From: Jeffrey Epstein [email protected]>

From: Jeffrey Epstein [email protected]> To: "Barrett, Paul S" Subject: Rc: To Do - S8mm of SEMI 03-1 B1 @ 62-00 (9.178% yield/ 6.41 dui) Date: Mon, 02 Apr 2012 13:13:34 +0000 ok On Mon, Apr 2, 2012 at 8:36 AM, Barrett, Paul S wrote: Jeffrey We should buy this bond. Net spend of around $1MM. Base case yield around 9.20%. 90X0 NIC41LIQ4T5 The SEMT 03.1 81 is a Prime subordinate floater paying IML • 88bps 1. Bond is backed by 110 month seasoned Prime Vanilla ARMs with an avg PICO score of 730 89% of the borrowers how: never missed a payment in the past 2 years; 79% Mom never missed a payment in the past 110 months 3. HPI Updated LTV S3% Base case: 9.178% yield a 6.41 mod duration SEMT 20034 B1 Offered 06240 BOND DESCRIPTION Prepay Rale S CPR o CPR Drs,p 481.5 CPR 18 mew 24 25 25 mew 12 12 16 ramp 24 25 26 ramp 12 12 18 temp 24 2625tamp 12 12 C,,Np M743P1119 Default Rale CDR COR CDR Onlinsl Pao, Caren: li ce 8 OD0,000 1.1)3.539 Delthift Seteay 66 tamp 1$ 7$ 7$ 69 imp 127066 65 ram 2480 Ean1 19 at Wm* St, F Wen Mesa en Mims Cas• Sue Case Rsomwv Cam Re true (SSAlIncanfia ara I lis•S 913B3 Yield 2 033 9.178 9.897 Current Seeger, I 122% spread 20 699 76T %.*125 Base Gene 9.178% Duration 540 8.41 6.50 WAL a Bow Caw 9.90 WAL 727 ea 9.57 Pricioal *inflow a Base Case rowl3 lo morn Precool lirindow Ms113 to No48 5W13 w toler33 ktwi3 tosror33 wreath" % 12.15% 5448% 12.15% 2.64% Principal Total Calat Loss currant crow Etharcomort 427% an OAS% 0.44% 60• Delnwarichoe 4.31 WWI 'Autumn 1138% 817% 8.36% 60• Delnwarier Candace 0.9% UNDERLYNG COLLA1ERAL DESCRIPTION 1 Mpg 3M08 5 MS Pren91 Leon Baran 1$ 00011 925 00 483 Mortgage Typo Perna warm/in CDR 0.00 0.00 000 NW .f.,9 mongage COJP,J, %WAR, PICO Saxe 2202% 730 SEV NA NA NA Ynd Avg Oro Loweie-Vaxxv siPhsof LTV WeIghled Avg Loon Apo 57.87% 5290% no Owner Mewled 84.18 TOP 1 Coo CO-CeNcelte. FL 17% Top 2 Geo ex.-non/WON CA 15% Tap 3 Gee CAnertlike. NY 13% AIs'as Cueronl 124 mos) 58.60% •All bivalvular we raja i in si a. imlullosposahle Ina al punier'. •Iiiivattad Eby my rot be swede far ill imam. •Ilus crie.vue is a '<Nun of sslesmwl imamobi hoot a mearth RPM •SiwAtrawy Lima woe lain Oneida, handily ard yews World In aerie Wt lb scuieSsyssulet for annweabward *aurae: egaim.W Ntimix nfilliquJily sul mu dna dn Niue. Illitufity perm dui can 'guy se be au putilunia fix inns then of Ceni(Ktic, Ahbx,sh any clew of cendinas wan a Knave Jhlui30. nu wire WO) the lane, •Ilitth Vial Swaps, hunk at spCvialtivesitalitnalinnit pal:bugs pm bone Nein rK Waili or echo Wigan radii en mu *Nth we xrprephiet he hiei St =weer um,' "'ALL OFFERS ARE SUBJECT US Onshore Clients-Blue Sky W.S. State Servates Low): Please confirm Blue SAy eliqlbWrybeforeso9UUng too US Onshore relent by entering the CUSP Mto the web too' locoed ot: httitgloscportornajpenchaSe net SOSOlalueSkYPegehtml and review to see if your client's state of residence Is listed. If you rent NO Sfalltir Y FOUND; WO STATES FOUND' or the seemly OOES NOT HAVE A CUSIP or Is not USadenomMoted, then please contact your SNI or loco) compliance OW/ and provide the requested security and client information. Please note that a suitability review end other pre.trocle procedures must PAY be f oNowed. EFTA00932928 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses. confidentiality, legal privilege, and legal entity disclaimers, available at bnpitwww.jpmargarisnmipagethlicrlocurrstemail. 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 e-mail to jccvacationfiqmail com, and destroy this communication and all copies thereof. including all attachments. copyright -all rights reserved EFTA00932929