COMMERCIA

L BANKING
February 25, 2020

FIRM OVERVIEW

CORPORATE & INVESTMENT BANK

CONSUMER & COMMUNITY BANKING

ASSET & WEALTH MANAGEMENT

COMMERCIAL BANKING
Commercial Banking – executing a proven strategy
 Clients at the center of everything we do

Client focus  Coverage strategically aligned to best serve our clients

 Local delivery and decision-making, with deep sector expertise

 Industry-leading, broad-based capabilities

Strong franchise  Operating efficiencies and scale advantage as part of JPMorgan Chase
 Consultative teams delivering comprehensive solutions

 Adding talented bankers and expanding local coverage

Targeted investment  Investing in integrated solutions and digital channels

 Enhancing client experience through innovation and streamlining processes

 Rigorous client selection with a long-term, through-the-cycle orientation

Fortress principles  Strong credit and control culture, focusing on markets and sectors we know best
 Expense and capital discipline

 High quality, resilient, diversified earnings

Strong financial performance  Strong returns while investing for the long-term
 Disciplined growth with significant remaining opportunity

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Strong results in 2019 driven by consistent client focus
Client focus Financial performance
2017 2018 2019 2017 2018 2019

1,766 1,922 2,101 $8.6 $9.1 $9.0

Bankers1 Revenue ($B)

278 295 $3.5 $4.2 $3.9

236
Client calls (000s)2 Net income ($B)

1,706
1,062 1,232
8 bps
New relationships 2 NCO rate 2 bps 3 bps

$177 $171 $173 39% 37% 39%

Average deposits ($B) Overhead ratio

$198 $206 $208 17% 20% 17%

Average loans ($B) ROE3

2
1 Based on total revenue-producing employees
2 Excludes Commercial Term Lending; prior year figures have been revised to conform to current presentation
3 Allocated capital was $20B in 2017, $20B in 2018 and $22B in 2019
Tremendous opportunity to grow across our C&I franchise
Continuing to expand and invest in our capabilities to acquire new great clients…

Innovation Economy Government International

39k C&I prospects Targeting 5,400 prospects Pursuing 600 government Focusing on ~1,200 non-U.S.
across high-growth industries1 entities across the U.S. headquartered companies

…while deepening existing relationships over time by delivering differentiated solutions and leveraging the power of firm

Fund growth

Seek liquidity
Optimize payments
18k C&I clients Access capital markets
Manage liquidity
Make strategic acquisition

Expand internationally

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1Innovation economy includes Technology & Disruptive Commerce and Life Sciences companies
Note: Commercial and Industrial (C&I) and Commercial Real Estate (CRE) groupings used herein are generally based on client segments and do
not align with regulatory definitions
Executing middle market expansion strategy
Expansion market revenue ($mm)1
$1,000

47 MSAs added since 20082

$723
$647
460 MMBSI expansion market bankers3
$521
$412
$332 $354
$298
$234
$139
$53

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LT Target
2010-19
CAGR
Clients (#) 820 1,100 1,360 1,470 1,670 1,970 2,220 2,360 2,750 3,280 17%
Loans ($B, avg.) $0.9 $2.7 $5.6 $7.5 $8.6 $9.9 $11.7 $13.6 $15.1 $15.6 37%
Deposits1 ($B, avg.) $1.3 $3.0 $4.7 $6.1 $7.9 $8.3 $8.2 $8.8 $11.2 $13.1 29%

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1 Prior year deposit and revenue figures have been revised to conform to current presentation
2 Based on year-end Middle Market Banking & Specialized Industries (MMBSI) banker presence; number of MSAs is for U.S. only
3 Based on total revenue-producing employees
Substantial, visible opportunity across new markets
Los Angeles – new market Chicago – legacy market

2nd 9 3k 3rd 150+ 3k

Largest MSA Years in market Clients & prospects Largest MSA Years in market Clients & prospects

Strong performance to date in Los Angeles, with significant market opportunity

Los Chicago
Angeles
Revenue Average deposits 4x Average loans 3x
3x

2015 2016 2017 2018 2019 2019 2015 2016 2017 2018 2019 2019 2015 2016 2017 2018 2019 2019
5

Note: Excludes specialized industries

Well positioned to build upon our strong middle market franchise
Middle Market Banking & Specialized Industries market opportunity

Prospective
36k+ MMBSI clients1

MMBSI
125 locations1

Top 100 MSAs in

75 Middle Market footprint

MMBSI offices located

86% within branch network2
MMBSI footprint
Prospect density3

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1 Includes Canadian presence
2 Based on branch count as of January 2020

3 Circles indicate number of prospects in a given city

Replicating our proven strategy internationally
Targeting non-U.S. headquartered global companies Building with discipline

 Foreign companies focused on global growth, driving  Established new teams across 10 countries in EMEA,
demand for international banking solutions APAC and LATAM
 Providing differentiated value for multi-national companies
with cross-border needs
 Focusing on established companies with a presence in the
U.S. and other geographies

Starting from a position of strength  Targeting companies across the globe

Brand recognition and local presence

Well-established Private Bank and CIB coverage in 18 Countries in scope1
50+ global markets

Extensive global solutions

Comprehensive investment banking, treasury services, ~1,200 Targeted prospects
trade and liquidity capabilities

Disciplined risk management

Maintaining fortress principles and leveraging 78 CCBSI international bankers2
deep local market knowledge
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1 As of year-end December 31,2019; Bankers located in 11 international countries (including Canada) with ability to support clients in an additional seven countries (Ireland, Portugal, Austria, Belgium, Luxembourg, Switzerland and New Zealand)
2 Based on total revenue-producing employees
Specialized industries model drives superior value and risk management

 Prudent industry and client selection

>50% Clients with specialized industry
 Deep industry expertise in underwriting coverage

 Sector-specific advice and content to support clients

 Industry-tailored client solutions 17 Specific industry coverage teams

Diverse range of covered industries

Financial Heavy
Agribusiness Apparel Beverage Energy Franchise
Institutions Government Healthcare Equipment

Multinational Technology &

Higher Life Media and
Corporations Nonprofit Real Estate 1 Technology Disruptive
Education Sciences Entertainment
Commerce2

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1 Reflects coverage of CCBSI clients in the Real Estate industry
2 Technology & Disruptive Commerce group covers MMBSI technology and high-growth consumer companies
Substantial opportunity to address the needs of the healthcare ecosystem
Well-positioned to capture the large and growing opportunity

~$4T healthcare expenditure in the U.S.1 Growing faster than U.S. GDP1 On pace to represent ~20% of U.S. GDP1

Dedicated healthcare bankers 800 Clients

and specialists across the CB to
capture growing opportunity Healthcare Healthcare Healthcare Health
providers systems services insurers 1k Prospects

Understanding the specific needs of the segment… …and investing in capabilities and solutions

Heavily regulated
Foundational capabilities Enhancing healthcare core cash management platform
Largely paper-based
Enhanced product offerings Further integrating platforms to streamline offerings
Complex transactions

Unique payments needs Beyond banking solutions Leveraging Instamed solutions to deepen relationships

1 Source: Centers for

Medicare & Medicaid Services, Office of the Actuary; U.S. Department of Commerce, Bureau of Economic Analysis; and U.S. Bureau of the Census
Differentiated treasury capabilities provide substantial value to clients
Leveraging benefits of scale and breadth of market leading solutions…

Integrated payments Liquidity management Merchant services Cross-border solutions

Payment capabilities to realize Sophisticated tools to End-to-end solutions through the Broad set of foreign
efficiency and drive economic value manage liquidity across the #1 wholly-owned merchant acquirer exchange and trade finance
globe solutions

…with client-centered delivery to optimize the way clients do business

Solution-oriented Reporting & Digital Fraud

 Improving working capital

team insights delivery protection

 Reducing operating costs

 Providing insights to drive results

 Streamlining payment channels

 Safeguarding the business

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Delivering the best investment bank to CB clients
Commercial Banking gross investment banking revenue1 ($B)

JPMC N.A. IB fees represented

44% by CB clients2 $3.0
$2.7
$2.5
$2.4
$2.3
$2.2
$2.0

$1.7
$1.6
$1.4
$1.3
$1.2
$1.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LT Target

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1 Represents total JPMorgan Chase revenue from investment banking products provided to CB clients
2 Represents the percentage of CIB’s North America IB fees generated by Commercial Banking clients in 2019, excluding fees from fixed income and equity markets which are included in Commercial Banking gross investment banking revenue
Positioned for continued long-term success in CRE
Community Development Banking Real Estate Banking Commercial Term Lending

~600 clients ~600 clients ~33,000 clients

 Capital to support affordable housing  Banking top-tier clients in major markets  Term financing on stabilized properties in
development projects across the U.S. supply-constrained markets
 Commitment to improve  Targeted markets with focus on lower  Industry-leading loan process delivered
communities volatility assets with speed and certainty of execution
through lending and investment
 Deep, broad-based client relationships  Targeted investment in digital lending
 Building long-term relationships and built over time
community partnerships

#1 300+ >80% $2B

Multifamily lender Highly-skilled bankers CTL originations on apartments with Financing to Affordable
in the U.S.1 across CRE segments rents deemed affordable2 housing projects in 2019

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1 Based on S&P Global Market Intelligence, as of year-end December 31,2019
2 Based on 2019 average underwritten nonrestricted rents
Strong risk focus and smart growth across our portfolio
Average loans by client segment ($B)
Rigorous client selection
Limiting exposure to riskier industries and C&I CRE1
asset classes across C&I and CRE
$206 $208
$198
Market and industry expertise
Benefiting from market knowledge and
specialized industry coverage
$106 $108
$102
Underwriting built on experience and analytics
Continuing to invest in people, processes,
technology and analytics

Through-the-cycle discipline
Independent, experienced underwriting team with
proven track record $96 $99 $100

Downturn preparedness
Maintaining readiness across the organization
using enhanced tools and data assets 2017 2018 2019

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1Includes CCBSI Real Estate
Note: Commercial and Industrial (C&I) and Commercial Real Estate (CRE) groupings used herein are generally based on client segments and do not align with regulatory definitions; totals may not sum due to rounding
Maintaining risk discipline – C&I
Portfolio summary Market commentary

 Strong credit performance through the cycle  Credit quality remains strong, with no material,
 87% of non-investment grade exposure is secured1 broad-based signs of deterioration in the market
 Diversified across industries and regions  Continue to closely watch certain sectors and monitor
new originations
 Dedicated underwriters for select industries
 Revolver utilization generally flat
 Loan spreads in the market have stabilized

Portfolio by industry Net charge-off performance

3.0%
Consumer & Retail Commercial Banking
17% Peer average2
25% Industrials
Healthcare 2.0%
4%
TMT
5%
Oil & Gas 1.0%
6%
Financials
15%
7% Governments
0.0%
10%
Utilities
11%
Other

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1 The Firm considers internal ratings equivalent to BB+/Ba1 or lower as non-investment grade
2 Peer average based on CB-equivalent C&I segments or wholesale portfolios at BAC, CMA, FITB, KEY, PNC, USB, WFC, which may not fully align with CB segmentation
 Maintaining risk discipline – CRE
Portfolio summary Market commentary

ion remains
 $80B
elevated
of loans
withinlate-cycle
Commercialcharacteristics,
Term Lending, particularly
with $2mm from
average
non-bank
loanlenders
size
 LTVdiscipline
ng underwriting ratio of 51%, DSC ratio
and limiting of 1.5x for
exposure 2019 originations
to riskier 1
asset classes
increased
 in 2019ofbut
$16B expect
loans stabilization
in Real in 2020
Estate Banking
 Focus on least volatile asset classes; highly-selective construction portfolio

 $6B of loans in Community Development Banking2

 Financing the creation and rehabilitation of affordable properties
Net charge-off performance

4.0%
Commercial Banking
Peer average3
Multifamily Office Retail Industrial Other 3.0%
Portfolio by
76% 8% 5%5% 5%
asset class 2.0%

1.0%
Term loan Construction Revolver / other
Portfolio by
88% 7% 5% 0.0%
loan type

- %
1.0
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1 Loan to value (LTV) and debt service coverage (DSC) are weighted average calculations
2 Includes ~$3B of loans from consolidated equity investments

3 Peer average based on CB-equivalent CRE segments or wholesale portfolios at BAC, CMA, FITB, KEY, PNC, USB, WFC, which may not fully align with CB segmentation

Note: Portfolios based on sub-LOB are not regulatory definitions; totals may not sum due to rounding
Driving efficiency while continuing to invest in the franchise

Growth Market expansion People Empowering front office

Entering new markets Investing in talent through Implemented new CRM1 system;
domestically and internationally hiring, training and development onboarded 3k+ users

Client value Digital platforms Data & analytics Treasury solutions

Enhanced digital client solutions; Leveraging new tools to provide Expanding breadth, functionality
9k+ active Chase Connect specialized client insights and connectivity to deepen
clients relationships

Efficiency Modernizing workplace Middle office transformation Credit underwriting

Enhancing employee experience and Improving end-to-end processes; Developing systems and processes to
efficiency through technology reduced U.S. account opening time ~25% enhance precision, efficiency and
delivery

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1 Customer relationship management (CRM)
Financial targets

2019 2014-2019 Target

Middle Market
$723mm 17% CAGR $1.0B
Execute growth expansion
initiatives
Investment banking1 $2.7B 7% CAGR $3.0B
(long-term
revenue targets)
International2 $465mm 8% CAGR $1.0B

Maintain expense
discipline Overhead ratio 39% 39% avg. 40% +/-
(medium-term)

Optimize returns
Return on equity 17% 17% avg. ~18%
(medium-term)

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1 Represents total JPMorgan Chase revenue from investment banking products provided to CB clients
2 Denotes non-U.S. revenue from U.S. multinational clients and CCBSI expansion efforts to serve non-U.S. headquartered companies
internationally
Positioned for continued success over the long-term
 Unmatched ability to support clients’ needs as they grow
Complete, global &  Local delivery and expertise across domestic and international locations
diversified
 Differentiated platform, delivering the Investment Bank and Asset & Wealth Management to our clients

 Scale advantage of JPMorgan Chase, enabling strategic long-term investments

Investment capacity to
drive growth &  Technical expertise to improve processes and deliver advanced banking solutions
innovation  Leveraging advanced data and analytics to drive value for clients and our business

 Rigorous underwriting and client selection

Risk & control discipline  Strong credit discipline, with NCOs under 10 bps for the last eight years
 Robust compliance and control culture with end-to-end management focus

 Consultative, solutions-oriented client coverage teams

People  Strong focus on growing top-tier talent through focused hiring and training
 Actively shaping workforce to build even greater technology, digital and data expertise

 Well-positioned to succeed through-the-cycle, with high-quality, diversified revenue streams

Strong financial results &  Business model built to optimize efficiency, operating leverage and earnings potential
organic growth potential
 Significant organic growth opportunity across the entire business

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