Cumulus Funding Monthly Investor Statement

Laveer Credit Fund I #1

Initial Investment: $25,000 Imputed IRR - Hits All Future Expected Losses 1 16.5%
Percent Owned: 12.08% (Of 48 Contracts) Imputed IRR - Continued Performance at 99.6% 16.3%
Imputed IRR - Continued Performance at 107.5% 20.1%

Date of Investment: 1-May-14 NAV - 100% of Expected Remaining Payments 3 $18,820

Servicing Fees: 10% NAV - 99.6% of Expected Remaining Payments $18,738
NAV - 107.5% of Expected Remaining Payments $20,224

Monthly Performanc e Metric s

This Month Cumulative

Monthly Monthly Repurc h. Pay ments Servic ing Net Paid To Pmts. To Inv. Remaining % Of Inv.

Pay ments Expec ted Ac tual/ Pay ments Expec ted Ac tual/ + Monthly Ow ned Fees Paid To Investor - Expec ted Expec ted Rec ouped
2
Month Y ear Rec eived Pay ments Expec ted Rec eived Pay ments Expec ted Repurc h. Pay ments (12.08%) (10.00%) Investor To Date Pmts. To Inv. Pay ments To Date
May 2014 $11,733 $9,537 123.0% $11,733 $9,537 123.0% $0 $11,733 $1,416.90 $141.69 $1,275.21 $1,275 $239 $31,340 5.1%
Jun 2014 $10,000 $9,268 107.9% $21,734 $18,804 115.6% $0 $10,000 $1,207.64 $120.76 $1,086.87 $2,362 $318 $30,333 9.4%
Jul 2014 $10,177 $8,896 114.4% $31,911 $27,700 115.2% $0 $10,177 $1,229.00 $122.90 $1,106.10 $3,468 $458 $29,366 13.9%
Aug 2014 $8,474 $8,710 97.3% $40,385 $36,410 110.9% $0 $8,474 $1,023.32 $102.33 $920.99 $4,389 $432 $28,420 17.6%
Sep 2014 $5,828 $8,484 68.7% $46,213 $44,894 102.9% $0 $5,828 $703.83 $70.38 $633.45 $5,023 $143 $27,497 20.1%
Oct 2014 $8,416 $8,280 101.6% $54,629 $53,175 102.7% $0 $8,416 $1,016.27 $101.63 $914.65 $5,937 $158 $26,597 23.7%
Nov 2014 $5,804 $8,169 71.0% $60,432 $61,343 98.5% $0 $5,804 $700.85 $70.09 $630.77 $6,568 ($99) $25,710 26.3%
Dec 2014 $8,397 $8,004 104.9% $68,829 $69,347 99.3% $0 $8,397 $1,013.96 $101.40 $912.57 $7,481 ($56) $24,840 29.9%
Jan 2015 $7,457 $7,887 94.6% $76,286 $77,234 98.8% $0 $7,457 $900.55 $90.05 $810.49 $8,291 ($103) $23,983 33.2%
Feb 2015 $8,316 $7,739 107.5% $84,603 $84,973 99.6% $0 $8,316 $1,004.27 $100.43 $903.85 $9,195 ($40) $23,142 36.8%

Jan 2015

(1) Uses actual payments received for historical periods, expected post-loss payments for future periods; net of servicing fees
(2) To the investor; excludes future expected payments for any repurchased contracts after their month of repurchase
(3) A ssuming a 17% discount rate (post-loss, post-servicing)
Cumulus Funding Monthly Investor Statement
Laveer Credit Fund I #1

Cumulative Gross Monthly Pay ments from Investees in this Portfolio Cumulative Pay ments / Expec ted

$90,000 140.0%

123.0%

115.6%

115.2%
$80,000

110.9%
120.0%

102.9%

102.7%
$70,000

99.6%
99.3%

98.8%
98.5%
100.0%
$60,000

$50,000
80.0%

$40,000
60.0%
$30,000

$20,000 40.0%

$10,000
20.0%

$0
5/14

6/14

7/14

8/14

9/14

10/14

11/14

12/14

1/15

2/15
0.0%

5/14

6/14

7/14

8/14

9/14

10/14

11/14

12/14

1/15

2/15
Actual Expected

Monthly Pay ment to Investor % of Initial Investment Rec ouped

$1,400 40.0%
$1,275

$1,106

35.0%
$1,087

$1,200

30.0%
$921

$915

$913

$1,000
$904
$810

25.0%
$800
$633

$631

20.0%

$600
15.0%

$400
10.0%

$200
5.0%

$0 0.0%
5/14

6/14

7/14

8/14

9/14

10/14

11/14

12/14

1/15

2/15

5/14

6/14

7/14

8/14

9/14

10/14

11/14

12/14

1/15

2/15