From: Jeffrey Epstein <jeevacationgmail.com>

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 4.68% 4.40% 2.37% Average Loan &dare (SA00 42 Loan Can 12013 1 MOS 3 MOS *1108 klodgaga Typo Prima 15yr Fa (retie bans) 1VM Avg MOMMge Coupon 6814% CPR 14.88 13 50 1321 mama FiCOScour 728 COR 0.08 0.50 079 WM Avg Ceig Lomita-Value 37.47% SEV 35.13 31.20 44-68 MPI Ace LTV NA Weghted keg Oa, Age 103 Owner Occupee 81.35 Top I Geo Conoentaeor• Cm35%) Topa GeoConosmehon•' FL (1ft%) Top3 Geo Conoemelon•' Tx (12%) Nanow Current (24 mos) 88.90% '• Scores as of cute/data IMPORTANT DNelAIMER: Noniagency RMIIG is a complex fixed income product and is not suitable for all investors. Please note that while desk assumptions ate driven by a number of collateral and macro factors, the historical performance of a deal is not indicative of its future performance. Additionally, this message is a product of sales and trading and is not a research report. Other My risks to consider are outlined below: EFTA00946860 - All investments are subject to possible loss of principal - Non-Agency bonds may have limited liqukfty and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of Iliquidity and may do so in the future. Illiquidity means that there may not be any purchasers for your class of certificates. Although any class of certificates may experience illiquidity, it is more likely that classes that are lower in the capital structure and non-Investment grade related may experience greater illiquidity than more senior, investment-grade rated classes. - High Yield Non-Agency bonds are speculative non-investment grade bonds that have higher risk of default or other adverse credit events which are appropriate for high risk investors only Non-Agency bonds are intended for diems with a minimum total net worth of $50mm. Please make sure your client fulfills this requirement before satiating this order. 1 his gagml ga confidential owl sawn to mpg-lung dexIsman and opinions manuring .go organ gm On ;tankage or WC soaniets. 4concy aed fowls:MO °Cinnaminson. virtues, coafiglenuthent bpi pinkie. and leggal crow digclgira readable ag tar 'a nsgigmggliap 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 Jeffrey Epstein 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 c-mail to icevacation/Aggiaggin, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00946861