JPMorgan Chase : 2023 Environmental Social Governance Report

Notes

A NOTE ON OUR BUSINESS

JPMorgan Chase & Co. provides fnancial services for individuals and industries across geographies - regardless of political, social or religious viewpoints. We deal in facts and don't describe our policies, procedures or progress diferently based on who's asking. Our ambition is to work with shareholders, clients, customers and communities around the world to fulfll banking's essential purpose of helping people, businesses of all sizes and vital institutions - like schools, hospitals and governments - achieve their goals.

We make independent business decisions for the Firm.

We make business decisions to advance the long-term interests of our Firm and its shareholders, including serving our clients, supporting our employees and helping our communities. We work with a broad array of organizations that advance those interests, even if we don't support every position taken. Firm decisions are always made independently and based on business principles.

We don't "boycott."

We support clients around the globe and in every state in the U.S., across industries, religions and political afliation. We proudly serve more than 82 million consumer customers in the U.S., 6.4 million small businesses and hundreds of thousands of companies in critical economic sectors. We do not make decisions based on political or social agendas.

We manage risk.

Managing risk is critical to the long-term success of our business and required by our regulators. We make risk-based assessments, including legal, credit, market, reputational and regulatory, to drive decisions and advance the interests of our constituencies.

We want to compete.

Our ability to compete, in both established and new markets, is critical to the long-term success of our business. We decide where and how we choose to compete by assessing risk and opportunity, not to further political or social agendas.

We believe in free enterprise.

Markets and economies of all sizes beneft when free and fair enterprise thrives - creating innovation, competition and maximizing value for shareholders, clients, customers and communities. Government intervention of free market principles, or attempting to use businesses to advance a political or social agenda sets a dangerous precedent.

We value engagement.

We believe the best answers reside in engagement and discourse. When policymakers seek input to tackle challenges, we want to help. We know that our success requires working closely with government and stakeholders on sound public policy that grows the economy and lifts up communities. Throughout our history, we have engaged with ofcials from all parties to address the world's most pressing needs, and we look forward to continuing to do so.

A NOTE ON OUR TARGETS

We set targets to do our part in seeking a sustainable and inclusive future using our own independent assessment of what we determine is reasonable, achievable and will serve the best interest of our business and serving our clients. While we pursue these targets, we note that they are subject to other prerequisites and critical considerations, both within and outside our control. These include the necessity of technological advancements; data quality and availability; the evolution of consumer behavior and demand; the business decisions of our clients, who are responsive to their own stakeholders; the need for thoughtful public policies; the potential impact of legal and regulatory obligations; market conditions; and the challenge of balancing short-term targets with the need to facilitate an orderly transition and energy security.

INTRODUCTION

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

GOVERNANCE

ENVIRONMENTAL

SOCIAL

APPENDICES

At JPMorgan Chase, we know that maintaining a healthy and vibrant company that takes care of employees, customers and communities helps build shareholder value.

The prior year's events, including infation rates, volatile markets and growing political tensions, have demonstrated that our fortress balance sheet and our dedication to excellence in operations and service helped our clients and customers navigate a range of economic and geopolitical challenges. In good and tough times, we remain committed to helping make opportunities happen and foster sustainable, inclusive economic growth - which is good for those we serve.

In this ESG Report, we explain how we harness business opportunities and mitigate risks, as well as highlight our ongoing eforts to do our part to support the energy transition and sustainable development. We believe our actions help us to continue to earn stakeholders' trust and their business.

The report highlights the progress toward our Sustainable Development Target, which includes actions that support our Green, Development Finance and Community Development objectives. We believe that economic growth,

energy security and sustainability are interconnected. In 2023, amidst ongoing global uncertainty, we continued to support energy security and the ongoing transition to low-carbon energy sources. In 2023, we expanded our Oil and Gas End Use target to an Energy Mix target to refect how our fnancing supports the energy transition and presents a more comprehensive view of the decarbonization eforts of our clients. We also updated our Auto Manufacturing, Electric Power and Oil & Gas Operational emissions intensity reduction targets to align with net zero by 2050 and added two sectors - Shipping and Aluminum. We also continued eforts to minimize our environmental impacts across our corporate ofces, data centers and branch network.

We remain committed to advancing sustainable community development. For example, while we have served Detroit for more than 90 years, our $200 million investment in the city's economic recovery during the prior decade underscores that sustained community investment is a smart business strategy. Looking back, we see the returns in the strength of our customers and communities - in their abilities to access opportunity, plan for the future and pursue their dreams. Since making

our initial commitment in 2014, our market share in Detroit has increased, Chase consumer and small business accounts and balances have risen, and mortgage originations have improved. The city is an incubator of ideas, which we've learned from and taken to several other communities to drive lasting change. We do this work because we know healthy communities are important to our business success.

Finally, we are focused on doing what's right for our business and our people. I'm most proud of our more than 309,000 employees who continue to act with integrity and purpose that drives impact and connects those we serve with products and services that help them achieve their goals. We continue to invest to attract and retain a talented, diverse workforce that will support our Firm's eforts into the future.

Please read this year's ESG Report to learn more about how we bring our expertise, capital, data and resources to meaningfully contribute to the markets we operate in and drive shareholder value.

Jamie Dimon

Chairman & CEO, JPMorgan Chase

April 2024

INTRODUCTION

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

How We Do Business

JPMorgan Chase & Co. ("JPMorgan Chase", the "Firm" or "we") is a fnancial services frm based in the United States of America ("U.S."), with branches in 48 states and Washington D.C., 309,926 employees in 65 countries and $3.9 trillion in assets as of December 31, 2023. The Firm is a leader in investment banking, fnancial services for consumers and small businesses, commercial banking, fnancial transaction processing and asset management.

PURPOSE AND BUSINESS PRINCIPLES

Our Business Principles guide how we do business and unite our company across the globe. Our purpose - Make dreams possible for everyone, everywhere, every day - knits together our values with our everyday business principles and explains how we have done business for years. We fulfl our purpose through our ongoing dedication to invest in our employees and businesses, further strengthen the market leadership of our franchises, generate long-term value for our shareholders, and help strengthen the broader economy.

GOVERNANCE

ENVIRONMENTAL

SOCIAL

APPENDICES

Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. JPMorgan Chase's activities are organized, for management reporting purposes, into four major reportable business segments1, as well as a Corporate segment. The Firm's consumer business is the Consumer & Community Banking ("CCB") segment. The Firm's wholesale business segments are the Corporate & Investment Bank ("CIB"), Commercial Banking ("CB"), and Asset & Wealth Management ("AWM"). The business segments are referred to as "lines of business" ("LOB"). For further information, refer to Business Segment Results on pages 65-85 of our Form10-Kfor the year ended December 31, 2023.

Exceptional client service

1. Focus on the customer
2. Be feld and client driven and operate at the local level
3. Build world-class franchises, investing for the long term, to serve our clients

Operational excellence

1. Set the highest standards of performance
2. Demand fnancial rigor and risk discipline; We will always maintain a fortress balance sheet
3. Strive for the best internal governance and controls
4. Act and think like owners and partners
5. Strive to build and maintain the best, most efcient systems and operations
6. Be disciplined in everything we do
7. Execute with both skill and urgency

A commitment to integrity, fairness and responsibility

1. Do not compromise our integrity
2. Face facts
3. Have fortitude
4. Foster an environment of respect, inclusiveness, humanity and humility
5. Help strengthen the communities in which we live and work

A great team and winning culture

1. Hire, train and retain great, diverse employees
2. Build teamwork, loyalty and morale
3. Maintain an open, entrepreneurial meritocracy for all
4. Communicate honestly, clearly and consistently
5. Strive to be good leaders

INTRODUCTION

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

GOVERNANCE

ENVIRONMENTAL

SOCIAL

APPENDICES

Consumer & Community Banking

Consumer & Community Banking ofers products and services to consumers and small businesses through bank branches, ATMs, digital (including mobile and online) and telephone banking. CCB is organized into Banking & Wealth Management (including Consumer Banking, J.P. Morgan Wealth Management and Business Banking), Home Lending (including Home Lending Production, Home Lending Servicing and Real Estate Portfolios) and Card Services & Auto. Banking & Wealth Management ofers deposit, investment and lending products, cash management, payments and services. Home Lending includes mortgage origination and servicing activities, as well as portfolios consisting of residential mortgages and home equity loans. Card Services issues credit cards and ofers travel services. Auto originates and services auto loans and leases.

Corporate & Investment Bank

The Corporate & Investment Bank, which consists of Banking and Markets & Securities Services, ofers a broad suite of investment banking, market-making, prime brokerage, lending, and treasury and securities products and services to a global client base of corporations, investors, fnancial institutions, merchants, government and municipal entities. Banking ofers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Payments, which provides services, that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital. Markets & Securities Services includes Markets, a global market-maker across products, including cash and derivative instruments, which also ofers sophisticated risk management solutions, prime brokerage, clearing and research. Markets & Securities Services also includes Securities Services, a leading global custodian which provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds.

Commercial Banking

Commercial Banking provides comprehensive fnancial solutions, including lending, payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Middle Market Banking covers small and midsized companies, local governments and nonproft clients. Corporate Client Banking covers large corporations. Commercial Real Estate Banking covers investors, developers, and owners of multifamily, ofce, retail, industrial and afordable housing properties.

Asset & Wealth Management

Asset & Wealth Management, with client assets of $5.0 trillion, is a global leader in investment and wealth management. Asset Management ofers multi-asset investment management solutions across equities, fxed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients' investment needs. Global Private Bank provides retirement products and services, brokerage, custody, estate planning, lending, deposits and investment management to high net worth clients. The majority of AWM's client assets are in actively managed portfolios.

Corporate

The Corporate segment consists of Treasury and Chief Investment Ofce ("CIO") and Other Corporate. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm's liquidity, funding, capital, structural interest rate and foreign exchange risks. Other Corporate includes staf functions and expense that is centrally managed as well as certain Firm initiatives and activities not solely aligned to a specifc LOB. The major Other Corporate functions include Real Estate, Technology, Legal, Corporate Finance, Human Resources, Internal Audit, Risk Management, Compliance, Control Management, Corporate Responsibility and various Other Corporate groups.

Information about JPMorgan Chase's fnancial performance is available in our quarterly earnings materials, as well as quarterly and annual reports on Form 10-Q and Form 10-K, respectively.

INTRODUCTION

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

GOVERNANCE

ENVIRONMENTAL

SOCIAL

APPENDICES

Our Approach to ESG

At JPMorgan Chase, we aim to support inclusive, sustainable economic growth because we believe our business thrives when all the communities we serve do the same. The fnance sector can help to address some of the most pressing environmental and social ("E&S") challenges of our time, primarily by running a healthy and vibrant company; supporting its clients, customers and employees; and providing targeted capital to help scale solutions. With our Purpose and Business Principles in mind, we are leveraging our expertise, capital, data and resources to advance inclusive growth, promote sustainable development, and support the transition to a low-carbon economy. Environmental, Social and Governance ("ESG") matters are an important consideration in how we do business, including how we develop our products and services, serve our customers, support our employees and help lift our communities.

Our approach to ESG is supported and strengthened by our ongoing eforts to enhance accountability, transparency and engagement. Additionally, we strive to leverage the Firm's governance structures to foster sound management and a culture of accountability on ESG matters. This includes defning oversight and management of ESG matters within and across our lines of business.

About This Report

This ESG Report is designed to consolidate and summarize our work on ESG topics that are important to our business and stakeholders and to guide readers to where they can access more detailed information about specifc topics of interest. All data in this report is as of December 31, 2023, unless otherwise noted.

Information on how we identifed ESG topics pertinent to our business, operations and stakeholders for the purposes of our ESG reporting can be found in Our Key ESG Topics in the Appendix section.

This report has also been informed by the Global Reporting Initiative ("GRI") and relevant Sector Standards, as well as the International Financial Reporting Standards ("IFRS") Foundation's Sustainability Accounting Standards Board ("SASB") Standards. Our ESG Report Appendices (see pages 75-81) on GRI and SASB map our Firm's disclosures related to these frameworks' indicators and recommendations.

Our Firm communicates information about our ESG practices and performance through a number of channels - including our Annual Reportand Proxy Statement, ESG and Climate reports, regulatory flings, our website, press releases, direct conversations with stakeholders, and various other reports and presentations. We maintain a dedicated ESG Information pageon our website to facilitate access to information that we publish on these topics.

INTRODUCTION

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

We believe creating sustainable economic growth is important to the long-term strength and vibrancy of the global economy, as well as to the prosperity and well-being of people and communities around the world.

In 2021, we established our Sustainable Development Target ("SDT") with a clear purpose: to help catalyze global sustainable economic growth. To us, this means using our capital and expertise to support our clients and customers and help accelerate the global transition to a low-carbon economy, while also contributing to socioeconomic development and inclusive growth. Our goal is to fnance and facilitate more than $2.5 trillion over 10 years - from 2021 through the end of 2030 - to help advance long-term climate solutions and contribute to sustainable development. Our end-of-2030 goal corresponds with the timeframe we set to meet our net zero- aligned targets for our fnanced emissions (see pages 30-31), as well as the timeframe set by the United Nations for achieving the United Nations Sustainable Development Goals ("SDGs").

Green

Aiming to support climate action, clean energy, and sustainable resource management, with a focus on accelerating the deployment of solutions for cleaner sources of energy and facilitating the transition to a low-carbon economy. We are targeting $1 trillion toward this objective by the end of 2030.

Development Finance

Working to support sustainable development in emerging economies, with a focus on mobilizing capital to advance the United Nations Sustainable Development Goals.

GOVERNANCE

ENVIRONMENTAL

SOCIAL

APPENDICES

Our SDT refects the Firm's global, diversifed franchise - incorporating activity across both our retail and wholesale banking segments - and aims to grow and strengthen our business activities across three important objectives: Green, Development Finance and Community Development.

Business activities that qualify toward the SDT include transactions in which the Firm is raising capital and/or extending credit, those for which we are providing advisory, risk management and other facilitation services, and principal capital investments made for commercial purposes2.

We developed the SDT's criteria and methodology taking into account international market practices and industry standards, such as the SDGs, the International Capital Market Association's Green and Social Bond Principles, and the International Finance Corporation's Anticipated Impact Measurement and Monitoring system. We aim to be transparent in our methodology and may recalibrate our approach over time.

For more information about our criteria for determining which business activity is eligible to count toward our Sustainable Development Target and how we account for the value of transactions, see Our Approach to Our Sustainable Development Target.

Community Development

Striving to advance economic inclusion in developed markets, with a focus in the United States on Low-to-Moderate Income individuals and communities and closing the racial wealth gap among Black, Hispanic and Latino individuals and communities. This includes many of the actions we are taking as part of our Racial Equity Commitment.

INTRODUCTION

Progress Toward the Sustainable

Development Target3

We track progress toward our SDT by attributing business activity across the Firm that supports our SDT's objectives.

Progress toward our SDT, like our other ESG-related initiatives, is subject to certain prerequisites both within and outside our control. These include market conditions, public policy and technological advancement, among others. Our fnancing and advisory initiatives are also subject to the same macroeconomic conditions that impact our franchise and the broader fnancial markets.

In 2023, we fnanced and facilitated approximately $194 billion toward the SDT:

PROGRESS TOWARD THE SUSTAINABLE DEVELOPMENT TARGET5,6

$675B | 27%

Since 2021

ANNUAL PROGRESS (2023)

$8B

CB

OUR APPROACH TO TRANSACTIONS THAT SUPPORT MULTIPLE OBJECTIVES

The three objectives of our SDT - Green, Development Finance and Community Development - refect our belief that creating sustainable economic growth requires advancing environmental, economic and social goals. When tracking transactions that support multiple objectives of our SDT, we count transactions only once and toward only one objective in the following order (as applicable): Green, Development Finance or Community Development. With this approach, we seek to avoid double counting, simplify tracking toward our progress, and create clarity in our disclosures.

We disclose more information on some of these key areas in

Message from Our Chairman

Company at a Glance

Our Approach to ESG

Our $2.5T Sustainable

Development Target

GOVERNANCE

$66 billion toward the Green objective, $102 billion toward the Development Finance objective and $26 billion toward the Community Development objective. Collectively, since 2021, we have fnanced and facilitated $675 billion toward our SDT, including $242 billion toward our $1 trillion Green objective.

Despite a complex global macroeconomic environment during 2023, we continued to make progress toward our SDT and to support our clients. However, challenging market conditions, including rising interest rates and a decline in global investment banking activities4, contributed to slower progress compared to 2022.

$15B

$66B CCB

Green

$81B

CIB

Investment

Banking

TOTAL $89B

$194B CIB

Markets

the following sections, such as how we track and count sustainability bonds, and certain J.P. Morgan Development Finance Institution ("JPM DFI") and Community Development activities toward our Green objective. We also highlight case studies that overlap across two objectives of our SDT to underscore the benefts that can be created by simultaneously supporting the advancement of environmental and social issues (see page 13).

ENVIRONMENTAL

Our progress toward our SDT will continue to be infuenced by market conditions, public policy, and technological advancement, and as such, we do not expect our

CUMULATIVE PROGRESS (2021-2023)

USING OUR PRINCIPAL CAPITAL IN SUPPORT OF SUSTAINABLE DEVELOPMENT

SOCIAL

APPENDICES

progress to be linear. In line with the Firm's approach for the rest of our business, we do not manage the SDT focused on short-term results, but rather, focused on positioning ourselves to drive long-term progress. At JPMorgan Chase, we are focused on supporting our clients through the cycle - including in their sustainable development ambitions - and we will continue to play our part to help advance sustainable development. In this section, we report our progress in each objective through December 31, 2023.

$69B

$242B CCB

Green

$310B

CIB

Investment

Banking

When done for commercial purposes and aligned with our eligibility criteria, we may count our principal capital investments toward our SDT. We believe our principal capital can help catalyze the growth and success of companies developing solutions to help achieve sustainable development. For example, in 2023, the Firm became an investor in the United Airlines Ventures Sustainable Flight Fund, a frst-of-its-kind investment vehicle designed to support early-stage companies focused on decarbonizing air

Note: Totals may not sum due to rounding.

1. Reported progress toward the SDT for the year 2023 refects of updates toOur Approach to Our Sustainable Development Targetpublished April 2024. Updates to our Our Approachand determinations regarding eligibility and categorization of transactions into diferent criteria, are overseen by an internal governance group.
2. Global investment banking activities (i.e., M&A, equities, bonds and loans) were down in 2023 by 10% compared to the previous year according to Dealogic.
3. On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank ("FRB") from the Federal Deposit Insurance Corporation, as receiver. As of December 31, 2023, reported progress toward our SDT and/or any of its objectives does not include transactions executed by FRB prior to acquisition. Post-acquisition, transactions executed by JPMorgan Chase are counted toward our SDT.
4. On January 25, 2024, JPMorgan Chase announced new responsibilities for several key executives. As a result of these organizational changes, the Firm will be reorganizing its business segments to refect the manner in which the segments will be managed. The reorganization of the business segments is expected to be efective in the second quarter of 2024.

travel by accelerating the research, production and technologies associated with Sustainable Aviation Fuels. This investment is refected in our reported progress toward the Green objective for the year 2023.