80 70 60 50 - 40 - 30 - Prime Fixed Rate — Alt A — Option ARM Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Source: Bloomberg, JPMorgan, SW LCD. LCD European Mezzanine Review, 11 Highbridge Principal Strategies. As of 1/4/12 Buy Flood Control Companies —S&P Midcap Construction & Engineeri