CDOs/CLOs

2004 2003 2002 ABS (Public and 144A) 118,734 91,536 67,294 ABS (Public and 144A excluding CDOs) 111,584 86,637 60,247 ABS (Public Only) 100,920 78,508 55,296 ABS (144A Only) 17,815 13,027 11,998 Non-Agency MBS 35,028 47,627 28,172 Agency MBS 39,158 156,254 92,078 CMBS 8,255 6,909 6,614 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 4,750.7 1 25.8 5 JP Morgan 3,385.5 2 18.4 5 Deutsche Bank AG 3,165.3 3 17.2 5 Credit Suisse First Boston 1,735.5 4 9.4 4 Barclays Capital 1,343.8 5 7.3 3 Banc of America Securities LLC 1,263.5 6 6.9 2 Goldman Sachs & Co 1,256.4 7 6.8 1 Merrill Lynch & Co Inc 815.0 8 4.4 1 Banc One Capital Markets 675.0 9 3.7 2 Industry Total 18,390.7 - 100.0 16 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 UBS 2,172.0 1 30.4 3 Citigroup 1,516.0 2 21.2 4 BNP Paribas SA 919.5 3 12.9 1 Merrill Lynch & Co Inc 898.8 4 12.6 2 Bear Stearns & Co Inc 658.9 5 9.2 2 Banc of America Securities LLC 380.9 6 5.3 2 Royal Bank of Scotland Group 303.8 7 4.3 1 Banc One Capital Markets 300.0 8 4.2 1 Industry Total 7,149.8 - 100.0 16 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 One Capital Markets 2,625.0 1 27.8 3 JP Morgan 2,025.0 2 21.4 4 Citigroup 1,849.6 3 19.6 3 Lehman Brothers 1,400.0 4 14.8 4 Merrill Lynch & Co Inc 752.2 5 8.0 2 Goldman Sachs & Co 350.0 6 3.7 1 Banc of America Securities LLC 250.0 7 2.7 1 Deutsche Bank AG 100.0 8* 1.1 1 Wachovia Corp 100.0 8* 1.1 1 Industry Total 9,451.8 - 100.0 14 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 1,000.0 1 74.1 1 Credit Suisse First Boston 350.0 2 25.9 1 Industry Total 1,350.0 - 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 Royal Bank of Scotland Group 9,692.8 1 13.1 13 Lehman Brothers 8,745.3 2 11.9 18 Morgan Stanley 8,504.6 3 11.5 15 Credit Suisse First Boston 6,441.0 4 8.7 13 Citigroup 5,692.4 5 7.7 12 Merrill Lynch & Co Inc 4,804.0 6 6.5 7 Deutsche Bank AG 4,322.7 7 5.9 17 UBS 4,097.5 8 5.6 5 Bear Stearns & Co Inc 4,086.6 9 5.5 7 Countrywide Securities Corp 3,738.6 10 5.1 5 Industry Total 73,818.2 - 100.0 117 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 Credit Suisse First Boston 1,054.0 1 18.5 2 Morgan Stanley 1,012.6 2* 17.8 2 Lehman Brothers 1,012.6 2* 17.8 2 Merrill Lynch & Co Inc 564.1 4* 9.9 1 JP Morgan 564.1 4* 9.9 1 UBS 530.0 6 9.3 1 Deutsche Bank AG 489.9 7 8.6 1 RBC Capital Markets 462.0 8 8.1 1 Industry Total 5,689.2 - 100.0 6 Source: Thomson Financial

Year to date as of Mar 10 Coupon Type Market Average Life Buckets Asset Class Volume Pub/144A Fixed Rate Floating Rate Public 144A 0.0 to 0.9 1.0 to 2.9 3.0 to 5.9 6.0 to 7.9 8.0 to 11.0 Aircraft Leases Auto Loans/Recs 18,391 15,500 2,891 15,994 2,397 9,044 6,562 2,785 Cash Commercial Loans Corp Bond/Note 103 103 103 103 Corporate Loans 1,836 47 1,789 1,836 1,117 226 493 Credit Card Rec 9,452 4,700 4,752 8,928 524 8,452 300 200 500 Equip Loans Equip. Leases 937 937 937 311 626 Floorplan Recs 1,350 1,350 1,350 1,000 350 Franchisee Loans Home Impr Loans Junk Bonds Leases Loans Mnfrd Housing Ct 200 200 200 200 Mutual Fund Fees Non-Jumbo Mtg Ln 24,067 10,334 13,622 23,681 386 12,992 1,398 9,589 47 40 Oil Receivables Preferred Sec 667 30 637 667 323 158 186 Prv Issued Sec 19 19 19 19 Rental Car Rec. 600 600 600 600 Rev Cred/Home Eq 49,752 26,621 23,064 43,561 6,190 37,859 6,229 5,204 440 20 Sm Business Loan Struc Fin Credit 4,647 1,948 2,700 4,647 1,560 601 2,280 206 Student Loans 5,689 378 4,849 4,541 1,148 4,710 980 Tax Liens Ticket Rec Timeshare Loans Tobacco Receives Trade Recs Unspecified/NA Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 42% Non-Jumbo Mtg Ln 20% Auto Loans/Recs 15% Credit Card Rec 8% Student Loans 5% Other 10%

Japanese investors are perusing what is believed to be the first-ever rated CDO that is entirely linked to equity default swaps.