From: Barrett, Paul S Sent: Thursday, March 7, 2013 7:51 PM To: Jeffrey Epstein Cc: Ens, Amanda Subject: To Do - NEW HY RMBS - $5.982mm of CMSI 2005-7 1M @ $98-00 ( 6.033% yield/ + 522 vs. tsy/ 3.49 dum) Jeffrey We should buy $1MM of this bond. Would bid 97.00 which is a 6.30% yield. Let me know. Paul 11" ALL OFFERS ARE SUBJECT US Onshore Clients — Blue Sky (U.S. State Securities Law): Please confirm Blue Sky eligibility before soliciting to a US Onshore client by entering the CUSIP into the web tool located at: http://pscppv1.amer.jpmchase.net:8080/BlueSkyPage.html and review to see if your client's state of residence is listed. If you receive 'NO SECURITY FOUND', 'NO STATES FOUND' or the security DOES NOT HAVE A CUSIP or is not USD- denominated, then please contact your SM or local compliance officer and provide the requested security and client information. Please note that a suitability review and other pre-trade procedures must still be followed. THE BOND: The CMSI 2005.7 1A4 is a Prime, Seasoned, Fixed, Senior support bond backed by 89 months 30yr Fix rate mortgages. The bond has 5.53% credit enhancement vs 8.39% 60+ delinquencies, for a 0.66x coverage ratio. THE COLLATERAL: The pool consists of 209 Prime 30yr fixed borrowers that are 89 months seasoned with an average LTV of 79% and 731 FICO score. The average balance of the loans is $466k — this coupled with the low updated LTV should result in both low CDRs and Severities. Additionally, 82% of homeowners have been 24 months perfect payers. THE STORY: For investors looking for a housing recovery play backed by seasoned Prime collateral, this bond offers a great convexity story levered to prepayments and overall homeowner performance. Please call the desk with all bids/inquiries related to this bond. X32124 HIGHLIGHTS HPI Updated LTV = 79% 82% of the borrowers have not missed a payment in the past 2 years EFTA_R1_01343584 EFTA02357573