Feature: Our Racial Equity Commitment We believe our business is stronger when our economy is more inclusive, which is why in 2020, JPMorgan Chase announced its $30 billion Racial Equity Commitment to help close the racial wealth gap and advance economic inclusion INTRODUCTION among Black, Hispanic, Latino and underserved customers and communities in the U.S. The commitment includes incre- 11 mental lending and equity investments , as well as philanthropic capital, products and services. While the original com- ENVIRONMENTAL mitment period extends through 2025, we intend to continue working to advance racial equity with the long-term in mind, laying the groundwork, innovating our business practices, and advancing solutions to provide more equitable SOCIAL access to fnancial opportunities for Black, Hispanic, Latino, and underserved customers and communities. 12 As of December 31, 2022, we are reporting nearly $29 billion of progress toward our fve-year Racial Equity Commit- Feature: Our Racial Equity ment, which focuses on the following key areas: Commitment • I Inclusive Growth ncreasing Homeownership Diversity, Equity and Inclusion • Expanding afordable rental housing and support for vital community institutions The Firm is striving to help close the racial wealth gap and advance economic inclusion through fnancial health and wealth creation workshops and community events across the country. Pictured: Atlanta, Georgia Human Capital • Growing small businesses • Spending more with Black, Hispanic and Latino suppliers The Racial Equity Commitment’s 2022 progress was largely driven by incentives for afordable rental housing preservation and GOVERNANCE • Improving fnancial health and access to banking homeownership refnancing—areas where the Firm incentivized the preservation of afordable housing, while rents rose rapidly, and saved customers money on their mortgages, while rates were historically low. With that said, as rates continue to rise, our APPENDICES • Investing in Minority Depository Institutions and Community Development Financial Institutions incremental progress continues to be impacted, most notably in the areas of homeownership and small business. For instance, • Providing Philanthropic Capital to advance an inclusive economic recovery and support Black, Hispanic, Latino and we have lost ground on progress of our refnancing commitment. underserved communities While we are pleased with achieving nearly $29 billion of progress, volatile market conditions, including rising interest rates, • Accelerating investment in employees and building a more diverse and inclusive workforce. Please see the Diver- contributed to slower progress against our commitment and may continue to present challenges. For detailed information on sity Equity & Inclusion section on page 38 for updates on our hiring goals. each commitment’s progress, please see our website. 11 Refects new products or investments since the October 2020 announcement or incremental dollars and/or units (annual results measured as progress against 2019 business results). 12 REC reported progress of $28.9 billion is refected in both dollars and units, as applicable in the Racial Equity Commitment Progress Update on our website. 25