. Includes the impact of loans originated under the PPP. For further information, refer to page 20 of the Earnings Release Financial Supplement
6. Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate and loan loss coverage ratio
7. Note that FR net charge-offs were a loss of $4mm in CB in 3Q23; the FR impact to the net charge-off rate is negative due to the addition of FR loans to the overall
denominator
8. 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

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Forward-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 June 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.

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