This document contains a survey of 63 customers of Nomura MBS Strategies regarding their views of Nomura's mortgage-backed securities research reports. The majority found Nomura's MBS research to be above average or excellent compared to competitors. Sections summarizing performance and providing recommendations were viewed as the most useful, while performance reviews were seen as least useful. Around half used the reports for trading decisions or portfolio monitoring. Customers also found the information timely and the reports were often discussed within their organizations.