JPMORGAN CHASE & CO

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.

Refer to pages 150–151 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s country risk management.

Risk Reporting

The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of September 30, 2025 and their comparative exposures as of December 31, 2024. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.

The increase in exposure to Germany when compared to December 31, 2024 was predominantly driven by higher client deposits, resulting in increased cash placements with the central bank of Germany.

The increase in exposure to the United Kingdom when compared to December 31, 2024 was predominantly driven by higher client deposits and client-driven activities, resulting in higher holdings of government debt securities and increased cash placements with the central bank of the United Kingdom.

The Firm continues to monitor its exposure to Russia, which corresponds to cash placed with the central bank, but which excludes deposits placed on behalf of clients at the Deposit Insurance Agency of Russia. The Firm currently believes that its remaining exposure to Russia is not material. Refer to Note 24 on pages 186–187 for information concerning Russian litigation.

(a)Country exposures presented in the table reflect 88% and 89% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at September 30, 2025 and December 31, 2024, respectively.

(b)Predominantly represents cash placed with central banks.

(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.

(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.

(e)Includes physical commodities inventory and clearing house guarantee funds.

(f)The country rankings presented in the table as of December 31, 2024, are based on the country rankings of the corresponding exposures at September 30, 2025, not actual rankings of such exposures at December 31, 2024.