<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, September 11, 2012 2:28 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@qmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J; Schaffer, Susannah</td></tr><tr><td>Subject:</td><td>NEW HY RMBS on 10am BWIC - $8.13mm of MHL 05-2 1M1 (BBB+•) @ $70-00
(6.50% yield / 6.25 dum)</td></tr></table>

Jeffrey

=br> US Onshore Clients — Blue Sky (U.S. State Securities La=): Please confirm Blue Sky eligibility before soliciting to a US Onshore c=ient by entering the CUSIP into the web tool located at: http://=scppvl.amer.jpmchase.net:8080/BlueSkyPage.html and r=view to see if your client's state of residence is listed. If USD-denominated, you =eceive 'NO then SECURITY ple=se contact FOUND', your 'NO SM STATES or local FOUND' compliance or t=e officer security and DOES provide NOT the HAVE requested A CUSIP s=curity or is not and client information. Please note that a suitability review and=other pre-trade procedures must still be followed.<=>

The MHL 05-2 1M1is a Seasoned Men Floater backed by Prime H=brid ARMs. This bond is on BWIC at 10am and there is no guarantee =e can trade this bond at our talked level.

Please call th= desk with all bids/inquiries related to this bond. X32124

HIGHLIGHTS

- =0AHPI Updat=d LTV = 92%

	<=span>76% of the borrowers=have not missed a payment in the past 2 years

- = 90 months seasoned

- &nb=p; 734=FICO

**Source: Bloomberg

MHL 2005-2 1M1 Offered @ 70-00

=0D =0D
=/td> =0A
BOND DESCRIPTION

Prepay Rate

0.5 CPR

3 CPR

Cusip:

61915RAD

=OD Default Rate

=0D 5 for 30 4.5 CDR

=0A 5 ramp 24 4.5 CDR

=OD 5 ramp 18 4.5 CDR

=0D
Original Face:<=span>

=span style="font-size:9.0pt;font-family:"Arial","sans-s=if";color:#1F497D">8,130,000

<d width="48" nowrap="" valign="bottom" style="width:35.8pt;paddi=g:0in 5.4pt 0in 5.4pt;height:13.35pt"> Default Severity

=OA 65 ramp 12 60 60 for 36 55</=> 55 ramp 12 45

</=d>
Current Face:

=0D 2,080,970

=span style="font-size:9.0pt;font-family:"Arial","sans-s=if";color:black">Advance (% of P&I)

<=td> 85

85<=0:p>

=OD Bond Type:

De=inq Rate

11 Percent

Ratings (S&P/Moodys/F=tch):

BBB+/*/NR/-

=/td>

Balance Forgiveness=o:p>

0.02 for 20 0 =0A

0.01 for 20 0=0D

C=rrent Coupon:

0.676%

=0A =0D
Yield @ Base Case
</=d> Price=@ 70-00
Stress Case=/p> Base Case
Recovery Case
<=d width="206" nowrap="" valign="bottom" style="width:154.6pt;bac=ground
5.4pt;height:13.35pt">
W=L @ Base Case
8.=2
5.310
=0D 6.5=5
7=2E924
Principal Window @ Base Case
<=td> Sp=ead over Tsy
381</=> 671
=0D
10.45%
=0D =0D Duration
6.53</=pan>
6.25
=0A Current Credi= Enhancement:
11.24%
=0A WAL
=0D
<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:black">9.12
8.82
7.74=/o:p>

<=d width="206" nowrap="" valign="bottom" style="width:154.6pt;bac=ground:#D7E4BC;padding:0in 5.4pt 0in

60+ De=inquencies
10.17 <=span>
=0D Principal Window
=0A
Sep12 to Jan35
Sep12=to Apr35
60+ Delinquency C=verage
1.11x
=0D =0D Principal Writedown
=0D 19.89%
10.45%
0.00%
=0A Total Collat Loss<=p> =p class="MsoNormal" align="center" style="text-align:center">10.20%
9.47%
7.91%
=0A
UNDERLYING COLLATERAL DESCRIPTION
<=td> <=d width="169" nowrap="" valign="bottom" style="width:126.7pt;pad=ing:0in 5.4pt 0in 5.4pt;height:14.15pt">
Total Liquidation
=0D 40.65%<=p> =0A
36.74%
=0A
Average Loan Balance ($,000s)
=0A 276
=0D Loan Count
=/td> 580
HISTORICAL PERFORMANCE

4

=OD =OD

</=pan>

Mortgage Type

<=td> Prime Hybrid ARMs

1 MOS

3 MOS

=OD Wtd Avg Mortgage=Coupon

3.012%

=OD =OD CPR

<=d width="150" nowrap="" valign="bottom" style="width:112.2pt;pad=ing:0in 5.4pt 0in 5.4pt;height:13.35pt">

0=2E28

1.73

=0A 2.18

Wtd Avg FICO Score

734

=0D

CDR<=p>=0A

6.62

3.38

Wtd Avg Orig boan-to-Value

=OD

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:#1F497D">69.62%
SEV
50.96

=0D

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:#1F497D">60.70
48.=9
HP= Adj LTV
=/td> =0A
=0A
Weighted Avg Loan Age
90</=:p>
=0A =0D
<=r style="height:13.35pt"> 82.8=
=0D =/tr>
CA 56%
=0A
Top 2 Geo Concentration</=:p>
AZ 7%
=0D
=0D Top 3 Geo Con=entration
FL 6%
=0A =0D
Always Current (24 mos)
76.=1%
=0A =0D
---------------------------------=--------------------------------------------------------------------------------=---------------------------------------------------------------------</=>
IMPORTANT DISCLAIMER:

Non-agen=y RMBS is a complex fixed income product and is not suitable for all inves=ors. Please note that while desk assumptions are driven by a numbe= of collateral and macro factors, the historical performance of a=deal is not indicative of its future performance. Additionally= this message is a product of sales and trading and is not a research repo=t. Other key risks to consider are outlined below:

- All investments ar= subject to possible loss of principal

- &n=sp; Non-Agency bonds may have limited liqu=dity and clients should be aware that the secondary market for mortgage-ba=ked securities has experienced periods of illiquidity and may do so =n the future. Illiquidity means that there may not be any purchasers for=your class of certificates. Although any class of certificates may exper=ence

illiquidity, it is more likely that classes that are lower in the cap=tal structure and non-investment grade related may experience greate= illiquidity than more senior, investment-grade rated classes.

=OAHigh Yield N=n-Agency bonds are speculative non-investment grade bonds that have higher=risk of default or other adverse credit events which are appropriate =for high risk investors only

Non-A=ency bonds are intended for clients with a minimum total net worth of $50m=. Please make sure your client fulfills this requirement before so=iciting this order.=/span>

<=0:p>

K=vin Lynn

Vice President I WMorgan Securities</=>

<u>Fixed Income Tr=ding</u>

Desk:

=0D

=0A

This email is confid=ntial and subject to important disclaimers and conditions including on off=rs for the purchase or sale of securities, accuracy and completeness of in=ormation, viruses, confidentiality, legal privilege, and legal entity disc=aimers, available at http://www.jpmorgan.com/pages/disclosures/email=2E