8-K

_________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

April 15, 2005

Sequoia Residential Funding, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	333-118832	35-2170972
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

591 Redwood Highway Suite 3160 Mill Valley, California	94941
(Address of Principal Executive Offices)	(Zip Code)
Registrant’s telephone number, including area code:  (415) 381-1765

No Change

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events.

In connection with the offering of the Sequoia Mortgage Trust 2005-3 Mortgage Pass-Through Certificates (the “Certificates”), Banc of America Securities LLC, as representative (the “Representative”) of the underwriters of the Certificates has prepared certain materials (the “Collateral Term Sheet”) for distribution to potential investors.  Although Sequoia Residential Funding, Inc. provided the Representative with certain information regarding the characteristics of the mortgage loans in the related portfolio, it did not participate in the preparation of the Collateral Term Sheet filed hereby.

For purposes of this Form 8-K, “Collateral Term Sheet” shall mean certain descriptive information about the mortgage loans underlying the offering of the Certificates, including data regarding the contractual and related characteristics of the underlying mortgage loans, such as the weighted average coupon, weighted average maturity and other factual information regarding the types of assets comprising the mortgage pool.  The Collateral Term Sheet is attached hereto as Exhibits 99.1, 99.2 and 99.3.

1 Capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to them in the Prospectus.  

Item 9.01.  Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

Collateral Term Sheet.

99.2

Collateral Term Sheet.

99.3

Collateral Term Sheet.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SEQUOIA RESIDENTIAL FUNDING, INC.

By:

               /s/ John H. Isbrandtsen                        

Name: John H. Isbrandtsen

Title: Vice President

Dated:  April 19, 2005

EXHIBIT INDEX

Exhibit No.

Description

99.1

Collateral Term Sheet

99.2

Collateral Term Sheet

99.3

Collateral Term Sheet

EX-99

Pool Data

Data Entry Rules:

1.  Only enter data in the fields highlighted in purple.

2.  Please enter 0 for blanks.

3.  Bucket the data using best fit rules.

Pool Summary
Total Issue Balance (USD)	365,225,506
Original Mortgage Pool Balance (USD)	365,939,121
Current Mortgage Pool Balance (USD)	365,225,506
Total Number of Loans	1,044
Average Loan Balance (USD)	349,833
1st lien (%age)	100.0%
2nd lien (%age)	0.0%
WA FICO	737
- Minimum FICO	538
- Maximum FICO	821
WA LTV	69.9%
- Minimum LTV	15.0%
- Maximum LTV	100.0%
WA DTI	35.1%
- Minimum DTI	4.0%
- Maximum DTI	70.8%
WA Age (Months)	2
WA Remaining Term (Months)	338
Aquired Loans
North California (% of Pool)	7.0%
South California (% of Pool)	14.0%

North  California		Classification	Total	Check
% of State	33.43	Mortgage Type	365,225,506
WA FICO	741	Loan-to-Value	365,225,506
- Minimum FICO	584	FICO	365,225,506
- Maximum FICO	813	Purpose	365,225,506
WA LTV	68.94	Occupancy	365,225,506
- Minimum LTV	20	Loan Balance	578,524,537
- Maximum LTV	100	Property Type	361,359,117
Highest Zip-Code Density (% of State)	9.4	Documentation Type	365,225,506
Zip-Code with Highest Density	94010	Fixed Period	-
		Debt-to-Income Ratio	365,225,506
South California		Geographic Distribution	365,225,506
% of State	66.57
WA FICO	739	Per Annum Fees
Minimum FICO	538	Servicer Fees
Maximum FICO	811	Cost of Carry
WA LTV	68.62
Minimum LTV	22.22
Maximum LTV	100
Highest Zip-Code Density (% of State)	6.07
Zip-Code with Highest Density	91941

Mortgage Type	WA LTV	WA FICO	Balance
Classic 30yr FRM
Classic 15yr FRM
Classic ARM	70%	737	365,225,506
Classic 15/30 Balloon
Classic 5/1 Hybrid
Classic 5/1 IO Hybrid
5/1 Hybrid w/3 year IO feature

LTV	WA LTV	WA FICO	Balance
0.01-20.00	17%	731	432,000
20.01-25.00	22%	773	149,576
25.01-30.00	27%	764	2,692,610
30.01-35.00	32%	762	5,607,730
35.01-40.00	37%	735	2,570,791
40.01-45.00	43%	753	8,358,048
45.01-50.00	48%	749	17,196,474
50.01-55.00	53%	756	14,356,864
55.01-60.00	58%	731	15,940,172
60.01-65.00	63%	735	42,432,952
65.01-70.00	69%	740	55,017,129
70.01-75.00	73%	736	51,350,923
75.01-80.00	79%	732	132,949,425
80.01-85.00	83%	701	1,619,951
85.01-90.00	89%	723	3,138,378
90.01-95.00	94%	761	4,024,768
95.01-100.00	100%	751	7,387,716

FICO	WA LTV	WA FICO	Balance
321 - 340
341 - 360
361 - 380
381 - 400
401 - 420
421 - 440
441 - 460
461 - 480
481 - 500
501 - 520
521 - 540	59%	538	1,687,000
541 - 560
561 - 580	90%	576	234,000
581 - 600	65%	584	315,000
601 - 620	77%	614	3,272,500
621 - 640	78%	626	2,438,680
641 - 660	71%	650	7,438,233
661 - 680	73%	673	19,791,232
681 - 700	72%	691	41,139,836
701 - 720	68%	710	55,461,078
721 - 740	74%	731	41,916,443
741 - 760	69%	751	51,589,579
761 - 780	68%	770	76,003,844
781 - 800	70%	789	49,998,121
801 - 820	64%	807	13,836,040
> 820	80%	821	103,920
Unknown

LTV	MIG%	WA FICO	Balance with MIG
0.01-20.00	0%	731	0
20.01-25.00	0%	773	0
25.01-30.00	0%	764	0
30.01-35.00	0%	762	0
35.01-40.00	0%	735	0
40.01-45.00	0%	753	0
45.01-50.00	0%	749	0
50.01-55.00	0%	756	0
55.01-60.00	0%	731	0
60.01-65.00	1%	735	232,000
65.01-70.00	0%	740	0
70.01-75.00	0%	736	0
75.01-80.00	0%	732	0
80.01-85.00	100%	701	1,619,951
85.01-90.00	81%	723	2,538,078
90.01-95.00	36%	761	1,464,768
95.01-100.00	6%	751	472,999

Purpose	WA LTV	WA FICO	Balance
Purchase	74%	747	143,783,345
Cash-Out/Refinancing	66%	729	111,769,028
Refinancing	68%	734	109,673,133

Occupancy	WA LTV	WA FICO	Balance
Owner	70%	736	306,975,647
Investment	67%	756	9,570,505
2nd Home	70%	741	48,679,354

Loan Balance	WA LTV	WA FICO	Balance
<$200,000	71%	738	53,657,884
<$400,000	72%	736	160,240,698
<$600,000	72%	737	240,913,480
>$600,000	67%	738	123,712,475

Property Type	WA LTV	WA FICO	Balance
SFR	69%	737	222,796,694
PUD	71%	736	96,696,359
CND	73%	742	36,928,051
2-4 Family	58%	758	4,938,012

Documentation Type	WA LTV	WA FICO	Balance
Full	72%	737	190,527,727
Reduced	66%	742	119,430,941
SISA
NISA
NINA
NAV
No Ratio	60%	765	1,163,000
Alt	72%	729	54,103,838

Fixed Period (Months)	WA LTV	WA FICO	Balance
1	NA
3	NA
6	NA
12	NA
24	NA
36	NA
60	NA
84	NA
>=120	NA

DTI	WA LTV	WA FICO	Balance
0.01 – 5.00	60%	742	960,000
5.01 – 10.00	68%	770	2,787,340
10.01 – 15.00	64%	751	9,925,566
15.01 – 20.00	63%	755	22,353,046
20.01 – 25.00	71%	747	17,654,965
25.01 – 30.00	69%	742	56,463,546
30.01 – 35.00	68%	741	65,316,743
35.01 – 40.00	72%	734	74,204,115
40.01 – 45.00	73%	735	63,099,969
45.01 – 50.00	74%	723	22,122,759
50.01 – 55.00	70%	742	6,820,568
> 55.00	75%	727	14,462,690
Unknown	65%	683	9,054,199

Geographic Distribution	WA LTV	WA FICO	Balance
AK	74%	737	690,608
AL	68%	735	545,000
AR	48%	799	153,000
AS
AZ	70%	742	23,611,494
CA	69%	739	76,892,789
CO	66%	760	16,244,734
CT	65%	744	2,982,600
CZ
DC	77%	732	4,345,840
DE	80%	742	1,031,178
FL	70%	727	41,453,479
GA	72%	729	11,418,715
GU
HI	74%	757	4,241,307
IA	70%	745	483,515
ID	80%	821	103,920
IL	70%	736	11,805,497
IN	70%	790	197,322
KS	80%	702	1,894,579
KY	63%	683	480,000
LA	65%	732	575,461
MA	71%	727	5,324,373
MD	66%	754	10,965,466
ME	50%	720	773,000
MI	72%	738	13,970,747
MN	70%	744	7,690,236
MO	72%	736	2,994,016
MS
MT	79%	753	405,900
NC	73%	746	13,117,090
ND
NE	80%	728	56,000
NH	64%	738	919,800
NJ	64%	725	15,698,692
NM	65%	684	623,092
NV	73%	732	8,224,223
NY	63%	734	15,804,560
OH	75%	729	15,432,963
OK	67%	740	606,000
OR	72%	742	5,505,761
OT
PA	75%	711	2,108,818
PR
RI	80%	694	240,000
SC	71%	758	5,192,366
SD
TN	80%	716	1,931,472
TT
TX	76%	749	8,465,101
UT	71%	748	680,900
VA	72%	723	14,758,301
VI
VT
WA	73%	743	10,966,701
WI	79%	763	868,960
WV	60%	701	149,928
WY	63%	772	2,600,000

EX-99

	Aggregate
FICO avg	737
FICO <640 %	2.14%
FICO stdev	43.40%
CLTV avg	69.81%
CLTV >80%	4.43%
SS CLTV %	0.00%
Full Doc %	52.17%
Loan Bal avg	349,832.86
% Jumbo	61.30%
DTI %
Purch %	39.37%
Cash Out %	30.60%
Fxd %	0.00%
3 yr ARM >= %	0.00%
WAC avg	4.19%
WAC stdev	0.81%
1st Lien %	100.00%
MI %	1.73%
CA %	21.05%
Invt Prop %	2.62%
IO %	99.89%
IO non-Full Doc %	47.72%
Multi-Fam %	1.35%
Prim Occ %	84.05%

Occupancy	% Bal.	WALTV	WACLTV	WA SS CLTV	WAFICO	WAC	Purch %	Invt Prop %	CA%	1st Lien %	% with S.2nd	Full Doc	IO%	DTI %	MI %
Investor/2nd Home	15.95%	69.58%	N/A	N/A	744	4.314%	75.36%	16.43%	16.38%	100.00%	0.00%	33.57%	99.31%		0.72%
Primary Occup	84.05	69.98	N/A	N/A	736	4.161	32.54	0.00	21.94	100.00	0.00	55.70	100.00		1.92
Total	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%
Documentation	% Bal.	WALTV	WACLTV	WA SS CLTV	WAFICO	WAC	Purch %	Invt Prop %	CA%	1st Lien %	% with S.2nd	Full Doc	IO%	DTI %	MI %
Full	52.17%	71.99%	N/A	N/A	737	4.029%	33.29%	2.19%	17.50%	100.00%	0.00%	100.00%	100.00%		2.69%
Non-Full	47.83	67.66	N/A	N/A	738	4.356	46.00	3.09	24.93	100.00	0.00	0.00	99.77		0.68
Total	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%
Interest Only	% Bal.	WALTV	WACLTV	WA SS CLTV	WAFICO	WAC	Purch %	Invt Prop %	CA%	1st Lien %	% with S.2nd	Full Doc %	IO%	DTI %	MI %
1ML ARM	0.11%	80.00%	N/A	N/A	796	4.375%	100.00%	0.00%	0.00%	100.00%	0.00%	0.00%	0.00%		0.00%
1ML MO - 120 IO	40.00	68.93	N/A	N/A	740	4.208	41.45	4.31	23.18	100.00	0.00	39.56	100.00		1.35
6ML MO - 120 IO	58.60	70.60	N/A	N/A	736	4.173	37.71	1.53	19.47	100.00	0.00	60.57	100.00		2.03
6ML MO - 60 IO	1.29	68.72	N/A	N/A	736	4.019	44.91	0.00	29.00	100.00	0.00	65.81	100.00		0.00
Total	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%
FICO	% Bal.	WALTV	WACLTV	WA SS CLTV	WAFICO	WAC	Purch %	Invt Prop %	CA%	1st Lien %	% with S.2nd	Full Doc %	IO %	DTI %	MI %
0-600	0.61%	63.23%	N/A	N/A	548	4.730%	0.00%	0.00%	89.53%	100.00%	0.00%	0.00%	100.00%		0.00%
601-640	1.56	77.21	N/A	N/A	619	4.260	39.20	0.00	0.00	100.00	0.00	11.94	100.00		0.00
641-680	7.46	72.81	N/A	N/A	667	4.052	24.65	2.61	19.55	100.00	0.00	61.42	100.00		1.23
681-700	11.26	71.78	N/A	N/A	691	4.212	31.61	1.45	21.73	100.00	0.00	59.35	100.00		2.91
700>=	79.10	69.29	N/A	N/A	754	4.189	42.17	2.86	20.99	100.00	0.00	51.47	99.86		1.66
Total	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%
Lien Position	% Bal.	WALTV	WACLTV	WA SS CLTV	WAFICO	WAC	Purch %	Invt Prop %	CA%	1st Lien %	% with S.2nd	Full Doc %	IO %	DTI %	MI %
1st Lien	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%
2nd Lien	0.00	0.00	N/A	N/A	0	0.000	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.00
Total	100.00%	69.92%	N/A	N/A	737	4.185%	39.37%	2.62%	21.05%	100.00%	0.00%	52.17%	99.89%		1.73%

This Structural Term Sheet, Collateral Term Sheet, or Computational Materials, as appropriate (the "material"), is provided for your information by Banc of America Securities LLC (the "Underwriter"). This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regarding market conditions and other matters as reflected herein. The Underwriter makes no representation 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 upon for such purposes. The Underwriter and its affiliates, officers , directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and/or buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC"), and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. 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 supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded by the information contained in any final prospectus for any securities actually sold to you.

EX-99

Apr 15, 2005 10:57

SEMT 05-3 Marketing

FICO < 640

Collateral Summary Report

General Pool Characteristics

Pool Size: $7,829,180.00

Total Orig. Bal.: $7,829,180.00

Loan Count: 10

Cutoff Date: 2005-04-01

Avg. Cut-Off Balance: $782,918.00

Avg. Orig. Balance: $782,918.00

% Conforming: 16.24%

W.A. FICO: 599

W.A. Orig. LTV: 73.32%

W.A. Cut-Off LTV: 73.32%

Earliest Orig. Date: 2004-08-25

Latest Maturity Date: 2034-09-01

W.A. Gross Coupon: 4.3925%

W.A. Net Coupon: 3.9967%

W.A. Servicing Fee: 0.3794%

W.A. Master Servicing Fee: 0.0165%

W.A. Pass-Through Rate:

W.A. Orig. Term: 305.2 months

W.A. Rem. Term: 304.4 months

W.A. Age: 0.8 months

% OLTV over 80: 12.25%

% OLTV over 95: 9.26%

% OLTV over 100: 0.00%

% with PMI: 0.00%

% with LPMI: 0.00%

% OLTV over 80 with PMI: 0.00%

W.A. MI Coverage:

W.A. MI Adjusted COLTV: 73.32%

% Second Lien: 0.00%

% with Prepay Penalty: 0.00%

% Balloon: 0.00%

Max. Zipcode Conc.: 38.32%

W.A. Roll Term: 3.0 months

W.A. Margin: 1.586%

W.A. Initial Cap (ARMs):

W.A. Interim Cap (ARMs): 6.000%

W.A. Life Cap (ARMs): 7.607%

W.A. Ceiling (ARMs): 12.000%

W.A. Floor (ARMs): 1.586%

Lien Position

Percent

1

100.00%

Total:

100.00%

Credit Score

Percent

600 - 649

71.44%

550 - 599

7.01

500 - 549

21.55

Total:

100.00%

W.A.: 599

Lowest: 538

Highest: 638

Original Balance

Percent

100,001 - 200,000

2.55%

200,001 - 300,000

9.66

300,001 - 400,000

4.02

400,001 - 500,000

6.07

600,001 - 700,000

8.71

700,001 - 800,000

9.12

1,600,001 - 1,700,000

21.55

over 2,000,001

38.32

Total:

100.00%

Average: $782,918.00

Lowest: $200,000.00

Highest: $3,000,000.00

Cut-Off Balance

Percent

100,001 - 200,000

2.55%

200,001 - 300,000

9.66

300,001 - 400,000

4.02

400,001 - 500,000

6.07

600,001 - 700,000

8.71

700,001 - 800,000

9.12

1,600,001 - 1,700,000

21.55

>= 2,000,001

38.32

Total:

100.00%

Average: $782,918.00

Lowest: $200,000.00

Highest: $3,000,000.00

Coupon

Percent

3.501 - 3.750

8.71%

4.001 - 4.250

57.53

4.251 - 4.500

2.99

4.501 - 4.750

3.48

4.751 - 5.000

27.29

Total: 100.00%

W.A.: 4.393%

Lowest: 3.750%

Highest: 4.875%

PMI Providers

Percent

NONE

100.00%

Total:

100.00%

Product Type

Percent

1ML MO - 120 IO

57.53%

6ML MO - 120 IO

42.47

Total: 100.00%

Index

Percent

1ML

57.53%

6ML

42.47

Total:

100.00%

Loan Purpose

Percent

Refinance-Cashout

72.91%

Purchase

27.09

Total:

100.00%

Property Type

Percent

Single Family

49.49%

PUD

41.80

PUD-Detached

8.71

Total:

100.00%

Occupancy Status

Percent

Primary

87.75%

Secondary

12.25

Total:

100.00%

Documentation

Percent

Alternative Documentation

67.19%

Asset Verification, No Income Verification

21.55

Full Documentation

8.71

Lite Documentation

2.55

Total:

100.00%

State

Percent

Florida

41.80%

California

25.57

New Jersey

9.12

Virginia

8.71

Kansas

6.07

Other

8.74

Total:

100.00%

California

Percent

Northern California

15.73%

Southern California

84.27

Total:

100.00%

Zip Code

Percent

33469

38.32%

93108

21.55

07750

9.12

20152

8.71

66083

6.07

Other

16.24

Total:

100.00%

Delinquency*

Percent

0-29 days

100.00%

Total:

100.00%

* MBA method

OLTV

Percent

30.01 - 40.00

2.55%

40.01 - 50.00

3.48

50.01 - 60.00

21.55

60.01 - 70.00

13.14

70.01 - 80.00

47.03

80.01 - 90.00

2.99

90.01 - 100.00

9.26

Total:

100.00%

W.A.:

73.32%

Lowest:

33.23%

Highest:

100.00%

Cut-Off LTV

Percent

30.01 - 40.00

2.55%

40.01 - 50.00

3.48

50.01 - 60.00

21.55

60.01 - 70.00

13.14

70.01 - 80.00

47.03

80.01 - 90.00

2.99

90.01 - 100.00

9.26

Total:

100.00%

W.A.:

73.32%

Lowest:

33.23%

Highest:

100.00%

Prepayment Penalty Term

Percent

0

100.00%

Total:

100.00%

W.A.: 0.0 months

Lowest: 0 months

Highest: 0 months

Original Term

Percent

300

91.29%

360

8.71

Total:

100.00%

W.A.: 305.2 months

Lowest: 300 months

Highest: 360 months

Cut-Off Remaining Term

Percent

295 - 300

91.29%

349 - 354

8.71

Total:

100.00%

W.A.: 304.4 months

Lowest: 299 months

Highest: 353 months

Cutoff Loan Age

Percent

0

69.64%

1 - 6

21.66

7 - 12

8.71

Total:

100.00%

W.A.: 0.8 months

Lowest: 0 months

Highest: 7 months

Gross Margin

Percent

1.500

57.53%

1.625

33.76

2.000

8.71

Total:

100.00%

W.A.: 1.586%

Lowest: 1.500%

Highest: 2.000%

Initial Cap (ARMs)

Percent

0.000

100.00%

Total:

100.00%

W.A.: 0.000%

Lowest: 0.000%

Highest: 0.000%

Periodic Cap (ARMs)

Percent

0.000

91.29%

6.000

8.71

Total:

100.00%

W.A.: 0.522%

Lowest: 0.000%

Highest: 6.000%

Maximum Rate (ARMs)

Percent

11.001 - 12.000

100.00%

Total:

100.00%

W.A.: 12.000%

Lowest: 12.000%

Highest: 12.000%

Remaining IO Term

Percent

109 - 114

8.71%

115 - 120

91.29

Total: 100.00%

LookBack Days

Percent

25

8.71%

32

57.53

45

33.76

Total:

100.00%

This Structural Term Sheet, Collateral Term Sheet, or Computational Materials, as appropriate (the "material"), is for your private information, and Banc of America Securities LLC (the "Underwriter") is not soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This material is based on information that the Underwriter considers reliable, but the Underwriter does not represent that it is accurate or complete, and it should not be relied upon as such. By accepting this material, the recipient agrees that it will not distribute or provide the material to any other person. The information contained in this material may pertain to securities that ultimately are not sold. The information contained in this material may be based on assumptions regardi ng market conditions and other matters as reflected herein. The Underwriter makes no representation 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 upon for such purposes. The Underwriter and its affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and/or buy and sell, the securities mentioned therein or derivatives thereof (including options). This material may be filed with the Securities and Exchange Commission (the "SEC"), and incorporated by reference into an effective registration statement previously filed with the SEC under Rule 415 of the Securities Act of 1933, including all cases where the material does not pertain to securities that are ultimately offered for sale pursuant to such registration statement. Informat ion 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 supersedes all prior information regarding such assets. Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded by the information contained in any final prospectus for any securities actually sold to you. This material is furnished solely by the Underwriter and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. The Underwriter is acting as underwriter and not as an agent for the issuer in connection with the proposed transaction.

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