LUMINAQ INDEX [LUMEX]: .274 As of January 1, 2011

Based upon public records and an analysis of publicly released information, a total of 20,800,000 loans were originated as “securitized” since the SEC began collecting this information.

Note: These figures are approximate and may be restated at a future time.

The active number of loans reported as of January 1 , 2011 was 5,700,000. 72.6% of registered “securitized” loans were removed from registration as a result of prepayment (including refinance), liquidated, REO (as reported), and re-securitized into new “asset-backed” pools.

These figures are corroborated by reports that MERS has registered over 80 million loans, indicating the relative number of private label securitization structures may be considerably higher than reported in other media. The LUMINAQ INDEX (LUMEX) .274 represents the proportion of active loans to originated loans.

The current LUMEX indicates that there are a substantial number of unreported reconstituted asset backed pools which may include loans in foreclosure by pools that have previously been dissolved, restructured or reconstituted with changed, new or deleted “assets.”

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