1Q22 Financial Results

April 13, 2022

1Q22 Financial highlights

ROTCE1 CET1 capital ratios2 Net payout LTM3

16% Std. 11.9% | Adv. 12.6% 64%

◼ 1Q22 net income of $8.3B and EPS of $2.63

Income statement ◼ Managed revenue of $31.6B4
◼ Expense of $19.2B and managed overhead ratio of 61% 4

◼ Loans: average loans of $1.1T up 5% YoY and up 1% QoQ

– Excluding PPP, average loans of $1.1T, up 8% YoY, up 1% QoQ
Balance sheet ◼ Deposits: average deposits of $2.5T up 13% YoY and up 2% QoQ
◼ CET1 capital of $208B2
– Standardized CET1 capital ratio of 11.9%2; Advanced CET1 capital ratio of 12.6%2

◼ Common dividend of $3.0B or $1.00 per share

Capital distributed
◼ $1.7B of common stock net repurchases5

Significant items ($mm, excluding EPS)

Pretax Net income EPS
Firmwide net credit reserve build ($902) ($686) ($0.23)
Credit Adjustments & Other in CIB (524) (398) (0.13)

1 See note 3 on slide 10

2 Represents the estimated Basel III common equity Tier 1 (“CET1”) capital and ratio for the current period. See note 1 on slide 11
3 Last twelve months (“LTM”). Net of stock issued to employees
4 See note 1 on slide 10
5 Includes the net impact of employee issuances
1
1Q22 Financial results1
$B, except per share data

$ O/(U)
1Q22 4Q21 1Q21
Net interest income $14.0 $0.3 $1.0
Noninterest revenue 17.6 1.0 (2.5)
Managed revenue 1 $B 1Q22 4Q21 1Q21 31.6 1.2 (1.5)
Net charge-offs $0.6 $0.6 $1.1
Expense 19.2 1.3 0.5
Reserve build/(release) 0.9 (1.8) (5.2)
Credit costs Credit costs $1.5 ($1.3) ($4.2) 1.5 2.8 5.6
Net income 1Q22 Tax rate $8.3 ($2.1) ($6.0)
Effective rate: 17.7%
Net income applicable to common stockholders Managed rate: 24.3%1,6 $7.8 ($2.1) ($6.0)
EPS – diluted $2.63 ($0.70) ($1.87)
1Q22 ROE O/H ratio
ROE2 13% 16% 23%
CCB 23% 63%
ROTCE2,3 CIB 17% 54% 16 19 29
CB 13% 47%
Overhead ratio – managed1,2 AWM 23% 66% 61 59 57
Memo:
NII excluding Markets 4 $11.8 $0.1 $1.0
NIR excluding Markets 4 11.1 (2.3) (2.2)
Markets revenue 8.8 3.5 (0.3)
Managed revenue 1 31.6 1.2 (1.5)

Adjusted expense 5 $19.1 $1.3 $0.4

1,2,5
Adjusted overhead ratio 60% 58% 56%
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 2
4 See note 2 on slide 10
5 See note 4 on slide 10
6 Reflects fully taxable-equivalent (“FTE”) adjustments of $873mm in 1Q22
Fortress balance sheet
$B, except per share data Standardized CET1 ratio (%)
1Q22 4Q21 1Q21

Risk-based capital metrics1

13.1%
CET1 capital $208 $214 $206

CET1 capital ratio – Standardized 11.9% 13.1% 13.1% 11.9%

Common
CET1 capital ratio – Advanced 12.6 13.8 13.7 dividends:
(18 bps)
Firm SLR ex.
Leverage-based capital metric 2 temporary relief2: 5.5%

Firm SLR 5.2% 5.4% 6.7% 4Q21 Net AOCI5 Capital RWA Other7 1Q22
income distributions6

Liquidity metrics3
Firm LCR 110% 111% 110%
Bank LCR 181 178 166 Standardized risk-weighted assets ($B)
Total excess HQLA $625 $629 $505
1,753
HQLA and unencumbered marketable securities 1,662 1,652 1,538

Balance sheet metrics 1,639

Total assets (EOP) $3,955 $3,744 $3,689
Deposits (average) 2,516 2,468 2,225
Tangible book value per share4 69.58 71.53 66.56
4Q21 SA-CCR Other Market Other9 1Q22
implementation8 Counterparty Risk
Credit Risk
Note: Totals may not tie 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”); 1Q21 Firm SLR reflects temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective

April 1, 2020 and remained in effect through March 31, 2021

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
5 Excludes AOCI on cash flow hedges and DVA related to structured notes
6 Includes net share repurchases and common and preferred dividends
3
7 Includes CET1 capital deductions, including the impact of CECL. See note 1 on slide 11
8 Represents the estimated impact of SA-CCR adoption using derivative exposure as of December 31, 2021. See note 4 on slide 11
9 Primarily includes RWA related to changes in MSR and DTA
 CCB CIB CB AWM Corp.

Consumer & Community Banking1

Selected income statement data ($mm) Financial performance
$ O/(U) ◼ Net income of $2.9B vs. $6.8B in 1Q21
1Q22 4Q21 1Q21
◼ Revenue of $12.2B, down 2% YoY
Revenue $12,229 ($46) ($288)
◼ Expense of $7.7B, up 7% YoY, driven by higher investments and
Consumer & Business Banking 6,062 (110) 427
structural expense, partially offset by lower volume- and revenue-
Home Lending 1,169 85 (289) related expense
Card & Auto 4,998 (21) (426)
◼ Credit costs of $678mm, reflecting net charge-offs of $553mm,
Expense 7,720 (34) 518
down $470mm YoY, driven by Card. The prior year provision
Credit costs 678 1,738 4,280 reflected a $4.6B reserve release
Net charge-offs (NCOs) 553 38 (470)
Change in allowance 125 1,700 4,750
Net income2 $2,895 ($1,252) ($3,892)

Key drivers / statistics ($B)3 Key drivers / statistics ($B) – detail by business
1Q22 4Q21 1Q21 1Q22 4Q21 1Q21
Equity $50.0 $50.0 $50.0 Consumer & Business Banking
6
Business Banking average loans $24.8 $28.9 $43.5
ROE2 23% 32% 54% Business Banking loan originations7 1.0 0.9 10.0
Overhead ratio 63 63 58 Client investment assets (EOP) 696.3 718.1 637.0
Average loans $428.9 $437.7 $434.0 Deposit margin 1.22% 1.22% 1.29%
Average deposits 1,153.5 1,114.3 979.7 Home Lending
Average loans $176.5 $183.3 $182.2
Active mobile customers (mm)4 46.5 45.5 41.9 8
Loan originations 24.7 42.2 39.3
Debit & credit card sales volume 5 $351.5 $376.2 $290.3
Third-party mortgage loans serviced (EOP) 575.4 519.2 9 443.2
Net charge-off/(recovery) rate (0.17)% (0.17)% (0.12)%
◼ Average loans down 1% YoY and 2% QoQ Card & Auto
◼ Ex-PPP, average loans of $424.9B, up 3% YoY and down 1% QoQ Card average loans $149.4 $148.5 $134.9
◼ Average deposits up 18% YoY and 4% QoQ Auto average loans and leased assets 85.7 86.2 87.3
Auto loan and lease originations 8.4 8.5 11.2
◼ Active mobile customers up 11% YoY
Card net charge-off rate 1.37% 1.28% 2.97%
◼ Debit & credit card sales volume up 21% YoY Credit Card net revenue rate 9.87 9.61 11.53
◼ Client investment assets up 9% YoY Credit Card sales volume5 $236.4 $254.1 $183.7

1 See note 1 on slide 10

2 See note 3 on slide 11
For additional footnotes see slide 12 4
 CCB CIB CB AWM Corp.

Corporate & Investment Bank1

Selected income statement data ($mm) Financial performance
◼ Net income of $4.4B, down 26% YoY; revenue of $13.5B, down 7%
$ O/(U)
YoY
1Q22 4Q21 1Q21 ◼ Banking revenue
Revenue $13,529 $1,995 ($1,076) ◼ IB revenue of $2.1B, down 28% YoY
Investment Banking revenue 2,057 (1,149) (794) – IB fees down 31% YoY, reflecting lower equity and debt
Payments 1,854 53 462 underwriting fees
Lending 321 58 56 ◼ Payments revenue of $1.9B, up 33% YoY, or up 9% excluding net
Total Banking 4,232 (1,038) (276) gains on equity investments, predominantly driven by higher fees,
Fixed Income Markets 5,698 2,364 (63) deposits and interest rates
Equity Markets 3,055 1,101 (234) ◼ Lending revenue of $321mm, up 21% YoY, predominantly driven by
Securities Services 1,068 4 18 mark-to-market gains on hedges of accrual loans compared to losses
Credit Adjustments & Other (524) (436) (521) in the prior year
Total Markets & Securities Services 9,297 3,033 (800) ◼ Markets & Securities Services revenue
Expense 7,298 1,471 194 ◼ Markets revenue of $8.8B, down 3% YoY
Credit costs 445 571 776 – Fixed Income Markets revenue of $5.7B, down 1% YoY, driven by
Net income2 $4,385 ($158) ($1,539) lower performance in Securitized Products, predominantly offset
by higher revenue in Currencies & Emerging Markets on elevated
client activity in a volatile market
Key drivers / statistics ($B)3 – Equity Markets revenue of $3.1B, down 7% YoY, driven by lower
1Q22 4Q21 1Q21 revenue in derivatives and Cash Equities compared to a strong
Equity $103.0 $83.0 $83.0 prior year
ROE2 17% 21% 28% ◼ Securities Services revenue of $1.1B, up 2% YoY, driven by higher
Overhead ratio 54 51 49 rates and fees
Comp/revenue 30 20 30 ◼ Credit Adjustments & Other was a loss of $524mm, driven by funding
IB fees ($mm) $2,050 $3,502 $2,988 spread widening as well as credit valuation adjustments relating to
Average loans 212.4 206.0 182.5 both increases in commodities exposures and markdowns of
Average client deposits 4 709.1 717.5 705.8 derivatives receivables from Russia-associated counterparties
Merchant processing volume ($B) 5 490.2 514.9 425.7 ◼ Expense of $7.3B, up 3% YoY, driven by higher structural expense,
Assets under custody ($T) 31.6 33.2 31.3 investments in the business and legal expense, largely offset by lower
ALL/EOP loans ex-conduits and trade 6 1.31% 1.12% 2.06% volume- and revenue-related expense including revenue-related
Net charge-off/(recovery) rate 6 0.05 0.06 (0.02) compensation
Average VaR ($mm) $64 $37 $99 ◼ Credit costs of $445mm, reflecting a net reserve build

1 See note 1 on slide 10

2 See note 3 on slide 11
For additional footnotes see slide 12 5
 CCB CIB CB AWM Corp.

Commercial Banking1
Selected income statement data ($mm) Financial performance
$ O/(U) ◼ Net income of $850mm, down 28% YoY, largely driven by credit
1Q22 4Q21 1Q21 reserve builds compared to reserve releases in the prior year

Revenue $2,398 ($214) $5 ◼ Revenue of $2.4B was flat compared to the prior year, as higher
payments revenue and deposits were largely offset by lower
Middle Market Banking 980 (82) 64
investment banking revenue
Corporate Client Banking 830 (98) (21)
◼ Gross IB revenue of $729mm, down 35% YoY
Commercial Real Estate Banking 581 (33) (23)
◼ Expense of $1.1B, up 17% YoY, largely driven by investments in the
Other 7 (1) (15)
business and higher volume- and revenue-related expense, including
Expense 1,129 70 160
compensation
Credit costs 157 246 275
2
◼ Credit costs of $157mm, reflecting a net reserve build
Net income $850 ($384) ($331)
◼ Average loans of $211B, up 2% YoY and QoQ
◼ C&I7 up 1% YoY and up 2% QoQ
Key drivers / statistics ($B)3
– Ex-PPP, up 7% YoY and up 3% QoQ
1Q22 4Q21 1Q21 ◼ CRE7 up 3% YoY and QoQ
Equity $25.0 $24.0 $24.0 ◼ Average deposits of $317B, up 9% YoY and down 2% QoQ, as
2
ROE 13% 19% 19% client balances are seasonally highest at year end
Overhead ratio 47 41 40
Gross IB revenue ($mm) $729 $1,456 $1,129
4
Average loans 210.7 205.6 206.7
Average client deposits 316.9 323.8 291.0
Allowance for loan losses 2.4 2.2 3.1
5
Nonaccrual loans 0.8 0.7 1.1
6
Net charge-off/(recovery) rate 0.01% 0.02% 0.06%
6
ALL/loans 1.11 1.08 1.52

1 See note 1 on slide 10

2 See note 3 on slide 11
For additional footnotes see slide 12 6
 CCB CIB CB AWM Corp.

Asset & Wealth Management1

Selected income statement data ($mm) Financial performance

$ O/(U) ◼ Net income of $1.0B, down 20% YoY

1Q22 4Q21 1Q21 ◼ Revenue of $4.3B, up 6% YoY, predominantly driven by growth in

deposits and loans as well as higher management and performance
Revenue $4,315 ($158) $238 fees, partially offset by deposit margin compression and the absence
Asset Management 2,314 (174) 129 of net valuation gains recorded in the prior year

Global Private Bank 2,001 16 109 ◼ Expense of $2.9B, up 11% YoY, predominantly driven by higher
structural expense and investments in the business, including
Expense 2,860 (137) 286
compensation, and higher volume- and revenue-related expense,
Credit costs 154 190 275 including distribution fees

Net income2 $1,008 ($117) ($252) ◼ Credit costs of $154mm, reflecting a net reserve build

◼ AUM of $3.0T and client assets of $4.1T, up 4% and 8% YoY

respectively, predominantly driven by cumulative net inflows
◼ For the quarter, AUM had net inflows of $19B for long-term
Key drivers / statistics ($B)3
products and net outflows of $52B from liquidity products
◼ Average loans of $215B, up 14% YoY and up 3% QoQ
1Q22 4Q21 1Q21
◼ Average deposits of $288B, up 39% YoY and up 9% QoQ
Equity $17.0 $14.0 $14.0
ROE2 23% 31% 36%
Pretax margin 30 34 40
Assets under management ("AUM") $2,960 $3,113 $2,833
Client assets 4,116 4,295 3,828
Average loans 214.6 209.2 188.7
Average deposits 287.8 264.6 206.6

1 See note 1 on slide 10

2 See note 3 on slide 11
3 Actual numbers for all periods, not over/(under) 7
 CCB CIB CB AWM Corp.

Corporate1
Selected income statement data ($mm) Financial performance

$ O/(U) ◼ Revenue was a loss of $881mm

◼ Net interest income was a loss of $536mm, up $319mm YoY, due
1Q22 4Q21 1Q21 to the impact of higher rates
Revenue ($881) ($336) ($408) ◼ Noninterest revenue was a loss of $345mm, down $727mm YoY,
primarily due to:
Expense 184 (67) (692)
– Losses on legacy equity investments compared to gains in the
Credit costs 29 6 13 prior year
– $394mm of net realized losses on investment securities this
Net income/(loss)2 ($856) ($206) ($4)
quarter
◼ Expense: Noninterest expense of $184mm, down $692mm YoY,
largely driven by the absence of the contribution to the Firm’s
Foundation in the prior year

1 See note 1 on slide 10

2 See note 3 on slide 11
8
Outlook1

Firmwide

1 Expect FY2022 net interest income excluding Markets to be $53B+, market dependent

2 Expect FY2022 adjusted expense of ~$77B, market dependent

1 See notes 1, 2 and 4 on slide 10

9
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

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 28 of the Earnings Release Financial Supplement. For additional information on Markets revenue, refer to page 70 of the Firm’s
2021 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 9 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 $86.16, $88.07 and $82.31 at March 31, 2022, December 31, 2021 and March 31,
2021, 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 excludes Firmwide legal expense of $119mm, $137mm and
$28mm for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively. The adjusted overhead ratio measures the Firm’s adjusted
expense as a percentage of adjusted 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

5. 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

10
Additional notes

1. Reflects the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital
transition provisions which expired on December 31, 2021. Effective January 1, 2022, the $2.9B CECL capital benefit recognized as of December 31, 2021 will be
phased out at 25% per year over a three-year period. As of March 31, 2022, CET1 capital reflected the remaining 75%, or $2.2B, benefit associated with the CECL
capital transition provisions. For the periods ended December 31, 2021 and March 31, 2021, the impact of the CECL capital transition provisions resulted in an
increase to CET1 capital of $2.9B and $4.5B, respectively. Refer to Capital Risk Management on pages 86-96 of the Firm’s 2021 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 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 2021 Form 10-K for additional information

3. In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior period amounts
have been revised to conform with the current presentation

4. On January 1, 2022, the Firm adopted “Standardized Approach for Counterparty Credit Risk” (“SA-CCR”), which replaced the current exposure method used to
measure derivatives counterparty exposure under Standardized approach RWA and Advanced approach RWA where internal models are not used, as well as leverage
exposure used to calculate the SLR in the regulatory capital framework. The rule issued by the U.S. banking regulators in November 2019 applies to Basel III
Advanced Approaches banking organizations, such as the Firm and JPMorgan Chase Bank, N.A

11
Additional notes on slides 4-6
Slide 4 – Consumer & Community Banking

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

4. Users of all mobile platforms who have logged in within the past 90 days
5. Excludes Commercial Card
6. Includes the impact of loans originated under the PPP. For further information, refer to page 12 of the Earnings Release Financial Supplement
7. Included $9.3B of origination volume under the PPP for the three months ended March 31, 2021. The program ended on May 31, 2021 for new applications and there
was no origination volume under the PPP for all other periods presented
8. Firmwide mortgage origination volume was $30.2B, $48.2B, $43.2B for the three months ended March 31, 2022, December 31, 2021 and March 31, 2021, respectively
9. Prior-period third-party mortgage loans serviced amount has been revised to conform with the current presentation

Slide 5 – 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 total merchant processing volume across CIB, CCB and CB
6. 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 1.01%, 0.84%, and 1.48% at March 31, 2022, December 31, 2021 and March 31, 2021, respectively. See note 5 on slide 10

Slide 6 – Commercial Banking

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

4. Includes the impact of loans originated under the PPP. For further information, refer to page 19 of the Earnings Release Financial Supplement
5. At March 31, 2022 and December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $50mm and $114mm,
respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented
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. 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

12
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, 2021, 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.

13