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    NPL Portfolio - Scavenger IIIOgura Capital Partners

    July 2014

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    Results

    Summary % of Face Value Purchase Price Recovery Rate & IRR2.50% 461,000 8.5% 35.1%

    Net Present Value of InvestmentDiscount Rate 30.0% 35.0% 40.0% 45.0%Net Present Value of Cash Flow 489,000 462,000 436,000 413,000 % of Loan Amount 2.65% 2.51% 2.37% 2.24%Prem / (Disc) to NPV -5.7% -0.2% 5.7% 11.6%

    Performance AnalysisScenario I II III IVRecovery Rate 7.0% 7.5% 8.0% 8.5%Income from Loan Collection 1,290,191 1,382,348 1,474,504 1,566,661 Expenses 451,567 483,822 516,076 548,331 Net of Expenses 838,624 898,526 958,428 1,018,329

    Taxable Income 806,369 863,967 921,565 979,163 Capital Gain Taxes 241,911 259,190 276,470 293,749 Distributable Income 596,713 639,336 681,958 724,581 Capital Gain after taxes 135,713 178,336 220,958 263,581 % Gain 29.4% 38.7% 47.9% 57.2%

    Loan CompositionNumber of years since default Loan % Composition N of Loans Average Loan1 Year 11,872,811 64% 2,300 5,2002 Year 5,576,788 30% 1,600 3,5003 Year 981,703 5% 184 5,3004 Year 0 0% 185 05 Year 0 0% 186 06 Years 0 0% 187 0

    18,431,302 100% 4,642 4,000Source of Income

    Number of years since default Yr 1 Yr 2 Yr 3 Total1 Year 543,378 442,132 362,121 1,347,6312 Year 85,310 71,478 60,018 216,8063 Year 4,231 3,581 3,034 10,8464 Year 0 0 0 05 Year 0 0 0 0

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    6 Years 0 0 0 0632,919 517,191 425,172 1,575,282

    40% 33% 27% 100%

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    50.0%392,000

    2.13%17.6%

    V9.0%

    1,658,817 580,586 1,078,231

    1,036,761 311,028 767,203 306,203

    66.4%

    Ave Loan / Monthly Salary5.2x3.5x5.3x0.0x0.0x0.0x4.0x

    % Composition85.5%13.8%

    0.7%0.0%0.0%

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    0.0%100.0%

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    Assumptions

    Financial AssumptionsExhange Rate 2.8Consumption Taxes 18%Capital Gain Taxes 30%

    NPL AssumptionsNumber of years since default % Loan Amount N of loans Average1 Year 64.4% 11,872,811 2,350 5,1002 Year 30.3% 5,576,788 1,662 3,4003 Year 5.3% 981,703 184 5,3004 Year 0.0% 0 0 05 Year 0.0% 0 0 06 Years 0.0% 0 0 0Face Value 100.0% 18,431,302 4,196 4,400

    Recovery RateNumber of years since default %1 Year 0.390%2 Year 0.128%3 Year 0.036%4 Year 0.000% na 5 Year 0.000% na 6 Years 0.000% na Loss of probability of recovery per year 85%Recovery Ratio 8.5% 1,575,282 See Recovery Assumptions

    AcquisitionPurchase Price 2.5% 461,000Success Fees 35.0% 551,349

    Financial Assumptions Disc. Rate NPVBase 20.00%Inflation 3.00%Country Risk 1.91% 191 Total Discount Rate 24.91% 520,000

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    1 Year; 64%

    2 Year; 30%

    3 Year; 5%

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    Debt Collection - 1 Year

    Summary Loan Balance Recovered % RecoveredYr 1 11,872,811 543,378 11,329,433 4.6%Yr 2 11,394,203 442,132 10,887,301 3.9%Yr 3 10,940,162 362,121 10,525,180 3.3%Total 1,347,631 11.4%

    Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative0 0.390% 11,872,811 11,872,8111 1.018518 0.390% 11,872,811 47,106 11,825,705 47,1062 0.623696 0.390% 11,825,705 28,731 11,796,973 75,8383 1.267705 0.390% 11,796,973 58,257 11,738,717 134,0954 1.184079 0.390% 11,738,717 54,145 11,684,571 188,2405 1.355043 0.390% 11,684,571 61,677 11,622,894 249,9176 0.969994 0.390% 11,622,894 43,918 11,578,976 293,8357 0.491689 0.390% 11,578,976 22,178 11,556,799 316,0138 0.399624 0.390% 11,556,799 17,991 11,538,808 334,0039 1.334543 0.390% 11,538,808 59,986 11,478,822 393,98910 1.057806 0.390% 11,478,822 47,300 11,431,522 441,28911 0.838030 0.390% 11,431,522 37,318 11,394,203 478,60812 1.459272 0.390% 11,394,203 64,771 11,329,433 543,37813 1.018518 0.331% 11,329,433 38,208 11,291,225 581,58614 0.623696 0.331% 11,291,225 23,318 11,267,907 604,90415 1.267705 0.331% 11,267,907 47,297 11,220,609 652,20216 1.184079 0.331% 11,220,609 43,992 11,176,617 696,19417 1.355043 0.331% 11,176,617 50,146 11,126,471 746,34018 0.969994 0.331% 11,126,471 35,736 11,090,735 782,07619 0.491689 0.331% 11,090,735 18,056 11,072,679 800,13220 0.399624 0.331% 11,072,679 14,651 11,058,027 814,78421 1.334543 0.331% 11,058,027 48,864 11,009,164 863,64822 1.057806 0.331% 11,009,164 38,560 10,970,604 902,20823 0.838030 0.331% 10,970,604 30,442 10,940,162 932,64924 1.459272 0.331% 10,940,162 52,861 10,887,301 985,51025 1.018518 0.281% 10,887,301 31,209 10,856,092 1,016,72026 0.623696 0.281% 10,856,092 19,056 10,837,035 1,035,77627 1.267705 0.281% 10,837,035 38,666 10,798,369 1,074,44228 1.184079 0.281% 10,798,369 35,986 10,762,383 1,110,42829 1.355043 0.281% 10,762,383 41,045 10,721,339 1,151,47330 0.969994 0.281% 10,721,339 29,269 10,692,069 1,180,74231 0.491689 0.281% 10,692,069 14,796 10,677,273 1,195,53832 0.399624 0.281% 10,677,273 12,009 10,665,264 1,207,54733 1.334543 0.281% 10,665,264 40,059 10,625,205 1,247,606

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    34 1.057806 0.281% 10,625,205 31,633 10,593,572 1,279,23935 0.838030 0.281% 10,593,572 24,986 10,568,586 1,304,22536 1.459272 0.281% 10,568,586 43,406 10,525,180 1,347,631

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    Service Fee Net of Expenses190,182 353,196154,746 287,386126,742 235,378471,671 875,960

    Service Fee Net of Expenses0

    16,487 30,61910,056 18,67520,390 37,86718,951 35,19421,587 40,09015,371 28,547

    7,762 14,4166,297 11,694

    20,995 38,99116,555 30,74513,061 24,25722,670 42,10113,373 24,835

    8,161 15,15716,554 30,74315,397 28,59517,551 32,59512,508 23,228

    6,320 11,7375,128 9,523

    17,102 31,76113,496 25,06410,655 19,78718,501 34,36010,923 20,286

    6,670 12,38713,533 25,13312,595 23,39114,366 26,67910,244 19,025

    5,179 9,6174,203 7,806

    14,021 26,038

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    11,072 20,5618,745 16,241

    15,192 28,214

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    Debt Collection - 2 Years

    Summary Loan Balance Recovered % RecoveredYr 1 5,576,788 85,310 5,491,478 1.5%Yr 2 5,496,067 71,478 5,420,000 1.3%Yr 3 5,423,849 60,018 5,359,982 1.1%Total 216,806 3.9%

    Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative0 0.128% 5,576,788 5,576,7881 0.483185 0.128% 5,576,788 3,459 5,573,329 3,4592 2.054700 0.128% 5,573,329 14,699 5,558,630 18,1583 1.178121 0.128% 5,558,630 8,406 5,550,224 26,5644 1.462030 0.128% 5,550,224 10,416 5,539,809 36,9795 1.228363 0.128% 5,539,809 8,735 5,531,074 45,7146 1.728537 0.128% 5,531,074 12,272 5,518,802 57,9867 0.620195 0.128% 5,518,802 4,393 5,514,409 62,3798 0.242005 0.128% 5,514,409 1,713 5,512,696 64,0929 0.947700 0.128% 5,512,696 6,706 5,505,990 70,79810 0.804189 0.128% 5,505,990 5,684 5,500,307 76,48111 0.600526 0.128% 5,500,307 4,240 5,496,067 80,72112 0.650447 0.128% 5,496,067 4,589 5,491,478 85,31013 0.483185 0.109% 5,491,478 2,895 5,488,583 88,20514 2.054700 0.109% 5,488,583 12,304 5,476,279 100,50915 1.178121 0.109% 5,476,279 7,039 5,469,240 107,54816 1.462030 0.109% 5,469,240 8,724 5,460,516 116,27217 1.228363 0.109% 5,460,516 7,318 5,453,198 123,59018 1.728537 0.109% 5,453,198 10,284 5,442,913 133,87519 0.620195 0.109% 5,442,913 3,683 5,439,230 137,55820 0.242005 0.109% 5,439,230 1,436 5,437,794 138,99421 0.947700 0.109% 5,437,794 5,623 5,432,172 144,61622 0.804189 0.109% 5,432,172 4,766 5,427,405 149,38323 0.600526 0.109% 5,427,405 3,556 5,423,849 152,93924 0.650447 0.109% 5,423,849 3,849 5,420,000 156,78825 0.483185 0.093% 5,420,000 2,429 5,417,572 159,21626 2.054700 0.093% 5,417,572 10,323 5,407,248 169,54027 1.178121 0.093% 5,407,248 5,908 5,401,341 175,44728 1.462030 0.093% 5,401,341 7,323 5,394,017 182,77129 1.228363 0.093% 5,394,017 6,145 5,387,872 188,91630 1.728537 0.093% 5,387,872 8