STRICTLY PRIVATE AND CONFIDENTIAL

Investment Banking Business Overviews

Summer 2022
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Diversified Industries (DI) – New York

J.P. Morgan’s Diversified Industries group (“DI team”)

~100 #1
 Serve some of the largest and most well-known companies in the world DI team members across market share in 2020
NYC and Chicago through strong execution
 Best-in-class group specific training program developed by DI team members

 Team-oriented culture focused on helping each other and celebrating wins

 Strong technical skill development across various products (M&A, Equity, Debt)
~40 >10
Analysts & Associates industry verticals covered
 Truly global platform with close ties to EMEA, APAC and LATAM teams to learn from in DI across multiple products
SELECT COVERAGE
UNIVERSE

Aerospace & Automotive Basic Business Capital Chemicals Transportation

Defense Materials Services Goods

Why Diversified Industries?

 Awesome culture with a team that really cares

 Large team with a wealth of industry and technical knowledge
 Unrivaled learning experience with direct client exposure
 Diverse client base and business models across a variety of sectors
 Strong deal flow with healthy balance of execution and marketing
 Exposure across M&A, Equity Debt capital markets, and Global DI team
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Media & Communications (M&C) – New York

Coverage
MEDIA & COMMUNICATIONS OVERVIEW SELECTED TRANSACTIONS
 Media & Communications is one of the largest industry groups at J.P. Morgan Nov 2020 $2bn April 2020 Undisclosed Dec 2019 $19bn
Advised Advised Advised
in terms of revenue and contribution
 Strong franchise in strategic advisory and capital raising across all products Bertelsmann The Madison Square CBS
with one of the few truly integrated practices on the street: “top of mind” at our on its acquisition of Garden Company
on its spin-off of on its agreement to
clients Simon & Schuster combine with
 “Front of the Wall Street Journal, industry defining deals” from Madison Square Garden
Entertainment Viacom
ViacomCBS
 The group has approximately 51 investment banking coverage professionals
in the United States: Aug 2019 $11bn May 2019 $14bn Mar 2019 $85bn
Advised Advised Advised
 1 Global Chair, 5 Managing Directors, 11 Executive Directors / Vice
Presidents, 34 Associates / Analysts The Walt Disney The Walt Disney
Zayo
Company Company
 Our practice covers the following sub-sectors:
on its sale of 21 Regional on its sale to
 Media: Diversified Media, Location-based Entertainment, Publishing & on its acquisition of
Sports Networks to
Digital Media, Audio, Broadcasting, eSports & Gaming, Outdoor Sinclair Digital Colony and EQT 21st Century Fox
Advertising, Education, Sports
 Communications: Data Centers, Towers, Cable, Fiber, Satellites October 2018 $20bn June 2018 $109bn April 2018 $68bn
Advised Advised Advised
 Information Services
Blackstone AT&T Sprint
DAY-TO-DAY RESPONSIBILITIES
on its acquisition of on its acquisition of on its merger with
 You will work on in-depth company and industry research, financial analyses Thomson Reuters Time Warner T-Mobile
and models, client pitches, and execution of transactions
 Media & Communications offers an unparalleled learning experience:
 Breadth of industry exposure across two highly dynamic sectors
 Diversity of product exposure, traditionally high level of corporate finance
technicals
 Staffing across Media & Communications allows for diverse experience
 Coverage of wide range of clients from large companies to emerging
growth companies
 Focus on mentoring / additional training — “open access” culture, direct
contact with senior bankers
 Consistent flow of live transactions

Financial Institutions Group (FIG) – New York City
Coverage
FINANCIAL SPONSORS OVERVIEW:
 FIG covers the leading global private equity firms, providing equity and debt
financing, and advisory services to support their portfolio companies
 Team members work with all product and industry coverage partners on
exciting, high-profile transactions that make the front page of the Wall Street
Journal
 The U.S. Financial Institutions Group is compromised of 25 bankers covering
the largest private equity firms worldwide
 FIG has offices located in New York, San Francisco, London, Hong Kong,
Sydney and Tokyo
 Our smaller group dynamic allows junior bankers direct contact to senior
level management and clients
WHY BE AN ANALYST IN FIG?
 Exciting, high-profile transactions that make the front page of the Wall
Street Journal
 Cross-staffing across all industries and products provides a diverse
experience and allows for enhanced connectivity around the IB
 Consistent flow of live deals as sponsors are transactional in nature
 A small group allows for direct contact with senior bankers and
participation in client meetings
 Focus on mentoring and work / life balance
 Future global placement opportunities
 Have placed junior FSG bankers in London and Hong Kong
 Many analysts have pursued careers in private equity
CONFIDENTIAL
INDUSTRY DYNAMICS AND OVERVIEW:
 Financial sponsors are typically investment partnerships that raise capital through
General Partners, Limited Partnerships and public equity markets
 Financial sponsor backed transactions contributed a significant portion of total
Investment Banking fees in 2020 and represent some of the largest transactions since
2008
 Active deal environment expected to continue:
 Significant private equity capital available to invest
 There remains a substantial exit pipeline after several consecutive years of strong
buyout activity coupled with a robust valuation environment
 Sponsor related M&A was strong in 2020 and is expected to continue growing in
2021
DAY TO DAY RESPONSIBILITIES:
 Coordinating work streams with industry coverage partners and product
groups (Leveraged Finance, Equity Capital Markets and Mergers &
Acquisitions) for both pitch materials and deal execution
 Modeling / valuation analyses, including:
 Leveraged Buyout (LBO)
 Discounted Cash Flow (DCF)
 Merger model (M&A)
 Initial Public Offering (IPO)
 Preparing investment ideas for clients
 Communicating regularly with deal teams and working closely with full-time
Associates and Analysts on projects
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Real Estate, Gaming, and Lodging Investment Banking (REALIB) – New York

REAL ESTATE, GAMING AND LODGING OVERVIEW KEY CLIENTS

 J.P. Morgan is the #1 Investment Bank for Real Estate, Gaming and
Lodging clients earning record revenues last year
 # 1 Investment Bank for Real Estate, Gaming and Lodging clients
three years in a row
 World-class corporate finance and M&A reputation allows us to
work on the most high profile deals
 Premier relationships with private equity firms

 Strongest balance sheet in the industry – critical for Real Estate

clients given capital intensive nature of industry
 New initiative working with disruptive real estate technology
companies (“PropTech”), including: alternative hospitality and co-
working companies

WHY REAL ESTATE, GAMING AND LODGING INVESTMENT

BANKING?

1 Real estate is a growing industry that intersects across every major

corporate sector (Office / Healthcare / Industrials / Consumer Retail /
Technology)

2 Deep expertise with clients across Gaming (i.e. MGM / WYNN / CZR)
and Lodging (i.e. Hyatt / Hilton) creates a well-rounded experience for
junior bankers

3 In-house M&A capabilities and direct exposure to clients allows you to

develop excellent (i) M&A modeling and (ii) client relationship skills

4 Small team (~50 colleagues) emphasizing a fun and dynamic culture

with strong camaraderie among junior bankers

Financial Sponsor Group – New York
FINANCIAL SPONSORS OVERVIEW:
 FSG covers the leading global private equity firms, providing equity and debt
financing, and advisory services to support their portfolio companies
 Team members work with all product and industry coverage partners on
exciting, high-profile transactions that make the front page of the Wall Street
Journal
 The U.S. Financial Sponsor Group is compromised of 25 bankers covering the
largest private equity firms worldwide
 FSG has offices located in New York, San Francisco, London, Hong Kong,
Sydney and Tokyo
 Our smaller group dynamic allows junior bankers direct contact to senior
level management and clients
WHY BE AN ANALYST IN FSG?
 Exciting, high-profile transactions that make the front page of the Wall
Street Journal
 Cross-staffing across all industries and products provides a diverse
experience and allows for enhanced connectivity around the IB
 Consistent flow of live deals as sponsors are transactional in nature
 A small group allows for direct contact with senior bankers and
participation in client meetings
 Focus on mentoring and work / life balance
 Future global placement opportunities
 Have placed junior FSG bankers in London and Hong Kong
 Many analysts have pursued careers in private equity
CONFIDENTIAL
INDUSTRY DYNAMICS AND OVERVIEW:
 Financial sponsors are typically investment partnerships that raise capital through
General Partners, Limited Partnerships and public equity markets
 Financial sponsor backed transactions contributed a significant portion of total
Investment Banking fees in 2020 and represent some of the largest transactions since
2008
 Active deal environment expected to continue:
 Significant private equity capital available to invest
 There remains a substantial exit pipeline after several consecutive years of strong
buyout activity coupled with a robust valuation environment
 Sponsor related M&A was strong in 2020 and is expected to continue growing in
2021
DAY TO DAY RESPONSIBILITIES:
 Coordinating work streams with industry coverage partners and product
groups (Leveraged Finance, Equity Capital Markets and Mergers &
Acquisitions) for both pitch materials and deal execution
 Modeling / valuation analyses, including:
 Leveraged Buyout (LBO)
 Discounted Cash Flow (DCF)
 Merger model (M&A)
 Initial Public Offering (IPO)
 Preparing investment ideas for clients
 Communicating regularly with deal teams and working closely with full-time
Associates and Analysts on projects
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Regional Investment Banking (RIB) – New York

What is the Regional Investment Bank 80+ bankers located across 7 regional offices
 The Regional Investment Bank was established as a dedicated coverage Chicago
group to focus on providing investment banking products & services to the
Commercial Bank’s clients
New York
 The group currently operates out of 7 seven offices across the San Francisco
United States with more than 80 bankers Washington, D.C.
 We provide day-to-day leadership in execution of sophisticated IB services /
Los Angeles
advisory to generally smaller clients, across industries Atlanta

 Public or private companies with $25mm to $200mm of EBITDA

Dallas
 Day to day responsibilities for an intern will include but are not limited to:
 Modeling & valuation: (DCF, LBO, Trading & Transaction comps, Merger
Select recent transactions
math (e.g., Accretion / Dilution analysis)
 Staffings on live transactions such as buy-side / sell-side M&A, initial public
Jan 2021 $2.6bn August 2019 $1.0bn May/Aug 2019 $277/598mm
offerings / follow-on offerings, and debt financing
 Preparation of marketing materials

Full suite of investment banking products across all industries

Financial advisor to Topgolf Exclusive financial advisor to Joint Lead Bookrunner on
in connection with its all-stock Quest Nutrition on its sale to Beyond Meat’s IPO and
merger with Callaway the Simply Good Foods Follow-on offering
Company
Technology, Consumer
Media & & Retail
Telecom

Financial
Institutions &
Diversified
Governments Equity
Industries
Debt/Rates
Mergers & Acquisitions

Corporate Finance
Advisory Energy
Healthcare

Financial Real Estate

Sponsors & Lodging
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Healthcare – New York

About us
 J.P. Morgan’s Healthcare team is the leading investment banking franchise in
our industry
 The group is a leader across products and verticals, which include:

Pharmaceuticals Services Medical Technology

 Our business diversity results in deal flow during all economic cycles…
 Record-breaking deal activity during the COVID-19 pandemic
 Merck / Schering-Plough and Pfizer / Wyeth announced in 2009

 … and offers a unique opportunity for exposure to broad corporate finance skills
and strategies, including M&A, spin-offs and divestitures, IG and HY debt,
IPOs, equity-linked products and LBOs

Analyst experience

 Analysts play a key role in deal execution and quickly develop their corporate
finance skill-set in a dynamic, fast paced environment
 Group specific training
 Nuances of Healthcare require in-house modeling and valuation

Why Healthcare?

J.P. Morgan
thought leadership

Consistent Develop
deal flow Exceptional technical
learning skills
experience Unprecedented
Counter-cyclical
M&A, debt gov’t & technology
industry
& equity changes
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Healthcare – New York

Healthcare provides a diverse experience with top tier clients

 Pharma – Global network in pharmaceuticals with long-standing positions in large mergers, cross-border M&A, biotech acquisitions and portfolio restructurings
 Key roles in pharmaceutical transactions, such as Bristol-Myers Squibb / Celgene, AbbVie / Allergan, AstraZeneca / Alexion, Takeda / Shire and GSK / Pfizer
Consumer JV

 Biotech – Strong biotech practice with significant public and private M&A
 Prominent roles in biotech transactions, including Novartis / The Medicines Company, Sanofi / Bioverativ, Celgene / Juno, Bayer / AskBio and Gilead Sciences /
Forty Seven

 MedTech – Premier medtech M&A practice with strong positioning in both public and private transactions
 Continued roles in marquee medtech transactions, such as Siemens Healthineers / Varian Medical Systems, Danaher / GE Biopharma, 3M / Acelity, Boston
Scientific / BTG

 Services – Prominent healthcare services franchise with strong positioning across all subsectors: payors, providers, HCIT, distribution and outsourcing
 Key advisor on strategic M&A transactions, including AmerisourceBergen / Alliance Healthcare, Centene / WellCare, KKR / Envision and Veritas Capital / DXC
Technology

J.P. Morgan is the #1 healthcare franchise on the Street (M&A, ECM, DCM)
2020 2019 2018
Market Wallet Market Wallet Market Wallet
position share (%) position share (%) position share (%)

#1 13.3% #1 12.5% #1 12.8%

#2 11.1% #2 10.9% #2 9.3%

#3 8.2% #3 8.2% #4 6.9%

#4 7.7% #5 6.0% #6 5.6%

#5 7.1% #8 4.2% #3 7.0%

#6 5.9% #6 5.3% #9 2.9%

Source: Dealogic
Note: Average market share of top 3 players over 3 years: J.P. Morgan: 12.9%, GS: 10.4% and MS: 7.7%
 CONFIDENTIAL

Equity Capital Markets (ECM) – New York

Private Side
ECM OVERVIEW:
Equity Capital
 ECM works with public and private companies to raise equity capital via Initial Markets
Public Offerings (IPOs), Follow-ons, Convertibles and / or Private Capital Markets
 #1 ECM practice on the Street
 Leaders of new trends in the markets including Direct Listings and SPAC issuance
XYZ Coverage
 The ECM group is divided into nine tight-knit teams focused on industry verticals in Company Sales and Equity
addition to separate Convertibles and Private Capital Markets teams trading market
 Consumer / Retail  Real Estate
 Diversified Industries  Technology, Media & Telecom (TMT)
 Financial Institutions (FIG)  Convertibles
Research
 Healthcare  Private Capital Markets
Public Side
 Natural Resources

 We partner closely with coverage bankers on all pitches and executions building deep PREVIOUS SUMMER TEAM CONNECT BONDING EVENTS:
relationships with companies long before contemplated transactions
 An ECM banker combines strategic corporate finance advisory and financial Broadway Pizza
Boat Cruise
markets knowledge to provide best-in-class advice to clients Musical Making
 As a Summer Analyst in ECM, you will make a real impact with our investment
banking clients, working on numerous live deals and high profile pitches
 We are instrumental in both origination and execution
 Origination: We create innovative and tailor-made solutions and generate ideas for
our clients regarding their capital structure
 Execution: We advise on the best execution tactics (offering size, guidance on
valuation and positioning, timing, etc.) and marketing and distribution strategies
(pulse of the market, tailored investor targeting, roadshow planning, etc.)
 ECM is unique given its placement within the Investment Bank. We sit on the private
side but have many touch points to public siders (sales, trading, equity research)
and are closely impacted by the public markets
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Technology – New York

OVERVIEW WHY TECHNOLOGY?

 J.P. Morgan’s Technology practice is the #1 group across the Tech IB industry,
offering services to the world’s most important technology companies
 We provide strategic advisory and capital raising services across a variety of
products and services including M&A, IPOs, LBOs, spin-offs and divestitures, IG
and HY debt, and equity linked products
 Our practice covers the following sub-sectors:
Fintech & Tech Enterprise & Consumer
Applied Tech
Services Cloud Internet
 The group operates out of 3 offices (NY, Boston, and SF) and has
approximately 40 investment banking coverage professionals in New York:
 3 Managing Directors, 9 Executive Directors / Vice Presidents, 30 Associates /
Analysts
 Summer analysts will attend joint events (training / speaker series) with
colleagues in SF and Boston
 Analysts play a key role in deal execution and quickly develop transaction
experience in a dynamic, fast paced environment
 We are tremendously proud of our people, culture, and group, and aim to deliver
first-class business in a first-class way across product and geography
SELECTED TRANSACTIONS
 Unique experience to partner across industries (e.g. Healthcare, Consumer, Media
& Communications, etc.), varied company maturity, and multiple product types
 Leading market position with strong and consistent deal flow and high profile,
industry transforming transactions
 Exposure to client company management teams and J.P. Morgan seniors with
abundant opportunities to attend meetings, drafting sessions, roadshows, etc.
 Outstanding team culture with an emphasis at all levels on A&A experience and
culture, unique social activities
 Consistent group support – training / professional development, mentorship
DAY TO DAY RESPONSIBILITIES
In-depth company and industry research, financial analyses and models,
client pitches, meeting materials, and execution of transactions
Live transaction staffings such as buy-side and sell-side M&A, IPOs / follow-
ons, and debt financing
Specialized weekly training and modeling / valuation assignments covering
trading / transaction comps, Leveraged Buyouts, Free Cash Flow, Discounted
Cash Flow / WACC, M&A math
Networking within and across various groups at J.P. Morgan

Highlights from past summers include the Tech Summer Outing, tech speaker
Equity
series, Ladies Night with Jennifer Nason, Summer Project

* Denotes key contact for intern placement

M&A + + + + +

Debt

Private Capital