XXXXXX XXXXXXX
------------------------------------------------------------------------------------------------------------------------------------
03/13/2002 19:54:39 CARVE Version 661.0 /u/xxxxxx/deal/MSDWC_2002-HQ/20020313/hq.0313.carve
MS MS SERIES 2002-C1 CLASS A1
------------------------------------------------------------------------------------------------------------------------------------
Class A1 Settlement Date 03/27/2002 Coupon 4.31000 Cusip N/A
Original Balance 150,000,000.00 Dated Date 03/01/2002 Delay 14 Yield Table Date 03/13/2002
Current Balance 150,000,000.00 First Payment Date 04/15/2002 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating Aaa/AAA Next Payment Date 04/15/2002 Orig Deal Size 845,945,104.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 21
Factor 1.00000000 Interest Freq Monthly Deal Age 0
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
---------------------------------------------------------------------------------------------------------------
PRICE / YIELD
---------------------------------------------------------------------------------------------------------------
99/16 4.53 4.53 4.53 4.53 4.55
99/18 4.49 4.49 4.50 4.50 4.51
99/20 4.46 4.46 4.46 4.46 4.47
99/22 4.43 4.43 4.43 4.43 4.43
99/24 4.39 4.39 4.39 4.39 4.40
99/26 4.36 4.36 4.36 4.36 4.36
99/28 4.33 4.33 4.33 4.33 4.32
99/30 4.29 4.29 4.29 4.29 4.29
100/00 4.26 4.26 4.26 4.26 4.25
100/02 4.23 4.23 4.22 4.22 4.21
100/04 4.19 4.19 4.19 4.19 4.18
100/06 4.16 4.16 4.16 4.15 4.14
100/08 4.13 4.12 4.12 4.12 4.10
100/10 4.09 4.09 4.09 4.09 4.07
100/12 4.06 4.06 4.06 4.05 4.03
100/14 4.03 4.02 4.02 4.02 3.99
100/16 3.99 3.99 3.99 3.98 3.96
---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 2.01 2.00 1.99 1.96 1.81
FIRST PRIN 04/15/2002 04/15/2002 04/15/2002 04/15/2002 04/15/2002
LAST PRIN 01/15/2006 01/15/2006 01/15/2006 01/15/2006 10/15/2005
PAYMENT WINDOW 46 46 46 46 43
ACCRUAL FACTOR 0.3113 0.3113 0.3113 0.3113 0.3113
MOD DURATION @ 100/00 1.87 1.86 1.84 1.82 1.69
Page 1 of 5
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. No representation or warranty can be given
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.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated 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, this information. Additional information is available upon
request. Xxxxxx Xxxxxxx & Co. Incorporated 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. To our readers worldwide: In
addition, please note that this publication has been issued by Xxxxxx Xxxxxxx &
Co. Incorporated, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, any by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxx Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd.
representative about the investmentsconcerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
XXXXXX XXXXXXX
------------------------------------------------------------------------------------------------------------------------------------
03/13/2002 19:54:39 CARVE Version 661.0 /u/xxxxxx/deal/MSDWC_2002-HQ/20020313/hq.0313.carve
MS MS SERIES 2002-C1 CLASS A2
------------------------------------------------------------------------------------------------------------------------------------
Class A1 Settlement Date 03/27/2002 Coupon 5.91000 Cusip N/A
Original Balance 180,000,000.00 Dated Date 03/01/2002 Delay 14 Yield Table Date 03/13/2002
Current Balance 180,000,000.00 First Payment Date 04/15/2002 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating Aaa/AAA Next Payment Date 04/15/2002 Orig Deal Size 845,945,104.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 21
Factor 1.00000000 Interest Freq Monthly Deal Age 0
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
---------------------------------------------------------------------------------------------------------------
PRICE / YIELD
---------------------------------------------------------------------------------------------------------------
100/00 5.93 5.93 5.93 5.93 5.93
100/02 5.92 5.92 5.92 5.92 5.92
100/04 5.91 5.91 5.91 5.91 5.91
100/06 5.89 5.89 5.89 5.89 5.89
100/08 5.88 5.88 5.88 5.88 5.88
100/10 5.87 5.87 5.87 5.87 5.87
100/12 5.86 5.86 5.85 5.85 5.85
100/14 5.84 5.84 5.84 5.84 5.84
100/16 5.83 5.83 5.83 5.83 5.83
100/18 5.82 5.82 5.82 5.82 5.81
100/20 5.80 5.80 5.80 5.80 5.80
100/22 5.79 5.79 5.79 5.79 5.78
100/24 5.78 5.78 5.78 5.78 5.77
100/26 5.76 5.76 5.76 5.76 5.76
100/28 5.75 5.75 5.75 5.75 5.74
100/30 5.74 5.74 5.74 5.74 5.73
101/00 5.72 5.72 5.72 5.72 5.72
---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 5.74 5.74 5.72 5.71 5.58
FIRST PRIN 01/15/2006 01/15/2006 01/15/2006 01/15/2006 10/15/2006
LAST PRIN 06/15/2010 06/15/2010 06/15/2010 06/15/2010 04/15/2010
PAYMENT WINDOW 54 54 54 54 55
ACCRUAL FACTOR 0.42618 0.42618 0.42618 0.42618 0.42618
MOD DURATION @ 100/16 4.71 4.71 4.70 4.69 4.60
Page 2 of 5
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. No representation or warranty can be given
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.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated 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, this information. Additional information is available upon
request. Xxxxxx Xxxxxxx & Co. Incorporated 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. To our readers worldwide: In
addition, please note that this publication has been issued by Xxxxxx Xxxxxxx &
Co. Incorporated, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, any by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxx Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd.
representative about the investmentsconcerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
XXXXXX XXXXXXX
------------------------------------------------------------------------------------------------------------------------------------
03/13/2002 19:54:39 CARVE Version 661.0 /u/xxxxxx/deal/MSDWC_2002-HQ/20020313/hq.0313.carve
MS MS SERIES 2002-C1 CLASS A3
------------------------------------------------------------------------------------------------------------------------------------
Class A3 Settlement Date 03/27/2002 Coupon 6.39000 Cusip N/A
Original Balance 363,674,000.00 Dated Date 03/01/2002 Delay 14 Yield Table Date 03/13/2002
Current Balance 363,674,000.00 First Payment Date 04/15/2002 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating Aaa/AAA Next Payment Date 04/15/2002 Orig Deal Size 845,945,104.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 21
Factor 1.00000000 Interest Freq Monthly Deal Age 0
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
---------------------------------------------------------------------------------------------------------------
PRICE / YIELD
---------------------------------------------------------------------------------------------------------------
100/00 6.44 6.44 6.44 6.44 6.44
100/02 6.43 6.43 6.43 6.43 6.43
100/04 6.42 6.42 6.42 6.42 6.42
100/06 6.41 6.41 6.41 6.41 6.41
100/08 6.40 6.40 6.40 6.40 6.40
100/10 6.39 6.39 6.39 6.39 6.39
100/12 6.38 6.38 6.38 6.38 6.38
100/14 6.38 6.38 6.38 6.38 6.37
100/16 6.37 6.37 6.37 6.37 6.36
100/18 6.36 6.36 6.36 6.36 6.36
100/20 6.35 6.35 6.35 6.35 6.35
100/22 6.34 6.34 6.34 6.34 6.34
100/24 6.33 6.33 6.33 6.33 6.33
100/26 6.32 6.32 6.32 6.32 6.32
100/28 6.31 6.31 6.31 6.31 6.31
100/30 6.30 6.30 6.30 6.30 6.30
101/00 6.29 6.29 6.29 6.29 6.29
---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.36 9.35 9.34 9.31 9.13
FIRST PRIN 06/15/2010 06/15/2010 06/15/2010 06/15/2010 04/15/2010
LAST PRIN 02/15/2012 02/15/2012 02/15/2012 02/15/2012 11/15/2011
PAYMENT WINDOW 21 21 21 21 20
ACCRUAL FACTOR 0.4615 0.4615 0.4615 0.4615 0.4615
MOD DURATION @ 100/16 6.85 6.84 6.83 6.82 6.72
Page 3 of 5
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. No representation or warranty can be given
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.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated 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, this information. Additional information is available upon
request. Xxxxxx Xxxxxxx & Co. Incorporated 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. To our readers worldwide: In
addition, please note that this publication has been issued by Xxxxxx Xxxxxxx &
Co. Incorporated, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, any by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxx Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd.
representative about the investmentsconcerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
XXXXXX XXXXXXX
------------------------------------------------------------------------------------------------------------------------------------
03/13/2002 19:54:39 CARVE Version 661.0 /u/xxxxxx/deal/MSDWC_2002-HQ/20020313/hq.0313.carve
MS MS SERIES 2002-C1 CLASS B
------------------------------------------------------------------------------------------------------------------------------------
Class B Settlement Date 03/27/2002 Coupon 6.55000 Cusip N/A
Original Balance 32,781,000.00 Dated Date 03/01/2002 Delay 14 Yield Table Date 03/13/2002
Current Balance 32,781,000.00 First Payment Date 04/15/2002 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating Aa2/AAA Next Payment Date 04/15/2002 Orig Deal Size 845,945,104.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 21
Factor 1.00000000 Interest Freq Monthly Deal Age 0
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
---------------------------------------------------------------------------------------------------------------
PRICE / YIELD
---------------------------------------------------------------------------------------------------------------
100/00 6.60 6.60 6.60 6.60 6.60
100/02 6.60 6.60 6.60 6.60 6.59
100/04 6.59 6.59 6.59 6.59 6.59
100/06 6.58 6.58 6.58 6.58 6.58
100/08 6.57 6.57 6.57 6.57 6.57
100/10 6.56 6.56 6.56 6.56 6.56
100/12 6.55 6.55 6.55 6.55 6.55
100/14 6.54 6.54 6.54 6.54 6.54
100/16 6.53 6.53 6.53 6.53 6.53
100/18 6.53 6.52 6.52 6.52 6.52
100/20 6.52 6.52 6.52 6.52 6.51
100/22 6.51 6.51 6.51 6.51 6.51
100/24 6.50 6.50 6.50 6.50 6.50
100/26 6.49 6.49 6.49 6.49 6.49
100/28 6.48 6.48 6.48 6.48 6.48
100/30 6.47 6.47 6.47 6.47 6.47
101/00 6.46 6.46 6.46 6.46 6.46
---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 9.89 9.88 9.88 9.88 9.66
FIRST PRIN 02/15/2012 02/15/2012 02/15/2012 02/15/2012 11/15/2011
LAST PRIN 03/15/2012 02/15/2012 02/15/2012 02/15/2012 12/15/2011
PAYMENT WINDOW 2 1 1 1 2
ACCRUAL FACTOR 0.4731 0.4731 0.4731 0.4731 0.4731
MOD DURATION @ 100/16 7.07 7.07 7.07 7.07 6.95
Page 4 of 5
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. No representation or warranty can be given
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.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated 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, this information. Additional information is available upon
request. Xxxxxx Xxxxxxx & Co. Incorporated 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. To our readers worldwide: In
addition, please note that this publication has been issued by Xxxxxx Xxxxxxx &
Co. Incorporated, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, any by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxx Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd.
representative about the investmentsconcerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
XXXXXX XXXXXXX
------------------------------------------------------------------------------------------------------------------------------------
03/13/2002 19:54:39 CARVE Version 661.0 /u/xxxxxx/deal/MSDWC_2002-HQ/20020313/hq.0313.carve
MS MS SERIES 2002-C1 CLASS C
------------------------------------------------------------------------------------------------------------------------------------
Class C Settlement Date 03/27/2002 Coupon 6.68000 Cusip N/A
Original Balance 29,608,000.00 Dated Date 03/01/2002 Delay 14 Yield Table Date 03/13/2002
Current Balance 29,608,000.00 First Payment Date 04/15/2002 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating A2/A Next Payment Date 04/15/2002 Orig Deal Size 845,945,104.00 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 21
Factor 1.00000000 Interest Freq Monthly Deal Age 0
PREPAY CPR 0 (!YM) CPR 25 (!YM) CPR 50 (!YM) CPR 75 (!YM) CPR 100
---------------------------------------------------------------------------------------------------------------
PRICE / YIELD
---------------------------------------------------------------------------------------------------------------
100/00 6.74 6.74 6.74 6.74 6.74
100/02 6.73 6.73 6.73 6.73 6.73
100/04 6.72 6.72 6.72 6.72 6.72
100/06 6.71 6.71 6.71 6.71 6.71
100/08 6.70 6.70 6.70 6.70 6.70
100/10 6.69 6.69 6.69 6.69 6.69
100/12 6.68 6.68 6.68 6.68 6.68
100/14 6.68 6.68 6.68 6.67 6.67
100/16 6.67 6.67 6.67 6.67 6.67
100/18 6.66 6.66 6.66 6.66 6.66
100/20 6.65 6.65 6.65 6.65 6.65
100/22 6.64 6.64 6.64 6.64 6.64
100/24 6.63 6.63 6.63 6.63 6.63
100/26 6.62 6.62 6.62 6.62 6.62
100/28 6.61 6.61 6.61 6.61 6.61
100/30 6.61 6.61 6.61 6.60 6.60
---------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 10.04 10.01 9.96 9.91 9.79
FIRST PRIN 03/15/2012 02/15/2012 02/15/2012 02/15/2012 12/15/2011
LAST PRIN 04/15/2012 04/15/2012 04/15/2012 03/15/2012 01/15/2012
PAYMENT WINDOW 2 3 3 2 2
ACCRUAL FACTOR 0.4824 0.4824 0.4824 0.4824 0.4824
MOD DURATION @ 100/16 7.10 7.09 7.06 7.03 6.98
Page 5 of 5
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. No representation or warranty can be given
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.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated 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, this information. Additional information is available upon
request. Xxxxxx Xxxxxxx & Co. Incorporated 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. To our readers worldwide: In
addition, please note that this publication has been issued by Xxxxxx Xxxxxxx &
Co. Incorporated, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, any by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxx Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd.
representative about the investmentsconcerned. NOT FOR DISTRIBUTION TO PRIVATE
CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
