tructured new issues which have revived interest in the asset class The am ou nt of outstanding non-agency RNIBS has declined recently Outstanding Non-Agency RMBS (in $B) $2,500 - $2,000 - $1,500 - $1,000 - $500 - $0 $2,184 $1,873 $1,554 $1,282 1 $1,092 $1,048 1 1 2007 2008 2009 2010 2011

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

suitable for all investors. =OD •This message is a product of sale= and trading and is not a research report 6 EFTA_R1_01422434 EFTA02393670 *Non-Agency bonds may have limited liquidity and clients should be =ware that the secondary market for mortgage- backed securities ha= experienced periods of ill

arch report.&n=sp; Other key risks to consider are outlined below: =OD c/=pan>AII investments are subj=ct to possible loss of principal - &n=sp; Non-Agency bonds may have limited liquidity =nd clients should be aware that the secondary market for mortgage-backed s=curities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

not a research report. Other key risks to c=nsider are outlined below: - &n=sp; All investments are subject to possible loss of pr=ncipal &nb=p; Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced=periods of ill

nd is not a researc= report. Other key risks to consider are outlined below: =DAAll investme=ts are subject to possible loss of principal -&n=sp; Non-Agency bonds may have limite= liquidity and clients should be aware that the secondary market for mortg=ge-backed securities has experienced periods of ill

ot = research report. Other key risks to consider are outlined below:<=:p> =nbsp; All=investments are subject to possible loss of principal <=span>Non-Agency bonds may ha=e limited liquidity and clients should be aware that the secondary market =or mortgage-backed securities has experienced periods of ill

port. Other key risks to consider are outlined below: All investments are subject to possible loss of principal 7 EFTA_R1_01725357 EFTA02562936 Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

port. Other key risks to consider are outlined below: All investments are subject to possible loss of principal 7 EFTA_R1_01731683 EFTA02566472 Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

re subject to risk, including possible loss of principal=2E <1=> *This message is a prod=ct of sales and trading and is not a research report=/p> "Non-Agency bonds may have limited liquidity and c=ients should be aware that the seco=dary market for mortgage- backed securities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

nd trading and is not a research report. Other key risks to consider are outlined below: All investments are subject to possible loss of principal Non-Agency bonds may have limited liquidity and clients should be aware that the secondary market for mortgage-backed securities has experienced periods of ill

and is not a research repo=t. Other key risks to consider are outlined below: All investments ar= subject to possible loss of principal - &n=sp; Non-Agency bonds may have limited liqu=dity and clients should be aware that the secondary market for mortgage-ba=ked securities has experienced periods of ill