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From:

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Cc:

Subject: Fees

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@magnetar.comj

Prusko, James [

Friday , September 08 , 200610 ;07 PM

Andrew Shook

Had a long discussion with Dave Snyderman. We feel strongly that

the arb won 't support higher fees . Also ,

manager fees are coming down , each deal we've done has been at progressively lower fees and we believe this trend will continue

All that being said , I can do 10bp senior, 2.5bp sub. and 20% of excess cash flow after cumulative equity 18% IRR . Our goal is to partner with managers and do a series of deals. there are two managers with whom we are already on our third deal (and the most recently inked of those was done at 10 senior only plus incentive) . I think the cumulative business will be worthwhile even if you feel the first deal is too skinny .

Appreciate your consideration of our position. hope we can work something out. I'm around this weekend to discuss.

Rega~d$.Jim

From: Andrew Shook [maHto:

.@IschusCapital.com)

sent: Friday, September 08, 20064:40 PM

To: Prusko. James

Cc:

Subject: call

Jim

Do you have time to do a call this afternoon?

Thanks

aps

Andrew P. Shook

President & Chief (nve~tment Officer (schl.l$ Capital Management. LLC 712 5th Ave. 10th Floor

New York. NY 10019

8/25 /2009

Re : Deal status

Page 1 01'3

From:

Prusko, James [

@magnetar,coml

Sent:

Friday, September 29 , 20068 :12 PM

To:

@sgcib,com

Cc:

Andrew Shook; @sgcib.com

R'E: Deal status

Subject:

Attac'hments: Ischus-portfolio sg 3.xls

@sgcib.com:

@sgcib.com:

Seems like we're about ready to go, I just want to make sure we're all on board as far as the target portfolio , The compromise we made was to do a 100% synthetic deal for ease of execution in exchange for getting the fee structure we required . One of the benefits of this is that it gives us great flexibility in the construction of the portfolio. We think the recent dramatic widening in spreads has created an excellent environment for ramping a deal and want to make sure that we take full advantage of this.

The original portfolio target spreadsheet that' have, and I missed the last team call SO I'm probably a generation behind, had a strangely low spread target. That of course would not at all be beneficial to us . I have attached the target portfolio that I would like for this deal with target spreads that I believe are very achievable in the current market Given the breadth of collateral to choose from in a synthetic deal . I'm sure this will work for everyone

Appreciate all the work to date and looking forward to a great deal. Have a nice weekend everyone. -Jim

PS I'd like to call the deal Hydrus 06-1 .

8125/2009

j
/

.

From:

Sent:

To:

Cc:

Subject: RE: Spread Levels

Prusko, James [.

@magnetar .com}

Tuesday, October 03,20065:59 PM

Andrew Shook

@Sgcib.com;

Page 1 of 1

@Sgcib.com

Of course, the actual security selection is totally your purview. I just wanted to make sure the overall portfolio characteristics worked for our strategy. I look forward to starting right away. Thanks for working thru this with me. -Jim

From: Andrew Shook [mailto:

@JsChusCapital.com]

Sent: Tuesday, October 03,20065:33 PM. To: Prusko, James

cc:

SUbject: Spread Levels

@sgcib.com;

@sgcib.com

Jim

Sorry for the delay

1have

been slammed all day. I just rang and rolled into \loice mail.

We performed much analysis regarding execution . We have a comfort level surrounding the 160 WAS target That said, I want to make sure we all understand and are comfortable witl1 the Resource Americallschus philosophy.

Simply put, Ischus will buy credits. not spreads . Relative value? Yes. Will we take a view? Yes But we will not assemble a portfolio we are not proud of and feel strongly about in the name of a spread target.

If we are all in agreement on this, we should push ahead 100%. If not. we should rethink the trade .

We are ready to roll if you are .

Regards,

Ap$

Andrew P. Shook

President and CIO Ischus capital Management, U.c 712 FIflt1 Avenue

10th ~Ioor

New Vorl(, NY 10019

8/25/2009