•  According to the terms of the Ginnie Mae Guaranty, Ginnie Mae will guarantee payment in full of the Class Principal Balance of each Class of Securities no later than its Final Distribution Date. Modeling Assumptions Unless otherwise indicated, the tables that follow have been prepared on the basis of the characteristics of the Underlying Certificates, the priorities of distributions on the Underlying Certificates and the following assumptions (the "Modeling Assumptions"), among others: 1.  The Mortgage Loans underlying the Group 1, 5, 6, 7, 8 and 9  Trust Assets have the assumed characteristics shown under "Assumed Characteristics of the Mortgage Loans Underly- ing the Group  1, 5, 6, 7, 8 and 9  Trust Assets" in the Terms Sheet, except in the case of information set forth under the 0% PSA Prepayment Assumption Rate, for which each Mortgage Loan underlying a Group  1, 5, 6, 7, 8, or 9 Trust Asset is assumed to have an original and a remaining term to maturity of 360 months and each Mortgage Loan underlying a Group 1, 7 or 9 Trust Asset is assumed to have a Mortgage Rate of 1.5% per annum higher than the related Certificate Rate. 2.  The  Mortgage  Loans  prepay  at  the  constant  percentages  of  PSA  (described  below) shown in the related table. 3.  Distributions on the Group 5, 6 and 8 Securities are always received on the 16th day of the month, distributions on the Group 4 and 10 Securities are always received on the 17th day of the month, and distributions on the Group 1, 2, 3, 7 and 9 Securities are always received on the  20th  day  of  the  month,  in  each  case,  whether  or  not  a  Business  Day,  commencing  in July 2003. 4.  A termination of the Trust or the Underlying Trusts does not occur. 5.  The Closing Date for the Securities is June 30, 2003. 6.  No expenses or fees are paid by the Trust other than the Trustee Fee. 7.  Distributions  on  the  Underlying  Certificates  are  made  as  described  in  the  related Underlying Certificate Disclosure Documents. 8.  Each Class is held from the Closing Date and is not exchanged in whole or in part. 9.  The Jump Balances are as set forth in Schedule III. When  reading  the  tables  and  the  related  text,  investors  should  bear  in  mind  that  the Modeling Assumptions, like any other stated assumptions, are unlikely to be entirely consistent with actual experience. •  For example, most of the Mortgage Loans will not have the characteristics assumed, many Distribution Dates will occur on a Business Day after the 16th, 17th or 20th day of the month, as applicable, and the Trustee may cause a termination of the Trust as described under "Description of the Securities – Termination" in this Supplement. •  In addition, distributions on the Securities are based on Certificate Factors and Calcu- lated Certificate Factors, if applicable, which may not reflect actual receipts on the Trust Assets. See "Description of the Securities – Distributions" in the Base Offering Circular. S-23