EXHIBIT 99.1
--------------------------------------------------------------------------------
2003-NC3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------------------------------------------
ADJUSTABLE RATE LOANS
-------------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted
Number Cut-off Aggregate Mortgage Average Weighted Weighted
of Date Cut-off Loan Gross Average Average Weighted
Mortgage Principal Principal Principal Interest Gross Original Average
Documentation Level Loans Balance Balance Balance Rate Margin LTV FICO Score
------------------------------------------------------------------------------------------------------------
Full 1855 311,038,168.00 62.44 167,676.00 7.727 6.530 79.24 577.6
Stated Documentation 760 158,134,788.00 31.74 208,072.00 7.851 6.276 78.05 608.5
Limited 131 28,993,217.00 5.82 221,322.00 8.008 6.721 78.30 572.4
------------------------------------------------------------------------------------------------------------
Total: 2746 498,166,173.00 100.00 181,415.00 7.783 6.460 78.81 587.1
------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted
Number Cut-off Aggregate Mortgage Average Weighted Weighted
of Date Cut-off Loan Gross Average Average Weighted
Mortgage Principal Principal Principal Interest Gross Original Average
Credit Score Loans Balance Balance Balance Rate Margin LTV FICO Score
----------------------------------------------------------------------------------------------------
481 - 500 14 1,741,616.00 0.35 124,401.00 8.936 6.900 77.33 500.00
501 - 520 400 59,192,769.00 11.88 147,982.00 8.490 6.833 75.48 511.3
521 - 540 463 74,129,396.00 14.88 160,107.00 8.187 6.812 75.40 530.8
541 - 560 401 69,598,668.00 13.97 173,563.00 8.138 6.722 77.34 550.9
561 - 580 323 56,174,751.00 11.28 173,916.00 8.110 6.692 78.13 570.7
581 - 600 290 54,272,512.00 10.89 187,147.00 7.910 6.592 80.14 591.0
601 - 620 243 45,772,646.00 9.19 188,365.00 7.673 6.492 80.49 610.0
621 - 640 233 46,654,756.00 9.37 200,235.00 7.483 6.417 80.33 630.5
641 - 660 142 27,695,094.00 5.56 195,036.00 7.298 6.381 83.07 648.7
661 - 680 81 18,853,727.00 3.78 232,762.00 7.153 6.203 82.37 670.4
681 - 700 64 17,298,839.00 3.47 270,294.00 6.311 5.041 83.57 690.9
701 - 720 38 11,472,425.00 2.30 301,906.00 5.665 4.386 80.14 709.7
721 - 740 27 6,773,406.00 1.36 250,867.00 5.970 4.413 84.33 728.9
741 - 760 10 3,609,799.00 0.72 360,980.00 5.830 4.286 84.24 749.8
761 - 780 10 2,849,618.00 0.57 284,962.00 5.585 4.134 83.30 770.6
781 - 800 5 1,760,445.00 0.35 352,089.00 5.892 5.161 88.06 787.4
801 - 820 2 315,707.00 0.06 157,854.00 5.649 4.385 83.23 801.4
--------------------------------------------------------------------------------------------------
Total: 2746 498,166,173.00 100.00 181,415.00 7.783 6.46 78.81 587.1
--------------------------------------------------------------------------------------------------
Non-Zero Minimum: 500
Maximum: 802
Non-Zero Weighted Average: 587
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated ("▇▇▇▇▇▇ ▇▇▇▇▇▇▇") considers reliable. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, approved by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Limited, a
member of The Securities and Futures Authority, and by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd.
We recommend that such investors obtain the advice of their ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International or ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
--------------------------------------------------------------------------------
Page 1 of 2
--------------------------------------------------------------------------------
2003-NC3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------------------------------------------------
ADJUSTABLE RATE LOANS
---------------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted
Number Cut-off Aggregate Mortgage Average Weighted Weighted
of Date Cut-off Loan Gross Average Average Weighted
Range of Original Mortgage Principal Principal Principal Interest Gross Original Average
LTV Ratios (%) Loans Balance Balance Balance Rate Margin LTV FICO Score
-------------------------------------------------------------------------------------------------------------
10.01 - 15.00 1 63,531.00 0.01 63,531.00 12.090 7.250 11.36 541.00
15.01 - 20.00 2 139,757.00 0.03 69,878.00 7.990 6.672 19.72 551.70
20.01 - 25.00 2 235,739.00 0.05 117,870.00 8.964 7.100 24.13 595.90
25.01 - 30.00 8 490,896.00 0.10 61,362.00 8.667 7.041 27.17 559.20
30.01 - 35.00 12 993,627.00 0.20 82,802.00 8.238 6.895 33.33 567.00
35.01 - 40.00 15 2,005,479.00 0.40 133,699.00 7.494 6.586 37.70 572.10
40.01 - 45.00 14 1,853,007.00 0.37 132,358.00 8.028 6.413 43.06 566.80
45.01 - 50.00 32 4,636,336.00 0.93 144,886.00 7.860 6.718 47.56 568.40
50.01 - 55.00 39 5,726,182.00 1.15 146,825.00 7.805 6.827 53.11 547.80
55.01 - 60.00 65 12,856,430.00 2.58 197,791.00 7.775 6.765 57.88 564.70
60.01 - 65.00 119 21,982,356.00 4.41 184,726.00 7.933 6.715 63.72 563.70
65.01 - 70.00 206 34,801,682.00 6.99 168,940.00 8.242 6.829 69.08 559.50
70.01 - 75.00 349 62,363,040.00 12.52 178,691.00 8.082 6.671 74.19 566.70
75.01 - 80.00 876 154,389,982.00 30.99 176,244.00 7.585 6.372 79.66 590.50
80.01 - 85.00 629 114,435,857.00 22.97 181,933.00 7.777 6.354 84.67 586.00
85.01 - 90.00 317 68,142,721.00 13.68 214,961.00 7.635 6.269 89.79 621.30
90.01 - 95.00 60 13,049,552.00 2.62 217,493.00 7.925 6.377 94.98 642.90
---------------------------------------------------------------------------------------------------------------
Total: 2746 498,166,173.00 100.00 181,415.00 7.783 6.460 78.81 587.1
---------------------------------------------------------------------------------------------------------------
Minimum: 11.36
Maximum: 95.00
Weighted Average: 78.81
---------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted
Number Cut-off Aggregate Mortgage Average Weighted Weighted
of Date Cut-off Loan Gross Average Average Weighted
Documentation Level Mortgage Principal Principal Principal Interest Gross Original Average
- LTV over 85 Loans Balance Balance Balance Rate Margin LTV FICO Score
------------------------------------------------------------------------------------------------------------------
Full 239 50,768,149.00 62.53 212,419.00 7.488 6.224 90.87 613.10
Stated Documentation 113 25,121,191.00 30.94 222,311.00 8.048 6.381 90.29 654.40
Limited 25 5,302,933.00 6.53 212,117.00 7.796 6.441 89.84 596.20
------------------------------------------------------------------------------------------------------------------
Total: 377 81,192,273.00 100.00 215,364.00 7.682 6.287 90.62 624.80
------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated ("▇▇▇▇▇▇ ▇▇▇▇▇▇▇") considers reliable. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, approved by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Limited, a
member of The Securities and Futures Authority, and by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd.
We recommend that such investors obtain the advice of their ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International or ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
--------------------------------------------------------------------------------
Page 2 of 2
--------------------------------------------------------------------------------
2003-NC3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------------------------------------------
FIXED RATE LOANS
---------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted Weighted
Number Cut-off Aggregate Mortgage Average Average
of Date Cut-off Loan Gross Combined Weighted
Mortgage Principal Principal Principal Interest Original Average
Documentation Level Loans Balance Balance Balance Rate LTV FICO Score
--------------------------------------------------------------------------------------------------------
Full 1263 133,212,755.00 67.12 105,473.00 8.100 79.71 606.90
Stated Documentation 325 54,098,484.00 27.26 166,457.00 7.785 75.16 635.60
Limited 61 11,162,139.00 5.62 182,986.00 7.571 75.92 603.40
--------------------------------------------------------------------------------------------------------
Total: 1649 198,473,378.00 100.00 120,360.00 7.985 78.26 614.60
--------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by ▇▇▇ ▇▇▇▇▇▇▇▇ Weighted
Number Cut-off Aggregate Mortgage Average Average
of Date Cut-off Loan Gross Combined Weighted
Mortgage Principal Principal Principal Interest Original Average
Credit Score Loans Balance Balance Balance Rate LTV FICO Score
--------------------------------------------------------------------------------------------------
481 - 500 4 383,285.00 0.19 95,821.00 8.674 74.98 500.00
501 - 520 85 8,496,794.00 4.28 99,962.00 8.583 72.78 511.10
521 - 540 115 13,086,214.00 6.59 113,793.00 8.379 72.63 531.90
541 - 560 157 19,531,692.00 9.84 124,406.00 8.190 73.98 550.10
561 - 580 146 20,110,406.00 10.13 137,743.00 7.944 73.95 570.40
581 - 600 144 18,962,084.00 9.55 131,681.00 8.028 76.00 590.70
601 - 620 220 22,276,105.00 11.22 101,255.00 8.162 80.07 610.80
621 - 640 257 27,484,905.00 13.85 106,945.00 7.991 80.44 630.70
641 - 660 213 26,614,430.00 13.41 124,950.00 7.751 81.13 649.70
661 - 680 136 17,639,353.00 8.89 129,701.00 7.708 82.85 670.10
681 - 700 85 12,222,182.00 6.16 143,790.00 7.650 81.41 690.70
701 - 720 35 4,729,317.00 2.38 135,123.00 7.389 80.88 709.30
721 - 740 20 2,977,822.00 1.50 148,891.00 7.527 86.41 731.60
741 - 760 11 1,088,687.00 0.55 98,972.00 8.266 75.34 748.40
761 - 780 13 1,898,937.00 0.96 146,072.00 8.410 83.58 767.40
781 - 800 8 971,166.00 0.49 121,396.00 7.609 72.03 789.10
--------------------------------------------------------------------------------------------------
Total: 1649 198,473,378.00 100.00 120,360.00 7.985 78.26 614.60
--------------------------------------------------------------------------------------------------
Non-Zero Minimum: 500
Maximum: 794
Non-Zero Weighted Average: 615
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated ("▇▇▇▇▇▇ ▇▇▇▇▇▇▇") considers reliable. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, approved by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Limited, a
member of The Securities and Futures Authority, and by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd.
We recommend that such investors obtain the advice of their ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International or ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
--------------------------------------------------------------------------------
Page 1 of 2
--------------------------------------------------------------------------------
2003-NC3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
--------------------------------------------------------------------------------
FIXED RATE LOANS
-------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted Weighted
Number Cut-off Aggregate Mortgage Average Average
of Date Cut-off Loan Gross Combined Weighted
Range of Original Mortgage Principal Principal Principal Interest Original Average
LTV Ratios (%) Loans Balance Balance Balance Rate LTV FICO Score
------------------------------------------------------------------------------------------------------
<= 10.00 2 78,542.00 0.04 39,271.00 10.393 84.02 655.30
10.01 - 15.00 40 1,504,949.00 0.76 37,624.00 10.839 98.85 657.30
15.01 - 20.00 324 13,946,358.00 7.03 43,044.00 10.897 99.60 647.00
20.01 - 25.00 16 676,244.00 0.34 42,265.00 8.575 57.61 647.50
25.01 - 30.00 7 441,676.00 0.22 63,097.00 9.421 56.63 606.40
30.01 - 35.00 16 920,911.00 0.46 57,557.00 8.067 41.58 620.60
35.01 - 40.00 15 2,212,947.00 1.11 147,530.00 7.156 37.60 588.90
40.01 - 45.00 27 2,409,144.00 1.21 89,228.00 7.306 42.67 623.10
45.01 - 50.00 36 3,766,816.00 1.90 104,634.00 7.449 47.68 601.10
50.01 - 55.00 37 5,002,320.00 2.52 135,198.00 7.504 52.84 598.20
55.01 - 60.00 50 6,423,031.00 3.24 128,461.00 7.492 57.88 599.40
60.01 - 65.00 84 13,528,119.00 6.82 161,049.00 7.443 63.30 587.40
65.01 - 70.00 95 14,615,876.00 7.36 153,851.00 7.357 68.64 614.10
70.01 - 75.00 156 21,878,218.00 11.02 140,245.00 7.842 73.99 604.40
75.01 - 80.00 292 39,872,764.00 20.09 136,551.00 7.963 79.49 596.10
80.01 - 85.00 230 34,577,181.00 17.42 150,336.00 7.877 84.43 612.30
85.01 - 90.00 183 30,104,526.00 15.17 164,506.00 7.671 89.65 644.60
90.01 - 95.00 39 6,513,753.00 3.28 167,019.00 7.752 94.77 649.10
-------------------------------------------------------------------------------------------------------
Total: 1649 198,473,378.00 100.00 120,360.00 7.985 78.26 614.60
-------------------------------------------------------------------------------------------------------
Minimum: 9.09
Maximum: 95.00
Weighted Average: 71.76
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
% of
Morgage
Aggregate Pool by Avg Weighted Weighted
Number Cut-off Aggregate Mortgage Average Average
of Date Cut-off Loan Gross Combined Weighted
Documentation Level Mortgage Principal Principal Principal Interest Original Average
- LTV over 85 Loans Balance Balance Balance Rate LTV FICO Score
-------------------------------------------------------------------------------------------------------
Full 164 26,104,154.00 71.29 159,172.00 7.604 90.79 638.40
Stated Documentation 45 8,356,693.00 22.82 185,704.00 7.951 90.09 672.00
Limited 13 2,157,431.00 5.89 165,956.00 7.636 89.58 627.40
-------------------------------------------------------------------------------------------------------
Total: 222 36,618,279.00 100.00 164,947.00 7.685 90.56 645.40
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. This material is based on information that
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated ("▇▇▇▇▇▇ ▇▇▇▇▇▇▇") considers reliable. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ makes no representation or warranty with respect to the accuracy or
completeness of the information, or with respect to the terms of any future
offer of securities conforming to the terms hereof. Any such offer of securities
would be made pursuant to a definitive Prospectus or Private Placement
Memorandum, as the case may be, prepared by the issuer which could contain
material information not contained herein and to which the prospective
purchasers are referred. In the event of any such offering, this information
shall be deemed superseded, amended and supplemented in its entirety by such
Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement
Memorandum will contain all material information in respect of any securities
offered thereby and any decision to invest in such securities should be made
solely in reliance upon such Prospectus or Private Placement Memorandum. The
information contained here in may be based on certain assumptions regarding
market conditions and other matters and is therefore subject to change. We make
no representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied on for such
purposes. No representation is made that any returns indicated will be achieved.
Changes to the assumptions may have a material impact on any returns detailed.
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ disclaims any and all liability relating to this information,
including without limitation any express or implied representations or
warranties for, statements contained in, and omissions from the information
contained here in. Additional information is available upon request. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ and others associated with it may have positions in, and may effect
transaction in, securities and instruments of issuers mentioned herein and may
also perform or seek to perform investment banking services for the issuers of
such securities and instruments. Past performance is not necessarily indicative
of future results. Price and availability are subject to change without notice.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supercedes all prior information regarding such
assets. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is acting as the lead underwriter and not acting as agent
for the issuer or its affiliates in connection with the proposed transaction. To
our readers worldwide: In addition, please note that this publication has been
issued by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, approved by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International Limited, a
member of The Securities and Futures Authority, and by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd.
We recommend that such investors obtain the advice of their ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ International or ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Japan Ltd. representative about
the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED
BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
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