CDOs

Year to date as of 11/03 Term (days) 10/28 10/29 11/01 11/02 11/03 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 9,168.4 1 16.0 18 Citigroup 8,238.7 2 14.4 13 Deutsche Bank AG 6,828.5 3 11.9 12 Banc of America Securities LLC 6,552.7 4 11.5 12 Wachovia Corp 6,459.3 5 11.3 12 Credit Suisse First Boston 4,568.7 6 8.0 9 Morgan Stanley 3,703.3 7 6.5 8 Barclays Capital 3,524.5 8 6.2 9 Merrill Lynch & Co Inc 2,426.9 9 4.2 4 Lehman Brothers 1,255.7 10 2.2 3 Industry Total 57,213.1 - 100.0 68 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 Merrill Lynch & Co Inc 11,248.9 1 17.4 25 Morgan Stanley 6,535.1 2 10.1 19 Citigroup 5,589.7 3 8.7 22 Credit Suisse First Boston 4,865.1 4 7.5 12 UBS 4,605.1 5 7.1 8 Deutsche Bank AG 4,429.6 6 6.9 11 Goldman Sachs & Co 4,297.5 7 6.7 8 Wachovia Corp 4,239.2 8 6.6 17 Bear Stearns & Co Inc 3,496.8 9 5.4 14 Lehman Brothers 3,343.0 10 5.2 11 Industry Total 64,544.9 - 100.0 182 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 JP Morgan 14,292.5 1 33.2 24 Citigroup 9,447.3 2 22.0 19 Lehman Brothers 4,595.5 3 10.7 9 Barclays Capital 3,434.2 4 8.0 10 Deutsche Bank AG 3,125.0 5 7.3 11 Credit Suisse First Boston 2,550.4 6 5.9 9 Banc of America Securities LLC 2,468.1 7 5.7 10 Morgan Stanley 950.0 8 2.2 5 Merrill Lynch & Co Inc 827.2 9 1.9 3 Wachovia Corp 775.0 10 1.8 4 Industry Total 43,000.1 - 100.0 78 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 3,958.0 1 30.8 6 Morgan Stanley 2,249.7 2 17.5 3 Banc of America Securities LLC 2,190.6 3 17.0 4 Merrill Lynch & Co Inc 1,728.6 4 13.4 2 Credit Suisse First Boston 1,058.0 5 8.2 3 JP Morgan 728.6 6 5.7 1 HSBC Holdings PLC 708.0 7 5.5 2 ABN AMRO 250.0 8 1.9 1 Industry Total 12,871.5 - 100.0 11 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 Countrywide Securities Corp 57,747.9 1 13.9 56 Royal Bank of Scotland Group 48,019.9 2 11.6 88 Lehman Brothers 42,029.7 3 10.1 84 Credit Suisse First Boston 33,362.0 4 8.0 63 Morgan Stanley 31,784.7 5 7.7 63 Bear Stearns & Co Inc 29,800.3 6 7.2 60 Banc of America Securities LLC 27,158.6 7 6.5 66 Deutsche Bank AG 25,979.4 8 6.3 67 Citigroup 23,030.0 9 5.6 64 UBS 17,449.4 10 4.2 35 Industry Total 415,000.2 - 100.0 787 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 Merrill Lynch & Co Inc 5,875.0 1 13.8 8 Citigroup 5,686.6 2 13.4 8 Deutsche Bank AG 5,239.3 3 12.3 8 Morgan Stanley 4,582.9 4 10.8 8 Banc of America Securities LLC 3,982.1 5 9.4 5 JP Morgan 3,881.5 6 9.1 7 Credit Suisse First Boston 3,696.9 7 8.7 6 UBS 3,155.1 8 7.4 7 Lehman Brothers 2,524.1 9 5.9 4 Goldman Sachs & Co 1,827.1 10 4.3 4 Industry Total 42,520.7 - 100.0 36 Source: Thomson Financial

Year to date as of Oct 27 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 126 126 126 126 Auto Loans/Recs 41,391 36,622 4,769 35,132 6,259 16,580 18,742 6,069 Comm. Mtg 2,899 1,294 1,605 2,899 1,261 229 829 540 Commercial Loans Corp Bond/Note 3,846 1,696 2,150 3,846 2,569 746 45 485 Corporate Loans 5,352 286 5,066 5,352 2,480 395 370 1,192 914 Credit Card Rec 28,632 10,299 18,333 24,659 3,974 19,334 1,400 5,749 900 1,249 Debentures 2,122 2,122 2,122 2,122 Equip Loans Equip. Leases 4,744 4,469 275 4,164 580 2,293 1,388 554 221 289 Floorplan Recs 8,026 840 7,186 7,902 124 4,014 830 3,182 Franchisee Loans 194 194 194 Home Impr Loans Installment Recs 1,797 1,797 1,797 1,797 Junk Bonds Leveraged Loans 1,174 64 1,110 1,174 38 10 284 842 Mixed Collateral 1,881 7 1,874 1,881 1,500 306 22 53 Mnfrd Housing Ct 200 200 200 200 Motorcycle Loans 2,740 2,740 2,740 313 1,923 504 Mutual Fund Fees 501 331 170 501 501 Non-Jumbo Mtg Ln 68,520 31,864 33,291 65,728 2,793 41,621 14,956 10,760 849 319 Oil Receivables Preferred Sec 3,597 2,268 1,330 3,597 3,253 158 186 Prv Issued Sec 1,852 1,079 380 590 1,262 1,852 Rental Car Rec. 2,400 1,300 1,100 2,400 1,300 1,100 Rev Cred/Home Eq 216,332 125,057 77,504 186,006 30,325 143,388 44,757 25,956 1,606 553 Sm Business Loan 828 828 828 828 Struc Fin Credit 14,838 6,458 8,380 14,838 5,807 2,507 4,928 1,508 Student Loans 30,626 6,957 21,983 25,639 4,986 17,780 3,239 4,044 3,663 1,808 Tax Liens Ticket Rec Timeshare Loans 635 386 250 635 336 300 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 48% Non-Jumbo Mtg Ln 15% Auto Loans/Recs 9% Student Loans 7% Credit Card Rec 6% Other 15%

After months of planning and discussions with rating agencies, The Metris Companies is finally set to bring its first senior/subordinated transaction of the year - and its first such structure in three years. The offering comes on the heels of Fitch Ratings upgrading the corporate unsecured rating of Metris, as well as $2 billion of ABS issued by the Metris Master Trust and positive third quarter earnings.

The newly hatched CDO group at Financial Guaranty Insurance Company closed its first transaction last week, providing secondary insurance to an investor on a CLO backed by senior secured loans.

After a week spent sunning at IMN's annual ABS East fete in Boca Raton, Fla., ABS market participants returned to the office to bear the fruit of four days of wining and dining. U.S. ABS primary issuance surged to price close to $12 billion as of Thursday's close evening, with roughly $3 billion still making the rounds for late in the week.

After closing its third CDO of the year last week, The Winter Group unit Terwin Money Management wrapped up its third CDO last week, an asset-backed transaction that appears to be the hallmark of this two year-old market participant. The firm plans to be a keen participant in the ABS CDO market next year as well.

Fitch Ratings announced last week the launch of its Nth-to-Default Model now available for those seeking a tool to evaluate risks related to Nth-to-Default trades. Nth-to-Default trades are synthetic transactions where a credit event is triggered upon the first, second, third or Nth reference entity to default in a portfolio, Fitch explained in its announcement.

Year to date as of 10/27 Term (days) 10/21 10/22 10/25 10/26 10/27 1-week

Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market Managers Proceeds (mils) Rank Mkt. Share # of Issues JP Morgan 8,539.9 1 16.1 17 Citigroup 7,482.7 2 14.1 12 Deutsche Bank AG 6,828.5 3 12.9 12 Wachovia Corp 6,459.3 4 12.2 12 Banc of America Securities LLC 5,117.2 5 9.6 10 Credit Suisse First Boston 4,568.7 6 8.6 9 Barclays Capital 3,498.5 7 6.6 9 Morgan Stanley 3,023.9 8 5.7 7 Merrill Lynch & Co Inc 1,824.4 9 3.4 3 Lehman Brothers 1,255.7 10 2.4 3 Industry Total 53,085.1 - 100.0 65 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 Merrill Lynch & Co Inc 9,753.7 1 15.7 22 Morgan Stanley 6,432.9 2 10.3 18 Citigroup 5,459.7 3 8.8 22 Credit Suisse First Boston 4,865.1 4 7.8 12 UBS 4,605.1 5 7.4 8 Goldman Sachs & Co 4,297.5 6 6.9 8 Deutsche Bank AG 4,279.6 7 6.9 10 Wachovia Corp 4,260.7 8 6.8 17 Bear Stearns & Co Inc 3,635.9 9 5.8 12 Lehman Brothers 3,343.0 10 5.4 11 Industry Total 62,278.7 - 100.0 175 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 JP Morgan 14,292.5 1 34.4 24 Citigroup 9,447.3 2 22.8 19 Lehman Brothers 4,595.5 3 11.1 9 Barclays Capital 3,184.2 4 7.7 9 Credit Suisse First Boston 2,550.4 5 6.2 9 Banc of America Securities LLC 2,468.1 6 6.0 10 Deutsche Bank AG 1,875.0 7 4.5 8 Morgan Stanley 950.0 8 2.3 5 Merrill Lynch & Co Inc 827.2 9 2.0 3 Wachovia Corp 775.0 10 1.9 4 Industry Total 41,500.1 - 100.0 75 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 3,958.0 1 30.8 6 Morgan Stanley 2,249.7 2 17.5 3 Banc of America Securities LLC 2,190.6 3 17.0 4 Merrill Lynch & Co Inc 1,728.6 4 13.4 2 Credit Suisse First Boston 1,058.0 5 8.2 3 JP Morgan 728.6 6 5.7 1 HSBC Holdings PLC 708.0 7 5.5 2 ABN AMRO 250.0 8 1.9 1 Industry Total 12,871.5 - 100.0 11 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 Countrywide Securities Corp 56,046.2 1 13.9 54 Royal Bank of Scotland Group 46,644.9 2 11.6 86 Lehman Brothers 40,997.5 3 10.2 83 Credit Suisse First Boston 33,467.1 4 8.3 63 Morgan Stanley 30,622.1 5 7.6 61 Bear Stearns & Co Inc 30,257.3 6 7.5 60 Banc of America Securities LLC 27,060.1 7 6.7 66 Deutsche Bank AG 24,827.3 8 6.2 65 Citigroup 23,136.1 9 5.7 65 Merrill Lynch & Co Inc 15,871.2 10 3.9 33 Industry Total 403,013.2 - 100.0 729 Source: Thomson Financial