CDOs

After issuing its first CDO in the U.S. just last year, Deutsche Asset Management has gotten its foot in the door of the booming U.S. CLO marketplace thanks to a new agreement with Columbia Management under which DeAM will manage the day-to-day operations of Flagship Capital Management's six CLOs.

Year to date as of 01/25 Term (days) 01/19 01/20 01/23 01/24 01/25 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues Wachovia Corp 157.1 1 100.0 1 Industry Total 157.1 - 100.0 1 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 500.0 1 56.7 1 Banc of America Securities LLC 300.0 2 34.0 1 JP Morgan 82.0 3 9.3 1 Industry Total 882.0 - 100.0 3 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 250.0 1 50.0 1 JP Morgan 250.0 1 50.0 1 Industry Total 500.0 - 100.0 1 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 Deutsche Bank AG 2,628.3 1 20.3 3 Morgan Stanley 2,277.0 2 17.6 5 Banc of America Securities LLC 1,898.8 3 14.6 5 Royal Bank of Scotland Group 1,579.1 4 12.2 3 Barclays Capital 1,307.2 5 10.1 1 Merrill Lynch & Co Inc 1,307.2 5 10.1 1 JP Morgan 1,265.1 7 9.8 2 Credit Suisse 418.5 8 3.2 3 General Motors Corp 296.5 9 2.3 1 Industry Total 12,977.8 - 100.0 17 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 1 100.0 3 Industry Total 3,788.8 - 100.0 3 Source: Thomson Financial

auto ABS 5% credit card ABS 3% real estate ABS 86% student loan ABS 5%

Year to date as of 01/19 Term (days) 01/13 01/16 01/17 01/18 01/19 1-week

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 Deutsche Bank AG 500.0 1 85.9 1 JP Morgan 82.0 2 14.1 1 Industry Total 582.0 - 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 - - - - - 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 - - - - - 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 Morgan Stanley 1,167.5 1 57.5 2 JP Morgan 840.1 2 41.4 1 Banc of America Securities LLC 23.2 3 1.1 1 Industry Total 2,030.8 - 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 Citigroup 1,277.8 1 100.0 2 Industry Total 1,277.8 - 100.0 2 Source: Thomson Financial

auto ABS 15% credit card ABS 9% global MBS 3% real estate ABS 59% student loan ABS 9% other 4%

Wachovia Securities reached a settlement with its former head of CDO research, Arturo Cifuentes, who filed a Sarbanes-Oxley complaint against the bank arguing that he was improperly dismissed. The settlement, however, may not mean the end of the Securities and Exchange Commission's ongoing investigation into the matter.

In what may not come as a huge surprise to market participants, large CDO managers in 2005 became even larger - with 28 collateral managers representing half of the U.S. CDO market in terms of outstanding liabilities by the third quarter of the year, according to Standard & Poor's. The 10 largest managers last year comprised almost 30% of the CDO market.

Tiering in the auto sector is poised to shift, Lehman Brothers predicts. Some nonprime and subprime auto deals should start trading tighter relative to prime paper, as financially struggling U.S. automakers force ABS investors to re-evaluate tiering in the sector.