From: Bruce Jaeg Sent: Tuesday, AIIIIIII To: Jeffrey E. Subject: Catching Up Jeffrey,=/span> Great catching up and I enjoyed disc=ssing possible arbitrage opportunities. My goal is to cover several ultra =NW clients that can evaluate sophisticated strategies and collaborate on ideas. Several years ago, it was an institutional clien= that cited structural inefficiencies in the market that led me to develop=and launch the Alerian MLP ETN (ticker:"AMJ") that has approximately $4b in AUM. It was the inefficiency of filing vario=s state tax returns and the restating of NAV's due to late receipt of K-='s that led me to launch a very successful product. JPM now enjoys the fruits of my labor. I believe =hat one-off trades in the high end market using the "Pawn exemption&q=ot; is interesting but, too fragmented and therefore not scaleable. The hospital REIT idea is interesting as healthcare costs =ontinue to rise and todays model is unsustainable. I I wi=l do a deep dive into this opportunity and relay my findings. Another inte=esting investment opportunity is in the SBA loan market. The SBLC 7(a) market whereby lenders can sell 75% of their government=nbsp;guaranteed loan for par plus 13% upfront is very interesting and scal=ble. In addition, the underwriter retains servicing rights and charges a 1= annual fee. That is why I tried to buy a non-bank SBLC 7 (a) license for several years but, since there are only =4 licenses issued by the SBA , they are highly desirable, scarce and =ell bid. The non- guaranteed 25% loan portion remains on balance =heet earning P+2.75%. At a certain point, the balance sheet provider may choose to securitize the unguaranteed portion f=rther increasing the ROE. Very profitable and scalable business model. Thanks f=r your support and I look forward to our working together once&n=sp;I get situated. Best reg=rds, Bruce&nb=p; From: "jeffrey E." <[email protected] <mailto:[email protected]» Date: Tuesda Au ust 30 201