CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 8,972.0 1 22.2 12 Deutsche Bank AG 5,121.9 2 12.7 7 Banc of America Securities LLC 4,831.0 3 11.9 8 Merrill Lynch & Co Inc 4,261.6 4 10.5 4 Morgan Stanley 3,883.6 5 9.6 4 Credit Suisse First Boston 3,367.9 6 8.3 5 UBS 2,527.7 7 6.3 5 Lehman Brothers 2,138.5 8 5.3 2 Goldman Sachs & Co 2,127.2 9 5.3 4 JP Morgan 1,808.5 10 4.5 4 Industry Total 40,460.7 - 100.0 33 Source: Thomson Financial

auto ABS 17% credit card ABS 8% global MBS 4% real estate ABS 59% student loan ABS 9% other 4%

BOCA RATON, FLA. -The opening panel discussion moderated by Moody's Investors Service Team Managing Director Gus Harris was an oftentimes rambling, though thoroughly substantive, Star Wars-themed discussion on the current state of the ABS market at Information Management Network's ABS East Conference last week. Although neither the Jedi Master (Harris), nor the Jedi Counsel of panelists could fix the audio problems or alter the time/space continuum in order to finish in the allotted time frame, a lively discussion was had, focusing primarily on one topic: what could potentially end the unprecedented prosperity that has valuations at all-time highs, despite supply being up 35% year-to-date.

BOCA RATON, FLA. - As more and more citizens - and non-citizens for that matter - have achieved the American dream of homeownership, the subprime lenders have been played like a fiddle, according to some panelists at Information Management Network's ABS East Conference last week.

BOCA RATON, FLA. - Predictions for 2006 ABS volume were all over the map at the ABS East conference last week, as evidenced by the panel entitled "What Lurks Around The Corner?" moderated by Fitch Ratings Managing Director Kevin Duignan. The panelists, many of whom were talking heads from previous years, discussed the general outlook for next year and tried to project the impact of such issues as interest rates, increasing fuel prices, home price appreciation and the wide-ranging effects of Hurricane Katrina on the market.

BOCA RATON, FLA. - If the pending regulatory and accounting changes have ABCP market participants worried, they did not show their concern at the opening panel

BOCA RATON, FLA. - Issuance out of single-seller ABCP conduits is expected to continue to rise this year, in large part due to the increase in extendible note issuance out of single-seller conduits. There was $15.9 billion in U.S. ABCP outstanding in single-seller programs as of the first quarter, and $17.6 billion as of last year.

BOCA RATON, FLA. - Credit card ABS market participants speaking at Information Management Network's ABS East conference held here last week forecast continued diminishing supply in the sector, with smaller issuers becoming more and more frequent. In addition, several large credit-card issuers predicted portfolio growth percentages in the low-to-mid single digits.

BOCA RATON, FLA. - At last week's Information Management Network ABS East conference held here, issuers and at least one rating agency discussed the ways they have changed their policies or deal structures in response to Hurricane Katrina.

BOCA RATON, FLA. - Despite the negative headlines surrounding the commercial airline industry, the pooled aircraft lease ABS sector is heating up, as evidenced by the pricing of recent transactions as well as one transaction scheduled for later this year. In anticipation of the pending supply, fresh money is coming into the sector from hedge funds and private equity, even though rising fuel costs and labor difficulties threaten to send more commercial airline carriers into bankruptcy.