CDOs/CLOs

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 9,171.9 1 19.9 14 Citigroup 6,047.7 2 13.1 15 Morgan Stanley 3,984.6 3 8.7 16 UBS 3,442.6 4 7.5 8 Lehman Brothers 3,418.9 5 7.4 11 Bear Stearns & Co Inc 2,530.2 6 5.5 6 Goldman Sachs & Co 2,007.0 7 4.4 2 Groupe Caisses d'Epargne 1,742.0 8 3.8 2 Wachovia Corp 1,741.9 9 3.8 4 Deutsche Bank AG 1,652.1 10 3.6 6 Industry Total 46,088.3 - 100.0 120 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 4,974.9 1 35.1 11 Citigroup 2,874.8 2 20.3 6 Morgan Stanley 1,666.5 3 11.8 2 Barclays Capital 1,299.0 4 9.2 9 Deutsche Bank AG 959.8 5 6.8 8 Credit Suisse First Boston 738.2 6 5.2 4 Banc of America Securities LLC 586.2 7 4.1 5 Merrill Lynch & Co Inc 512.2 8 3.6 3 Lehman Brothers 375.0 9 2.7 1 Societe Generale 100.0 10 0.7 1 Industry Total 14,161.7 - 100.0 32 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 1,191.7 1 18.9 2 Deutsche Bank AG 1,191.7 1 18.9 2 Banc of America Securities LLC 750.0 3 11.9 1 Lehman Brothers 725.8 4 11.5 1 JP Morgan 725.8 4 11.5 1 Barclays Capital 725.8 4 11.5 1 HSBC Holdings PLC 566.7 7 9.0 1 Citigroup 212.0 8 3.4 1 Industry Total 6,319.5 - 100.0 6 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 Bear Stearns & Co Inc 30,885.0 1 10.9 52 Lehman Brothers 27,484.5 2 9.7 64 Morgan Stanley 25,391.9 3 9.0 33 Deutsche Bank AG 24,584.7 4 8.7 41 Royal Bank of Scotland Group 24,523.9 5 8.7 40 Credit Suisse First Boston 22,398.4 6 7.9 49 Countrywide Securities Corp 20,852.0 7 7.4 28 Merrill Lynch & Co Inc 16,747.6 8 5.9 22 Banc of America Securities LLC 15,244.6 9 5.4 30 Citigroup 14,342.8 10 5.1 30 Industry Total 283,113.0 - 100.0 483 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 Banc of America Securities LLC 3,134.2 1 14.6 4 Citigroup 2,982.6 2 13.9 6 Deutsche Bank AG 2,976.7 3 13.9 5 Morgan Stanley 2,757.6 4 12.9 3 Credit Suisse First Boston 2,696.1 5 12.6 4 Merrill Lynch & Co Inc 1,839.8 6 8.6 2 UBS 1,827.7 7 8.5 4 JP Morgan 1,187.2 8 5.5 3 Lehman Brothers 1,012.4 9 4.7 1 Goldman Sachs & Co 1,009.5 10 4.7 3 Industry Total 21,423.6 - 100.0 18 Source: Thomson Financial

auto ABS 17% credit card ABS 6% global MBS 5% real estate ABS 55% student loan ABS 7% other 10%

JPMorgan Securities this month concluded its first loan-level analysis of New Century Financial Corp.'s servicing portfolio since the subprime mortgage lender began using a new servicing platform in late 2002. New Century, the nation's largest REIT and second-largest subprime lender, originated $42 billion of loans last year and expects volume to reach at least $45 billion this year.

Subprime mortgage REITs Aames Investment Corp., ECC Capital Corp. and NovaStar Financial Inc. each offered more than $1 billion apiece of ABS recently, as well as a myriad of other news.

A variety of challenges face the ABS market both long and short term and in response to concerns, the American Securitization Forum is hosting its annual meeting this month, with a focus on communicating relevant topics to a broad market audience.

The U.S. ABS primary market priced a healthy $7 billion in an abbreviated week that also witnessed whispers of a slow-down in the Federal Reserve's "measured pace" of rate hikes. Dallas Fed President Richard Fisher reportedly said the Fed is in the eighth inning of a nine-inning tightening cycle, and gave the impression the Fed may consider halting the increases after its next meeting.