Topics for discussion

◼ Financial overview
 CIB Overview
◼ Positioning for growth

◼ Industry-leading global franchise

 Markets ◼ Client-centricity driving our leadership position

◼ Scale and competitiveness in electronic markets

◼ Overview and unique value proposition

 Payments ◼ Strong financial performance

◼ Strategic focus areas to drive growth

 Closing Remarks

1
Since the formation of the CIB, we have consistently delivered strong financial performance and
remain the #1 CIB franchise
REVENUE ($B) NET INCOME ($B) CAPITAL ($B) ROE1 OVERHEAD RATIO

 52%  164%  77%  800bps  1600bps

25%
52 21 83 17% 65%
23%
34 16% 49% Global, complete,
47
8 diversified, and at scale
2011 2021 2011 2021 2011 2021 2011 2021 2011 2021
100+ countries
Industry2:  14%
~100 currencies
INVESTMENT BANKING PAYMENTS MARKETS SECURITIES SERVICES
Fees ($B) Firmwide Revenue ($B)4 Revenue ($B) Revenue ($B)5 90%+ of Fortune 500 companies

 128%  45%  42%  23% Top 2 in 21 of 24 businesses;

 57% TS only
#1 in 14 businesses2
13.4 10.3
4.4 CB3 1.7 Other 27.4 4.3 ~68,000 employees
7.1
3.5
5.9 1.6 19.3
1.0 8.6 TS
9.0 CIB
5.5
4.9

2011 2021 2011 2021 2011 2021 2011 2021

Industry2:  90%  (13%)  5%  12%

TS only

1 Shaded
2
bar represents reported ROE. Solid bar represents adjusted ROE which is a non-GAAP financial measure. Refer to page 44 for non-GAAP financial measures.
2 Source: Coalition Greenwich Competitor Analytics and Dealogic. Payments reflects Global Firmwide Treasury Services business (CIB and CB). Securities Services includes Corp Trust, Escrow and Clearing & Settlement. For footnoted information, refer to page 45.
3 Represents total DCM, ECM, M&A, SLF and ABS deal fees associated with CB clients.
4 Includes CB and CCB. 2011 revenue adjusted to include firmwide Chase Merchant Services revenue of $1B in Other.
5 2011 revenue adjusted by $(0.4)B to exclude the impact of past business simplification, exit actions and accounting changes.
Since 2017, our market share has grown across all businesses and regions, while maintaining
expense discipline and operating leverage

Significant market share improvements between 2017 and 20211… …enabled strong financial results2

GLOBAL INVESTMENT BANKING Revenue Expense Net Income

 180bps  130bps 10% 6% 18%

CAGR CAGR CAGR

46% 26%
AMERICAS PAYMENTS (TS)
51.7 25.3
94%
 220bps  180bps 21.1
20.1
35.5

EMEA MARKETS 10.9

 70bps  160bps

2017 2021 2017 2021 2017 2021

APAC SECURITIES SERVICES

 170bps  50bps Overhead Ratio 57% 49%

Capital ($B) 70 83

3
1 Source: Coalition Greenwich Competitor Analytics and Dealogic. Securities Services excludes Corp Trust, Escrow and Clearing & Settlement For footnoted information, refer to page 45.
2 For footnoted information, refer to page 44.
 We’ve delivered strong results across our businesses at returns above the firmwide cost of capital
NOT TO SCALE

Corporate & Investment Bank

ROE 15% 16% 14% 20% 25%

40%

80

$80B $80B $83B 35%

70

60 Capital $70B $70B 26% 30%

22%
20%
25%

50

17%
40
Heritage TSS ROE
15% 20%

30
12% 19% 15%

Heritage IB ROE
20
14% 15% 14% 10%

5%
10

0 0%

2017 2018 2019 2020 2021

Investment Banking CIB Payments Markets Securities Services

60% 60% 60.00 60% 60%

14.00 14.00 14.00

50% 50% 50.00 50% 50%

12.00 12.00 12.00

10.00 40% 10.00 40% 40.00 40% 10.00 40%

Capital
8.00 8.00 8.00
30% 30% 30.00 30% 30%

6.00 6.00 6.00

ROE 20% 20% 20.00 20% 20%

4.00 4.00 4.00

Firmwide
10% 10% 10.00 10% 10%
cost of
2.00 2.00 2.00

capital- 0% - 0% - 0% - 0%

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

4
Note: As reported ROE for Corporate & Investment Bank. ROE for CIB businesses (Investment Banking, Payments, Markets, Securities Services) adjusted to exclude the impact of legal expense.
 Expense growth was mainly driven by business volume / revenue growth and investments

Adjusted Expense1 (2019 – 2022 Market Dependent, $B)

~27 2022 Total Investment Spend $3.8B

25.1 0.7 Market 1.3 Technology Investments2 $3.1B

0.1
Dependent ◼ CIB Technology $2.1B
2.4
22.1 0.5 ◼ Enterprise Technology $1.0B
Digital, Data and AI/ML2 $0.2B
Other (including Operations, Real Estate $0.3B
and Acquisitions)
Bankers (including other revenue producers) $0.2B

Additional details on next page

Volume / Revenue Related

◼ Volume-related brokerage
◼ Performance-driven compensation

Structural
◼ Compensation, including wage inflation
◼ Other operational expenses

2019 Investments Volume/ Structural 2021 Investments Volume/ Structural 2022 Market
Revenue Revenue Dependent
Related Related

Revenue ($B) 39 52

5
1 Adjusted Expense is a non-GAAP financial measure. Refer to page 44 for a reconciliation of reported results to these non-GAAP financial measures.
2 Digital, Data and AI/ML represents dedicated product resources. CIB and Enterprise Technology incorporates additional Digital, Data and AI/ML spend of $0.3B.

.
Our technology and product investments are opening up new growth opportunities and
strengthening our leadership position
We continue to increase our technology and product
investment spend... …to drive business growth, advance strategic platforms and invest in AI/ML (select examples)
Investment Banking
Technology Investments1: $3.1B
Payments + Digital, Data and AI/ML1: $0.2B
Markets = Total CIB Technology Investments: $3.3B
Securities Services
Enterprise Technology 2017-22 Drive business growth with a Advance strategic platforms to Invest in AI/ML and Next Gen
CAGR focus on delivering best-in-class deliver the Firm to our clients and to Technology to ensure we remain
$3.3B
products and experiences to clients support our business priorities competitive
29%
11%
◼ China franchise expansion to ◼ Athena to provide cross-asset risk, ◼ Onyx by J.P. Morgan, our blockchain
CAGR
provide onshore business capabilities pricing and trade management business unit, building innovative
$2.7B to clients solutions to clients platforms like Liink, JPM Coin and
17%
Onyx Digital Assets
◼ Fusion data platform to provide ◼ Client portals including J.P. Morgan
$2.3B
integrated solutions across the Markets and Access to provide ◼ Real-time client facing analytics
investment lifecycle seamless cash management, across Corporate and Small Business
$2.0B research, execution and pricing clients
◼ eTrading platform to support clients
solutions
with the ongoing growth of electronic ◼ Flow Trader utilizing AI to deliver
6%
execution ◼ Real-time and faster payment faster quotes to clients
capabilities deployed to clients
◼ E-commerce capabilities (Wallet, ◼ Leveraging AI/ML to improve our
globally by Graphite
Express Checkout, Embedded operational processes across KYC,
4% Banking) to focus on Marketplaces and ◼ Helix, our API-based Merchant reconciliation, fraud and settlement
SMB Acquiring platform to focus on unified
APIs and cloud enablement
◼ Capital Connect platform to connect
clients, founders and investors for ◼ GLASS platform to provide liquidity
12%
private equity placements and account services such as wallet,
virtual accounts, sweeps and pooling

2017 2019 2021 2022

6
1 Digital, Data and AI/ML represents dedicated product resources. CIB and Enterprise Technology incorporates additional Digital, Data and AI/ML spend of $0.3B.
 We have supported significant volume growth with modest increases to operational expense

We have driven efficiency at scale1… …while controlling our costs

Technology Run The Bank expense2
Cash Payments Cash Equities
Operations direct expense
Annual payment Annual cash equities
transaction volumes 47% trades 210% 2017-22
CAGR
4%
CAGR
Operations cost Operations cost $5.2B
per transaction 18% per trade 67%
$4.9B
$4.7B
$4.2B
Collateral EM & Rates Derivatives
4%
OTC margin calls avg. Annual derivatives
monthly volumes 35% trades 31%

Operations cost Operations cost

per OTC margin call 23% per trade 22%

Securities Processing Fund Services

5%
Annual securities
trade volume
167% Daily NAV volumes 65%

Operations cost Operations cost

per trade
63% per NAV
24%
2017 2019 2021 2022

7
1 Allpercentages reflect 2017-21 absolute percentage change. Operations cost reflects the fully loaded cost of operations teams directly supporting the product and does not represent a full measure of unit cost.
2 Includes Enterprise Technology and Digital, Data and AI/ML.
 Together our businesses enable us to bring a holistic set of solutions to our clients

CIB clients served by 3+ CIB businesses

(out of 4)1
INVESTMENT
BANKING

Delivering 79% 80%

synergy and
MARKETS connectivity PAYMENTS
across
clients Top 200 Financial Institution clients Top 200 Corporate clients

⧫ Capital Markets and M&A ⧫ Trading Execution and Risk ⧫ Payments and Liquidity
SECURITIES Advisory Management Solutions
SERVICES ⧫ Financing Solutions ⧫ Trade Finance ⧫ Investment Advisory
⧫ Asset & Liability Management ⧫ Merchant Acquiring ⧫ Custody, Fund Services and
Middle Office
⧫ Research

8
1 Represents CIB clients that attributed minimum $1,000 revenue to CIB businesses (Investment Banking, Payments, Markets, Securities Services) during the last 24 months as of March 2022.
Investment Banking

Global Investment Banking achieved record fees in 2021, and delivered market share of 9.5%
Ranked #1 by Investment Banking fees for over a decade Continued strong leadership position
■ Industry wallet ($B) ◆ Market share ■ Industry wallet (global) ($B) ◆ JPM market share (global)
8.6% 8.5% 8.6% 9.4% 9.4%

9.5% 51

DCM
8.9% 9.2% 39 40
36 36
8.6%
8.2% 128
2017 2018 2019 2020 2021
JPM rank #1 #1 #1 #1 #1

92
82 80 9.0% 9.4% 8.9% 8.9%
78
7.2%

ECM
27 36
18 15 15

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
JPM rank #2 #1 #1 #2 #2

9.0% 9.0% 10.2%

Americas EMEA APAC 8.4% 8.6%

M&A
#1 #1 #4 29
42
26 27 25
Market share: Market share: Market share: 2017 2018 2019 2020 2021
11.3% 9.1% 4.0% JPM rank #2 #2 #2 #2 #2

9
Source: Dealogic. For footnoted information, refer to page 45.
Investment Banking

We are focused on closing product and coverage gaps, and capturing new growth opportunities to
gain market share
Consistently targeting top positions across all products and sectors Focusing on four key strategic pillars

Wallet mix by product Wallet mix by sector

◼ Deepen/broaden industry and regional specialization
JPM 2017-21 rank
Middle
JPM 2017-21 ◼ Extend coverage with Middle Market financial sponsors in
rank
Overall Ex. DCM
Market collaboration with Commercial Bank

Energy 10% #1 #2
◼ Launch and scale Capital Connect by J.P. Morgan, a digital platform
Healthcare 12% #1 #1 Private connecting early-stage companies and investors for smaller deals
DCM 44% #1 Capital ◼ Continue to invest in high touch servicing of larger deals
Tech 14% #2 #3 ◼ Collaborate with Commercial Bank and Asset & Wealth Management

FIG 17% #1 #2
◼ Deepen coverage of New Economy and Healthcare companies
ECM 24% #2 APAC ◼ Deepen coverage expertise in Australia, China, India, and Japan
Diversified 20% #1 #2

◼ Deepen advisory expertise

M&A 32% #2
Other1 27% #1 #2 ESG ◼ Build on centers of excellence (Center for Carbon Transition and
ESG Solutions)

2017-21 2017-21

Leverage depth of Firmwide relationships for continued growth, with a focus on closing wallet gaps
and capturing opportunities in Middle Market, Private Capital, International Markets, ESG

10
Source: Dealogic. For footnoted information, refer to page 45.
1 Includes Consumer & Retail, Real Estate IB, Media & Communications, Venture Capital, Financial Sponsors, Middle Market, Sovereign Wealth Fund, Public Finance.
 Payments

Our Payments business has grown significantly despite rate headwinds

Revenue ($B)1,2 Focus areas for deep-dive discussions

10.3
✓ World’s largest payments franchise, occupying a unique place in the payments industry
9.1
9.9
excluding 0.4
gains on equity
Fees investments

Targeting double-digit revenue and pre-tax income growth supported by market share gains, higher rates
✓
and substantial operating leverage

NII

Treasury Services and Merchant Services businesses together generate significant client and product
✓
synergies

2017 2021

Deposits ($B)3 442 800

✓ Significant investments focused on delivering scalability, efficiency, and differentiated product offerings
TS market share4 5.4% 7.2%

Leverage existing trust with our clients; grow share across our client segments
(Financial Institutions, Corporates, E-commerce, SMB) with innovative technology solutions

11
1 2017 revenue adjusted down by $0.1B for MS accounting re-class. Includes CB and CCB, excludes Credit Portfolio Group.
2 2021 revenue includes CB and CCB, excludes Credit Portfolio Group.
3 Includes average liquidity deposits for CIB and CB only.
4 Source: Coalition Greenwich Competitor Analytics. Reflects Global Firmwide Treasury Services business (CIB and CB). For footnoted information, refer to page 45.
Markets

We have maintained our position as the leading Markets franchise

Revenue ($B)1 Focus areas for deep-dive discussions

27.4 ✓ Continue to strengthen our industry leadership by deepening relationship with clients

18.5 ✓ Uniquely positioned to capture secular growth of large institutional clients, and across private alternatives
16.9

FICC
12.8 ✓ Agile management of capital to pursue opportunities and maintain profitability

10.5
Equities
✓ Compete in newer market structures and preserve leadership in electronic trading
5.7

2017 2021
✓ Track record of being disciplined with expense
Market share2 10.6% 12.2%

Strengthen market leadership by growing share across our client franchise through technology innovation, capital and expense discipline

12
1 Revenue on externally reported basis (excluding credit adjustment and other).
2 Source: Coalition Greenwich Competitor Analytics. For footnoted information, refer to page 45.
Securities Services

Securities Services has achieved both record revenue and assets under custody

Our Clients Our Business By the Numbers

Custody & Fund Services AUC ($T) DEPOSITS ($B)1

◼ Alternatives
◼ Custody  42%  52%
◼ Fund ◼ Middle Office
Asset Managers Services 33
◼ ETFs 216
23 142

Trading Services 2017 2021 2017 2021

◼ Cash, FX & Liquidity Mgmt.
Asset Owners
◼ Agency Securities Finance REVENUE ($B)2 OPERATING MARGIN (%)3
◼ Collateral Management
 13%  (1pp)
100% of our top 200 clients ◼ Depositary Receipts
 24% fee revenue
overlap with at least one 4.3
3.8
other CIB business Data Solutions 32 31
Fees
◼ Data Management
NII
◼ Performance, Risk & Analytics
2017 2021 2017 2021
Market Share4 9.8% 10.3%

13
1 Represents average deposits in 2021 as compared to average deposits in 2017.
2 2017 revenue adjusted by $(0.1)B to exclude the impact of past business simplification, exit actions and accounting changes.
3 Operating margin excludes credit reserves of $(5)mm and $(67)mm for 2017 and 2021, respectively.
4 Source: Coalition Greenwich Competitor Analytics. For footnoted information, refer to page 45.
Securities Services

We have a strategy to deliver growth for our business and clients, now and in the future

Scale & Efficiency Comprehensive Client Solutions Investing for the Future

Optimizing and streamlining Delivering products and services to Addressing client needs across the
technology and operating models meet client needs and close gaps investment lifecycle
Developing innovative digital
Modern technology architecture Full ETF servicing capabilities
and globally consistent operating
Digital asset solutions to support evolving
ETFs driving new mandates and growth,
client needs including full crypto
models doubling assets since 2017 Assets
record keeping services and
collateral tokenization capabilities

Record volume and activity Enhanced capabilities across Launched Fusion, a cloud-native
◼ Daily NAV deliveries up 65% to Alternative and Private assets; platform enabling clients to
>25k (since 2017) Alternatives
doubled AUA while reducing seamlessly access internal and
◼ Derivatives positions up ~50% operating expense Data third-party data
Solutions Providing integrated solutions
Consistently strong operating Middle Scalable next generation through a modern data catalogue
margin (30%+) platform leveraging Markets and APIs
Office capabilities

Deliver scale and efficiency across our core asset servicing business;
invest in middle office, ETFs, alternatives, and data solutions to capture growth

14
Securities Services

Fusion: A unified data experience across our clients’ investment journey

Fusion provides data ✓ Complete

management, reporting and

analytics solutions across
the investment lifecycle,
enabling institutional clients
to generate investment and
operational alpha

15
 We maintain 16% ROE outlook with approximately 25% more capital
Adjusted ROE (2019 – Outlook)1

9.9%

24.8% Market
24.6% Dependent
(2.0%) 3.1%
(0.6%) Inc. legal
expense

Drivers Potential Headwinds / Tailwinds

~16%
15.5%
 Increased market share  Increase market share
14.5%
 Elevated capital markets activity  Normalization in Markets and IB wallets
14.0%  Higher asset valuations  Inflationary pressure on expense
Inc. legal
expense  Investment-led expense growth  Higher capital allocation

2019 Volume/ Rates Expense Capital, 2021 Volume/ Rates Expense Capital, Outlook
Revenue Related Credit Costs, Revenue Related Credit Costs,
Tax Tax
Capital 103+
80 83
($B)

16
1 Adjusted ROE is a non-GAAP financial measure. Refer to page 44 for a reconciliation of reported results to these non-GAAP financial measures.
Topics for discussion

◼ Financial overview
 CIB Overview
◼ Positioning for growth

◼ Industry-leading global franchise

 Markets ◼ Client-centricity driving our leadership position

◼ Scale and competitiveness in electronic markets

◼ Overview and unique value proposition

 Payments ◼ Strong financial performance

◼ Strategic focus areas to drive growth

 Closing Remarks

17
We continue to grow by being complete and delivering client excellence

We remain the leading global Markets franchise… … with sustained growth

#1
Joint
#1 #1 $27.4B 12.2%
Revenue Market Share
FICC Equities Research  48% vs FY17  160bps vs FY17

…and continued client excellence

Multi-asset counterparty Global expertise Omnichannel connectivity End-to-end service provider

Client distribution by # of products traded1 Leading market share across regions Revenue CAGR (2017-2021)
Pre-Trade
8% 11%
≥6 39% 38% ≤3
products products
Trade
23%

4-5 products #1 #1 #1
Americas EMEA APAC Voice Electronic
Products: Cash Equities, Equity Derivatives, FX, Post-Trade
Commodities, Credit, Rates, Structured Products, etc.

18
Source: Coalition Greenwich FY21 Competitor Analytics. Share reflects JPMorgan Chase’s share of Industry Product Pool (for footnoted information, refer to page 45).
Research ranking reflects J.P. Morgan’s position in the Institutional Investor 2021 Survey.
1 Source: Coalition Greenwich Client Analytics. Represents top 1,000 institutional clients in Markets
Our #1 position today is stronger than ever, as we captured opportunities and closed gaps
We remain the market leader… … by improving product and client market share… … and closing gaps in key focus areas
Industry Wallet1 ($B) Share of Wallet ■ 2017 ■ 2021 Share of Wallet ■ 2017 ■ 2021 NOT TO SCALE

Institutional Clients2 Cash Equities1

Share of top 5 39% 45%
~430bps
201 13.4%

+290bps
167 Corporate Clients3 Rank 4 Joint 2
JPM #1
10.2%
Peer #2 Corporate FX3
Peer #3
+170bps ~120bps
Peer #4
Peer #5
FICC1
Other Index Rank 2 2
Banks 12.5%

APAC1
+160bps
Non-Index Equities1
~260bps
Banks
11.7%

+160bps Rank 3 1
2017 2021

19
Source: Coalition Greenwich Competitor Analytics. Indicates product rank and share across all clients. For footnoted information, refer to page 45.
1 Industry Global Markets Product Pool, FICC and Equities share of total industry product pool.
2 Source: Coalition Greenwich Institutional Client Analytics. Share of Institutional clients calculated as the wallet of 1,414 clients in 2017 and 1,738 clients in 2021.
3 Source: Coalition Greenwich Corporate Client Analytics. Share of Corporate clients is calculated as the wallet of 2,000 clients in 2017 and 1H21 across FICC products.
There is further growth from deepening client relationships and capturing secular trends
We are investing to continue deepening relationships across our client base…

Advanced data and analytics Innovative solutions Client-facing technology

to provide clients the right content and pricing, to meet clients’ emerging needs and remain to become further embedded with clients
to increase mindshare with trading flow competitive as the industry evolves through workflow integration

… and are uniquely positioned to capture secular trends

Industry Wallet1 – NOT TO SCALE

(1) Large institutional clients are growing faster than the rest of the market2 (2) Clients are mobilizing on private assets3
Markets Revenue CAGR 2017-21 JPM SoW Projected AUM CAGR 2021-2025
change
Industry JPM (2017-21)
Institutional
Private 9.6%
clients Large institutional
2.5% 10.3% 370bps Equity
clients

Private
8.4%
Other institutional Debt
clients
(0.2)% 5.2% 240bps
Corporates Traditional Assets

20
Source: Coalition Greenwich Analytics.
1 Industry wallet as of 2021: Calculated off 1,738 institutional clients in 2021 and 2,000 corporate clients as of 1H21 across FICC products (Annualized).
2 Source: Coalition Greenwich Institutional Client Analytics. “Large Institutional Clients” is a JPM-only categorization defined based on share of wallet, product, penetration and revenue metrics; Wallet is based on 1,414 clients in 2017 and 1,738 clients in 2021.
3 Traditional assets includes Actives (ex-Alts), Passives and Money Market Funds.
We continuously optimize our capital footprint to deliver growth and strong returns
Even with a higher capital base… …we expect to earn above our cost of capital
Markets Capital NOT TO SCALE 2022 ROE (%) NOT TO SCALE
Cost of capital

Marginal ROE

Fully loaded ROE

2017 Growth-oriented Methodology 2022

changes & regulatory We are complete across products, and clients reward us for it

We provide lower ROE products …and are rewarded with business in

in response to client demand… higher ROE products2

◼ Disciplined deployment of capital across clients and across products

1.6x
◼ Dynamic allocation to capture opportunities ~90%
Institutional
◼ From 2017 to 2021, a few examples of where we allocated growth capital:
Client
1) SPG – Loan origination, financing Wallet1
….is from clients who
2) Commodities – Physical gas, renewables participate in both lower &
higher ROE businesses Revenue from Revenue from
3) Equities – Prime balances to close gaps lower ROE products higher ROE products

21
Source: Coalition Greenwich Analytics.
1 Source: Coalition Greenwich Institutional Client Analytics. Share of institutional clients calculated as the wallet of 1,414 clients in 2017 and 1,738 clients in 2021.
2 Revenue multiplier represents average from 2017 to 2021.
We are investing to lead in newer market structures and electronic protocols
Foundational capabilities to enhance competitiveness

Infrastructure Scalability Workflow Automation Organization Agility Market Structure

✓ Process more volumes with stability ✓ Improve algos with structured datasets ✓ Data-driven decisioning ✓ Participation on third-party venues
✓ Improved latency, speed and elasticity ✓ Extend reach and facilitate STP ✓ Lower time-to-market for algorithms ✓ Standard APIs for direct connectivity
✓ Cost efficiencies from shared platforms ✓ Central risk management & internalization ✓ Interdisciplinary & flat desk structure ✓ Investments & partnerships

Cash Equities Revenue FICC Platform Rankings Credit e-Trading Approach

Low touch trading revenue CAGR Top 3 rankings as a % of total rankings on leading venues1 Integrated systematic trading strategies

2017 2021
~12% 100%

FX Bond
Algos
Commodities
Central
Risk
Rates Mgmt.

ETF Portfolio
Credit Market Making Trading
2017 2021

22
Source: Coalition Greenwich Competitor Analytics. For footnoted information, refer to page 45.
1 References select products that JPM offers liquidity in; FX & Commodities rankings are the average of monthly ranks provided by platforms; Rates & Credit rankings are the annual rankings provided by the platforms.
We have a track-record of being disciplined with expenses
Historical revenue & expense CAGR Expense breakdown1 NOT TO SCALE

2017-21 CAGR (ex. Income neutral) Total Expense (ex. Income neutral)

2017-21 CAGR

Total +3.6%
+9.3%

+7.2%

Volume /
Revenue Related

+5.7%
Investments

+3.6%

Structural
+1.4%

Revenue Expense1 2017 2018 2019 2020 2021

23
1 Expense reflects fully loaded excluding legal and income neutral.
Our strategy sets us up for continued success

1 Deepen relationships across client base

2 Capture secular growth with large institutional clients and in private alternative assets

3 Dynamically deploy capital to optimize returns

4 Innovate and lead, as market structure evolves and electronification continues

5 Manage expenses with discipline

24
Topics for discussion

◼ Financial overview
 CIB Overview
◼ Positioning for growth

◼ Industry-leading global franchise

 Markets ◼ Client-centricity driving our leadership position

◼ Scale and competitiveness in electronic markets

◼ Overview and unique value proposition

 Payments ◼ Strong financial performance

◼ Strategic focus areas to drive growth

 Closing Remarks

25
J.P. Morgan Payments overview
Key 2021 firm-wide metrics

$9.9B ~50/50 29k $800B $3.4B

Revenue1 NII / NIR split Clients (excl. SMB2) Average deposits PTI1

Client segments Business segments LOBs

Corporates
(50% of revenue) Treasury Services (TS)
(84% of revenue)

Corporate & Investment Bank

(60% of revenue)
Financial Institutions
(35% of revenue)

Merchant Services (MS)

(12% of revenue)

E-commerce / Marketplaces
Commercial Banking and
(11% of revenue)
Consumer & Community Banking
(40% of revenue)

Trade
SMB Merchant Services (4% of revenue)
(4% of revenue)

26
1 2021 revenue and PTI includes CB and CCB and excludes gains on equity investments of $0.4B and Credit Portfolio Group.
2 Excludes ~350k active SMB merchant accounts across the franchise.
We aspire to occupy a unique place in the payments industry
Scale Innovation Durable Differentiation
Banks Fintechs
◼ Safety, scale, ◼ Focus on customer ◼ Massive scale and operational excellence around the world
resilience, deep focus experience, flexibility to ◼ Leadership across existing and emerging payment methods – opportunities
on regulation continuously evolve, speed to for closed-loop / “on-us” efficiencies
◼ Direct access to payment market
◼ End-to-end solutions, integrating curated 3rd-parties for completeness and
networks (e.g., bank and ◼ Reliance on others (banks) for speed to market
card networks) access to payment networks
◼ Part of broad J.P. Morgan-wide relationships

Bank Treasury Fintech Merchant End-to-end

Services offerings Services offerings platform solutions

Liquidity Easy onboarding Simple, flexible, omnichannel connectivity

Contextual value-added services… Curated 3rd Parties

FX Payment Acceptance
Working Payment Payment Trust &
Payment Disbursement Liquidity FX
Working Capital Capital Acceptance Disbursement Safety
(through banks)

Broad, multi-product relationships:

Payment Disbursement Value-added services Investment Banking, Commercial Banking, Markets, Retail Banking

27
We gained scale and market share in Treasury Services, offsetting deposit margin compression
Firmwide Revenue 2017 - 2021 ($B) Leadership positions & growth

2021
2017 2021
Rank

0.1 0.0 TS global market share4 5.4% 7.2% #1

0.8

Treasury Services
2.8 Payments txn avg. value/day $7T $10T #1
2.7 10.3 Lockbox market share5 18.4% 24.3% #1
9.1
9.9 US Real Time Payments volumes6 140mm #1
excluding 0.4
◼ Retained all major gains on equity
Net Promoter Score7 34 57 #1
investments
clients and maintained
market share Digital Banking (J.P. Morgan Access®)8 #1
◼ 40%+ revenue growth
◼ Price compression offset

MS volume Trade
◼ 80%+ higher balances
volume growth SCF market share9 5.6% 10.0% #3
◼ 30%+ higher market share

US merchant acquiring txn/year10 23B 37B #1

20171 Liquidity Payments Trade Merchant Deposit 20213
Services Margin2 US merchant transaction value11 $1.2T $1.7T #1
Treasury Services (TS)
(Incl. NA SMB)
Payments Processing Accuracy12 >99.99999999%

1 2017 revenue adjusted down by $0.1B for MS accounting re-class. Includes CB and CCB, excludes Credit Portfolio Group. 8 Source: Greenwich.
2 Deposit margin represents impact from rates net of treasury actions. 9 SCF represents Supply Chain Financing. Share represents J.P. Morgan share of Coalition Index Banks for CIB only.
3 2021 revenue includes CB and CCB and excludes Credit Portfolio Group. 10 Annual settled sales.
4 Source: Coalition Greenwich Competitor Analytics. Reflects Global Firmwide Treasury Services business (CIB and CB). For footnoted information, refer to page 45. 11 Nilson issue 1127 and 1215 including Visa/Mastercard, pin and other credit volumes.
5 EY Cash Management Ranking Report. 12 Total payment errors divided by total transactions processed.
6 Annual volume, Source: TCH.
7 Greenwich Report US Large Corp.
28
We invested heavily in the business, but overall expense growth will decline going forward

Firmwide Expense outlook NOT TO SCALE

Structural / Volume
◼ Expense associated with cost+ businesses
expected to normalize

New Products

◼ Treasury Services capabilities best in class

◼ Continued investment in key areas of focus
(e.g., Merchant Services, InstaMed, VW Pay)

New Platforms
◼ No expense growth as platforms near
completion; expense will decline over time

Modernization
◼ Continued modernization at current spend
2019 Structural / New New Modernization 2022 Structural / New New Modernization Target levels
total volume products platforms total volume products platforms
expense expense
Investments Investments

29
Our Payments business is enabled by a clear design of our technology stack

Client Interaction Layer

Data products – Integrated data model and lake

Single Payment API Digital (J.P. Morgan Access®) File Transmissions (Host to Host)

Orchestration Layer

Applications
In-house (e.g., sub-ledgering, tokenization) 3rd Parties

Core Processing Platforms

Payments (Graphite) Liquidity (GLASS) Acquiring (Helix) DLT (Onyx)

Trust & Safety (as-a-Service)

Reporting Validation Fraud Sanctions

Integrated operating model – product, 5.5k engineers 60+ fintech partnerships

engineering, data & design, operations, embedded in our solutions
service, and implementation
30
Many of our new, cloud-native, tech platforms are nearing completion and generate revenue
Major platforms: Progress and target completion Platform spend
(incl. decommissioning) outlook1 Graphite Express
(Global Real Time Payments)
Graphite
✓ Cumulative investments (2019-22): $90mm
Express
(Global Real
Time Payments) 2019 2023 ◼ Enabled in 45 countries today, 54 by 2022

◼ Expected ~$40mm 2022 revenue (75%2 market share of US

Graphite Impact Real Time Payment volume)
Simplified
(High Value/Low
Value payments) 2017 2025 GLASS
(Global Liquidity Platform)
✓ Cumulative investment (2019-22): $115mm
GLASS
(Liquidity)
◼ Won 177 out of 208 complex competitive Liquidity deals
2017 2024 globally in 2021

◼ Includes 61 of 71 Virtual Account Management (VAM) deals

Helix Impact ◼ ~$150mm3 annual value
(Merchant
Processing) ◼ Enabled innovative use-cases (Embedded Banking, JPM Coin)
2019 2026

✓ Reusable components across platforms enable faster development

✓ We continue to maintain and support our legacy platforms which will adequately meet our client and innovation needs until full decommissioning

31
1 Against 2022 forecast.
2 As of 1Q 2022.
3 Includes estimated impact from higher rates.
 # Details on following pages

We see growth opportunities across our customer segments with concrete KPIs to track progress
Focus areas Key targets
2021 Target
◼ Extend leadership with Financial Institutions and continue to bring efficiencies and
innovation to Correspondent Banking 25% 30%
SWIFT market share1

◼ Continue to increase market share with Corporates on the back of best-in-class TS

and FX product suite, as well as structured trade capabilities (e.g., SCF) 7.2% 10%
TS market share2

1◼ Deliver scalable and innovative industry-specific integrated solutions 10% 20%

SCF market share3

2◼ Roll-out and scale end-to-end E-commerce capabilities to empower growth of 8%4 Grow to 10%5
digitally native clients as well as business transformation of established Corporates TS fee revenue annual growth

◼ Invest in smart next-gen point-of-sale experiences and contextual, curated value-added ~0%4 Grow to 15%5
services to help drive growth with SMB clients MS revenue annual growth

1 2021 SWIFT market share for USD MT103s and MT202s.

2 CoalitionGreenwich Competitor Analytics. Reflects Global Firmwide Treasury Services business (CIB and CB). For footnoted information, refer to slide 45.
3 SCF represents Supply Chain Financing. Share represents J.P. Morgan share of Coalition Index Banks for CIB only.
4 2017 – 2021 CAGR. 32
5 Target growth rates go out no further than 2025.
1 Deliver industry-specific solutions

We are rolling out unique vertically-aligned solutions with acquisitions and strategic investments to
accelerate our roadmap

Healthcare Connected Cars

Industry ecosystems we serve

EV Charging

Toll &
parking Insurance
Bill Patient Insurance
payment premium

Parts and
Fuel accessories
Claims payments

Provider payment Payer Lease payments

We are deepening our capabilities through acquisitions and strategic investments

Momentum over 3 years
Volkswagen Pay
90% 43% 59% Joint venture with Volkswagen
Financial Services
Revenue growth U.S. healthcare providers on
the InstaMed Network Deal closed in April 2022

33
2 Deliver end-to-end E-commerce capabilities

We are the only provider to offer end-to-end solutions to E-commerce marketplaces & sellers
Client needs Existing capabilities Major investments In development (over next 2 years)
All methods of payment and financing in the US and Europe
Buyers

Accept payments Traditional payment methods, Pay by (e.g., Wallets, BNPL, Pay by Bank, Crypto)
(Acquiring) Bank (Europe), ChaseNet
POS and Omnichannel (tap on phone, smart devices)

Developer / Merchant Fast APIs, Bill Payments No-code, configurable toolkit

Experience Tokenization Hosted Pay Page; Xpress Checkout
Marketplace

Financing Securitization/SPV options Merchant Working Capital

Manage Best in class suite of liquidity, account and FX

liquidity & FX solutions – physical, notional, virtual and DLT

Wallets Full suite of “3rd party money” accounts Embedded Banking – see next page

RTP, pay to card and wallet

Sellers

Pay-outs Near real-time cross-border payments

Payouts in 160 countries & 120+ currencies

Account validation
Value-added
Customer Insights & Offers (Acquiring & Invoicing, Payroll, Accounting and other value-added services
services (with CCB)
Issuing data)

34
2 Deliver end-to-end E-commerce capabilities

VIDEO: MARKETPLACES

35
2 Deliver end-to-end E-commerce capabilities

Example of our new product development: Embedded Banking

We re-configured existing …and deliver a seamless digital
"widgets" to launch quickly… user experience… …that brings value to sellers and marketplaces

Sellers
Digital KYC / ...Enabling businesses to bank where they sell
Onboarding
Instant digital onboarding

Payment Merchant Same-day settlement & real time payouts

Acceptance Acquiring
One bank account to use across marketplaces

Embedded in marketplace experience

Wallets
Sub-ledgering
Micro-service
Marketplaces
…Integrating banking services for platform partners
Payment
Disbursement
Graphite
New offering to deepen seller relationships
Development partner

X Additional services can be added over time (e.g.,

Account
GLASS Merchant Working Capital, accounting software)
Services

New revenue potential outside own marketplace

36
Longer-term opportunity: We see significant upside from serving European SMBs & Marketplaces
Delivery model flow diagram Capabilities needed to address the market

Real-time Omnichannel payment

Purchasing settlement Local Bank methods – in person, in wallet
Card account and online, including Tap on
Rewards = Processing Phone
fees waived Sellers

Pan-European localized
Wallets for each payments options and bank
participant accounts (across all EU, UK
Multiple methods of
payment, financing
and EE)
& payout

Onboarding, KYC
Delivery capabilities for businesses
Buyers Goods Channels and individuals

Viva Wallet capabilities Subject to regulatory approvals and actual implementation will not occur until closing

37
We believe there is a $5B revenue opportunity
Firmwide Revenue ($B) NOT TO SCALE
Potential Tailwinds / Headwinds
~15
 Onyx

 European expansion

 Faster growth in MS

9.9  Acquisitions / investments at attractive multiples

 Pace and evolution of rates and inflation

 Deposit attrition from Quantitative Tightening

 Geopolitics
20211 Rate Impact2 TS MS Trade Target
 Recession
Target annual 10% 15% 15%
revenue growth3 (fee revenue)

Target average annual revenue growth3 >10%

Target average annual PTI growth3 >20%

1 2021Revenue includes CB and CCB and excludes gains on equity investments of $0.4B and Credit Portfolio Group. 38
2 Impact of rates net of treasury actions and inclusive of deposit attrition / migration.
3Target growth rates go out no further than 2025.
Longer-term opportunity: We are strategically investing in Onyx to deliver industry-leading
capabilities & future proof our business – all at a modest cost
Today Metrics
Peer-to-peer blockchain- Message Volume on Liink
based network
Liink By J.P. Morgan
Network for information exchange to remove Faster, cheaper, and safer ~35k ~35mm
frictions of Payments 2020 2021
payments via multiple apps

JPM Coin Payments using DLT

Coin Systems
Network for efficiently moving money 24/7
Programmable Money
$0 ~$6B
2020 2021
Partior

Notional Value Exchanged

Onyx Digital Assets
Partnering
Network for value and assets exchange $0 ~$230B
2020 2021

Partnering with leading companies to build the platforms of the future

Ant Financial, Siemens, Partior (DBS, Temasek, SCB), Deutsche Bank, Consensys, Goldman Sachs

39
VIDEO: ONYX

40
Closing thoughts…

1 Double-digit growth and high operating leverage

2 Consistent market share gains expected to continue, with growth in Merchant Services

3 Proven ability to execute complex technology modernization and development

4 Unique E-commerce platform solutions already live with additional capabilities rolling out over next 2 years

5 Future proof with Onyx for digital assets and payments

41
Topics for discussion

◼ Financial overview
 CIB Overview
◼ Positioning for growth

◼ Industry-leading global franchise

 Markets ◼ Client-centricity driving our leadership position

◼ Scale and competitiveness in electronic markets

◼ Overview and unique value proposition

 Payments ◼ Strong financial performance

◼ Strategic focus areas to drive growth

 Closing Remarks

42
We remain confident in the resilience of our business and are constantly optimizing our model
with a focus on maintaining our leadership position
Macro environment Market forces Competitive landscape
Inflation Inflation

Inflation Rates Geopolitics Digitization ESG Market structure War for talent Traditional players New entrants

GLOBAL COMPLETE DIVERSIFIED AT SCALE

Maintaining day-to-day
1 2 Optimizing our current model 3 Transforming for the future
discipline
Dynamic financial management including
Modernizing our core technology to
risk, credit, capital, liquidity, expense Closing addressable gaps in our wallet
enable elastic scale and faster innovation
management and investments
Advancing strategic platforms for more
Holistic focus on client experience and Accelerating organic growth integrated delivery of the Firm and better
Accelerating organic growth
ease of doing business experience for our clients

Continued resilience in the face of Investing in new and emerging tech to

Attracting and retaining our talent
disruption risks to our business develop future-proof solutions

ROE Outlook ~16%

43
APPENDIX
Notes on non-GAAP financial measures
1. The CIB provides certain non-GAAP financial measures. These measures should be viewed in addition to, and not as a substitute for, the CIB’s reported results.

Adjusted ROE on page 2 is calculated as net income after preferred stock costs excluding credit reserve releases divided by average equity. Credit reserve releases net of tax were $(602)mm
and $(1,483)mm for 2011 and 2021, respectively. CIB average equity was $47B and $83B for 2011 and 2021, respectively.

The non-GAAP financial measures on pages 5 and 16 exclude the impact of legal expense. Adjusted ROE on page 16 is calculated as net income after preferred stock costs excluding the
impact of legal expense divided by average equity. CIB average equity was $80B and $83B for 2019 and 2021, respectively. The table below provides a reconciliation of reported results to
these non-GAAP financial measures.

Reconciliation of reported to adjusted results excluding the impact of legal expense

CIB
Year ended December 31,
(in millions, except where otherwise noted) 2019 2021
(1) Revenue Reported/ Adjusted $ 39,265 $ 51,749

(2) Expense Reported $ 22,444 $ 25,325

Adjustments:
Legal Expenses $ (381) $ (252)
Adjusted $ 22,063 $ 25,074
(3) Net Income Reported $ 11,954 $ 21,134
Adjustments:
Legal Expenses 347 224
Adjusted $ 12,302 $ 21,358
(4) ROE Reported 14% 25%
Adjusted 14% 25%

2. Financials are as reported unless noted otherwise. In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB. Financials from 2017 onward were revised to
conform with the current presentation.

44
Notes on market share and rankings
1. Source: Coalition Greenwich Competitor Analytics based on JPMorgan Chase’s internal business structure and revenues. Excludes the impact of Archegos in 2021 for select firms.

Historical Coalition competitor revenues and industry wallet have been rebased to ensure consistent taxonomy and accounting/structural adjustments.

Market Share reflects share of the overall industry product pool.

Rank reflects JPMorgan’s rank amongst Coalition Index Banks as follows:

– Markets (BAC, BARC, BNPP, CITI, CS, DB, GS, HSBC, JPM, MS, SG and UBS)

– Treasury Services & SCF (BAC, BNPP, CITI, DB, HSBC, JPM, SG, SCB and WFC)

– Securities Services (BAC, BNPP, BNY, CITI, DB, HSBC, JPM, NT, SCB, SS, and SG)

2. Source: Dealogic as of January 3, 2022 for GIB, ECM, DCM, and M&A rank analysis and market share. ECM excludes shelf deals. DCM includes all Bonds, Loans, and other debt (i.e.,
Securitizations and Frequent Borrowers), excluding money market, short-term debt.

3. CIB industry wallets and growth from FY11- 21 are for GIB, Markets (Equities / FICC), Firmwide Payments (Treasury Services and Trade) and Securities Services (including Escrow, Corp
Trust, Clearing & Settlement), which may differ from J.P. Morgan’s comparable businesses.

4. The 24 businesses include CIB, Banking (GIB + Treasury Services + Trade Finance), GIB, M&A, ECM, DCM, Treasury Services, Trade Finance, Securities Services, Markets, FICC, G10
Rates, G10 FX, EM Macro, Commodities, Credit, SPG, Public Finance, G10 Financing, Equities, Cash Equities, Equity Derivatives, Prime Brokerage, F&O.

5. EMEA and APAC do not include Public Finance.

6. Market share gains are rounded to the nearest 10bps.

45