ENTREPRENEURS OF COLOR FUND In early 2021, our Firm committed $350 million over five years to grow Black, Hispanic, Latino, women-owned and other underserved small businesses. More than 40% of the commitment is expected to be low-cost loans and equity investments, supporting underserved entrepreneurs by providing access to capital. This includes contributing $42.5 million in capital in 2021 to expand the Entrepreneurs of Color Fund. In collaboration with Local Initiatives Support Corporation and a network of CDFIs, our goal is to help create a nationwide program providing low-cost loans and technical assistance to minority-owned small businesses through CDFI partners. In 2021, the expanded Entrepreneurs of Color Fund closed 382 loans totaling $46.1 million to Black, Hispanic, Latino and other underserved entrepreneurs. By the end of 2021, the program had expanded to include Atlanta, Detroit, the Bay Area, New York City, Chicago, Greater Washington, D.C. and Los Angeles. Supporting Black Entrepreneurs in South Africa J.P. Morgan South Africa launched the J.P.Morgan Abadali Equity Equivalent Investment Program in 2021 with the intent to create a positive socioeconomic impact in South Africa by addressing a critical funding gap for Black entrepreneurs. These businesses have historically found it challenging to access capital to finance growth. The Abadali Program consists of two initiatives – the Abadali Fund, a Black Business Growth Fund, and the Abadali Grant. The Abadali Fund is extending debt financing of 300 million rand ($20 million equivalent) over the next eight years to selected, eligible Black enterprises that do not fit the traditional underwriting criteria of “general commercial banking requirements.” The Fund will focus on supporting enterprises operating in mainly the industrial and green economy sectors of the South African economy. Beneficiaries will also be able to participate in the “Business Development Support Model” process which will provide training, skills development, mentorship for entrepreneurs and access to legal and business planning assistance, to support job creation and economic growth. J.P. Morgan South Africa aims to support over 500 early-stage businesses and to stimulate the creation of at least 1,000 net permanent jobs over the next eight years. Over the program's eight-year period, the Abadali Grant will also extend grants of 40 million rand ($2.64 million equivalent) towards support programs developing Black entrepreneurs into sustainable businesses. SMALL BUSINESS POLICY AGENDA We are advancing policy reforms that promote access to capital and other support for underserved entrepreneurs. Informed by the JPMorgan Chase Institute’s data- driven insights and the expertise of the JPMorgan Chase Policy Center, we support increased resources for the SBA Microloan program and modifying restrictions on SBA program participation for justice-involved individuals. Additional items on our policy agenda include maintaining support for the Department of Treasury’s CDFI Fund and improving procurement programs and policies to provide greater opportunity for underserved small business owners. 41 INTRODUCTION ENVIRONMENTAL SOCIAL Feature: Our Commitment to Racial Equity Diversity, Equity & Inclusion Human Capital Inclusive Growth GOVERNANCE ESG REPORT APPENDICES