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 8,270.8 1 12.3 13 Deutsche Bank AG 7,995.4 2 11.9 14 Citigroup 7,602.2 3 11.3 13 Merrill Lynch & Co Inc 7,246.0 4 10.8 9 Banc of America Securities LLC 6,947.1 5 10.3 11 Wachovia Corp 6,568.3 6 9.8 13 Barclays Capital 4,782.8 7 7.1 9 Credit Suisse First Boston 4,561.9 8 6.8 9 Goldman Sachs & Co 3,564.1 9 5.3 4 HSBC Holdings PLC 3,334.4 10 5.0 5 Industry Total 67,175.6 - 100.0 64 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 17,966.9 1 18.0 27 Citigroup 12,931.3 2 13.0 28 Bear Stearns & Co Inc 8,783.8 3 8.8 21 Morgan Stanley 8,498.7 4 8.5 30 Wachovia Corp 7,859.9 5 7.9 15 Banc of America Securities LLC 6,524.5 6 6.5 22 Deutsche Bank AG 5,279.6 7 5.3 14 Lehman Brothers 5,147.7 8 5.2 16 JP Morgan 4,763.0 9 4.8 12 UBS 4,453.1 10 4.5 11 Industry Total 99,860.4 - 100.0 238 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 11,469.1 1 27.6 22 Citigroup 7,198.2 2 17.3 18 Barclays Capital 4,724.0 3 11.4 12 Deutsche Bank AG 3,324.6 4 8.0 15 Banc of America Securities LLC 2,966.2 5 7.1 10 Morgan Stanley 2,216.5 6 5.3 4 Credit Suisse First Boston 2,088.2 7 5.0 8 Lehman Brothers 1,850.0 8 4.4 5 ABN AMRO 1,833.2 9 4.4 7 Royal Bank of Scotland Group 1,135.8 10 2.7 4 Industry Total 41,633.1 - 100.0 79 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 19.4 4 Deutsche Bank AG 1,668.6 2 13.2 3 ABN AMRO 1,643.6 3 13.0 3 Barclays Capital 1,492.5 4 11.8 2 Credit Suisse First Boston 1,243.6 5 9.9 2 Banc of America Securities LLC 750.0 6 6.0 1 Lehman Brothers 725.8 7 5.8 1 JP Morgan 725.8 7 5.8 1 HSBC Holdings PLC 566.7 9 4.5 1 Merrill Lynch & Co Inc 375.0 10 3.0 1 Societe Generale 375.0 10 3.0 1 Industry Total 12,600.2 - 100.0 12 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 55,069.1 1 10.5 62 Lehman Brothers 51,005.8 2 9.8 103 Bear Stearns & Co Inc 48,916.0 3 9.4 109 Royal Bank of Scotland Group 47,202.9 4 9.0 76 Credit Suisse First Boston 44,118.0 5 8.4 94 Morgan Stanley 36,673.4 6 7.0 49 Deutsche Bank AG 36,434.2 7 7.0 68 Citigroup 30,266.9 8 5.8 72 Merrill Lynch & Co Inc 28,270.0 9 5.4 43 Banc of America Securities LLC 26,021.5 10 5.0 59 Industry Total 522,555.8 - 100.0 967 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 10,698.2 1 23.5 14 Deutsche Bank AG 6,181.9 2 13.6 9 Banc of America Securities LLC 4,831.0 3 10.6 8 Merrill Lynch & Co Inc 4,261.6 4 9.4 4 Morgan Stanley 3,883.6 5 8.5 4 Goldman Sachs & Co 3,387.2 6 7.4 6 Credit Suisse First Boston 3,367.9 7 7.4 5 UBS 2,527.7 8 5.6 5 JP Morgan 2,368.5 9 5.2 5 Lehman Brothers 2,138.5 10 4.7 2 Industry Total 45,567.0 - 100.0 37 Source: Thomson Financial

auto ABS 16% credit card ABS 8% global MBS 4% real estate ABS 59% student loan ABS 9% other 4%

Countrywide Securities is once again at the top of the ABS issuance league tables, according to data tracked by Thomson Financial. As the market heads into the homestretch of what will most likely be yet another record-breaking year, 2005 could likely send issuance numbers near the $1 trillion mark.

The ABS primary market generated $11 billion in new issuance to open the final quarter of 2005, the same volume as the week before. The Jewish holidays may have served to dampen volume slightly, as many in the market observed the holiday, and next week may see a similar effect with the week shortened by Columbus Day and Yom Kippur.

After falling to third place at midyear, Bear Stearns is back atop the RMBS manager activity rankings year-to-date, according to data maintained by Thomson Financial. The strong showing throughout the quarter has Bear Stearns on pace to top the league tables for the second straight year.