We continue to execute against our technology strategy

Deliver best-in-class products, Strengthen our development Unlock the Protect the Firm
1 2 3 4
platforms, and experiences capabilities and infrastructure power of data and our customers

Product and Drive software Embed data and Proactively defend

Customer and Modernize
platform development insights into against cyber
client experiences technology
development excellence everything threats

⚫ Continued to release new products and experiences ⚫ Improved speed-to-market of ⚫ Ahead of our plan to ⚫ Matured ability to
that delight our customers: product features by 20% (in days) deliver $1B respond to new
business value threats, including
⚫ Account validation: custom-built engine that ⚫ Continued application quantum safe
validates bank accounts to protect customers modernization through refactoring, ⚫ +34% YoY growth in encryption
SaaS replacement, and legacy AI/ML use cases in
⚫ Cash optimization: enable utilization of residual
decommissioning production ⚫ Delivered business
cash to generate alpha
value through cyber
⚫ Connected Commerce: ecosystem of products ⚫ Enabled multi-vendor public cloud ⚫ Accelerated large- as a differentiator
connected via reusable APIs as target state infrastructure language-model
(LLM) enablement ⚫ Maintained flat
⚫ Fusion: cloud-native data management and ⚫ Completed ~60% of our application expense relative to
reporting platform migrations to strategic data centers volume increases
⚫ Versana: reduce settlement times and improve ⚫ Optimized data center footprint to
liquidity management for syndicated loan market facilitate public cloud journey

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Our expense growth is driven by investments, volumes, and structural factors

TOTAL TECHNOLOGY EXPENSE ($B) TECH INVESTMENTS BY STRATEGY, 2023

Products, platforms, and experiences $4.0B

Modernize technology and software

+7% CAGR development excellence
$0.5 $15.3 $3.2B
$0.5 Unlock the power of data
$1.1 $14.3 CAGR
$0.7 2019-23 Protect the Firm and our customers
$12.5
$11.7 Total $7.2B
Wage inflation +$0.5
Volumes / other +$0.5
11%
Investments / Internal efficiencies ($0.5)
change the Wage inflation +$0.6 FULLY LOADED TECH INVESTMENTS BY LOB, 2023
bank Volumes / other +$0.5
Internal efficiencies ($0.4) CIB $3.2B
CCB $2.7B
AWM $0.9B
CB $0.3B
Run the
bank Total $7.2B
4%

RUN THE BANK INCLUDES

2019 2021 Structural Investments 2022 Structural Investments 2023 Infrastructure
/ volume- / volume-
related related
Software licenses
Application and production support

Note that totals may not sum due to rounding

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2 Strengthen our software development capabilities and infrastructure

We have delivered $0.5B against our $1.5B productivity target

OUR 3-YEAR COMMITMENT FROM INVESTOR DAY 2022 PROGRESS WE’VE MADE

Modernizing technology and software development excellence will drive cost efficiency
across the total spend and slow our expense growth
~$300mm
Total spend breakdown Opportunity levers Opportunity size through engineering
14.1 efficiencies and
Software development excellence
◼ Improve engineer capacity through
labor productivity
agile adoption and elimination of non-
Engineering

◼
value adding activities
High levels of automation (testing,
~10%
release, production support) and in productivity and
Product, design, application cost efficiency
streamlined software delivery through
support, and other
our platforms
Modernize technology 15-20%
◼ Increase utilization of cloud and
reduce data center footprint in infrastructure cost
~$200mm
Infrastructure and software
efficiency in infrastructure
◼ Break monolithic applications into
modular and API-driven architecture productivity
to improve cost elasticity
Total Spend ($B)
~$1.5B in productivity and cost efficiencies over the next 3 years

3
2 Strengthen our software development capabilities and infrastructure

We continue to modernize our technology estate while keeping infrastructure RTB expense relatively flat

WE’VE MADE SIGNIFICANT PROGRESS IN MODERNIZING APPLICATIONS… …WHILE MODERNIZING OUR INFRASTRUCTURE & SUPPORTING GROWING VOLUMES

⚫ We have increased SaaS adoption to replace non-differentiating ⚫ In the last year, we have been modernizing our on-premise infrastructure
applications with industry-leading SaaS solutions and growing cloud use

+14%
~60%
Growth in SaaS 38%
of in-scope applications 30%
applications ~560
~490 have fully migrated to our
modern data centers
2022 2023
2022 2023
Cloud as a percentage of total infra spend

⚫ And we have continued our legacy application decommissioning ⚫ Over time, this has resulted in our infrastructure run-the-bank expense
journey remaining relatively flat while our volumes have increased

+300 +50% +2% CAGR

Volume of
applications
~2,200 ~2,500
decommissioned
since 2017
2019 2022 2019 2022
2022 2023
Storage and compute volumes Infrastructure run-the-bank expense

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2 Strengthen our software development capabilities and infrastructure

We’ve made progress on technology modernization and engineering excellence to drive efficiencies in
feature delivery and slow our expense growth
WHAT WE MEASURE ACROSS SOFTWARE DEVELOPMENT LIFECYCLE COVERAGE EXAMPLE OUTCOMES WE’VE ACHIEVED IN 1 YEAR

SPEED

LAUNCH
~20% improvement in days from
Accelerate development and 60% backlog to deployment
deployment of features into of apps
production

AGILITY
84%
On Enterprise Adopt and continuously improve 60% ~70% of CCB teams improved YoY
Toolchain agile practices to free engineer of teams performance on agile practices
capacity
Exceeded 80%
2022 target
PLAN

STABILITY
100% 99.9% change success rate while
Minimize failed changes and of apps change volumes have gone up ~60%
…tracking towards ~100% unplanned outages
Toolchain adoption by YE 2023

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2 Strengthen our software development capabilities and infrastructure

Our modernization strategy is enabling us to deliver significant value across the business

JPM Payments Markets Regulatory

Chase.com Connected Commerce
Transaction Engine Reporting Platform

Completed migration of internet- Moving up-funnel to meet Regulatory data warehouse

Graphite is a scalable, modern
facing Chase.com to the public customers earlier in their journeys, responsible for global regulatory
strategic platform for processing
cloud in 4Q22, serving all protecting our core franchise, reporting for Cash Equities,
payments globally, including
customers through Amazon Web and disrupting incumbents in Futures, and Options in 15+
real-time payments
Services Commerce countries

Innovative API-driven
Each payment capability Running on public cloud,
15 Chase.com releases platform to automate
built with its own enabling real-time audit
weekly, 2 mobile app partner onboarding and
independent component trail calculation and report
releases monthly simplify integration with
architecture generation
Chase ecosystem

Reduced time to launch a

22% increase in 35% increase in speed to new real-time payment Increased ability to scale to
change volume deliver product features YoY market from ~18 months 2.5B trades per day on
to ~3-6 months public cloud from 500mm
trades per day on-premise
Offers and
100% customers onboarded
recommendations delivered
(including 63mm+ active Third largest payments
$350mm impact over two Reduced monthly running
digital customers) platform by volume
months in 2023 cost by >50%

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 3 Unlock the power of data

We continue to prioritize our investment in Data and AI/ML, and see increasing value in our businesses

WE EXPECT TO BEAT OUR AI/ML IMPACT TARGETS CONTINUING TO ACCELERATE THE POWER OF OUR DATA AND AI/ML

AI/ML driven business impact Building an industry-leading team

3.6x
900+ 600+
data scientists ML engineers
$1.5B target

200+ Ranked #1
2021 2022 2023 AI researchers Evident AI Index1

Select thematic examples across our 300+ use cases in production Expanding our technology platforms

⚫ Improving capabilities, with embedded governance and

Responsible AI

Personalization of products Deepening client relationships ⚫ Integrating ML Ops capability to support teams to develop
and experiences for retail through improved analytics and models faster and measure performance
customers insights

~25 use cases ~60 use cases ⚫ Increased use cases leveraging firmwide model development
~$220mm impact in 2022 ~$100mm impact in 2022 and training platform by 2.2x YoY

1 JPMC ranked number one in the Evident AI Index (January 2023), the first public benchmark of major banks on their AI maturity

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 4 Protect the firm and our customers

We continue to evolve our best-in-class Cyber capabilities through a dynamic threat environment

MANAGING EXPENSE WHILE DOING MORE CREATING VALUE WHILE PROTECTING THE FIRM AND FINANCIAL SERVICES
INDUSTRY CRITICAL INFRASTRUCTURE
+22%

Security alerts Further strengthening access and authentication, improving user experience while
processed per day lowering the burden of managing passwords

2022 2023

>2x Automating security controls by default in development, data, and infrastructure

Supplier vulnerabilities platforms, reducing the number of required developer actions by over 60%
proactively mitigated by
JPMC

2022 2023
Reduced required actions and introduced straight-through-processing for cloud
+66% regulatory compliance resulting in automated approval for over 60% of deployments

Cybersecurity exercises
and simulations

Advising U.S. Government and policy makers to improve public-private partnership

2022 2023
and enhance cybersecurity for critical infrastructure
+4% CAGR
Cyber-related
expenditure
Engaging with NIST1 as a financial services member of the National Cybersecurity Center
of Excellence and collaborating on post-quantum cryptography migration guidelines
2020 2021 2022 2023

1 National Institute of Standards and Technology

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We are well positioned to lead across our businesses, backed by resilient, innovative technology, for years
to come

1 2 3 4

Deliver best-in-class Strengthen our software

Unlock the Protect the Firm and
products and experiences development capabilities and
power of data our customers
to customers infrastructure

Improved speed-to-market of
Ahead of our plan to deliver Creating value while
product features by 20%
$1B business value protecting our Firm and
Continued to release new
$0.5B productivity impact customers
products and experiences that 300+ use cases in production
delivered against $1.5B target
delight our customers Optimizing our expense
$1.5B value target to be
~100% Enterprise Toolchain while volumes increase
delivered by year-end 2023
adoption by year-end