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