CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 10,482.7 1 13.7 16 Deutsche Bank AG 8,969.1 2 11.7 16 Citigroup 8,299.9 3 10.8 14 Banc of America Securities LLC 8,252.2 4 10.8 13 Merrill Lynch & Co Inc 7,943.7 5 10.4 10 Wachovia Corp 7,642.0 6 10.0 15 Barclays Capital 5,998.2 7 7.8 11 Credit Suisse First Boston 5,028.5 8 6.6 10 Goldman Sachs & Co 3,564.1 9 4.7 4 HSBC Holdings PLC 3,334.4 10 4.4 5 Industry Total 76,634.0 - 100.0 74 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Merrill Lynch & Co Inc 20,440.3 1 15.8 31 Citigroup 15,566.2 2 12.0 34 Wachovia Corp 14,272.5 3 11.0 25 Morgan Stanley 10,237.5 4 7.9 34 Banc of America Securities LLC 9,253.0 5 7.1 31 Bear Stearns & Co Inc 9,100.2 6 7.0 23 Deutsche Bank AG 7,080.6 7 5.5 17 Credit Suisse First Boston 6,850.0 8 5.3 14 UBS 6,356.8 9 4.9 15 JP Morgan 6,279.6 10 4.9 17 Industry Total 129,519.9 - 100.0 298 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 12,065.4 1 21.9 24 Citigroup 10,296.9 2 18.7 24 Barclays Capital 6,388.9 3 11.6 18 Morgan Stanley 5,137.5 4 9.3 7 Banc of America Securities LLC 4,459.1 5 8.1 16 Deutsche Bank AG 4,376.4 6 7.9 19 Lehman Brothers 3,150.0 7 5.7 7 Credit Suisse First Boston 2,450.0 8 4.5 8 ABN AMRO 2,083.2 9 3.8 9 Royal Bank of Scotland Group 1,285.8 10 2.3 5 Industry Total 55,108.1 - 100.0 103 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Morgan Stanley 2,441.7 1 18.3 4 Deutsche Bank AG 2,418.6 2 18.1 4 ABN AMRO 1,643.6 3 12.3 3 Barclays Capital 1,492.5 4 11.2 2 Credit Suisse First Boston 1,243.6 5 9.3 2 Banc of America Securities LLC 750.0 6 5.6 1 Lehman Brothers 725.8 7 5.4 1 JP Morgan 725.8 7 5.4 1 HSBC Holdings PLC 566.7 9 4.2 1 Merrill Lynch & Co Inc 375.0 10 2.8 1 Societe Generale 375.0 10 2.8 1 Industry Total 13,350.2 - 100.0 13 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Countrywide Securities Corp 62,847.1 1 10.5 76 Bear Stearns & Co Inc 57,793.3 2 9.7 132 Lehman Brothers 57,757.8 3 9.7 115 Credit Suisse First Boston 52,312.6 4 8.7 110 Royal Bank of Scotland Group 51,086.2 5 8.5 83 Morgan Stanley 43,777.4 6 7.3 55 Deutsche Bank AG 40,624.0 7 6.8 79 Citigroup 35,281.4 8 5.9 88 Merrill Lynch & Co Inc 33,069.9 9 5.5 50 Banc of America Securities LLC 27,378.3 10 4.6 64 Industry Total 598,632.8 - 100.0 1,175 Source: Thomson Financial

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 12,939.4 1 22.5 17 Deutsche Bank AG 8,103.3 2 14.1 12 Credit Suisse First Boston 5,376.3 3 9.4 8 Banc of America Securities LLC 5,330.5 4 9.3 9 Merrill Lynch & Co Inc 4,828.8 5 8.4 5 Morgan Stanley 4,526.8 6 7.9 5 Goldman Sachs & Co 3,386.1 7 5.9 6 JP Morgan 3,010.6 8 5.2 6 Lehman Brothers 2,705.7 9 4.7 3 UBS 2,527.7 10 4.4 5 Industry Total 57,437.0 - 100.0 46 Source: Thomson Financial

auto ABS 15% credit card ABS 9% global MBS 3% real estate ABS 60% student loan ABS 9% other 4%

LAGUNA NIGUEL, CALIF. - The towering wall of liquidity that continues to prop up the U.S. CDO market could begin to crumble in 2006, as credit concerns over the health of the residential housing and corporate credit markets begin to sour investor appetite, said participants at this year's Opal Financial Group CDO Summit held here last week.

LAGUNA NIGUEL, CALIF. - As an increasing number of commercial real estate investors become first-time CDO issuers, investors are wondering: Are these deals much more than a form of secured financing? Commercial real estate CDO issuance this year is expected to triple to an estimated $14 billion to $15 billion, while upping its share of the CDO market to 10% from just 5% last year.

LAGUNA NIGUEL, CALIF. - While most seem to think the residential -heavy CDO market will naturally shift toward deals with more diverse pools of assets as investors voice concern over the U.S. housing market, some are noting to the contrary.