From: Jeffrey Epstein <jeevacationgmail.com> To: "GiulTrida. David J" Subject: Re: To Do Date: Mon. 05 Nov 2012 20:52:08 +0(X10 ok On Mon. Nov 5. 2012 at 4:42 PM. Giuffrida. David .1 < Jeffrey, wrote: Paul & I just discussed this bond and we think you should pick it up. $600000 spend; 8.2% yield to base case with 2.5 duration. Please let us know. Thanks The GMSL 04-A 83 is a privately placed Prime Fix 5.25% Subordinate bond backed by seasoned 15yr Fix collateral with an original LTV of 37%. The loans have amortized down significantly since issuance and are now seasoned 103 months. Prepays remain high on this pool given the quality of the borrowers and the 15yr amort nature of the loans. Please call the desk with all bids/Inquiries related to this bond. X32124 HIGHLIGHTS Original LTV = 37% 87% of the borrowers have not missed a payment in the past 2 years 103 months seasoned 728 FICO $42k average balance °Source: Bloomberg OWL 201440330Ifered 081.00 018 INVE511:435 ONLY • 144AeREG 5 BONO DESCRIPTION Prepay Rate 10 ramp as a CPR 12 CPR 14 CPR Cusp: 378961AM9 Delmall Rate s.sramp3o a firsrarris 12 0.5 CON 1.5 ramp 30 2.5 1.5 ramp 120.75 CDR I sumo 75 134 2406 CDR Oignel Face 1,750033 Derive Semite 50 sww3855 55 55 ramp 24 50 Cures Face 735416 Douro Rase 7 Perces 7 Perces 7 Percent Bond Two: Pnme 15yr Fa 525% Sub Dere edvare 01d Mi too 100 100 Manilas (S&PAloodwiFix4 BB.riCaalc Curses Cowan. 5250% Yle12 0 Base ere 5213% See 68140 Name ere Ire ere Regrew ere 1NAL Brae ear 8.03 Weld 2.156 8.213 11.891 Node& W1tl0e0 Due Ore 01812 le Au932 Speed OS Tay 65 720 1126 Iftlieclown % 17.45% Peron 2.95 2.58 289 Current Comte EMmrcoment: 281% WAL 8.54 tea 4.I 60• Desinevenme 883 ProppetWndow NCI 210 Aug32 Dec12 to Aug32 0002 aAvg32 60, Ddrquency Coverage 041* Proxies wrowswas 32.99% 17.45% fits% Teta Collet Loss 0.39% 0.35% 0.19% UNDEPENHO COO lAWROLDESCRIPTION Tots LiwidelOn 4.6