ABS

2004 2003 2002 ABS (Public and 144A) 150,845 121,339 99,613 ABS (Public and 144A excluding CDOs) 134,225 115,104 90,735 ABS (Public Only) 123,719 104,380 81,926 ABS (144A Only) 27,126 16,959 17,688 Non-Agency MBS 41,804 63,234 40,478 Agency MBS 46,451 215,452 127,204 CMBS 10,773 11,957 9,170 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 4,497.4 1 26.4 5 Deutsche Bank AG 3,292.0 2 19.3 5 JP Morgan 2,892.7 3 17.0 4 Banc of America Securities LLC 1,263.5 4 7.4 2 Goldman Sachs & Co 1,256.2 5 7.4 1 Credit Suisse First Boston 1,242.7 6 7.3 3 Barclays Capital 977.7 7 5.7 2 Merrill Lynch & Co Inc 815.0 8 4.8 1 Banc One Capital Markets 675.0 9 4.0 2 Royal Bank of Scotland Group 133.0 10 0.8 1 Industry Total 17,045.2 - 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 20.5 3 Merrill Lynch & Co Inc 1,614.9 2 15.2 4 Citigroup 1,516.0 3 14.3 4 BNP Paribas SA 919.5 4 8.7 1 Bear Stearns & Co Inc 658.9 5 6.2 2 Royal Bank of Scotland Group 603.8 6 5.7 2 Wachovia Corp 510.0 7 4.8 4 First Tennessee Bank 492.3 8 4.6 1 Deutsche Bank AG 435.4 9 4.1 1 Banc of America Securities LLC 380.9 10 3.6 2 Industry Total 10,603.6 - 100.0 26 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 3,100.4 1 24.6 4 Banc One Capital Markets 2,775.0 2 22.0 4 JP Morgan 2,025.0 3 16.1 4 Lehman Brothers 1,400.0 4 11.1 4 Barclays Capital 1,125.0 5 8.9 2 Merrill Lynch & Co Inc 752.2 6 6.0 2 Morgan Stanley 375.0 7 3.0 1 Goldman Sachs & Co 350.0 8 2.8 1 Credit Suisse First Boston 250.0 9* 2.0 1 Banc of America Securities LLC 250.0 9* 2.0 1 Industry Total 12,602.6 - 100.0 19 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 11,412.0 1 12.0 17 Lehman Brothers 10,094.4 2 10.6 22 Citigroup 8,755.9 3 9.2 22 Morgan Stanley 8,445.7 4 8.9 15 Deutsche Bank AG 7,180.6 5 7.6 22 Merrill Lynch & Co Inc 7,168.6 6 7.6 10 Credit Suisse First Boston 7,096.2 7 7.5 15 UBS 6,018.5 8 6.3 7 Countrywide Securities Corp 5,335.2 9 5.6 5 Banc of America Securities LLC 4,843.1 10 5.1 15 Industry Total 94,926.0 - 100.0 150 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 1,869.4 1 18.3 3 Banc of America Securities LLC 1,531.4 2 15.0 2 Merrill Lynch & Co Inc 1,266.2 3* 12.4 2 JP Morgan 1,266.2 3* 12.4 2 Morgan Stanley 1,012.6 5* 9.9 2 Lehman Brothers 1,012.6 5* 9.9 2 Citigroup 781.4 7 7.6 1 UBS 530.0 8 5.2 1 Deutsche Bank AG 489.9 9 4.8 1 RBC Capital Markets 462.0 10 4.5 1 Industry Total 10,221.5 - 100.0 9 Source: Thomson Financial

Year to date as of Mar 31 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 17,045 14,154 2,891 14,515 2,530 6,778 7,258 3,009 Comm. Mtg 1,358 1,062 296 922 435 922 212 223 Commercial Loans Corp Bond/Note 466 466 466 363 103 Corporate Loans 1,492 20 1,472 1,492 1,177 226 89 Credit Card Rec 12,603 6,100 6,502 12,078 524 10,853 1,050 200 500 Debentures 650 650 650 650 Equip Loans Equip. Leases 1,537 1,537 1,537 911 626 Floorplan Recs 1,350 1,350 1,350 1,000 350 Franchisee Loans Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 404 27 377 404 404 Mixed Collateral 1,000 1,000 1,000 1,000 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 625 625 625 625 Mutual Fund Fees Non-Jumbo Mtg Ln 27,318 10,844 16,364 26,525 794 15,128 5,115 6,987 47 40 Oil Receivables Preferred Sec 1,159 522 637 1,159 815 158 186 Prv Issued Sec 152 152 152 152 Rental Car Rec. 600 600 600 600 Rev Cred/Home Eq 67,608 33,519 34,088 56,982 10,625 45,332 13,637 7,924 617 98 Sm Business Loan Struc Fin Credit 5,751 2,306 3,445 5,751 1,876 846 2,688 340 Student Loans 10,222 378 9,381 8,323 1,898 6,148 1,295 1,122 639 1,018 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 45% Non-Jumbo Mtg Ln 18% Auto Loans/Recs 11% Credit Card Rec 8% Student Loans 7% Other 11%

Year to date as of Mar 24 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 17,045 14,154 2,891 14,515 2,530 6,778 7,258 3,009 Comm. Mtg 1,358 1,062 296 922 435 922 212 223 Commercial Loans Corp Bond/Note 466 466 466 363 103 Corporate Loans 1,492 20 1,472 1,492 1,177 226 89 Credit Card Rec 12,603 6,100 6,502 12,078 524 10,853 1,050 200 500 Debentures 650 650 650 650 Equip Loans Equip. Leases 1,537 1,537 1,537 911 626 Floorplan Recs 1,350 1,350 1,350 1,000 350 Franchisee Loans Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 404 27 377 404 404 Mixed Collateral 1,000 1,000 1,000 1,000 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 625 625 625 625 Mutual Fund Fees Non-Jumbo Mtg Ln 27,318 10,844 16,364 26,525 794 15,128 5,115 6,987 47 40 Oil Receivables Preferred Sec 1,159 522 637 1,159 815 158 186 Prv Issued Sec 152 152 152 152 Rental Car Rec. 600 600 600 600 Rev Cred/Home Eq 67,608 33,519 34,088 56,982 10,625 45,332 13,637 7,924 617 98 Sm Business Loan Struc Fin Credit 5,751 2,306 3,445 5,751 1,876 846 2,688 340 Student Loans 10,222 378 9,381 8,323 1,898 6,148 1,295 1,122 639 1,018 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 45% Non-Jumbo Mtg Ln 18% Auto Loans/Recs 11% Credit Card Rec 8% Student Loans 7% Other 11%

At approximately $1.8 billion, catastrophe bond issuance nearly doubled in 2003 compared with previous years, sources at Moody's Investors Service reported. While the insurance sector issuer base has leveled off, corporates may become more active in the market, with at least one or two hopefuls in the pipeline, and even more kicking around the idea.

The market was pleasantly surprised by last week's series 2004-A pricing from the Providian Financial Gateway Master Trust. The transaction was also Providian's first-ever Gateway offering with a senior/subordinate structure - and it featured the first natural double-A rated class ever in the credit card sector. While many gauged the market reception, particularly the double-A rated B class, the phenomenon is unlikely to spread throughout the sector, sources said.

With $32 billion in assets under management, 25% of which is held in ABCP, the short-term portfolio at Oppenheimer Funds controls a little over 1% of the roughly $700 billion U.S. ABCP market.

The typical quarter-end rush was in full effect last week, with more than $20 billion of U.S. ABS new-issue supply. In all, the market saw offerings in the auto, credit card, home equity and foreign MBS sectors, with more than half of the supply in the mortgage-related sector. In an unprecedented sign, investors saw multiple transactions from three issuers, as well as a pair of different dealer shelves offering bonds backed by the same originator.

Thus far this year, new-issue auto rental fleet lease ABS is picking up as anticipated. With Hertz Rent-A-Car having completed its inaugural term securitization last week, the market has seen three issuers price deals. At least three more deals are still ahead.

Credit Suisse First Boston is marketing an innovative repackaging of single-tranche CDOs in a deal called Cheyne Correlation CDO I. While the portfolio will be static, once ramped up, Cheyne Capital will be able to short the underlying credits as a way to manage the portfolio.

This time last year AmeriCredit Corp. was in the middle of a liquidity crisis brought on by unanticipated economic factors and strategic bungles.

Citigroup Global Markets, the leading ABS underwriter last year, has sprung off the blocks on the right foot, as it has bolted to an early first-quarter lead in the league tables, according to preliminary numbers maintained by Thomson Financial. With more than $20 billion of ABS counted through last Wednesday, it is unlikely that the current second-place underwriter will overcome Citi's $7 billion cushion.

Year to date as of 03/25 Term (days) 03/19 03/22 03/23 03/24 03/25 1-week