JPMorgan Chase & Co. · Risk factors

Prior heading: JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.

JPMorganChase is a financial services firm with operations worldwide. JPMorganChase must comply with the laws, rules and regulations that apply to its operations applicable law in all of the jurisdictions around the world in which where it does business, and business. Like other financial services firms such as firms, JPMorganChase are is subject to extensive and constantly-evolving regulation supervision and supervision. The regulation and supervision of JPMorganChase that significantly affects the way that it conducts its business and structures its operations, operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase could be required to make changes to its business implement and operations in response to supervisory expectations or decisions or to new or changed laws, rules maintain compliance programs, and regulations. These types the complexity of developments could result in JPMorganChase incurring additional costs or experiencing a reduction in revenues to comply with applicable laws, rules and regulations, which could reduce these programs can increase its profitability. Furthermore, JPMorganChase’s entry risks of non-compliance. In addition, entering into or acquisition of acquiring a new business or an increase in its principal investments may require JPMorganChase to comply with additional laws, rules, and regulations. Additionally, JPMorganChase’s ability to execute certain expanding current business initiatives could become more challenging due to increased regulation in the financial services industry, such as limitations on late payment, overdraft and interchange fees. This could adversely affect JPMorganChase’s earnings from its consumer businesses, prompting increase the reevaluation or adjustment scope of certain businesses applicable law or product offerings, as well as the reallocation of resources and incurrence of restructuring costs, which could impact revenue supervision and profitability in the affected lines of business. In response regulation to new and existing laws, rules and regulations and expanded supervision, which JPMorganChase is subject. JPMorganChase has in the past been and could in the future be, be required to: •limit to modify its business and operations in response to changes in applicable law, regulatory decisions or supervisory expectations, such as: •limiting the products and services that it offers •reduce •increasing the prices that it charges for products and services, which could reduce the demand for them •reducing the liquidity that it can provide provides through its market-making activities •refrain from engaging in business opportunities that it might otherwise pursue •pay •paying higher taxes (including as part of any minimum global tax regime), assessments, levies or other governmental charges, including in connection with the resolution of tax examinations •incur losses, including with respect to charges •absorbing losses arising from fraudulent transactions perpetrated against its clients and customers •dispose •disposing of certain assets, and do doing so at disadvantageous times or prices that are disadvantageous •impose restrictions on certain •forgoing business activities, or •increase the prices opportunities that it charges for products and services, which might otherwise pursue, or •otherwise restricting its business activities. These types of changes could increase JPMorganChase’s costs or reduce the demand for them. Any its revenues. In addition, any failure by JPMorganChase to comply with the laws, rules and regulations to which it is subject applicable law or meet supervisory expectations could result in: •increased regulatory and supervisory scrutiny •regulatory and governmental enforcement •enforcement actions by governmental authorities •the imposition of fines, penalties or other sanctions •increased exposure to litigation, or •harm Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to its reputation.demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.

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Prior heading: Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.

The content and application Various factors could influence the scope of laws, rules applicable law and regulations affecting supervision for a firm that provides financial services firms can vary according to factors services, such as the size of the firm, the jurisdiction businesses in which it is organized or operates, engages and other criteria. its jurisdiction of organization. For example: •larger firms such as JPMorganChase are often subject to face more stringent supervision, regulation supervision and regulatory scrutiny •financial regulation •certain competitors, such as financial technology companies and other non-traditional competitors companies, may not be subject to banking regulation, or may be supervised by a national or state regulatory agency that does not have the same resources or regulatory priorities as the regulatory agencies that supervise more diversified financial services firms, subject to less stringent oversight, or •the financial services regulatory and supervisory framework in a particular jurisdiction may favor locally-based firms. A highly-regulated financial institutions that are based in that jurisdiction. These types of differences in the regulatory and supervisory framework can result in services firm such as JPMorganChase losing market share can be vulnerable to competitors competition from firms that are less regulated or not subject to regulation, especially with respect to unregulated financial products. There can also be significant unregulated. In addition, differences in the ways that similar regulatory initiatives affecting the financial services industry are implemented in implementation between the U.S. and in other countries and regions in which JPMorganChase does business. could adversely affect JPMorganChase’s businesses. For example, when adopting rules a national financial services regulator may impose requirements that are intended to implement stricter than a global regulatory or supervisory standard, a national regulator may introduce additional or more restrictive requirements, which can could create competitive disadvantages for financial services those firms, such as JPMorganChase, that may be are subject to those the enhanced regulations. In addition, regulations. Furthermore, certain national and multi-national bodies and governmental agencies authorities outside the U.S. have adopted laws, rules or regulations applicable law that may could conflict with or prohibit JPMorganChase from complying with laws, rules and regulations to applicable law in other jurisdictions, which it is otherwise subject, creating could create conflict of law issues that also increase its risk of non-compliance in those jurisdictions. Legislative and regulatory could increase risks associated with non-compliance. Regulatory initiatives outside the U.S. have required and could in the future require JPMorganChase to make significant modifications to significantly modify its operations and or legal entity structure in the relevant countries or regions places in order to comply with which those requirements. These include laws, rules and regulations that have been adopted or proposed, as well initiatives are implemented, such as regulatory expectations, relating to: •the establishment of requirements for: •establishing locally-based intermediate holding companies or operating subsidiaries •requirements to maintain •maintaining minimum amounts of capital or liquidity in locally-based subsidiaries •the implementation of •implementing processes within locally-based subsidiaries to comply for complying with local regulatory requirements or expectations •the separation applicable law •separating (or “ring fencing”) of core banking products and services from markets activities •requirements for the •the orderly resolution of financial institutions •requirements for executing •executing or settling transactions on exchanges or through central counterparties (“CCPs”), or for depositing funds with other financial institutions or clearing and settlement systems •position limits and reporting rules for derivatives •governance systems, and accountability regimes •conduct •governance, control, conduct of business and control requirements, and •restrictions on compensation. These types of differences, compensation standards. Differences, inconsistencies and conflicts in applicable law related to financial services regulation have required and could in the future require JPMorganChase to: •divest assets or restructure its operations •maintain higher levels of capital and liquidity, or absorb increased capital and liquidity costs •incur higher operational operational, compliance, capital and compliance liquidity costs •change •become subject to penalties •limit the prices that it charges for its products and services •curtail that it offers, or change the products and services prices that it offers to its customers charges for those products and clients •curtail other services, or •forgo business opportunities, including acquisitions or principal investments, that it otherwise would have pursued •become subject to regulatory fines, penalties or other sanctions, or •incur higher costs for complying with different legal and regulatory frameworks. Any or all of these factors could harm JPMorganChase’s ability to compete against other firms that are not subject to the same laws, rules and regulations or supervisory oversight, or harm JPMorganChase’s businesses, results of operations and profitability.pursued.

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Prior heading: JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.

JPMorganChase is named as a defendant or is otherwise involved in many civil and governmental legal proceedings, including class actions, derivative actions and other litigation or disputes with third parties, as well as investigations and enforcement actions by U.S. and non-U.S. governmental authorities, including criminal proceedings. Actions currently pending against JPMorganChase may could result in judgments, settlements, fines, penalties settlements or other sanctions penalties adverse to JPMorganChase. Any JPMorganChase, and any such resolution of these matters legal proceedings could materially and adversely affect JPMorganChase’s business, financial condition or results of operations, or cause serious reputational harm. As a participant in the financial services industry, it is likely that JPMorganChase will continue to experience a high level of litigation and regulatory and government investigations related to its businesses and operations. Regulators and other government agencies conduct examinations of JPMorganChase and its subsidiaries both on a routine basis and in targeted exams, and JPMorganChase’s businesses and operations are subject to heightened regulatory oversight. This heightened regulatory scrutiny, or the results of such an investigation or examination, may lead to additional regulatory investigations or enforcement actions. There is no assurance that those actions will not result in resolutions or other enforcement actions against JPMorganChase. Furthermore, a single event involving a potential violation of law or regulation may give rise to numerous and overlapping investigations and proceedings, either by multiple federal, state or local agencies and officials in the U.S. or, in some instances, regulators and other governmental officials in non-U.S. jurisdictions. In addition, if another financial institution violates a law or regulation relating to a particular business activity or practice, this will often give rise to an investigation by regulators and other governmental agencies of the same or similar activity or practice by JPMorganChase. JPMorganChase could become subject to a significant regulatory investigation and be unable to disclose specific information concerning that investigation to the public if such a disclosure would violate JPMorganChase’s obligations under applicable rules and regulations to maintain the confidentiality of confidential supervisory information, even if the resolution of that investigation could have a material adverse effect on JPMorganChase’s business, operations, results or financial condition. Regulatory investigations, examinations or other initiatives by U.S. and non-U.S. governmental authorities may subject JPMorganChase to judgments, settlements, fines, penalties or other sanctions, and may require JPMorganChase to restructure its operations and activities or to cease offering certain products or services. All of these potential outcomes could harm JPMorganChase’s reputation or lead to higher operational costs, thereby reducing JPMorganChase’s profitability, or result in collateral consequences. In addition, the extent of JPMorganChase’s exposure to legal and regulatory matters can be is unpredictable and could, in some cases, exceed the amount of reserves that JPMorganChase has established for those matters.

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Prior heading: Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.

Governmental authorities conduct both routine and targeted examinations of JPMorganChase is and its subsidiaries, and JPMorganChase’s businesses and operations are subject to heightened oversight and scrutiny from regulatory oversight. This scrutiny, or the results of such an examination, could lead to legal proceedings, including investigations or enforcement actions by governmental authorities. Furthermore, a single event involving a potential violation of applicable law could give rise to numerous and overlapping proceedings, including by multiple governmental authorities in many jurisdictions. the U.S. as well as non-U.S. authorities. In addition, if another financial institution violates applicable law relating to a particular business activity or practice, this will often give rise to legal proceedings related to the same or similar activity or practice by JPMorganChase. JPMorganChase has paid significant fines, provided other monetary relief, in the past incurred other significant penalties and experienced collateral consequences and other repercussions in connection with resolving investigations and enforcement actions by governmental agencies. JPMorganChase authorities, and it could become subject to face similar regulatory or governmental resolutions or other investigations, actions in the future, and addressing the requirements of any such resolutions or actions could result in the future. JPMorganChase incurring typically incurs higher operational and compliance costs, costs when addressing the requirements of such resolutions, including devoting substantial resources to the required remediation or needing to comply with other restrictions. remediation. In connection with resolving specific regulatory investigations or enforcement actions, certain regulators governmental authorities have required JPMorganChase and other financial institutions to admit wrongdoing with respect to the activities that gave rise to the resolution. These types of admissions can could lead to: •greater exposure in litigation •damage to JPMorganChase’s reputation negative consequences such as: •disqualification from doing business with certain clients or customers, or in specific jurisdictions, or •other direct jurisdictions •greater exposure in litigation, and indirect adverse effects. Furthermore, government officials in the U.S. and other countries globally have demonstrated a willingness to bring increasingly brought criminal actions against financial institutions and have required that those institutions to plead guilty to criminal offenses or admit other wrongdoing in connection with resolving regulatory investigations or enforcement actions. Resolutions of this type can actions by governmental authorities. These resolutions could have significant collateral consequences for the subject financial institution, including: •loss of clients, customers and business •restrictions on offering certain products or services, and •losing •loss of permission to operate certain businesses, either temporarily or permanently. JPMorganChase expects that: that the following trends will continue: •it and other financial services firms will continue to be subject to heightened regulatory scrutiny and governmental pervasive investigations and enforcement actions by governmental authorities, as well as criticism or litigation from clients or customers who claim that they have been harmed by actions taken by JPMorganChase in order to comply with applicable law •governmental authorities will continue forgo opportunities to require that financial institutions be penalized for resolve investigations with informal supervisory actions, and will pursue formal and punitive enforcement actions with respect to actual or deemed violations of law with formal •resolutions of investigations and punitive enforcement actions, including actions will result in the imposition of significant monetary and other sanctions, rather than resolving these matters through informal supervisory actions, penalties, and •governmental authorities will be more likely to pursue bring formal enforcement actions and resolutions against JPMorganChase to the extent that if it has previously been subject to other governmental investigations or enforcement actions. actions by governmental authorities. When resolving an investigation or enforcement action by a governmental authority, the subject financial institution typically must satisfy new or enhanced regulatory requirements or restrictions. If JPMorganChase fails to meet the requirements of any resolution of a governmental investigation or enforcement action, such resolution, or to maintain risk and control processes that meet the heightened standards and expectations of its regulators, it could be required to, among other things: •enter into further resolutions of investigations or enforcement actions •pay •incur additional regulatory penalties or enter into judgments, or •accept material regulatory restrictions on, or changes in the management of, its businesses. In these circumstances, JPMorganChase could also become subject to other sanctions, or to prosecution or civil litigation with respect to the conduct matters that gave rise to an investigation or enforcement action. In addition, JPMorganChase can be subject to could incur higher costs or requests for additional capital in connection with the resolution of governmental when resolving investigations and enforcement actions involving newly-acquired businesses, companies in which JPMorganChase has made principal investments, parties to joint ventures with JPMorganChase, and vendors with which JPMorganChase does business.business. As a participant in the financial services industry, it is likely that JPMorganChase will continue to experience a high level of litigation and investigations by governmental authorities related to its businesses and operations. In addition, JPMorganChase could become subject to a significant investigation by governmental authorities and be unable to disclose specific information concerning that investigation to the public if such a disclosure would violate JPMorganChase’s obligations under applicable law to maintain confidentiality, even if the resolution of that investigation could have a material adverse effect on JPMorganChase’s business, operations, results or financial condition.

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Prior heading: JPMorganChase’s operations and financial results can be negatively impacted in jurisdictions with less predictable legal and regulatory frameworks.

JPMorganChase conducts existing and new business in certain countries, states, municipalities, territories and other jurisdictions in which the application of the rule of law is inconsistent, extralegal or less predictable, including with respect to: •the absence of a statutory or statutory, regulatory basis or guidance interpretative basis for engaging in specific types of business or transactions •conflicting •applicable law or ambiguous laws, rules, regulations and judicial orders, orders that are ambiguous, conflicting, or the inconsistent application inconsistently applied or interpretation of existing laws, rules, regulations and judicial precedents interpreted •actions by or at the direction of government officials governmental authorities or agencies officials •uncertainty concerning the enforceability of intellectual property rights or contractual or other obligations •difficulty in •challenges associated with competing in economies in which the government controls or protects all or a portion of the local economy or specific businesses, or where graft or corruption may be pervasive •the threat of regulatory investigations, investigations by governmental authorities, civil litigations or criminal prosecutions that are arbitrary or otherwise contrary to established legal principles in other parts of the world, and •the termination of licenses or other permissions required to operate in the local market relevant jurisdiction, or the suspension of business relationships with governmental bodies. entities, leading to lost revenue. If the application of the laws, rules, regulations and legal, regulatory or judicial precedents framework in any a particular jurisdiction is susceptible to producing outcomes that are inconsistent, unexpected or contrary to established legal principles, this can could create a more difficult business environment in which for JPMorganChase conducts its business and could negatively affect JPMorganChase’s its operations and reduce its earnings with respect to that jurisdiction. For example, JPMorganChase has faced actual and threatened litigation in Russia with respect to payments that JPMorganChase cannot make under, and is contractually excused from paying as a result of, relevant economic sanctions laws. That litigation has also resulted in the seizure of assets. In addition, conducting business in jurisdictions a jurisdiction with a less predictable legal and legal, regulatory frameworks or judicial framework could require JPMorganChase to devote significant additional resources to understanding local laws, rules understanding, and regulations, as well as structuring operating its operations to comply with local laws, rules and regulations and implementing businesses in compliance with, applicable law and administering related internal policies judicial precedents in that jurisdiction, and procedures. There there can be no assurance that JPMorganChase will always be successful in its efforts to fully understand and to conduct its business in compliance with the laws, rules and regulations of all of the jurisdictions in which it operates, and the risk of non-compliance, or of interference with JPMorganChase's businesses, can be greater in jurisdictions that have less predictable legal and regulatory frameworks.doing so.

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Prior heading: JPMorganChase's businesses may be negatively impacted by governmental policies that either discourage or penalize business with certain industries or require specific business practices.

JPMorganChase's JPMorganChase’s businesses and results of operations may could be adversely affected by actions or initiatives by national, state or local governmental authorities or officials that: •seek to discourage financial institutions from doing business with companies engaged in certain industries, or conversely, to penalize financial institutions that elect not to do business with such companies, or •mandate specific business practices that for companies operating in the relevant jurisdiction must adopt. Because governmental jurisdiction. Governmental policies in one jurisdiction may differ or conflict with those in other across jurisdictions, JPMorganChase may face which could lead to negative consequences for JPMorganChase regardless of the course of action that it takes or elects not to take, including: •restrictions •prohibitions or prohibitions restrictions on doing business within a particular jurisdiction, or with governmental entities in a jurisdiction •the threat of enforcement actions, including under antitrust or other anti-competition laws, rules and regulations, and •harm to its reputation arising from public criticism, including from politicians, activists and other stakeholders. JPMorganChase has been prohibited from engaging in certain business activities in specific jurisdictions as a result of these types of governmental actions, and there is no assurance that it will not face similar restrictions on its business and operations in the future.and

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Prior heading: Requirements for the orderly resolution of JPMorganChase could result in JPMorganChase having to restructure or reorganize its businesses and could increase its funding or operational costs or curtail its businesses.

JPMorganChase is required under Federal Reserve and FDIC rules to prepare and submit must periodically to those agencies submit a detailed resolution plan to the Federal Reserve and the FDIC for its rapid and orderly resolution in bankruptcy, without extraordinary government support, in the event of material financial distress or failure. The regulatory requirements concerning resolution plans and the evaluation of JPMorganChase’s resolution plan by these agencies may change, and the requirements for resolution plans may be modified from time to time. banking regulators could change over time. Any such determinations or modifications changes could result in JPMorganChase needing to make making changes to its legal entity structure or to certain of its internal or external activities, which could increase its funding or operational costs, or hamper its ability to serve clients and customers. If the Federal Reserve and the FDIC were both to determine that a resolution plan submitted by JPMorganChase has deficiencies, they could jointly impose more stringent capital, leverage or liquidity requirements requirements, or restrictions on JPMorganChase’s growth, activities or operations. The agencies banking regulators could also require that JPMorganChase restructure, reorganize or divest assets or businesses in ways that could materially and adversely affect JPMorganChase’s operations and strategy.

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Prior heading: Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.

Political developments in the U.S. and other countries can could cause uncertainty in the economic environment and market conditions in which JPMorganChase operates its businesses. operates. Certain governmental policy initiatives, as well as heightened geopolitical tensions, policies or actions could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including: •monetary policies and actions taken by the Federal Reserve and other central banks or governmental authorities, banks, including changes in interest rate levels and any sustained large-scale asset purchases or purchases, any suspension or reversal of those actions actions, and changes in interest rate levels •fiscal policies, including with respect to taxation and spending •isolationist foreign •foreign policies that emphasize national interests •economic or financial sanctions •the implementation of tariffs and other protectionist trade policies •requirements to relocate business activities or operations •deployment of the military •changes to immigration policies, or •actions that the government takes or fails to take in response inactions by a government related to the effects of health emergencies, the spread of infectious diseases, epidemics or pandemics. emergencies. These types of political developments, and uncertainty about the possible outcomes of these developments, as well as heightened geopolitical tensions, could: •erode investor or consumer confidence in the U.S. economy and financial markets, which could potentially undermine the status of the U.S. dollar as a safe haven currency •provoke retaliatory countermeasures by other countries and or otherwise heighten tensions in regulatory, enforcement trade or diplomatic relations •increase the risk of targeted cyber attacks •increase concerns about whether the U.S. government will be funded, funded and will be able to service its outstanding debt serviced, at any particular time •result in periodic shutdowns of the U.S. government •influence investor perceptions concerning government support of certain sectors of the economy or the economy as a whole •influence monetary policy actions of the Federal Reserve to moderate the economic impact of political developments, including decisions on interest rate levels and asset purchases and sales •adversely affect the financial condition or credit ratings of clients and counterparties with which JPMorganChase does business, or •cause JPMorganChase to refrain from engaging in forgo business opportunities that it might otherwise pursue. These factors could lead to: •slower growth rates, rising inflation or recession •disruptions in labor markets •greater market volatility •a contraction of available credit and the widening of credit spreads •U.S. dollar currency fluctuations •lower investments in a particular country or sector of the economy •large-scale sales of government debt and other debt and equity securities •reduced commercial activity among trading partners or disruptions to supply chains, or •the possible departure formation of a country from, or the dissolution or formation of, a changes in political or economic alliance alliances or treaty. Under treaties. These risks could become highly correlated or combine in unexpected ways under certain circumstances, such as including geopolitically challenging situations in regions like such as Russia, the Middle East and China, these various risks could become highly correlated or combine in unprecedented ways. China. Any of these the foregoing potential outcomes could cause JPMorganChase to suffer to: •suffer losses on its market-making positions or in its investment portfolio, reduce portfolio •reduce its liquidity and capital levels, increase levels •increase the allowance for credit losses or lead to recognize higher net charge-offs, hamper charge-offs •hamper its ability to deliver products and services to its clients and customers, and weaken customers •weaken its results of operations and financial condition or credit rating.ratings, or •become subject to prolonged litigation.

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Prior heading: Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.

JPMorganChase’s results of operations can could be negatively affected by the occurrence or persistence of adverse changes in any of the following: •the U.S. and global economies •investor, consumer and business sentiment •events that reduce sentiment, or confidence in the financial markets •inflation, deflation or deflation, recession •high unemployment or, conversely, a tightening labor market or employment •the availability and cost of capital, liquidity and credit •levels and volatility of interest rates, credit spreads and or market prices for of currencies, debt and equity securities and commodities, as well as and the duration of any such changes •the economic effects of an outbreak or escalation of war, hostilities, terrorism or other changes, and •economic and geopolitical instabilities, cyber attacks, climate change, natural disasters, severe weather conditions, health emergencies, the spread effects of infectious diseases, epidemics or pandemics or other extraordinary events beyond JPMorganChase’s control, and •the state of the U.S. and global economies. All of these are control. The above factors could be affected by global economic, market and political events and conditions, including the regulatory environment, monetary policies policies, trade policies, and actions taken by central banks or other governmental authorities, as well as by the regulatory environment. authorities. In addition, JPMorganChase’s investment portfolio and market-making businesses can could suffer losses due to unanticipated market events, events and conditions, including: •severe declines in asset values •unexpected credit events •unforeseen events events, credit rating downgrades and large counterparty losses •disruption of trade routes and supply chains globally •events or conditions that may cause previously uncorrelated market factors to become correlated (and vice versa) •the inability to effectively hedge risks related to market-making and investment portfolio positions, or •other market risks that may not have been appropriately taken into account in the development, adequately considered when developing, structuring or pricing of a financial instrument. If JPMorganChase experiences Any significant losses in its JPMorganChase’s investment portfolio or from market-making activities, this activities could reduce JPMorganChase’s its profitability and its liquidity and capital levels, and thereby constrain the growth of its businesses.

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Prior heading: JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.

JPMorganChase’s consumer businesses are particularly affected by U.S. and global economic conditions, including: •personal •the distribution of personal and household income distribution •unemployment or underemployment •changes in housing prices •the level of inflation and its effect on prices for goods and services •consumer and small business confidence levels •prolonged periods of exceptionally high or low interest rates, or significant changes to interest rates •changes in the value of collateral such as residential real estate and vehicles •changes in housing prices •the level of inflation and its effect on prices for goods and services •consumer and small business confidence levels, vehicles, and •changes in consumer spending or in the level of consumer debt. Heightened levels of High unemployment or underemployment that result in reduced levels could reduce personal and household income income, which could negatively affect degrade consumer credit performance to the extent that if consumers are less able struggle to service their debts. In addition, sustained low growth, low or negative interest rates, inflationary pressures or recessionary conditions could diminish customer demand for the products and services offered by JPMorganChase’s consumer businesses. Adverse economic conditions could also lead to an increase in delinquencies, additions to an increase in the allowance for credit losses and or higher net charge-offs, which can could reduce JPMorganChase’s earnings. These consequences could be significantly worse in certain geographies, including where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment, or where if high levels of consumer debt, such as outstanding student loans, could impair the ability of customers to pay their other consumer loan obligations. obligations, or in certain geographies where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment. In addition, JPMorganChase’s earnings from its consumer businesses could also be adversely affected if customer demand for the products and services offered by its consumer businesses is diminished by sustained low growth, low or negative interest rates, inflationary pressures, or recessionary conditions. Furthermore, governmental policies and actions that affect consumers, including: •policies and initiatives actions, including those relating to pricing of products, taxation, medical insurance, education, immigration immigration, and housing, or those that may impact employment status •laws, rules and regulations relating specifically to the financial services industry, such as limitations on late payment, overdraft and interchange fees, and •policies aimed at the economy more broadly, such as higher taxes and increased regulation, which status, could result in reductions in reduce consumer disposable income.income and decrease JPMorganChase's earnings from its consumer businesses.

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Prior heading: Unfavorable market and economic conditions can have an adverse effect on JPMorganChase’s wholesale businesses.

In JPMorganChase’s wholesale businesses, market Market and economic factors can affect the volume of transactions that JPMorganChase executes for its clients or and advisory engagements for which it advises clients, and, therefore, JPMorganChase is engaged and the related revenue that JPMorganChase receives from those transactions. activities. These factors can could also influence the willingness of other financial institutions and investors to participate in capital markets transactions that JPMorganChase manages, such as loan syndications or securities underwriting. manages. Furthermore, if a any significant and sustained deterioration in market conditions were to occur, the profitability of JPMorganChase’s businesses engaged in capital markets activities, including loan syndication, securities underwriting and leveraged lending activities, could be reduced to the extent that those businesses: •earn less reduce fee revenue due to lower transaction volumes, including when clients are unwilling or unable to refinance their outstanding debt obligations in unfavorable market conditions, or •dispose obligations. Additionally, the profitability of JPMorganChase’s capital markets activities could be impacted if it needs to dispose of portions of credit commitments at a loss, loss or hold larger residual positions in credit commitments that cannot be sold at favorable prices. The fees that JPMorganChase earns from managing client assets or holding assets under custody for clients could be diminished by declining asset values or other adverse macroeconomic conditions. For example, higher interest rates or a market downturn in financial markets could affect the valuation of client assets that JPMorganChase manages or holds under custody, which, resulting in turn, could affect JPMorganChase’s lower revenue from fees that are based on the amount of assets under management or custody. Similarly, adverse macroeconomic or market conditions could prompt outflows from JPMorganChase funds or accounts, or cause clients to invest in products that generate lower revenue. Substantial and unexpected withdrawals from a JPMorganChase fund can could also hamper the investment performance of the fund, particularly if the outflows create the need for the fund to dispose of fund assets at disadvantageous times or prices, and could lead to further withdrawals based on the weaker investment performance. An adverse change in market conditions in particular segments of the economy, such as a sudden and severe downturn in oil and gas prices or an increase in commodity prices, severe declines in commercial real estate values, or sustained changes in consumer behavior that affect specific economic sectors, could have a material adverse effect on clients of JPMorganChase whose operations or financial condition are directly or indirectly dependent on significantly impacted by the health or stability of those market segments or economic sectors, as well as clients that are engaged in related businesses. JPMorganChase could incur credit losses on its loans and other commitments to clients that operate in, or are dependent on, significantly impacted by, any sector of the economy that is or comes under stress. An economic downturn or sustained changes in consumer behavior that results result in shifts in consumer and business spending could also have a negative impact on certain of JPMorganChase’s wholesale clients, and thereby diminish JPMorganChase’s earnings from its wholesale operations. For example, the businesses of certain of JPMorganChase’s wholesale clients are dependent that rely on consistent streams of rental income from commercial real estate properties, including offices, which are owned or being built properties could be negatively affected by those clients. Sustained sustained adverse economic conditions or circumstances (such as hybrid work models could result in reductions in the rental cash flows models) that owners or developers receive from their tenants which, in turn, reduce tenancies. These types of developments could depress the values of the properties, property values, impair the ability of borrowers clients to service or refinance their commercial real estate loans and lead to an increase in foreclosures. These consequences could result in JPMorganChase experiencing increases an increase in the allowance for credit losses, higher delinquencies, defaults and charge-offs within its commercial real estate loan portfolio and incurring higher costs for servicing a larger volume of delinquent loans in that portfolio. An increase in foreclosures could also result in higher operational risk associated with JPMorganChase owning and managing real property, and any inadequacy in governance or control over the foreclosed properties could result in regulatory scrutiny and reputational harm.

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Prior heading: Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.

When interest rates are high or increasing, JPMorganChase can may generally be expected to earn higher net interest income. income when interest rates are high or increasing. However, higher interest rates can could also lead to: result in: •fewer originations of commercial and residential real estate loans •losses on underwriting exposures or incremental client-specific downgrades, or increases in client-specific downgrades •increased financing costs for clients, which could lead to an increase in the allowance for credit losses and higher net charge-offs due to higher financing costs for clients •the loss of deposits, particularly if including where customers withdraw deposits because they believe that interest rates offered by JPMorganChase are lower than those of competitors or if JPMorganChase makes incorrect assumptions about depositor behavior transition to higher-yielding products •losses on available-for-sale (“AFS”) securities held in the investment securities portfolio •lower net interest income if central banks introduce interest rate increases more quickly than anticipated and this results in a misalignment in the pricing of short-term and long-term borrowings •less liquidity in the financial markets, and •higher funding costs. All of these outcomes could adversely affect JPMorganChase’s earnings or its liquidity and capital levels, and any negative outcomes could be with more severe impacts in a prolonged period of high interest rates. rates. Higher interest rates can could also negatively affect the payment performance on loans within JPMorganChase’s consumer and wholesale loan portfolios that are linked to variable interest rates. If borrowers of variable rate loans are unable to afford higher interest payments, those borrowers may reduce or stop making payments, thereby causing payments at higher interest rates, JPMorganChase to could incur losses and as well as increased operational costs related to servicing a higher volume of delinquent loans. loans. On the other hand, a low or negative interest rate environment may could cause: •net •compressed net interest margins to be compressed, margins, which could reduce the amounts that JPMorganChase earns result in lower earnings on its JPMorganChase’s investment securities portfolio to the extent that it is unable to reinvest contemporaneously in higher-yielding instruments •unanticipated •adverse or adverse unanticipated changes in depositor behavior, which could negatively affect JPMorganChase’s broader asset and liability management strategy, strategies, and •a reduction in the value of JPMorganChase’s mortgage servicing rights (“MSRs”) asset, resulting in decreased revenues. When credit spreads widen, it becomes more expensive for JPMorganChase to borrow. borrow. JPMorganChase’s credit spreads may could widen or narrow not only in response due to events and circumstances that are specific to JPMorganChase but also as a result of general economic and geopolitical events and conditions. Changes in JPMorganChase’s credit spreads will affect, positively or negatively, JPMorganChase’s could negatively affect its earnings on certain liabilities, such as derivatives, that are recorded at fair value.

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Prior heading: JPMorganChase’s results may be materially affected by market fluctuations and significant changes in the valuation of financial instruments.

The value of securities, derivatives and other financial instruments which that JPMorganChase owns or in which it makes markets can could be materially affected by market fluctuations. Market volatility, illiquid market conditions and other disruptions fluctuations in the financial markets may could make it extremely difficult to value certain financial instruments. Subsequent valuations of financial instruments in future periods, in light of factors then prevailing, may could result in significant changes in the value of these instruments. In addition, at the time of any disposition when JPMorganChase disposes of these a financial instruments, instrument, the price that JPMorganChase ultimately it realizes will depend on the demand and liquidity in the market at that the time of disposition, and may that price could be materially lower than their the current fair value. value of the instrument. Any of these factors could cause a decline in the value of financial instruments that JPMorganChase owns or in which it makes markets, which may could have an adverse effect on JPMorganChase’s its results of operations. JPMorganChase’s risk management and monitoring processes, including its stress testing framework, seek to quantify and manage JPMorganChase’s exposure to more extreme market moves. However, operations. Furthermore, JPMorganChase’s hedging and other risk management strategies may not always be effective, and it could incur significant losses, if extreme market events were to occur.

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Prior heading: JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.

JPMorganChase routinely executes transactions with clients and counterparties such as corporations, financial institutions, asset managers, hedge funds, securities exchanges and government entities within and outside the U.S. globally. Many of these transactions expose JPMorganChase to the credit risk of its clients and counterparties, and can involve JPMorganChase could incur losses and become involved in disputes and litigation if in connection with a default by a client or counterparty defaults. counterparty. JPMorganChase can could also be subject to face losses or liability where if a financial institution that it has appointed to provide providing custodial services for client assets or funds becomes insolvent as a result of fraud or the failure to abide by existing laws and obligations, or where clients are unable to access assets held by JPMorganChase as custodian due to governmental actions or other factors. A default by, or the financial or operational failure of, insolvent. If a CCP through which JPMorganChase executes contracts would require suffers a financial or operational failure or otherwise defaults, JPMorganChase would be required to replace those the relevant contracts, thereby increasing which would increase its operational costs and potentially resulting result in losses. In addition, JPMorganChase can be exposed to losses if a member of a CCP in which JPMorganChase is also a member defaults on its obligations to the CCP because of CCP, JPMorganChase could incur losses due to requirements that each member of the CCP absorb a portion of those losses. Furthermore, JPMorganChase can could be subject to bearing its share of non-default losses incurred by a CCP, including losses from custodial, settlement or investment activities or due to cyber or other security breaches. As part of its clearing services activities, JPMorganChase is exposed to the risk of nonperformance by its clients, which it seeks to mitigate by requiring clients to provide adequate collateral. JPMorganChase is also exposed to intra-day credit risk of its clients in connection with providing cash management, clearing, custodial and other transaction services to those clients. services. If such a client for which JPMorganChase provides these services becomes bankrupt or insolvent, JPMorganChase may incur losses, become could: •incur losses •become involved in disputes and litigation with one or more CCPs, the client’s bankruptcy estate and other creditors, or be •be subject to regulatory investigations. investigations by governmental authorities. In addition, JPMorganChase has in the past, and could in the future, experience instances in which borrowers or other counterparties engage in fraudulent activity related to the accounting, reporting or representation of collateral. Such practices have resulted and could in the future result in losses for JPMorganChase potentially undermining the effectiveness of collateral requirements and negatively affecting JPMorganChase's financial condition and results of operations. All of the foregoing events can could increase JPMorganChase’s operational and litigation costs, and JPMorganChase may could suffer losses to the extent that the realized value of any collateral that it has received is insufficient to cover those losses. Transactions with government entities, including national, state, provincial, municipal and local authorities, governmental entities can expose JPMorganChase to enhanced sovereign, credit, operational operational, legal and reputation risks. Government Governmental entities may, among other things, may claim that actions taken by government officials were beyond the legal authority of those officials or repudiate transactions authorized by a previous incumbent government. These types of actions have in the past caused, and could in the future cause, JPMorganChase to suffer losses or hamper its ability to conduct business in the relevant jurisdiction. jurisdiction. In addition, local laws, rules and regulations JPMorganChase could limit JPMorganChase’s incur losses if applicable law limits its ability to resolve disputes and litigation in the event of when a counterparty default client in that jurisdiction defaults or unwillingness otherwise fails to make previously agreed-upon payments, which could subject JPMorganChase to losses. payments. Disputes may could arise with counterparties to derivatives contracts with regard to concerning the terms, the settlement procedures or the value of underlying collateral. The disposition resolution of those disputes could cause JPMorganChase to incur losses, including unexpected transaction, operational and legal costs, or result in credit losses. costs. These consequences can could also impair JPMorganChase’s ability to effectively manage its credit risk exposure from its market activities, or cause harm to JPMorganChase’s reputation. reputational harm. The financial or operational failure of a significant market participant, such as a major financial institution or a CCP, or concerns about the creditworthiness or operational sustainability of such a market participant one or its ability to fulfill its obligations, can more market participants, could cause substantial and cascading disruption within the financial markets, including in circumstances where coordinated action by multiple other market participants is required to address the failure or disruption. problem. JPMorganChase’s businesses could be significantly disrupted by such an event, particularly especially if it leads to other market participants incurring significant losses, experiencing liquidity issues or defaulting, and JPMorganChase is likely to have has significant interrelationships with, and credit exposure to, such a significant the faltering market participant.participant, or if the event causes other market participants to default, incur significant losses or experience liquidity issues.

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Prior heading: JPMorganChase may suffer losses if the value of collateral declines in stressed market conditions.

During periods of market stress or illiquidity, JPMorganChase’s credit risk may be further increased could increase when: •JPMorganChase fails to realize the estimated value of the collateral it holds •collateral is liquidated at prices that are not sufficient insufficient to recover the full amount owed to it, or •counterparties are unable to post collateral, whether collateral for operational or other reasons. Furthermore, borrowers may under-maintain or misrepresent the condition or existence of collateral, or at liquidation, collateral could be subject to competing claims, limiting JPMorganChase's ability to recover amounts owed, or disputes with counterparties concerning the valuation of collateral may could increase in times of during significant market stress, volatility or illiquidity, and illiquidity. JPMorganChase could suffer losses during in these periods situations if it is unable to realize the fair value of collateral or to manage declines in the value of collateral.

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Prior heading: JPMorganChase could incur significant losses arising from concentrations of credit and market risk.

JPMorganChase is could be exposed to greater credit and market risk to the extent that if groupings of its clients or counterparties, or obligors on securities and other financial instruments: •engage in similar or related businesses, or in businesses or in related industries •do business •operate in the same geographic region, or •have business profiles, models or strategies profiles that could cause their ability to meet their obligations to be similarly affected by changes in economic conditions. For example, a significant deterioration in the credit quality of a counterparty, borrower or other obligor could lead to concerns about the creditworthiness of other counterparties, borrowers or obligors parties in similar, related or dependent industries. This type of interrelationship could exacerbate JPMorganChase’s credit, liquidity and market risk exposure and exposure, potentially cause it to incur losses, including fair value losses in its market-making businesses and investment portfolios. causing losses. In addition, JPMorganChase may could be required to increase the allowance for credit losses or establish other reserves with respect to certain clients, industries or country exposures in order to align with regulatory directives or expectations of its banking regulators. expectations. Similarly, challenging economic conditions that affect a particular industry or geographic area could lead to concerns about the credit quality of counterparties, borrowers or other obligors not only in that particular industry or geography but also in related or dependent industries, wherever located. These conditions could also heighten concerns about the ability of customers of JPMorganChase’s consumer businesses who live in those areas or work in those affected industries or related or dependent industries to meet their obligations to JPMorganChase. JPMorganChase regularly monitors various segments of its credit and market risk exposures to assess the potential risks of concentration or contagion, but its ability to diversify or hedge its exposure against those risks may be limited. obligations. JPMorganChase’s consumer businesses can could also be harmed by an excessive expansion of consumer credit by bank or non-bank competitors. Heightened competition for certain types of consumer loans could prompt industry-wide reactions such as lead to significant price reductions in the pricing or margins of for those loans or the making of providing loans to less-creditworthy borrowers. If large numbers of consumers subsequently default on their loans, whether due to weak credit profiles, an economic downturn or other factors, this could impair their ability to repay obligations owed to JPMorganChase and result in higher charge-offs an increase in the allowance for credit losses and other credit-related losses. higher charge-offs. More broadly, widespread defaults on consumer debt could lead to recessionary conditions in the U.S. economy, and JPMorganChase’s consumer businesses may could earn lower revenues in such an environment. Furthermore, the interconnectivity across credit markets increases the risk that the significant expansion of private credit could worsen losses among non-bank lenders and their borrowers, particularly if stress or defaults spread to broader funding and credit markets. Such developments could impair asset valuations, reduce market-wide liquidity, disrupt borrowers’ ability to refinance, and increase default rates, especially if non-bank lenders have weaker underwriting standards, loans are less liquid, or transparency is limited. These outcomes could adversely affect JPMorganChase’s results of operations and lead to losses on market-making positions in its wholesale businesses. If JPMorganChase is unable to reduce positions effectively during a market dislocation, this can could increase both the market and credit risks associated with those positions and the level of risk-weighted-assets (“RWA”) that JPMorganChase holds on its balance sheet. These factors could adversely affect JPMorganChase’s capital position, funding costs and the profitability of its businesses.

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Prior heading: JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.

JPMorganChase’s liquidity can could be impacted at any given time as a result of by factors such as: •market-wide illiquidity or disruption •changes •actions by governmental authorities, including changes in regulatory requirements relating to liquidity or capital requirements resulting from changes in laws, rules and regulations, including those in response to economic effects of systemic events •actions taken by the U.S. government or by the Federal Reserve to reduce its balance sheet, which may could reduce deposits held by JPMorganChase and other financial institutions •inability to sell assets, or to sell assets at favorable times or prices •default by a CCP or other significant market participant •unanticipated outflows of cash or collateral •unexpected loss of deposits deposits, including due to deposit pricing or higher migration to other investment products •higher than anticipated draws on lending-related commitments, and •lack of market or customer confidence in JPMorganChase or financial institutions in general. A reduction in JPMorganChase’s liquidity may could be caused by events over which it has little or no beyond its control. For example, periods of market stress, low investor confidence and significant market illiquidity could result in higher JPMorganChase’s funding costs for JPMorganChase and could limit increase and its access to some of its traditional sources of liquidity. liquidity could be limited during periods of market stress, low investor confidence or significant market illiquidity. JPMorganChase may need to raise funding from alternative sources if its access to stable and lower-cost sources of funding, such as deposits and borrowings from Federal Home Loan Banks, is reduced. Alternative sources of funding could be more expensive or limited in availability. limited. JPMorganChase’s funding costs could also be negatively affected by actions that JPMorganChase it may take in order to satisfy regulatory requirements, including those relating to: •satisfy applicable liquidity coverage ratio •liquidity and net stable funding ratio requirements •address obligations under its •its resolution plan, or •satisfy regulatory requirements in jurisdictions outside the U.S. relating to the •the pre-positioning of liquidity in certain subsidiaries that are material legal entities. outside the U.S. More generally, if JPMorganChase fails to effectively manage its liquidity, this could constrain its ability to fund or invest in its businesses and subsidiaries, and thereby adversely affect its results of operations.

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Prior heading: JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.

The Parent Company, JPMorgan Chase & Co. Co., is a holding company that holds the stock of JPMorgan Chase Bank, N.A. and an intermediate holding company, JPMorgan Chase Holdings LLC (the “IHC”). The IHC in turn generally holds In addition to holding the stock of JPMorganChase’s subsidiaries other than JPMorgan Chase Bank, N.A. and its subsidiaries. The JPMorganChase subsidiaries, the IHC also owns other assets and provides intercompany lending to the Parent Company. Company. The Parent Company is obligated to must contribute to the IHC substantially all the net proceeds received that it receives from securities issuances (including issuances of senior and subordinated debt securities and of preferred and common stock). issuances. The ability of JPMorgan Chase Bank, N.A. and the IHC to make payments to the Parent Company is also limited. JPMorgan Chase Bank, N.A. is subject to regulatory restrictions on its dividend distributions, as well as capital adequacy requirements, such as the Supplementary Leverage Ratio (“SLR”), and liquidity requirements and other regulatory restrictions on its ability relating to make payments the dividends that it can pay to the Parent Company. The Company, and the IHC is prohibited from paying dividends or extending credit to the Parent Company if certain capital or liquidity thresholds are breached, or if limits are otherwise imposed by the Parent Company’s management or Board of Directors. As a result of these arrangements, the ability of the Parent Company to make various payments is generally dependent on its receiving dividends from JPMorgan Chase Bank, N.A. and dividends and borrowings from the IHC. These limitations could affect the Parent Company’s ability IHC in order to: •pay interest on its debt securities •pay dividends on its equity securities •redeem or repurchase outstanding securities, and •fulfill its other payment obligations. These arrangements The capital and liquidity thresholds to which JPMorgan Chase Bank, N.A. and the IHC are subject could also result in the Parent Company seeking protection under bankruptcy laws or otherwise entering into resolution proceedings at a time earlier sooner than would have been the case absent the existence of the capital and liquidity thresholds to which JPMorgan Chase Bank, N.A. and the IHC are subject.if such limitations did not exist.

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Prior heading: Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.

JPMorgan Chase & Co. and certain of its principal subsidiaries are rated by credit rating agencies. Rating agencies agencies, which evaluate general, firm-specific and industry-specific factors when determining credit ratings for a particular financial institution, ratings, including: •expected future profitability •risk management practices •legal expenses •regulatory developments •ratings differentials between bank holding companies and their bank and non-bank subsidiaries •regulatory developments •assumptions about government support, and •economic and geopolitical developments. JPMorganChase closely monitors and manages, to the extent that it is able, factors that could influence its has experienced credit ratings. However, ratings downgrades in the past, and there is no assurance that JPMorganChase’s credit ratings will not be downgraded in the future. Furthermore, any such downgrade could occur at times a time of broader market instability when instability, limiting JPMorganChase’s options for responding to events may be more limited and general investor confidence is low. responding. A reduction downgrade in JPMorganChase’s credit ratings could curtail JPMorganChase’s its business activities and reduce its profitability in a number of ways, including: profitability, including by: •reducing its access to capital markets •materially increasing its cost of issuing and servicing securities •triggering additional collateral or funding requirements, and •decreasing the number of investors and counterparties that are willing or permitted to do business with or lend to JPMorganChase. Any rating reduction downgrade could also increase the credit spreads charged by the market participants for taking credit risk on JPMorgan Chase & Co. and its subsidiaries. This could, in turn, adversely affect the value of debt and other obligations of JPMorgan Chase & Co. and its subsidiaries.

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Prior heading: Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.

JPMorganChase is subject to various regulatory capital requirements, including leverage- and risk-based capital requirements. In addition, as a Global Systemically Important Bank (“GSIB”), JPMorganChase is required to hold additional capital buffers, including a GSIB surcharge, a Stress Capital Buffer (“SCB”), and a countercyclical buffer, each of which is reassessed at least annually. The the amount of capital that JPMorganChase it is required to hold in order to satisfy these leverage- and risk-based under those requirements could increase at any given time due to factors such as: •actions by banking regulators, including as well as changes in laws, rules and regulations applicable law or how applicable law is implemented by banking regulators •changes in the composition of JPMorganChase’s balance sheet or developments that could increase RWA, such as increased market risk, customer delinquencies, client credit rating downgrades or other factors, and •increases in estimated stress losses as determined by the Federal Reserve under the Comprehensive Capital Analysis and Review, CCAR, which could increase JPMorganChase’s SCB. Although more likely in times of stress, JPMorganChase may use its regulatory capital buffers allowing capital ratios to decline below regulatory requirements, subjecting it to restrictions on capital distributions and discretionary bonus payments to its executive officers. Any failure by or inability of JPMorganChase to maintain the required level and composition of capital, any decision by JPMorgan Chase to use its regulatory buffers allowing capital ratios to decline below regulatory requirements or unfavorable changes in applicable capital requirements, could have an adverse impact on JPMorganChase’s shareholders, such as: shareholders by: •reducing the amount of common stock that JPMorganChase is permitted to repurchase •requiring the issuance of, or prohibiting the redemption of, capital instruments in a manner inconsistent with JPMorganChase’s capital management strategy •constraining the amount of dividends that may can be paid on common stock, or •curtailing JPMorganChase’s business activities or operations. In 2023, U.S. banking regulators released a proposal to implement the final Basel III reforms which would have significantly revised the risk-based capital requirements for banks with assets of $100 billion or more, including JPMorganChase. In addition, in 2023 the Federal Reserve released a proposal to amend the calculation of the GSIB surcharge. Uncertainty remains regarding the content of the final versions of these rule proposals and how they might ultimately apply to JPMorganChase. However, it is possible that the final rules could impact JPMorganChase’s decisions concerning the business activities in which it will engage and its levels of capital distributions to its shareholders.operations.

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Prior heading: JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.

If the operational systems on which JPMorganChase’s businesses rely on the ability depend, including those of JPMorganChase’s financial, accounting, transaction execution, data processing acquired businesses and external parties, are unable to meet JPMorganChase’s operational requirements or bank regulatory standards, or if they fail or have other significant shortcomings, JPMorganChase could be materially and adversely affected. JPMorganChase’s businesses rely on its operational systems, including devices supporting those systems, systems to process, record, monitor and report a large number amounts of transactions on a continuous basis, and to do so information continuously, accurately, quickly securely, and securely. In addition to proper design, installation, maintenance in a timely manner. These operational systems include financial, accounting, transaction execution, reporting and training, the settlement, data processing and other systems, as well as supporting devices. The effective functioning of JPMorganChase’s these operational systems depends on: •the quality on a variety of the information contained in those systems, as inaccurate, outdated, incomplete or corrupted data can significantly compromise factors, including JPMorganChase’s ability to: •properly design, install, maintain, and train its employees on the functionality or reliability use of a particular system and other its systems to which it transmits or from which it receives information, and •JPMorganChase’s ability to continue to maintain •populate its systems with accurate, complete, up-to-date and upgrade uncorrupted information •upgrade its systems on a regular and timely basis in line with technological advancements and evolving security requirements, maintain requirements •maintain the security and operational continuity of its systems, including by carefully managing any changes introduced to its systems, prevent systems •prevent unauthorized access and the misuse of access to its systems, and adhere •adhere to all applicable legal and regulatory requirements, law relating to its systems, particularly in regions where JPMorganChase may face a heightened risk of malicious activity. JPMorganChase has experienced and expects that it will continue to experience failures and disruptions in the stability of its operational systems, including degraded including: •degraded performance of data processing systems, data systems •data quality issues, disruptions issues •disruptions of network connectivity and malfunctioning software, as well as disruptions •malfunctioning software •disruptions in its ability to access and use the operational systems of third parties parties, and interruptions •interruptions in service from third-party service providers. providers. These incidents have resulted in various negative effects for customers, including the including: •the inability to access account information or transact through ATM, internet or mobile channels, the channels •the exfiltration of customer personal data, the data •the recording of duplicative transactions transactions, and extended •extended delays for customers requiring services from call centers. center services. There can be no assurance that these and other types of operational failures or disruptions will not occur in the future. JPMorganChase’s ability to effectively manage the stability of its operational systems and infrastructure could be hindered by many factors, any of which could have a negative impact on JPMorganChase and its clients, customers and counterparties, including: •JPMorganChase’s ability to effectively maintain •challenges in maintaining and upgrade upgrading systems and infrastructure can become more challenging as the speed, frequency, volume, interconnectivity and complexity of transactions and other information flows continue to increase •attempts by third parties to defraud JPMorganChase or and its clients and customers customers, which continue to increase, evolve and become more complex, and as well as increased volumes of these attempts during periods of market disruption or economic uncertainty, these attempts can be expected to further increase in volume uncertainty •errors made by JPMorganChase or another market participant, whether inadvertent or malicious, which could cause widespread system disruption •failure to detect weaknesses •weaknesses or shortcomings in operational systems that may not be detected in a timely manner •isolated or seemingly insignificant errors in operational systems that could compound, or migrate to other systems over time, to become systems, becoming larger issues •disruptions •failures in synchronization or encryption software, or degraded performance of microprocessors, which could cause disruptions in operational systems or in the ability of systems to communicate with each other could be caused by failures in synchronization or encryption software, or degraded performance of microprocessors, other, and •attempts by third •third parties that may try to block the use of key technology solutions by claiming that the use infringes on their intellectual property rights. JPMorganChase also depends on its ability to access and use the operational systems of third parties, including: •custodians •vendors, including its custodians, vendors (such as those that provide providers of security, technology and data and cloud computing services, and security and technology services) and other •other market participants (such participants, such as clearing and payment systems, CCPs and securities exchanges). These external operational systems with which JPMorgan is connected, whether directly or indirectly, can be sources of operational risk to JPMorganChase. JPMorganChase may be exposed not only to a systems exchanges. The inaccessibility, failure or cyber attack that may be experienced by a vendor or market infrastructure with which JPMorganChase is directly connected, but also to a systems breakdown or cyber attack involving another party to which such a vendor or infrastructure is connected. Similarly, retailers, payment systems and processors, data aggregators and other external parties with which JPMorganChase’s customers do business can increase JPMorganChase’s operational risk. This is particularly the case where activities of customers or other parties are beyond JPMorganChase’s security and control systems, including through the use disruption of the internet, cloud computing services, and personal smart phones and other mobile devices or services. If an internal or external party obtains access to customer account data on operational system upon which JPMorganChase’s systems, whether authorized or unauthorized, and that party misappropriates that data, this businesses depend could result in negative outcomes for adversely affect JPMorganChase and its clients and customers, including a heightened risk of fraudulent transactions using JPMorganChase’s systems, losses from fraudulent transactions and reputational harm arising from the perception that JPMorganChase’s systems may not be secure. As JPMorganChase’s interconnectivity with clients, customers and other external parties continues to expand, JPMorganChase increasingly faces the risk of operational failure or cyber attacks with respect to the systems of those parties. Security breaches affecting JPMorganChase’s clients or customers, or systems breakdowns or failures, security breaches or human error or misconduct affecting other external parties, may require JPMorganChase to take steps to protect the integrity of its own operational systems or to safeguard confidential information, including restricting the access of customers to their accounts. These actions can increase JPMorganChase’s operational costs and potentially diminish customer satisfaction and confidence in JPMorganChase. Furthermore, the widespread and expanding interconnectivity among financial institutions, clearing banks, CCPs, payments processors, financial technology companies, securities exchanges, clearing houses and other financial market infrastructures increases the risk that the disruption of an operational system involving one institution or entity, including due to a cyber attack, may cause industry-wide operational disruptions that could materially affect JPMorganChase’s ability to conduct business. In addition, the risks associated with the disruption of an operational system of a third party could be exacerbated to the extent that the services provided by that system are used by a significant number or proportion of market participants. The ineffectiveness, failure or other disruption of operational systems upon which JPMorganChase depends, including due to a systems malfunction, cyber incident or other systems failure, could result in unfavorable ripple effects in the financial markets and for JPMorganChase and its clients and customers, markets, including: •delays or other disruptions in providing services, including the provision of liquidity or information to clients and customers •impairment of JPMorganChase’s ability to execute transactions, including delays or failures in the confirmation or settlement of transactions or in obtaining access to funds or other assets required for settlement •the possibility that erroneous execution of funds transfers, capital markets trades or other transactions are executed erroneously •financial losses, including due to loss-sharing requirements of CCPs, payment systems or other market infrastructures, or as possible restitution to clients and customers •higher operational costs associated with replacing services provided by a system that has experienced a failure or other disruption •limitations on JPMorganChase's JPMorganChase’s ability to collect data needed for its business and operations •loss of confidence in the ability of JPMorganChase, or financial institutions generally, to protect against and withstand operational disruptions •dissatisfaction among JPMorganChase’s clients or customers •significant exposure to litigation and regulatory fines, penalties or other sanctions, and If JPMorganChase’s operational systems, or those of acquired businesses or of external parties on which JPMorganChase’s businesses depend, are unable to meet the requirements of JPMorganChase’s businesses and operations or bank regulatory standards, or if they fail or have other significant shortcomings, JPMorganChase could be materially and adversely affected.penalties, and

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Prior heading: A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.

JPMorganChase experiences numerous cyber attacks on its computer systems, software, networks and other technology assets on a daily basis from various actors, including groups acting on behalf of hostile countries, cyber-criminals, “hacktivists” (i.e., individuals or groups that use technology to promote a political agenda or social change) and others. These cyber assets. Cyber attacks can could take many forms, including attempts to introduce and may be designed to: •introduce computer viruses or malicious code, which are commonly referred to as “malware,” code (i.e., “malware”) into JPMorganChase’s systems. These attacks are often designed to: systems. •obtain unauthorized access to JPMorganChase's JPMorganChase’s systems or to confidential information belonging to JPMorganChase or its clients, customers, counterparties or employees •manipulate data •destroy data or systems with the aim of rendering services unavailable destroy data •disrupt, sabotage or degrade service on JPMorganChase’s systems and websites, including those that provide online banking and other services •steal money, or •extort money through the use of so-called “ransomware.” JPMorganChase also experiences: •distributed denial-of-service attacks intended to disrupt JPMorganChase’s websites, including those Threat actors that provide online banking and other services, •a higher volume and complexity of perpetrate cyber attacks against the backdrop of heightened geopolitical tensions, and •a high volume of disruptions to internet-based services used by JPMorganChase include individuals or groups that are provided by third parties. are: •sponsored by, or acting on behalf of, hostile countries or terrorist organizations •cyber-criminals, or •engaged in using technology to promote a political or social agenda (i.e., “hacktivists”). JPMorganChase has experienced security breaches due to cyber attacks in the past, and it is inevitable that additional future breaches will occur in the future. are inevitable. Any such breach could result in serious and harmful consequences for JPMorganChase or its clients and customers. A principal reason that JPMorganChase cannot provide absolute security against cyber attacks is guarantee that it may not will always be possible to anticipate, detect or recognize cybersecurity threats to JPMorganChase’s systems, its systems or to implement effective preventive measures against all breaches due to evolving risks, including: those threats. The reasons for this include: •the techniques used in cyber attacks evolve frequently and increase in sophistication, and therefore a cyber attack may not be recognized until launched or may go undetected for extended periods •it is possible that a third-party, after establishing a foothold on an internal network without being detected, may gain access to other networks and systems •cyber attacks can originate from a wide variety of sources, including JPMorganChase’s own employees, cyber-criminals, hacktivists, groups linked to terrorist organizations or hostile nation-states certain threat actors that are well-resourced and can sustain malicious activities for extended periods, or third parties whose objective is to disrupt the operations of financial institutions more generally and •JPMorganChase does not have control over the cybersecurity of the systems of the large number of numerous clients, customers, counterparties and third-party service providers with which it does business, and •it is possible that a third party, after establishing a foothold on an internal network without being detected, may gain access to other networks and systems. business. The risk of a security breach due to a cyber attack cybersecurity risks that JPMorganChase faces could increase in the future due to be intensified by factors such as: •JPMorganChase’s ongoing expansion of its digital banking and other internet-based product offerings •increased volume and its internal use complexity of internet-based products and applications, including those that use cloud computing services •advances in artificial intelligence, cyber attacks during periods of heightened geopolitical tensions •technological advances such as the use of machine learning, generative artificial intelligence (“AI”) and quantum computing by that may enable malicious actors to develop more advanced social engineering attacks, including targeted phishing attacks •the inability to maintain the security of information transmitted by JPMorganChase due to attacks, and •technological advances in quantum computing that which may counteract or nullify existing information security protections, and •the acquisition and integration of new businesses. including cryptographic protections, potentially exposing data. In addition, a JPMorganChase could be required to make significant investments in technology in order to transition effectively to more robust security protections, including quantum-resistant encryption. Any such transition may not be completed before relevant threats become operational, and JPMorganChase’s interconnectedness with third party parties who may be slower to adopt such protections could further increase its vulnerability to data compromise. Furthermore, a third-party could misappropriate confidential information obtained by intercepting signals or communications from mobile devices used by JPMorganChase’s employees. The dynamic nature of the JPMorganChase could become increasingly vulnerable to cyber threat landscape, including the pace of innovation and increased threat of novel attack methods, necessitates ongoing investment in, as well as enhancement and adaptation of, cybersecurity controls, including the adoption of enhanced security measures attacks if it does not, in certain jurisdictions. Failure to discover or a timely manner, identify and address emerging threats, known vulnerabilities or shortcomings in its cybersecurity controls, or if it fails to prioritize or complete enhancements to address them, in each case them particularly in jurisdictions that could pose a timely manner, may leave JPMorganChase vulnerable heightened risk to cyber attacks, potentially resulting in data breaches, financial losses, reputational damage and regulatory penalties, its operations, including the failure to prioritize or complete enhancements relating to: •preventing unauthorized access and protecting against the misuse of access, including the maintenance and enhancement of controls related to secure software development practices and identity and access management, such as those including controls relating to the management of administrative access to systems •detecting, escalating and addressing effectively and addressing in a timely manner any vulnerabilities that may be present either in internally-developed software or externally-provided software or services, including vulnerabilities that could allow the attackers to exploit unknown security flaws in software and hardware (“zero-day (i.e., “zero-day vulnerabilities”) •oversight •appropriate oversight of third-party vendors and early detection of attacks against those vendors, including ransomware attacks and attacks targeting vulnerabilities in third-party open-source software, in support of the secure development and maintenance of internal systems •maintaining software and enhancing controls systems •controls related to technology asset management and inventory systems to prevent the risk of undetected vulnerabilities that could undermine JPMorganChase’s ability to operate an effective control process •upgrading the coverage and capabilities of systems and controls to protect JPMorganChase and its clients and customers from the impact of distributed denial-of-service attacks, or to recover from outages that could be caused by a malware or ransomware attack •the continuing migration of technology systems of customer and client-facing services services, including digital banking and other internet-based products, to the cloud, and modernization of those services •strengthening network security and managing outbound connections to reduce the risk of data loss •identifying, assessing and mitigating insider threat activities that could lead to the misuse of JPMorganChase’s systems or client and customer information, and •integrating acquired businesses businesses, including where system integration may be complex or may require extensive and lengthy remediation or enhancement of controls. Any of the above cybersecurity risks to which JPMorganChase may be exposed could also affect JPMorganChase’s vendors or other third parties with which it does business or is interconnected, including governmental entities and other market participants. A successful penetration or circumvention of the security of JPMorganChase’s systems or the systems of a vendor, governmental body or another market participant any of those third parties could cause serious negative consequences, including: •significant disruption of or loss of access to JPMorganChase’s operations operational systems and those of its clients, customers and counterparties, including losing access to operational systems counterparties •misappropriation of confidential information of JPMorganChase or that of its clients, customers, counterparties, employees or employees, regulators or other parties •disruption of or damage to JPMorganChase’s systems and those of its clients, customers and counterparties •the inability, or extended delays in the ability, to fully recover and restore data that has been stolen, manipulated or destroyed, affected data, or the inability to prevent systems from processing fraudulent transactions •demands that JPMorganChase pay a ransom to a malicious actor that has perpetrated a cybersecurity breach •unintended violations by JPMorganChase of applicable privacy and other laws •financial loss to JPMorganChase outside of cyber insurance policy coverage, or losses to its clients, customers, counterparties or employees •losses to JPMorganChase in excess of cyber insurance policy coverage •loss of confidence in JPMorganChase’s cybersecurity and business resiliency measures •dissatisfaction among JPMorganChase’s clients, customers or counterparties •significant exposure to litigation litigation, investigations by governmental authorities and regulatory fines, penalties or other sanctions, penalties, and The extent of a particular cyber attack, the methods and tools used by various threat actors, and the steps that JPMorganChase may need to take to investigate the attack may not be immediately clear, and it may could take a significant amount of time before such an investigation can be completed. While such an investigation is ongoing, JPMorganChase may not necessarily know the full extent of the harm caused by the cyber attack, and that damage may could continue to spread. These factors may could inhibit JPMorganChase’s ability to provide rapid, full and reliable information about the cyber attack to its clients, customers, counterparties and regulators, as well as the public. Furthermore, it may not be clear how best to contain and remediate the harm caused by the cyber attack, and certain errors or actions could be repeated or compounded before they are discovered and remediated. Any or all of these factors could further increase the costs and consequences of a cyber attack.

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Prior heading: JPMorganChase can be negatively affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or the adoption of new technologies.

When JPMorganChase launches may not always identify or recognize the full extent of operational risks that could arise from: •the introduction of a new product or service, introduces a new platform including platforms for the delivery or distribution of products or services (including mobile connectivity, electronic trading and cloud computing), acquires •the acquisition or invests in integration of, or investment in, a new business, makes changes to an existing product, service or delivery platform, product or adopts portfolio, including the development of any related technological capabilities •the adoption of a new technology, it may not fully appreciate or •changes to existing products, services, delivery platforms, businesses and technologies. Any significant failure by JPMorganChase to identify new the operational risks that may arise from those associated with these types of changes, including increased reliance on third party providers, or may fail to implement adequate controls to mitigate the risks associated with those changes. Any significant failure in this regard risks, has resulted and could diminish in the future result in: •hindering JPMorganChase’s ability to operate one or more of its businesses or result in: •potential liability to clients, counterparties and customers •impairment of JPMorganChase’s liquidity •weaker competitive standing •higher compliance, operational or integration costs •regulatory intervention •losses from fraudulent transactions •higher litigation costs, including regulatory fines, penalties costs and other sanctions •damage to JPMorganChase’s reputation •impairment of JPMorganChase’s liquidity •regulatory intervention, penalties, or •weaker competitive standing. Any of the foregoing consequences could materially and adversely affect JPMorganChase’s businesses and results of operations.

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Prior heading: JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.

JPMorganChase’s ability to operate its businesses efficiently and profitably, to offer products and services that meet the expectations of its clients and customers, and to maintain an effective risk management framework is highly dependent on its ability to staff its operations appropriately and on the competence, trustworthiness, health and safety of its employees. JPMorganChase's JPMorganChase’s businesses and operations similarly rely on the workforces of third parties, including employees of vendors, custodians and financial markets infrastructures, and of businesses that it may seek to acquire. acquire. JPMorganChase’s businesses could be materially and adversely affected by: •the ineffective implementation of business decisions •any failure to institute controls that appropriately address risks associated with business activities, or to appropriately train employees with respect to those risks and controls •staffing shortages, particularly in tight labor markets •any failure by employees to adhere to controls designed to mitigate operational risks •the possibility that significant portions of JPMorganChase’s workforce are unable to work effectively, including because of illness, quarantines, shelter-in-place arrangements, government actions or other restrictions in connection with health emergencies, the spread of infectious diseases, epidemics or pandemics, or due to health emergencies or other extraordinary events beyond JPMorganChase’s control such as natural disasters or an outbreak or escalation of hostilities •a significant operational breakdown or failure, theft, •theft, fraud or other unlawful conduct, conduct by employees, or •other negative outcomes caused by human error or misconduct by an employee of JPMorganChase or of another party on which JPMorganChase’s businesses or operations rely. JPMorganChase’s operations could also be impaired if the measures taken by that it or by governmental authorities takes to protect the health and safety of its employees are ineffective, employees, or if any actions taken by governmental authorities or other external party parties on which JPMorganChase it relies fails to take appropriate and effective actions to protect the health and safety of its employees.are ineffective.

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Prior heading: JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.

JPMorganChase’s businesses and operations are subject to complex and evolving laws, rules and regulations, both within and outside the U.S., governing applicable law globally related to the privacy collection, use, sharing, storage and protection of personal information of individuals. Governmental authorities around the world have adopted and are considering the adoption of numerous legislative and regulatory initiatives concerning privacy, data protection and security. Litigation or enforcement actions relating to Complying with these laws, rules and regulations could result in fines applicable laws could: •hinder development, curtail offerings or orders requiring that JPMorganChase change its data-related practices, which could have an adverse effect on JPMorganChase’s ability to provide affect pricing and delivery methods of products and otherwise harm its business operations. Implementing processes relating to JPMorganChase’s collection, use, services •restrict JPMorganChase from transferring information across national borders or sharing and storage of personal information to comply among affiliates or with all applicable laws, rules and regulations in all relevant jurisdictions, including where the laws of different jurisdictions are in conflict, can: •increase JPMorganChase’s third parties such as vendors, thereby increasing compliance and operating costs •hinder and operational risk •present situations where the development applicable law of new products or services, curtail the offering one country conflicts with that of existing products or services, or affect how products and services are offered to clients and customers •demand significant oversight by JPMorganChase’s management, another, and •require JPMorganChase to structure its businesses, operations and systems in less efficient ways. Not all of JPMorganChase’s clients, customers, vendors, counterparties and other external parties may have appropriate controls in place to protect the confidentiality, integrity or availability of more costly ways, including with respect to the information exchanged between them local storage and JPMorganChase, particularly where information is transmitted by electronic means. processing of data. JPMorganChase could be exposed to litigation or regulatory fines, penalties face legal proceedings, including governmental investigations or other sanctions enforcement actions, if personal information of clients, customers, employees is mishandled, including if unauthorized parties receive, intercept, or others were compromise it, if JPMorganChase fails or is perceived to be mishandled have failed to comply with applicable law, or misused, such as situations where such information is: •erroneously provided if JPMorganChase or its third-party vendors fail to parties who are not permitted protect personal information appropriately. These actions could require JPMorganChase to have modify or cease operations or could result in other penalties. Furthermore, concerns regarding the effectiveness of JPMorganChase’s measures to safeguard personal information, or •intercepted the perception that those measures are inadequate, could cause JPMorganChase to lose clients, customers or employees, and thereby reduce JPMorganChase’s revenues. Any of these factors could cause reputational harm and otherwise compromised by unauthorized third parties. adversely affect JPMorganChase’s businesses. The increasing growing sophistication of artificial intelligence technologies technology poses a greater heightened risk of identity fraud, as malicious actors may exploit artificial intelligence technology to create convincing false identities or manipulate verification processes. This challenge necessitates ongoing enhancements to client verification systems and security protocols to prevent unauthorized access and protect sensitive client information. Failure to manage these risks or to implement effective countermeasures could lead to unauthorized transactions, financial losses, reputational damage and increased regulatory scrutiny. Concerns regarding the effectiveness of JPMorganChase’s measures to safeguard personal information, or the perception that those measures are inadequate, could cause JPMorganChase to lose existing or potential clients and customers or employees, and thereby reduce JPMorganChase’s revenues. Furthermore, any failure or perceived failure by JPMorganChase to comply with applicable privacy or data protection laws, rules and regulations, or any failure to appropriately calibrate, manage and monitor access by employees or third parties to personal information, could subject JPMorganChase to inquiries, examinations and investigations that could result in requirements to modify or cease certain operations or practices, significant liabilities or regulatory fines, penalties or other sanctions. Any of these could damage JPMorganChase’s reputation scrutiny and otherwise adversely affect its businesses. reputational harm. In recent years, well-publicized incidents involving the inappropriate collection, use, sharing or storage of personal information have led to expanded governmental addition, greater government scrutiny of practices relating related to the processing or safeguarding handling of personal information by companies in the U.S. and other countries. That scrutiny has in some cases resulted in, and could in the future lead to, the adoption of stricter laws, rules and regulations relating to applicable law in the collection, use, sharing U.S. and storage of personal information. These types of laws, rules elsewhere that is stricter and regulations can prohibit or significantly restrict financial services firms such as could result in JPMorganChase from transferring information across national borders or sharing information among affiliates or with third parties such as vendors, thereby increase incurring higher compliance costs and operational risk, or restrict JPMorganChase’s use of personal information when developing or offering products or services constraining its ability to customers. Some countries are considering or have adopted legislation implementing data protection requirements or requiring local storage and processing of data which could increase the cost and complexity of JPMorganChase’s delivery of products and services. These restrictions could also inhibit JPMorganChase’s development or marketing of offer certain products or services, or increase the costs of offering them and services to customers.

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Prior heading: JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.

JPMorganChase’s business and operational systems operations could be seriously disrupted, and its reputation could be harmed, by events or contributing factors that are wholly or partially beyond its control, including material instances of: •cyber attacks •security breaches of its physical premises, including threats to health and safety •power, telecommunications •utility or telecommunications failures, internet outages, outages or shutdowns of mass transit •failure of, or loss of access to, technology or operational systems, including any resulting loss of critical data •interruption of service from third-party service providers providers, including financial market infrastructures •damage to or loss of property or assets of JPMorganChase or third parties, and any consequent injuries, including in connection with any construction projects undertaken by JPMorganChase •effects •failure or perceived failure by clients, customers or counterparties of climate change •natural disasters JPMorganChase, or by other parties, including newly-acquired businesses, companies in which JPMorganChase has made principal investments, parties to joint ventures with JPMorganChase and vendors with which JPMorganChase does business, to comply with applicable law •natural disasters, severe weather conditions or the effects of climate change •accidents such as explosions or structural failures •health emergencies, the spread of infectious diseases, epidemics or pandemics, or •events arising from local or larger-scale civil or political unrest, any outbreak or escalation of civil unrest, hostilities, or terrorist acts. JPMorganChase operates a Firmwide resiliency framework that is intended to enable it to prepare for and adapt to changing conditions and withstand and recover from, and address any adverse effects on its operations caused by, disruptions that may impact critical business functions and supporting assets, including its staff, technology, data and facilities and those of third-party service providers. Although not every form of disruption can be anticipated acts or defended against, JPMorganChase strives for resiliency other violence or recovery in a range of scenarios in the event of a disruption, including due to the occurrence of an extraordinary event beyond its control. criminal activity. There can be no assurance that JPMorganChase’s Firmwide resiliency framework will fully mitigate all potential resiliency risks to JPMorganChase, its clients, clients and customers customers, and the third parties parties, including service providers with which it does business, or that its the resiliency framework will be adequate able to anticipate or defend against every form of disruption or adequately address the effects of simultaneous occurrences of multiple or extended disruption events. prolonged disruptions. In addition, JPMorganChase’s ability to respond effectively to a disruption event could be hampered to the extent that the members of its workforce, physical assets, systems and other support infrastructure, or those of its third-party service providers, that are needed to address the event are geographically dispersed, or conversely, if such an event were to occur in an area in which they are concentrated. Further, should extraordinary events or the factors that cause or contribute to those events become more chronic, the disruptive effects of those events on JPMorganChase’s business and operations, and on its clients, customers, counterparties and employees, could become more significant and long-lasting. persistent. Any significant failure or disruption of JPMorganChase’s operations or operational systems, business and operations, or the occurrence of one or more extraordinary events that are beyond its control, could: •hinder JPMorganChase’s ability to provide services to its clients and customers or to transact with its counterparties •require it to expend significant resources to correct the failure or disruption or to address the event •cause it to incur losses or liabilities, including from loss of revenue, damage to or loss of property, property damage, or injuries •disrupt market infrastructure systems on which JPMorganChase’s businesses rely •expose it to litigation or regulatory fines, penalties or other sanctions, penalties, and •harm its reputation. The occurrence of one or more extraordinary events could also negatively impact the financial condition or creditworthiness of JPMorganChase’s clients and customers, and could lead to an increase in delinquencies, additions to the allowance for credit losses and higher net charge-offs, which can could reduce JPMorganChase’s earnings.

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Prior heading: Data quality is essential to JPMorganChase’s business and operations, and if JPMorganChase fails to maintain adequate data management processes, this could adversely affect its ability to effectively manage its businesses, comply with applicable laws, rules and regulations, or remain competitive.

JPMorganChase relies on accurate, timely and complete data to effectively operate its systems and processes, including: •assessing risk exposures and limits •monitoring and detecting fraudulent transactions and cyber threats •developing or maintaining models and other analytical and judgment-based estimations, including those that use machine learning or artificial intelligence estimations •implementing and maintaining compliance programs, and •preparing financial statements, disclosures and regulatory reports, as well as internal reporting Any deficiencies in JPMorganChase’s data management processes, including with respect to the accuracy or completeness of data, the timeliness of data collection, the analysis or validation of data, or the safeguarding of data could undermine the reliability and effectiveness of its JPMorganChase’s operations, including: such as: •risk management practices, including inaccurate or untimely risk reporting •delivery •completion of regulatory reporting or internal or external financial reporting •compliance practices, such as those relating to transaction monitoring, customer screening, blocking and rejecting transactions, recordkeeping or reporting •business activities, such as those related to including managing JPMorganChase's JPMorganChase’s market-making positions and liquidity and capital levels, including reliance on timely data for informed decision-making levels •providing services to clients and customers, including transaction processing, lending services, account management and customer support, or and •fraud detection and prevention processes. Any or all of these factors deficiencies could impair the JPMorganChase’s ability of JPMorganChase to make sound business decisions, cause it to incur higher operational and compliance costs, result in operational breakdowns or failure to meet its regulatory requirements, negatively affect clients and customers, or lead to cause reputational harm.harm. In addition, if a third-party, whether authorized or unauthorized, obtains and misappropriates data from JPMorganChase’s systems, JPMorganChase and its clients and customers could experience negative outcomes, including a heightened risk of fraudulent transactions using JPMorganChase’s systems, losses from fraudulent transactions and reputational harm from perceived system insecurity.

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Prior heading: Enhanced regulatory and other standards for the oversight of vendors and other service providers can result in higher costs and other potential exposures.

JPMorganChase must comply with enhanced regulatory and other standards associated with when doing business with vendors and other service providers, including standards those relating to the outsourcing of functions as well as the performance of significant banking and other functions by subsidiaries. JPMorganChase incurs significant costs and expenses in connection with its initiatives to address the risks associated with oversight of its internal and external service providers. JPMorganChase’s failure to appropriately assess and manage these relationships, especially those involving significant banking functions, shared services or other critical activities, could materially and adversely affect JPMorganChase. Specifically, any such failure could result in: •potential harm to clients and customers, and any liability associated with that harm •regulatory fines, penalties or other sanctions •lower revenues, and the opportunity cost from lost revenues •increased operational costs, costs •the imposition of penalties, or

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Prior heading: JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.

Any inadequacy or lapse in JPMorganChase’s risk management framework, governance structure, practices, models or reporting systems, or in its control environment, could expose it to unexpected losses, and its financial condition or results of operations could be materially and adversely affected. affected by any significant inadequacy or lapse in its risk management framework, governance structure, practices, models, reporting systems or controls. Any such inadequacy or lapse could: •lead to inaccurate or delayed identification of risks •hinder the timely escalation of material risk issues to JPMorganChase’s senior management and Board of Directors •lead to business decisions that have negative outcomes for •harm customers or clients, and cause JPMorganChase to incur associated liabilities •require significant resources and time to remediate •lead to non-compliance with laws, rules and regulations •attract applicable law, or attract heightened regulatory scrutiny •expose JPMorganChase to litigation, regulatory investigations or regulatory fines, penalties or other sanctions •lead to potential harm to customers and clients, and any liability associated with that harm •harm its reputation, or •otherwise diminish confidence in JPMorganChase. Many of JPMorganChase’s risk management strategies and techniques consider historical market behavior and to some degree are based on management’s subjective judgment or assumptions. For example, many models used by JPMorganChase are based on assumptions regarding historical correlations among prices of various asset classes or other market indicators. In times of market stress, including difficult or less liquid market environments, or in the event of other unforeseen circumstances, previously uncorrelated indicators may become correlated. Conversely, previously-correlated indicators may become uncorrelated at those times. Sudden market movements and unanticipated market governmental authorities or economic events could, in some circumstances, limit the effectiveness of JPMorganChase’s risk management strategies, causing it to incur losses.penalties, or

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Prior heading: JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.

JPMorganChase has developed and uses a variety of various models and other analytical and judgment-based estimations to measure, monitor and implement controls over related to its market, credit, capital, liquidity, operational and other risks. JPMorganChase also uses internal models and estimations risks, as a basis for its stress testing and in connection with the preparation of well as to prepare its financial statements under U.S. generally accepted accounting principles (“U.S. GAAP”). GAAP”). These models and estimations are based on a variety of assumptions and historical trends, trends and other assumptions that are periodically reviewed and modified as necessary. modified. The models and estimations that JPMorganChase uses, including those that use machine learning or artificial intelligence, uses may not be effective in all cases to identify, observe and mitigate risk due to a variety because of factors, factors such as: •reliance •their reliance on historical trends that may not persist in the future, persist, including assumptions underlying the models and estimations such as correlations among certain market indicators or asset prices •inherent limitations associated with forecasting uncertain economic and financial outcomes •historical trend information may be incomplete, or may not be indicative of severely negative market conditions such as extreme volatility, dislocation or lack of liquidity •sudden illiquidity in markets or declines in prices of certain loans and securities may could make it more difficult to value certain financial instruments •technology that is introduced to run models or estimations may not perform as expected, or may not be well understood by the personnel using the technology •models and estimations may contain erroneous data, valuations, formulas or algorithms •review processes may fail to detect flaws in models and estimations, and •models may inadvertently incorporate biases present in data used in the models. JPMorganChase may experience could incur unexpected losses if models, estimates or judgments models and estimations used or applied in connection with its risk management activities or the preparation of its financial statements are inadequate or incorrect. For example, where quoted market prices are not available for certain financial instruments that require a determination of their fair value, JPMorganChase may make fair value determinations based on internally developed models or other means which ultimately rely to some degree on management estimates and judgment. In addition, JPMorganChase may experience increased uncertainty in its estimates the reliability of JPMorganChase’s models and estimations could become more uncertain if assets acquired differ from those used to develop those models, models and estimations, which may lead to could also result in unexpected losses. Similarly, JPMorganChase establishes an allowance for expected credit losses related to its credit exposures which requires significant judgments, including forecasts of how macroeconomic conditions might impair the ability of JPMorganChase’s clients and customers to repay their loans or other obligations. These types of estimates and judgments may not prove to be accurate inaccurate due to a variety of factors, including when if the current and forecasted environments are significantly different from the historical environments upon which the models were developed. The increased Any heightened uncertainty associated with these estimates may necessitate a greater degree of judgment and analytics to inform any adjustments that JPMorganChase may make to model outputs than would otherwise be the case. outputs. Some of the models and other analytical and judgment-based estimations used by JPMorganChase in for managing risks are subject to require regulatory review by, and require the approval of, JPMorganChase’s regulators. These reviews are required before JPMorganChase may use those the models and estimations for calculating market risk RWA, credit risk RWA and operational risk RWA under Basel III. If JPMorganChase’s models or and estimations are not approved by its regulators, it may could be subject to higher capital charges, which could adversely affect its financial results or limit the its ability to expand its businesses.

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Prior heading: Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.

JPMorganChase’s businesses and operations are JPMorganChase is subject to complex and evolving laws, rules and regulations, both within and outside the U.S., requiring global financial reporting obligations that require continuous enhancements to various disclosures in its financial statements and regulatory reports. There can be no assurance that reports. JPMorganChase’s disclosure controls and procedures will financial reporting controls may not always be effective in every circumstance, or that effective, and a material weakness or significant deficiency in internal control over financial reporting will not could occur. Any such significant lapse, weakness or deficiency could result in inaccurate financial reporting which, in turn, could: •materially and adversely affect JPMorganChase’s business and results of operations or financial condition •restrict its ability to access the capital markets •require it to expend significant resources to correct the lapse, weakness or deficiency •expose it to litigation or regulatory fines, penalties or other sanctions •harm its reputation, or •otherwise diminish investor confidence in JPMorganChase.and penalties, and

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Prior heading: JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies, and to anticipate changes affecting those strategies.

The development and execution ability of JPMorganChase’s management to develop and execute effective business strategies by JPMorganChase’s management, along with strategies, and the ability to anticipate and respond to shifts in the competitive environment, are critical to JPMorganChase's JPMorganChase’s competitive standing and to achieving its strategic objectives. These strategies relate to: •the products and services that JPMorganChase offers •the geographies in which it operates •the types of clients and customers that it serves •the businesses that it acquires or in which it invests •the counterparties with which it does business •the technologies that it adopts or in which it invests, which may include new and currently unproven technologies, and •the methods, distribution channels and third party third-party service providers by or through which it offers products and services. If The values and growth prospects of JPMorganChase’s businesses could suffer and its earnings could decline if management makes strategic choices about these strategies and goals that prove to be incorrect, are based on incomplete, inaccurate or fraudulent information, do not accurately assess the competitive landscape and industry trends, or fail to address changing regulatory and market environments or the expectations of clients, customers, investors, employees and other stakeholders, then the franchise values and growth prospects of JPMorganChase’s businesses may suffer and its earnings could decline. stakeholders. JPMorganChase’s growth prospects also depend on management’s ability to develop and execute effective business plans to address these strategic priorities, both in the over near term and over longer time horizons. Management’s effectiveness in this regard will affect JPMorganChase’s ability to develop and enhance its resources, control expenses and return capital to shareholders. Each of these objectives could be adversely affected by any failure on the part of by management to: •devise effective business plans and strategies •offer products and services that meet changing expectations of clients and customers •allocate capital in a manner that promotes long-term stability to enable JPMorganChase to build and invest in market-leading businesses, even in a highly stressed environment •allocate capital appropriately due to imprecise modeling or subjective judgments made in connection with those allocations businesses •appropriately assess and monitor principal investments made to enhance or accelerate JPMorganChase's business strategies •conduct appropriate due diligence on prospective business acquisitions or investments, or effectively integrate newly-acquired businesses •appropriately address concerns of clients, customers, investors, employees and other stakeholders, including with respect to climate employees, regulators and other ESG matters stakeholders •maintain an effective risk management framework •react quickly to changes in market conditions or market structures, structures •appropriately balance workforce planning and training as new technologies, such as AI, are adopted and integrated, or •develop and enhance the operational, technology, risk, financial and managerial resources and capabilities necessary to grow and manage JPMorganChase’s businesses. Furthermore, any expenses that JPMorganChase may incur costs in connection with disposing of assets, including excess properties, premises and facilities, and those costs or exiting businesses or products could be material to its results of operations.

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Prior heading: JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.

JPMorganChase operates in a highly competitive environment in which it must evolve and constantly adapt to changes in financial regulation, technological advances, increased public scrutiny advances and changes in economic conditions. JPMorganChase expects that competition in the U.S. and global financial services industry will continue to be intense. Competitors include: •other banks and financial institutions •trading, advisory and investment management firms •finance companies •technology companies, and •other non-bank firms that are engaged in providing similar as well as remain intense, with new products and services. JPMorganChase cannot provide assurance that the significant competition in the financial services industry will not materially and adversely affect its future results of operations. For example, aggressive or less disciplined lending practices by non-bank competitors could lead to a loss of market share for traditional banks, and in an economic downturn could result in instability in the financial services industry and adversely impact other market participants, including JPMorganChase. New competitors in the financial services industry continue continuing to emerge. For example, technological advances and the growth of e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including electronic securities and cryptocurrency trading, lending including: •lending and other extensions of credit to consumers, payments consumers •payments processing •cryptocurrency, including stablecoins •tokenized securities, and online •online automated algorithmic-based investment advice. advice. Furthermore, both financial institutions and their non-banking competitors face the risk that of disruption to payments processing and other products and services, including deposits and other traditional banking products, could be significantly disrupted by services from the use of new technologies, such as cryptocurrencies and other applications using secure distributed ledgers, technologies that may not require intermediation. intermediation, such as tokenized securities or other products that leverage distributed ledger technology. New technologies have required and could require JPMorganChase to spend more increase expenditures to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies. If JPMorganChase does not keep pace with rapidly changing technological advances, including the adoption of generative AI, it risks losing clients and market share to competitors, which could negatively impact revenues, operating costs and its competitive position. Competition could be intensified as the feasibility, capability and scalability of new technologies improves. In addition, new technologies may (including generative AI) could be used by customers, customers or bad actors in unexpected or disruptive ways, or could be breached or infiltrated by third parties, in unexpected ways, which can could increase JPMorganChase’s costs for complying with laws, rules compliance expenses and regulations that apply reduce its income related to the offering of products and services through those technologies and reduce the income that JPMorganChase earns from providing products and services through those technologies. Ongoing or increased competition may Actions by competitors could put pressure on the pricing for JPMorganChase’s products and services or may could cause JPMorganChase it to lose market share, particularly with respect to investment products and traditional banking products. This competition may be based on quality and variety of products and services offered, transaction execution, innovation, reputation and price. In addition, advocacy by non-banking competitors for exemptions from regulatory requirements could significantly disadvantage traditional financial institutions. The failure of any of JPMorganChase’s businesses to meet the expectations of clients and customers, whether due to general market conditions, under-performance, a decision not to offer a particular product or service, changes in client and customer expectations or other factors, could affect JPMorganChase’s ability to attract or retain clients and customers. Any such impact of these impacts could, in turn, reduce JPMorganChase’s revenues. Increased competition also may could require JPMorganChase to make additional capital investments in its businesses, or to extend more of its capital on behalf of its clients to remain competitive.competitive. Furthermore, regulatory uncertainty regarding new technologies, including inconsistent regulatory approaches within and across jurisdictions, could require JPMorganChase to modify or restrict its product and service offerings, incur higher operational or compliance costs or forgo business opportunities.

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Prior heading: The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.

JPMorganChase operates in many regions, countries and communities around the world where its business, and the activities of its clients and customers, could be adversely affected by climate change. Climate change could manifest as a financial risk to JPMorganChase either through changes in the physical climate or from the process of transitioning to a lower-carbon economy. Both physical risks and transition risks associated with climate change could have negative impacts on the financial condition or creditworthiness of JPMorganChase’s clients and customers, on JPMorganChase's exposure to affected companies and markets, negatively impact JPMorganChase and on the effectiveness of JPMorganChase’s existing business strategy with respect to its operations, clients and customers. customers. Physical risks include the increased frequency or severity of acute weather events, such as floods, wildfires and tropical cyclones, events and chronic shifts in the climate, such as rising sea levels, persistent changes in precipitation levels, or increases in average ambient temperatures. Potential adverse impacts of climate-related physical risks shifting climate patterns, which may lead to JPMorganChase, its clients or customers include: •declines in lower asset values, including due to the destruction or degradation of property •reduced availability or increased cost of insurance for clients of JPMorganChase •interruptions to costs, and business operations, including and supply chain disruption, and •population migration or unemployment in affected regions. disruptions. Transition risks arise from the financial risks, including evolving regulatory requirements, carbon taxes and economic consequences of society’s shift towards a lower-carbon economy, such as changes in public policy, the adoption of new technologies or changes in consumer preferences towards low-carbon goods and services. These risks could also be influenced by changes in the physical climate. Potential adverse impacts of transition risks to JPMorganChase, its clients or customers include: •sudden devaluation of assets, including unanticipated write-downs (“stranded assets”) •increased operational and support lower-carbon operations, may increase compliance costs driven by changes in climate policy •increased energy costs driven by governmental actions and initiatives such as emission pricing and accelerated decarbonization policies •negative consequences operational costs, contribute to business models, commodity price volatility and impact the need to make changes in response to those consequences, profitability of clients and •damage to JPMorganChase’s reputation, including due to any perception customers that its business practices are contrary adapting to public policy or the preferences a low-carbon economy. Any of different stakeholders. Climate risks can also arise from inconsistencies and conflicts in these impacts could have a negative effect on the manner in which climate policy and financial regulations are implemented in the many regions where JPMorganChase operates, including initiatives to apply and enforce policy and regulation with extraterritorial effect. Additionally, internal models and estimations used in climate risk assessments have an increased level condition of uncertainty due to limited historical trend information and JPMorganChase, the absence financial condition or creditworthiness of standardized, reliable JPMorganChase’s clients and comprehensive greenhouse gas emissions data, which could lead customers, JPMorganChase’s exposure to inaccurate disclosures affected companies and markets, or financial reporting.the effectiveness of JPMorganChase’s existing business strategy.

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Prior heading: Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.

JPMorganChase’s employees interact with clients, customers, counterparties and other market and industry participants, and with each other, every day. All JPMorganChase expects its employees are expected to demonstrate values conduct themselves ethically and exhibit the behaviors that are an integral part of in compliance with JPMorganChase’s Code of Conduct and Business Principles. JPMorganChase endeavors to embed conduct risk management throughout an employee’s life cycle, including recruiting, onboarding, training and development, Conduct, as well as with internal policies and performance management. Conduct risk management is also an integral component of JPMorganChase’s promotion applicable laws and compensation processes. regulations. Notwithstanding these expectations, policies and practices, certain employees of JPMorganChase have in the past engaged and could in the future engage in improper or illegal conduct in the past. conduct. These instances of misconduct have resulted and could in litigation, the future result in litigation and resolutions of governmental investigations or enforcement actions by governmental authorities involving consent orders, deferred prosecution agreements, non-prosecution agreements and other civil or criminal sanctions. There is no assurance that further inappropriate or unlawful actions by employees have not occurred or will not occur, lead to a violation of the terms of these resolutions (and associated consequences), or that any such actions will always be detected, deterred or prevented. JPMorganChase’s reputation could be harmed by, sanctions and collateral consequences penalties. In addition, employee misconduct could result from, a failure by one or more employees lead to conduct themselves in accordance with JPMorganChase’s expectations, policies higher operational and practices, including by acting in ways that compliance costs, harm clients, customers, other market participants, employees or others. Some examples of this include: •improperly selling and marketing JPMorganChase’s products or services •engaging in insider trading, market manipulation or unauthorized trading •engaging in improper or fraudulent behavior in connection with government relief programs •facilitating a transaction where a material objective is to achieve a particular tax, accounting or financial disclosure treatment that may be subject to scrutiny by governmental or regulatory authorities, or where the proposed treatment is unclear or may not reflect the economic substance of the transaction •failing to fulfill fiduciary obligations or other duties owed to clients or customers •violating antitrust or anti-competition laws by colluding with other market participants •using electronic communications channels that have not been approved by JPMorganChase •engaging in discriminatory behavior or harassment with respect to clients, customers or employees, or acting contrary to JPMorganChase’s goal of fostering an inclusive workplace •managing or reporting risks in ways that subordinate JPMorganChase’s risk appetite to business performance goals or employee compensation objectives, and •misappropriating property, confidential or proprietary information, or technology assets belonging to JPMorganChase, its clients reputation and customers or third parties. The consequences of any failure by one or more employees to conduct themselves in accordance with JPMorganChase’s expectations, policies or practices could include litigation, or regulatory or other governmental investigations or enforcement actions. Any of these proceedings or actions could result in judgments, settlements, fines, penalties or other sanctions, or lead to: •financial losses •increased operational and compliance costs •greater scrutiny by regulators and other parties •regulatory actions that require JPMorganChase to restructure, curtail or cease certain of its activities •the need collateral consequences for significant oversight by JPMorganChase’s management •loss of clients or customers, its business and operations. The foregoing risks could be heightened with respect to newly-acquired businesses if JPMorganChase fails to successfully integrate employees of those businesses or any of those employees do not conduct themselves engage in accordance with JPMorganChase's expectations, policies and practices.misconduct.

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Prior heading: Damage to JPMorganChase’s reputation could harm its businesses.

Maintaining trust in JPMorganChase is critical to its ability to attract the trust, affinity and retain goodwill of clients, customers, investors employees and employees. Damage investors is critical to JPMorganChase’s reputation can therefore cause significant harm ability to JPMorganChase’s operate its business and prospects, and can arise from numerous sources, including: •employee misconduct, including discriminatory behavior or harassment with respect to clients, customers or employees, or actions that are contrary to successfully. JPMorganChase’s goal of fostering an inclusive workplace •security breaches, including as a result of cyber attacks •failure reputation could be harmed by its decisions to safeguard client, customer engage or employee information •failure to manage risks associated not engage with its a client relationships, or with transactions or business activities in which JPMorganChase or its clients engage, including transactions or activities a business activity that may be unpopular among one or more constituencies •rapid and broad dissemination of misinformation and disinformation across the media landscape, including social networking sites •incorrect, biased or misleading results or content generated by artificial intelligence, leading to harmful outcomes, including discrimination in lending practices against vulnerable populations, fraud, manipulation of customers, privacy breaches or intellectual property infringement •deficiencies or perceived failures in managing ESG-related initiatives, including modifying or failing lead to meet publicly-announced targets •operational failures •litigation or regulatory fines, penalties or other sanctions •actions taken in executing regulatory and governmental requirements during a global or regional health emergency, spread of infectious disease, epidemic or pandemic •regulatory investigations or enforcement actions, or resolutions of these matters, negative commercial impacts, and •failure or perceived failure to comply with laws, rules could also be compromised by: •inaccurate or regulations by misleading information about JPMorganChase or its clients, customers, counterparties or other parties, including newly-acquired businesses, companies in which JPMorganChase has made principal investments, parties to joint ventures with JPMorganChase, and vendors with which JPMorganChase does business. Social and environmental activists have been targeting JPMorganChase and other financial services firms with public criticism concerning their business practices, including business relationships with clients that are engaged in certain sensitive industries, such as companies: •whose products are or are perceived to be harmful to human health, or •whose activities negatively affect or are perceived to negatively affect the environment, workers’ rights or communities. Activists have also taken actions intended to change or influence JPMorganChase’s business practices with respect to ESG matters, including public protests at JPMorganChase’s headquarters and other properties, and submitting specific ESG-related proposals for a vote results generated by JPMorganChase’s shareholders. In addition, JPMorganChase has been and expects AI, that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives) or regarding transactions or other business or interactions between JPMorganChase and governmental or regulatory bodies. Furthermore, JPMorganChase's relationships or ability to transact with clients and customers, is rapidly and with governmental or regulatory bodies in jurisdictions in which JPMorganChase does business, could be adversely affected if its decisions with respect to doing business with companies in certain sensitive industries are perceived to harm those companies or to align with particular political viewpoints. The foregoing types broadly disseminated through any form of criticism can be more widespread during election years in various jurisdictions, media, including social networking sites, and could have the effect of focusing attention on a company such as •concerns that JPMorganChase as part of a wider public debate on public policy matters. Furthermore, JPMorganChase's participation in or association with has treated certain environmental and social industry groups or initiatives could be viewed by activists clients or governmental authorities as boycotting customers unfairly Events or other discriminatory business behavior. These and other types of criticism and actions directed at JPMorganChase could potentially engender dissatisfaction among clients, customers, investors, employees, government officials and other stakeholders. In all of these cases, circumstances that damage JPMorganChase’s reputation and could also negatively affect its business and business, results of operations and prospects, and could be harmed by: result in: •greater scrutiny from governmental or regulatory bodies, authorities or further criticism from politicians and other members of the public, politicians, including in the form of governmental or regulatory investigations by governmental authorities or litigation •unfavorable media coverage or commentary in the media, commentary, including through social media campaigns •certain clients and customers ceasing doing to do business with JPMorganChase, and encouraging others to do so •impairment of JPMorganChase’s ability to attract new clients and customers, to expand its relationships with existing clients and customers, or to hire or retain employees, or •certain investors opting to divest from investments in securities of JPMorganChase. Actions by the financial services industry generally or individuals in the industry can also affect JPMorganChase’s reputation. For example, the reputation of the industry as a whole can be damaged by concerns that: •consumers have been treated unfairly by a financial institution, or •a financial institution has acted inappropriately with respect to the methods used to offer products to customers. If JPMorganChase is perceived to have engaged in these types of behaviors, this could weaken its reputation among clients or customers, employees or other stakeholders.JPMorganChase.

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Prior heading: Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations can result in litigation and enforcement actions, as well as damage JPMorganChase’s reputation.

JPMorganChase’s ability to manage Managing potential conflicts of interest is highly complex for JPMorganChase due to the its broad range of its business activities which encompass a variety of transactions, obligations and interests with and among JPMorganChase’s clients and customers. JPMorganChase can become subject to could face litigation, enforcement actions, actions and heightened regulatory scrutiny, and its reputation can could be damaged, by the failure or perceived failure to: •adequately address or appropriately disclose actual or potential conflicts of interest, including potential conflicts of interest those that may arise in connection with providing multiple products and services in, or having one or more investments related to, the same transaction •identify and address any conflict of interest that a third party third-party with which it is does business may have with respect to a transaction involving JPMorganChase •deliver appropriate standards of service and quality •treat quality, and to treat clients and customers fairly and with the appropriate standard of care •use client and customer data responsibly and in a manner that meets legal requirements and regulatory expectations •provide fiduciary products or services in accordance with the applicable legal and regulatory standards, law, or •handle or use confidential information of customers or clients appropriately and in compliance with applicable data protection and privacy laws, rules and regulations. law. A failure or perceived failure to appropriately address conflicts of interest or fiduciary obligations could result in customer dissatisfaction, litigation and regulatory fines, penalties or other sanctions, and penalties, as well as heightened regulatory scrutiny and enforcement actions, all of which can could lead to lost revenue and revenue, higher operating costs and cause serious harm to JPMorganChase’s reputation.reputational harm.

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Prior heading: An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.

Aggressive actions by hostile governments or groups, including armed conflict Conflicts and hostilities between countries or intensified cyber attacks, other antagonists could expand in unpredictable ways by drawing ways, including: •intensified cyber attacks •drawing in other countries adversaries •armed conflict, or escalating •escalation into full-scale war with potentially war, which could have catastrophic consequences, particularly if one or more of the combatants possess nuclear weapons. consequences. Depending on the scope of the conflict, the hostilities could result in: •worldwide economic disruption •heightened volatility in financial markets •severe declines in asset values, accompanied by widespread sell-offs of investments •sudden increases in prices in the energy and commodity markets or for certain safe haven currencies •substantial depreciation of local currencies, potentially leading to defaults by borrowers and counterparties in the affected region •sustained disruption to or destruction of infrastructure, including energy and power facilities and undersea cables •disruption of global trade, including retaliatory countermeasures •changes in economic alliances or treaties, including the potential fragmentation of trade and economic activity that may result from the formation or hardening of national or regional alliances •diminished consumer, business and investor confidence •refugee and humanitarian crises, and •new economic •economic sanctions or other regulatory requirements, including those that introduce exceptional compliance challenges for multinational companies such as JPMorganChase. requirements. Any of the above consequences could have significant negative effects on JPMorganChase’s operations and earnings, both in the countries or regions directly affected by the hostilities or globally. Further, if the U.S. were to become directly involved in such a conflict, this could lead to a curtailment of any operations that JPMorganChase may have in the affected countries or region, as well as in any nation that is aligned against the U.S. in the hostilities. JPMorganChase could also experience more numerous and aggressive cyber attacks launched by or under the sponsorship of one or more of the adversaries in such a conflict.

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Prior heading: JPMorganChase’s business and operations in certain countries can be adversely affected by local economic, political, regulatory and social factors.

Some of the countries in which where JPMorganChase conducts business have economies or markets that are less developed and more volatile or may have political, legal and regulatory regimes that are less established unpredictable or predictable than other countries in which JPMorganChase operates. less established. In addition, in some jurisdictions in which places where JPMorganChase conducts business, the local economy and business activities are subject to substantial government influence or control. Some of these countries have in the past experienced economic disruptions, including: •extreme currency fluctuations •high inflation •low or negative growth •defaults or reduced ability to service sovereign debt debt, and •increased fraud or other misrepresentation of value. The governments in these countries have sometimes reacted to these developments by imposing restrictive policies that adversely affect the local and regional business environment, such as: •price, capital or exchange controls, including imposition of punitive transfer and convertibility restrictions or forced currency exchange •expropriation or controls •confiscation, expropriation, nationalization of assets, including client assets, or confiscation of blocking access to property, including client assets and intellectual property, and •changes in laws, rules and regulations. applicable law. The impact of these actions could be accentuated in trading markets that are smaller, less liquid and more volatile than more-developed markets. These types of government actions can negatively affect JPMorganChase’s operations in the relevant country, either directly or by suppressing the local business activities of local clients or multi-national clients that conduct business in the jurisdiction. clients. In addition, emerging markets countries, as well as more developed countries, have been susceptible to unfavorable social developments arising from poor economic conditions or governmental actions, including: •widespread demonstrations, civil unrest or general strikes •crime and corruption •security and personal safety issues •an outbreak •outbreaks or escalation escalations of hostilities, or other geopolitical instabilities •overthrow of incumbent governments •terrorist attacks, and •other forms of internal discord. These economic, political, regulatory and social types of developments have in the past resulted in, and in the future could lead to, conditions that can could adversely affect JPMorganChase’s operations in those the affected countries and impair the revenues, growth and profitability of those operations. In addition, any of these events or circumstances in one country can could affect JPMorganChase’s operations and investments in another country or countries, country, including in the U.S.

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Prior heading: JPMorganChase’s ability to attract and retain qualified employees is critical to its success.

JPMorganChase’s employees are its most important resource, and in many areas of the financial services industry, competition for qualified personnel is intense. JPMorganChase endeavors to attract talented new employees from a variety of backgrounds and retain, develop and motivate its existing employees. JPMorganChase's efforts to hire and retain talented employees could be hindered by factors such as: •the emerging need for more-skilled workers in an evolving labor and workplace environment, including due to changes in technology and •targeted recruitment of JPMorganChase employees by competitors, and •modifications to or discontinuation of JPMorganChase's hybrid work models. JPMorganChase's competitors. JPMorganChase’s performance and competitive position could be materially and adversely affected if it is unable to attract or retain qualified employees for its workforce or to devise and execute effective effectively manage succession planning for key leadership roles, such as the Chief Executive Officer, members of the Operating Committee and other senior leaders. leaders. In addition, advances restrictive immigration or travel policies in the U.S. and other countries could inhibit JPMorganChase’s ability to attract and retain qualified employees, or necessitate adjustments to operating models that could reduce operational efficiency or increase costs. Advances in technology, such as automation automation, AI and artificial intelligence, may data science, could lead to workforce displacement. This could require JPMorganChase to invest in additional employee training, manage impacts on morale and retention, and compete for employment candidates who possess more advanced technological skills, all of which could have a negative impact on JPMorganChase's JPMorganChase’s business and operations.

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