EFTA01782485.pdf

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 2016 at 6=46 AM To: a < Subjec : e: ac ing p number? On Tue, Aug 30, 2016 at 6:44 AM, Bruce Jaeger <bwj@=hatfieldcapitalgroup.com wrote: EFTA_R1_00102355 EFTA01782485  Hi Jeffrey, Called several times but you were caught up in meetings. Would like se= you and catch up. Let me know when and where and I will make myself avail=ble. I am starting a new job and would enjoy working with you again. = Best regards. Bruce please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_00102356 EFTA01782486