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INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING
SPONSORS FOR THEIR GENEROUS SUPPORT OF THE 2003 GLOBAL ABS™ SUMMIT

ABN AMRO Bank N. V. is one of the world's leading financial institutions with total assets of Euro 556 bln, a presence in over 60 countries and territories and 100,000 employees. ABN AMRO continues to develop a reputation for providing creatively structured solutions to clients and successfully executing transactions which were recently reflected in the highly prestigious *SFI Awards of 2002. ABN AMRO took the premium award 'Deal of the Year' for the Euro 6.6bln SCIP 2 transaction which was transacted for The Republic of Italy and was the largest-ever European Securitisation. Additionally, SCIP 2 won the 'Government-related Deal of the Year' award. Another award for ABN AMRO was 'Consumer Deal of the Year' for the Euro 1.4bln auto loan transaction for Cars Alliance (Renault). The fourth significant award for ABN AMRO was the 'Residential Mortgage Deal of the Year' for Match 1 the Euro 555mln mortgaged-backed securitisation for ABN AMRO. These awards rounded off a very good year for the European Securitisation team where ABN AMRO topped the Euro-denominated ABS/MBS league tables for the second consecutive year. Other notable deals in 2002 including the Euro 650mln Residential Mortgaged-Backed Securitisation (RMBS) for Caixa Economica Montepio Geral (Montepio Geral), one of Portugal's largest mortgage lenders and the Euro 1bln Asset-Backed Securitisation of lease receivables for Volkswagen Leasing GmbH, Germany through special purpose vehicle VCL No.5 Ltd. This transaction further improves ABN AMRO's position among the leading arrangers of auto loan and lease securitisations in Europe. In Australia, the Victoria Government selected ABN AMRO as Sponsored Consortium for the AUD 425mln Spencer Street Station Redevelopment. The project included the operation and maintenance of the station for a period of 30 years through a special purpose vehicle set up by ABN AMRO. ABN AMRO also operates eleven conduit programmes with total outstanding Commercial Paper in excess of USD 50 bln. ABN AMRO's global securitisation business has more than 120 professionals, with structuring and distribution capabilities located in London, Amsterdam, Frankfurt, Paris, Milan, New York, Chicago, Tokyo, Sydney and Singapore. * SFI : Structured Finance International

ABN AMRO Global Securitisation Trust Services is a leading player in the international securitisation market. Proven international expertise in the Americas, Europe, Asia and Australia combined with ABN AMRO's global presence allows GSTS to tackle any number and variety of securitisation deals, providing the specialised service that clients have come to expect. As the number one provider of CMBS Trust Services in the United States it has earned the top spot on the CMBS Trustee Table (as ranked by Commercial Mortgage Alert) in the United States each year for the past seven years. GSTS assisted in the issuance of the first Pan-European commercial property securitisation, for ProLogis. Recently GSTS participated in Imser Securitisation for Telecom Italia.

Our CDO Trust Services group has fully integrated our custody, collateral administration, investor reporting, and securities analytics systems and staffs to form an unparalleled CDO service delivery platform. The group provides comprehensive Collateral Administration, Portfolio Administration, and Trust Administration services. A few features of these services include responsive compliance testing, detailed leverage loan and structured product collateral tracking, ramp-up custody, and state-of-the-art CDO Web-Station www.CDOtrustee.com. GSTS was ranked by Asset Backed Alert as the number two provider of CDO trust services world-wide for 2002.

ALLEN & OVERY is a premier international law firm with over 4,700 staff, including some 420 partners working in 26 major centres 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 2002: Holmes VI • Permanent Financing I plc • Pubmaster • Granite 02-I • Northern Rock • Tornator Finance plc
In 2001: • Telereal • Welsh Water • Werretown • Canary Wharf Finance • Rank Hovis McDougall • Holmes III - V

Market perception is reflected through independent market surveys and awards - in the last two years alone the international team have won over 35 such accolades.

FINANCIAL SECURITY ASSURANCE (FSA) is a leading financial guaranty insurance company. It guarantees timely payment of principal and interest on asset-backed securities, structured financings and municipal and public infrastructure bonds in markets around the world. Its Aaa/AAA/AAA guaranty allows issuers to lower their funding costs and provides bondholders with the highest quality investments.

FSA's claims-paying ability is rated AAA by Fitch Ratings, Aaa by Moody's Investors Serice Inc., AAA by Standard & Poor's Ratings Services (S&P) and AAA by Rating and Investment Information, Inc. (R&I). It is a member of the Dexia group.

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 approximately 85,000 corporate and government securities, 73,000 public finance obligations, 4,300 corporate relationships, and 100 sovereign nations.
Moody's employs more than 1,700 associates - nearly half of whom are analysts - in offices in New York, Tokyo, London, Johannesburg, Paris, Sydney, San Francisco, Frankfurt, Madrid, Dallas, Chicago, Toronto, Hong Kong, Singapore, Beijing, Limassol, São Paulo, Milan, Dublin, Taipei and Mexico City. The firm also has expanded into developing markets through joint ventures or affiliation agreements with local rating agencies in Korea, India, Chile, China, Argentina, the Czech Republic and Russia.
Moody's publishes rating opinions and research on a broad range of credit obligations. These include various corporate and governmental obligations issued in domestic and international capital markets, structured finance securities and commercial paper programs. In recent years, Moody's has moved beyond its traditional bond ratings activities, assigning ratings to issuers of securities, insurance company obligations, bank loans, derivative products, bank deposits and other bank debt, managed funds and derivatives.
In addition to its ratings services, Moody's publishes investor-oriented credit research for more than 2,800 institutions reaching over 20,000 subscribers globally. The firm publishes more than 100 research products, including in-depth research on major issuers, industry studies, special comments, and credit opinion handbooks.
Moody's is a subsidiary of Moody's Corporation (NYSE:MCO). The corporation had reported revenue of $1.0 billion in 2002. Additional information about the company is available at www.moodys.com.

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. With approximately $25 billion in issuance for the first half of 2002, BASL is ranked in the top three in book managed asset-backed public, private and 144A securities issuance. The Bank’s Global Structured Finance Group has more than 100 professionals based in offices in London, Charlotte, Chicago, Hong Kong and Tokyo.

BASL’s Global Structured Products team has over 85 professionals based in London, Charlotte, New York, San Francisco, Tokyo and Sydney, 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 re-insurers. The team’s primary business segments are Credit Derivatives, Structured Tax, Securities Arbitrage, and Cash and Synthetic CDOs. Global Structured Products has securitised and placed over €40 billion in synthetic and cash securities since 1999.

Bank of America, with $638 billion in total assets, is the third 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.

As one of the largest ABCP conduit administrators, an expert SIV administrator, a leading arranger of ABS, and a leading provider of corporate trust services, Bank One stands as a premier provider of structured finance solutions. Headquartered in Chicago and represented in Europe by its London-based team, we have a proven track record in ABCP conduit finance, public and private ABS offerings, corporate trust, and investments through its structured investment vehicle. Bank One special purpose vehicles exceed $40 billion in commercial paper outstanding, including well-known entities such as Jupiter Securitization Corporation, Ivory Finding Corporation, White Pine Corporation Limited, Preferred Receivables Funding Corporation ('PREFCO'), and Falcon Asset Securitization Corporation. With global securities distribution and award-winning research, Bank One is a leader in structured asset-backed solutions. Contact Brooks Crankshaw in London at +44-(0)20-7903-4145 for more details.

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 10,000 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 most profitable bank in the euro zone, with a net income of ¤3.3 billion in 2002. 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

CIBC World Markets

CIBC World Markets is the global investment banking arm of CIBC, with over 8,000 employees worldwide, serving corporate, government, agency and institutional clients. CIBC World Market’s businesses encompass the full range of credit and capital markets products, including sales and trading, underwriting, brokerage and asset management.

Due to its highly regarded capabilities for high yield and leverage financing, securitisation, structured derivative and credit solutions, equity and debt distribution and loan underwriting, CIBC World Markets is well positioned to meet the needs of its global client base. As a long standing investment bank in Europe, CIBC World Markets has continued to build its franchise with the addition of fast growing capabilities in M&A and Merchant Banking.

Debt Capital Markets

CIBC World Market’s Debt Capital Markets Division provides a broad range of services including Advisory, Origination and Syndication and Trading and Sales across a wide range of asset classes to its clients across Europe and in the Middle East.

Our European coverage is unique in its integrated multi-product and client driven approach, combining cash and derivatives solutions in Fixed Income, Credit, Foreign Exchange, Commodity and Equity products. Based in London, we are dedicated to providing tailor made solutions that suit each client’s unique requirements and circumstances. In addition to its London-based resources, DCM London can draw on the support of our global platform.

Asset Securitisation

Having successfully built a significant presence in the global Asset Securitisation market, CIBC World Markets continues to build a name for innovation in a range of products including collateralised debt obligations. With a global platform of over 100 Securitisation professionals, including 25 covering Europe and Asia, we are regarded by both investment and non-investment grade companies as experts across a wide range of asset classes and credit ranges.

Schroder Salomon Smith Barney (Citigroup) has been at the forefront of innovation in the field of structured finance since the market's inception. Citigroup now has a global presence in the sector, allowing it to excel in both local and cross-border, multi-currency issuance and provide its clients with a complex range of funding options. Besides dominating the global term league tables, Citigroup has been a leader in asset-backed commercial paper with 21 conduits and $72.7 billion under management as of 2Q 2002. The integration of the public and CP businesses further enhances Citigroup's securitisation platform, adding to our strengths in structuring, distribution, trading and research. Over the past years, Citigroup played a key role in the development of the European securitisation market. We have structured 4 master trusts for the issuance of residential mortgage securities and 26 master trusts for the issuance of credit card asset-backed securities. Citigroup structured the ground-breaking Glass / Welsh Water whole business securitisation in 2001 -- the first ever securitisation of a water utility -- and followed it up in 2002 with the securitisation of Anglian Water. Citigroup's franchise spans all the major European markets and we have recently arranged transactions backed by assets from the United Kingdom, Italy, the Netherlands, Germany, France and Austria. We strongly believe in providing comprehensive financing solutions to our clients, and focus on a range of asset classes, including commercial and residential mortgages (performing and non-performing), consumer assets such as auto and credit card loans, CDOs, real estate leases, and operating company securitisations.

CLIFFORD CHANCE LLP is the first and largest fully integrated global law firm. The firm provides global services to the world’s leading financial institutions and multinational businesses, and offers expertise in Asia, the Americas, Continental Europe and the UK. The firm has approximately 4,000 legal advisors including some 680 partners. 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.

The firm operates in all major business and financial centres worldwide, enabling it provide expert legal advice and handle disputes on all areas of trade and commerce internationally. Its lawyers operate under both common and civil law and advise clients in complex cross-border transactions with high quality advice delivered quickly and seamlessly.

Our International Securitisation Group is widely recognised by external commentators as the leading international securitisation practice. The Group comprises lawyers who have in-depth knowledge and expertise of the complex commercial, regulatory, tax, accounting and technical issues relating to the securitisation of a broad spectrum of assets across all major product areas.

Clifford Chance combines innovation and ground-breaking legal techniques with excellent transaction management and client service. The Group has experience of utilising a wide variety of securitisation methods advising our clients on both domestic and international cross-border transactions.

Our clients include most of the leading participants in the securitisation market, including asset originators, lead managers, credit enhancers, programme sponsors, trustees, swap counter parties and rating agencies.

Commerzbank Securities is the investment banking division of Commerzbank AG, integrating debt, equities, interest rates and foreign exchange, with specific expertise in corporate risk and capital structuring. As a division of one of Europe’s leading financial institutions it has the backing of a €424.4bn balance sheet (30.9.2002) and is able to provide investment solutions for corporate, institutional, hedge fund and retail clients around the world.

Commerzbank Securities is currently active in securitisation out of Frankfurt, London, New York and Tokyo. The securitisation business focuses on RMBS, CMBS, CDO and unsecured consumer obligations, integrating origination, structuring, research, trading and distribution through the provision of risk transfer structures in both the private and public markets. Commerzbank Securities is also a leading provider of conduit financing solutions.

Commerzbank Securities was recently voted Best European Research House in International Securitisation Report (ISR Magazine).

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 77 locations in 36 countries across six 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 12,000 offerings with an aggregate principal amount of more than $4 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 experience who stand ready to help – no matter what your asset class, transaction structure or infrastructure needs are.
For more information, contact Frank Dubas, 1 212 436 4219 or e-mail him at fdubas@deloitte.com.

Deutsche Bank offers approx € 758 billion in assets and approximately 77,000 employees, Deutsche Bank offers its 12 million clients unparalleled financial services in 75 countries throughout the world. The Bank aspires to be a leading global provider of integrated financial solutions for demanding clients and the pre-eminent bank in Germany generating exceptional value for its shareholders and people.

Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental Europe.

The Global Securitized Products 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. Combining an ability to commit capital with an integrated approach to the debt and equity needs of issuers and investors, the group provides a full range of securitisation products and services to financial institutions, pension and asset management funds, corporations and government entities.

Deutsche Bank won a number of awards in 2002. This includes the notable double award in IFR's Review of 2002, clinching securitisation prizes on both sides of the Atlantic. The accolades for North American Securitisation House and European Securitisation House were just two of 10 won by Deutsche Bank in the magazine's annual awards. Additionally Deutsche Bank won Best Investment Bank for Securitisation in SFI 2002.

www.deutsche-bank.com

FORTIS is 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 20 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 has a global workforce of 69,000, a presence in 65 countries, and 3,000 branches servicing seven million clients.
The Fortis Bank organisation is centred round 3 businesses which are integrated in the Fortis structure: Network Banking, Merchant Banking and Private Banking, Asset Management & Information Banking. The Merchant Banking business provides institutional customers, medium-sized and large enterprises and banks with services involving Financial Markets, Investment Banking and Private Equity. Merchant Banking has a leading position in the Benelux region as a facilitator of mergers and acquisitions, market flotations and capital market transactions.
Securitisation belongs to the Merchant Banking business and 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 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.
Fortis Bank has built a strong placing capacity for all types of asset-backed securities. Its pan-European sales force is supported by a competitive ABS trading desk and a dedicated ABS research team. The Bank itself is a large investor in the international ABS market, on-balance sheet and via its sponsored ABCP vehicle Scaldis Capital Limited. Scaldis was set up in 1999, is number 5 on the European market, has already securitised assets worth in excess of 12 billion dollars and has the highest short-term ratings from the three main rating agencies.

FRESHFIELDS BRUCKHAUS DERINGER is a leading international law firm. With over 2,400 lawyers in 28 offices across Europe, Asia and the US we 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. We are growing and evolving faster than ever to satisfy our clients’ needs for top quality advice in an era of globalisation and rapid financial and technological change.
Our global structured finance team is widely regarded as one of the world’s best. We operate at the cutting edge of structured finance work, designing and implementing innovative and complex transactions in structured products, public and private securitisations, including whole business 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 ‘one-stop shop’ 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. 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.

Linklaters is a law firm that specialises in advising the world's leading companies, financial institutions and governments. With over 5,500 people in 22 countries and offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
In Europe we are particularly strong with offices in most major cities. In addition, Linklaters has a strong New York office, and a significant US law presence within our London, Hong Kong and Tokyo offices. In Asia we have offices in Hong Kong, Tokyo, Bangkok, Beijing, Singapore and Shanghai. A joint law venture with Allen & Gledhill, the leading firm in Singapore, enables us to offer clients domestic and international law advice from one source.
Linklaters' capital markets practice, comprising over 300 lawyers worldwide, advises investment and commercial banks and many international companies. Our expertise extends across the spectrum of international capital markets, from debt and equity through to the most complex structured financing transactions. We offer a 'one stop shop' for the highest quality advice on any type of derivative based product and we are equipped to advise on any new products, regardless of the form they are to take. Our structured finance group focuses exclusively on securitisation-related products and clients and we have several recognised market-leading individuals based in London and offices across continental Europe. Securitisation practices in Germany and France are particularly strong. Through offices in Tokyo, Hong Kong and Singapore, Linklaters also takes a leading role in securitisation in Asia.
The range of securitisation transactions on which Linklaters has acted covers all of the major asset classes including residential mortgages, commercial mortgages, asset-backed commercial paper, CDOs/CBOs and other asset classes. Through advising lead managers and originators in relation to a broad range of asset-backed transactions, Linklaters has considerable experience in reviewing and analysing receivables purchase, servicing and cash management arrangements as well as drafting and negotiating complex financial and security packages and providing transaction opinions including tax opinions.

Mayer, Brown, Rowe & Maw has over 1,300 attorneys, with thirteen principal offices and three representative offices in the United States, Europe and Asia. The firm regularly represents issuers, underwriters and placement agents, investors, trustees, servicers, credit and liquidity enhancers, multi-seller conduits and rating agencies, and is continuously active in securitization in North America, Latin America, Europe, and Asia. In addition to having the largest commercial paper practice in the world, Mayer Brown has experience in almost all other types of assets, including many exotic asset-classes, such as operating leases, future export receivables and charged-off consumer loans, and various types of CLOs and CBOs. In 1999, Mayer Brown developed Securitization.NetTM, (www.securitization.net) a collaborative website for the structured finance community that is free to users and contributors worldwide. It's packed with news, articles, deal information, publications, conference descriptions, and substantive information on structured finance from rating agencies, accounting firms, banks, publishers, law firms and other Contributors from around the world. Access, contributions to, and links with Securitization.NetTM are free to all issuers, investors, lenders, servicers and others in the structured finance community. For information, contact Alex Diaz adiaz@mayerbrownrowe.com. Securitization.NetTM is sponsored and maintained by Mayer, Brown, Rowe & Maw.

MBIA INSURANCE CORPORATION - a leading global credit enhancer. MBIA, a foremost monoline financial guarantor, is a premier insurer of structured finance, public finance and infrastructure financings internationally and in the United States. MBIA is also a provider of specialized financial services.
With Triple-A financial strength ratings from Moody's Investors Service, Standard & Poor's, Fitch, and Ratings and Investment Information Inc., 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 international markets. Please visit our Web site at www.mbia.com

With offices in New York and Washington, D.C., McKee Nelson's Securitization and Structured Finance Practice Group is one of the premier such practices in the United States. Our accomplished transaction lawyers are veterans of the leading practices and are well known for their efficient and business oriented structuring and execution of a wide variety of transactions involving a broad range of asset types.

Our lawyers' experience includes domestic and cross-border offerings and private placements of mortgage-backed and asset-backed securities through U.S. and offshore issuing vehicles. The asset categories range from the esoteric, such as tobacco litigation fees, to the mature, such as single family residential mortgage loans. The assets have been both prime and subprime, performing and non-performing, guaranteed and conventional.

Our lawyers also have a long history with on- and off-balance sheet warehouse financings, repurchase arrangements and other financing transactions, whole loan sales and sales of other assets, servicing transfers and other servicing-related matters, loan participations, originations, workouts, and defeasance transactions. McKee Nelson's securitization and structured finance lawyers have structured a broad range of transactions, fixed and revolving, including REMICs, FASITs, owner trusts, grantor trusts, master trusts and commercial paper vehicles, using virtually every cash flow structure and every form of credit enhancement, including subordination, overcollateralization, reserve funds, guarantees, letters of credit, interest rate swaps and other derivatives, bond insurance, pool insurance, and pool-level PMI.

McKee Nelson is an independent law firm allied with Ernst & Young.

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 a comprehensive financing, investment and risk management service through its main global trading rooms in London, New York, Hong Kong, Tokyo and Singapore. RBS provides global foreign exchange and money markets, currency derivatives and interest rate management services; working closely with RBS Greenwich Capital, Financial Markets works with its clients to provide debt capital markets solutions, and fixed income opportunities.
The Royal Bank of Scotland’s Securitisation Team comprises over 45 professionals in London and Milan. The team covers a wide range of asset classes including mortgages, consumer finance, property, whole business transactions, and project bonds. It also manages two substantial multi-seller CP conduits with over $8 billion in outstandings. As well as being able to offer first rate structuring, execution, and distribution skills, RBS provides warehousing and bridging capabilities together with market leading asset backed research.
*as at 5 March 2002. Source Datastream

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 across 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 platform.

Active for more than a decade and organised on a global basis, the securitisation team has over 100 professionals providing arrangement, structuring and advisory services in Europe (Paris, London, Madrid, Milan, Amsterdam), the United-States (New York and Chicago), Asia (Hong Kong and Tokyo) and Australia (Sydney). Our London based syndication and trading teams provide global distribution capacity in the public and private
markets.

SG's securitisation team closed over 70 transactions worldwide in 2002,both public and private, across a wide range of asset types including residential and commercial mortgages, auto receivables, consumer loans, corporate loans, trade receivables and CDOs.

SG is leading underwriter of ABS and MBS in Europe, ranking fifth in the Euroweek league tables for Euro-denominated securitisations in 2002.

SG's structuring and distribution expertise was recognised by Euroweek SFI which awarded 'Consumer Finance Deal of the Year' Award for 2002 to our CARS ALLIANCE FUNDING plc Series 2002-1 issue for RCI Bank, part of the Renault Group. The same transaction was ranked runner-up for Best Securitisation of 2002 by Corporate Finance magazine.

As well as structuring, arranging and distributing term ABS, SG is one of the top ten worldwide asset-backed commercial paper conduit sponsors in terms of outstandings. We administer eight multi-seller conduit vehicles covering the Americas, Europe, Asia and Australia with total aggregate outstandings in excess of $20 billion. Additionally, SG launched a structured investment vehicle (SIV) in 2002.

UNITED CAPITAL MARKETS- is a secondary market maker providing trading and sales in structured finance products including ABS and MBS securities. United Capital Markets specializes in trading subordinated ABS bonds with ratings of “AA” to “C” in the following sectors: 125 LTV Home Equity, Home Equity, Home Improvement, Manufactured Housing, Equipment Lease, Franchise, Aircraft, Sub Prime Autos, and CBO’s. Over the past 12 months United Capital Markets has provided the marketplace with liquidity, buying as principal close to over 2 billion of ABS subordinated notes in the secondary marketplace. The firm does extensive in house research of several hundred ABS securitizations on a continuous basis and provides portfolio pricing for customers. United Capital Markets’ customers include: Money Managers, Mutual Funds, Insurance Companies, Hedge Funds, CBO Managers, Corporations, Originators, and other Dealers. The firm also has a CMO market making division trading 450mm per month in secondary flow. For more information, please contact John Devaney, President, at 305-365-2727 or email at jdevaney1@bloomberg.net.

Backed by the resources of the fifth 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.

Founded in 1931, WEIL, GOTSHAL & MANGES is one of the world's leading international law firms. With over 1000 lawyers including approximately 275 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.
We are one of the largest US based international law firms in London with over 130 lawyers. We specialise in M&A, private equity, corporate finance, banking, capital markets and securitisation.
These practice areas are supported by tax, litigation, property, IP, pensions and employment specialists, enabling us to advise on all aspects of international corporate and finance transactions.
With a reputation for developing innovative and ground-breaking structures, our London securitisation practice comprises fifteen lawyers. We work closely with our New York securitisation team to offer clients unparalleled access to top quality advice on both sides of the Atlantic. We also have a securitisation team based in Frankfurt.
We advise on the securitisation of whole businesses and a wide range of assets including residential and commercial mortgages, nursing homes, consumer receivables, trade receivables, corporate loans, autoloans, royalties, equipment leases, aerospace assets and acquisition and trade finance debt as well as the establishment of CDO's (both synthetic and funded), rated commercial paper conduits and structured investment vehicles.
Representative transactions include the securitisation by Chrysalis of its music publishing catalogue, the securitisation of the ports business at Tees and Hartlepool and the securitisation by Everton and Manchester City of their season ticket and gate receipts.

"Creating Value through Securitisation"

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. WestLB's business activities and operational network are driven by the needs of our customers.

WestLB's Asset Securitisation group is a market leader in the provision of sophisticated financial engineering techniques for securitisation transactions for a wide variety of asset types. Our primary centres of activity are in London, New York, and Düsseldorf, supplemented by a regional capability in Buenos Aires, Tokyo and Sydney. 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 David McCaig on +44 (0)20 7020 7528 or Matthias Renner on +49 (0)211 826 6584.

White & Case – One law firm around the world
As one of the world’s leading international law firms, White & Case offers a truly global practice. Renowned for the depth and scope of our legal advisory services, we have unparalleled experience in the international arena. Operating in 26 countries across Europe, the Middle East, Africa, Asia and the Americas, the firm has over 1600 lawyers working in combined teams from a unique network of offices.
Our clients are private and publicly held commercial businesses and financial institutions - as well as governments and state-owned entities - involved in sophisticated corporate and financial transactions and complex dispute resolution proceedings.
Our global reach and diverse practice areas enable us to assist many high profile corporations and financial institutions in their business activities in major financial and commercial centres and in the developing market economies.
At White & Case, our passion for client service is paramount in every aspect of our work across the world.
As part of our Capital Markets Practice, we have a dedicated global team of over 60 lawyers specialising in Structured Finance and Derivative Products. Our European team operates from offices in London, Paris, Milan, Rome and Frankfurt. 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.
For more information on our Structured Finance and Derivative Products team, please contact Richard Reilly, (+44 20) 7397 3860, rreilly@whitecase.com

SPV Management Limited "SPV" enters its second decade at the centre of a multi-national organisation which has been designed to serve the needs of the globalisation of the international asset backed markets.

SPV was recently acquired by the US Banking Institution, Wilmington Trust, which is based in Delaware. Through our Parent and our Subsidiaries and Associates we are now able to provide corporate management services for securitisation in the United States, Jersey, the Cayman Islands, the Republic of Ireland, Luxembourg, Belgium, the Netherlands, Italy and Japan.

SPV is the major supplier of Directors and associated corporate management services to the securitisation and structured finance markets in London and Mainland Europe, complementing the dominant position Wilmington Trust enjoys in the USA. SPV currently provides management services to over 460 Special Purpose Companies holding aggregate assets of more than £53 billion. 55% of the Special Purpose Companies are domiciled in the UK, 20% in Italy and the balance in Jersey, Ireland, Luxembourg and Cayman.

For more detailed information and for contact addresses please visit our tri-lingual website: www.spvmanagement.com

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 (2002 European Securitisation of the Year, IFR), Tubelines - JNP Infraco Limited, Imser Securitisation S.r.l., GHG Finance Limited and Spirit Funding Limited.

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.*

* The contents of this statement have been approved for distribution in the United Kingdom by Ambac Assurance UK Limited, which is regulated by The Financial Services Authority ("FSA"). This statement is not intended for private customers as defined in the FSA Rules. Some products and services may not be available in all jurisdictions or to all clients.

Barclays Capital is the investment banking division of Barclays Bank PLC, one of the largest multi-national financial services groups in the world. With a focus on financing, risk management and corporate finance advisory services, Barclays Capital acts internationally as an intermediary and adviser to corporates, financial institutions, governments and supranational organisations. Barclays Capital, which has the support of an AA rated parent bank with a balance sheet of close to £400 billion, has offices in 23 countries and around 5,500 people worldwide, giving it the reach and distribution power to meet clients' needs wherever they are based.

The Asset Backed Securities Group has leading positions in both European and the United States securtisation markets. Its success is based on innovative structuring and execution skills, combined with exceptional distribution capabilities and a large and a well respected ABS Research team. As one of the largest sponsors of multi-seller CP conduits, Barclays provides critical financing and also warehouse support to a wide range of issuer clients. In particular, Barclays Capital was the top underwriter of European RMBS and Credit Cards in 2002, and has a considerable share of the market for the securitisation of residential mortgages, commercial mortgages, credit cards, auto loans and structured bonds backed by property, PFI contracts, infrastructure and nursing homes.

The Cayman Islands Stock Exchange (CSX) commenced operations in July 1997. Since then, business has continued to increase with over 600 issues currently approved for listing, making it one of the fastest growing international stock exchanges. The CSX was originally set up to provide a listing facility for the specialist products of the Cayman Islands: namely offshore mutual funds and specialist debt securities. More recently, the facility has been expanded to include global depositary receipts, derivative warrants and eurobonds. The CSX has established itself and its credibility over the last five years. Sophisticated listing facilities, pragmatic approach and efficient service make the CSX an attractive listing venue for the institutional products in which it specialises.

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 strong rating, 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.

The achievements in 2002 have been important. Benefiting from a first arbitrage conduit, CDC IXIS Capital markets has structured a second client-oriented ABCP conduit on behalf of its customers. In the term ABS business, the team was very active in several asset classes across Europe, with fourteen transactions in 2002, of which nine as book runner. In 2002, CDC IXIS Capital Markets ranked 12th in the Euro ABS league table, and 5th in the Euro RMBS league table according to Structured Finance International. In the area of project finance, the ALIS highway transaction was awarded the title of “deal of the year 2002” by the magazine "Project Finance International".

Apart from the structuring activity, CDC IXIS Capital Markets issued its first managed CDO in 2002. CDC IXIS Capital Markets is committed to develop its asset management activity in the future.

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 NA, 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.

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.
In 2002 CAI has built-up a European Platform with a global capacity on origination and structuring. It is composed of experienced professionals on a large variety of products (ABS, Synthetics, Structured Lending, Conduit Finance, enlarged to CMBS, WBS and transitional debt finance) and a wide array of asset classes (Consumer Loans, Auto Loans, Residential Mortgages, Corporate Loans, Leasing, Trade Receivables, Future Receivables)
In Europe, CAI is among the top securitisation banks for the last 3 years. In 2002, CAI arranged and / or led-managed 28 public and private deals and structured finance transactions totalling ¤ 14.2 billion. CAI ranked number 12 bookrunner of Euro ABS & MBS by amount in 2002 (Capital Data Bondware).
Key public securitisation transactions achieved in 2002 are :
Peugeot Auto ABS2 ; Largest ever consumer loan transaction in Europe, polling €1.5 billion of Spanish and French assets : this deal followed a €1 billion Peugeot ABS 1 the year before.
TRIPLAS : first CDO of Aaa-rated European ABS ever; the €0.6 billion transaction rated by Moody’s and Fitch was arranged and distributed solely by CAI.
Golden Bar (Syntehtic) : First 100% synthetic securitisation on consumer loans for banca Fincosumo.
CHLOE IV : a € 2 billion balance sheet CLO done for CAI .

CAI's ABCP multi-seller conduit, Hexagon, is geared towards European trade and financial receivables. At the end of 2002, Hexagon’s outstanding assets were over € 2,5 billion.

In America, CAI underwrites and arranges securitisation facilities, through Atlantic, a $3 billion ABCP conduit active in the securitisation of leases, trade receivables and consumer credit receivables.
In Japan, CAI securitisation effort focuses on Consumer Finance and Real Estate assets.

Herbert Smith, Stibbe and Gleiss Lutz have entered into a formal agreement under which the three firms have agreed to work together so as to be able to provide clients with a comprehensive and fully co-ordinated service wherever they practice.

Securitisation is a key area for the firms. Our work in this area has grown spectacularly in recent years as we have acted for a variety of issuers, lead managers and others in relation to a wide range of assets and structures. Asset types have included residential and commercial mortgage loans, equipment leases, car loans, consumer loans, rolling stock, mail order an credit card receivables. Securitisation has always afforded an opportunity for innovation, our work for Vesteda on the € 1.4 billion securitisation of its residential real estate portfolio is an example of that.

We have been involved in a wide spectrum of structures (term, conduit, synthetic, etc). We have also advised on related areas, such as portfolio sales and purchases, warehouse facilities and ABS swaps.

The Herbert Smith, Stibbe, Gleiss Lutz alliance consists of over 1,500 lawyers who practise in the key markets in Europe and Asia. In the US we have an established set of relationships across the continent, including with Cravath, Swaine & Moore and Simpson Thacher & Bartlett. Each firm has leading reputations in each of their home jurisdictions. Herbert Smith is an international law firm with a network of offices in Europe and Asia. Stibbe is a full-service commercial law firm with offices in Amsterdam, Brussels, London and New York. Gleiss Lutz is an international law firm with offices across Europe and in China.

Our alliance is based on a shared set of values that have helped each of the three firms to achieve top-tier and distinctive positions in our home markets: a commitment to excellence in our client service; a strong sense of individual identity combined with a recognition of the value our clients attach to receiving an integrated cross-border service; and a belief that the quality of our service must take precedence over the business model that delivers it. We will take a deliberately measured approach to the development of the alliance because we believe that this is in the best long-term interests of our clients.

If you would like further information please contact either:

Jane Borrows, jane.borrows@herbertsmith.com, tel: +44 (020) 7466 2744
Maarten de Bruin, Maarten.deBruin@stibbe.nl, tel: +31 20 546 0380
Burkhard Jaekel, Burkhard.jaekel@gleisslutz.com, tel: +49 69 9551 4241

The HVB Corporates & Markets segment comprises the HVB Group´s capital market-oriented business activities and the Group´s large corporate and international customers. With total assets of Eur 714 bn, staff of more than 66,500 and nearly 2,100 branches world-wide, HVB Group is the second largest banking group in Germany and third in terms of assets 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 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"by the IFR-Magazine. In addition IFR Asia awarded HVB´s Jasmine Investment for the "Securitization Deal of the Year 2002".

In co-operation with Kreditanstalt fuer Wiederaufbau (KfW) HVB Corporates & Markets developed the PROVIDE program for securitization of private mortgages. In 2002 one PROVIDE and two further transactions under the PROMISE program of KfW for the securitization of middle class loans were successfully realised.

With the PROMISE Austria-2002 transaction loans of Austrian medium-size enterprises of our subsidiary Bank Austria Creditanstalt were securitized for the first time. In context of our European bench mark product, the Geldilux program, the fourth tranche was placed last year - the largest completely refinanced transaction of own-book receivables with a volume of Eur 3 billion. With these transactions, HVB Group has continued to strengthen its market profile as a true risk transfer agent and already positioned itself under the Top 10 in the European Asset-Backed Security Market. During the past year, HVB Group has securitized and placed assets amounting to Eur 20.5bn.

In addition HVB Group is one of the world’s leading sponsors of asset backed CP programmes. With an amount of Eur 4 billion the Arabella Funding Commercial Paper program, structured by HVB Group is the largest Euro Commercial Paper Conduit in the European market. It was decorated with the IFR Award "ECP program of the year 2002".

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 is a leading global investment bank providing a full line of financial services to its clients. Lehman Brothers' comprehensive product areas include the full array of equity, fixed-income, foreign exchange, commodity and asset management products as well as strategic advisory services. As a top ranked underwriter of fixed-income securities worldwide and as a leading underwriter of ABS Securities and asset backed commercial paper globally, Lehman Brothers is in a unique position to offer issuers and investors structured finance solutions for a full range of asset classes across all markets around the world. Lehman Brothers ABS group draws on the expertise of a wide variety of product areas, including derivatives, research, syndicate, money market and foreign exchange to structure optimal solutions for issuers. The senior professionals in Lehman Brothers ABS each have over 10 years of ABS experience. The ABS group is focused on providing cutting edge technology, which makes Lehman Brothers the market leader in developing financial structures for all types of assets, including residential and commercial mortgages, credit cards, automobiles, leases, operating assets, collateralized bond and loan obligations ("CBOs and CLOs"), as well as more esoteric asset classes, such as synthetics, aircraft leases, whole business, distressed, real estate and unsecured consumer loans.

LOVELLS is a leading international law firm with more than 330 partners and over 1,500 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.

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, synthetic and cash ABS/MBS securitisations 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,EuroMoney, Credit Magazine and Institutional Investor.

Mizuho Financial Group is the world’s largest banking group with $1.14 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 top ranking in structured credit in Japan, and has a strong presence in the CLO and CDO markets.

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.

In 2002 Mizuho Corporate Bank issued a JPY 1.27 trillion CLO, CuBic One, which has been acknowledged as a landmark in the development of the Japanese securitisation market, winning awards from:

IFR – Asia-Pacific Securitisation of 2002 and Japanese Securitisation of 2002
Thomson ISR – Japanese Deal of the Year 2002
SFI – Best Securitisation of Japanese Assets 2002
Nikkei Bonds and Financial Weekly – Best Deal of the Year 2002


Contacts:

London: Michael.Robertson@uk.mizuho-sc.com + 44 20 7090 6838
Website: www.mizuho-int.com

Tokyo: Yoichiro.Nakai@mizuho-sc.com + 81 3 5208 2586
Website: www.mizuho-sc.com

Morgan Stanley is a global financial services firm and a market leader in securities, investment management and credit services. With more 600 offices in 28 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations.

Since 1992, Morgan Stanley has consistently been at the forefront of innovation in securitisation both on a principal and agent basis. Over this period, Morgan Stanley has pioneered securitisations of numerous new asset classes: the first aircraft lease transaction (Airplanes), the first European CMBS deal (Canary Wharf #1), the first pub securitisation (Wellington), the first intellectual property securitisation (Formula One), the first non-performing loan securitisation (ICR #1), the first (and only) German operating company securitisation (Tenovis), the first hospital company securitisation (General Health Care) and the only airport securitisation (City Airport), to name but a few.

In 2002, we continued this tradition, bringing Europe’s first securitisation of hotels (HOTELoC), the first synthetic RMBS in Holland (Bouwfonds), the first Finnish whole business securitisation of forests (Tornator) and the largest ever managed CDO (Cheyne Capital).

Morgan Stanley enjoys the dominant position in CMBS Issuance with over 53% market share. We lend to investment vehicles and operating companies for all property types throughout Europe.

With offices in every major European city we have local presence combined with global strength.

International Securities Group
Norton Rose is a leading international law firm with offices in Amsterdam, Athens, Bangkok, Bahrain, Beijing, Brussels, Cologne, Frankfurt, Hong Kong, Jakarta, London, Moscow, Munich, Paris, Prague, Singapore and Warsaw. The firm has over 200 partners, over 1000 fee earners and over 2000 staff world-wide.
The firm's International Securities Group (ISG) is a dedicated international team of multi-national and multi-lingual lawyers drawing on over 30 years' experience and expertise in international securities practice, covering:
- securitisation
ISG regularly acts for arrangers and conduit sponsors on a large number of deals across a wide range of asset classes including consumer loans, HP loans, multi-jurisdictional trade receivables, utility receipts, residential mortgages, commercial property and equipment leases.
- debt capital markets
ISG regularly acts for lead managers, arrangers, bondholders, issuers and trustees with respect to debt securities issues and programmes of all types. ISG's debt capital markets team acts on a number of private programmes for structured investment vehicles.
- derivatives
ISG's derivatives team regularly acts for banks, corporates, funds and other government agencies in relation to interest rate, currency, equity, commodity and credit derivatives, synthetic securitisations, structured repo and stock lending transactions.
Norton Rose's long-standing experience in capital markets goes back to the early 1960s, when the firm played an important part in the initial development of the Eurobond market.
Our extensive experience allows us to stay at the forefront of new developments and techniques and to continue to offer our clients the best possible service. We regularly advise companies and financial institutions on securitisation structures, synthetic CDO's and credit arbitrage transactions, derivatives and derivative-driven financing and debt securities offerings. In addition, we advise on a wide range of equity and equity-linked issues, including international GDR issues, international placings and multiple listings.

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 six of the past eight 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, Paris, Sacramento, San Francisco, Seattle, Silicon Valley, Tokyo, Washington, D.C.

The European Securitisation Group, which is part of PWC'S Global Structured Finance 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 Structured Finance 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 Standard and Poor's and Moody's. 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.

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, WealthBench(tm), 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

TD Securities' Credit Products Group
TD Securities' Credit Products Group has extensive experience and a strong track record in successfully structuring and marketing cash flow and synthetic CDO transactions. Since its inception in the fourth quarter of 1999, our Credit Products Group has arranged or jointly arranged thirteen CDO transactions with an aggregate deal size in excess of US$14.0 billion,and has played an instrumental role in distributing them through our channels in New York, Toronto, Montreal, London, Sydney and Tokyo. The underlying instruments for these CDOs include leveraged bank loans, high yield debt, credit default swaps, cash flow CDOs and ABS. The Credit Products Group's modelling and risk management infrastructure is complemented by a globally integrated team of over 30 professionals with a broad range of rating agency, risk analysis and modelling experience.

TD Securities
TD Securities provides a wide range of capital market products and services to corporate, government and institutional clients in the following business areas: debt capital markets; credit, interest rate and equity derivatives; foreign exchange; institutional equities; corporate lending and investment banking.

TD Securities works with clients around the world, focusing selectively and strategically on markets from offices in key financial centres including Toronto, Montreal, Calgary, Vancouver, New York, Chicago, London, Tokyo, Singapore, Hong Kong, Sydney and Melbourne.

TD Bank Financial Group
Headquartered in Toronto, Canada with more than 42,500 employees globally, the Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group comprises TD Securities, TD Canada Trust, TD Commercial Bank, TD Waterhouse and TD Asset Management. Together they serve more than 13 million customers world-wide. TD Bank Financial Group is Canada's third largest bank in terms of market capitalisation with more than CDN$278 billion in assets as at October 31,2002.

Investment banking and securities firm UBS Warburg, a business group of UBS AG, provides a full spectrum of products to institutional and corporate clients, intermediaries, governments and hedge funds worldwide.

Top-tier capabilities in investment banking, unrivalled content, global distribution power and award winning relationship-enhancing technology drive our competitive position and growth in profitability.

We meet our clients’ needs through the following UBS Warburg business areas: Equities, Fixed Income, Rates & Currencies, Investment Banking and Private Equity (branded UBS Capital).

Headquartered in London, UBS Warburg employs over 16,000 people in 30 countries worldwide.

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. XLCA provides triple-A rated credit enhancement for the asset-backed structured finance, structured funds, future flow, essential infrastructure project finance, utility, and public finance markets worldwide. At June 30, 2002, XLCA had statutory assets of approximately $205.8 million, liabilities of approximately $73.5 million and surplus as regards policyholders of approximately $132.3 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 June 30, 2002, XL Capital Ltd had consolidated assets of approximately $31.2 billion and consolidated shareholders' equity of approximately $5.4 billion.

ASHURST MORRIS CRISP is an international law firm with offices in Brussels, Frankfurt, London, Madrid, Milan, Munich, New York, Paris, Tokyo and Singapore as well as a liaison office in New Delhi. The firm has 145 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, and has acted on 31 European CDOs closed to January 2003.

BAKER & MCKENZIE is a leading global law firm with 65 offices in 35 jurisdictions. With a multinational network of more than 3,000 attorneys and a presence in virtually 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.

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, cash manager, common depositary, Ireland and Luxembourg listing & paying agent, 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 80,000 issues representing $1 trillion 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.

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 Trust and SPV Management Limited) is able to arrange 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.

Bedell Cristin, Bedell Trust and Bedell SPV work as a cohesive team drawing on what we believe to be an unrivalled blend of skills and experience in the
tailored provision of legal and corporate management services to special purpose vehicles in the global market.

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.

With a reputation for innovation and quality, CAREY OLSEN are a leading law firm in the Channel Islands specialising in securitisation and structured finance transactions.
The Channel Islands’ tax and legal environment make them an ideal location in which to establish Securitisation structures. Carey Olsen, which has 25 partners and 120 lawyers, has offices in Jersey Guernsey and London.
Carey Olsen's 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 securitisation transactions we have worked on include Bamburgh Finance, a securitisation of commercial mortgages for Newcastle Building Society; HOTELoC Plc, a securitisation of commercial mortgages secured on U.K. hotels arranged by Morgan Stanley.
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 or Nicholas Crocker on Tel:+44 (0) 1534 888900 Fax:+44 (0) 1534 887744 E-mail: alex.ohlsson@careyolsen.com or nicholas.crocker@careyolsen.com or visit www.careyolsen.com

creditex is a specialized intermediary in the credit derivatives market that offers expertise, transparency and scalability. creditex provides the following products and services to the global credit derivatives market: (1) a transactional platform for single name credit default swaps through a real-time trading application; (2) an interactive application for market prices on credit derivatives with a historical price database; and (3) an ability to originate and transact structured products that emphasizes independence and anonymity. Users of creditex include major financial institutions, corporations and institutional investors.

Incorporated in April 1999 by John McEvoy and Sunil Hirani, creditex has offices in New York, London and Singapore. creditex has been profitable since Q4 2001 and had 140% top-line revenue growth in 2002. The Company was ranked as the top broker in 2002 for Basket Default Swaps and Synthetic CDOs by Risk magazine and was voted the best multi-bank site for credit derivatives by Euromoney. creditex has two distinct competitive advantages. One, the Company has deployed cutting-edge trading and information technology to the market. Two, the Company is the only industry-supported platform for credit derivatives and has equity investments and strategic support from most of the large liquidity providers in the credit default swap market.

creditex’s strategic investors 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, Société Générale, UBS and West LB. In addition, Thomson Financial Ventures and the New York City Investment Fund are investors in creditex. Please visit www.creditex.com for more information.

creditex, Inc. is a licensed broker/dealer regulated by the NASD in the United States; creditex International is regulated by the FSA in the United Kingdom; creditex Asia has been granted a conditional exemption to operate in Singapore by the MAS.

CreditTrade provides leading transaction, data and information services to the credit markets. From offices in London, Singapore and New York, CreditTrade covers the major credit markets around the world. We are active in a broad range of products including credit derivatives, structured products, asset-backed securities and loans. Our clients include major investment and commercial banks as well as many of the world's other leading financial institutions. In addition to our transaction services, CreditTrade provides observed credit market data services that include CreditTrade Benchmarks - ideal for mark-to-market purposes; and CreditTrade Market Prices – a comprehensive set of intra day market quote and trade prices. Via CreditTrade Insight, a web-based user interface to our extensive CDS database, our clients can access a wide range of accurate, observed credit default swap prices plus additional tailored search, graphics and data download facilities. CreditTrade Insight also includes a new set of credit default swap indices and other analytical datasets. Founded in 1999, CreditTrade is focused exclusively on credit. We are committed to providing professional, tailor-made solutions to meet all our clients’ credit market needs. For more in-depth information on CreditTrade, please visit our corporate website at www.credittrade.com or call +44 (0)20 7400 5050.

DEERFIELD CAPITAL MANAGEMENT LLC is a Chicago-based fixed-income manager with $7.6 Billion in assets under management. The Company serves institutional investors with fixed-income based strategies in the form of fund vehicles, structured products, and separate accounts. Currently, the Company manages assets in the following fixed-income asset classes: global government bond arbitrage, bank loans, investment-grade corporate bonds, and asset-backed securities. New initiatives are underway in the areas of distressed securities and tailor made duration management for separate accounts. For more information visit http://www.deerfieldcapital.com.

The Corporate Trust & Agency Services ("CTAS") business at Deutsche Bank is one of the largest providers of trust, agency and administrative services to the capital markets globally and has a history of providing trust services dating back to 1903. CTAS has earned a reputation for handling the most complex and innovative securitizations and operates "at arms length" from all investment banking and lending businesses in the Deutsche Bank group.

CTAS services ABS, MBS, CMBS, ABCP, CDO and SIV transactions globally. In addition to traditional trustee, registrar and agency services, it offers a broad range of enhanced services including back-up servicing, regulatory reporting, REMIC tax reporting, document custody, financial consulting and ABCP conduit administration. A number of its services are enhanced by web-based applications including Investor Reporting (pool performance information) and iCDO (interactive CDO reporting).

The Corporate Trust business also has offices in Jersey, the Cayman Islands, Dublin, Amsterdam, Mauritius and Luxembourg specializing in the administration of tax-advantaged structures including Special Purpose Vehicles.

With a worldwide team of dedicated Corporate Trust experts, leading-edge technology, a track record of consistent product innovation and award winning client service, Deutsche Bank offers its clients the most professional securitization services in the market.

Ernst & Young is one of the largest integrated professional services firms in the world, employing over 100,000 people worldwide. Our Structured Finance Advisory Services team provides securitization and advisory services to parties involved in the domestic and global structured finance market. We participate in the strategic development and implementation of capital objectives; advise on structuring techniques, optimal asset selection, risk assessment and mitigation considerations in the ultimate transaction design; and provide cash flow modeling and other essential transaction services at issuance. We are committed to creating value by using our experience and expertise to offer the most effective solutions. Our team is here to help you every step of the way. To learn more about our securitization services, please contact Steve Campo at (212) 773-7891 or email him at steve.campo@ey.com. You may also visit our website at www.ey.com/structuredfinance.

Fitch Ratings is committed to providing the most forward thinking and transparent research and ratings.
In servicing the capital markets, Fitch has a presence in more than 75 countries with 40 offices worldwide. Growing rapidly, Fitch now rates more than 1,600 banks, 70 sovereigns, 1,100 corporates and maintains surveillance on 3,300 structured financings and 26,000 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.

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 credit insurance and trade receivables management. The skills and expertise that Gerling NCM brings to its clients cover every aspect of risk, services and finance related to commercial trade receivables.
Applying its core strengths of assessing, managing, and underwriting trade-related risks to the field of structured finance, Gerling NCM’s specialist Financial Solutions provides specific solutions to support trade receivable securitisations. Our credit enhancement product aims to maximise the advance rate obtained by the originator whilst at the same time providing additional reassurance to conduit sponsors and investors in the event of programme termination. Gerling NCM credit enhancement policies have been used to real effect to add value to numerous A-1+ rated securitisation transactions, in particular by suppressing the required loss reserve or by allowing the inclusion of excess concentrations and export receivables in the funded amount.
Drawing on our global team of credit managers and debt recovery experts, Gerling NCM also provides back-up servicing and credit management audit services for securitisation transactions. Proprietary IT systems and day-to-day experience collecting thousands of accounts worldwide puts Gerling NCM in an unique position to support programmes nearing or entering early termination with a range of services, from straightforward notification letters to complete management of the collections process for pools comprised of multiple thousands of obligors.
Moreover, in the area of receivables finance Gerling NCM together with European Receivables Finance (“EuReFin”) offers European SMEs a highly competitive alternative for off-balance sheet financing. European SMEs can securitise their trade receivables pools valued from EUR 5 million to EUR 60 million.
More information about the above solutions for the structured finance markets as well as other receivables management and alternative risk transfer products can be found at the following websites: www.gerlingncm.com and www.EuReFin.com.

Global Securitisation Services Limited (GSS) provides independent directors and related corporate administration services to special purpose vehicle companies (SPVs) established in connection with structured finance transactions. In addition, GSS is also able to provide accounting services to such SPVs. 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.

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 8,000 offices in 81 countries and territories, operating Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
HSBC Corporate-Investment Banking & 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. This information does not represent an enticement to invest, or recommendation to do so.

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

KPMG is a leading professional services firm that advises and supports organisations engaged in the international securitisation and asset-backed finance markets. Our global network includes securitisation professionals in all the major financial centres.
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.

KPMG has a well established European Centre for Securitisation and Asset-Backed Finance offering co-ordinated delivery of securitisation services all over Europe.

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:

1. Advisory and project management - the provision of advice on financing alternatives, financial profiling, pricing and, asset performance, the selection of underwriters and staff that can assist with the process from inception to execution and beyond.

2. IT and systems- developing manual and computer based systems, to bring the appropriate assets to securitisation, best execution analysis and opinions, analysis and modelling of asset portfolio.

3. Structuring advice and opinions – providing tax , accounting and regulatory advice and opinions during the structuring phase to ensure that the clients objectives are met.

4. Transaction execution – providing independent review of underlying pool data in comparison to underlying documents; reverse-engineering of cash flow models; accountants reports on SPV’s for the offering circular; pool analysis to tie out the offering circular collateral tables.

5. Due diligence - this includes accounting advice and audit/model opinions, tax and regulatory advice and opinions, plus asset due diligence required during the structuring process.

6. Post transaction - review of the overall funding outcome, including market reception and appropriateness of structure, transaction mechanics, review of administration, IT and systems methodologies.

Please contact jacquie.driver@kpmg.co.uk with any enquiries

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.

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 350 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 Maples Finance Limited and Maples Finance 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.

MPS Finance was set up to be one of the “center of excellence” of Monte dei Paschi di Siena Group. Operating on two macro-platforms, MPS Finance performs the typical Investment Banking activity (Capital Market, Derivatives, Corporate and Government Bonds) and, at the same time, is a product factory which creates and places a whole range of financial products and services for both corporate and retail customers; there are more than 4.500.000 customers who can buy the products created by MPS Finance in the retail banks, which are more than 2000 in Italy.
MPSF is the Italian market leader in Securitizations and Credit Derivatives and boasts a qualifying track record, having brought to the market in just two years time 17 securitizations within 4 asset classes (Mortagages, NPL, Personal Loans and Bonds) at a total value of nearly 7 billion Euro. MPSF's strong international focus, through its International Finance Solutions desk, has led to the placement of over 75% of the total trading volume with non-Italian investors.
MPS Finance operates both on the captive market, by working together with Banks and the other MPS Group Companies, and on the non-captive market, supplying instruments and services also to other Banks, Institutional Investors and Businesses.
Innovative financial instruments, customized products for different risk profiles and different investors’ criteria, its multi-channel offers are MPS Finance strength.
MPSF has successfully transformed classic sales activities on line through the use of two distinct platforms: Deal Done Trading and BET. It is precisely MPSF’s multi-channel capabilities and innovative approach to financial markets that facilitate timely and effective responses to market changes, permitting us to provide our clients and investors with the highest quality financial services in real time.

Channel Islands based Ogier Group comprises leading offshore commercial law firms OGIER & LE MASURIER operating in both Jersey and Guernsey and OGIER FIDUCIARY SERVICES, its company administration business. OGIER SPV SERVICES specialises in the administration of offshore SPVs and is part of the OGIER Group.
Ogier’s Securitisation Team has established a leading expertise over the last decade. The Team provides legal advice and (in conjunction with Ogier SPV Services Limited) administration services to a full range of asset securitisation and repackaging vehicles.
Our securitisation professionals deal with major financial institutions and professional intermediaries around the world. We are experienced in setting up all forms of single and multi-issue vehicles and are often able to provide innovative ways of structuring transactions. We have leading edge 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.

Recent transactions include:

• Alis Finance
• Arabella Funding
• Chaves Funding
• Duke 2002
• ESAF Navigator CDO
• GECO 2002
• Khaleej CDO
  

Radian Asset Assurance Inc., rated AA by Standard & Poor’s and Fitch Ratings, provides financial guaranty insurance and reinsurance to the holders of debt obligations and asset-backed securities. With offices in London, New York and Philadelphia, Radian is established as a significant and lasting business partner serving the global financial markets.

For more than two decades, SHEARMAN & STERLING has been a leading 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 18 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.

Simmons & Simmons is a leading international law firm with over 1800 people, including 950 lawyers, active in our 18 offices in Europe, Asia, the Middle East and the US. In the “Global Counsel 3000” world rankings in 2002, the firm was ranked in the top ten firms worldwide for performance in all major practice areas. Simmons & Simmons is a market leader in the field of securitisation, CDOs and other types of structured and asset-backed securities and several of its partners have been named in Chambers, IFLR and other publications as market leaders. In this field we have a truly integrated international network led by more than 20 partners whose main focus is the asset-backed market. Our team is located in Frankfurt, Hong Kong, London, Lisbon, Milan, Madrid, Paris, Rome, Rotterdam and Tokyo. We offer an integrated service combining English and US law expertise on capital market transactions with consistent high quality local law capability. On securitisation, we have advised leading arrangers, originators and trustees for more than fifteen years on transactions involving a wide variety of assets including: residential mortgages, commercial mortgages and real estate leases; consumer assets including personal loans, lease and hire purchase receivables, car loans, and credit card receivables; trade receivables and stock; bank future flows; and operating businesses. We have experience of all of the main techniques used to securitise assets including true sale structures, secured loan structures, master trusts, receivables trusts, asset backed commercial paper conduits and repackaging vehicles. Deals have included “Deals of the Year” such as Broadgate in the UK and KAMCO in Korea. Simmons & Simmons is a market leader in structured securities – repackagings, CDOs, credit-linked notes and other structured products – acting for many of the most active and innovative investment banks in this area. We regularly work on a range of CDOs and CDO tranche transactions (cash, synthetic, semi-synthetic, managed and static) including CDOs of both CDOs and other synthetic credit obligations. We have established over 100 multi-issuance and multi-issuer programmes for the issue of a variety of financial instruments in all the major off-shore jurisdictions including Cayman, the Netherlands, Ireland, Luxembourg, Gibraltar and Madeira and have a strong reputation among our clients for building documentary platforms in order to streamline the execution process.

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 securitized assets.

Our coverage includes asset-backed, mortgage-backed, and commercial mortgage-backed securities, in addition to collateralized debt obligations, real estate companies, REITS and homebuilders. We also provide servicer evaluations, assessments of collateral managers and real estate equity managers, tools to track and analyze commercial and residential mortgage risk, as well as deliver through the web, 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 forward thinking leader worldwide. For additional information, visit our website at www.standardandpoors.com.

STATER is the end-to-end service provider for the European mortgage market. In its fulfillment of this role, STATER focuses on support for mortgage financiers in the origination, processing and financing of mortgage portfolios.

STATER was founded in January 1997 as an independent service provider in the mortgage market, after starting life as part of Bouwfonds Hypotheken. STATER has since grown to become an international force in the market with over 450 employees, a head office in Amersfoort and branches in Leusden, the Netherlands, in Bonn, Germany and Brussels, Belgium. Over one million mortgage loans are under the administration of the STATER Mortgage System. STATER aims to step up its activities in more countries in the Euro currency zone. Moreover, STATER is presently considering how it can fulfill the role of Master Servicer. In the U.S., a Master Servicer is responsible for services to investors. STATER could play a key role in a similar European process.

Buzz-words in the mortgage loan value chain are straight through processing and value chain unbundling. All parties involved wish to dispose of double/multiple manual input when the technology is available to reuse data already generated/modified. Of course, this challenges us to create open systems and protocols in such a way that all market parties can be linked together. Due to the pressure on the market and margins, this challenge is inevitable. The first steps have already been taken in the form of market initiatives with regard to integrating advice, sales and offering. The mortgage loan origination software will enable drafting offers instantaneously. STATER wants to spearhead in these developments.

Website: www.stater.com

Established over thirty five years ago, WALKERS is one of the largest international law firms in the Cayman Islands with a full service offices in the City of London and the British Virgin Islands. The firm provides advice under Cayman Islands (and BVI) 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 2002,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.

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Wall Street Analytics, Inc provides the financial industry with state of the art ABS & CDO structuring software and fixed income portfolio analytics.

With customised structuring systems, WSA is ideally placed to provide software solutions for asset securitisation, CBO/CLO issuance, ABS administration and fixed income portfolio management.

The latest addition, CDOcalc, is a website created and maintained by WSA. It allows deals to be dynamically run under a variety of assumptions, providing additional descriptive and compliance test information. It is linked to WSA’s growing CDO deal library, and is fully updated on a continuous basis.

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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 expanded its international presence with the opening of a London office in 2002.This office is focused on the CDO, mortgage backed, and asset backed securitisation efforts of UK and European issuers and arrangers.

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The Williams Capital Group, L.P. ("WCG") is an investment banking boutique formed in 1994. The Firm ranks among the top 20 underwriters of investment-grade corporate and ABS debt, and has earned a reputation in secondary trading of esoteric ABS, such as CDO's, Franchise, Manufactured Housing, and other illiquid debt securities. The Firm's client roster includes the largest institutional investors and corporations worldwide. WCG employs a staff of over 60 professionals in the U.S. and London and is a member of the New York Stock Exchange. Williams Capital International Ltd., its London-based subsidiary, is regulated by the Futures and Securities Authority in the United Kingdom. www.willcap.com

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.

ACE Guaranty Corp. (AGC) is a leading participant in providing credit enhancement to structured finance and municipal transactions. Over fifteen years of underwriting experience, coupled with superior financial strength, has made AGC the credit enhancement provider of choice for numerous dealers, insurers, and bond investors.

AGC has built a strong portfolio of investment grade credits, diversified by geography, tenor and sector. AGC's success in growing its franchise across the credit markets has been based upon its recognized ability to analyze and execute on highly structured, risk remote transactions. AGC is also a leader in providing reinsurance on both a treaty and facultative basis to the AAA rated monoline bond insurance companies.

AGC continues to be successful in fostering diversity and balance to its municipal and asset-backed financial guaranty risk portfolio. The company has proven dependable in ensuring creative and timely responses to the market, always keeping what customers want in the forefront of its business model. ACE Guaranty Corp. is a member of the ACE Group of Companies.

CADWALADER, WICKERSHAM & TAFT LLP 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.

Countrywide Capital Markets, Inc. (CCM), a mortgage related investment-banking firm focuses on all aspects mortgage centric financial activities. Countrywide Securities Corporation (CSC) and its sister company, Countrywide Servicing Exchange (CSE) operate under the Countrywide Capital Markets umbrella. Products and services encompass sales and trading of real estate and related securities and whole loans, including HELOCs, sub-prime mortgages, franchise loans, commercial mortgages and agency debt. An integral part of these activities also involves the valuation and trading of servicing portfolios; mergers and acquisition strategy and the provision of enhanced research that focuses on specific loan level attributes. As part of this strategic positioning, we also originate and trade a variety of funding alternatives, such as CDs and MTNs. Our association with the nation's largest independent mortgage banker, Countrywide Home Loans, provides us access to proprietary data which presents the unique position of evaluating drivers of value by merging issues in the origination of loans with trends and developments in securitized markets.

JMH Demica is the provider of Citadel, a leading invoice processing system. Citadel streamlines and automates the consolidation, processing, settlement and financing of invoices. Applications for Citadel include:
1. Invoice tracking for international corporations to facilitate financing, minimising tax liabilities and improving credit risk management.
2. Invoice financing for factors and invoice discounters.
3. Supporting securitisation transactions for investment banks or their clients.
4. For Credit Insurers the reconciliation of actual invoices against insured limits.
5. Transaction management for banks who need to monitor pools of collateral.

Citadel features:
1. Real time centralised tracking of billing and collection. across the enterprise.
2. Fully compatible with all accounting systems.
3. Supports all securitisation and rating agency requirements.

JMH Demica is a part of the JM Huber Corporation, one of the largest privately held companies in the USA with assets in excess of $1bn.

Financial Guaranty Insurance Company (FGIC), a GE Company, provides credit enhancement solutions for the global structured finance market. Our triple-A guaranty is unconditional and irrevocable for the life of the transaction and guarantees full payments of principal and interest. Our financial strength is rated Aaa/AAA/AAA by Moody’s Investors Service, Inc., Standard & Poor’s and Fitch Ratings, respectively.
FGIC is an insurer of Mortgage-Backed Securities (MBS), Asset-Backed Securities (ABS) and Asset-Backed Commercial Paper conduits. At FGIC, we view each transaction as an opportunity to collaborate with the issuer and investment banker to provide innovative financial solutions to our clients. Our rigorous underwriting is supported by sophisticated technology and complemented by our judgment and flexibility.
For more information please contact Gregory G. Raab, Structured Finance Group Head at 212-312-3039 or Sandra L. Foist, Director of Marketing at 212-312-3072

GIDE LOYRETTE NOUEL is France's leading international law firm and one of the most prominent in Europe. Its areas of expertise cover all sectors of business law. The Firm is staffed by 430 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 70 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 17 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.

IMAKE provides an end-to-end enterprise solution to the structured finance market by offering a state-of-the-art Internet-enabled analytical tool IMAKE Analytics On-Demand (AOD). IMAKE AOD supports MBS, ABS, CDO, CMO, CMBS and other emerging asset types by providing a dynamic suite of capabilities including ratings analysis, loan performance, loan stratification, securitization structure and collateral modeling, cashflow analysis, bond factor calculation, investors reporting, tax reporting, residual valuation and residual tax analysis. IMAKE Consulting, Inc. – 6700 Rockledge Drive, Suite 101A – Bethesda, MD 20817 – www.imake.com

JONES DAY is an international law firm with 28 locations in centers of business and finance throughout the United States, Asia and Europe, including London, Paris, Brussels, Madrid, Milan, Frankfurt and Munich. With more than 2000 lawyers, Jones Day ranks as the 3rd largest US law firm and the 6th largest worldwide. Jones Day recently merged with UK firm Gouldens, and the combined firm practices in London with 200 lawyers under the name Jones Day Gouldens. For more than a century, Jones Day consistently has focused its practice on the diverse legal needs of business enterprises and has ranked at the top in client service. The Firm acts as principal outside counsel, or provides significant legal representation, to approximately half of the Fortune 500 corporations, as well as many important non-United States corporations and other entities. Jones Day’s global Securitization and Structured Finance Practice serves most of the world’s primary existing and developing financial markets and encompasses a broad range of financial products. Jones Day lawyers have been at the forefront of many developments in U.S. and international financing structures, including the development and documentation of highly structured cross-border transactions such as synthetic CDOs and structured investment vehicles (SIVs). Jones Day Securitization and Structured Finance lawyers work closely with lawyers from our various offices and other disciplines (including domestic and international tax, derivatives, securities, mergers and acquisitions, litigation and restructuring/bankruptcy), as well as with accounting and investment banking advisors, to design and implement innovative and effective solutions to client needs.

Lord Securities Corporation is a financial services and securitization administration company formed in 1984. The firm has served the securitization and structured finance market since 1971, beginning with its previous administration as part of a leading Wall Street investment bank. Lord provides transaction sponsors and their financial and legal advisors with seamless, multi-jurisdictional service through its worldwide network and by way of its experienced personnel. Professional staff at Lord includes certified public accountants, MBAs, in-house paralegal expertise and others with extensive experience in securitization and structured finance. Lord provides domestic and off-shore 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, commercial paper issuance and treasury services. Lord currently services over 750 special purpose entities with client financing capabilities in excess of $250 billion.

MOURANT is a specialist professional services group serving top international corporations and high net worth individuals. Mourant has more than a decade's experience in securitisation, adding value where required using the benefit of this experience. It provides services to 25% of all European Commercial Paper Conduits.

Mourant du Feu & Jeune is a leading provider of Jersey legal advice to securitisation, repackaging and other structured finance and capital markets transactions (including CDOs, CLOs, synthetic securitisations, ABS, ABCP, MBS and master trust structures). It was ranked top legal adviser in Fitzrovia's Jersey Securitisation Encyclopaedia 2001/2002, having advised 145 individual transactions with a total value of US$365 billion. Recent key transactions include two award winners - Affinity 001 and Permanent Financing No.1 - as well as Rubens CDO I Limited, GELDILUX 2002-1, Blue Heron Funding IV, Dolerite Funding No.1 and MARS.

For further information on services offered by Mourant du Feu & Jeune, please contact alastair.syvret@mourant.com, T +44 (0)1534 609 000.

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. It has subsidiaries in Amsterdam, Dublin, Guernsey, Jersey, London, Luxembourg, Milan and Zurich. Recent securitisation deals include Solitaire Funding Limited, a $5 billion short-term note issuance programme arranged by HSBC Bank plc, providing funding for the purchase of a portfolio of debt securities, instruments or financial assets within defined, high credit quality investment parameters; Diadem Limited, a synthetic securitisation arranged by JP Morgan Securities Ltd for BW Bank Ireland plc involving the issue by Diadem Limited of US$22.3 million floating rate notes due 2040; and Global Hotel One Limited, a synthetic securitisation of hotel assets.

For further information on services offered by Mourant International Finance Administration, please contact nigel.bradley@mourant.com, T +44 (0)1534 609 000.

Mourant subsidiary www.absreports.com is the most comprehensive internet source of original and post issuance performance information on European Asset and Mortgage Backed Securities and CDOs. Subscribers currently have access to approximately 700 deals represented by 3,000 securities, can view and print copies of the final offering document for most deals and search the database on over 50 individual criteria including, for example country and year of issue; ISIN and Trustee.

For further information on www.absreports.com please contact Dave Colling, d.colling@mourant.com, T +44 (0)20 7073 7861

www.mourant.com

Sidley Austin Brown & Wood is one of the of the world’s largest full-service law firms. With more than 1,500 lawyers practising on three continents (North America, Europe and Asia), the firm provides a broad range of integrated legal services to meet the needs of governments, large and small businesses and individuals across a multitude of industries. The firm's network of offices is now able to provide an integrated, multi-jurisdictional and cross-jurisdictional legal service in securitisation and structured finance transactions, backed by a wealth of market experience.
The London office has 17 partners and more than 44 associates active in this particular area, who have worked on a large number of securitisation transactions involving a variety of different underlying assets and synthetic structures in Europe, the US and Asia.
The team’s experience covers the entire range of issues arising out of securitisation transactions including: commercial, insolvency law, tax and regulatory issues relating to the creation of special purpose vehicles and the issuance and sale of securities; the tax treatment of the transactions; and issues arising out of the requirements of the rating agencies and various regulatory authorities.
The team represents a broad range of clients including, originators (sellers and servicers) of the securitised assets and issuers of the securities sold to investors, financial intermediaries such as underwriters and placement agents, and providers of liquidity and credit enhancement for such securities. The team also regularly acts for one of the leading rating agencies. Our client base is also broad in terms of geographic spread: we act for banks, originators and intermediaries based in the US, many Europeans countries, Japan, Singapore and offshore financial centres such as Bermuda. In addition, transactions, handled by the team regularly involve the assistance of other lawyers in the firm’s securities, banking, corporate reorganisation, tax, commodities, insurance and regulatory practice areas.
Globally, we have extensive experience in the area of securitisation and structured finance, with over 200 lawyers specialising in this area, including over 70 partners.
1The affiliated firms Sidley Austin Brown & Wood LLP, a Delaware limited liability partnership, Sidley Austin Brown & Wood, an Illinois general partnership, Sidley Austin Brown & Wood, an English general partnership and Sidley Austin Brown & Wood, a New York general partnership, are referred to collectively as Sidley Austin Brown & Wood.

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 GLOBAL 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. 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 four conduits administrated by State Street Global Markets, LLC.
In Europe, investment-banking services are offered through State Street’s office in Munich, Germany, where seven structured finance professionals are located. The Munich office cooperates with leading regional banks, e.g. in Germany, Scandinavia, Italy, Austria, providing conduit services to these banks and their customers.
State Street has been active in the securitisation market since 1989 when it started providing credit enhancement and structuring assistance to numerous financial institutions and internationally operating companies. 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. Today, Galleon issues CPs in USD, EUR and GBP. In 1998 State Street developed Schooner Capital Pty. Limited followed in 2000 by Spinnaker Pty Limited, both ABCP conduits specifically designed for the Australian market.
Through these conduits, State Street has funded over 400 transactions for customers all over the world in a large variety of asset classes in sizes between USD 25 million to USD 700 million covering many jurisdictions.

TMF STRUCTURED FINANCE SERVICES forms part of the Financial Services Division of the TMF Group, a leading independent financial and administrative services firm that provides a wide range of services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.The TMF Group has over 800 employees and 28 offices in 20 countries and territories.
Its activities are divided into the following three segments: Management & Administrative Services - TMF offers a complete range of corporate services to assist its clients with the setting-up and operating of corporate structures world-wide Fund Administrative Services - the setting-up, management and administration of investment funds Financial Services - corporate finance & capital markets services, structured finance, venture capital, special products, real estate investment products, institutional portfolio solutions, project management, consulting & software development, and international licensing & collection.
Through our offices, TMF STRUCTURED FINANCE SERVICES as part of the Financial Services Division specialises in the management, administration and ownership of SPVs related to asset securitisation and other structured finance transactions. Based on our experience and excellent relationships with the local authorities and advisors, TMF is able to establish fully independent third-party structures, which can be set up within a limited time frame. As a result, all costs in relation to the transaction,including corporate income tax, fees and disbursements, may be determined in advance.
Structured Finance Services are being provided by and co-ordinated through, among others, the following TMF offices: The Netherlands (Amsterdam), United Kingdom (London), Luxembourg (Luxembourg), Germany (Frankfurt), Italy (Milan and Rome), Spain (Barcelona and Madrid). For further information, please contact the appropriate person directly in the respective jurisdiction(s) or contact our office in Amsterdam, The Netherlands, dealing with the central co-ordination of our Structured Finance Services.

TMF Structured Finance Services
Parnassustoren Locatellikade 1, 1076 AZ Amsterdam
P.O. Box 75215, 1070 AE Amsterdam
Tel: (31-20) 57.55.694
Fax: (31-20) 57.55.691 Contact persons: Thérèse Wijnen, Mattijs Sibbing www.tmf-group.com

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 seventh 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.

ZINI & ASSOCIATES is an international firm with a strong international practice offering multi-disciplinary services including legal and tax advice in cutting-edge areas of the law, such as national and cross-border M&A, Corporate Finance, Capital Markets, Structured Finance, Telecommunications, Information Technology, New Economy and Internet related matters, Real Estate, Antitrust, Intellectual Property, Entertainment, Media and Music, Arts and Sports.

ZINI & ASSOCIATES provides coordinated legal services to multinational clients around the world in every major financial market and assists Italian corporations in establishing their presence internationally.

ZINI & ASSOCIATES comprises attorneys and tax advisors licensed to practice in various jurisdictions including United States, Italy, Belgium, Spain, United Kingdom, Argentina and Brazil.

ZINI & ASSOCIATES currently maintains offices in New York, Milan and Rome.

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 Laurie Grossman at 212-803-8583 or laurie.grossman@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 or visit our website at www.bondweek.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.

DERIVATIVES WEEK Derivatives Week focuses on all aspects of the global derivatives markets, with reporters in New York, London and Hong Kong. Its goal is to provide subscribers with timely information on what competitors, clients and regulators are doing with derivatives. Topics covered by Derivative Week include interest rate, equity commodity and foreign exchange derivatives, strategies and trades, swaps, hedging, managed futures, exotic options, risk management and people moves. For a Free Trial Subscription, Visit us at www.derivativesweek.com or call Customers Services U.S.: 212-224-3800 8AM-6PM/U.K. London: 44 (0) 207-779-8972/Hong Kong: 852-2842-6950.

Emerging Markets Monitor provides each week, exclusive and authoritative views on investment issues across Asia, Latin America and EMEA. Key features include a monthly Bond Sentiment Index, currency forecasts, portfolio strategies and the latest industry news. To start your complimentary trial to Emerging Markets Monitor today simply complete the online trial request form at www.businessmonitor.com/emm01_a.html or e-mail khiggins@businessmonitor.com with your details.

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

Funds Europe is the leading dedicated journal designed to meet the needs of cross border investment professionals across Europe. It is focused on commentary and analysis from leading industry figures – business strategy, market developments and targeted coverage of products, distribution, investor services, software solutions and legal and tax issues.

FREE SAMPLE ISSUE FOR CAPITAL MARKETS PROFESSIONALS Only Global Investment Technology offers decision-makers a sharply focused business perspective on the evolving securities and investment marketplace. Plus a wealth of up-to-the-minute information on software and electronic services to help you stay ahead, whether your focus is the US market or overseas. Ensure your place in the 21st century. Call or fax us for a free sample issue today. Tel: (212) 370-3700. Fax: (212) 370-4606.

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) 20 7369 7454, Asia 813 5218 6580 or e-mail us at ifr@tfn.com.

Institutional Investor magazine--No other magazine covers the world of finance like Institutional Investor. On The Street and around the globe, it is the one magazine that professional investors rely on for critical analysis, information and financial expertise. Call for your sample copy at 1-800-437-9997. Just mention code IMN.

International Securitization & Structured Finance Report is a twice monthy newsletter devoted to reporting and analyzing asset-backed securitization transactions and structured finance in international markets. Covers innovative product trends, issuer considerations, regulatory matters, and tax and accounting considerations. Examines what is working in emerging markets and spotlights unique global transactions. For more information or to order your free three issue trial contact us at :margot@wtexec.com; Tel: (978) 287-0301; Fax: (978) 287-0302; or visit our web site: http://www.wtexec.com/secur.html

The early warning system for trends, new products, and people moves on Wall Street, Investment Dealers' Digest is the source relied upon most by investment banking professionals. With comprehensive news coverage and exclusive commentary on the entire investment banking industry, Investment Dealers? Digest and www.iddmagazine.com provide everything necessary to stay ahead of Wall Street and the capital markets, every week. For more information, call 800-607-4463 or visit us online at www.iddmagazine.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 Neil.Clasper@tfn.com(quote ref: ISR/IMN.)

The Journal of Project Finance offers insightful, comprehensive research and commentary on all aspects of project finance for the practitioner, by the practitioner. Ranging from regulatory, financial and legal aspects of project finance deals, to environmental and political issues, JPF zeroes in on a particular sector or deal to show what works in this increasingly sophisticated area.To get a RISK-FREE TRIAL copy of JPF, call Customer Service at (212) 224-3066; email us at info@iijournals.com, or visit us at www.iijpf.com.

Loan Market Week (LMW) provides the latest news on the U.S. corporate loan syndication and trading markets each week. Coverage includes: news and analysis of trends in both the primary and secondary loan markets, borrowing strategies from CFOs and treasurers, people moves and related legislation from regulatory agencies. For a free trial subscription please call 212.224.3096 or visit our website at www.loanmarketweek.com

Inside MBS & ABS - If you’re involved in issuing, underwriting, investing, research, rating or trading MBS (mortgage-backed securities) and ABS (asset-backed securities), this publication is for you. Since 1985 Inside MBS & ABS has been the secondary mortgage market’s premier source of news and data on the agency MBS, CMO/REMIC, and private-label MBS markets. For a free trial subscription call us at (301) 951-1240, or visit our website at www.imfpubs.com.

A recognised destination for corporate firms worldwide active or potentially active in the securitization marketplace to locate, source
and learn more about people. Initially containing securitization lawyers, the portal will eventually include banks, accountants and
rating agency professionals.

Securitization News is the one publication that covers the entire global structured finance and securitization markets. Each weekly issue provides the latest news on deals, trends, innovative financing techniques, investment strategies, regulation and other critical issues. Sign up for 4 FREE issues today and find out for yourself how Securitization News will help you increase your business. Call 212-224-3457 or visit our website at www.securitizationnews.com.

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.

Specialty Finance, a publication of SNL Financial, is a unique monthly journal covering every aspect of the specialty lending industry. It offers in-depth reporting on the players, events and issues shaping the industry today, hard-hitting analysis of industry practices and market trends, exclusive interviews with movers and shakers, and comprehensive financial data. For more information on Specialty Finance and other SNL Financial products visit us online at www.snl.com or call us directly at (434) 977-5877.