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 11,670.9 1 24.1 18 BANK ONE Corp 9,356.6 2 19.3 18 JP Morgan 7,053.7 3 14.6 13 Barclays Capital 5,373.8 4 11.1 10 Morgan Stanley 3,954.5 5 8.2 5 Deutsche Bank AG 2,909.6 6 6.0 10 Banc of America Securities LLC 2,787.3 7 5.8 9 Credit Suisse First Boston 1,819.1 8 3.8 6 Merrill Lynch & Co Inc 1,245.0 9 2.6 5 Wachovia Corp 1,153.0 10 2.4 5 Industry Total 48,471.6 - 100.0 82 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 Deutsche Bank AG 1,375.0 1 39.7 5 JP Morgan 875.0 2 25.3 4 Citigroup 500.0 3* 14.4 1 BANK ONE Corp 500.0 3* 14.4 1 Banc of America Securities LLC 212.0 5 6.1 1 Industry Total 3,462.1 - 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 Lehman Brothers 29,337.1 1 14.3 70 Countrywide Securities Corp 18,778.7 2 9.1 34 Royal Bank of Scotland Group 18,177.9 3 8.8 39 Morgan Stanley 18,049.1 4 8.8 40 Citigroup 17,695.3 5 8.6 45 JP Morgan 15,984.6 6 7.8 21 Credit Suisse First Boston 14,327.7 7 7.0 36 Deutsche Bank AG 14,295.3 8 7.0 33 Banc of America Securities LLC 12,992.7 9 6.3 42 Bear Stearns & Co Inc 11,921.2 10 5.8 27 Industry Total 205,804.1 - 100.0 392 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 4,542.8 1 19.3 8 Morgan Stanley 4,244.2 2 18.0 8 Deutsche Bank AG 3,708.4 3 15.8 6 Credit Suisse First Boston 3,450.4 4 14.7 6 Merrill Lynch & Co Inc 3,287.4 5 14.0 5 JP Morgan 1,398.0 6 5.9 4 Banc of America Securities LLC 1,186.3 7 5.0 3 UBS 718.0 8 3.1 3 BANK ONE Corp 507.6 9* 2.2 1 Lehman Brothers 507.6 9* 2.2 1 Industry Total 23,550.8 - 100.0 22 Source: Thomson Financial

Year to date as of Sep 17 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 2,392 1,365 1,027 2,392 1,365 457 361 208 Asset-Back Certs Auto Loans/Recs 52,712 39,731 12,981 49,884 2,828 11,787 29,898 10,844 125 35 Cash 399 199 200 399 399 Catastrophe Bond Commercial Loans 1,561 1,438 123 1,561 1,250 311 Corp Bond/Note 2,770 419 2,318 2,770 1,300 380 468 622 Corporate Loans 6,004 446 5,524 6,004 1,734 774 161 1,652 1,659 Credit Card Rec 48,472 12,543 35,929 47,620 851 10,576 5,408 28,837 1,500 2,150 Debentures 2,648 2,648 2,648 2,648 Equip Loans Equip. Leases 5,563 3,593 1,970 3,866 1,697 1,291 3,530 668 75 FHLMC 2,231 2,231 2,231 2,231 FNMA 5,679 3,680 1,999 5,679 4,312 1,002 221 144 Floorplan Recs 3,462 3,462 3,436 26 750 2,712 Franchisee Loans 228 228 228 109 Health Care Rec Insurance Recs 622 622 622 622 Junk Bonds 3,756 323 3,434 3,756 1,066 1,246 1,445 Legal Fees Loans 3,175 3,175 3,175 3,175 Mnfrd Housing Ct 714 593 121 575 139 103 186 11 359 Motorcycle Loans 1,450 1,450 1,450 1,450 Mutual Fund Fees 342 116 226 342 342 Non-Jumbo Mtg Ln 49,530 16,868 31,645 43,608 5,922 18,305 12,347 17,279 1,173 275 Non-Perf Loans Oil Contracts Preferred Sec 1,222 231 966 1,222 108 108 177 828 Prv Issued Sec 1,653 988 540 87 1,566 1,653 Rental Car Rec. 2,275 1,050 1,225 500 1,775 650 230 1,395 Retail Contracts 750 750 750 197 404 149 Rev Cred/Home Eq 158,576 67,379 83,254 144,754 13,822 71,750 46,110 36,582 2,738 978 Sm Business Loan 845 845 845 391 454 Stranded Costs Struc Fin Credit 18,258 3,270 14,951 18,258 8,236 747 2,346 3,967 2,880 Student Loans 25,434 600 21,449 23,698 1,736 4,281 4,902 8,244 6,019 1,277 Swap Agreement Tax Liens 86 86 86 86 Timeshare Loans 303 245 58 303 303 Tobacco Receives 154 154 154 154 Trade Recs 225 105 120 225 225 Truck Loans Leases 450 450 450 Note: Figures are preliminary and subject to change. Data includes U.S. deals and dollar Euro 144As.Source: Thomson Financial

Rev Cred/Home Eq 40% Auto Loans/Recs 13% Non-Jumbo Mtg Ln 12% Credit Card Rec 12% Student Loans 6% Other 16%

Cash-strapped medical finance company DVI Inc. missed the coupon payments on five of its nine outstanding equipment lease securitizations last Friday and breached three servicing covenants, trustee U.S. Bank announced to bondholders. If the company does not rectify its breaches within 30 days, 56 classes of DVI Receivables X through XIV will default. Additionally, DVI reported a miscalculation of the aggregate discount contract balance for its August payment, thus coming up short.

As anticipated, the U.S. new-issue ABS market picked up steam last week, pricing $12 billion across the auto loan, credit card and home equity sectors. The field was represented from well-known top-tier issuers, well-known mid-tier issuers and a first-time name to the primary ABS market. After a fairly heavy week - which followed the Labor Day shortened session the prior week - deals came at a steady pace, with a few billion set to wrap up late last week or early this week.

Last Friday, members of the American Securitization Forum sat before Congress to present the "Securitization Institute," a newly developed educational outreach program that the industry group will use as one of its lobbying tools.

Secondary market maker United Capital Markets quietly closed its first new issue offering, a $233 million repackaging of structured finance product. Details beyond that were unavailable, except that about $20 million of the apparently non-rated deal is invested.