To: Jeffrey epstein (jeeyacation@gmaitcom)[Jeffrey epstein (jeevacation©gmaitcom)]; [email protected] ieevacation mail.com Cc: Barrett Pod Barrett, Paul S From: Ens, Amanda Sent: Wed 7/10/2013 5:13:55 PM Subject: RE: To Do - ALT-A HY RMBS OFFERING - $10mm of IMM 05-2 1M2 @ $69-00 (7.428% yield/4.53 dum) Jeffrey, We think we can source more of this bond and at 69 instead of 70.25. Paul thinks we should buy $2mm now, more than the $1mm originally discussed — could we work an order on $2mm? Thanks, Amanda *• •ALL OFFERS ARE SUBJECT•"• THE BONDS: The IMM 2005-2 1M2 is an Alt-A Men Floater (1mL + 73.5bps) backed by 101months seasoned Alt-A Fix and Hybrid ARM mortgages. The bond has 6.01% credit enhancement vs 17.22% 60+ delinquencies, giving the bond a 0.35x coverage ratio. THE COLLATERAL: The pool consists of 734 Alt-A Hybrid ARMS that are 100 months seasoned with an updated LTV of 84%. The average balance of the loans is $246k. THE STORY: For clients looking for housing exposure via cleaner, seasoned Alt-A collateral, this bond offers a very compelling yield pickup vs corp HY and provides a positive convexity story for investors. The bond is recommended for buy and hold clients who want yield pickup in this dislocated market. HIGHLIGHTS - HPI Updated LTV = 84% - 101 months seasoned - 704 Original FICO - $246k average balance EFTA_R1_00440053 EFTA01963710