GREEN ECONOMY BANKING CASE STUDY APPALOOSA SOLAR PROJECT As the need for climate solutions grows, so does the number of companies focused on providing them, with each In 2022, JPMorgan Chase acted as coordinated lead arranger and committed $142 million to a series of syndi- requiring a unique combination of fnancial services and advice to achieve its objectives. Our CB Green Economy Bank- cated project fnance loans totaling $267 million. The funds are intended to support the construction and ing team is called upon to provide subject matter expertise, banking solutions and specialized credit underwriting for operations of the Appaloosa Solar Project in Cedar City, Utah, owned by Greenbacker Renewable Energy Cor- the growing number of companies i n the sustainable technologies, products and services industry. The Green Economy poration (GREC) and rPlus Energies. Once completed in late 2023, the Appaloosa project is expected to be the Banking team focuses on fve sectors—renewable energy, efciency technology, sustainable fnance, agriculture and second largest in GREC’s feet of 450 renewable energy projects. The project is expected to generate more food technology, and clean energy mobility—with senior bankers assigned to provide specifc sub-industry coverage than 550 million kWh of energy annually—enough to power more than 50,000 homes; support the local econ- within each of these sectors. omy by utilizing local vendors and creating approximately 250 jobs for its construction; and generate mean- ingful property tax revenue for Cedar City over 35 years. This deal was led by Commercial Banking’s Green INTRODUCTION CENTER FOR CARBON TRANSITION Economy team and builds on JPMorgan Chase’s eforts to scale green and innovative solutions to support the transition to a low-carbon economy. ENVIRONMENTAL The Center for Carbon Transition (“CCT”) provides clients globally with low-carbon transition focused advice and exper- tise, and works with industry coverage and product teams within the CIB and CB on a wide variety of strategic sustain- Our Approach to Environmental ability-focused transactions. The team is also responsible for supporting our banking teams in identifying green busi- Sustainability ness opportunities to meet client demands and amplifying our green economy coverage. Scaling Green Solutions The combined expertise of the CCT and other banking teams helps provide tailored advice and solutions to clients who CASE STUDY SUPPORTING ECOSYSTEM PROTECTION FOR NATURE AND PEOPLE Meeting Needs Responsibly seek this advice as they adapt and grow their businesses. This includes providing strategic advice on clients’ long-term Minimizing Our Operational Impact In 2022, JPMorgan Chase served as lead underwriter for a $350 million Green Bond issued by The Nature business strategies working with industry and product teams to structure unique fnancing solutions in public and pri- Conservancy (“TNC"), a global nonproft conservation organization that works on a variety of environmental vate capital markets. SOCIAL issues surrounding the protection of land, water and ecosystems. The bond constitutes the biggest green The CCT works to develop and implement the Firm’s strategy to align, over time, its fnancing portfolio with what we bond issuance to date by a conservation nonproft organization. consider to be the primary goals of the Paris Agreement. The teams has led the creation, and continues to oversee the GOVERNANCE The bond issuance is expected to help TNC achieve its 2030 goals—which include avoiding or sequestering 3 implementation, of our Carbon Assessment Framework (“CAF”), which helps us monitor our progress toward our port- billion metric tons of carbon dioxide equivalent, conserving 650 million hectares of healthy land, 30 million folio-level emissions intensity reduction targets. For more information on our Paris-aligned fnancing commitment and APPENDICES hectares of freshwater, and 4 billion hectares of oceans—and fnance and refnance eligible green projects our CAF, see page 17. that contribute toward maximizing resilience and benefts for ecosystems and vulnerable communities. GREEN, SOCIAL, SUSTAINABILITY AND SUSTAINABILITY-LINKED BONDS Through our business, JPMorgan Chase is a leading underwriter of green, social, sustainability and sustainability-linked 6 bonds, which are aimed at supporting our clients’ sustainability-related activities. In 2022, the Firm u nderwrote $38.3 billion in green, social, sustainable and sustainability-linked bonds, including $16.6 billion in green bonds. 6 Source: Dealogic Sustainable Finance Report, Syndicated Bonds, Loans & Equity, Full Year 2022. Note that third-party estimates of GSS bond underwriting may not be the same as JPMC-produced data for GSS bond underwriting in our Sustainable Development Target. 15