<table><tr><th>From:</th><th>Giuffrida, David J &lt;</th></tr><tr><td>Sent:</td><td>Thursday, November 29, 2012 5:53 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Ens, Amanda; Weissend, Renee E; Barrett, Paul S</td></tr><tr><td>Subject:</td><td>RE: To Do</td></tr></table>

<=ody lang="EN-US" link="blue" vlink="purple">

Jeffrey=

Nothing done on this. Someone came in and bi= significantly higher; we didn’t like the bond at that price. =0A

Nothing done on this. Someone came in and bi= significantly higher; we didn't like the bond at that price. =0A

Thanks

From: Jeffrey Epstein [mailto:jeevacation@gmail.coml
<=>Sent: Thursday, November 29, 2012 10:35 AM
To: Giuffr=da, David
Subject: Re: To Do

=/div>

ok

=0A

On Thu, <u>Nov 29 2012 at</u> 10:32 AM <u>Giuffrida,</u> Davi=
<mailto: > wrote:

=0D

Jeffrey,=0D

&nb=p;

Paul &=mp; I think we should try to bid 65 for this bond which is BWIC on a liqui=ation list. The dealer thinks it will trade around 73.

The spend would=be $500,000.

Thanks

144= - QIB INVESTORS ONLY

=0D =td width="175" nowrap="" valign="bottom" style="width:131.0pt;pa=ding:0in 5.4pt
0in 5.4pt;min-height:6.75pt">
BOND DESCRIPTION

## 12 ramp 18 20 6 CPR</=pan>

<= class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-al=:auto;text-indent:10.0pt"> Cusip:

=0A

5899296C7

Defau=t Rate

6 for 7 2.5 ramp 48 0.75 CDR=o:p>

6 for 7 1.5 for 24 0.75 CDR

=0D 6 for 7 1.5 for 24 0.5 CDR

=/tr>
Original Face:

2,500,000

=0D Default Severity=/p> =span style="font-size:9.0pt;font-family:"Arial","sans-s=rif"">55

55 ramp 12 50</=> 752,434

Bond Type:

=0D =p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;ms=-margin-bottom-alt:auto;text-align:center"> Seasoned Pri=e Sub

## Stress Case<=o:p>

=p class="MsoNormal" align="center" style="mso-margin-top-alt:auto;ms=-margin-bottom-alt:auto;text-align:center">
Base Case=/span>

## Stress Case<=o:p> (cont.)

=0D
Rec=very Case
Ratings (S=amp;P/Moodys/Fitch):
</=d>
Yield=/o:p>
1.321
6.841=/o:p>
7.572
=0D
=0ACurrent Coupon:
Spread over Tsy
16
=0A=0D
538
=0D
Yield @ Base Case
=0D Duration
<=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif"">6.77
6.91
=0D 6.99
WAL @ Base Case
=0A 9.12
WAL
9.12
=ec13 to Nov28
Principal Window<=:p>
Dec13 to Nov28

## Stress Case<=o:p> (cont.)

=0AJan14 to Nov28<=:p>
=0A=0D
Written %
8.38%
Princip=I Writedown
44.30%
8.38%
<=:td> 0.00%<=:p>
=0ACurrent Credit Enhancement:=/:p>
Total Collat Loss<=:pan>
0.75%
0.60%
0.53%
=0A
60+ Delinquencies
<=:d> 6.8=
Total Liquidation<=:p>
11=2E01%
=0D 8.70%
7.30%
=0D 60+ Delinquency Coverage
=/:td> 0=2E68x
=0D
HISTORICAL PERFORMANCE

<= class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-al=:auto">
=p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-a=t:auto">

4

## Stress Case<=o:p> (cont.)

<=tr>
UNDERLYING C=LLATERAL DESCRIPTION

</=d> 1 MOS

3 MOS

=OD 6 MOS

=0A

=span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Average Loan Balance ($,000s)

=OD 243

CPR

=0A18.45

13.34

9.31=/p>

Loan Count

=OD 372

CDR

=0A0.00

0.96

0.47=</p>

Mortgage Type

Seasoned Vanilla AR= los

NA </=pan>

=0A33.15

=0A33.15

Wtd Avg Mortgage Coupon<=:p>

7.000%

Wtd Avg FICO Score

## Stress Case<=o:p> (cont.)

722

=0D Wtd Avg Orig Loan-to-Value<=:p>

61.27%

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

109

=0AOwner Occupied

=OA =5.05

=0ATop 1 Geo Concentration

CA 14%

=0ATop 2 Geo Concentration

NY 11%

=0ATop 3 Geo Concentration

FL 9%

=OD Always Current (24 mos)

84.01%

<= class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-al=:auto;text-indent:l0.Opt"> HPI Adj LTV

59.71%

=/div>

## Stress Case<=o:p> (cont.)

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