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From: "Barrett, Paul S" To: Brad Wechsler Cc: "Jeffre E•stein gmai .com jeevacation©gmail.com>, Barrett Team Subject: Trade Idea - Short Sterling Sent: Monday, May 9, 2016 5:54:02 PM image001 ipq imaqe002.pnq PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. This communication is representative of a previous discussion held between the J.P. Morgan representative and the client regarding the client's interest in Foreign Exchange, Commodity and Rates derivative sample trade ideas. If you no longer wish to receive this communication, please contact your J.P. Morgan representative. This email does not represent a trade order; please contact your J.P. Morgan Investment Specialist to place a trade. Sample Trade Idea: Sell GBPUSD via Forward Contract; Value Date IMM1 Trade Market Level Entry Level Take Profit Stop Loss . Potential Risk / .....„..Reward .....4 Tern 15Jur Sell GBPUSD 1.4500 1.4550 1.3850 / -5.1% away 1.49 / -2.2% away Risk 1 to make 2.2 Source: Bloombe g. Data as of 05-04-2016. CATALYST(S) • Political: uncertainty before the referendum on June 23rd • Technical: Second failure to sustain close above February high at 1.4668, 200 day moving average 1.4859 • Economic: US Payrolls, UK & US Trade balance, UK manufacturing, UK inflation • Other Events: Over the coming 50 days, campaign effectiveness will likely have more of an impact on the vote, especially as officials' purdah' from late May will exclude direct involvement by the government. RISK(S) • Continued soft US data, specifically on the labor front • Global risk sentiment improvement and continued strong rally in equities • "Remain" momentum for referendum picks up strongly. CHART(S): GBPUSD Historical Price EFTA_R1_00032349 EFTA01742027 Source: Bloomberg, as of 05/03/16 Appendix: Take profit: A take profit order relates to an order to sell a security at a specified price closing out an existing position for a net gain. Stop loss: A stop-loss order relates to an order to sell a security at a specified price designed to limit an investor's loss on a position. Disclaimers This material is a product of an Associated Person on the J.P. Morgan Private Bank's Foreign Exchange, Commodities and Rates Product and Solutions group with responsibilities for the marketing and sale of swaps and OTC financial derivatives. This material is not a product of a J.P. Morgan Research Department and is not a research report and is not intended as such, although it may refer to a J.P. Morgan Research report or research analyst. This material is for the general information of our clients and is a "solicitation" only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act. The information contained herein is as of the date and time noted above and J.P. Morgan does not undertake any obligation to update such information and does not warrant its completeness or accuracy. This material does not purport to contain all of the information that an interested party may desire and may provide only a limited view of a particular market. Transactions involving securities and financial instruments mentioned herein may not be suitable for all investors. Clients should contact their salespersons at, and execute transactions through, a J.P. Morgan entity qualified in their local jurisdiction, unless governing law permits otherwise. J.P. Morgan does not provide, affirm, or opine on the tax treatment of specific securities or derivatives transactions in existence or of a hypothetical nature. For tax-related advice, clients should consult an independent tax advisor. All questions related to swaps and OTC financial derivatives referenced in these materials must be directed to [email protected] information on this page is qualified in its entirety by, and should be read together with, the "Risk Considerations" and "Important Information" sections of this document. Copyright 2016 J.P. MORGAN CHASE & CO. IMPORTANT INFORMATION This material is intended for your personal use and should not be circulated to any other person without our permission and any use, distribution or duplication by anyone other than the recipient is prohibited. Any views and strategies described in the material may not be suitable for all investors and are subject to investment risks. Please read this Important Information in its entirety. Not all products and services described in this material are available in your jurisdiction. EFTA_R1_00032350 EFTA01742028 Purpose of This Material The information provided is intended to inform you of certain investment products and services offered by J.P. Morgan's private banking business, part of JPMorgan Chase & Co. The views and strategies described in the material may not be suitable for all investors and are subject to investment risks. Please read this Important Information in its entirety. 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Please consult with your JPMorgan advisor for more information. Not all option strategies are suitable for investors; certain strategies may expose investors to significant potential losses. Note: This information is intended to be a potential hedging strategy that can be executed through OTC options to achieve specific goals. These strategies may not be suitable for all investors. In discussion of options and option strategies, results and risks are based solely on the hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, are suitable to their needs. For a complete discussion of risks for any investment (including supporting documentation for any claims, recommendations or statistics), please review offering documents and speak with your J.P. Morgan investment representative. 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