From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: "Barrett. Paul S" .11 > Subject: Re: New mortgage bond to buy Date: Thu, 13 Sep 2012 13:53:54 +0000 ok On Thu, Sep 13, 2012 at 8:47 AM, Barrett, Paul S < wrote: Jeffrey I think we should buy this bond to replace the other mortgage we sold 2 weeks ago. Would be spending around $1.5MM on this. Paul US Onshore OVeots - Blue Sly (U.S. State Secutitles Law); Pkase [Winn aloe Sky noun before saNdtMg too Ur Onshore dlent by entering the CUSIP Mto the web tool located ot: bfaliegusty) amr6Mmazsgaagthasakdyntsiami and revkw to see lfrou anies state of res4denee is listed. If you receive' O SECURITY FOUND: WO STATES FOUND' or the securityDOS NOT HAV E A WSW or is nor USD-deoomMoted. then please contact your SAO aloe°, compliance officer and provide the requested security and earns Information. Most note that osultabiNty review and other Drell** procedures mute sari be followed. The WFM85 04-EE 8115 a Prune 5/1 Subordinate bond backed by 102 months seasoned Prime 5/1 ARM mortgages. The average balance of the loans Is approximately 5389k with an average updated LTV of 56%. 91% of these borrowers have never missed a payment In the past 24 months. While our base case scenario does not price in the fact that this bond may potentially be called at par + accrued in the future, we see the bonds being callable starting Dec 2016. There are no guarantees that this bond will trade at this level but please call the desk with all bids/Inquiries related to this bond. 1(32124 mPi Updated LTV . 91% 36% of the borrowers have not missed a payment in the past 2 years 102 months seasoned 736 FICO $389k average balance "Source: Bloomberg VIF18B5 20044(81 Ottorocle 7340 SONO OESCRIPTION NIKO? RA, CasJI Rao 8 CPR 2 fa 24 1,5 la 121 CDR 12 ran) 18 10 CPR 1.7550.'24 1 for 12 0.75 OR 14 ramp 24 12 CPR 1.5 la 241 of 1205 CDR Cusp: 949779AD1 Copal Face: 16.939.0)3 Caan Scarify ND camp 10455 45 5x 18 45 ramp 24 35 45 tamp 12 40 35 Cereal Face. 10850.131 Dom Type Pram 5/1 St RargiosatP,watisinIcri) CCONR.,. Price 073-00 Strns Can Ilm Caw ROCOVNY Cow Caroni Capa. 2 712% Yield 3.237 7.296 9418 'Amen Sato Case 7.296% Spread over Tay 150 577 816 )ivAL 296%e Case Prrapal Wn4ove 88 Base Case 7% 0012 to Jun34 ()unman Mt 8.15 9.25 580 796 El 4 67 696 AVitoSoan % 1127% Pnnµv Wo3,4 Oct12 Ju04 0312 10 Jun34 0:1120)Jun34 Curral Croy[ Erraccata 2.00% pnne0a Wniodoan 41.82% 12.27% 123% etin).0aa. 434 To141Colat Ices 1.10% 0.01% 0.66% 63. Carkpuna Cemra).t. 048* Teal Ltquodolinn tar% 8.33% 466% UNDERLYING COLLATERAL DESCRIPTION Aarais LOW, ELOSOO, ($.0,0t1 3P0 11109 3 MOB &MOS Los, Carl 812 CPR 13.69 13 57 11 68 0:09490 7y90 Parra 5/1 HybkIMMs COR 1.94 1.50 1.33 W10.1/49 klortnago Coupon 2.941% 5EV 63.81 51 06 1A03Avg FiC0 &we 736 cob Avg CO3 Umn4ONSMO 55.07% HPIAq LW 5500% Wleghted Avg Loan hoe 102 Owner 0:cup1od 9326 Top 1 Geo CorKentrelion CA53% Teo 2 GeoConantretion Ft. 5% Ten 3 Geo Confers )n IL 5% Myers Carrara (24 mail 9086% EFTA00876985 IMPORTANT DISCLAIMER: Non. ager.cy RktfiS is a complex fixed income product and is not suitable for all investors. Please note that while desk assumptions are driven by a number of collateral and macro factors, the historical performance of a deal is not indicative of its future performance. Additionally, this message is a product of sales and trading and is not a research report. Other key risks to consider are outlined below Al investments are subject to possible Ion of principal Non-Agency bonds may have limited liquidity and clients should be :ware that the secondary market for mortgage-backed securities has experienced periods of illiquidity and may do so in the future. Niquelity means that there may not be any purchasers for your class of certificates. Although any dais ol certificates may experience illiquidity, it is more likely that classes that are lower in thecapital structure and non- investment grade related may experience greater iliquelity than more senior, investment-grade rated classes. High Yield Non-Agencybonds are speculative non-investment grade bonds that have higher risk ol default or other adverse credit events which are appropriate for high risk investors only Non-Agency bonds are intended for clients with a minimum total net worth of SSOmm. Please make sure your client fulfills this requirement before soliciting this order. Kevin Lynn Vice President I IPMorgan Securities Fixed Income Trading Desk: 'Direct Paul Barrett, CFA Managing Director Global Investment Opportunities Group 3Proorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) 212:11DS02 (F) /OILS IDS 853441 Um math. oaraatalual *slant co icaseasai tlialamert ualocealoaaatdal as area la are realest et eale are:etas. amnia) sad templetaseu of atemeetica. amt.. andidavaak. ksta flktg. sad kad eta) doeleimen. available a tu _a, ve..ra=aan e.a.eareesaarsoeurte.cmaa The information contained in this communication is confidential. may be attorney-client privileged. may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by c-mail to jeevacation'a:smail.com. and destroy this communication and all copies thereof. including all attachments. copyright -all rights reserved EFTA00876986