<table><tr><th>From:</th><th>Barrett, Paul S &lt;p</th></tr><tr><td>Sent:</td><td>Tuesday, May 1, 2012 7:54 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>$2.59mm of WAMU 04-AR3 B2 @ 62-16 (10% yield / 6.26 durn)</td></tr></table>

=0A

Jeffrey=/b>

Found a bond for the 51MM we were looking to spe=d from last week.

=AMU 04-AR3 B2 is a Prime 5/1Subordinate bond backed by seasoned Prim= 5/1hybrid jumbo mortgages.

HIGHLIGHTS=<b>

- &n=sp; 747 FICO

- &nb=p; HPI Updated LTV = 58.53%- &nb=p; 85% of the borrowers have not missed a payment in the past 2 years

- &=bsp; 96% owner occupied

--&nbsp; <span>97 months seasoned</span>

=0A
WAMU 2004-AR3 B2 Offered @ 62-16</=>             =0D
=0A                                              BOND DESCRIPTION

Prepay Rate

6 CPR

10 ramp 36 14 C=R

Cu=ip:

92922FNM6

=0D      =0D =0D

Default Rate

0.75 ramp 36 1.25 0=2E5 CDR

=OA

Original Face:

2,590,000

Default Seve=ity

35 for 36 30

30 ramp 48 25

=/td>
Current Face:

1,888,737

=OD
Bond Type:

=OA

Prime 5/1 Sub

Price @=62-16

Stress Case

Base Case

Recovery Case

<=d width="228" nowrap="" valign="bottom" style="width:171.25pt;pa=ding:0in 5.4pt 0in 5.4pt;height:13.35pt">

CCC/Ca/-

=/td>

=ield

10.001<=span>

11.974</=:p>

=0D Current Coup=n:

2.586%

=0A =0ASpread

274</=> 1061

Yield = Base Case

10.0=1%

Duration

</=d> 6.26

5.12

WAL @ Base Case

=0A 9.58

=0D 9.28

7.44

=0A
Principal Wi=dow @ Base Case

Princip=l Window

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">Jun12 to Apr34

=0A=un12 to May34

Writedown %

=0D =0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if"">11.39%

Pr=ncipal Writedown

52.29%

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">11.39%

0.00%<=:p>

Curren= Credit Enhancement:

2.30%

Total Collat Loss

=0D
<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">1.11%
0.80%
0.51%
60+ Delinquencies
=0A
5.38
Total Liquidation
10.08%<=:p>
6.95%
=0D
60+ Delinquency Coverage
=td width="195" nowrap="" valign="bottom" style="width:145.95pt;p=dding:0in 5.4pt 0in 5.4pt;height:13.35pt">
=.43x
=0D
=/tr>
=0D
HISTORICAL =ERFORMANCE
=b>
=0A=0A
=nbsp;
=/p> 1 =OS
=0A
<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">3 MOS
Average Loan Balance ($,0=0s)
571
</=d> <=d width="161" nowrap="" valign="bottom" style="width:120.6pt;pad=ing:0in 5.4pt 0in 5.4pt;height:13.35pt">

4

CPR
8.47
11.11
=0D
Mortgage Type
Seasoned Prime 5/1=Hybrids
CDR
2.03
0=2E67
0.88
=0A
Wtd Avg Mortgage Coupon</=:p>
3.010%
=0A SEV
16.39
16.39
<=d width="175" nowrap="" valign="bottom" style="width:131.05pt;pa=ding:0in 5.4pt 0in 5.4pt;height:13.35pt">
747
=0A =0D
Wtd Avg Orig Loan-to-Value
=td width="195" nowrap="" valign="bottom" style="width:145.95pt;p=dding:0in 5.4pt 0in 5.4pt;height:13.35pt">
=7.88%
=0D =/tr>
=0D Weighted Avg Loan Age
=0A
97
=0D
Owner Occupied<=span>
5

=span style="font-size:9.0pt;font-family:"Arial","sans-s=rif";color:#1F497D">96.18

=0A
=0ATop 1 Geo Conce=tration

CA 72%

=0D            =0D
=op 2 Geo Concentration

NY 5%

=0D                                 =td width="175" nowrap="" valign="bottom" style="width:131.05pt;p=dding:0in 5.4pt 0in
5.4pt;height:13.35pt">
=0A
Top 3 Geo Concentration

</=d>                       </=d>

Always Current (24 mos)</=pan>

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:#1F497D">85.46%

--=-----------------------------------------------------------------------------------------------------=-------------------------------------------------------------------------------------------------------</=:p>

=o:p>

=0D

=/td> =0D

*All Inve=tments are subject to risk, including possible loss of principal.</=:p>

*This message is a product of s=les and trading and is not a research report

=0A

mortgage-backed `Non•Agency securities bonds has may experienced have limited periods liquidity of illiquidity and clients a=d =hould may do be so aware in the that future. the Illiquidity secondary means mar=et that for there may not be any p=rchasers for your class of certificates. Although any class of cer=ificates may experience illiquidity, it is more likely that classes</=:p>

&n=sp;

=0A

*High Yield =on-Agency bonds are speculative non-investment grade bonds that have highe=
=0D
</=r>

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