Epstein Secrets

From: Vahe Stepanian Sent: 4/19/2018 5:53:03 PM To: Paul Barrett CC: Stewart Oldfield Subject: RE: RIN follow up Attachments: RIN II PPM 094 Alpha Group Capital LLC.PDF Paul- Apologies for the delayed response — had a bit of a craz

on limitations that require 85% of the portfolio to be comprised of loans secured by operating assets. For reference, there are 3 loans currently in RIN l's portfolio that are either (i) greenfield construction or (ii) have a large brownfield expansion underway and comprise —12% of RIN l's portfolio as o

From: Vahe Stepanian Sent: 4/20/2018 2:16:02 PM To: Paul Barrett CC: Stewart Oldfield Subject RE: RIN follow up Martin Zeman No problem, happy to help. The team assumes a 50bps p.a. default rate, and I would point you to page 29 of

on limitations that require 85% of the portfolio to be comprised of loans secured by operating assets. For reference, there are 3 loans currently in RIN l's portfolio that are either (0 greenfield construction or (ii) have a large brownfield expansion underway and comprise -12% of RIN l's portfolio as of

From: Paul Barrett Sent: 4/20/2018 12:12:54 PM To: Vahe Stepanian CC: Stewart Oldfield Subject: RE: RIN follow up ; Martin Zeman ( 1 One more — what default/cumm loss assumptions are they using to get the expected return of 12-15%?

on limitations that require 85% of the portfolio to be comprised of loans secured by operating assets. For reference, there are 3 loans currently in RIN l's portfolio that are either (i) greenfield construction or (ii) have a large brownfield expansion underway and comprise - 12% of RIN I's portfolio as