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INFORMATION
MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING SPONSORS FOR THEIR
GENEROUS SUPPORT
 INNOVATIVE
SOLUTIONS.... Whether you want advice on specific issues or comprehensive
support from concept to transaction close, our goal is to meet your individual
needs and demonstrate our commitment to creating innovative solutions efficiently
and effectively.
Our global team of accountants, financial modelers, corporate financiers,
and tax professionals throughout ANDERSEN, have a reputation for adding
value and are dedicated to providing excellent service to clients.
GLOBAL EXPERTISE AND RESOURCES
Our global team can advise on any aspect of any type of securitization transaction.
Whether it is transaction feasibility, collateral analysis and stratification,
accounting and tax consultation, financial modeling, asset or originator
reviews, tax assessment, structuring, pricing, documentation, or even establishing
a special purpose vehicle, our team will provide you with the necessary
professional support and guidance.
Our clients have access to a complete range of expertise and resources,
no matter where they need them.
ADDED VALUE
Co-ordination and communication - our "one firm" approach is unique amongst
professional service organizations, and enables us to bring a tightly co-ordinated
approach to any assignment. One point of contact provides you with access
to a global network of expertise and resources
Thought Leadership - we share a passion for creativity and leading edge
thinking, supported by a high quality infrastructure Rapid Response - rapid
and accurate responses to all your structuring queries whether financial,
accounting, regulatory, or tax related.
 CLIFFORD
CHANCE LLP is a global law firm that delivers fully integrated advice to multi-national
clients, assembling multi-disciplinary and multijurisdictional teams from a single
entity with over 3650 legal advisors. The range of legal advice available encompasses
all aspects of finance, corporate, capital markets, litigation and dispute resolution,
real estate and tax, pensions and employment.
We operate in all major business and financial centres worldwide, enabling us
to handle disputes and provide expert legal advice on all areas of trade and commerce
internationally. Our lawyers operate under both common and civil law and advise
clients on complex cross-border transactions with high quality advice delivered
quickly and seamlessly.
Our International Securitisation Group is widely recognised as the leading international
securitisation practice. The Group comprises lawyers who combine substantial general
expertise in financing transactions with specialist skills. These lawyers have
in-depth knowledge of the complex commercial, regulatory, tax, accounting and
technical issues relating to the securitisation of a broad spectrum of assets.They
have experience of utilising a wide variety of securitisation methods in both
domestic and international cross-border transactions.
The Group works with most of the leading participants in the securitisation market,
including asset originatos, leadmanagers, credit enhancers, programme sponsors,
trustees, swap counter parties and rating agencies.
 From
our very beginnings, FITCH committed to providing the most forward thinking
and transparent research and ratings.
In servicing the capital markets, Fitch Ratings has a presence in more than
75 countries with 40 offices worldwide. Growing rapidly, Fitch now rates
more than 1,300 banks, 70 sovereigns, 1,000 corporates and maintains surveillance
on 3,300 structured financings and 17,000 municipal bond ratings in the
U.S. tax-exempt market. Fitch also rates over 800 insurance companies. With
a combined analytic and professional staff of more than 1,200, many of whom
possess over 10 years of specialized industry experience, Fitch exceeds
expectations.
Our ratings are recognized by regulatory authorities in the U.S. (NRSRO),
U.K., France, Japan, and Hong Kong among others. Fitch Ratings is dual headquartered
in New York and London and is wholly owned by FIMALAC, S.A., Paris.
 MBIA
INSURANCE CORPORATION – the premier global credit enhancer. MBIA is the
world’s largest monoline financial guarantor and the foremost insurer of
structured finance, public finance and infrastructure financings in the
United States and internationally. MBIA is also a leading provider of specialized
financial services. With Triple-A claims-paying ratings from Moody’s Investors
Service, Standard & Poor’s, Fitch, and Ratings and Investment Information,
we offer credit enhancement for a wide range of issues in markets worldwide.
Our superior financial strength and unmatched history of quality service
coupled with the largest and most experienced team of credit analysts in
the industry makes us the financial guarantor of choice in global markets.
Please visit our web site at www.mbia.com
 Investment
banking and securities firm UBS WARBURG (www.ubswarburg.com),
a business group of UBS AG, provides a full spectrum of products to corporate,
institutional and government clients globally.
Top tier capabilities in investment banking, leading relationship-enhancing
technology and unrivalled content and global distribution power drive our
competitive position and growth in profitability.
We meet our clients’ needs through the following leading business areas:
Corporate Finance, Credit Fixed Income, Equities, and Interest Rates and
Foreign Exchange (branded UBS Warburg); and Private Equity (branded UBS
Capital).
UBS Warburg’s position within UBS AG lends our business the stability and
security of one of the world’s most prestigious financial institutions.
Against this solid background, we have built an energetic organisation which
challenges the conventional to find ways of delivering exceptional client
service.
 XL
Capital Assurance Inc. (XLCA), rated triple-A by Moody's Investors Service,
Standard & Poor's Ratings Services and Fitch Ratings, is a New York-based
financial guarantee insurer specializing in corporate and consumer asset
securitization, essential infrastructure project finance, future flow securitization
and U.S. public finance. At December 31, 2001, XLCA had statutory assets
of approximately $158.4 million, liabilities of approximately $48.9 million
and surplus as regards policyholders of approximately $109.5 million. XLCA
is a subsidiary of XL Capital Ltd which, through its principal operating
subsidiaries, is a leading provider of insurance and reinsurance coverages
and financial products to industrial, commercial and professional service
firms, insurance companies and other enterprises worldwide. At December
31, 2001, XL Capital Ltd had consolidated assets of approximately $28.0
billion and consolidated shareholders' equity of approximately $5.4 billion.
 ABN
AMRO Bank N.V. is one of the world's leading banks with total assets of
EUR 597.4 bln, a presence in over 60 countries and territories and 110,000
employees. The Bank has developed a reputation for providing creatively
structured solutions to clients and successfully executing transactions
in an efficient, effective and timely manner. In 2001, ABN AMRO was ranked
No.1 Euro ABS Bookrunner (source: SFI* ), including No.1 in the Netherlands
(Source: SFI). ABN AMRO also ranked as No.2 Lead Manager in European Issuance
(source: ISR**).
ABN AMRO have led a number of highly notable transactions in the last year:
December 2001 saw the largest ever fully funded Euro denominated term securitisation
in the $5 bln SMILE 2001. This represented a new asset class, securitising
for the first time loans to small and medium size enterprises. The transaction
was awarded "CDO of the Year 2001" by SFI and "Most Innovative Deal 2001"
by The Banker. The same month also saw ABN AMRO joint-arrange and lead manage
the Portugal's first residential mortgage deal, and the first deal structured
under domestic securitisation law. This was Banco Comercial Portugues' $1
bln Magellan Mortgages No.1 PLC, winner of "Residential Mortgage Deal of
the Year 2001" (SFI). ABN AMRO had another first with the $400 mln FACT-2001
Limited auto receivables deal for Porsche Bank, representing the first securitisation
from Austria, and winning the award for "Consumer Finance Deal of the Year
2001" from SFI. The trophy cabinet was further enhanced by "Best Securitisation
Transaction 2001" for our $12.5 bln synthetic CLO, Amstel CLO 2001 (The
Banker). The year also saw ABN AMRO bring a number of deals in Italy, with
Antenore Finance and Theano Finance for Banca Antoniana Populare Veneta,
the $850 mln Trevi Finance No.3 for Banca di Roma and Upgrade 2001-1 and
2001-2 for Bipop-Carire. March also saw Grecale Finance, the $174.6 mln
residential mortgage backed deal for Unipol. In the Netherlands, ABN AMRO
has continued to dominate with deals such as Arena 2001-1 and Hermes III
for Delta Lloyd and SNS bank respectively, as well as its own balance sheet.
Also notable were the $1 bln auto receivables deal VCL No.5 for Volkswagen
Leasing, SPML's £350 mln UK subprime residential mortgage deal, Southern
Pacific Securities C PLC, and the £239.5 mln fixed rate funding for Sunderland
(SHG) Finance.
ABN AMRO also operates five conduit programmes with total outstanding Commercial
Paper in excess of USD 38 bln. ABN AMRO's global securitisation business
has more than 100 professionals, with structuring and distribution capabilities
located in London, Amsterdam, Frankfurt, Paris, New York, Chicago, okyo,
Sydney and Singapore.
* SFI : Structured Finance International
** ISR : International Securitisation Report
ABN
AMRO Global Securitisation Trust Services
ABN AMRO Global Securitisation Trust Services is a full-service trust
group targeted at the international securitisation market providing an
unparalleled service delivery platform from offices in London and Chicago.
Managed by professionals with over 12 years of experience in the industry
our advanced infrastructure delivers timely customised solutions to satisfy
the fiduciary needs of our clients and agencies.
Along with trust, collateral and portfolio administration as well as paying
agent and custodian services, we provide tailored expertise in ABS, CMBS,
MBS, Project Finance and full-service CLO/CBO/CDO transactions. As structured
finance trustees, we have been consistently ranked No. 1 on the U.S. CMBS
trustee league tables since 1995.
Our fully integrated loan administration, bond administration, collateral
compliance, investor reporting, and security analytics systems and staff
enable us to provide the highest quality services to our clients. ABN
AMRO's advanced infrastructure provides the back office foundation necessary
to deliver timely customised solutions to satisfy the fiduciary needs
of CDO Issuers, Underwriters, Investors, Collateral Managers, and Rating
Agencies.
ABN AMRO Global Securitisation Trust Services is a long-term player with
a vast array of global relationships and an established track record in
USA, Europe and Latin America. With experience in local markets we place
great emphasis on the quality of our service with one of the highest accuracy
records in the industry. As well investing in state of the art technology
and administration systems such as website-based investor reporting, we
also consistently invest in our people to benefit their long-term performance
and that of the group.
 BANC
OF AMERICA SECURITIES LIMITED (“BASL”) is a top tier player in the global
securitisation market with expertise in all types of consumer and corporate
assets. In the last two years, BASL has structured and distributed over
$150 billion of asset backed securities in the public, private and commercial
paper asset backed markets, and consistently ranks among the top 10 in the
global ABS league tables. In 2001, Emerging Markets Investor awarded the
group ‘Best securitisation: Emerging Europe’ for the $100m securitisation
it lead managed for Turkey’s Akbank, and ‘Best securitisation: Middle East/Africa’
for its groundbreaking $150m securitisation for Makhteshim Agan Industries
in Israel. The Bank’s Global Asset Backed Securitisation Group has more
than 100 professionals based in offices in London, Charlotte, Chicago, Hong
Kong and Tokyo.
BASL’s Structured Credit Products team has over 80 professionals based in
London, Charlotte, New York, Tokyo and Hong Kong, and is responsible for
developing, structuring and executing risk management and investment strategies
for corporate and investor clients. Clients include banks, corporations,
asset managers, insurance companies and reinsurers. The team’s primary business
segments are Credit Derivatives as well as Cash and Synthetic CDOs. In 2001,
the team executed $10.45 billion of CDOs.They are also an innovator of products,
such as the Helix Investment Grade Hybrid Trust Security (“HIGHTs”), the
Program for Accounts Receivable Transfer (“PARTs”), and Structured Enhanced
Return Vehicle Securities ("SERVES").
Bank of America, with $642 billion in total assets, is the second largest
bank in the United States, serving more than 30 million households and 2
million businesses across the country. The bank also provides a comprehensive
array of international corporate finance products for clients around the
world, through its network of offices in 38 countries, including 11 in Europe,
with regional headquarters in London. Bank of America (“BAC”) stock is listed
on the New York, Pacific and London Stock Exchanges and certain shares on
the Tokyo Stock Exchange.
 Founded
in 1923, The BEAR STEARNS Companies Inc. is the parent company of Bear,
Stearns & Co. Inc. a leading international investment banking and securities
trading and broke rage firm serving gove nments , corporations, institutions
and individuals worldwide. The company's business includes corporate finance,
mergers and acquisitions, institutional equities and fixed income sales,
trading and research, private client services, derivatives, foreign exchange,
asset management and custody services. With more than 10,200 employees,
the firm has offices in the U.S. as well as London, Beijing, Buenos Aires,
Dublin, Hong Kong, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. Bear
Stearns has been a leader in developing the European Securitisation market
with a major presence since 1989, and has extensive ABS/MBS banking, structuring,
sales and trading staff based in London. It has lead managed innovative
structures in many European countries and across various product lines,
and has highly ranked MBS and ABS research teams both in New York & London.
 BNP
PARIBAS is one of the world’s largest banking groups, with assets of almost
¤700 billion. The company has an extensive international network, reaching
across 87 countries, with hubs in leading financial centres around the globe.
Ranked number one in France in terms of earnings, BNP Paribas is the second
most profitable bank in the euro zone, with a net income of ¤4.12 billion
in 2000. Thanks to the excellent strategic partnership between its commercial
and financial businesses, BNP Paribas is a major player in the investment
banking, retail banking, and international private banking and asset management
fields. Eighty of the world’s top 100 companies have chosen BNP Paribas
as their bank.BNP Paribas, 10 Harewood Avenue, London, NW1 6AA.Tel: +44
(0)20 7595 2000, Fax: +44 (0)20 7595 2555, www.bnpparibas.com
 SALOMON
SMITH BARNEY CITIGROUP is rated the top securitisation house globally and
has been a pioneer in developing markets for new structured securities,including
the mortgage-backed and asset-backed securities markets and emerging market
cross border securitisation. Citigroup has originated first securitisation
transactions in European countries such as the UK (1987),Germany (1987),Belgium
(1987),France (1989) and Netherlands (1988). Since its creation of the asset
backed CP market in 1981,Citibank has been in the lead. As of the 2nd quarter
2000,Citibank held a market share of 12.3% with over US$ 66 Billion assets
under management in the global conduit market.SSSB has also been a top underwriter
of ABS since the market was created in the 1980’s. Today, SSSB maintains
a market leadership position in the structuring,distribution,trading and
research of ABS. SSSB’s securitisation effort is globally co-ordinated with
Citibank’s asset backed CP vehicle business,the global market leader and
with this co-ordination, Citigroup is uniquely positioned to offer our client
the best securitisation funding solutions.
 CRÉDIT
AGRICOLE INDOSUEZ is the investment banking arm of Crédit Agricole S.A.,
one of the world’s 10 largest banking groups. CAI has been a major player
in securitisation since the late 1980's. It has over 40 professionals in
Paris, London, Milan, Madrid, Stockholm, Chicago and Tokyo, plus 40 specialists
dedicated to ABS sales, syndicate and trading. Asset classes include mortgages,
consumer loans, trade receivables, future receivables, real estate, aircraft,
project and acquisition finance.
In Europe, CAI is among the top 10 securitisation banks. In 2001, CAI arranged
and / or led-managed 25 public and private deals and structured finance
transactions totalling ¤ 17 billion. CAI ranked number 8 as bookrunner of
Euro ABS & MBS by number of issues and number 12 by amount in 2001 (Capital
Data Bondware). Since 2000, CAI has also been one of the largest arrangers
of synthetic CLOs.
Many of CAI's transactions were “premières”: 1st entirely synthetic CLO
rated in France, 1st debt mutual fund with compartments in France, 1st securitisation
combining performing and non performing loans in Italy, 1st multi-seller
CMBS & RMBS in Italy, 1st Government sponsored cash CLO in Spain. In France,
CAI acted as co-arranger and joint bookrunner of Europe’s largest auto loan
ABS transaction in June 2001. CAI's ABCP multi-seller conduit, Hexagon,
is geared towards European trade and financial receivables. At the end of
2001, Hexagon’s outstanding assets were over ¤ 1,4 billion.
In America, CAI underwrites and arranges securitisation facilities, with
$2.5 billion committed on 90 transactions.
CAI is co-agent of Atlantic, a $3 billion ABCP conduit active in the securitisation
of leases, trade receivables and consumer credit receivables.
In Japan, CAI focused on the securitisation of personal loans for consumer
finance companies of real estate assets. In 2001, it arranged transactions
for a total of JPY 142 billion.
 The
DEUTSCHE BANK GROUP is one of the world’s largest financial services groups,
with total assets exceeding EUR 900 million. The Bank has an impressive
global presence, serving over 9 million customers worldwide and has operations
in over 60 countries around the globe. Deutsche Bank ranks among the leaders
in Derivatives, FX, Capital Markets, Corporate Finance, Cash Management
and Fixed Income Trading.The keys to the Bank’s success remain constant:
customer focus, the spirit of innovation, a broad range of product skills
combined with technological power and financial strength delivered by highly
skilled professionals.
Deutsche Bank is organised in two customer-oriented groups; Corporate and
Investment Bank (CIB) and Private Clients and Asset Management (PCAM). This
organisational alignment allows Deutsche to further strengthen the services
provided to our clients worldwide.
The Global Asset Securitisation Group is a fully integrated global team
providing securitisation services to both issuers and investors through
teams based in the US, Europe, Asia and Australia. Deutsche Bank is an active
participant in the public and private asset-backed markets as well as a
leading sponsor of multi-seller asset-backed commercial paper conduits.
 FRESHFIELDS
BRUCKHAUS DERINGER is a leading international law firm. Our 2303 lawyers
in 29 offices around the world provide a comprehensive worldwide service
to national and multinational corporations, financial institutions and governments.
For many years we have been at the forefront of developments in the legal
profession. As the twenty-first century begins, we are growing and evolving
faster than ever, to satisfy the needs of our clients for top quality advice
in an era of globalisation and rapid financial and technological change.
Our structured finance team is widely regarded as one of the world's best.We
operate at the cutting edge of structured finance work, structuring and
implementing innovative and complex transactions in structured products,
securitisations, derivatives and tax driven schemes. We work for a range
of organisations including major financial institutions, asset originators,
asset purchasers, insurers, rating agencies and other market organisations.
We have the strength in depth to provide a "full service" and we will advise
on all aspects of a transaction - the securities offering and listing, associated
derivatives and credit support, banking facilities, security arrangements,
insolvency and regulatory capital analysis and increasingly, in the global
environment in which we operate, complex conflict of law issues on cross-border
transactions. We also have one of the leading international tax and regulatory
practices focused on structured finance.
 JPMORGAN
is one of the world’s premier investment banks as measured by client franchise,
product breadth, geographic reach and size.This unique financial services
firm was created by gradually combining, in 1999 and 2000, the expertise
and specialization of five predecessor firms - J.P. Morgan & Co.,The Chase
Manhattan Bank, Hambrecht & Quist, Robert Fleming Ltd and The Beacon Group.
Central to JPMorgan’s business model is its "360º relationship" with clients.
This approach calls for strategic, long-term relationships with corporations,
financial institutions, governments and institutional investors. Combining
the best of a commercial bank and the best of an investment bank, the firm
focuses on being a trusted advisor on corporate strategy and structure,
raising and placing capital, making markets in a broad range of financial
instruments, designing cutting edge risk management solutions and offering
treasury and securities services.
JPMorgan's Structured Finance group serves clients that need financing,
risk management or balance sheet management solutions. CDOs, Credit Derivatives,
real estate finance and securitization are areas of leadership for JPMorgan.
JPMorgan is global leader in providing financing backed by real estate,
auto loans, housing loans and other financial assets. JPMorgan pioneered
the BISTRO product, and has constantly led the path of evolution in the
synthetic CDO market since then. The Structured Finance team provides unparalleled
access to solutions that make optimal use of the wide variety of these sophisticated
products.
JPMorgan Institutional Trust Services
With more than a century of experience in the trust business, JPMorgan Institutional
Trust Services offers clients an unparalleled level of expertise. We are
committed to our client relationships and to the continuity, stability and
quality that make those relationships flourish. With offices in major cities
worldwide, Institutional Trust Services delivers the cross-border expertise
and local market experience, as well as the advanced technology required
by securitizations and structured transactions. Institutional Trust Services
is committed to continuing to earn its market leadership positions through
innovative solutions supported by advanced technologies, comprehensive product
offerings, expert customer service and the global reach of JPMorgan.
 At
MCKEE NELSON LLP, our Capital Markets practice offers structured finance
advice to national and multinational corporations. The members of McKee
Nelson's Securitization & Structured Finance group are highly skilled in
developing creative solutions to planning complex structured finance transactions,
and can execute the most sophisticated global and domestic transactions.
These veteran capital markets attorneys have represented every major Wall
Street investment bank as underwriter or placement agent, and have represented
most of the major federal agencies and non-agency originators -- as well
as servicers and credit enhancement providers -- in domestic and international
structured finance transactions involving a broad array of financial assets.
In addition, our Corporate/Securities and Mergers & Acquisitions attorneys
represent global corporations in a wide range of sophisticated public and
private corporate and securities transactions.
McKee Nelson's Capital Markets group is closely aligned with McKee Nelson's
Tax Planning and Tax Litigation group, one of the United State’s premiere
tax practices, and is allied with the international professional services
firm, Ernst & Young LLP, and the global network of law firms allied or affiliated
with Ernst & Young.This network now includes nearly 2,000 lawyers in more
than 60 countries around the world, including Tite & Lewis in London and
Donahue LLP in Canada.
 MERRILL
LYNCH's Structured Credit group combines securitisation, credit derivatives
and repackaging expertise to structure efficient balance sheet management
solutions for issuers and innovative investment opportunities for its investor
clients.The group's activities include arbitrage and balance sheet CDOs
in synthetic and cash form, portfolio default swaps, repackaging activities,
ABS/MBS securitisation and corporate structured financings. Merrill Lynch
brings together domestic and international issuers and investors by utilizing
the strengths of an unparalleled team of banking,structuring,sales,trading
and research personnel.Merrill Lynch is a leading underwriter of ABS issues
and one of the top dealers for Asset Backed Commercial Paper programs. Merrill
Lynch's international ABS/MBS research group have regularly been voted best
research provider by investor polls conducted by ISR,SFI, by EuroMoney and
by Credit Magazine .
 SG
is the corporate and investment banking arm of the Société Générale Group.
Present in over 50 countries and with expertise in capital markets, advisory
and origination services, structured finance and commercial banking, SG
builds innovative, integrated financial solutions for its corporate, institutional
and public sector clients.
Securitisation is part of SG’s Debt Finance division which provides both
issuers and investors with a global, solution-driven approach to their debt
finance or investment needs based on an integrated debt and treasury product
offer.
Active for more than a decade and organised on a global basis, the Securitisation
team has over 100 professionals providing arrangement or advisory capacity
from Europe (Paris, London, Madrid, Milan, Amsterdam), the United-States
(New York and Chicago), Asia (Hong Kong and Tokyo) and Australia (Sydney).
SG’s Securitisation team closed over 60 transactions worldwide in 2001 (both
public and private) across a wide range of asset types (including residential
mortgages, consumer loans and corporate loans). A platform has been established
to provide global distribution capacity in the public and private markets.
Our focus is ABS, CDO, CMBS, and emerging assets. Additionally, SG plans
to launch a structured investment vehicle (SIV) in 2002. SG is currently
ranked #1 in the Australian Term ABS market and #18 in European ABS.
SG is one of the top asset-backed commercial paper conduit sponsors worldwide.
It administers eight multi-seller vehicles covering the Americas, Europe,
Asia and Australia with total aggregate outstandings in excess of $25,5
billion. It is currently ranked among the ten largest asset-backed commercial
paper sponsors in terms of outstandings and was also recognised as ‘Autralian
Securitisation House of the Year’ for 2001 and ‘Asian Securitisation House
of the Year’ for 2000 by IFR Asia. "
 THE
ROYAL BANK OF SCOTLAND is a broadly based financial services group with
operations spanning clearing banking, corporate banking, financial services,
investment management and insurance, both in the UK and overseas. With a
market capitalisation in excess of £49 billion (US$70 billion)* it is the
second largest bank in both the UK and Europe and is the fifth largest banking
group in the world. The Group has over 2,000 branches in the UK and Ireland
and serves over 15 million customers.
The Royal Bank of Scotland, Financial Markets, provides specialist services
in global foreign exchange, currency and structured derivatives, interest
rate management services, money markets, debt, fixed income and capital
markets to the bank’s global corporate and institutional client base.
The Securitisation Team comprises over 36 professionals in London, Milan
and Paris and covers a wide range of asset classes including mortgages,
CDOs, consumer finance, property, whole business transaction, and project
bonds. It also manages two substantial multi seller CP conduits with over
$6 billion in outstandings. As well as being able to offer first rate structuring,
execution, and distribution skills, Royal Bank can provide warehousing and
bridging capabilities together with market leading asset-backed research.
* as at 5 March 2002. Source Datastream
 TITE
& LEWIS is an independent and international law firm that works, if the client
chooses, in close association with Ernst & Young.
Structured finance is an area in which our unique relationship with Ernst
& Young is especially valuable to our clients. Lawyers in our group frequently
work as members of multidisciplinary teams with corporate finance, accounting
and tax professionals from Ernst & Young, as well as in multi-skilled
teams drawn from groups across Tite & Lewis and from Ernst & Young’s network
of associated legal practices consisting of 2000 lawyers located in 60
countries.
Lawyers in our structured finance team have advised originators, underwriters,
arrangers, credit enhancers, sellers, servicers, rating agencies and trustees
in connection with the securitisation of a wide variety of assets, including:
consumer loans, bank and corporate loans,automobile loans and leases,
trade-related remittances, credit card and trade receivables, workers’
remittances, residential mortgage loans, future flow cash remittances,
instalment sales contracts and equipment leases.
The firm’s established role as business advisers alongside our innovative
approach to transactions, means our structured finance lawyers, who posses
both English law and New York law capability, are typically involved by
our clients at the earliest stages of structuring transactions and are
relied upon to bring complex structured financings to completion.
For more information about our structured finance team, please contact:Tite &
Lewis.
 WESTLB
is one of Europe’s largest wholesale banks. With its world-wide network
of branches and offices and co-operation agreements in more than 35 countries
it is able to provide a strong and reliable long term partner for both
financial institutions and corporates. WestLB offers a broad spectrum
of services in commercial banking,structured and corporate finance, debt
and equity capital markets and real estate asset management. Clients include
corporate and private individuals , institutional investors and public
authorities West LB ’s business activities and operational network are
driven by the needs of our customers.
WestLB’s Asset Securitisation and Principal Finance group is a market
leader in the provision of sophisticated financial engineering techniques
for securitisation and principal finance transactions for a wide a variety
of asset types. Our primary centres of activity are in London,New York,and
Düsseldorf, supplemented by a regional capability in Buenos Aires and
Tokyo. We are a full service provider and provide a complete range of
funding solutions. Services range from research, structuring, rating,
documentation, systems and IT development, through to underwriting,distribution
and ongoing program management.
For further information,contact Robin Saunders, Managing Director on +44
20 7020 7502.
 ALLEN
& OVERY has over 350 partners and some 4,000 staff working in 25 major cities
worldwide advising businesses, financiers and governments wherever there
is a need for decisive legal advice. The securitisation team provide cutting
edge advice to originators, investment banks, trustees and credit enhancement
providers and have a thorough understanding of their concerns and commercial
interests in these transactions.
Through a number of innovative structures, the team continue to make significant
contributions to several key areas of securitisation technology and many
of transactions that they structure are seen as benchmarks in the market.
Significant deals over the past two years include:
In 2001: • Telereal • Welsh Water • Werretown • Canary Wharf Finance • Rank
Hovis McDougall • Holmes III - V
In 2000: Holmes I & II • Mound I & II • Canary Wharf Finance II plc • Trafford
Centre • Really Useful Theatres • AAE
Market perception is reflected by the awards that the team have won over
the last three years, totalling more than 22 independent industry awards.
 AMBAC
ASSURANCE UK LIMITED (AAUK) offers financial guarantee insurance for infrastructure
and project financings, local government issues, asset securitisations,
structured finance transactions, and obligations of financial institutions,
sovereigns and sovereign-owned enterprises throughout Europe.
Notable transactions include Telereal Securitisation (2001 Real Estate Deal
of the Year, SFI), GHG Finance Limited, and the Dudley Hospital and Heavy
Equipment Transporter (HET) PFI projects. Also, AAUK was recently named
2001 Bond House of the Year by PFI.
Rated triple-A by the major rating agencies, AAUK and Ambac Assurance Corporation
are subsidiaries of Ambac Financial Group, Inc., one of the preeminent providers
of financial guarantee insurance and financial services to clients worldwide.
Over the past ten years, Ambac has guaranteed more than $200 billion international
and US structured and asset-backed transactions.
 ASHURST
MORRIS CRISP is an international law firm with offices in Brussels, Frankfurt,
London, Madrid, Milan, New York, Paris, Tokyo and Singapore as well as a
liaison office in New Delhi. The firm has 125 partners and over 600 other
lawyers and focuses on all aspects of business and financial law.
The firm has considerable experience in the securitisation of a wide variety
of asset classes utilising the full spectrum of securitisation and structured
finance techniques. The firm regularly represents lead managers, originators,
credit enhancers, liquidity providers, collateral managers, swap counterparties
and trustees in the market. Ashursts has a market leading position in the
fast developing European CDO market, having worked on fifteen European CDOs
priced in 2001.
 BAKER
& MCKENZIE is a leading global law firm with 62 offices in 35 jurisdictions.
With a multinational network of more than 3,000 attorneys and a presence
in vir tually every important financial and commercial center in the world,
we are able to offer our clients a truly global service that is virtually
unrivaled.
Since its inception in 1949, the Firm has been committed to building a seamless
global network of offices staffed by locally qualified lawyers who are indigenous
to the business communities in which they and their clients operate. Many
law firms have since begun to establish offices outside their own jurisdictions;
others have grown through acquisition. Baker & McKenzie alone has pursued
a global strategy from the start and continues to do so. We remain the first
and only integrated global law firm.
Our Firm was founded on the concept of serving clients' needs across the
globe - a strategy which has been pursued for over 50 years.Today, we embody
the essence of our shared vision for our Firm in our client commitment,
the driving force that underpins the development of every area of our business.
Baker & McKenzie’s Securitization and Structured Finance Practice Group
advises clients on all aspects of asset-backed securities, commercial mortgage-backed
securities, collateralized debt obligations and commercial paper conduit
transactions.We have extensive experience in innovative structures in every
asset class, including intellectual property, timeshare receivables, mortgages,
naming rights, trade receivables, aircraft, telecommunication and other
types of equipment leases, automobile loans, franchise loans and tobacco
settlements. Our attorneys have also structured, documented, and closed
many unique and unprecedented private and public transactions (including
innovative music royalty securitizations) for a wide array of issuers, major
investment banking firms, investment companies and advisors, commercial
banks, finance companies and insurance companies.
 BANK
ONE is the sixth-largest bank holding company in the U.S. with assets of
more than $265 billion and offices around the world.
Bank One is a global provider of a full spectrum of asset-backed finance
products with a proven track record in asset-backed commercial paper, public
and private ABS offerings, corporate trust, securities and investments via
structured investment vehicles. Over the past 12 years, Bank One has originated
and executed transactions throughout the Americas, Europe, and Asia.
Bank One is one of the largest arrangers of asset-backed commercial paper
in the world, with over $40 billion of ABCP outstanding. The firm has representatives
located in its London office dedicated to working closely with European
issuers in the U.S. and Euro ABCP markets. Bank One's team in London, along
with their U.S. counterparts, arrange and distribute ABS products globally.
Bank One's corporate headquarters in Chicago provides extensive industry
analysis and ABS research to investors through customized publications and
the Internet.
 BARCLAYS
CAPITAL is the investment banking division of Barclays PLC, one of the largest
multi-national financial services groups in the world. As part of the Barclays
Group, Barclays Capital has access to the balance sheet of a bank with assets
of £255 billion, capital resources of more than £13 billion and AA credit
ratings.
Barclays Capital is debt focussed, providing its clients with a broad range
of integrated financing and risk management products.The firm focuses on
those activities where it has competitive advantage and that are integral
to the Group. Barclays Capital acts internationally as intermediary and
advisor to corporates, financial institutions, governments and supranational
organisations, and has the global reach and distribution power to meet the
needs of issuers and investors worldwide.
The Asset Securitisation Group has a leading position in European and a
growing US presence where it is also one of the largest sponsors of multi-seller
CP conduits, including the 4th largest multi-seller conduit in the market
today. Its success is based in innovative structuring and execution skills,
combined with exceptional distribution capabilities and a large and a well
respected ABS Research team. In particular Barclays Capital has a considerable
share of the European market for the securitisation of residential mortgages,
commercial mortgages, credit cards and structured bonds backed by property,
PFI contracts, infrastructure and nursing homes.
 CDC
IXIS Capital Markets, a wholly-owned subsidiary of CDC IXIS (Caisse des
dépôts Group), is a leader in the French and European capital markets.
With a AAA/Aaa rating and a customer-based approach, CDC IXIS Capital Markets
has the ability to provide its clients not only with a secure environment,
but also with a rapid and appropriate response to market developments.
CDC IXIS Capital Markets offers a range of services which meet the needs
of both issuers and investors: intermediation, structuring and financial
engineering as well as economic and financial research.
CDC IXIS Capital Markets has entered the securitisation field by hiring
a team of seasoned professionals highly regarded in the conduit and term
securitisation business.
The team has been at the forefront of the initial structuring and development
of European asset financing and arbitrage conduits over the past 6 years.
Since then it has closed over 50 transactions throughout Europe, including
trade receivables, corporate loans, credit card receivables, mortgage loans
and insurance premiums. The team also focuses on the structuring of client-oriented
and arbitrage ABCP conduits on behalf of its customers.
In the term ABS business, the team is very active in several asset classes
across Europe, with two transactions as bookrunner in the first quarter
of 2002. Moreover by working in partnership with CDC IXIS Financial Guarantee,
a AAA/Aaa/AAA monoline insurer, the team is very well positioned to take
advantage of the increased market interest for synthetic transactions.
 As
the new generation in financial guaranty, The CIFG Group understands how
important it is to choose a bond insurance company that knows where you
want to go. We provide insurance for investment grade transactions in the
structured finance (consumer assets, commercial assets, and collateralized
debt obligations), project finance, and public finance markets.
We are a group of rated financial guaranty companies capitalized with $500
million of equity and committed capital. CIFG Europe, and CIFG, are currently
rated Triple-A by Standard & Poors, Moody’s and Fitch.
We enter the market with a long-term commitment to financial guaranty. We
are focused on providing you with:
• A Triple-A alternative to alleviate concerns about risk concentration
among existing providers
• A transparent approval process that isn’t mired in bureaucracy
• An exceptional approach to customer service
We believe the best way to conduct business is to show our customers how
we conduct business. You can always rely on us to provide you with an unambiguous
timeline and stick to it. And we will always clearly communicate our credit
analysis and risk management processes.
You will always deal with someone who understands your business. We will
always tell you whether or not we can add value to your transaction. Besides,
you will deal with the same experienced Transaction Specialist.
For a greater sense of the philosophy that drives every CIFG Group decision,
consider our mission: To provide our global clients with consistent, long-term
trading value and unparalleled execution through a superior understanding
of risk and business needs.
 COMMERZBANK
SECURITIES is the fully integrated, internationally oriented investment
bank of Commerzbank AG, a leading European bank. Its mission is to be the
European investment bank of choice, providing a full range of solutions
to Commerzbank’s corporate, institutional and retail client base globally.
The competitive position of Commerzbank is underpinned by total assets of
more than ¤510 billion (4 February 2002) and over 40,000 employees.
Commerzbank Securities is currently active in Securitisation out of Frankfurt,
London, New York and Tokyo. Commerzbank Securities focuses on providing
integrated solutions for asset originators and managers, through the provision
of risk transfer structures in both the private and public markets. Commerzbank
Securities was ranked Number 3 in Pan European Asset Backed Securities in
2001 by ISR, Number 1 in ABS Research in 2001 in the Thomson Extel analysts
survey, and is a leading global provider of conduit financing solutions.
In 2001 Commerzbank Securities closed the largest pan-European CMBS transaction
(Europa Two), several public RMBS transactions for various German and Spanish
banks, including Aareal Bank, HVB Real Estate Bank, and TdA. Furthermore,
Commerzbank Securities structured and distributed several private CLO and
RMBS transactions both for their own account and third parties. Kaiserplatz
Funding – one of the most innovative European ABCP conduits –enables Commerzbank
Securities to offer the full range of conduit business complementing Commerzbank’s
substantial US conduit business via Four Winds Funding.
 CREDIT
SUISSE FIRST BOSTON (CSFB) is a leading global investment bank serving institutional,
corporate, government and individual clients. CSFB’s businesses include
securities underwriting, sales and trading, investment banking, private
equity, financial advisory services, investment research, venture capital,
correspondent brokerage services and asset management. CSFB operates in
over 89 locations across more than 37 countries on 6 continents. The Firm
is a business unit of the Zurich-based Credit Suisse Group, a leading global
financial services company. For more information on Credit Suisse First
Boston, please visit our Web site at http://www.csfb.com.
 Since
1985, DELOITTE TOUCHE TOHMATSU professionals have added insight,consistency
and value to more than 9,000 offerings with an aggregate principal amount
of more than $2 trillion. Our effectiveness is derived from the experience
we bring,coupled with our research, study and devotion to the intricate
business of securitization. We understand that securitization is a labyrinth
of process, regulation, tax and technology, and have the depth and wealth
of experience – from the beginning of the securitization process to the
end – to provide you with a comprehensive business solution to your securitization
challenges.
We recognize your securitization needs are multifaceted and affect all parts
of your business . To provide you with solutions that take into account
the complexities of your business , we have a well-rounded team of specialists
with industry experi e n c e who stand ready to help – no matter what your
asset class, t ransaction structure or infrastructure needs are.
For more information, contact Frank Dubas, 1 212 436 4219 or e-mail him
at fdubas@deloitte.com.
 DRESDNER
KLEINWORT WASSERSTEIN, a member of the Allianz group, provides a full range
of services to its corporate, institutional and government clients worldwide.
With significant operations in London, Frankfurt, New York and Tokyo, a
full range of investment banking expertise is available to European and
international clients through Global Debt, Global Investment Banking and
Global Equities business lines.
The Global Debt business line combines DrKW’s bond, derivative, debt advisory
and structuring expertise with a strong balance sheet and distribution capabilities,
bringing borrowers and issuers together in response to their changing capital
markets needs. Its in-depth understanding of international capital flows
and the clarity of its research enables DrKW to create products to match
investor demand with the strategic needs of issuers, in both developed and
emerging markets.
Our Securitisation teams in London, Frankfurt and New York consist of highly
qualified professionals with long standing experience in all asset classes.
DrKW provides securitisation services in both the private and public markets
where it benefits from our credit research and bond distribution strengths.
DrKW is a leading sponsor of multi-seller asset-backed conduits with flexible
conduit structures both for European and US markets needs. For further information
visit www.drkw.com
 EASETEC
AG offers IT consulting and development for European financial institutions
engaging in risk transfer.
In some cases this will mean building tailormade solutions for clients,
looking at the clients‘ systems, beefing up what they have, and perhaps
guiding them on the purchase of new software. The company will strive to
integrate securitisation software as fully as possible into client‘s own
systems, upgrading their analytical capability and enabling them to use
the technology for a variety of purposes.
The company also gets involved in executing transactions but not to the
extent that they will compete with the investment banks.The company will
be involved at a much earlier stage than the arranger/underwriter to work
out what a transaction would do to the P&L and risk weightings. Ultimately
this will mean helping banks contemplating securitisation, credit derivatives
and other types of structured financings to assess the merits of a proposed
transaction and then to carry it out. The one essential ingredient for all
of this is technology, which is where the company‘s focus will be. The rating
agencies say only about 30% of all projects get done, easetec AG strives
to improve this hit rate.
 FINANCIAL
SECURITY ASSURANCE (FSA) is a leading Aaa / AAA / AAA - rated monoline financial
guaranty insurer of municipal infrastructure , asset -backed and structured
financings . The most experienced bond insurer in the international markets
, FSA has guaranteed approximately $281 billion of securities originated
in Europe, North America and the Asia Pacific region. FSA also offers financial
guaranty products that allow financial institutions and corporations to
manage their capital more efficiently. Its financial strength is rated Triple-A
by Fitch,Moody’s S&P and Japan R&I. FSA is a Dexia company.
 GOLDMAN
SACHS INTERNATIONAL is a leading investment banking and securities firm
based in London, providing a full range of investing, advisory and financing
services to a substantial and diversified client base in Europe and worldwide.
It has affiliated offices in Frankfurt, Paris, Milan and other major European
cities. Goldman Sachs International is part of the Goldman Sachs group based
in New York, and is regulated by FSA for the conduct of investment business
in Europe.
 Herbert
Smith has a formal alliance with the leading German firm, Gleiss Lutz, and
the leading Dutch and Belgian firm, Stibbe. This alliance enables them to
provide an integrated domestic and cross-border service to the three firms'
clients.
Herbert Smith is an international broad-based law firm with over 1,000 lawyers,
of which nearly 200 are partners, and a network of offices in Europe and
Asia. The firm offers its clients an unrivalled balance of corporate, finance
and dispute resolution advice as well as offering a range of specialist
services. Stibbe has a broad-based commercial practice and is the leading
firm in a number of niche practice areas (eg environmental law in the Netherlands
and insolvency in Belgium). But it puts special emphasis on M&A, corporate
finance and dispute resolution.
Gleiss Lutz is a German law firm with over 175 fee earners in Germany and
its offices in Central Europe and China. It offers a full service in all
areas of German and international commercial and financial law. Corporate
law and M&A are among the firm's main areas of activity.
 With
total assets of ¤725 bn, a staff of more than 71,000 and over 2,300 branches,
HVB Group is the second largest banking group in Germany ranking third among
all banks in Europe.
Having identified securitization as a key instrument in modern balance sheet
management, the group’s activities are combined under the global brand “HVB
Securitization”.
The efficient organization of the entire value chain - from origination
and risk management up to risk transfer into capital markets - secures HVB
Group’s prominent competitive position.
Active in the securitization business since 1987, the Group has participated
in various roles in US, European and Asian ABS and MBS programmes. Our global
expertise was reconfirmed when the first ABS transaction in Singapore to
be rated by international rating agencies was named the "Best Securitization
Transaction of 2001."
During the past year, HVB Group has securitized and placed assets amounting
closely to ¤15bn. A large part of this volume in Europe was represented
by the two synthetic securitization transactions Geldilux 2001-1 Ltd. and
Provide-A 2001-1.
In 2002, the Group has taken further steps towards implementing a coordinated
Credit Treasury and Asset and Liability Management, where securitization
and structured credit derivatives are used in combination to optimize the
banks use of economic and core capital and liquidity both on a transactional
as well as a portfolio basis. Promise-A 2002-1 was the first of a series
of balance sheet and customer transactions which HVB will launch this year.
 ING
is one of the largest integrated financial services organisations in the
world. It provides an extensive range of financial products and services
to corporate and institutional clients worldwide. ING is present in Europe,
Asia, Japan, the US and the emerging markets of Latin America, Central &
Eastern Europe and Southern Africa.
Securitisation is a core product for ING, an area in which it has been active
for more than a decade. Organised on an international basis, the securitisation
team has expertise in numerous asset classes including trade receivables,
lease receivables, consumer loans, MBS, CDO’s and future flow transactions
in most regions throughout the world. ING also provides its clients with
a comprehensive range of securitisation funding options including term issuance,
CP conduit execution, bank balance sheet execution and warehouse funding.
 LEHMAN
BROTHERS an innovator in global finance, serves the financial needs of corporations,
governments and municipalities, institutional clients, and high-net- worth
individuals worldwide. Lehman Brothers maintains leadership positions in
equity and fixed income sales, trading and research, investment banking,
private equity, and private client services. The Firm is headquartered in
New York, London, and Tokyo and operates in a network of offices around
the world. For further information about Lehman Brothers’ services, products,
and recruitment opportunities, visit our web site at www.lehman.com.
 LINKLATERS
& ALLIANCE is one of the leading global legal practices and brings together
three of Europe’s premier law firms: Linklaters, De Brauw Blackstone Westbroek
(Netherlands) and Gianni, Origoni, Grippo & Partners (Italy).
 SPV
MANAGEMENT LIMITED (“SPVM”) is the leading London based provider of corporate
management services to special purpose vehicles based in Europe. It is the
parent company of a number of subsidiaries operating in Jersey (see BedellSPV
below), Ireland, Cayman Islands, and Italy. Through its associates elsewhere
in the world it is also able to provide services in Belgium, Netherlands,
Luxembourg, Australia and the USA. It has a joint marketing association
with Lord Securities Corporation in the USA called “LordSPV”.
Lord Securities Corporation is the longest established privately owned provider
of securitisation corporate management services in the USA and is based
in New York and Delaware. It also has operations in Australia and South
Africa and by way of its affiliate in Japan is ideally positioned to exploit
the growing Asian market. Lord Securities provides domestic and offshore
special purpose entities with equity capital, independent directors and
officers, as well as full-service, third party special purpose entity administration,
ownership, transaction management, accounting and treasury services.
Bedell Cristin is a leading Jersey law firm which has been at the forefront
of providing legal advice to the finance industry in Jersey for over 40
years. Consistently ranked one of the top firms in Jersey and highly rated
for the professionalism and technical expertise of its lawyers, Bedell Cristin
provides a service tailored to the commercial needs of its international
clients and has been responsible for the establishment of a significant
proportion of the banks, mutual funds and structured finance and securitisation
vehicles domiciled in Jersey. The securitisation team has significant experience
in asset backed financing having acted as Jersey counsel in some of the
most innovative securitisation transactions in the market.
Bedell SPV (a Jersey based joint venture SPV administration provider owned
by Bedell Cristin Trust and SPVM) is able to arrange, in conjunction with
SPVM and Lord Securities an integrated service in the establishment and
management of special purpose vehicles in cross-border transactions on a
multi-jurisdictional basis, as well as the establishment and management
of Jersey domiciled SPVs.
Increasingly arrangers and originators are looking for multi-jurisdictional
capacity from service providers and through the Bedell/Lord SPV relationship
we work as a cohesive team drawing on what we believe to be an unrivalled
blend of skills and experience in the tailored provision of corporate management
services to special purpose vehicles in the global market.
 MAYER,
BROWN, ROWE & MAW is among the 10 largest law firms in the world--the result
of the February 1, 2002, merger between U.S.-based Mayer, Brown & Platt
and U.K.-based Rowe & Maw. Mayer, Brown & Platt was founded in Chicago in
1881 and Rowe & Maw in London in 1895. The merger capped a year of expansion
for the firm: Since January 2001, we have merged with the Paris firm, Lambert
& Lee, and the Frankfurt firm, Gaedertz, and opened new offices in Palo
Alto and a second trade consulting office in China. We now have more than
1,300 lawyers practicing in seven U.S. cities and six European cities. We
also have an independent correspondent relationship with Jáuregui, Navarrete,
Nader y Rojas, one of Mexico City's most respected law firms. We have more
than 45 practice areas, including internationally recognized specialties
in securitization, appellate, corporate, banking, IT/Oursourcing, litigation,
real estate, and tax. In 1999, Mayer, Brown developed Securitization.NetTM
a collaborative website for the structured finance community that is free
to users and contributors worldwide.
 MOODY'S
INVESTORS SERVICE, a leading global credit rating, research and risk analysis
firm, publishes credit opinions, research, and ratings on fixed-income securities,
issuers of securities and other credit obligations. The firm provides credit
ratings and analysis on over $30 trillion of debt covering 85,000 corporate
and government securities, 68,000 public finance obligations, 4,200 corporate
relationships, and more than 100 sovereign nations.
Moody's employs more than 1,600 associates in 16 countries, and is a subsidiary
of Moody's Corporation (NYSE:MCO). The corporation had reported revenue
of $797 million in 2001. Additional information about the company is available
at www.moodys.com.
 MORGAN
STANLEY’S Securitised Products Group focuses on providing asset backed structured
financing solutions to meet the financing needs of the firm’s clients. With
over 40 professionals in Europe and in excess of 200 worldwide, the Group
is widely recognized as a leader in the global marketplace. With a series
of innovative, award winning securitizations and top league table credits,
Morgan Stanley's Securitized Products Group strives to be First Choice with
all of our clients.
 Since
the execution of the first transaction in 1996 Asset Securitisation has
been a core product of NIB CAPITAL BANK. NIBC provides clients with a comprehensive
range of products including ABS and MBS, ABCP and warehouse funding. In
addition to its first rate structuring and executing skills NIBC provides
top quality distribution and research capabilities. NIBC is jointly owned
by two of the world’s largest pension funds, ABP and PGGM.
NIBC’s role as originator and investor in a specific range of assets combined
with its growing expertise in structuring and selling asset backed securities
gives the bank a clear position in the European capital markets. On the
origination side NIBC focuses on financial structures and solutions for
medium-sized companies in the Benelux and selected international industries.
On the capital market side the financial markets group is specialised in
structuring and distributing assets from both its own and from third party
balance sheets.Through its DMBS and other programs currently over EUR 7
billion has been issued. Building on this expertise NIBC will expand into
new asset classes in the near future.These will include amongst others,
industry specific ABS issues as well as diversified CLO/ CDO transactions.The
Institutional Sales department offers investors NIBC’s multi-product structuring
and financial engineering capabilities in structured debt products: MBS,
CDO, ABCP, CD, Equity Derivatives and institutional tranches of loans.
 NOMURA
is widely recognised as one of the most innovative houses for securitisation
financing. Transactions led by Nomura’s Securitisation & Asset Finance Group
- Rosy Blue (Diamond stock inventory, November 2001), 1st Silicon (Semiconductor
foundry, June 2001), Marne & Champagne (Champagne inventory, March 2000)
- have allowed our clients to achieve their business objectives by introducing
new asset classes, and by opening up new jurisdictions, to securitisation.
In addition to ground breaking corporate transactions, we actively involved
in arranging more traditional asset and mortgage backed transactions - First
Flexible No. 4 (Britannic Money RMBS, June 2001). We are building up a significant
CDO capability and have recently completed Shinsei Funding Two (Shinsei
Bank corporate loans, March 2002).
We have a strong balance sheet and are willing to use it to support warehouse
lending and bridge financing or acquire attractive, securitisable assets.
Also, we have broad distribution around the words, and we enjoy unique access
to investors in Asia, and in Japan in particular.
 The
European Securitisation Group, which is part of PWC'S Global Securitisation
Strategies Group, is comprised of individuals with expertise in a variety
of functional specialties, including capital markets, investment banking,
transaction consulting, accounting and tax.We work with our clients to assist
them with the selection of and dealings with all the parties necessary for
a securitisation transaction, including investment banks, rating agencies
and legal counsel. Together, we represent the singular comprehensive team
necessary to implement a transaction from start to finish.The result is
a knowledgeable and experienced team that works closely with our clients
to create practical business solutions.
The Global Securitisation Strategies Group has been involved in over 500
securitisation transactions and other structured financings totalling over
$200 billion, world-wide. It has key offices in New York, Washington DC,
and London and has branch offices in several European cities.
 RABOBANK
INTERNATIONAL is the corporate and investment banking division of Rabobank
Group, the leading Dutch financial institution with assets of $290 billion,
which is the only private sector bank in the world to be triple A rated
by all the major credit rating agencies. Rabobank International focuses
on providing selected industry expertise and strong local knowledge to corporates
and financial institutions, through a network of 90 offices operating in
more than 30 countries worldwide. Rabobank International is recognised,
in particular, for its expertise in the food and agribusiness (F&A) sector,
reflecting its roots as one of Europe’s most established co-operative organisations.
Rabobank International offers its clients the full range of corporate and
investment banking services embracing global capital markets and treasury,
international M&A, structured finance and securitisation. Rabobank International
is part of the Rabobank Group which encompasses a complete range of bancassurance
services including retail banking, insurance, leasing, factoring, private
banking, asset management and venture capital.
 STANDARD
& POOR’S Structured Finance Ratings offers globally a range of rating services
which help investors, bankers, issuers and other constituents benchmark
the credit quality of securitised assets. Our coverage includes asset-backed,
mortgage-backed, and commercial mortgage-backed securities, in addition
to real estate companies,REITS and homebuilders. We also provide servicer
evaluations, tools to track and analyze residential mortgage risk, and deliver
through the internet, extensive on-going asset performance and collateral
information. Standard & Poor’s unmatched understanding in all structured
finance markets, our absolute commitment to quality service and our long-standing
reputation for objectivity, openness, integrity, and credibility has made
us a leader worldwide.
 SWISS
RE is one of the world's leading reinsurers with over 70 offices in more
than 30 countries. In the 2000 financial year, gross premium volume amounted
to CHF 26.1 billion (USD 15.4 billion) and the net income after tax reached
CHF 3 billion (USD 1.8 billion). Swiss Re is rated "AAA" by Standard & Poor's,
"Aaa" by Moody's and "A++" (superior) by A.M. Best.
In response to the convergence of the reinsurance and financial services
industries, Swiss Re in February formed a Financial Services Business Group
("FSBG") by consolidating existing divisions including: Swiss Re Investors,
which provides a full range of investment advisory services to the insurance
and financial services industries, Swiss Re New Markets, which provides
insurance-based corporate finance solutions to larger corporations and insurers;
and Capital Partners, Swiss Re's merchant and investment banking arm with
its subsidiaries Fox-Pitt, Kelton, Securitas Capital and credit insurer
NCM.
Throughout this new group we consult with our clients as partners, developing
effective tailor-made solutions leveraging our experience and profound know-how
to help them attain their individual goals. By integrating the knowledge
within this global organisation, we are able to design risk/capital management
solutions for insurance companies and large corpporate clients by combining
various state-of-the-art product capabilities.
 WHITE
& CASE is a global law firm with over 1600 lawyers worldwide, working in
combined teams from a unique network of 40 offices in 27 countries across
Europe, the Middle East, Asia and the Americas. We were recently named Global
Law Firm of the Year and Best US Law Firm in London 2002 by leading legal
publications.
Our Structured Finance and Derivative Products team consists of over 50
lawyers across our international network. In Europe, the team includes 25
lawyers located in London, Milan, Rome, Frankfurt and Paris. We structure
both public and private transactions and represent investment banks, commercial
banks, other financial institutions and major corporations in their capacities
as issuers, underwriters, purchasers, credit enhancers, liquidity providers,
trustees, originators and sellers.
Recently, the firm has acted in connection with a variety of structures
including “cash funded” and synthetic CDOs, repackagings and securitisations
of a range of asset classes including future receivables, trade receivables,
non performing loans, distressed debt, commercial and residential mortgage
backed securities and commercial paper conduits.
For more information on our Structured Finance and Derivative Products team
please contact Richard Reilly, (44 20) 7397 3860, rreilly@whitecase.com.
 CIBC
WORLD MARKETS is the global corporate and investment banking arm of the
Canadian Imperial Bank of Commerce (CIBC). With total assets in excess of
CAD $250 billion, CIBC is one of the largest financial institutions in North
America and operates in all the major financial centres around the world.
The Asset Securitisation Group, comprising around 100 professionals based
in North America, Europe and Australasia, is a leading originator, arranger
and underwriter for a wide range of asset types in many different jurisdictions.
 FORTIS
BANK combines the banking activities of Fortis, an international financial
services provider active in the fields of insurance, banking and investment.
In its home market, the Benelux countries, Fortis occupies a leading position
and offers a broad range of financial services to individuals, companies
and the public sector. That strong market position forms a solid basis for
the bank to grow further in Europe, where it is among the top 15 financial
institutions. Outside its home market, Fortis concentrates on selected market
segments, such as private banking, asset management and financial markets,
and for certain client groups, such as large companies, institutional clients,
banks and intermediaries in the financial market. Fortis Bank has a global
workforce of 40,000, a presence in 65 countries, and 3,000 branches servicing
seven million clients.
Securitisation is an important product for Fortis Bank itself and its clients.The
Securitisation team provides a comprehensive range of products, using both
the term and ABCP markets for execution and leveraging Fortis Bank’s capital
and liquidity resources to facilitate smooth and profitable transactions
for its issuing and investing clients.
Fortis Bank’s Global Securitisation unit consists of professionals located
in Amsterdam, Brussels, Luxembourg and New York. Fortis Bank remains the
only major Benelux bank to base its securitisation operations in the Benelux
to be closer to its core issuing and investing clients.
Securitisation products are distributed via Fortis Bank’s international
sales team, whose customers can rely on regular market updates and competitive
secondary market prices offered by the ABS/MBS desk. The Bank itself is
a large investor in the international ABS/MBS market, on-balance sheet and
via its sponsored ABCP vehicle Scaldis Capital Limited.
 HENGELER
MUELLER is one of the leading law firms in asset securitisation ranking
among the top 4 law firms worldwide for Euromarket securitisations by number
of deals (IFLR/Euromoney 3/2001). Its securitisation practice encompasses
true-sale and synthetic funded, leveraged and unfunded CLO, CBO and MBS
transactions, ABCP programmes, whole business securitisations and other
types of securitisations in respect of a variety of asset classes, including
residential and commercial mortgage loans, corporate loans, bonds, bills
of exchange, trade receivables, mail order receivables, lease receivables,
aircraft finance receivables, car loans and others. The firm advised on
public securitisation transactions representing more than EUR 84 billion
of assets and acted as sole transaction counsel in public securitisation
transactions representing more than EUR 65 billion.
Hengeler Mueller acted as global legal advisor to the KfW PROMISE CLO programme,
Europe’s largest securitisation project under which virtually all German
banks may securitise certain subsidised corporate loans.
Recently, Hengeler Mueller also acted as transaction counsel in, and developed
the innovative structure for, the Tenovis deal, the first German whole business
securitisation.
 Headquartered
in London, HSBC HOLDINGS PLC is one of the largest banking and financial
services organisations in the world. The HSBC Group’s international network
comprises more than 6,500 offices in 78 countries and territories, operating
in the Asia-Pacific region, Europe, the Americas, the Middle East and Africa.
HSBC Treasury and Capital Markets offers fixed income underwriting, trading
and research services to issuers and investors world-wide through a network
of 50 dealing rooms in 43 countries and territories. The Asset Backed Securities
Group is a fully integrated team within Treasury and Capital Markets, offering
advisory, structuring and placement expertise to clients globally. HSBC's
global reach and unique organisational structure enable it to offer clients
customised solutions to achieve their financing goals. HSBC is also a major
investor in ABS, both in its own name and as manager of the Solitaire commercial
paper programme.
HSBC Issuer Services provides a complete range of Corporate Trust Services
world-wide via offices in London, New York, Hong Kong, Paris, Singapore
and Tokyo. Issuer Services offers comprehensive services for structured
and securitised transactions in the ABS market. We also provide Corporate
Trust services for issuers of Certificates of Deposit, Commercial Paper
programmes, Eurobonds (including global issues involving Reg.S and 144a
tranches), Convertible Bonds and Medium Term Note programmmes. In support
of these products, we provide a full range of agency, common depositary,
custody, trustee, cash manager, account bank and reporting services.
The appointment of a bank with the appropriate experience and depositary/custodian
status to arrange, place and settle an ABS issue is paramount to the success
of any transaction. HSBC is ready, willing and able to provide these services
to all market participants.
 ICICI
Limited, one of India’s largest financial services provider was formed in
1955 at the initiative of the World Bank, the Government of India and representatives
of Indian industry, with the objective of creating a development financial
institution for providing medium-term and long-term project financing to
Indian businesses. Over the last four decades, ICICI has evolved from a
traditional project finance institution, to a diversified financial services
group providing a broad spectrum of financial solutions to corporate and
retail customers.
For its corporate clients, ICICI Group offers the comprehensive range of
products and services including term loans, working capital, investment
banking services and venture capital funding, and several fee-based services
including cash-management, advisory, loan-syndication, trade finance, custodial
services and corporate risk management services. ICICI has also introduced
several global standard products and services in the Indian financial sector
such as asset backed securitisation, collateralised bond obligation and
long-term rupee dollar swaps to more effectively meet the specific needs
of its corporate clientele. With a long experience and expertise in project
finance, ICICI Group is increasingly leveraging its credit assessment and
appraisal skills to originate deals to be subsequently sold down in the
Indian financial sector and thus create a wider and deeper market for corporate
debt in India.
 KPMG
is a leading professional services firm that advises and supports organisations
engaged in the international securitisation and asset-backed finance markets.
Our global expertise emanates out of a highly developed U.S. practice involved
in over 1,900 asset-backed transactions world-wide, totalling in excess
of £3 billion.
KPMG understands that its clients demand innovative solutions and straightforward
advice when confronted with the complex issues and rapidly changing landscape
of today’s securitisation marketplace. Our global network, depth of experience
and dedicated service enables us to deliver the right advice at the right
time so our clients can meet their goals.
KPMG recently expanded its European Centre for Securitisation and Asset-Backed
Finance in London to complement its U.S. practice and satisfy the needs
of its clients. We offer a comprehensive range of products and services
to institutions that originate, buy, sell or securitise mortgage loans and
other asset types. These products and services include tax and accounting
strategies, transaction execution services such as due diligence and reverse-engineering,
IT and systems development and post settlement services.
 LOVELLS
is a leading international law firm with 314 partners and over 1,400 lawyers
practising in 26 offices around the world. Lovells advises on the securitisation
of a wide range of different assets, including aircraft leases, auto loans
and leases, credit card receivables, commercial and residential mortgages,
commercial property, consumer loans, operating assets and trade receivables.Their
expertise covers all related practice areas such as taxation, banking, consumer
credit, insolvency, trusts, property and leasing. They also advise lead
managers and arrangers of CDOs and repackagings of securities, loans and
derivatives.
 Mizuho
Financial Group is the world's largest banking group with $1.26 trillion
in assets. Mizuho International is the London based investment-banking arm
of the group. The firm is a leader in cross border debt capital markets
and structured credit in Japan.
A global team of over 100 dedicated professionals supports a high quality
client-orientated securitisation service, incorporating structuring, underwriting,
distribution, secondary trading and research.
Mizuho International has established itself as the leader in securitising
Japanese assets for the international markets, and its affiliate Mizuho
Securities leads the domestic Japanese ABS market, both in terms of transaction
volumes and its record of innovation.
 MOURANT
is a specialist professional services group serving top international corporations
and high net worth individuals. Its law firm, Mourant du Feu & Jeune, specialises
in international finance and commercial law, providing legal advice to capital
markets and structured finance transactions, securitisations, repackagings,
property financing transactions and private equity and venture capital funds.
Mourant International Finance Administration specialises in the administration
of SPVs, limited partnerships, unit trusts and other vehicles commonly used
in the structuring of international financial transactions. Mourant subsidiary
ABS Reports Ltd launched a new online service for the European securitisation
investor market in January 2001: absreports.com was the first site to provide
investors and indepedent data on the post-issuance performance of European
asset and mortgage-backed securities.
 OGIER
& LE MASURIER is one of Europe's leading offshore law firms and is unique
in having a presence in both the Channel Island jurisdictions of Jersey
and Guernsey through associated offices.
The Securitisation Team within our Business Law Group has established a
leading expertise over the last decade. We are able to provide all the necessary
legal advice and services for any asset securitisation or repackaging located
offshore and have acted as legal counsel in relation to completed transactions
exceeding several hundreds of billions of dollars.
Our securitisation lawyers deal with major financial institutions and professional
intermediaries around the world. We are experienced in setting up all forms
of single and multi-issuer vehicles and are often able to provide innovative
ways of structuring transactions. We have unrivalled experience in setting
up commercial paper programmes in the Channel Islands. In addition, we have
considerable expertise with other off-balance sheet and special purpose
vehicle structures. Structured finance transactions and capital markets
transactions are also handled by the Team. Recent transactions include:
• Harbourmaster CLO1 and CLO2 • FARMS Securitisations Limited • FACT-2001
• Tenovis Finance Limited • Fulbeck Funding Limited
 For
more than two decades, SHEARMAN & STERLING has been a preeminent law firm
in US and international securitisation transactions. Our securitisation
practice consists of more than eight partners and twenty associates located
in major financial centers around the world.
Shearman & Sterling represents arrangers, sponsors, originators, underwriters,
lenders, investors, sureties , trustees , derivatives dealers and asset
managers in designing and documenting innovative securitisation structures.
The firm has expertise in all methods of Euro, US and global distribution
of asset-backed securities, including Rule 144A and Regulation S offerings,
private placements, registered offerings, syndicated loans and conduit financings.
Our lawyers have worked closely with all of the major rating agencies and
enjoy a high level of trust and credibility with the key decision makers.
Our strong reputation with the rating agencies is important in facilitating
innovative solutions to difficult structured finance issues and in promoting
new and novel products.
All 17 offices of the firm are electronically linked, and our network can
be extended to clients to facilitate real-time communication. This permits
us to work round the clock when the transaction time constraints or the
location of participants require this effort.
The firm has been involved in the securitisation of most types of assets,
across many jurisdictions.
 SIDLEY
AUSTIN BROWN & WOOD has one of the world's premier securitisation and structured
finance practices, with over 170 lawyers specialising in this area, including
over 60 partners. The London office has 14 partners and 34 associates, who
have worked on a large number of securitisation transactions involving a
variety of different underlying assets and synthetic structures in Europe,
the United States, Asia and Australia. We advise originators, arrangers,
monoline insurance companies, trustees, and one of the leading securitisation
rating agencies. Based on industry statistics, we participate in more securitisation
transactions than any other law firm in the world.
Our experience includes advising on cross-border, commercial, bankruptcy
and regulatory issues arising in the structuring of securitisation transactions;
corporate, trust and securities laws issues relating to the creation of
special purpose vehicles and the issuance and sale of securities; the tax
treatment of the transaction; and advising on structures to address the
requirements of rating agencies and various regulatory authorities.
Sidley Austin Brown & Wood's experience includes advising on cross-border,
commercial, bankruptcy and regulatory issues arising in the structuring
of securitisation transactions; corporate, trust and securities laws issues
relating to the creation of special purpose vehicles and the issuance and
sale of securities; the tax treatment of the transaction; and advising on
structures to address the requirements of rating agencies and various regulatory
authorities.
 Founded
in 1931, WEIL, GOTSHAL & MANGES is one of the world's leading international
law firms. With over 950 lawyers including 260 partners, Weil ,Gotshal &
Manges serves a broad and diverse group of clients, including many of the
largest and most prominent corporations and government agencies around the
globe as well as many of the world's leading financial institutions.
We have well-established European offices in Brussels, Budapest, Frankfurt,
Prague, Warsaw and London in addition to our extensive American network
and our Singapore office.
Our London office has over 130 lawyers and co-ordinates our European practice.
With UK, US and German qualified lawyers based in London, we are able to
offer clients integrated international corporate and finance advice from
one office.
We have a dedicated securitisation group which has been involved in a wide
variety of transactions in Europe, the United States and Asia relating to
the securitisation of a wide range of assets including residential and commercial
mortgages, nursing homes, consumer receivables, corporate loans, equipment
leases, aerospace assets and acquisition and trade finance debt and the
establishment of rated commercial paper conduits and bond arbitrage vehicles.
 WELLS
FARGO Corporate Trust Services has served the corporate trust markets for
over 60 years. Wells Fargo Corporate Trust was voted #1 North American Trustee
in 2000 and 2001 by Thompson Financial’s International Securitization Report.
The group provides specialized trust services, cash and information processing,
backup servicing and custodial services to enterprises utilizing structured
finance. Wells Fargo differentiates their trustee services by offering superior
cash and information processing and web-based investor reporting along with
a team approach to customer relationships.
Wells Fargo currently administers over 9,700 bond issues with an outstanding
principal amount of approximately $440 billion. This includes our public
finance, corporate/high yield, collateralized bond obligation, mortgage-backed
and asset-backed portfolios. The group employs over 950 team members in
23 offices nationwide.
Wells Fargo’s ABS Division is the #1 trustee in the private placement ABS
market, excluding mortgage-related issues, and is among the top 5 in the
public market. Our industry expertise enables us to administer a wide variety
of asset-backed transactions containing assets such as: Auto Loans/Leases,
Equipment Leases, Credit Cards, Trade Receivables, Manufactured Housing,
Timeshare, Franchise, Motorcycle, Boat, RV, Aircraft, Structured Settlements,
Distressed Assets, Intellectual Property, and Sovereign Trade Credits. We
act as back-up servicer for over 200 transactions. Our back-up servicing
team has 20+ years of loan servicing experience and has transitioned servicing
for 45+ asset-backed portfolios. As custodian, we manage over 1,200,000
files.
Additionally, Wells Fargo has experience with international issuers of ABS
transactions and work with both public and private issuers on a variety
of international asset classes. Wells Fargo is expanding its international
presence with the opening of a London office in 2002.This office will be
focused on the CDO, mortgage backed, and asset backed securitisation efforts
of UK and European issuers and arrangers.
 THE
ACE CAPITAL RE (ACE CAPITAL RE) provides AA rated credit protection, through
(re)insurance, credit derivatives and proprietary investments, in the areas
of mortgage, structured credit and other financial areas including automobile
residual value and title. ACE Capital Re’s Bermuda and New York offices
have provided risk capital on five continents and arrange derivative transactions
through a London affiliate. Our clients include banks, corporations and
insurance companies and our transactions are typically executed in the form
of reinsurance or swaps but have also taken the form of investments and
guarantees. ACE Capital Re is an indirect wholly owned subsidiary of ACE
Limited, and has approximately $463 million in consolidated GAAP equity
and has AA ratings from both Standard & Poor’s and Fitch. ACE Capital Re
is a reliable, innovative and diversified source of risk capital.
 APPLEBY
SPURLING & KEMPE (AS&K) is a leading provider of sophisticated, specialised
offshore legal services. The firm's principal practice is in the Corporate/Commercial
arena, which includes the structuring of securitisation transactions. AS&K
advises private and listed companies, domestic and international banks and
other financial institutions, listing sponsors, underwriters and merchant
or investment banks in relation to:
The establishment of Bermuda special purpose vehicles, particularly for
securitisations, project financing and other ventures.
The contractual aspects of structuring and operating Bermuda special purpose
vehicles.
Offerings of securities utilising Bermuda special purpose vehicles.
Listings of debt or equity issued by Bermuda special purpose vehicles on
international stock exchanges and the Bermuda Stock Exchange.
Private placements of debt or equity by Bermuda special purpose vehicles.
Preparing and negotiating contractual documentation.
Legal opinions considering relevant Bermuda law issues.
Headquartered in Bermuda, AS&K also has offices in Hong Kong and London.
The firm provides effective legal solutions for substantial international
clients with complex business needs, and also has substantial Litigation
& Insolvency, Trusts & Financial Structures and Property Departments. In
addition to its current network of offices, AS&K is affiliated with firms
in Jersey, Guernsey.
 BLOOMBERG
L.P. is a global, multimedia-based distributor of information services,
combining news, data and analysis for financial markets and businesses.
Bloomberg provides real-time pricing, data, history, analytics and electronic
communications 24 hours a day, 365 days a year and is used by over 250,000
financial professionals in 100 countries worldwide. The company has established
a unique position within the financial services industry by providing a
broad range of features in a single package. By addressing the demand for
investment performance and efficiency through an unparalleled combination
of information and analysis, Bloomberg has built a worldwide customer base
of corporations, issuers, financial intermediaries and institutional investors.
 THE
BANK OF NEW YORK is the leading provider of corporate trust services for
global asset-backed and mortgage-backed securities transactions. In this
capacity we act as trustee, paying agent, collateral agent, investment manager,
common depositary, calculation agent and back-up servicer. These services
are delivered by our Global Structured Finance Unit, which operates within
our Corporate Trust Division.The unit maintains global securitisation professionals
in New York,London,Toronto, Singapore and Cayman Islands, which allows clients
and investors to interface with corporate trust specialists in strategic
markets and time zones. The group works in co-ordination with Corporate
Trust’s Bond Analytics Unit to provide unique structuring and investor reporting
for all types of asset classes.The Bank of New York currently administers
over 70,000 issues representing $700 billion in outstanding debt. As a result
of our long-term commitment to the corporate trust business, we continuously
invest in the technology, staff and other resources necessary to meet the
unique needs of structured finance issuers.
 The
Bermuda International Business Association (BIBA) is an organization with
nearly 100 resident companies offering: accounting, legal, banking, management,
e-commerce, IT and international trust and fund services. As home to the
world's leading financial, insurance, reinsurance and e-commerce specialists,
Bermuda is the premier offshore jurisdiction of choice. By utilizing the
support services provided by our member companies, BIBA can assist you in
realizing the advantages of doing business in Bermuda.
Caboto IntesaBci is the Securities arm of Gruppo IntesaBci. ( Italy's largest
Bank) The company operates within the Investment banking division.
A restructuring process commenced after the merger between Intesa and BCI
in May 2001. The aim was to improve the distribution of the investment banking
activities within the new group. Caboto IntesaBCI is responsible for the
capital markets fixed rate and equity operations. This includes, distribution,
syndication and trading.
The success of the debt capital markets team stems from its No.1 position
in domestic retail business, strength of European corporate relationships,
International distribution and depth of experience in credit derivatives.
Caboto IntesaBci operate in four main areas: Fixed Income & Derivatives,
Forex, Equity & Derivatives and Retail Capital Markets.
The securities division has three main offices in Milan, London and New
York.
The structured division is particularly active in the Italian ABS market.
This consists of the regular RMBS, CMBS and leasing issuance together with
synthetic CLO , CBO and CDO deals.
The group are very active on the CDS market and quote daily on bloomberg
page DBCI.
The Fixed rate team trade European corporate fixed and floating credits.
( Reuters CABOTONGB ). The strength of our Italian retail and institutional
distribution provides our International client base with flow information
and relative value opportunities.
 CADWALADER,
WICKERSHAM & TAFT is an internationally recognized leader in securitization
and structured products transactions. Expert in all aspects of asset securitization,
Cadwalader has participated in approximately $1 trillion of securitization
transactions, representing issuers, underwriters, investors, credit enhancers
and servicers. The firm has extensive experience in synthetic securities
and other asset repackaging structures and was involved in the development
of the grantor trust structure, the first CMO and the first auto loan and
credit card securitizations. Cadwalader has over 125 lawyers engaged in
all types of structured finance transactions practicing in its New York,
London, Charlotte, and Washington offices.
At the University
of Chicago Graduate School of Business, world-changing ideas are developed,
tried, refined, and taught to students seeking the strongest grasp of the
essentials and the keenest eye for the innovative.
Founded in 1898, the Chicago GSB, offers five programs leading to a master
of business administration. In addition, the GSB offers a variety of executive
education courses and customized corporate programs.
The GSB is the only business school to have had five Nobel Prize-winning
faculty members. It is also the school with four campuses on three continents:
Asia, Europe and North America-including two in Chicago. The alumni network
is over 36,000 strong and spans the globe.
The GSB Europe Campus, established in 1994 and located in Barcelona, offers
a part-time MBA program designed for mid- and upper-level executives who
wish to add formal business education to their set of skills and achievements.
Graduates receive the same training and degree as students in the full-time
program.
 CCM
INTERNATIONAL, LTD. (CCMI) is an affiliate of Countrywide Credit Industries,
USA (CCI). Based in the United Kingdom, CCMI arranges fixed-income mortgage
securities for European institutional investors.
CCMI’s advantage is its working relationship with two subsidiaries of CCI:
Countrywide Securities Corporation (CSC) and Countrywide Home Loans, Inc.
Countrywide Securities is an established NASD registered broker dealer,
specializing in residential mortgage-related fixed-income securities. Countrywide
Home Loans is the United States’ largest independent mortgage originator
and servicer of residential loans.
CCMI leverages the success of Countrywide Securities and Countrywide Home
Loans. Products include USD Collateralized Mortgage Obligations, Passthroughs,
ABS,Whole Loans, U.S. Agency Securities and Corporate Issuances. As an added
benefit, CCMI clients have access to unique proprietary mortgage-related
research and insight from CSC’s Fixed Income Research and Strategy Group.
CCMI also works with Global Home Loans (GHL), which is the largest mortgage
servicing company in the UK. GHL is a joint venture between CCI and Barclays
Bank plc. CCMI is soon to launch the production and distribution of GBP
MBS, the purchase and sale of residential mortgage whole loans and securities.
CCMI is regulated by the FSA.
 CREDITEX
is the only market-supported global electronic trading and information platform
for the credit derivatives market. creditex provides a forum for a wide
range of institutional participants to disseminate their needs to transfer
credit risk, enter into negotiations, and complete transactions. It also
features an online informational platform containing valuable insight into
the credit and credit derivatives markets. Users of creditex include major
financial institutions, corporations and institutional investors. creditex
is stimulating market standardization, global access, and pricing transparency,
which are the primary drivers behind the explosive growth, liquidity, and
convergence in the credit markets.
creditex’s strategic partners include many institutions that are leaders
in the credit derivatives market including ACE Guaranty Re, Bank of America,
Bank of Montreal, Canadian Imperial Bank of Commerce, Credit Suisse First
Boston, Deutsche Bank, Dresdner Bank, Financial Security Assurance, J.P.
Morgan Chase, Morgan Stanley, Pacific Life Insurance Company, SG, UBS and
West LB. Also, Thomson Financial Ventures and the New York City Investment
Fund, chaired by Henry Kravis, are equity investors.
creditex is an approved broker/dealer by the NASD in the United States and
has FSA approval to operate in the United Kingdom and throughout Europe.
For more information, visit www.creditex.com
 Davis
Polk & Wardwell is a global law firm based in New York City. Founded in
1849, the firm maintains a preeminent practice across a wide range of areas,
including capital markets, mergers and acquisitions, derivatives and structured
products, credit, litigation, insolvency and restructuring, investment management
and tax. With more than 650 lawyers, Davis Polk has offices in New York,
Silicon Valley, Washington, D.C., London, Paris, Frankfurt, Madrid, Hong
Kong and Tokyo.
 DEMICA
PLC is the provider of Citadel®, the global back office and corporate treasury
solution. Citadel is an enterp rise-wide processing system that provides support
for all wholesale banking and investment banking transactions , also covering
trade receivables, covering securitisation, transaction management, payments,
settlements and accounting. Demica’s client base is international and includes
some of the largest organisations in the world. Demica is backed by institutional
and venture capital investors and is one of the fastest growing companies in the
UK.
 Corporate
Trust & Agency Services At DEUTSCHE BANK is one of the largest providers
of trust, agency and administrative services to the capital markets and
has been a leading trustee for asset-backed and mortgage-backed transactions
globally since 1985.
Deutsche Bank has earned a reputation for handling the most complex and
innovative securitizations in the US and international markets,and in partnership
with Lewtan Technologies it has recently introduced iCDO, an internet-based
CDO administration system. iCDO provides direct access to the information
that issuers and managers need to run their CDO with total efficiency. The
system includes collateral and compliance information plus hypothetical
trade testing, available 24 hours a day.
Deutsche Bank also offers a broad range of enhanced services to the global
ABS market including back-up servicing, regulatory reporting, document custody,
financial consulting, and ABCP conduit administration. In addition to iCDO
it has a number of other reporting applications available via the web including
Investor Reporting which provides internet access to pool performance information.
With a world wide team of dedicated Corporate Trust experts, leading -edgetechnology,
a track record of consistent product innovation and one of the highest credit
ratings of any Corporate Trust provider, Deutsche Bank offers its clients
the most professional securitization services in the market.
 The
purpose of the EUROPEAN SECURITISATION FORUM (“ESF” or “Forum”) is to promote
the efficient growth and continued development of securitisation throughout
Europe, and to advocate the positions, represent the interests, and serve
the needs of its members — European securitisation market participants.
To achieve this goal, the ESF seeks to increase awareness, build consensus
and pursue advocacy projects relating to a broad array of legal, regulatory,
accounting, capital, tax and other issues that impact the European securitisation
markets, working with relevant European regulators and standards-setters.
The Forum also attempts to identify, recommend and implement market standardisation
policies, practices, guidelines and related documentation, to promote liquidity,
transparency and efficiency in the primary and secondary European securitisation
markets. The Forum also undertakes initiatives designed to educate and inform
external constituencies, including legislative and regulatory officials,
the financial media, industry participants and others concerning the operation,
importance and policy benefits of the securitisation markets and related
activities throughout Europe.
Membership in the ESF is available to the following categories of professional
participants in the European securitisation markets: securities firms and
banks (arrangers), issuers and asset originators, investors and asset managers,
trustees, servicers, rating agencies, law firms, accounting firms, financial
guarantors, stock exchanges and industry utilities, information vendors,
suppliers and financial consultants, and other financial and professional
service organisations.
The ESF organisational structure comprises an Executive Committee that serves
as the preeminent decision-making body for all matters relating to ESF policy,
programs, projects and governance. Membership to the Executive Committee
is subject to a nomination process. The individual projects and initiatives
are handled within the relevant subcommittees and task forces, which include:
1) Legal, Regulatory and Capital Subcommittee; 2) European Securitisation
Accounting Subcommittee; 3) Market Standards and Practices Subcommittee;
4) Commercial Mortgage Securitisation Subcommittee; 5) Budget, Marketing
and Membership Subcommittee; 6) Securitisation Market Data Task Force; 7)
Joint ESF/ISDA Synthetic Securitisation Task Force; 8) Whitepaper Task Force
 EUROPROSPECTUS.COM
is the most complete text, clause and field searchable capital markets prospectus
service in the world. It covers debt, equity, merger & acquisition deals
and asset-backed securities. Through its searches it provides quick answers
to questions that were unanswerable before, or at best, could only be answered
after days or weeks of research. It brings cost savings, creativity, quality
control and peace of mind to the firms that use it. Users include bankers,
lawyers, investment managers, brokers, exchanges, trustees, consultants,
accountants, issuers, originators and regulators.
 FREDELL
& CO Structured Finance specializes in creating cutting edge funding solutions
for clients worldwide, in particular financial institutions and large corporates.
Our main fields of activities include structuring and arranging securitization
transactions, and developing key systems for credit scoring and transaction
management. Our team of structured finance professionals holds over ten
years of experience within the European securitization market, developing
award winning and groundbreaking structures.
Structured Finance is part of Fredell & Co Plc, an international holding
company for investments in entities that specialise in financial services
and business process reengineering through the use of the latest information
technology. Other Group companies include EuropeLoan Bank SA, a pan-European
mortgage lender; The World of Internet AB, a Scandinavian web bureau; and
Obsidian Core Inc, an American IT consulting company.
 When
GERLING CREDIT and NCM combined in late 2001 to form Gerling NCM, they brought
together decades of experience to form a world leader in trade receivables
management. The skills and expertise that Gerling NCM brings to its clients
embrace every aspect of trade sector and market intelligence, the assessment
and management of trading risks, debt recovery and credit insurance in every
corner of the world.
The Gerling NCM specialist structured finance unit works exclusively in
supporting trade receivable securitisations. The structured finance solutions
include credit enhancement and the provision of standby servicer and credit
management auditing services. These products are aimed at maximising the
advance rate obtained by the originator whilst at the same time providing
reassurance to conduit sponsors and investors. In particular, Gerling NCM
can add value by allowing the inclusion of excess concentrations, emerging
market receivables or by suppressing the required loss reserve. Credit enhancement
has been used to real effect to support numerous A-1+ rated securitisation
transactions.
Moreover, Gerling NCM offers financing with trade receivables securitisation
through the European Receivables Finance programme (EuReFin) specifically
for European SMEs
 GIDE
LOYRETTE NOUEL is France's leading international law firm. Its areas of
expertise cover all sectors of business law. The Firm is staffed by 400
lawyers and legal consultants (including 76 partners) working in offices
established worldwide in 13 different countries.
Gide Loyrette Nouel is based in Paris and has offices in Beijing, Brussels,
Bucharest, Budapest, Hanoi, Istanbul, Moscow, New York, Prague, Riyadh,Tunis
and Warsaw.
Gide Loyrette Nouel's Finance / Project Finance Department With more than
60 lawyers, the Finance / Project Finance Department is one of the largest
and most highly regarded banking departments amongst the major European
law firms. It is divided into six main working groups: Structured Finance,
Securitization, Project Finance, Financial Services, International Capital
Markets, Trade and Commodity Finance.
The Securitization Group (3 partners and 15 associates) is recognized as
a leader in the area of securitization by arrangers, rating agencies and
originators. Its practice is unique in terms of number, variety of projects,
and size of the transactions it has put together. It has handled securitization
transactions for both credit institutions and non-credit institutions, with
both French fonds commun de créances and off-shore vehicles, involving,
among other things, consumer receivables; credit card receivables, real
property receivables, business loans and bonds, municipal and public receivables,
interbanking receivables, defaulted receivables, future receivables, factoring
receivables, commercial receivables and tangible assets.
Gide Loyrette Nouel, Association d'avocats - 26, cours Albert 1er, 75008
Paris, France. Tel: +33(0)1 40 75 60 00 Fax: +33(0)1 43 59 37 79 E-mail:
info@gide.com Internet: http://www.gide.com.
 Global
Securitisation Services Limited (GSS) provides independent directors and
related corporate administration services to special purpose vehicle companies(SPV's)
established in connection with structured finance transactions. In addition,
GSS is also able to provide accounting services to such SPV's.
GSS focus on establishing long-term working relationships with our clients
and providing professional and responsive services.
In conjunction with Global Securitization Services LLC in New York, one
of the largest providers of directorships and Commercial Paper administration,
GSS is able to offer an international service to our clients.
 Imprima
de Bussy are the leading provider of securitisation documentation solutions.
We specialise in providing a time-critical service 24/7. Our ethos is simple:
we aim to make a difference - through focus, commitment, innovation and
reliability. We are consistently a market-leader, with all of the leading
investment banks and financial institutions regularly entrusting us with
their most complex and confidential projects. These have included the most
innovative and complicated securitisation transactions all achieved within
time-critical deadlines in key worldwide financial centres. For further
information please contact Justin Tinker or Dan Copeland on + 44 20 7902
7200.
 INTEX
SOLUTIONS, INC. is the industry’s leading provider of ABS, CDO, CMBS and
CMO data and analytics. Intex has modeled over 10,000 deals to the highest
level of accuracy possible. Model updates based on loan level or best-available
information are created by Intex and delivered each month to clients in
a timely manner. Issuers, underwriters and investors rely on Intex’s products
for trading, collateral management, structuring, portfolio management, risk
management, bond-administration and a variety of other information-driven
applications. While Intex’s products are most commonly used to generate
cashflows and price/yield analytics under user-specified, prepayment and
loss/delinquency scenarios, a wide variety of descriptive information, including
ABS performance information is also available.
INTEXnet, for security and portfolio analysis through your web-browser –anytime,
anyplace.
INTEX CDOtool, for scrutinizing the impact of hypothetical trades and re-run
CDO compliance,
IC/OC and diversity tests.
INTEX Subroutines, the most powerful cashflow engine offered.
INTEXdesktop, for powerful desktop analysis with a user-friendly interface
that allows for many user-defined assumptions.
INTEX DealMaker, a powerful, yet easy-to-use structuring package which handles
most collateral types.
INTEX Bond Administrator: a robust payment calculation engine for issuers
and trustees.
A growing number of third party vendors also provide access to the INTEX
databases from a variety of more specialized applications.
Intex Solutions, Inc. - 110 A Street – Needham, MA 02494 – www.intex.com
Kensington is a specialist finance group which uses securitisation as its
long term funding philosophy. It has created an impressive track record
since 1996, undertaking twelve issues and two tap issues under the banner
- Residential Mortgage Securities ('RMS'). The twelve RMS issues total over
£2.8bn. Kensington Group was the first UK non-conforming issuer to include
Euro AAA tranches, US Dollar AAA tranches (inc 2a-7 notes), pre-funding,
144a technology and interest only (IO) securities in deals. Indeed, RMS
1 to 5 have all been recently upgraded. Kensington Structured Finance has
advised on all the groups and a number of third party transactions including,
most recently, Sapphire Series 2002-1 for Bluestone Mortgages. In addition
to advisory work, Kensington Structured Finance also provides ongoing administrative
services to securitisation transactions. The success of this business is
reflected in the development of its investor reporting website, www.ukmbs.co.uk,
and its recent investor reporting award from SFI International. Kensington
is currently expanding its advisory and services business in parallel with
the group's core organic growth.
 LEWTAN
TECHNOLOGIES, INC.® is the leading provider of software, data and analytics
to the global securitization industry. Founded in 1986, Lewtan serves over
200 securitization customers worldwide. In 1999, Lewtan, working with an
industry consortium including Standard & Poor’s, Fitch, Bank One and others,
launched ABSNet (www.absnet.net). ABSNet is now the leading internet source
of structured finance news, data, research and analytics, with over 11,000
users in over 50 countries. Lewtan offers industry participants “Powered
by ABSNet” solutions that leverage ABSNet’s web infrastructure, database
and userbase. Solutions benefit issuers, CDO collateral managers, dealers,
investors, credit enhancers, trustees and rating agencies.
 LORD
SECURITIES CORPORATION (“LORDSPV”), originally established and owned by
the partners of a leading Wall Street investment bank, is a management company
specializing in the administration and ownership of Special Purpose Vehicles
(“SPVs”) formed in association with asset securitization and structured
finance transactions. LordSPV provides domestic and offshore SPVs with equity
capital, independent directors and officers, as well as administration,
ownership, transaction management, accounting and treasury services. LordSPV
currently services over 550 special purpose vehicles with financing capabilities
in excess of $250 billion. Over a twenty-nine year history, in an industry
of high and exacting standards, LordSPV remains the primary choice for many
of the leaders in securitization as they bring new vehicles into the marketplace.
Professional staff at Lord includes in-house paralegal expertise, certified
public accountants, MBAs, and others with extensive experience in the securitization
industry. Offices and affiliates are located in New York, Delaware, Sydney,
London, Johannesburg, Dublin, Milan, Grand Cayman and Tokyo. Through this
network and the experience of its personnel, LordSPV provides originators
and their financial and legal advisors with unequalled service covering
all jurisdictions seamlessly.
 MAPLES
AND CALDER EUROPE opened in London in 1997 as an affiliated office of Maples
and Calder, the largest law firm in the Cayman Islands where it has practised
Cayman Islands law for over 30 years. Then followed the successful establishment
of a foreign office in Maples and Calder Asia in Hong Kong in 1995. Both
overseas offices provide greater proximity to the firm’s client base and
enable the firm to provide time zone sensitive advice. Maples and Calder
now has over 275 lawyers and staff worldwide. Advice is given to leading
international and domestic law firms, major financial institutions and high
net worth clients although solely in relation to Cayman Islands law. Specialisations
cover a wide area of institutional expertise and include banking, capital
markets, structured debt, securitisation, asset financing, captive insurance,
international equity offerings and listings, mutual and hedge funds, venture
capital, commercial and private trusts and commercial and trust litigation.
The firm also offers a highly specialised management service to structured
finance transactions through its controlling interest in QSPV Limited and
QSPV (Jersey) Limited, licensed trust company administrators of Cayman Islands
structured debt special purpose vehicles. Maples and Calder Europe is a
full execution office located by the Bank of England in the heart of the
City of London.
 With
a reputation for innovation and quality, OLSENS are a leading law firm in
the Channel Islands specialising in securitisation and structured finance
transactions.
The Channel Islands’ tax and legal environment make it an ideal location
in which to establish Securitisation structures and Olsens, which has 16
partners and 65 lawyers, has offices in Jersey and Guernsey.
Olsens Structured Finance and Securitisation team will provide a cost effective,
pro-active and efficient service .
We act for issuers, originators and promoters on ABS,CLO, CBO, CDO, conduit
repackaging, and SIV transactions. Recent securitisations include SRM Investment
No.2 Limited, a securitisation of a Swedish mortgage portfolio for SBAB;
Golden Goal Limited, a securitisation of intellectual property receivables
originated by FIFA and the establishment of White Pine Corporation Limited,
a structured investment vehicle promoted by Bank One Capital Markets Limited.
Our services include:
Legal support in relation to the establishment of special purpose vehicles
and the obtaining of regulatory and tax clearances.
Provision of independent directors and corporate management services to
Special Purpose Vehicles.
Company secretarial, registered office accommodation and corporate administrative
services in the Channel Islands.
For further information please contact:Alex Ohlsson on Tel:+44 (0) 1534
888900 Fax:+44 (0) 1534 887744 E-mail: alex.ohlsson@olsenslaw.com
or visit www.olsensgroup.com
 ORRICK
has a long-standing commitment to the development and growth of its structured
finance practice. The 75 members of the Structured Finance Group have played
a significant role in the development of the asset securitization market
in the United States and internationally. Beginning in 1977, Orrick represented
Bank of America in the first public offering of non-agency mortgage pass-through
certificates. Today, securitization industry professionals worldwide rely
on our Structured Finance Group’s proven ability to develop innovative structures
for new asset classes and implement effective securitization programs.
Our lawyers serve as counsel to issuers, underwriters, credit enhancement
providers, sellers, servicers, institutional purchasers, and trustees in
connection with the securitization of a wide variety of assets, including
U.S. and non-U.S. residential mortgage loans, home equity loans and lines
of credit, commercial and multi-family mortgage loans, automobile loans,
domestic and non-U.S. credit card and trade receivables, installment sales
contracts, franchisee loans, mutual fund fees, utility stranded cost fees,
equipment leases, tobacco settlement payments, tobacco legal fee awards,
bank and corporate loans, insurance policy loans, student loans, non-U.S.
future receivables, catastrophe risk, mortgage guarantee risk, high-yield
bonds, and municipal bonds.
In five of the past six years, Thomson Financial has placed Orrick first
in the representation of issuers in public and 144A offerings of U.S. asset-backed
securities, based on the number of transactions handled or by the aggregate
amount issued. For more information on Orrick and its Structured Finance
Group, please visit www.orrick.com or
contact Paul Weiffenbach at +44 (0)20 7422 4644 pweiffenbach@orrick.com
or Ed DeSear at 212-506-5060 eddesear@orrick.com
Orrick, Herrington & Sutcliffe LLP
London, Los Angeles, New York, Sacramento, San Francisco, Seattle, Silicon
Valley, Singapore, Tokyo, Washington, D.C.
 PRINCIPIA
PARTNERS’ expertise in trading, operations, systems and risk oversight provides
the framework for Principia Analytic System (PAS), the company’s front-to-back
office solution for trading and portfolio management in the derivatives
and fixed-income markets. PAS includes a complete set of robust risk management
tools to value portfolios and evaluate risk under expected, historical and
stressed conditions. PAS offers support for a full range of ABS products
including those backed by cashflows from home equities, credit card receivables,
auto loans, manufactured housing and equipment leases. PAS supports a full
range of MBS products as well, including CMOs, commercial mortgage-backed
securities, and US agency pass-throughs. The turnkey system, which is distinguished
by its ease of installation, is used by derivatives dealers, commercial
banks, investment banks, insurance companies, SIVs (capital management groups),
money managers, hedge funds, government agencies and non-financial corporations.
The PAS system enables financial institutions to manage day-to-day ABS/MBS
trading activities including risk analysis, trade/deal capture, accounting
and full compliance reporting. Principia Partners has demonstrated proven
experience, success, and commitment to vehicles managing ABS/MBS instruments.
 RiskMetrics
Group empowers institutions and their clients around the world to make better
investment decisions. RiskMetrics Group's analytics, technology, services,
and data are used by hundreds of the world's largest banks, hedge funds,
asset managers, financial advisors, insurance companies, brokerage houses,
corporations, and many of the world's central banks.
Based on their world-renowned research, RiskMetrics Group's risk management
products allow their customers to accurately understand, measure, and manage
their financial risk. The company's integrated set of wealth management
tools, WealthBenchÔ, allows financial intermediaries to attract new clients
and better service existing ones.
Formerly a division at J.P. Morgan, RiskMetrics Group was spun-off as an
independent company in 1998. The company has seven offices around the world
including London, New York, Tokyo and Singapore.
Shareholders of the company include American Express, DB Capital Venture
Partners, the Intel 64 Fund, J.P. Morgan Chase, Procter & Gamble, Reuters,
and Sony.
For further information, please visit www.riskmetrics.com
 SHINSEI
BANK, Limited is a leading innovator in Japan's financial services industry.
Leveraging long-term customer relationships and knowledge, Shinsei Bank
aims to create new benchmarks for investment and retail banking in Japan.
The Bank provides a wide range of services, from state-of-the-art consumer
banking products and technology, to cutting-edge advisory services including
securitization, non-recourse loans, syndicated loans, corporate advisory,
asset management and enhanced financial market activities.
The Shinsei Bank Securitization Team is a prominent player in all product
types in Japan. Shinsei Funding, a CLO funding program established in 2001,
received industry awards from Finance Asia, Structured Finance International,
Nikkei Newletter on Bond & Money and IFR Magazine (Deal of the Year 2001).
 SPECIALIST
MORTGAGE SERVICES LIMITED is a leading UK mortgage servicer established
12 years ago as a wholly owned subsidiary of Scarborough Building Society.
With nine external lender clients, it has the second largest client base
in the UK, and has a full range of securitisation facilities available for
both primary and standby service contracts.
Administration work on residential mortgage loans includes; new business
processing, arrears management, detailed financial and management reporting,
general ledger and bank reconciliations, deeds storage, and all of the customer
interfacing activity provided on a white labelled basis.
Specialist Mortgage Services Limited has the experience and capacity to
meet all the requirements of prime and sub prime lenders especially in the
securitisation environment.
 STATE
STREET CAPITAL MARKETS, LLC provides a broad range of investment banking
products and services, including asset securitisation on a global basis.
Our clients include banks, multi-nationals and mid-size companies. In Europe,
investment banking services are offered through State Street’s office in
Munich, Germany, where six structured finance professionals are located.
On a global basis 45 structured finance professionals offer securitisation
services and have the ability to fund assets in the US, European and Australian
Asset-Backed Commercial Paper Market through five conduits administrated
by State Street Capital Markets, LLC.
State Street has been active in the securitisation market since 1989 when
we started providing credit enhancement and structuring assistance to numerous
financial institutions and internationally operating companies in the US-Asset-Backed
market. State Street began funding companies through the issuance of Asset
Backed Commercial Paper directly in 1992 when Clipper Receivables Corporation
was established as first multi-bank, multi-seller conduit. In 1994, State
Street formed Galleon Capital Corporation, the first multi-bank, multi-seller,
multi-currency conduit. In 1996, State Street developed Frigate Funding
Corporation, which provides credit enhancement for a diverse mix of asset-backed
securities. In 1998 State Street developed Schooner Capital Pty. Limited
followed in 2000 by Spinaker Pty Limited, both ABCP conduits specifically
designed for the Australian market.
Through these conduits, State Street has funded over 200 transactions for
customers all over the world in a large variety of asset classes in sizes
between USD 25 million to USD 700 million.
 THE
TORONTO-DOMINION BANK together with its subsidiaries “TD Bank Financial
Group,” was formed in 1955 through the amalgamation of The Bank of Toronto
and The Dominion Bank. TD Bank Financial Group comprises TD Securities,
TD Waterhouse (the world’s 2nd largest discount broker), TD Commercial Banking,
TD Asset Management, and TD Canada Trust. Internationally, the Bank offers
credit, non-credit and financial advisory services to businesses, multinational
corporations, governments and correspondent banks. Highlights:Total Assets:
C$310.4 billion (consolidated, as of January 31, 2002); Market Capitalization:
C$27.6 billion as of March 12, 2002 (based on the number of shares (fully
diluted basis) outstanding at January 31, 2002); “Aa3” Moody’s / “AA”- Standard
& Poor’s. TD’s success in its main products, namely leveraged bank loans,
high yield debt and credit derivatives prompted the establishment a pre-eminent
CDO business. Since its inception (Q4/99), the CDO team at TD Securities
has arranged or jointly arranged ten CDO transactions with an aggregate
deal size in excess of $9.0 billion, and has played instrumental roles through
distribution channels in New York, Toronto, Montreal, London,Tokyo and Hong
Kong.The CDO team at TD Securities is a cohesive, well-seasoned team with
extensive experience and a strong track record in successfully structuring
and marketing CDO transactions. Its analytical talent is well complemented
with over 20 years of rating agency, risk analysis and modeling experience.
 THE
BANK OF TOKYO-MITSUBISHI, LTD. (BTM), was formed through the 1996 merger
of The Bank of Tokyo, Ltd. and The Mitsubishi Bank Limited. BTM is currently
the fourth largest bank in the world.
TOKYO-MITSUBISHI INTERNATIONAL plc (TMI) is the core investment banking
operation of BTM. TMI is active in the debt, equity and structured finance
businesses, covering Europe, Africa, Asia (non-Japan), the Middle East and
Australasia.
The securitisation business offers a full range of services encompassing
asset and mortgage-backed securities, asset-backed commercial paper funding,
warehouse funding, underwriting and distribution, trading of asset-backed
securities and derivatives to support securitisation transactions.
 Backed
by the resources of the fourth largest bank holding company (based on asset
size) in the United States, WACHOVIA SECURITIES is an integrated corporate
and investment banking firm that deploys a full range of capital raising,
market making and financial advisory services to meet the needs of corporate
and institutional clients.Wachovia Corporation operates full-service banking
offices in 11 East coast states and Washington, D.C., and offer global services
through more than 30 international offices.
Our industry experts provide innovative ideas, capital and full execution
including merger and acquisition advisory services, leveraged finance, investment
grade debt, cash management, public equity, asset securitization and private
equity investments.
Important Notice: Wachovia Securities is the trade name under which Wachovia
Corporation conducts its investment banking, capital markets and institutional
securities business through First Union Securities, Inc. (“FUSI”), Member
NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer
subsidiaries of Wachovia Corporation.
 Established
over thirty five years ago, WALKERS is one of the largest international
law firms in the Cayman Islands with a full service office in the City of
London. The firm provides advice under Cayman Islands law relating to offshore
capital markets and structured finance transactions, including securitisations,
repackagings and other forms of asset backed financing.The firm has a dedicated
team of attorneys drawn from the top City of London law firms who have extensive
experience of all forms of structured finance transactions and the commercial
rationale behind them. Walkers is dedicated to providing efficient transaction
management ensuring the professional handling of all documentation and providing
a cost effective service with timely completion.During 2000,the firm acted
on transactions exceeding US$200 billion in aggregate which included synthetic
securitisations, CLO and CBO structures, asset backed commercial paper programmes,
and innovative insurance products. The firm also advises on tax and derivative
driven structured products, and in relation to equity-linked transactions.
 WSA
is the fixed income industry’s leading provider of analytical tools for
asset securitisation and portfolio management. CDOnet is WSA’s cutting edge
tool for structuring, managing and analysing CBO/CLO securities.The system
is currently used by CBO/CLO collateral managers, underwriters, trustees
and investors. The Global Structured Financing Workstation (SFW) is WSA’s
tool for structuring European ABS, MBS, and CMBS. WSA’s systems have been
licensed by dozens of major investment banks, trustees and investors, and
have been used to issue over $150 billion in structured products. WSA also
offers the Portfolio Management Workstation (PMW), a comprehensive portfolio/risk
management tool for fixed income managers. This system features a wide range
of analytics for treasuries, corporates, mui-bonds, mortgage, CMOs, ABS,
CMBS, and derivatives.
 William
R. Hough & Co., established in 1962, is a full-service broker-dealer offering
a wide variety of investment products and services to individuals and institutions.
The firm conducts business throughout the United States and Western Europe,
with a concentration in the Southeastern United States and Texas. The firm's
greatest strengths are in the fixed income markets, where it has long been
a major force in a number of niche markets, such as Student Loan Asset Backed
Securities. The firm also offers investment banking services, portfolio
management services, and the sale of securities in a wide variety of fixed
income and equity products.
 WILMINGTON
TRUST has been one of the leading financial and wealth management organizations
in the United States for nearly a century.Through our Corporate Headquarters
in Delaware and offices in New York, Nevada, California, Florida, Maryland,
Pennsylvania, and London, Wilmington Trust utilizes the advantages of the
progressive tax laws and renowned legal systems found in Delaware, Nevada,
and various offshore jurisdictions to meet the fiduciary, financing, and
administrative needs of corporations worldwide. With a thirty year track
record in the Corporate Financial Services industry and a client base spanning
fifty countries on six continents, Wilmington Trust has earned an international
reputation as one of the world’s leading providers of trust services for
securitizations in every asset class. For more information please visit
us at www.wilmingtontrust.com
 Asia's
premier monthly magazine covering finance, treasury, banking and investment
trends Asia-Pacific-wide. Asiamoney spots emerging trends, publishes benchmark
polls, analyses key deals, gets the top interviews, offers thoroughly researched
country, investor and product guides. Established for 12 years, Asiamoney's
readers are among Asia's most powerful corporate and financial leaders.
 The
premier guide to the asset and mortgage-backed securitization industry,
Asset Securitization Report provides comprehensive, in-depth analysis and
unique perspective on the emerging securitization markets. Asset Securitization
Report features inclusive coverage of the national and international securitization
markets as well as a full account of the mortgage-backed securities market.
The publication is the leading source of knowledge for market trends, regulations,
and developments that affect the entire industry. For further information,
contact Shari Rosenblum at 1-800- 607-4463 or shari.rosenblum@tfn.com
 SPOT
FRESH OPPORTUNITIES IN GLOBAL SECURITIZATION Every week, Asset-Backed Alert
steers subscribers to money-making deals in the worldwide market for securitized
consumer loans, home mortgages and corporate receivables. The newsletter
also guarantees your edge in the growing CDO market. Sign up for a three-issue
FREE trial subscription and see for yourself how Asset-Backed Alert: * Dissects
the latest tactics of issuers. * Flags the emergence of assets that are
new to securitization. * Identifies oncoming opportunities and risks early
enough to respond.To start your free-trial subscription, call 201-659-1700
or visit www.ABAlert.com.
 BondWeek
(BW) focuses specifically on the taxable fixed income and credit markets. Each
weekly issue of BondWeek includes breaking news and analysis of asset- and mortgage-backed
securities, investment grade and high yield corporates, agency and government
bonds. Regular features include investment strategies, emerging trends, interest
rate analysis and forecasts, economic regulatory developments and new technology
– and how they will affect the U.S. and overseas bond markets. For a free trial
subscription please call 212.224.3096.
 SPOT
NEW OPPORTUNITIES IN REAL ESTATE FINANCE Every week, Commercial Mortgage
Alert delivers hard-to-get, money-making leads to professionals in the global
CMBS and REIT-debt markets. Start your FREE trial subscription to see how
Commercial Mortgage Alert: * Tips you off to the latest developments in
the booming CMBS market. * Covers conduits and other lenders battling for
mortgage business. * Identifies REITs preparing to tap the market for unsecured
bonds. To start your free-trial subscription, call 201-659-1700 or visit
www.CMAlert.com.
 Corporate
Finance - The Only international Magazine dedicated to Corporates and Treasurers.
Visit www.corporatefinancemag.com
to read the current issue covering the latest news and topical subjects.
Corporate finance also regularly publishes polls, directories and ground
breaking articles ensuring you receive the very best information first.
For a free trial Telephone +44 (0) 207 779 8859
 Creditflux
provides unrivalled news and analysis of the global market for credit derivatives,
CDOs and synthetic credit. A subscription-only print and web publication,
Creditflux reports each month on new market entrants, product innovations,
trading volumes and strategies, personnel changes, documentation and regulatory
issues, and other points of debate in this fast-evolving market.
 Emerging
Markets Monitor (EMM), published by Business Monitor International, is a
weekly newsletter offering you up-to-date political and economic analysis
together with specific asset class forecasts for over 64 emerging markets
globally. EMM provides you with exclusive currency forecasts and the latest
market developments, people moves and industry news across global emerging
markets, as well as what’s new in portfolio strategies – detailing how portfolio
managers are investing in the emerging markets. It also covers financing
and credit record covering sovereign and corporate debt issuance as well
as the latest news on IPO’s, M&A’s and privatisation’s. To sign up for a
free trial of EMM TODAY, please contact Kirsteen Higgins, Marketing Manager,
Emerging Markets Monitor on Tel: +44 (0) 207 557 7109 or e-mail khiggins@businessmonitor.com.
 Euroweek
is the only newspaper written specifically for the international capital
markets. It delivers hard news on the deals, the people and the driving
forces behind the world's toughest markets. Essential reading for all those
involved in international finance. To see for yourself go to www.euroweek.com.
 Financial
News is dedicated to professionals within the securities and investment banking
industry. Written by leading financial journalists and industry professionals,
Financial News provides in depth coverage of the firms, personalities and issues
facing the financial industry in Europe. FOR YOUR 2 WEEK FREE TRIAL CALL +44 (0)
20 7309 7728, OR EMAIL freetrial@efinancialnews.com
 International
Financing Review (IFR) provides everything you need for a well-reasoned view of
what to anticipate from the capital markets and is available via a variety of
delivery methods, including print, on-line and real-time. IFR is a key source
of intelligence for all intermediaries, issuers, investors, advisors and traders.
IFR covers all key market transactions, data, analysis and comment, and helps
you to make the right decisions going forward. For more information visit us on-line
at www.ifrweb.com or call
US +1 646 822-3055, Europe (0) 207-369-7546, Asia 813 5218 6580 or e-mail us at
ifr@tfn.com.
 International
Securitisation Report (ISR) is the authoritative monthly source of independent
news and analysis on the issuance of and investment in asset-backed and mortgage-backed
securities. ISR covers every market and every asset class. It is a prime source
of intelligence for investors, issuers, and intermediaries. For a free trial emial
linsay.stewart@tfeurope.com (quote
ref: ISR/IMN.)
 Published
by Institutional Investor, Inc., The Journal of Fixed Income is written specifically
for readers who want technical, sophisticated information on Mortgage-backed securities,
High-yield bonds, futures, Swaps, Options, Municipal and global bonds, Asset-backed
securities, Fixed income mutual funds, and more. It is filled with penetrating
analysis from leading financial practitioners, and academics. To get a RISK-FREE
TRIAL copy of JFI, call Customer Service at (212) 224-3066; email us at info@iijournals.com,
or visit us at www.iijfi.com.
 As
the country’s oldest newsletter devoted exclusively to the mortgage-backed
securities(MBS) market, Inside MBS & ABS has been the secondary mortgage
market’s primary source of news and data since 1985. In recent years, the
publication has expanded its coverage to include the new and growing commercial
mortgage-backed securities (CMBS) and asset-backed securities (ABS) markets.
 Structured
Finance International is the must read publication for anyone involved in the
securitisation market. The magazine combines hard hitting, well-researched and
authoritative features with the depth of pratical and reliable information and
analysis that is simply unavailable anywhere else.
 STP
Magazine is the only independent monthly publication dedicated to the global
move towards increased automation in the securities industry. With an unparalleled
team of journalists and contributors, STP Magazine delivers news and analysis
on the latest developments in software services and market infrastructure.
For a free sample copy email subs@stpinfo.com,
or visit http://www.stpinfo.com |
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