<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Tuesday, May 1, 2012 8:04 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>RE: $2.59mm of WAMU 04-AR3 B2 @ 62-16 (10% yield / 6.26 durn)</td></tr></table>

=body lang="EN-US" link="blue" vlink="purple">

Jeffre=

We have 1.8MM cash in the Haze Trust. I would l=ke to spend $1MM on this mortgage and 800K on a new oil trust coming out=2E Will walk you through the details.

=0D

Also we have $3MM=of the Chevron Market Plus note that will likely pay out a 10.6% coupon =n mid May. Underlying was up 5%. So did well. Will look for some =OA ideas for the $3.3MM.

Paul

=0A

&nbs=;

Paul Barrett, CFA

=0A

Managing Director

Global Investment Opportunities Group

=p class="MsoNormal">JPMorgan Private Bank

320 Park Avenue, 14th Floor, New York, NY 10022=/p>

=0D

=nbsp;

From: Barrett, Paul S =OA Sent: Tuesday, May 01, 2012 3:54 PM To:=Epstein, Jeffrey (jeevacation@gmail.com) Cc: Giuffrida, =avid J Subject: $2.59mm of WAMU 04-AR3 62 @ 62.16 (10% y=eld / 6.26 durn)

Jeffrey

Found a bond for the $1MM we were look=ng to spend from last week.

	&nbs=; HPI Updated LTV = 58.53%

- &nbs=; 85% of the borrowers have not missed a payment in the past 2 =ears

-&n=sp; 96% owner occupied=span style="font-size:10.0pt;font-family:"Calibri","san=-serif";color:#1F497D">

- 97 months season=d

WAMU 2004-AR3 B2 Offered @ 62-16</=pan>

=0D
=0D =0D
BOND DESCRIPTION

=span style="font-size:9.0pt;font-family:"Arial","sans-s=if";color:black">Prepay Rate

<=d width="153" nowrap="" valign="bottom" style="width:114.45pt;ba=kground:#F2F2F2;padding:0in 5.4pt 0in
5.4pt;height:15.75pt">
6 CPR
=0 ramp 30 8 CPR
Cusip:
92922FNM6<=span>
=0D     Default Rate<=:p>

1 ramp 36 3 1 CDR

0.75 ramp 36 =.25 0.5 CDR

Original Face:

2,590,000

Default=Severity

30

30 ramp 48 25

=0D
Current Face:</=pan>

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:#1F497D">1,888,737

<=d width="228" nowrap="" valign="bottom" style="width:171.25pt;pa=ding:0in 5.4pt 0in 5.4pt;height:14.15pt">

Prime 5/1 Sub

=0D Stress Case</=pan>

=0A

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

=td width="175" nowrap="" valign="bottom" style="width:131.05pt;b=rder-top:solid windowtext 1.0pt;border-
left:none;border-bottom:none;bord=r-right:solid windowtext 1.0pt;background:#BFBFBF;padding:0in 5.4pt 0i=
5.4pt;height:14.15pt">

Recovery Case

CCC/Ca/-=/o:p>

Yield

4.518

=0A10.001=o:p>

=urrent Coupon:

2.586%

=0A Spread

274

816

=0D 1061</=:p>

=0D =0D

Yield @ Base Case

10.001%

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">6.71
6.26
WAL @ Base Case
9.58
=0A =0AWAL=/o:p>
9.28
9.58<=p> Pr=ncipal Window @ Base Case
Jun12 to Apr34
Principal Window
Jun12 to Apr34
Jun12 to Apr34
<=td> Jun12 to May34
Writedown %
=/td> 11.39%
Principal Writedown
52.29%</=:p>
11.39%
=0A=.00%
2.30%

4

=0D

Total Collat Loss=/o:p>

1.11%

=0A=.80%

0.51%

=OA
60+ Delinquencies

5.38

=OD Total Liquidation

=0A=0.08%

6.95%

=OD 3.78%

60+ Delinquency Coverage

</=d> =OA =OD

HISTOR=CAL PERFORMANCE

=0D=0D

</=pan>

UNDERLYING C=LLATERAL DESCRIPTION
1 MOS
=b>3 MOS
=td width="175" nowrap="" valign="bottom" style="width:131.05pt;b=rder:none;border-bottom:solid windowtext
1.0pt;padding:0in 5.4pt 0in 5=2E4pt;height:14.15pt">
6 MOS<=b>
Average Loan Balance =$,000s)
571

=OA =0ACPR

8.4=

10.81

<=td> 11.11

Mortgage Type

Seasoned Pr=me 5/1 Hybrids

CDR

2.03

=OD 0.67

0.88<=p>

Wtd Avg Mortgage Coupon

3.010%

<=td> <=d width="161" nowrap="" valign="bottom" style="width:120.6pt;pad=ing:0in 5.4pt 0in 5.4ptheight:13.35pt">

SEV

16.39

16.39

</=d> Wtd Avg FICO Score

747<=o:p>

=OA =OD
<=r style="height:13.35pt"> =OD

HPI Adj LTV

=OA 58.53%

=OD
Weighted Avg Loan Age=/o:p>

97

=td width="45" nowrap="" valign="bottom" style="width:34.1pt;padd=ng:0in 5.4pt 0in 5.4ptheight:13.35pt">
Owner Occupied

96.18

=/td> <=d width="161" nowrap="" valign="bottom" style="width:120.6pt;pad=ing:0in 5.4pt 0in 5.4pt;height:13.35pt">
Top 1 =eo Concentration

CA 72%

=0A =0D
Top 2 Geo Concentration

NY&n=sp; 5%

=0D =/tr>

Always Current (24 mos)<=:p>

85.46%

<=td> <=d width="161" nowrap="" valign="bottom" style="width:120.6pt;pad=ing:0in 5.4pt 0in 5.4pt;height:13.35pt">

<=p> *=ll Investments are subject to risk, including possible loss of principal=2E

</=>

*This message is a prod=ct of sales and trading and is not a research report=/p>

mortgage-backed "Non-Agency securities bonds has may experienced have limited periods liquidity of illi=uidity and c=ients and should may do be so aware in the that future. the Illiquidity seco=dary means market that for there may not=be any purchasers for your class of certificates. Although any cla=s of certificates may experience illiquidity, it is more likely that class=s

*High=Yield Non-Agency bonds are speculative non-investment grade bonds that hav= higher

risk of default or other adverse credit events which are appropriat= for high risk investors only. =td width="42" style="width:31.35pt;padding:0in Oin 0in Oin;height:13=2E8pt">

=/tr>
=0A =0D

<=pan style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">

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