for certain order flow In the form of discounts, rebates, reductions of fees or credits. As a result of sending orders to certain trading centers, JPMS LLC receives payment for order flow in the form of discounts, rebates, reductions of lees or credits. Under some circumstances, the amount of such rem

IDEAS Trade Rationale Risks Levels Update Long High Yield • Market is currently pricing in high default expectations relative to history and JPMS LLC expectations of 2%. • Double dip in the economy driving higher defaults or default expectations HY CDX Spread: , j ab.5.2018: 485 bps • Curren

NY JPMS LLC :70:For Further Credit toAccount number • iak :71A:OUR Account name CREATION 05/02/2019 15:26:23 CREATED AMBKTPWM I 0 IMPORT UNIT 05/02/20

NY JPMS LLC :70:For Further Credit toAccount number :account name: Karyna Shul iak CREATION 05/02/2019 15:26:23 CREATED E IMPORT UNIT 05/02/2019 ASSIGNM

RFLY TRUST c/c HBRK Associates, Inc New York, NY 10022 :538:199955009 :57D://FW/021000021 JPMORGAN CHASE BANK, NA NEW YORK NY :59:/066001633 JPMS LLC :70:For Further Credit toAccount number :03603923Account name: Karyna Shul lak :71A•0UR IB103 190205TI 5 MRB CREATION 05/02/201915:26:23 CREATE

Inc 575 Lexington Avenue,4th Floor New York, NY 10022 :53B:/99955009 :57D://FW/021000021 JPMORGAN CHASE BANK, NA NEW YORK NY :59:1066001633 JPMS LLC :70:For Further Credit toAcceunt number si.ccount name: Karyna Shul iak :71A:OUR E103190205TI5MRB CREATION 05/02/2019 15:26:23 CREATED AMBKTPW

, Inc 575 Lexington Avenue,4th Floor New York, NY 10022 :53B1999550O9 :57D://FW/021000021 JPMORGAN CHASE BANK, NA NEW YORK NY :59:/066001633 JPMS LLC :70:For Further Credit toAccount number account name: Karyna Shul tak :7 IA:OUR E103190205T15MRB CREATION 05/02/201915:26:23 CREATED IMPORT

Inc 575 Lexington Avenue,4th Floor New York, NY 10022 :53B:/9995S009 :57D://FW/021000021 JPMORGAN CHASE BANK, NA NEW YORK NY :59:1066001633 JPMS LLC :70:For Further Credit toAccount number Account name: Karyna Shul iak :71A:OUR IE103 190205TI5MRB CREATION 05102/201915:26:23 CREATED AMBKTPWM

19 FAILED 15:26 - BUTTERFLY TRUST HBRK Associates, Inc 575 Lexington Avenue,4th Floor New York NY 10022 JPMORGAN CHASE BANK, NA NEW YORK NY JPMS LLC :70:For Further Credit toAccount number tccount name: Karyna Shul rak SD 150,000.00 CREATION 05/02/2019 15:26:23 CREATED T 0 I IMPORT UNIT

on) has had a nice run and we would wait before entering that tr=de. 22-Jul=2011 </=d> Ticker</=:p> Name Industry =b>Market Cap S&P 500 INDEX JPMS LLC Ratings <=pan style=lont-size:10.0ptfont-family:"Arial Narrow","sans-serifm>1=,715,870 1,254.86 -7% <= class=MsoNormal align=right style='text-al

2/5/2019 4/8/2019 4/8/2019 4/8/2019 4/9/2019 9/28/2016 12/3/2018 8/8/2018 11/30/2018 $20,000.00 a- - $97,828.79 inancia LLC $150,000.00 JPMS LLC For further credit to account nameButterfly Trust account number For Further Credit to Account number Account name Karyna Shuliak $36,000.00 $2

7,000.00 BSTP Admin $20,000.00 BSTP Admin $3,738,277.00 BSTP Admin $250,000.00 BSTP Admin $30,000.00 BSTP Admin National Financial Services LLC JPMS LLC For further credit to account nameButterfly Trust account number For Further Credit to Account number Account name Karyna Shuliak FT Real Estate

for certain order flow in the form of discounts, rebates. reductions of fees or credits. Asa result of sending orders to certain trading centers. JPMS LLC receives payment for order flow in the form of discounts. rebates, reductions of fees or credits. Under some circumstances. the amount of such rem

omnia, anacetrapib - cholesterol, PD-1 -oncolog=, BACE - Alzheimers) as well as healthy core product portfolio (Janu=ia -diabetes and vaccines). — JPMS LLC expects strong EPS growth of -8% thro=gh 2020 • &nb=p; Valuation a=tractive both versus peers and historical averages; high dividend should s=pport

mnia, anacetrapib - cholesterol, PD-1 - oncology,=BACE - Alzheimers) as well as healthy core product portfolio (Januvia -diabetes and vaccines). - JPMS LLC expects strong EPS gro=th of - 8% through 2020 • Valuation attractive both versus peers and historical averages; high dividend should support the s