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  "documentTitle": "J.P.Morgan | Shareholder Engagement Presentation Deck | 17 slides",
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      "text": "FIRM AND PSU PEERS COMBINED 5-YEAR AVERAGE TSR PERFORMANCE BY ROTCE QUARTILE (2017-2021)",
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      "text": "3-YEAR AVERAGE ROTCE OF THE FIRM RELATIVE TO PSU PEERS OVER THE PAST 10 YEARS",
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      "text": "The Firm's consistent relative outperformance of our eleven PSU peers is demonstrated by the strength of our 3-year average ROTCE¹ outperformance over the last 10 years",
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      "text": "After considering the merits of ROTCE, TSR and other performance measures, the CMDC chose to maintain ROTCE as the most appropriate and comprehensive metric for the 2022 PSU award",
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      "text": "The Firm's 3-yr average ROTCE has been in the top quartile relative to our PSU peers for the last 5 years and has ranked first in 4 of those 5 years",
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      "text": "Of the 3-year performance periods for the Firm and our PSU peers in the last 10 years, only once have our PSU peers achieved ROTCE of 18%, demonstrating the rigor of our upper PSU goal",
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      "text": "There is a strong correlation between long-term operating performance, as represented by ROTCE, and shareholder returns, as represented by TSR",
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      "text": "The CMDC believes ROTCE is still the most appropriate metric as PSUs should incentivize strong, long-term operating performance, which is more directly influenced by management",
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      "text": "The CMDC calibrated the upper ROTCE goal of the 2022 PSUs, representing exceptional financial performance over the 3-year performance period, at 18% or more; and the lower ROTCE threshold, representing weak financial performance over the same period, at below 6%",
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      "text": "Our PSU peers have collectively reported 3-year average ROTCE of <6% for 35% of the time during that period, demonstrating the rigor of our lower absolute PSU threshold",
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      "text": "Since PSUs were first introduced, we have received ongoing positive shareholder support for this aspect of our executive compensation program. The CMDC reviews the design and associated metrics of the PSU program with each grant with a focus on rigor and have periodically made changes in design, including those responsive to shareholder feedback.",
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