Lauren Rieder signs off October 10 on the RBS September 2007 Independent Price Verification report

(IPV), incorrectly and deliberately stating no ABS CDO market data to justify writedowns. See Lauren
Rieder Disclaimer in IPV Report.

REPORT: https://drive.google.com/open?id=0BzKpYGA_5moJQzZ4QnE5TjIxTVU
By October 1, Victor Hong had already notified Lauren Rieder, Bruce Jin, Ian Gaskell, and CFO Carol
Mathis on of 40% market depreciation, warranting super-senior tranche writedowns.

REPORT: https://drive.google.com/open?id=0BzKpYGA_5moJVjdjeThKZXB5bFk
In early November 2007, Lauren Rieder acknowledges her sign-off about no CDO pricing observability,
and asks Victor Hong to delete that IPV sign-off, e-mails, and research reports. This exemplifies internal
Operational Risk Management loss event.