J.P.Morgan Software Investment Banking

Strategics buyer insights - Amazon JPMorgan relationship Strategic rationale How they assess value Notable M&A deals JPM advised Andy Jassy CEO, Amazon ZOOX . Further demonstrates commitment to build out healthcare platform • Data access to further expand both telehealth and PillPack customer connectivity and capabilities . Strategic position and access poised to inform next leg of stool in healthcare • Extremely valuation disciplined . Only willing to step in absolute must own situations • Utilizes DCF and trading comparables to support valuation • Assess standalone valuation as well as PF value within Amazon Jun 20 $1.2bn Autonomous mobility Z ZWIFT Key decision makers Sep 20 $450mm¹ Connected fitness J.P.Morgan CANVAS Adam Selipsky CEO, Amazon Web Services Apr '19 Autonomous delivery eero Feb '19 Autonomous delivery J.P.Morgan ring Feb '18 $900mm Home security J.P.Morgan J.P.Morgan Company fitings: press releases; FactSet as of 4/19/21 Note: All transaction multiples reflect NTM, unless noted otherwise, JPM provided financing with respect to the Whole Foods transaction; Amazon participated in the $450mm Series C investment Peter Krawiec VP, Worldwide Corporate Development Pill Pack Market cap: $1,750bn FV/'22E Rev.: 3.2x FV / '22E UFCF: 33.8x Jun '18 $753mm Online pharmacy I WHOLE FOODS Jun '17 9.9x EBITDA $13.5bn Grocery J.P. Morgan 41

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