72 Enterprise AI Adoption = Rising Priority… JP Morgan – End-to-End AI Modernization (2020) Note: Superscript ‘2’, per JP Morgan, indicates ‘Value is described as benefit in revenue, lower expense, or avoidance of cost – majority is measured as the lift relative to prior analytical techniques with the remainder relative to a random baseline or holdout control.’ We indicate 2020 as the start year for JP Morgan’s AI Modernization (2020 Letter to Shareholders: ‘We already extensively use AI, quite successfully, in fraud and risk, marketing, prospecting, idea generation, operations, trading and in other areas—to great effect, but we are still at the beginning of this journey’). Source: JP Morgan Investor Day (5/25) JP Morgan End-to-End AI Modernization – 2023-2025E, per JP Morgan We have high hopes for the efficiency gains we might get [from AI]… …Certain key subsets of the users tell us they are gaining several hours a week of productivity, and almost by definition, the time savings is coming from less valuable tasks… …We were early movers in AI. But we’re still in the early stages of the journey. - JP Morgan CFO Jeremy Barnum, 5/25 JP Morgan Estimated Value from AI / ML ‘Traditional’ Enterprise AI Adoption = Rising Priority +35% +65%