The credit card ABS market is one of the most mature markets in the ABS sector. As of 3/31/99, approximately $350 billion of domestic public credit card ABS had been issued and approximately $225 billion remained outstanding. The amount issued over the last several years has remained fairly constant at approximately $40 billion to 50 billion per year. We expect credit card ABS issuance volume to reach $48 billion in 1999.

We believe investors that need liquidity and/or relatively stable performance should have exposure to the triple-A and, to a lesser extent, the single-A rated classes of the credit card ABS market. The spread differential between the triple-A and single-A classes has remained fairly stable.

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