J.P.Morgan Software Investment Banking

Strong capital markets backdrop Strong equity issuance in 2020 with 2021 YTD off to a strong start ($bn) $382 Jan-20 $215 $167 2020 S&P 500 Nasdaq S&P 500 Technology Equity markets are at all time highs 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Apr-20 J.P.Morgan Source: Dealogic, Factset as of 04/29/21 $229 $79 $150 2021 YTD Jul-20 позната Oct-20 $32 Q1'20 Jan-21 $21 $11 57.0% 56.2% 30.4% Apr-21 IPOS = Follow-ons $129 $104 Q2'20 12% Debt rates are at their multi-year lows 9%- 6% $25 3% - $107 $43 $64 Q3'20 10-year average: 5.09% $114 $47 $29.5 Q4'20 -BB Yield $212 $74 $138 Q1'21 JPMorgan HY index yields 3.59% 0% Apr-11 Feb-12 Dec-12 Oct-13 Aug-14 May-15 Mar-16 Jan-17 Nov-17 Sep-18 Jul-19 May-20 Feb-21 10

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