ABS

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Credit Suisse 8,684.6 1 14.5 14 Lehman Brothers 8,500.1 2 14.1 15 Morgan Stanley 5,593.1 3 9.3 8 Bear Stearns & Co Inc 5,392.7 4 9.0 9 UBS 4,125.7 5 6.9 12 Deutsche Bank AG 4,120.8 6 6.9 7 Citigroup 3,768.3 7 6.3 9 Barclays Capital 3,353.5 8 5.6 6 Banc of America Securities LLC 2,676.3 9 4.5 7 Merrill Lynch & Co Inc 2,349.1 10 3.9 3 Industry Total 60,121.0 - 100.0 95 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 3,788.8 1 58.9 3 Credit Suisse 950.0 2 14.8 2 Banc of America Securities LLC 743.0 3 11.6 2 Deutsche Bank AG 500.0 4 7.8 1 UBS 450.0 5 7.0 1 Industry Total 6,431.8 - 100.0 6 Source: Thomson Financial

auto ABS 12% credit card ABS 10% equipment ABS 0% real estate ABS 71% student loan ABS 6%

The planned $1.5 billion asset backed securities offering to finance the $2.43 billion purchase of Dunkin' Brands Inc. from Pernod Ricard by Bain Capital, Carlyle Group and T.H. Lee Partners is indicative of the increased role of intellectual property in acquisition financing.

Net interest margin securities have become a standard structure, occasionally used in various asset classes such as mortgages or (infrequently) autos.

Information Management Network employees in charge of the annual ABS West conference met last week to decide how, or if, the conference will change next year in an effort to attract more attendees.

As an increasing number of subprime borrowers choose the 40-year mortgage - and an increasing number of issuers offer them - investors are wondering how they stack up against an interest-only loan.

As foreign capital continues to pour into the U.S. housing market - in no small part through investment in U.S. residential-mortgage backed securities and CDOs - investors, analysts and others continue to search for indications of when, or if, that demand could wane.

A dramatic spike in loan delinquencies across Louisiana is a worrisome trend for investors in subprime RMBS, according to analysts at Credit Suisse.

Year to date as of 02/16 Term (days) 02/10 02/13 02/14 02/15 02/16 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Citigroup 1,625.3 1 34.6 3 JP Morgan 1,214.0 2 25.8 2 Wachovia Corp 803.6 3 17.1 2 Royal Bank of Scotland Group 646.5 4 13.8 1 Goldman Sachs & Co 411.2 5 8.8 1 Industry Total 4,700.6 - 100.0 4 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 1,979.5 1 30.1 8 Banc of America Securities LLC 1,153.4 2 17.5 3 Merrill Lynch & Co Inc 991.5 3 15.1 3 Citigroup 820.5 4 12.5 1 Credit Suisse 723.4 5 11.0 1 Deutsche Bank AG 500.0 6 7.6 1 Bear Stearns & Co Inc 327.2 7 5.0 1 JP Morgan 92.0 8 1.4 2 Industry Total 6,587.5 - 100.0 20 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 of America Securities LLC 1,948.3 1 34.2 2 Citigroup 1,850.0 2 32.5 2 Deutsche Bank AG 900.0 3 15.8 1 JP Morgan 499.9 4 8.8 2 Morgan Stanley 250.0 5 4.4 1 Wachovia Corp 249.9 6 4.4 1 Industry Total 5,698.2 - 100.0 7 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 - - - - - Industry Total - - - - 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 8,500.1 1 15.0 15 Credit Suisse 7,667.8 2 13.5 12 Morgan Stanley 5,593.1 3 9.8 8 Bear Stearns & Co Inc 5,392.7 4 9.5 9 Deutsche Bank AG 4,120.8 5 7.3 7 Citigroup 3,753.6 6 6.6 8 Barclays Capital 3,353.5 7 5.9 6 UBS 2,350.0 8 4.1 7 Merrill Lynch & Co Inc 2,349.1 9 4.1 3 Goldman Sachs & Co 2,325.7 10 4.1 2 Industry Total 56,843.8 - 100.0 86 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 3,788.8 1 63.7 3 Banc of America Securities LLC 881.7 2 14.8 2 Deutsche Bank AG 638.7 3 10.7 1 Credit Suisse 638.7 3 10.7 1 Industry Total 5,947.8 - 100.0 5 Source: Thomson Financial

auto ABS 11% credit card ABS 10% equipment ABS 1% real estate ABS 75% student loan ABS 4%

PHOENIX - As an increasing number of investors are expected to pour into the still-green ABX.HE index, liquidity once focused on a wider array of issuer deals could begin to dry up on the single-name ABS credit default swap front, at least in the near term, according to participants at this year's ABS West conference here last week.

PHOENIX - According to some asset-backed securities experts, issuance will be down about 10% in 2006, from record levels seen last year.

"The cost of tuition keeps rising at a faster rate than income or inflation," said Claire Mezzanotte, managing director at Fitch Ratings.