From: Jeffrey Epstein <joevacation©gmail.cont> To: "Barrett, Paul S" Subject: Re: Fwd: Follow-Up: RMBS positions [I] Date: Mon, 17 Feb 2014 19:19:37 +0000 Inline-Images: ATT00001.gif;ATT00003.gif; ATT00002.gif thanks On Mon, Feb 17, 2014 at 7:51 PM, Barrett, Paul S wrote: My trader will review. Call you tomorrow. Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC J.P. Mo an Private Bank I 320 Park Avenue. 14th Floor, New York, NY 10022IT: (212) 622-2770IF: (M) 310-0108 I I J.P. Morgan Chase Bank N.A - -Original Message--- From: Jeffrey Epstein [email protected]] Sent: Monday, February 17, 201409:43 AM Eastern Standard Time To: Barrett, Paul S Subject: Fwd: Follow-Up: RMBS positions (I] View - -- Forwarded mos t - From: Tula Smith Date: Monday, February 17, 2014 Subject: Follow-Up: RMBS positions [I] To: 1`111 . Cc: Paul Morris S. Vahe Stcpanian Classification: For internal use only Jeffrey - Per your request, posting you today on your non-agency RMBS positions. We are including indicative levels/context from the DB traders (compared to Bloomberg's levels, which is where the positions mark from pure data feeds, vs. real bids). Harry and I talked about the drop in payment on your GS B1. The concern was that the B3 subordinate to your own B1 tranche had stopped paying, and your payments on the B1 were affected/reduced (Monthly principal payments on the B1 tranche dropped B5% month-over-month. You collected 55,880.98 in interest, $407.99 in principal for Jan). You can see the trader's comments directly below — the view being that the pipeline of underlying loans should recover from temporary gaps in payments. Our DB RMBS traders noted that the underlying collateral of your positions is relatively dean, seasoned (2003-05) and should recoup somewhat from current levels. That said, most of the tranches you own will be subject to some degree of losses. On your GS, for example, our trade