<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Wednesday, August 1, 2012 6:05 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>To Do - HY RMBS OFFER - $17+mm of WFMBS 05-9 B1 @ $33-16 (8.66% yield / 6.68
dum) </td></tr></table>

Jeffrey

After the sale of the 1.2MM Sprint bond in Haze we have a total of 1=2E7MM cash in Haze. I think we should buy this
bond. Our base case has=a 8.63% yield.

Let me know.

Paul<=:p>

HI=HLIGHTS

- &n=sp; <=pan style="font-size:10.0pt;font-family:"Calibri","sans=serif";color:#1F497D">HPI Updated LTV = 84%

- = 83 months seasoned- &nb=p; 734FICO

- &nb=p;

WFMBS 2005-9 B1 =ffered @ 33-16

=0D =0D
=0D =0D
BOND DESCRIPTION

=0A =0A=0A

Prepay Rate

22 ramp 18 18 CPR

- 24 ramp 18 20 CPR</=> 94982WBH6

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

<=d width="160" nowrap="" valign="bottom" style="width:119.75pt;ba=kground:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:13.4pt">

3 for 36 2.5 for 24 2 CDR

=OD =OD

apan styleefont-size:9.0ptfont-family:"Arial","sans-se=if";color:black">3 for 361.5 2 for 24 1.5 CDR<=p> 2 for 36 1
CDR

=OA
Original Face:</=> =span style="font-size:9.0pt;font-family:"Arial","sans-s=rif";color:black">Default
Severity

=OD =OD

<=pan style="font-size:9.0pt;font-family:"Arial","sans-se-if";color:black">50 for 36 45

<=d width="160" nowrap="" valign="bottom" style="width:119.75pt;ba=kground:#F2F2F2;padding:0in 5.4pt 0in 5.4pt;height:13.4pt">

50 ramp 6 45 45 ramp 60 40

=OD =OA

45 ramp 36 40

=OD
Bond Type:

<=td> Price @ 3=-16

Base Case

Recovery Case=/b>

Ratings (S&P/Moodys=Fitch):

=OD Yield=o:p>

0.708

8.636

15.421<=p>
Current Coupon:=/span>

=0D

<pan style="font-size:9.0pt;font-family:"Arial","sans-se=if";color:#1F497D">5.415% Spread over=Tsy
<span style="font-size:9.0pt;font-family:"Arial","sans-s=rif";color:black">747 1382
=0D Yield @ Base Case<=o:p>
8.636%=/p> =/td>
Duration
7.20=/o:p>
6.69</=> WAL @ Base Case
6.82
WAL
=0A4.69=/p> 6.82
9.7 Principal Window @ Base Case
Sep12 to Jul35
=0D Principal Window
=0A Sep12 to Jul35
Sep12 to Sep35
=0A Writedown %
67.60%

</=d> <=d width="168" nowrap="" valign="bottom" style="width:126.15pt;pa=ding:0in 5.4pt 0in 5.4pt;height:13.4pt">
Principal Written
89.70%
67.60%<=p> =p class="MsoNormal" align="center" style="text-align:center">39.22%

=tr style="height:13.4pt"> 0.73%
Total Co=lat Loss
2.75%
=0D 2.38%
60+ Delinquencies
6.26
=0A =0ATotal Liquidation
<=td> 8.78%<=p> =p class="MsoNormal" align="center" style="text-align:center">5.63%
<=r style="height:13.4pt"> 60+ Delinquency Coverage
0.12x
=0A =0A
HISTORICA= PERFORMANCE
=0A
&=bsp;
UNDERLYING COLLATER=L DESCRIPTION
1 =OS
=0A
<=pan style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-se=if&quot;;color:black">3 MOS
6 MOS</=>
450
=0A CPR
25.24=/span>
=span style="font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-s=rif&quot;;color:#1F497D">24.96
24.9=
Loan C=unt

4

679

CDR

0.67

1.65

<=d width="183" nowrap="" valign="bottom" style="width:137.1pt;pad=ing:0in 5.4pt 0in 5.4pt;height:13.4pt">

1.=5

Mortga=e Type

Seasoned Prime 30yr Fix=/span>

=0D SEV

<=td> 19.62

=0A

33.78

=0D
Wtd Avg Mortgage Coupon

</=d> 5.713%

=0A =0A
Wtd Avg FICO Score

=0A 734

=0A =0A
Wtd Avg Orig Loan-to-Value

=p class="MsoNormal" align="center" style="text-align:center">64.19%

=0A
HPI Adj LTV

=0D 84.63%

=/td>
Weighted Avg Loan Age

=0A

83

=0A
Owner Occupied</= => =0D
CA 41%

=td width="48" nowrap="" valign="bottom" style="width:35.65pt;padding:0in 5.4pt 0in 5.4pt;height:13.4pt">

Top 2 Geo Concentration

=OD Top 3 Geo Conc=ntration

<=d width="160" nowrap="" valign="bottom" style="width:119.75pt;pa=ding:0in 5.4pt 0in 5.4pt;height:13.4pt">
Al=ays Current (24 mos)
86.48%
=0D <=d width="160" nowrap="" valign="bottom" style="width:119.75pt;pa=ding:0in 5.4pt 0in
5.4pt;height:13.4pt">
=0D =0D
=--------------------------------------------------------------------------------=--------------------------------------------------------------------------------=--------------------------------------------------------------------------------=---------------------=/o:p>

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- &nb=p; All investments are subject to possible loss of principal<=span>

&nbs=; =span style="font-size:10.0ptfont-family:"Calibri","san=-serif";color:#C00000">High Yield Non-Agency bonds are speculative no=-investment grade bonds that have higher risk of default or other adverse =redit events which are appropriate for high risk investors only

=/tr>

=0A

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