Market Risk:

• All of the mortgage related products listed are subject to extreme price, pre-payment and interest rate volatility. Timely payment of principal and interest only guarantee does not eliminate market risk. Mortgage related products include, but are not limited to, the following: CMOs, ABS and Pass-Through securities.

• The GMS Group, L.L.C. does not guarantee the accuracy of any of the information listed within the cmospace.com web-site nor does The GMS Group, L.L.C. provide any warranty on prices or executions. Nowhere on the cmospace.com web-site does The GMS Group, L.L.C. or its representatives purport to confirm any transactions. To purchase or sell any mortgage-related product through The GMS Group, L.L.C. you do so at your own risk.

• Please be aware that due to market fluctuations mortgage-related securities may be worth less than their original redemption (or maturity) value. The yield and average life shown consider prepayment assumptions that may or may not be met. Changes in payments may significantly affect yield and average life. Any opinions or quotations can and will change, based upon such factors as news events, market volatility, interest rates, credit ratings and quantity purchased or sold. All investment decisions are your responsibility and The GMS Group, L.L.C. is not responsible for any damage or loss resulting from any inaccuracy, misprint or misjudgement. Please contact your representative for information on CMOs and how they react to different market conditions.

• Mortgage-related securities may have adverse tax consequences. Please consult a tax professional before purchasing or selling mortgage-related securities.

Service Fee:

• Your representative's compensation is a commission based on any or all transactions. In some cases the commission may be in the form of a mark-up or mark-down.