J.P.Morgan Software Investment Banking

Recent JPMorgan-led equity transactions have outperformed the market zoom January 2021 $2.0bn Follow-on Sole Underwriter & Stabilization Agent Largest software follow-on... ever ✓ Priced at a premium to launch: 0.7% J.P.Morgan OAK STREET HEALTH February 2021 $690mm Follow-on Lead Left Bookrunner & Stabilization Agent ✓ Upsized 24% from launch ✓ 167% premium to IPO price, and 22% to FFO 2 months prior Priced at a premium to launch: 4.4% Ⓒtwilio February 2021 $1.8bn Follow-on Lead Bookrunner ✓ Priced at tight (4.2%) discount to last trade ✓ Raised $5bn+ since IPO in 2016 22

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