Managed Bond DN20081205002 Calcs v2

8/14/2019 Managed Bond DN20081205002 Calcs v2

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FuseFinancial Bond Investment - Offering date of 12/5/2008 - Deal Number [email protected] - www.fusefinancial.com

Cost of Bonds 41,672,363Cost of Improvements 1,814,269 Cost of refinancing netted out of cashflows (hence active totalSubtotal 43,486,632 cashflows less than passive totals)Fees (3.0%) 1,304,599 Includes the cost of two years active management feesTotal Cost of Sale 44,791,231

Passive yield (annual IRR) (est.) 16%Active yield (annual IRR) (est.) 21%

Deal Type AAA rated senior bond - only senior bond in the structureCollateral 2 year seasoned, 5/1 hybrid collateralAsset Information

# loans 306Total UPB $164.9mmAvg. Loan Size $538,961Avg. original FICO 729Avg. LTV (origination appraisal) 75.3

Estimated avg. current LTV 112.5% original full doc 60%WAC 5.725%WA Seasoning 24 months% California (current) 50.8%% Florida (current) 5.6%% 30 day delinquent 4.13%% 60 day delinquent 2.18%% 90+ delinquent 5.65%% in bankruptcy 0.40%% foreclosure 1.35%% REO 1.72%

Bond InformationPar Value 146,630,412Estimated Dollar Price 50.75% of bond available 56%Estimated Purchase Price 41,672,363Last Month Principal 214,121Last Month Interest 330,692Last Month Cashflow 544,813Bond Yield at Cost 9.3%Credit Support 10.5%

Assumptions and returns - base Cashflows Available % Total bondCPR 5% Year 1 11,138,560 19,890,286CDR 7.5% Year 2 10,063,838 17,971,140Loss Severity 60% Year 3 9,162,800 16,362,143Expected Cumulative loss ($) $52.1 mm Total 1st 3 years 30,365,198Expected Cumulative loss (%) 35.6% Year 4 and beyond 63,658,391 113,675,699Expected yield (annual IRR) 16%

Assumptions and returns - expected Cashflows Available % Total bondCPR 50% for 4 months then 5% Year 1 25,664,527 45,829,512CDR 7.5% Year 2 8,048,055 14,371,526Loss Severity 60% Year 3 7,353,641 13,131,501Expected Cumulative loss ($) $42.5 mm Total 1st 3 years 41,066,222Expected Cumulative loss (%) 29.0% Year 4 and beyond 51,347,008 91,691,086Amount of early prepayment $30.2 mm$ Cost of prepay incentives $1.8 mmExpected yield (annual IRR) 21%

Note: Active assumption suggests we are able to refinance all conforming balance loans< 100 market LTV with a 6%incentive. There are also opportunities for many of the jumbo loans in this deal also, that are not included. In addition

additional proactive short-sales are not contemplated in the expected returns.Only 37% of the underlying collateral on the bond is conforming. We believe there is further upside potential on this bondbeginning in late 2009 and early 2010 as the jumbo market stabilizes.Annual returns of 28% are achievable with foreseeable changes in the jumbo market

Under a passive investment scenario,assuming there are zero voluntary prepaymentsfor the rest of this deal and assuming 10% for

selling costs (commission + other expenses) HPIwould have to decrease 36% from today before

this bond has a negative yield. This further assumes all loans with borrower negative equity

will default.


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Under Passive Scenario IRR 15.9% Under ActiveReconcile 51,046,627.52

Principal Interest Purchase DreamCapFee Incentive NetCF Principal

61,501,517.44 32,522,072.22 42,976,962.14 0.00 0.00 51,046,627.52 65,998,199.370.00 0.00 0.00 0.00

0.00 0.00 42,976,962.14 0.00 -42,976,962.14 0.00

604,862.93 372,292.95 0.00 0.00 977,155.88 604,862.93598,382.85 369,549.96 0.00 0.00 967,932.81 5,013,336.07591,973.09 366,836.35 0.00 0.00 958,809.44 4,698,723.52585,632.90 364,151.80 0.00 0.00 949,784.70 4,403,852.20579,361.52 361,496.02 0.00 0.00 940,857.54 4,127,483.61573,158.22 358,868.66 0.00 0.00 932,026.88 461,994.16567,022.28 356,269.44 0.00 0.00 923,291.71 457,046.71560,952.96 353,698.03 0.00 0.00 914,650.99 452,152.97554,949.54 351,154.15 0.00 0.00 906,103.69 447,312.37549,011.33 348,637.50 0.00 0.00 897,648.82 442,524.33543,137.61 346,147.77 0.00 0.00 889,285.38 437,788.28537,327.70 343,684.67 0.00 0.00 881,012.37 433,103.68

531,608.62 341,247.92 0.00 0.00 872,856.54 428,469.97526,218.97 338,837.11 0.00 0.00 865,056.07 423,886.60522,580.06 336,450.73 0.00 0.00 859,030.79 419,353.45518,966.16 334,080.85 0.00 0.00 853,047.01 414,879.76515,377.09 331,727.36 0.00 0.00 847,104.46 411,603.96511,812.68 329,390.15 0.00 0.00 841,202.84 408,756.95508,272.77 327,069.10 0.00 0.00 835,341.88 405,929.51504,757.18 324,764.11 0.00 0.00 829,521.29 403,121.50501,265.76 322,475.06 0.00 0.00 823,740.81 400,332.78497,798.31 320,201.85 0.00 0.00 818,000.16 397,563.22494,354.71 317,944.35 0.00 0.00 812,299.06 394,812.70490,934.76 315,702.48 0.00 0.00 806,637.23 392,081.07488,192.25 313,355.13 0.00 0.00 801,547.38 389,890.47484,812.71 311,142.59 0.00 0.00 795,955.30 387,191.12484,082.32 307,549.96 0.00 0.00 791,632.28 386,607.49481,530.45 305,228.94 0.00 0.00 786,759.39 384,569.14478,168.26 302,723.03 0.00 0.00 780,891.29 381,920.69472,991.33 299,395.64 0.00 0.00 772,386.97 379,268.33468,212.66 291,804.67 0.00 0.00 760,017.33 376,909.86463,397.02 288,550.68 0.00 0.00 751,947.70 373,603.08458,281.79 283,467.79 0.00 0.00 741,749.58 369,479.05453,999.57 279,891.75 0.00 0.00 733,891.32 366,026.61449,179.62 277,795.68 0.00 0.00 726,975.30 362,140.64444,312.07 274,733.98 0.00 0.00 719,046.05 358,216.29440,502.48 272,777.14 0.00 0.00 713,279.63 355,144.89

437,792.05 269,008.52 0.00 0.00 706,800.57 352,959.67432,922.76 266,058.69 0.00 0.00 698,981.44 349,033.92428,219.43 263,087.09 0.00 0.00 691,306.52 345,241.97423,915.28 256,090.92 0.00 0.00 680,006.20 341,771.85419,312.94 253,251.55 0.00 0.00 672,564.49 338,061.32414,797.58 249,254.98 0.00 0.00 664,052.56 334,420.91410,308.61 246,437.72 0.00 0.00 656,746.33 330,801.78405,886.20 241,942.39 0.00 0.00 647,828.59 327,236.32401,490.94 238,768.55 0.00 0.00 640,259.49 323,692.75


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397,164.52 235,028.92 0.00 0.00 632,193.44 320,204.67392,850.29 232,419.24 0.00 0.00 625,269.53 316,726.42388,624.53 229,144.32 0.00 0.00 617,768.84 313,319.50384,397.37 226,668.01 0.00 0.00 611,065.38 309,911.45380,143.97 224,872.28 0.00 0.00 605,016.24 306,482.24375,973.32 222,865.60 0.00 0.00 598,838.92 303,119.76

371,850.77 221,609.68 0.00 0.00 593,460.46 299,796.05367,811.19 219,147.22 0.00 0.00 586,958.42 296,539.23363,756.71 218,039.86 0.00 0.00 581,796.58 293,270.40359,789.85 215,668.49 0.00 0.00 575,458.34 290,072.20355,851.56 214,634.68 0.00 0.00 570,486.24 286,897.06351,941.08 212,731.72 0.00 0.00 564,672.81 283,744.32348,074.64 211,741.51 0.00 0.00 559,816.15 280,627.09344,293.67 209,387.90 0.00 0.00 553,681.57 277,578.77340,406.55 209,546.24 0.00 0.00 549,952.79 274,444.87336,657.32 207,952.74 0.00 0.00 544,610.05 271,422.14332,871.50 206,366.75 0.00 0.00 539,238.26 268,369.92329,229.35 204,312.04 0.00 0.00 533,541.38 265,433.52

325,635.48 202,675.14 0.00 0.00 528,310.62 262,536.04322,100.12 200,421.32 0.00 0.00 522,521.45 259,685.74318,589.28 198,468.84 0.00 0.00 517,058.12 256,855.21315,128.50 196,266.76 0.00 0.00 511,395.26 254,065.03311,706.03 194,106.46 0.00 0.00 505,812.48 251,305.75308,316.66 191,933.33 0.00 0.00 500,249.99 248,573.14304,972.75 189,665.69 0.00 0.00 494,638.44 245,877.20301,660.81 187,554.42 0.00 0.00 489,215.23 243,207.02298,413.61 184,969.42 0.00 0.00 483,383.03 240,589.04295,184.76 182,734.71 0.00 0.00 477,919.48 237,985.86292,013.56 180,392.93 0.00 0.00 472,406.50 235,429.15288,851.32 178,242.54 0.00 0.00 467,093.86 232,879.66285,717.29 176,114.88 0.00 0.00 461,832.17 230,352.93282,612.70 174,152.05 0.00 0.00 456,764.76 227,849.93279,537.46 172,267.54 0.00 0.00 451,805.00 225,370.58276,498.02 170,352.50 0.00 0.00 446,850.52 222,920.10273,488.08 168,667.36 0.00 0.00 442,155.44 220,493.41270,503.48 166,914.51 0.00 0.00 437,417.99 218,087.15267,549.08 165,514.67 0.00 0.00 433,063.75 215,705.23264,641.23 163,668.29 0.00 0.00 428,309.53 213,360.85261,689.91 163,117.10 0.00 0.00 424,807.01 210,981.41258,814.25 161,742.50 0.00 0.00 420,556.75 208,662.98255,908.81 160,594.96 0.00 0.00 416,503.77 206,320.54253,102.28 159,094.78 0.00 0.00 412,197.06 204,057.83250,745.45 157,878.72 0.00 0.00 408,624.17 202,157.69248,020.61 156,114.48 0.00 0.00 404,135.09 199,960.85252,244.42 154,629.57 0.00 0.00 406,873.99 203,366.20249,488.23 152,873.43 0.00 0.00 402,361.66 201,144.09250,738.62 151,146.72 0.00 0.00 401,885.33 202,152.18247,991.78 149,369.05 0.00 0.00 397,360.83 199,937.61253,130.83 147,352.63 0.00 0.00 400,483.46 204,080.86250,342.12 145,619.36 0.00 0.00 395,961.48 201,832.52262,526.33 142,762.11 0.00 0.00 405,288.44 211,655.75264,286.71 140,571.21 0.00 0.00 404,857.91 213,075.02


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155,151.98 62,430.40 0.00 0.00 217,582.38 125,087.68153,355.41 61,542.64 0.00 0.00 214,898.05 123,639.24151,619.24 60,554.49 0.00 0.00 212,173.72 122,239.49149,871.23 59,663.59 0.00 0.00 209,534.82 120,830.19148,171.96 58,703.49 0.00 0.00 206,875.45 119,460.20146,450.78 57,866.66 0.00 0.00 204,317.44 118,072.54

144,822.85 56,837.03 0.00 0.00 201,659.88 116,760.06143,162.19 55,958.04 0.00 0.00 199,120.23 115,421.19141,516.70 55,099.31 0.00 0.00 196,616.01 114,094.55139,876.06 54,287.49 0.00 0.00 194,163.55 112,771.83138,286.02 53,397.50 0.00 0.00 191,683.52 111,489.89136,673.94 52,626.56 0.00 0.00 189,300.50 110,190.19135,117.80 51,763.49 0.00 0.00 186,881.29 108,935.59133,542.39 51,008.91 0.00 0.00 184,551.30 107,665.45132,024.41 50,156.78 0.00 0.00 182,181.19 106,441.61130,496.81 49,385.58 0.00 0.00 179,882.39 105,210.02129,028.14 48,512.35 0.00 0.00 177,540.48 104,025.94127,518.38 47,802.49 0.00 0.00 175,320.87 102,808.73

126,161.55 46,737.94 0.00 0.00 172,899.49 101,714.82124,729.48 45,924.65 0.00 0.00 170,654.13 100,560.24123,324.37 45,092.34 0.00 0.00 168,416.71 99,427.41121,900.73 44,359.54 0.00 0.00 166,260.27 98,279.63120,541.19 43,507.23 0.00 0.00 164,048.42 97,183.54119,122.92 42,860.73 0.00 0.00 161,983.65 96,040.09117,775.22 42,079.46 0.00 0.00 159,854.68 94,953.53116,389.34 41,446.29 0.00 0.00 157,835.63 93,836.20115,061.96 40,708.85 0.00 0.00 155,770.81 92,766.03113,717.54 40,063.07 0.00 0.00 153,780.60 91,682.12112,417.65 39,349.02 0.00 0.00 151,766.67 90,634.12111,089.26 38,755.40 0.00 0.00 149,844.67 89,563.14109,849.59 37,977.30 0.00 0.00 147,826.89 88,563.68108,571.38 37,343.81 0.00 0.00 145,915.19 87,533.16107,305.25 36,724.44 0.00 0.00 144,029.69 86,512.37106,039.96 36,147.18 0.00 0.00 142,187.14 85,492.25104,806.63 35,531.34 0.00 0.00 140,337.97 84,497.91103,562.67 34,986.62 0.00 0.00 138,549.29 83,495.00102,349.24 34,406.87 0.00 0.00 136,756.11 82,516.69101,133.54 33,875.19 0.00 0.00 135,008.73 81,536.57

99,943.64 33,319.61 0.00 0.00 133,263.26 80,577.2498,758.92 32,791.96 0.00 0.00 131,550.88 79,622.0997,597.19 32,246.96 0.00 0.00 129,844.15 78,685.4796,434.60 31,744.43 0.00 0.00 128,179.04 77,748.1695,313.71 31,175.78 0.00 0.00 126,489.50 76,844.4794,186.18 30,663.04 0.00 0.00 124,849.22 75,935.4293,072.33 30,154.66 0.00 0.00 123,226.99 75,037.4191,964.82 29,668.56 0.00 0.00 121,633.38 74,144.5090,879.93 29,163.18 0.00 0.00 120,043.11 73,269.8389,792.99 28,700.60 0.00 0.00 118,493.59 72,393.5188,729.82 28,215.47 0.00 0.00 116,945.29 71,536.3587,667.66 27,764.22 0.00 0.00 115,431.88 70,680.0186,627.25 27,294.67 0.00 0.00 113,921.92 69,841.2185,592.35 26,846.71 0.00 0.00 112,439.06 69,006.85


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84,576.87 26,385.70 0.00 0.00 110,962.58 68,188.1483,561.42 25,959.32 0.00 0.00 109,520.73 67,369.4582,581.59 25,478.39 0.00 0.00 108,059.98 66,579.4981,596.60 25,043.92 0.00 0.00 106,640.51 65,785.3680,623.56 24,613.31 0.00 0.00 105,236.87 65,000.8779,656.28 24,201.37 0.00 0.00 103,857.65 64,221.02

78,708.55 23,773.56 0.00 0.00 102,482.12 63,456.9477,759.44 23,381.55 0.00 0.00 101,141.00 62,691.7476,830.83 22,970.98 0.00 0.00 99,801.81 61,943.0775,903.44 22,588.75 0.00 0.00 98,492.19 61,195.3874,994.81 22,191.51 0.00 0.00 97,186.33 60,462.8274,091.33 21,812.12 0.00 0.00 95,903.45 59,734.4173,204.50 21,422.36 0.00 0.00 94,626.86 59,019.4372,318.08 21,061.48 0.00 0.00 93,379.56 58,304.7871,462.14 20,655.49 0.00 0.00 92,117.63 57,614.6970,602.16 20,288.25 0.00 0.00 90,890.41 56,921.3569,752.61 19,924.46 0.00 0.00 89,677.07 56,236.4368,908.32 19,576.27 0.00 0.00 88,484.59 55,555.73

68,080.87 19,215.10 0.00 0.00 87,295.97 54,888.6267,252.61 18,883.78 0.00 0.00 86,136.39 54,220.8666,441.96 18,537.32 0.00 0.00 84,979.28 53,567.2965,632.73 18,214.43 0.00 0.00 83,847.16 52,914.8664,839.66 17,879.29 0.00 0.00 82,718.96 52,275.4764,051.34 17,558.96 0.00 0.00 81,610.30 51,639.9163,277.40 17,230.21 0.00 0.00 80,507.61 51,015.9362,504.09 16,925.63 0.00 0.00 79,429.72 50,392.4761,756.95 16,583.49 0.00 0.00 78,340.44 49,790.1161,006.62 16,273.87 0.00 0.00 77,280.50 49,185.1860,265.34 15,967.45 0.00 0.00 76,232.78 48,587.5359,528.87 15,673.94 0.00 0.00 75,202.80 47,993.7758,806.56 15,370.70 0.00 0.00 74,177.25 47,411.4258,084.23 15,091.50 0.00 0.00 73,175.73 46,829.0657,376.29 14,801.73 0.00 0.00 72,178.02 46,258.3056,670.61 14,529.86 0.00 0.00 71,200.47 45,689.3655,978.02 14,249.97 0.00 0.00 70,227.99 45,130.9855,290.42 13,980.90 0.00 0.00 69,271.33 44,576.6254,612.64 13,711.14 0.00 0.00 68,323.79 44,030.1853,938.63 13,454.71 0.00 0.00 67,393.33 43,486.7753,278.22 13,188.02 0.00 0.00 66,466.24 42,954.3352,621.08 12,935.28 0.00 0.00 65,556.36 42,424.5251,970.84 12,687.72 0.00 0.00 64,658.56 41,900.2851,327.39 12,445.37 0.00 0.00 63,772.77 41,381.5250,691.85 12,205.40 0.00 0.00 62,897.25 40,869.1250,063.28 11,969.75 0.00 0.00 62,033.03 40,362.3549,441.87 11,737.70 0.00 0.00 61,179.57 39,861.3648,827.85 11,508.58 0.00 0.00 60,336.43 39,366.3248,220.15 11,284.62 0.00 0.00 59,504.77 38,876.3847,620.57 11,061.32 0.00 0.00 58,681.90 38,392.9847,026.73 10,844.16 0.00 0.00 57,870.89 37,914.2146,440.96 10,627.39 0.00 0.00 57,068.35 37,441.9445,859.44 10,419.76 0.00 0.00 56,279.20 36,973.1045,286.48 10,210.98 0.00 0.00 55,497.46 36,511.17


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44,720.16 10,005.30 0.00 0.00 54,725.46 36,054.5944,161.05 9,801.18 0.00 0.00 53,962.23 35,603.8243,607.52 9,602.20 0.00 0.00 53,209.73 35,157.5543,061.87 9,402.80 0.00 0.00 52,464.67 34,717.6442,521.76 9,208.19 0.00 0.00 51,729.94 34,282.1841,988.81 9,014.41 0.00 0.00 51,003.22 33,852.50

41,461.18 8,825.53 0.00 0.00 50,286.71 33,427.1240,940.82 8,636.85 0.00 0.00 49,577.67 33,007.5940,425.38 8,453.60 0.00 0.00 48,878.98 32,592.0239,917.10 8,270.43 0.00 0.00 48,187.53 32,182.2339,412.48 8,095.23 0.00 0.00 47,507.71 31,775.4038,915.39 7,918.94 0.00 0.00 46,834.33 31,374.6238,424.09 7,745.28 0.00 0.00 46,169.37 30,978.5337,939.07 7,572.98 0.00 0.00 45,512.05 30,587.5037,458.95 7,405.06 0.00 0.00 44,864.01 30,200.4136,985.66 7,236.84 0.00 0.00 44,222.49 29,818.8336,517.24 7,072.65 0.00 0.00 43,589.89 29,441.1836,055.02 6,909.29 0.00 0.00 42,964.30 29,068.52

35,597.51 6,749.99 0.00 0.00 42,347.50 28,699.6635,146.24 6,591.06 0.00 0.00 41,737.30 28,335.8434,699.37 6,436.57 0.00 0.00 41,135.94 27,975.5634,258.64 6,282.34 0.00 0.00 40,540.99 27,620.2433,821.34 6,134.49 0.00 0.00 39,955.83 27,267.6733,390.44 5,986.02 0.00 0.00 39,376.46 26,920.2732,964.62 5,839.77 0.00 0.00 38,804.39 26,576.9632,544.21 5,694.82 0.00 0.00 38,239.03 26,238.0132,128.16 5,553.42 0.00 0.00 37,681.58 25,902.5831,717.92 5,412.07 0.00 0.00 37,129.99 25,571.8431,312.04 5,273.96 0.00 0.00 36,586.00 25,244.6130,911.46 5,136.78 0.00 0.00 36,048.24 24,921.6430,515.09 5,002.84 0.00 0.00 35,517.93 24,602.0830,124.02 4,869.51 0.00 0.00 34,993.54 24,286.8029,736.96 4,739.66 0.00 0.00 34,476.61 23,974.7329,355.08 4,610.37 0.00 0.00 33,965.44 23,666.8528,976.53 4,485.81 0.00 0.00 33,462.34 23,361.6528,603.32 4,361.22 0.00 0.00 32,964.54 23,060.7728,234.56 4,238.51 0.00 0.00 32,473.06 22,763.4527,870.42 4,117.09 0.00 0.00 31,987.50 22,469.8827,510.21 3,998.42 0.00 0.00 31,508.64 22,179.4727,154.88 3,880.23 0.00 0.00 31,035.11 21,892.9926,803.46 3,764.52 0.00 0.00 30,567.98 21,609.6726,456.53 3,649.90 0.00 0.00 30,106.43 21,329.9726,113.42 3,537.77 0.00 0.00 29,651.18 21,053.3325,774.77 3,426.47 0.00 0.00 29,201.24 20,780.3125,439.77 3,317.79 0.00 0.00 28,757.56 20,510.2225,109.12 3,209.97 0.00 0.00 28,319.09 20,243.6424,781.72 3,105.41 0.00 0.00 27,887.14 19,979.6924,458.73 3,001.38 0.00 0.00 27,460.11 19,719.2924,139.62 2,898.92 0.00 0.00 27,038.54 19,462.0023,824.44 2,797.77 0.00 0.00 26,622.21 19,207.9023,512.83 2,698.68 0.00 0.00 26,211.51 18,956.6823,205.26 2,600.42 0.00 0.00 25,805.67 18,708.70


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22,901.23 2,504.00 0.00 0.00 25,405.23 18,463.5922,600.98 2,408.81 0.00 0.00 25,009.78 18,221.5222,304.17 2,315.45 0.00 0.00 24,619.63 17,982.2222,011.12 2,223.12 0.00 0.00 24,234.24 17,745.9621,721.39 2,132.70 0.00 0.00 23,854.09 17,512.3721,435.29 2,043.35 0.00 0.00 23,478.64 17,281.71

21,152.35 1,956.11 0.00 0.00 23,108.46 17,053.5920,873.01 1,869.78 0.00 0.00 22,742.79 16,828.3820,595.04 1,784.82 0.00 0.00 22,379.85 18,339.4620,321.40 1,701.10 0.00 0.00 22,022.50 19,109.8620,051.80 1,618.93 0.00 0.00 21,670.72 18,853.7319,785.58 1,537.81 0.00 0.00 21,323.39 18,600.8221,690.32 1,458.08 0.00 0.00 23,148.40 18,350.9122,463.94 1,371.41 0.00 0.00 23,835.35 18,104.0522,161.29 1,282.23 0.00 0.00 23,443.53 17,860.1221,862.32 1,194.32 0.00 0.00 23,056.64 17,619.1621,566.89 1,107.98 0.00 0.00 22,674.86 17,381.0421,275.00 1,022.96 0.00 0.00 22,297.97 17,145.81

20,971.17 939.44 0.00 0.00 21,910.61 16,900.9520,600.04 857.26 0.00 0.00 21,457.30 16,601.8220,319.02 776.74 0.00 0.00 21,095.76 16,375.3619,364.48 697.53 0.00 0.00 20,062.01 15,605.9118,960.58 622.23 0.00 0.00 19,582.80 15,280.4018,435.15 548.72 0.00 0.00 18,983.87 14,856.9218,159.28 477.47 0.00 0.00 18,636.76 14,634.6716,086.95 407.51 0.00 0.00 16,494.46 12,964.0915,801.11 345.69 0.00 0.00 16,146.80 12,733.8014,596.04 285.14 0.00 0.00 14,881.18 11,762.4514,229.28 229.35 0.00 0.00 14,458.63 11,467.0012,087.94 175.11 0.00 0.00 12,263.05 9,740.8911,858.85 129.14 0.00 0.00 11,987.99 9,556.47

7,616.87 84.16 0.00 0.00 7,701.03 6,136.896,177.47 55.45 0.00 0.00 6,232.92 4,976.483,391.90 32.23 0.00 0.00 3,424.13 2,730.521,729.90 19.51 0.00 0.00 1,749.41 1,390.62


9/28

Scenario IRR 21.4%Reconcile 47,621,999.15

Interest Purchase DreamCapFee Incentive NetCF Subsidized Refinance 6.0%

26,415,030.52 42,976,962.14 0.00 1,814,268.59 47,621,999.15 30,237,809.890.00 0.00 0.00 0.00

0.00 42,976,962.14 0.00 -42,976,962.14

372,292.95 0.00 0.00 977,155.88369,549.96 0.00 501,938.28 4,880,947.75 8,365,637.94346,819.42 0.00 468,289.77 4,577,253.17 7,804,829.56325,515.37 0.00 436,776.45 4,292,591.11 7,279,607.58305,548.30 0.00 407,264.09 4,025,767.82 6,787,734.81286,834.31 0.00 0.00 748,828.48284,739.21 0.00 0.00 741,785.92282,666.55 0.00 0.00 734,819.52280,616.07 0.00 0.00 727,928.44278,587.55 0.00 0.00 721,111.87276,580.73 0.00 0.00 714,369.01274,595.39 0.00 0.00 707,699.07

272,631.30 0.00 0.00 701,101.26270,688.21 0.00 0.00 694,574.80268,765.91 0.00 0.00 688,119.36266,864.16 0.00 0.00 681,743.93264,982.70 0.00 0.00 676,586.66263,116.10 0.00 0.00 671,873.05261,262.41 0.00 0.00 667,191.92259,421.53 0.00 0.00 662,543.03257,593.40 0.00 0.00 657,926.18255,777.91 0.00 0.00 653,341.13253,974.97 0.00 0.00 648,787.67252,184.51 0.00 0.00 644,265.59250,309.81 0.00 0.00 640,200.28248,542.78 0.00 0.00 635,733.90245,673.33 0.00 0.00 632,280.82243,819.64 0.00 0.00 628,388.78241,841.73 0.00 0.00 623,762.42240,122.72 0.00 0.00 619,391.05234,953.54 0.00 0.00 611,863.40232,688.98 0.00 0.00 606,292.06228,590.67 0.00 0.00 598,069.72225,707.49 0.00 0.00 591,734.10224,017.76 0.00 0.00 586,158.40221,549.34 0.00 0.00 579,765.63219,971.88 0.00 0.00 575,116.77

216,933.38 0.00 0.00 569,893.05214,555.15 0.00 0.00 563,589.06212,159.37 0.00 0.00 557,401.33206,518.06 0.00 0.00 548,289.91204,228.88 0.00 0.00 542,290.20201,006.50 0.00 0.00 535,427.41198,735.14 0.00 0.00 529,536.92195,110.52 0.00 0.00 522,346.84192,551.58 0.00 0.00 516,244.32


10/28

189,536.36 0.00 0.00 509,741.02187,432.36 0.00 0.00 504,158.78184,791.89 0.00 0.00 498,111.38182,795.44 0.00 0.00 492,706.88181,347.83 0.00 0.00 487,830.07179,730.09 0.00 0.00 482,849.85

178,717.82 0.00 0.00 478,513.87176,732.52 0.00 0.00 473,271.75175,840.04 0.00 0.00 469,110.45173,928.19 0.00 0.00 464,000.39173,095.03 0.00 0.00 459,992.09171,560.93 0.00 0.00 455,305.25170,762.93 0.00 0.00 451,390.02168,865.38 0.00 0.00 446,444.16168,993.65 0.00 0.00 443,438.53167,709.11 0.00 0.00 439,131.25166,430.63 0.00 0.00 434,800.55164,774.13 0.00 0.00 430,207.65

163,454.59 0.00 0.00 425,990.63161,637.49 0.00 0.00 421,323.24160,063.43 0.00 0.00 416,918.63158,288.05 0.00 0.00 412,353.08156,546.36 0.00 0.00 407,852.10154,794.33 0.00 0.00 403,367.47152,966.06 0.00 0.00 398,843.26151,263.89 0.00 0.00 394,470.91149,179.65 0.00 0.00 389,768.69147,377.93 0.00 0.00 385,363.79145,489.83 0.00 0.00 380,918.98143,756.08 0.00 0.00 376,635.74142,040.66 0.00 0.00 372,393.59140,458.18 0.00 0.00 368,308.11138,938.86 0.00 0.00 364,309.44137,394.90 0.00 0.00 360,315.00136,036.36 0.00 0.00 356,529.77134,623.21 0.00 0.00 352,710.36133,494.77 0.00 0.00 349,200.00132,006.17 0.00 0.00 345,367.01131,562.19 0.00 0.00 342,543.60130,454.09 0.00 0.00 339,117.07129,529.14 0.00 0.00 335,849.68128,319.75 0.00 0.00 332,377.58127,339.51 0.00 0.00 329,497.21125,917.14 0.00 0.00 325,877.99124,720.06 0.00 0.00 328,086.26123,304.21 0.00 0.00 324,448.30121,912.10 0.00 0.00 324,064.28120,478.88 0.00 0.00 320,416.49118,853.08 0.00 0.00 322,933.93117,455.67 0.00 0.00 319,288.19115,151.65 0.00 0.00 326,807.40113,385.12 0.00 0.00 326,460.14


11/28

111,425.32 0.00 0.00 326,697.42109,762.13 0.00 0.00 325,336.86107,750.42 0.00 0.00 327,202.81106,349.64 0.00 0.00 323,324.41104,546.85 0.00 0.00 319,205.04103,170.86 0.00 0.00 315,407.27

101,529.84 0.00 0.00 311,461.14100,149.10 0.00 0.00 307,723.12

98,666.11 0.00 0.00 303,946.6397,372.64 0.00 0.00 300,329.2396,006.68 0.00 0.00 296,693.2694,749.09 0.00 0.00 293,160.8693,614.37 0.00 0.00 289,741.4992,451.26 0.00 0.00 286,332.9891,292.14 0.00 0.00 282,956.6990,086.26 0.00 0.00 279,577.9488,905.40 0.00 0.00 276,244.8687,726.81 0.00 0.00 272,941.65

86,512.14 0.00 0.00 269,642.3985,337.42 0.00 0.00 266,397.8184,030.03 0.00 0.00 263,091.8482,910.68 0.00 0.00 259,938.2981,242.68 0.00 0.00 256,445.1179,942.73 0.00 0.00 253,222.9278,565.99 0.00 0.00 249,976.0377,371.27 0.00 0.00 246,875.2075,942.33 0.00 0.00 243,643.7874,919.72 0.00 0.00 240,707.6073,610.46 0.00 0.00 237,607.7972,605.70 0.00 0.00 234,733.0471,369.88 0.00 0.00 231,730.7770,333.88 0.00 0.00 228,884.1569,139.75 0.00 0.00 225,957.8268,199.11 0.00 0.00 223,221.5066,855.72 0.00 0.00 220,244.5065,817.26 0.00 0.00 217,490.1564,810.27 0.00 0.00 214,779.8563,887.43 0.00 0.00 212,147.2062,853.13 0.00 0.00 209,464.3461,988.66 0.00 0.00 206,914.8661,011.64 0.00 0.00 204,314.9160,165.02 0.00 0.00 201,821.3259,216.10 0.00 0.00 199,283.3658,357.14 0.00 0.00 196,825.0757,397.21 0.00 0.00 194,323.0256,599.23 0.00 0.00 191,946.4755,470.72 0.00 0.00 189,377.4154,580.91 0.00 0.00 186,982.3053,676.97 0.00 0.00 184,598.7252,865.69 0.00 0.00 182,294.5751,954.21 0.00 0.00 179,945.8251,223.05 0.00 0.00 177,732.76


12/28

50,381.19 0.00 0.00 175,468.8749,665.45 0.00 0.00 173,304.6848,868.68 0.00 0.00 171,108.1748,150.39 0.00 0.00 168,980.5847,376.24 0.00 0.00 166,836.4446,701.57 0.00 0.00 164,774.11

45,871.28 0.00 0.00 162,631.3445,162.56 0.00 0.00 160,583.7544,470.18 0.00 0.00 158,564.7343,815.65 0.00 0.00 156,587.4843,098.03 0.00 0.00 154,587.9242,476.47 0.00 0.00 152,666.6641,780.55 0.00 0.00 150,716.1441,172.18 0.00 0.00 148,837.6340,485.06 0.00 0.00 146,926.6739,863.27 0.00 0.00 145,073.2939,159.09 0.00 0.00 143,185.0338,586.79 0.00 0.00 141,395.52

37,728.16 0.00 0.00 139,442.9737,072.34 0.00 0.00 137,632.5836,401.14 0.00 0.00 135,828.5435,810.27 0.00 0.00 134,089.9035,122.91 0.00 0.00 132,306.4534,601.68 0.00 0.00 130,641.7733,971.64 0.00 0.00 128,925.1733,461.16 0.00 0.00 127,297.3632,866.48 0.00 0.00 125,632.5132,345.80 0.00 0.00 124,027.9231,769.99 0.00 0.00 122,404.1131,291.39 0.00 0.00 120,854.5330,663.84 0.00 0.00 119,227.5230,153.03 0.00 0.00 117,686.1829,653.61 0.00 0.00 116,165.9729,188.19 0.00 0.00 114,680.4428,691.60 0.00 0.00 113,189.5128,252.43 0.00 0.00 111,747.4327,784.97 0.00 0.00 110,301.6727,356.31 0.00 0.00 108,892.8726,908.35 0.00 0.00 107,485.5926,482.92 0.00 0.00 106,105.0126,043.48 0.00 0.00 104,728.9525,638.33 0.00 0.00 103,386.4925,179.76 0.00 0.00 102,024.2324,766.34 0.00 0.00 100,701.7624,356.43 0.00 0.00 99,393.8423,964.52 0.00 0.00 98,109.0223,557.00 0.00 0.00 96,826.8323,184.06 0.00 0.00 95,577.5722,792.89 0.00 0.00 94,329.2422,429.08 0.00 0.00 93,109.0922,050.48 0.00 0.00 91,891.6821,689.30 0.00 0.00 90,696.15


13/28

21,317.58 0.00 0.00 89,505.7120,973.81 0.00 0.00 88,343.2620,585.97 0.00 0.00 87,165.4620,235.65 0.00 0.00 86,021.0119,888.44 0.00 0.00 84,889.3119,556.31 0.00 0.00 83,777.34

19,211.34 0.00 0.00 82,668.2918,895.29 0.00 0.00 81,587.0318,564.23 0.00 0.00 80,507.3018,256.06 0.00 0.00 79,451.4417,935.76 0.00 0.00 78,398.5917,629.88 0.00 0.00 77,364.2917,315.59 0.00 0.00 76,335.0217,024.63 0.00 0.00 75,329.4116,697.21 0.00 0.00 74,311.8916,401.10 0.00 0.00 73,322.4516,107.75 0.00 0.00 72,344.1815,827.02 0.00 0.00 71,382.75

15,535.78 0.00 0.00 70,424.4015,268.65 0.00 0.00 69,489.5114,989.28 0.00 0.00 68,556.5714,728.96 0.00 0.00 67,643.8214,458.72 0.00 0.00 66,734.1914,200.44 0.00 0.00 65,840.3513,935.35 0.00 0.00 64,951.2813,689.79 0.00 0.00 64,082.2613,413.83 0.00 0.00 63,203.9413,164.18 0.00 0.00 62,349.3512,917.08 0.00 0.00 61,504.6112,680.43 0.00 0.00 60,674.2012,435.89 0.00 0.00 59,847.3112,210.79 0.00 0.00 59,039.8511,977.13 0.00 0.00 58,235.4411,757.94 0.00 0.00 57,447.3111,532.25 0.00 0.00 56,663.2411,315.31 0.00 0.00 55,891.9311,097.79 0.00 0.00 55,127.9710,891.04 0.00 0.00 54,377.8110,675.99 0.00 0.00 53,630.3210,472.21 0.00 0.00 52,896.7310,272.61 0.00 0.00 52,172.8910,077.23 0.00 0.00 51,458.75

9,883.75 0.00 0.00 50,752.879,693.76 0.00 0.00 50,056.129,506.68 0.00 0.00 49,368.049,321.96 0.00 0.00 48,688.289,141.41 0.00 0.00 48,017.788,961.37 0.00 0.00 47,354.368,786.30 0.00 0.00 46,700.518,611.54 0.00 0.00 46,053.488,444.16 0.00 0.00 45,417.278,275.85 0.00 0.00 44,787.02


14/28

8,110.03 0.00 0.00 44,164.627,945.46 0.00 0.00 43,549.287,785.06 0.00 0.00 42,942.617,624.29 0.00 0.00 42,341.937,467.40 0.00 0.00 41,749.587,311.18 0.00 0.00 41,163.68

7,158.91 0.00 0.00 40,586.027,006.78 0.00 0.00 40,014.376,859.06 0.00 0.00 39,451.086,711.39 0.00 0.00 38,893.626,570.16 0.00 0.00 38,345.566,428.04 0.00 0.00 37,802.666,288.04 0.00 0.00 37,266.576,149.13 0.00 0.00 36,736.636,013.77 0.00 0.00 36,214.185,878.14 0.00 0.00 35,696.975,745.78 0.00 0.00 35,186.965,614.07 0.00 0.00 34,682.59

5,485.65 0.00 0.00 34,185.325,357.51 0.00 0.00 33,693.355,232.98 0.00 0.00 33,208.545,108.63 0.00 0.00 32,728.874,989.46 0.00 0.00 32,257.134,869.77 0.00 0.00 31,790.044,751.87 0.00 0.00 31,328.824,635.01 0.00 0.00 30,873.024,521.02 0.00 0.00 30,423.604,407.07 0.00 0.00 29,978.914,295.72 0.00 0.00 29,540.334,185.13 0.00 0.00 29,106.774,077.16 0.00 0.00 28,679.243,969.66 0.00 0.00 28,256.463,864.97 0.00 0.00 27,839.713,760.74 0.00 0.00 27,427.583,660.34 0.00 0.00 27,021.993,559.90 0.00 0.00 26,620.673,460.98 0.00 0.00 26,224.433,363.09 0.00 0.00 25,832.973,267.44 0.00 0.00 25,446.913,172.15 0.00 0.00 25,065.143,078.86 0.00 0.00 24,688.532,986.45 0.00 0.00 24,316.422,896.06 0.00 0.00 23,949.392,806.32 0.00 0.00 23,586.632,718.71 0.00 0.00 23,228.932,631.78 0.00 0.00 22,875.422,547.51 0.00 0.00 22,527.202,463.64 0.00 0.00 22,182.922,381.04 0.00 0.00 21,843.052,299.49 0.00 0.00 21,507.392,219.61 0.00 0.00 21,176.292,140.39 0.00 0.00 20,849.10


15/28

2,062.66 0.00 0.00 20,526.261,985.91 0.00 0.00 20,207.431,910.65 0.00 0.00 19,892.871,836.21 0.00 0.00 19,582.161,763.31 0.00 0.00 19,275.681,691.28 0.00 0.00 18,972.98

1,620.95 0.00 0.00 18,674.541,551.36 0.00 0.00 18,379.731,482.85 0.00 0.00 19,822.311,408.82 0.00 0.00 20,518.681,332.30 0.00 0.00 20,186.031,256.77 0.00 0.00 19,857.591,182.51 0.00 0.00 19,533.421,109.38 0.00 0.00 19,213.431,037.50 0.00 0.00 18,897.62

966.65 0.00 0.00 18,585.81897.06 0.00 0.00 18,278.11828.55 0.00 0.00 17,974.35

761.24 0.00 0.00 17,662.18695.00 0.00 0.00 17,296.82630.11 0.00 0.00 17,005.47566.27 0.00 0.00 16,172.18505.58 0.00 0.00 15,785.99446.34 0.00 0.00 15,303.27388.92 0.00 0.00 15,023.59332.53 0.00 0.00 13,296.62282.71 0.00 0.00 13,016.51233.91 0.00 0.00 11,996.36188.96 0.00 0.00 11,655.96145.24 0.00 0.00 9,886.13108.18 0.00 0.00 9,664.65

71.92 0.00 0.00 6,208.8148.78 0.00 0.00 5,025.2630.06 0.00 0.00 2,760.5819.80 0.00 0.00 1,410.42


16/28

Under Construction - Target 30% returnsActive - Own 100% of Bond IRR 21.3%

Reconcile 82,305,309.17

Principal Interest Purchase DreamCapFee Incentive NetCF117,853,927.45 47,169,697.35 76,247,814.40 4,656,232.64 1,814,268.59 146,973,766.37

0.00 0.00 0.00 0.000.00 0.00 76,247,814.40 63,539.85 0.00 -136,270,275.43

1,080,112.38 664,808.84 0.00 63,071.80 0.00 3,003,302.548,952,385.84 659,910.64 0.00 59,192.43 501,938.28 16,162,796.038,390,577.71 619,320.40 0.00 55,556.51 468,289.77 15,153,663.977,864,021.78 581,277.45 0.00 52,148.77 436,776.45 14,207,810.727,370,506.44 545,621.97 0.00 48,954.88 407,264.09 13,321,266.85

824,989.58 512,204.13 0.00 48,597.39 0.00 2,301,064.86816,154.84 508,462.88 0.00 48,243.72 0.00 2,279,239.28807,416.02 504,761.69 0.00 47,893.84 0.00 2,257,649.77798,772.09 501,100.13 0.00 47,547.71 0.00 2,236,293.77790,222.01 497,477.76 0.00 47,205.28 0.00 2,215,168.74781,764.79 493,894.16 0.00 46,866.51 0.00 2,194,272.21773,399.43 490,348.91 0.00 46,531.37 0.00 2,173,601.73765,124.94 486,841.60 0.00 46,199.82 0.00 2,153,154.86756,940.35 483,371.80 0.00 45,871.81 0.00 2,132,929.18748,845.45 479,939.12 0.00 45,547.31 0.00 2,112,923.68740,856.72 476,543.15 0.00 45,226.27 0.00 2,093,167.14735,007.07 473,183.40 0.00 44,907.77 0.00 2,077,290.54729,923.13 469,850.18 0.00 44,591.47 0.00 2,062,824.71724,874.13 466,540.01 0.00 44,277.36 0.00 2,048,458.54719,859.82 463,252.74 0.00 43,965.42 0.00 2,034,191.32714,879.96 459,988.21 0.00 43,655.64 0.00 2,020,022.38

709,934.33 456,746.26 0.00 43,348.00 0.00 2,005,951.06705,022.67 453,526.74 0.00 43,042.49 0.00 1,991,976.64700,144.77 450,329.49 0.00 42,739.09 0.00 1,978,098.51696,232.99 446,981.80 0.00 42,437.39 0.00 1,965,673.93691,412.72 443,826.39 0.00 42,137.78 0.00 1,951,966.66690,370.51 438,702.38 0.00 41,838.62 0.00 1,941,489.77686,730.61 435,392.22 0.00 41,541.04 0.00 1,929,610.35682,001.23 431,860.23 0.00 41,245.50 0.00 1,915,385.64677,264.88 428,790.57 0.00 40,952.02 0.00 1,901,970.41673,053.32 419,559.90 0.00 40,563.29 0.00 1,878,660.58667,148.36 415,516.03 0.00 40,116.77 0.00 1,861,692.18659,784.02 408,197.63 0.00 39,675.17 0.00 1,836,261.57653,618.94 403,049.09 0.00 39,237.96 0.00 1,816,839.41646,679.71 400,031.71 0.00 38,805.46 0.00 1,799,832.07639,671.94 395,623.82 0.00 38,377.67 0.00 1,780,210.87634,187.31 392,806.93 0.00 37,953.92 0.00 1,766,143.42630,285.13 387,381.03 0.00 37,533.51 0.00 1,750,236.87623,274.85 383,134.19 0.00 37,117.77 0.00 1,730,877.26616,503.51 378,856.01 0.00 36,706.58 0.00 1,711,880.24610,306.87 368,782.25 0.00 36,299.68 0.00 1,683,552.58603,680.92 364,694.43 0.00 35,897.22 0.00 1,665,139.52

Note: The more of the bond owned, the higher the refinancesubsidy and higher the returns


17/28

597,180.20 358,940.17 0.00 35,499.15 0.00 1,643,966.47590,717.47 354,884.17 0.00 35,105.42 0.00 1,625,886.11584,350.57 348,411.64 0.00 34,715.98 0.00 1,603,653.98578,022.76 343,842.10 0.00 34,330.80 0.00 1,584,882.25571,794.05 338,457.78 0.00 33,949.81 0.00 1,564,825.03565,582.89 334,700.65 0.00 33,573.00 0.00 1,547,697.40

559,499.10 329,985.51 0.00 33,200.28 0.00 1,529,079.16553,413.30 326,420.42 0.00 32,831.65 0.00 1,512,503.69547,289.72 323,835.41 0.00 32,467.11 0.00 1,497,603.61541,285.28 320,946.59 0.00 32,106.58 0.00 1,482,366.58535,350.09 319,138.96 0.00 31,750.03 0.00 1,469,176.82529,534.34 315,593.78 0.00 31,397.38 0.00 1,453,090.60523,697.15 314,000.08 0.00 31,048.64 0.00 1,440,443.92517,986.08 310,586.05 0.00 30,703.72 0.00 1,424,765.02512,316.17 309,098.27 0.00 30,362.60 0.00 1,412,592.58506,686.29 306,358.80 0.00 30,025.24 0.00 1,398,249.73501,119.81 304,933.80 0.00 29,691.61 0.00 1,386,360.72495,676.38 301,545.33 0.00 29,361.63 0.00 1,371,178.71

490,080.13 301,774.38 0.00 29,035.36 0.00 1,362,177.05484,682.40 299,480.55 0.00 28,712.70 0.00 1,349,018.31479,232.00 297,197.56 0.00 28,393.65 0.00 1,335,778.41473,988.42 294,239.52 0.00 28,078.11 0.00 1,321,696.12468,814.36 291,883.19 0.00 27,766.04 0.00 1,308,806.26463,724.54 288,638.38 0.00 27,457.39 0.00 1,294,474.15458,670.01 285,827.55 0.00 27,152.13 0.00 1,280,973.98453,687.56 282,657.23 0.00 26,850.22 0.00 1,266,954.59448,760.26 279,547.07 0.00 26,551.61 0.00 1,253,135.21443,880.61 276,418.44 0.00 26,256.28 0.00 1,239,362.09439,066.43 273,153.67 0.00 25,964.18 0.00 1,225,457.00434,298.25 270,114.09 0.00 25,675.28 0.00 1,212,030.46429,623.28 266,392.24 0.00 25,389.53 0.00 1,197,546.41424,974.75 263,174.87 0.00 25,106.91 0.00 1,184,004.84420,409.20 259,803.27 0.00 24,827.36 0.00 1,170,330.55415,856.54 256,707.29 0.00 24,550.87 0.00 1,157,166.00411,344.52 253,644.04 0.00 24,277.41 0.00 1,144,127.05406,874.87 250,818.18 0.00 24,006.95 0.00 1,131,582.32402,447.47 248,105.10 0.00 23,739.46 0.00 1,119,309.13398,071.61 245,348.04 0.00 23,474.90 0.00 1,107,044.19393,738.23 242,922.07 0.00 23,213.25 0.00 1,095,441.15389,441.34 240,398.59 0.00 22,954.48 0.00 1,083,724.01385,187.91 238,383.51 0.00 22,698.56 0.00 1,072,987.25381,001.51 235,725.30 0.00 22,445.45 0.00 1,061,216.72376,752.52 234,932.48 0.00 22,195.16 0.00 1,052,660.43372,612.46 232,953.74 0.00 21,947.63 0.00 1,042,176.01368,429.53 231,302.04 0.00 21,702.89 0.00 1,032,194.08364,388.99 229,142.41 0.00 21,460.84 0.00 1,021,554.57360,995.88 227,391.99 0.00 21,221.20 0.00 1,012,797.62357,072.95 224,852.04 0.00 20,984.20 0.00 1,001,679.99363,153.93 222,714.40 0.00 20,745.48 0.00 1,009,147.95359,185.87 220,186.09 0.00 20,509.41 0.00 997,968.84360,986.04 217,700.17 0.00 20,273.47 0.00 997,165.60357,031.45 215,140.86 0.00 20,040.17 0.00 985,950.25


18/28


19/28

233,788.84 95,851.73 0.00 9,842.51 0.00 571,067.96231,123.00 94,403.01 0.00 9,704.30 0.00 563,967.35228,556.45 92,775.38 0.00 9,567.73 0.00 556,721.61225,910.18 91,469.74 0.00 9,432.84 0.00 549,905.50223,370.86 89,966.41 0.00 9,299.58 0.00 542,924.45220,784.35 88,688.30 0.00 9,167.95 0.00 536,258.39

218,284.80 87,265.50 0.00 9,037.92 0.00 529,486.39215,768.20 85,982.84 0.00 8,909.49 0.00 522,931.35213,321.79 84,600.43 0.00 8,782.61 0.00 516,320.73210,843.82 83,395.66 0.00 8,657.30 0.00 509,968.18208,500.11 81,913.00 0.00 8,533.49 0.00 503,356.46206,109.27 80,647.43 0.00 8,411.20 0.00 497,045.53203,740.27 79,411.03 0.00 8,290.42 0.00 490,823.01201,378.26 78,242.24 0.00 8,171.12 0.00 484,731.04199,089.09 76,960.76 0.00 8,053.28 0.00 478,565.30196,768.20 75,850.84 0.00 7,936.90 0.00 472,646.67194,527.84 74,608.12 0.00 7,821.95 0.00 466,632.16192,259.73 73,521.75 0.00 7,708.43 0.00 460,844.74

190,074.31 72,294.75 0.00 7,596.29 0.00 454,951.37187,875.04 71,184.41 0.00 7,485.54 0.00 449,239.12185,760.60 69,926.95 0.00 7,376.14 0.00 443,413.23183,587.02 68,904.98 0.00 7,268.11 0.00 437,899.80181,633.60 67,371.71 0.00 7,161.34 0.00 431,864.23179,571.86 66,200.60 0.00 7,055.88 0.00 426,279.60177,548.94 65,002.03 0.00 6,951.71 0.00 420,712.96175,499.34 63,946.91 0.00 6,848.83 0.00 415,352.53173,542.03 62,719.48 0.00 6,747.20 0.00 409,846.98171,500.16 61,788.72 0.00 6,646.85 0.00 404,717.91169,559.88 60,663.64 0.00 6,547.73 0.00 399,421.06167,564.65 59,752.07 0.00 6,449.86 0.00 394,405.12165,653.62 58,690.15 0.00 6,353.19 0.00 389,268.89163,718.07 57,760.35 0.00 6,257.74 0.00 384,322.64161,846.64 56,732.12 0.00 6,163.48 0.00 379,313.01159,934.17 55,877.49 0.00 6,070.40 0.00 374,537.96158,149.43 54,756.85 0.00 5,978.47 0.00 369,513.95156,309.21 53,844.69 0.00 5,887.68 0.00 364,761.10154,486.37 52,952.87 0.00 5,798.04 0.00 360,073.56152,664.74 52,121.76 0.00 5,709.54 0.00 355,494.57150,889.13 51,235.00 0.00 5,622.15 0.00 350,896.39149,098.21 50,450.77 0.00 5,535.88 0.00 346,451.96147,351.24 49,616.02 0.00 5,450.70 0.00 341,993.86145,601.01 48,850.55 0.00 5,366.61 0.00 337,651.70143,887.93 48,050.62 0.00 5,283.59 0.00 333,312.44142,182.30 47,290.93 0.00 5,201.62 0.00 329,056.44140,509.76 46,506.22 0.00 5,120.71 0.00 324,812.99138,836.00 45,782.73 0.00 5,040.83 0.00 320,674.82137,222.26 44,963.86 0.00 4,961.96 0.00 316,471.71135,598.96 44,225.61 0.00 4,884.10 0.00 312,393.69133,995.37 43,493.63 0.00 4,807.24 0.00 308,360.28132,400.89 42,793.78 0.00 4,731.37 0.00 304,398.75130,838.98 42,066.08 0.00 4,656.47 0.00 300,443.91129,274.13 41,400.11 0.00 4,582.54 0.00 296,592.32


20/28

127,743.49 40,701.59 0.00 4,509.56 0.00 292,742.00126,214.31 40,051.93 0.00 4,437.53 0.00 288,979.85124,716.44 39,375.85 0.00 4,366.42 0.00 285,224.77123,226.52 38,730.89 0.00 4,296.24 0.00 281,537.81121,764.53 38,067.10 0.00 4,226.96 0.00 277,865.48120,302.59 37,453.23 0.00 4,158.59 0.00 274,280.77

118,891.95 36,760.66 0.00 4,091.09 0.00 270,645.57117,473.86 36,135.09 0.00 4,024.47 0.00 267,115.15116,072.98 35,515.07 0.00 3,958.71 0.00 263,623.81114,680.40 34,921.99 0.00 3,893.82 0.00 260,193.88113,315.97 34,305.97 0.00 3,829.77 0.00 256,771.74111,949.54 33,741.59 0.00 3,766.55 0.00 253,436.74110,612.63 33,150.41 0.00 3,704.17 0.00 250,105.13109,277.47 32,600.11 0.00 3,642.60 0.00 246,848.17107,969.33 32,028.15 0.00 3,581.84 0.00 243,599.35106,668.59 31,481.92 0.00 3,521.88 0.00 240,408.26105,391.84 30,920.69 0.00 3,462.71 0.00 237,231.82104,115.67 30,401.13 0.00 3,404.32 0.00 234,129.43

102,883.37 29,816.44 0.00 3,346.69 0.00 230,987.71101,645.27 29,287.67 0.00 3,289.82 0.00 227,934.14100,422.19 28,763.84 0.00 3,233.70 0.00 224,914.87

99,206.66 28,262.53 0.00 3,178.33 0.00 221,947.9698,015.39 27,742.46 0.00 3,123.69 0.00 218,989.5796,822.96 27,265.45 0.00 3,069.78 0.00 216,104.7095,655.87 26,766.58 0.00 3,016.58 0.00 213,224.7794,490.83 26,301.71 0.00 2,964.09 0.00 210,407.9493,349.06 25,819.14 0.00 2,912.30 0.00 207,599.8192,214.12 25,357.93 0.00 2,861.21 0.00 204,840.7991,099.87 24,884.55 0.00 2,810.80 0.00 202,095.7689,986.56 24,446.05 0.00 2,761.06 0.00 199,413.4888,910.91 23,953.27 0.00 2,711.99 0.00 196,700.3587,830.67 23,507.46 0.00 2,663.57 0.00 194,061.7286,763.44 23,066.22 0.00 2,615.80 0.00 191,453.3285,703.16 22,643.62 0.00 2,568.68 0.00 188,889.4684,663.25 22,206.95 0.00 2,522.19 0.00 186,335.7283,623.32 21,804.99 0.00 2,476.34 0.00 183,842.8182,604.11 21,387.74 0.00 2,431.10 0.00 181,358.4881,588.15 20,996.33 0.00 2,386.48 0.00 178,925.0080,591.04 20,593.31 0.00 2,342.47 0.00 176,503.3679,601.11 20,205.91 0.00 2,299.05 0.00 174,121.3778,625.32 19,817.48 0.00 2,256.23 0.00 171,761.7377,654.94 19,448.29 0.00 2,213.99 0.00 169,445.0776,704.16 19,064.26 0.00 2,172.33 0.00 167,135.8775,758.07 18,700.37 0.00 2,131.24 0.00 164,869.9974,821.93 18,343.95 0.00 2,090.72 0.00 162,634.2173,895.57 17,995.05 0.00 2,050.76 0.00 160,428.3372,980.58 17,649.55 0.00 2,011.34 0.00 158,247.8372,075.63 17,310.29 0.00 1,972.48 0.00 156,095.4371,181.00 16,976.22 0.00 1,934.15 0.00 153,969.7770,297.00 16,646.35 0.00 1,896.35 0.00 151,869.6469,422.10 16,323.94 0.00 1,859.08 0.00 149,798.1468,558.90 16,002.45 0.00 1,822.33 0.00 147,748.25


21/28

67,703.95 15,689.82 0.00 1,786.09 0.00 145,728.0066,860.61 15,377.75 0.00 1,750.36 0.00 143,728.5766,023.40 15,078.86 0.00 1,715.13 0.00 141,762.7365,198.52 14,778.30 0.00 1,680.39 0.00 139,815.0564,383.19 14,482.20 0.00 1,646.14 0.00 137,891.5163,578.25 14,188.33 0.00 1,612.38 0.00 135,989.64

62,781.34 13,901.90 0.00 1,579.09 0.00 134,114.5561,995.78 13,614.81 0.00 1,546.27 0.00 132,257.7261,218.18 13,334.65 0.00 1,513.91 0.00 130,426.6460,450.89 13,055.68 0.00 1,482.02 0.00 128,615.2759,691.28 12,783.76 0.00 1,450.57 0.00 126,829.4058,942.12 12,512.11 0.00 1,419.58 0.00 125,061.8858,200.04 12,248.32 0.00 1,389.02 0.00 123,320.2557,468.27 11,984.62 0.00 1,358.90 0.00 121,596.4156,741.78 11,732.43 0.00 1,329.21 0.00 119,901.7856,026.11 11,478.64 0.00 1,299.95 0.00 118,222.8555,318.80 11,228.65 0.00 1,271.11 0.00 116,564.8954,620.53 10,980.59 0.00 1,242.68 0.00 114,925.78

53,929.30 10,738.87 0.00 1,214.67 0.00 113,309.8353,247.91 10,496.68 0.00 1,187.05 0.00 111,709.8952,573.53 10,260.32 0.00 1,159.84 0.00 110,132.1651,908.08 10,025.12 0.00 1,133.02 0.00 108,571.7551,249.40 9,795.81 0.00 1,106.59 0.00 107,033.2550,599.71 9,566.99 0.00 1,080.54 0.00 105,510.9949,956.36 9,344.60 0.00 1,054.88 0.00 104,010.8649,321.85 9,122.56 0.00 1,029.59 0.00 102,526.4748,692.27 8,909.75 0.00 1,004.67 0.00 101,066.7048,071.91 8,696.01 0.00 980.11 0.00 99,621.0847,458.85 8,485.48 0.00 955.92 0.00 98,193.5946,853.59 8,276.80 0.00 932.08 0.00 96,782.6946,254.61 8,073.25 0.00 908.60 0.00 95,391.5445,664.00 7,869.76 0.00 885.46 0.00 94,014.8245,079.66 7,670.93 0.00 862.67 0.00 92,657.0044,502.93 7,473.44 0.00 840.21 0.00 91,314.5743,932.29 7,280.64 0.00 818.09 0.00 89,990.7943,369.28 7,088.68 0.00 796.30 0.00 88,681.5442,812.02 6,901.74 0.00 774.83 0.00 87,390.9442,262.23 6,715.60 0.00 753.69 0.00 86,114.5441,717.24 6,536.32 0.00 732.86 0.00 84,858.3941,179.94 6,356.97 0.00 712.35 0.00 83,615.2840,649.02 6,180.32 0.00 692.15 0.00 82,387.8440,124.78 6,005.52 0.00 672.25 0.00 81,175.0839,606.20 5,834.71 0.00 652.66 0.00 79,979.0239,094.62 5,664.55 0.00 633.36 0.00 78,796.0838,588.70 5,497.96 0.00 614.36 0.00 77,629.1038,089.23 5,332.95 0.00 595.65 0.00 76,475.9537,595.24 5,171.53 0.00 577.23 0.00 75,338.4737,107.70 5,011.29 0.00 559.08 0.00 74,214.1236,625.40 4,854.84 0.00 541.22 0.00 73,105.3936,149.36 4,699.61 0.00 523.63 0.00 72,009.5335,678.02 4,549.12 0.00 506.32 0.00 70,930.0435,213.01 4,399.35 0.00 489.27 0.00 69,862.66


22/28

34,753.58 4,251.86 0.00 472.49 0.00 68,808.8334,299.83 4,106.23 0.00 455.97 0.00 67,768.0133,851.21 3,963.59 0.00 439.71 0.00 66,741.2233,408.40 3,822.13 0.00 423.71 0.00 65,726.4732,970.70 3,683.33 0.00 407.96 0.00 64,725.1332,538.42 3,546.27 0.00 392.45 0.00 63,736.14

32,111.11 3,411.88 0.00 377.19 0.00 62,760.3531,689.21 3,278.94 0.00 362.18 0.00 61,796.3831,272.09 3,148.77 0.00 347.40 0.00 60,845.4730,860.19 3,020.14 0.00 332.86 0.00 59,906.2030,452.84 2,894.55 0.00 318.55 0.00 58,980.0830,050.67 2,770.28 0.00 304.47 0.00 58,065.1532,749.03 2,647.95 0.00 289.27 0.00 62,692.3334,124.75 2,515.75 0.00 273.54 0.00 64,941.0033,667.38 2,379.10 0.00 258.05 0.00 63,907.9133,215.75 2,244.23 0.00 242.82 0.00 62,887.7932,769.48 2,111.62 0.00 227.82 0.00 61,880.8532,328.66 1,981.03 0.00 213.07 0.00 60,886.82

31,893.07 1,852.68 0.00 198.56 0.00 59,905.7031,462.78 1,726.16 0.00 184.28 0.00 58,936.8931,037.58 1,601.90 0.00 170.24 0.00 57,980.7930,617.51 1,479.55 0.00 156.42 0.00 57,036.8630,180.26 1,359.35 0.00 142.84 0.00 56,065.6629,646.11 1,241.07 0.00 129.54 0.00 54,924.3629,241.72 1,125.19 0.00 116.45 0.00 54,018.6727,867.69 1,011.20 0.00 104.01 0.00 51,383.7127,286.43 902.83 0.00 91.86 0.00 50,173.9326,530.22 797.04 0.00 80.08 0.00 48,655.6826,133.34 694.50 0.00 68.51 0.00 47,784.5223,150.16 593.81 0.00 58.27 0.00 42,295.9022,738.92 504.84 0.00 48.24 0.00 41,420.5721,004.37 417.70 0.00 39.00 0.00 38,184.0620,476.79 337.42 0.00 30.01 0.00 37,114.6417,394.45 259.35 0.00 22.39 0.00 31,484.6617,065.13 193.18 0.00 14.94 0.00 30,791.7410,958.74 128.42 0.00 10.15 0.00 19,780.37

8,886.57 87.11 0.00 6.28 0.00 16,013.214,875.93 53.68 0.00 4.16 0.00 8,795.452,483.25 35.36 0.00 0.00 0.00 4,497.52


23/28

1. State

Conf PCT PCTAVG WA WA WA WA CA Bal LTV LTV

State Count UPB BAL MLTV OLTV RATE FICO PCT PCT >80 >90CA 144 84,480,915 586,673 132.5 76.9 5.411 731 100.0 44.3 96.6 93.3FL 17 9,281,597 545,976 127.9 76.9 6.049 735 - 7.5 100.0 97.9VA 17 8,258,178 485,775 100.9 72.8 5.993 718 - 53.1 75.9 68.7NJ 14 8,460,151 604,297 93.9 78.3 6.175 742 - 35.9 91.7 91.7MD 10 4,257,012 425,701 94.6 79.5 6.262 707 - 39.9 100.0 85.1Other 106 51,509,461 485,938 83.4 71.9 6.022 727 - 27.0 48.8 27.2Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

2. MLTVConf PCT PCT

AVG WA WA WA WA CA Bal LTV LTVMLTV Count UPB BAL MLTV OLTV RATE FICO PCT PCT >80 >901 - 10 1 147,670 147,670 6.0 34.5 6.080 761 - 100.0 - -31 - 40 2 957,659 478,830 38.7 40.9 6.273 773 - 18.2 - -41 - 50 5 4,341,013 868,203 46.4 48.3 6.218 715 15.5 12.1 - -51 - 60 5 2,703,469 540,694 53.6 54.7 5.872 735 18.6 28.0 - -61 - 70 14 7,802,885 557,349 65.0 56.3 5.900 737 7.7 16.0 - -71 - 80 31 16,032,639 517,182 75.3 72.9 5.797 733 7.1 25.3 - -81 - 90 31 15,303,759 493,670 86.3 74.9 5.976 727 18.1 36.7 100.0 -

91 - 100 40 17,894,210 447,355 95.6 79.3 6.106 714 12.6 35.8 100.0 100.0101 - 110 26 14,297,026 549,886 104.9 77.8 6.059 724 54.9 61.7 100.0 100.0111 - 120 24 13,009,107 542,046 114.6 76.4 5.734 738 65.7 56.5 100.0 100.0121 >= 129 73,757,877 571,766 143.6 79.1 5.438 731 81.6 35.3 100.0 100.0Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

3. DQ Status


DQ Status Count UPB BAL MLTV OLTV RATE FICO PCT PCT >80 >90= 16 7,544,038 471,502 152.2 79.5 6.274 723 38.2 46.4 91.4 83.4

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Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

4. Documentation


Count UPB BAL MLTV OLTV RATE FICO PCT PCT >80 >90

Limited 88 48,060,752 546,145 118.4 76.2 6.136 734 64.2 53.9 84.2 78.8Stated 28 18,303,856 653,709 108.3 72.2 6.038 724 54.6 38.9 84.6 76.1Full 192 99,882,706 520,222 110.5 75.4 5.470 728 43.7 28.1 78.4 67.2Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

5. Conforming Balance



No 148 105,110,283 710,205 114.5 73.9 5.546 731 44.8 - 76.1 66.9Yes 160 61,137,031 382,106 109.1 77.7 6.034 726 61.2 100.0 88.7 79.5Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

18,952,480

6. DQs in Past 12 Months



=4 25 12,308,816 492,353 150.4 79.2 6.068 706 49.5 32.9 94.3 81.8Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6

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ConformingBalance

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DQs in Past12 Months

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7. City


City Count UPB BAL MLTV OLTV RATE FICO PCT PCT >80 >90RIVERSIDE 14 7,113,002 508,072 162.1 80.0 4.232 732 100.0 - 100.0 100.0SAN RAMON 13 10,199,069 784,544 129.4 78.5 3.988 750 100.0 22.1 100.0 100.0FONTANA 8 4,146,614 518,327 160.4 79.2 4.631 744 100.0 - 100.0 100.0SAN DIEGO 8 4,295,886 536,986 110.5 73.3 5.949 699 100.0 55.2 86.0 86.0SAN JOSE 6 3,780,316 630,053 106.7 78.8 5.989 729 100.0 73.9 100.0 100.0NEW YORK 5 4,717,190 943,438 76.1 69.8 5.884 705 - 10.4 14.9 14.9CORONA 4 1,993,102 498,276 162.2 80.0 4.916 733 100.0 - 100.0 100.0LOS ANGEL 4 3,897,941 974,485 131.7 79.8 6.292 731 100.0 26.3 100.0 100.0MODESTO 4 1,869,549 467,387 175.0 80.0 4.213 764 100.0 - 100.0 100.0MURRIETA 4 1,853,322 463,331 162.1 80.0 4.597 737 100.0 - 100.0 100.0Other 238 122,381,323 514,207 105.2 74.4 6.007 728 37.0 42.7 77.6 65.1

Total: 308 166,247,314 539,764 112.5 75.3 5.725 729 50.8 36.8 80.8 71.6


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PCT PCT PCTLTV FULL PCT 12MO>100 DOC 60+DQ DQ>1

90.6 51.7 7.0 11.297.9 72.3 6.0 6.068.7 82.8 24.3 24.336.7 68.4 - -

- 80.6 - -12.9 65.0 4.1 7.860.8 60.1 6.3 9.7


- 100.0 - -- 18.2 - -- 72.4 - -- 65.2 - -- 74.0 - 0.6- 65.8 4.1 4.1- 73.1 3.9 10.1

- 61.2 0.9 3.0100.0 50.3 8.3 11.8100.0 59.5 12.9 15.3100.0 55.9 8.5 13.0

60.8 60.1 6.3 9.7


58.5 63.0 - 2.5100.0 43.9 - 79.8100.0 - 100.0 100.0100.0 24.6 100.0 100.0

81.4 23.3 100.0 100.0


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60.8 60.1 6.3 9.7

PCT PCT PCTLTV FULL PCT 12MO

>100 DOC 60+DQ DQ>1

70.3 - 13.7 17.060.5 - 9.3 14.256.3 100.0 2.3 5.360.8 60.1 6.3 9.7


>100 DOC 60+DQ DQ>1

56.0 68.3 4.8 8.369.0 46.0 9.1 12.060.8 60.1 6.3 9.7


>100 DOC 60+DQ DQ>1

58.4 62.9 - -60.8 64.1 - -83.1 23.2 23.7 100.0

100.0 32.6 100.0 100.080.5 34.9 69.0 100.060.8 60.1 6.3 9.7


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PCT PCT PCTLTV FULL PCT 12MO>100 DOC 60+DQ DQ>1100.0 100.0 7.0 21.4100.0 82.3 - -100.0 87.9 11.8 11.8

86.0 44.9 12.4 12.4100.0 26.1 - -

- 67.3 - -100.0 73.0 - -100.0 48.1 - -100.0 49.5 24.6 24.6100.0 100.0 - -

51.1 56.0 7.0 10.760.8 60.1 6.3 9.7

Documents

Managed Bond DN20081205002 Calcs v2