CDOs/CLOs

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Credit Suisse First Boston 3,449.5 2 14.0 7 Citigroup 3,206.3 3 13.0 5 Barclays Capital 3,195.9 4 12.9 6 Merrill Lynch & Co Inc 2,502.4 5 10.1 4 JP Morgan 2,001.8 6 8.1 3 Wachovia Corp 1,837.0 7 7.4 4 Banc of America Securities LLC 1,501.3 8 6.1 3 Goldman Sachs & Co 1,289.0 9 5.2 1 Lehman Brothers 1,011.8 10 4.1 1 Industry Total 24,707.2 - 100.0 22 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 3,864.6 2 13.7 13 Citigroup 3,526.6 3 12.5 8 Lehman Brothers 2,639.2 4 9.4 8 UBS 2,632.6 5 9.3 6 Bear Stearns & Co Inc 2,271.2 6 8.1 5 Groupe Caisses d'Epargne 1,742.0 7 6.2 2 Banc of America Securities LLC 1,454.9 8 5.2 6 Wachovia Corp 1,241.9 9 4.4 3 JP Morgan 987.3 10 3.5 2 Industry Total 28,215.8 - 100.0 67 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 1,400.0 2 23.6 6 Citigroup 1,125.0 3 18.9 3 Barclays Capital 799.1 4 13.5 7 Lehman Brothers 375.0 5 6.3 1 Deutsche Bank AG 199.1 6 3.4 3 Banc of America Securities LLC 199.1 6 3.4 3 Merrill Lynch & Co Inc 174.3 8 2.9 1 Societe Generale 92.5 9 1.6 1 Industry Total 5,943.0 - 100.0 15 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 725.8 1 30.4 1 Barclays Capital 725.8 1 30.4 1 Citigroup 212.0 4 8.9 1 Industry Total 2,389.5 - 100.0 2 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 18,051.7 2 11.4 18 Morgan Stanley 15,552.7 3 9.8 17 Lehman Brothers 14,916.3 4 9.4 36 Royal Bank of Scotland Group 14,162.0 5 8.9 23 Deutsche Bank AG 12,991.2 6 8.2 25 Credit Suisse First Boston 12,760.9 7 8.0 30 Merrill Lynch & Co Inc 8,743.8 8 5.5 10 Goldman Sachs & Co 7,070.5 9 4.5 12 Citigroup 6,372.2 10 4.0 16 Industry Total 159,019.4 - 100.0 237 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 2,230.0 2 17.2 4 Credit Suisse First Boston 1,645.9 3 12.7 2 Morgan Stanley 1,540.6 4 11.9 1 UBS 1,447.2 5 11.2 3 Lehman Brothers 1,012.4 6 7.8 1 Deutsche Bank AG 817.2 7 6.3 2 Goldman Sachs & Co 806.2 8 6.2 2 JP Morgan 317.2 9 2.5 1 Industry Total 12,950.9 - 100.0 11 Source: Thomson Financial

auto ABS 19% credit card ABS 4% global MBS 6% real estate ABS 61% student loan ABS 8% other 3%

Lehman Brothers, which finished as the third-leading underwriter last year, is the leading U.S. ABS underwriter through the first quarter of 2005, according to data maintained by Thomson Financial. With $23.3 billion of domestic ABS supply sold through March 31, Lehman has a slight $1.7 billion lead over its closest rival as the 2005 race comes out of the gate. Lehman controls roughly 10.3% of the U.S. market, according to Thomson. Over the same period last year, Lehman was the second-leading underwriter, with $18.7 billion in proceeds sold and a 10% market share.

Merrill Lynch leads the race among CDO underwriters through the first quarter, with nearly $6 billion of product placed, according to data maintained by Thomson Financial. Merrill's hold in the sectors is one of the more dominating in a market where underwriting is generally considered a commoditized product, as it controls 22.4% of the supply.

Countrywide Home Loans Inc., last year's leading U.S. ABS issuer, maintained its pace throughout the first quarter, bringing more than $21 billion of new-issue ABS to the market, according to data maintained by Thomson Financial. The Calabasas, Calif.-based mortgage giant accounted for 9.4% of the primary supply sold throughout the quarter. This outpaces its 1Q04 market-leading production of $17.3 billion.