CERTIFICATES OF ACCRUAL ON TREASURY SECURITIES CATS

Issued by the U.S. Treasury and stripped by a financial intermediary, these products are sold at a significant discount from face value and pay no interest during their lifetime. However, they return full face value and cannot be called away. These bonds were issued between 1982 and 1986.

CATS are secure investments backed by the U.S. government, and are part of the feline family of U.S. Treasury zero-coupon offerings (CATS, COUGRs, LIONs and TIGRs). CATS became obsolete when the U.S. government began directly issuing its own STRIPS in 1986.