We are comparing the projected cash flows to different Tranche As of the various CMOs described below.

	TRANCHE A Characteristics for
Pool Characteristics	CMO 1	CMO 2	CMO 3
WAC	10%	9%	9.5%
WAM	360	360	340
PSA	100	300	50
Coupon Rate	8%	8%	8%
Tranche A Principal	$200,000	$100,000	$200,000
Total Principal	$300,000	$300,000	$300,000

Next to each repayment profile below, identify to which CMO the Tranche A belongs and explain your answer. Your response should read, for example, First Tranche A is the Tranche A from CMO 2 because Second Tranche A is the Tranche A from CMO 3 because

FIRST TRANCHE A

SECOND TRANCHE A

THIRD TRANCHE A