The website ("Site") with which this document is associated is maintained by SNL Financial LC ("SNL") on behalf of Redwood Trust, Inc. and it’s affiliates and subsidiaries (SNL's "Client"). These Terms and Conditions of Use ("Terms of Use") set forth the terms on which you may use the Site, and the information and materials contained therein (the "Contents"). By using the Site, you agree to these Terms of Use. If you do not agree to these Terms of Use, you are not authorized to use the Site or Contents in any manner, and you should immediately discontinue any use of the Site or the Contents.

SNL and/or its Client shall have the right at any time to modify or discontinue any aspect of the Site or any part of the Contents without notice. SNL may also modify these Terms of Use without notice. You agree to monitor these Terms of Use, and to cease all access or use of the Site if you no longer agree to abide by the Terms of Use. Your continued use of the Site shall constitute acceptance of such modification.

The Site has been compiled in good faith by SNL and the Client. However, you should be aware information may be incomplete, may contain errors or may have become out-of-date. The reports filed by SNL and the Client and listed on this Site speak only as of the respective dates on which they are filed. The contents of those reports can become out-of-date. SNL and the Client make no commitment, and disclaim any duty, to update any of those reports.

SNL and the Client grant to you a limited, personal license to access the Site and to access and download the Contents, but only for your own personal, family and household use. You may not use, reproduce, distribute or display any portion of the Site for any other purpose, including without limit any commercial purpose. You may use the Site and the Contents for lawful purposes only. SNL and Client reserve all rights not expressly granted, including the right to terminate your use of the Site without notice.

The Site contains copyrighted material, trademarks and service marks, and other proprietary information, including but not limited to text, software, and graphics, which materials are owned by SNL and/or its Client. SNL and Client reserve all rights in the Contents. You agree not to reproduce, distribute, sell, broadcast, publish, retransmit, disseminate, circulate or commercially exploit the Site or the Contents without the express written consent of SNL and the Client.

You agree to access the Contents and the Site manually, by request, and not automatically, through the use of a program, or other means. You agree not to take any action, alone or with others, that would interfere with the operation of the Site, to alter the Site in any way, or to impede others' access to and freedom to enjoy and use the Site as made available by SNL and SNL’s Client.

Nothing contained in this Site constitutes tax return preparation or tax planning advice. Due to the complex nature of the applicable tax rules, it is recommended that existing or prospective stockholders consult their tax advisors to ensure proper tax treatment of any dividends received or sale transaction results.

THE SITE AND THE CONTENTS ARE PROVIDED ON AN "AS IS" BASIS. SNL, ITS CLIENT, AND ANY OTHER PROVIDERS OF THE INFORMATION EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF ACCURACY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

NEITHER, SNL, THE CLIENT NOR EITHER OF THEIR AFFILIATES, SHAREHOLDERS, OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, EXCEMPLARY, PUNITIVE SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THE SITE, THE USE OF OR INABILITY TO USE THE SITE, OR THE CONTENTS., EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN PARTICULAR, SNL WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY YOUR RELIANCE ON INFORMATION OBTAINED THROUGH THE SITE.

It is your responsibility to evaluate the accuracy, completeness or usefulness of any of the Contents available on the Site. Please seek the advice of professionals regarding the evaluation of any of the information on the Site.

The Site does not represent an offer or solicitation with respect to the purchase or sale of any security or other investment.

SNL and the Client may provide, on our website, links to websites operated by third parties as a convenience to you. If you use these other sites, you will leave this website. If you decide to visit any linked site, you do so at your own risk and it is your responsibility to take all protective measures to guard against viruses or other destructive elements. SNL and the Client make no representation or warranty regarding, and do not endorse, any linked websites or the information appearing thereon or any of the products or services described thereon.

The Site is not directed to any person in any jurisdiction where (by of that person’s nationality, residence or otherwise) the publication or availability of this website is prohibited. Persons in respect of whom such prohibitions apply must not access the Site.

As total confidentiality and security of information over the Internet is not possible at this time, the Site is not a secure medium for communication. SNL and the Client cannot ensure the privacy, accuracy and authenticity of any information you send through the Site. SNL and the Client will not be responsible for any damages you may incur if you communicate information (whether confidential or not) to SNL and the Client through the Site.

Without limiting the generality of the foregoing, by providing your name and other personal information to SNL and the Client through any communication to SNL and the Client through the Site, you freely consent to SNL and the Client using and processing your personal information.

These Terms of Use are the entire agreement between the parties with respect to its subject matter, and it can be amended only via written agreement by SNL. These terms and conditions shall be governed by the law of New York, without regard to principals of conflicts or choice of laws.

The past is not necessarily a guide to the future performance of an investment including any investment in securities issued by Redwood Trust, Inc. or any of its affiliates or subsidiaries.

Cautionary Statement: The Site contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "believe," "intend," "seek," "goal," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K, in each case under the caption "Risk Factors." We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Important factors, among others, that may affect our actual results include: changes in interest rates; changes in mortgage prepayment rates; the timing of credit losses within our portfolio; our exposure to adjustable-rate and negative amortization mortgage loans; the state of the credit markets and other general economic conditions, particularly as they affect the price of earning assets and the credit status of borrowers; the concentration of the credit risks we are exposed to; the ability of counterparties to satisfy their obligations to us; legislative and regulatory actions affecting the mortgage industry or our business; the availability of high quality assets for purchase at attractive prices; declines in home prices and commercial real estate prices; increases in mortgage payment delinquencies; changes in the level of liquidity in the capital markets which may adversely affect our ability to finance our real estate asset portfolio; changes in liquidity in the market for real estate securities, the re-pricing of credit risk in the capital markets, inaccurate ratings of securities by rating agencies, rating agency downgrades of securities, and increases in the supply of real estate securities available-for-sale, each of which may adversely affect the values of securities we own; the extent of changes in the values of securities we own and the impact of adjustments reflecting those changes on our income statement and balance sheet, including our stockholders' equity; our ability to maintain the positive stockholders' equity necessary to enable us to pay the dividends required to maintain our status as a real estate investment trust for tax purposes; our ability to generate the amount of cash flow we expect from our investment portfolio; changes in our investment, financing, and hedging strategies and the new risks that those changes may expose us to; changes in the competitive landscape within our industry, including changes that may affect our ability to retain or attract personnel; our failure to manage various operational risks associated with our business; our failure to maintain appropriate internal controls over financial reporting; our failure to properly administer and manage our securitization entities; risks we may be exposed to if we expand our business activities, such as risks relating to significantly increasing our direct holdings of loans; limitations imposed on our business due to our REIT status and our status as exempt from registration under the Investment Company Act of 1940; our ability to successfully deploy any of our excess capital and raise additional capital to fund our investing activity; and other factors not presently identified.