Common use of Range of Gross Interest Clause in Contracts

Range of Gross Interest. Rates (%) ---------------------------------------------------------------------------------------------------------------------- % of Mortgage Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Cut-off Average Average Average Weighted of Date Date Gross Remaining Combined Average Mortgage Principal Principal Interest Term Original FICO Range of Gross Interest Rates (%) Loans Balance ($) Balance Rate (%) (months) LTV Score ---------------------------------------------------------------------------------------------------------------------- 4.500 - 4.749 3 957,250 0.13 4.625 357 74.15 671 4.750 - 4.999 34 10,764,833 1.44 4.871 355 78.16 684 5.000 - 5.249 37 9,012,252 1.21 5.121 355 78.02 680 5.250 - 5.499 105 31,759,270 4.25 5.321 354 77.91 662 5.500 - 5.749 152 40,396,550 5.41 5.553 349 78.06 659 5.750 - 5.999 436 113,601,358 15.20 5.893 354 80.17 658 6.000 - 6.249 200 50,972,357 6.82 6.087 349 79.52 648 6.250 - 6.499 365 84,524,915 11.31 6.324 355 80.05 648 6.500 - 6.749 331 71,318,232 9.54 6.554 354 81.27 635 6.750 - 6.999 443 95,588,870 12.79 6.876 355 81.57 624 7.000 - 7.249 125 22,975,920 3.07 7.076 353 82.66 612 7.250 - 7.499 232 42,065,377 5.63 7.323 354 83.91 607 7.500 - 7.749 193 34,751,885 4.65 7.556 353 83.93 597 7.750 - 7.999 224 41,466,546 5.55 7.863 355 84.18 598 8.000 - 8.249 55 8,135,459 1.09 8.091 356 81.42 580 8.250 - 8.499 103 11,568,331 1.55 8.311 328 86.60 591 8.500 - 8.749 55 7,725,066 1.03 8.532 332 84.68 581 8.750 - 8.999 132 13,576,965 1.82 8.853 292 88.89 605 9.000 - 9.249 31 3,491,562 0.47 9.048 333 81.25 574 9.250 - 9.499 44 3,557,900 0.48 9.315 266 92.64 626 9.500 - 9.749 41 2,692,653 0.36 9.516 212 95.84 650 9.750 - 9.999 106 7,553,861 1.01 9.894 199 95.73 648 10.000 - 10.249 14 1,055,076 0.14 10.023 213 97.24 627 10.250 - 10.499 42 2,609,024 0.35 10.279 177 99.55 653 10.500 - 10.749 74 4,580,522 0.61 10.505 179 98.96 647 10.750 - 10.999 341 21,934,420 2.93 10.866 177 98.98 655 11.000 - 11.249 7 269,343 0.04 11.012 177 98.81 666 11.250 - 11.499 29 1,171,717 0.16 11.262 191 97.89 626 11.500 - 11.749 7 256,555 0.03 11.552 177 96.94 640 11.750 - 11.999 59 2,195,021 0.29 11.933 177 99.54 630 12.000 - 12.249 9 310,054 0.04 12.118 175 100.00 626 12.250 - 12.499 4 91,000 0.01 12.378 175 99.08 601 12.500 - 12.749 18 758,898 0.10 12.531 182 98.77 664 12.750 - 12.999 95 3,558,565 0.48 12.859 177 99.53 633 13.000 - 13.249 1 32,677 0.00 13.125 176 95.00 669 13.250 - 13.499 3 107,700 0.01 13.361 177 100.00 634 Total: 4,150 747,387,982 100.00 6.876 340 82.39 635 ---------------------------------------------------------------------------------------------------------------------- Minimum: 4.625 Maximum: 13.490 Weighted Average: 6.876 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliaxxx. Xoxxxx Xxanley makes no represexxxxxxn xx xxxranty with respect to txx xxxuxxxx xx completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, xxx xxy xxxxxx transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as axxxx xox xxx xssuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Xxx. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Rate Population Selection Criteria: Adjustable Rate Population Table of Contents

Range of Gross Interest. Rates (%) ---------------------------------------------------------------------------------------------------------------------- % of Mortgage Aggregate Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Aggregate Average Weighted Average Non-Zero Number Date Cut-off Gross Average Average Average Original Weighted of Principal Date Date Gross Interest Remaining Combined Average Mortgage Principal Principal Interest Term Original FICO Pct Pct Pct Range of Gross Mortgage Balance Principal Rate Term LTV FICO Full Owner Fixed Interest Rates (%) Loans Balance ($) Balance Rate (%) (monthsMonths) LTV (%) Score ---------------------------------------------------------------------------------------------------------------------- 4.500 - 4.749 3 957,250 0.13 4.625 357 74.15 671 4.750 Doc Occ Rate ----------------------------------------------------------------------------------------------------------------------------------- 4.000 - 4.999 34 10,764,833 1.44 4.871 355 78.16 684 1 372,000 0.04 4.950 356 80.00 744 100.00 100.00 0.00 5.000 - 5.249 37 9,012,252 1.21 5.121 5.999 318 83,510,869 8.66 5.791 357 78.31 671 62.59 96.09 6.22 6.000 - 6.999 1,979 436,578,821 45.26 6.593 356 80.27 645 49.42 98.09 10.48 7.000 - 7.999 1,548 286,604,188 29.71 7.471 356 82.34 621 46.52 96.04 12.54 8.000 - 8.999 550 75,154,516 7.79 8.438 355 78.02 680 5.250 84.55 599 64.02 93.15 8.24 9.000 - 5.499 105 31,759,270 4.25 5.321 354 77.91 662 5.500 9.999 447 36,630,844 3.80 9.544 314 91.66 613 65.89 97.30 36.69 10.000 - 5.749 152 40,396,550 5.41 5.553 10.999 611 34,134,504 3.54 10.539 245 97.79 639 35.99 99.24 77.68 11.000 - 11.999 208 9,454,358 0.98 11.433 235 97.84 634 37.94 99.32 86.79 12.000 - 12.999 38 1,585,421 0.16 12.329 244 98.83 639 22.31 93.41 96.17 13.000 - 13.999 4 106,865 0.01 13.165 177 100.00 643 76.49 100.00 100.00 14.000 - 14.999 14 383,297 0.04 14.332 176 99.59 644 17.17 100.00 100.00 15.000 - 15.999 1 25,191 0.00 15.990 177 100.00 649 0.00 100.00 100.00 ----------------------------------------------------------------------------------------------------------------------------------- Total: 5,719 964,540,874 100.00 7.240 349 78.06 659 5.750 82.31 635 50.84 96.94 14.85 ----------------------------------------------------------------------------------------------------------------------------------- Weighted Range of Gross Average Interest Rates (%) DTI ---------------------------------- 4.000 - 4.999 41.24 5.000 - 5.999 436 113,601,358 15.20 5.893 354 80.17 658 42.44 6.000 - 6.249 200 50,972,357 6.82 6.087 349 79.52 648 6.250 - 6.499 365 84,524,915 11.31 6.324 355 80.05 648 6.500 - 6.749 331 71,318,232 9.54 6.554 354 81.27 635 6.750 - 6.999 443 95,588,870 12.79 6.876 355 81.57 624 42.48 7.000 - 7.249 125 22,975,920 3.07 7.076 353 82.66 612 7.250 - 7.499 232 42,065,377 5.63 7.323 354 83.91 607 7.500 - 7.749 193 34,751,885 4.65 7.556 353 83.93 597 7.750 - 7.999 224 41,466,546 5.55 7.863 355 84.18 598 42.10 8.000 - 8.249 55 8,135,459 1.09 8.091 356 81.42 580 8.250 - 8.499 103 11,568,331 1.55 8.311 328 86.60 591 8.500 - 8.749 55 7,725,066 1.03 8.532 332 84.68 581 8.750 - 8.999 132 13,576,965 1.82 8.853 292 88.89 605 41.09 9.000 - 9.249 31 3,491,562 0.47 9.048 333 81.25 574 9.250 - 9.499 44 3,557,900 0.48 9.315 266 92.64 626 9.500 - 9.749 41 2,692,653 0.36 9.516 212 95.84 650 9.750 - 9.999 106 7,553,861 1.01 9.894 199 95.73 648 40.91 10.000 - 10.249 14 1,055,076 0.14 10.023 213 97.24 627 10.250 - 10.499 42 2,609,024 0.35 10.279 177 99.55 653 10.500 - 10.749 74 4,580,522 0.61 10.505 179 98.96 647 10.750 - 10.999 341 21,934,420 2.93 10.866 177 98.98 655 42.41 11.000 - 11.249 7 269,343 0.04 11.012 177 98.81 666 11.250 - 11.499 29 1,171,717 0.16 11.262 191 97.89 626 11.500 - 11.749 7 256,555 0.03 11.552 177 96.94 640 11.750 - 11.999 59 2,195,021 0.29 11.933 177 99.54 630 42.41 12.000 - 12.249 9 310,054 0.04 12.118 175 100.00 626 12.250 - 12.499 4 91,000 0.01 12.378 175 99.08 601 12.500 - 12.749 18 758,898 0.10 12.531 182 98.77 664 12.750 - 12.999 95 3,558,565 0.48 12.859 177 99.53 633 42.80 13.000 - 13.249 1 32,677 0.00 13.125 176 95.00 669 13.250 13.999 44.50 14.000 - 13.499 3 107,700 0.01 13.361 177 100.00 634 14.999 38.73 15.000 - 15.999 42.41 ---------------------------------- Total: 4,150 747,387,982 100.00 6.876 340 82.39 635 ---------------------------------------------------------------------------------------------------------------------- 42.19 ---------------------------------- Minimum: 4.625 4.950 Maximum: 13.490 15.990 Weighted Average: 6.876 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliaxxx. Xoxxxx Xxanley makes no represexxxxxxn xx xxxranty with respect to txx xxxuxxxx xx completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, xxx xxy xxxxxx transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as axxxx xox xxx xssuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Xxx. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Rate Population Selection Criteria: Adjustable Rate Population Table of Contents7.240

Range of Gross Interest. Rates (%) ---------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- % of Mortgage Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Cut-off Average Average Average Weighted of Date Date Gross Remaining Combined Average Mortgage Principal Principal Interest Term Original FICO Range of Gross Interest Rates (%) Loans Balance ($) Balance Rate (%) (months) LTV Score ---------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- 4.500 - 4.749 3 957,250 0.13 0.17 4.625 357 74.15 671 4.750 - 4.999 34 10,764,833 1.44 4.871 355 78.16 684 33 10,662,030 1.89 4.872 357 78.17 683 5.000 - 5.249 37 9,012,252 1.21 36 8,910,606 1.58 5.121 355 78.02 357 78.16 680 5.250 - 5.499 105 31,759,270 4.25 5.321 354 77.91 662 99 30,159,890 5.35 5.323 357 78.49 663 5.500 - 5.749 152 40,396,550 5.41 5.553 349 78.06 130 35,285,078 6.26 5.554 357 78.85 659 5.750 - 5.999 436 113,601,358 15.20 5.893 354 80.17 658 351 93,046,694 16.52 5.895 357 80.76 656 6.000 - 6.249 200 50,972,357 6.82 6.087 349 79.52 648 151 39,475,699 7.01 6.090 357 80.66 645 6.250 - 6.499 365 84,524,915 11.31 279 67,861,650 12.05 6.324 355 80.05 357 81.02 648 6.500 - 6.749 331 71,318,232 9.54 6.554 354 81.27 635 244 54,327,152 9.65 6.556 357 82.03 632 6.750 - 6.999 443 95,588,870 12.79 319 72,977,535 12.96 6.876 355 81.57 357 83.08 624 7.000 - 7.249 125 22,975,920 3.07 7.076 353 82.66 612 94 18,570,238 3.30 7.065 357 83.06 609 7.250 - 7.499 232 42,065,377 5.63 7.323 354 83.91 607 183 34,814,502 6.18 7.322 357 84.33 605 7.500 - 7.749 193 34,751,885 4.65 7.556 353 83.93 597 151 29,173,807 5.18 7.558 357 84.19 595 7.750 - 7.999 224 41,466,546 5.55 7.863 355 84.18 598 175 35,371,917 6.28 7.861 357 84.21 597 8.000 - 8.249 55 8,135,459 1.09 8.091 356 81.42 580 43 6,556,749 1.16 8.087 357 81.81 574 8.250 - 8.499 103 11,568,331 1.55 8.311 328 86.60 591 61 8,438,891 1.50 8.319 357 84.15 567 8.500 - 8.749 55 7,725,066 1.03 8.532 332 84.68 581 30 5,485,273 0.97 8.534 357 82.47 558 8.750 - 8.999 132 13,576,965 1.82 8.853 292 88.89 605 42 6,151,156 1.09 8.874 356 82.20 538 9.000 - 9.249 31 3,491,562 0.47 21 2,763,610 0.49 9.048 333 81.25 574 356 78.21 556 9.250 - 9.499 44 3,557,900 0.48 9.315 266 92.64 626 9 1,167,880 0.21 9.406 357 85.69 539 9.500 - 9.749 41 2,692,653 0.36 9.516 212 95.84 650 2 233,794 0.04 9.501 356 83.39 534 9.750 - 9.999 106 7,553,861 1.01 9.894 199 95.73 648 4 596,093 0.11 9.878 357 85.55 541 10.000 - 10.249 14 1,055,076 0.14 10.023 213 97.24 627 10.250 - 10.499 42 2,609,024 0.35 10.279 177 99.55 653 1 215,514 0.04 10.000 355 90.00 528 10.500 - 10.749 74 4,580,522 0.61 10.505 179 98.96 647 10.750 - 10.999 341 21,934,420 2.93 10.866 177 98.98 655 11.000 - 11.249 7 269,343 0.04 11.012 177 98.81 666 11.250 - 11.499 29 1,171,717 0.16 11.262 191 97.89 626 11.500 - 11.749 7 256,555 0.03 11.552 177 96.94 640 11.750 - 11.999 59 2,195,021 0.29 11.933 177 99.54 630 12.000 - 12.249 9 310,054 0.04 12.118 175 100.00 626 12.250 - 12.499 4 91,000 1 47,543 0.01 12.378 175 99.08 601 12.500 - 12.749 18 758,898 0.10 12.531 182 98.77 664 12.750 - 12.999 95 3,558,565 0.48 12.859 177 99.53 633 13.000 - 13.249 1 32,677 0.00 13.125 176 95.00 669 13.250 - 13.499 3 107,700 0.01 13.361 177 100.00 634 10.500 357 85.00 536 Total: 4,150 747,387,982 2,462 563,250,550 100.00 6.876 340 82.39 635 ---------------------------------------------------------------------------------------------------------------------- 6.552 357 81.66 632 --------------------------------------------------------------------------------------------------------------------- Minimum: 4.625 Maximum: 13.490 10.500 Weighted Average: 6.876 6.552 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliaxxx. Xoxxxx Xxanley makes no represexxxxxxn xx xxxranty with respect to txx xxxuxxxx xx completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, xxx xxy xxxxxx transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as axxxx xox xxx xssuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Xxx. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Fixed Rate Population Selection Criteria: Adjustable Fixed Rate Population Table of Contents

Range of Gross Interest. Rates (%) ---------------------------------------------------------------------------------------------------------------------- ---------------------------------- -------- ----------- --------- -------- --------- -------- -------- ------ % of Mortgage Aggregate Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Aggregate Average Weighted Average Non-Zero Number Date Cut-off Gross Average Average Average Original Weighted of Principal Date Date Gross Interest Remaining Combined Average Mortgage Principal Principal Interest Term Original FICO Pct Range of Gross Mortgage Balance Principal Rate Term LTV FICO Full Interest Rates (%) Loans Balance ($) Balance Rate (%) (monthsMonths) LTV (%) Score ---------------------------------------------------------------------------------------------------------------------- 4.500 - 4.749 3 957,250 0.13 4.625 357 74.15 671 4.750 Doc ---------------------------------- -------- ----------- --------- -------- --------- -------- -------- ------ 4.000 - 4.999 34 10,764,833 1.44 4.871 355 78.16 684 33 10,617,627 1.08 4.990 357 80.85 685.8 52.22 5.000 - 5.249 37 9,012,252 1.21 5.121 355 78.02 680 5.250 - 5.499 105 31,759,270 4.25 5.321 354 77.91 662 5.500 - 5.749 152 40,396,550 5.41 5.553 349 78.06 659 5.750 - 5.999 436 113,601,358 15.20 5.893 354 80.17 658 843 251,675,165 25.51 5.718 356 79.72 662.5 53.17 6.000 - 6.249 200 50,972,357 6.82 6.087 349 79.52 648 6.250 - 6.499 365 84,524,915 11.31 6.324 6.999 1,647 412,630,028 41.82 6.550 355 80.05 648 6.500 - 6.749 331 71,318,232 9.54 6.554 354 81.27 635 6.750 - 6.999 443 95,588,870 12.79 6.876 355 81.57 624 80.68 645.8 39.62 7.000 - 7.249 125 22,975,920 3.07 7.076 353 82.66 612 7.250 - 7.499 232 42,065,377 5.63 7.323 354 83.91 607 7.500 - 7.749 193 34,751,885 4.65 7.556 353 83.93 597 7.750 - 7.999 224 41,466,546 5.55 7.863 869 177,057,959 17.95 7.488 355 84.18 598 81.03 609.6 43.40 8.000 - 8.249 55 8,135,459 1.09 8.091 356 81.42 580 8.250 - 8.499 103 11,568,331 1.55 8.311 328 86.60 591 8.500 - 8.749 55 7,725,066 1.03 8.532 332 84.68 581 8.750 - 8.999 132 13,576,965 1.82 8.853 292 88.89 605 456 54,625,203 5.54 8.486 311 87.62 609.4 56.98 9.000 - 9.249 31 3,491,562 0.47 9.048 333 81.25 574 9.250 - 9.499 44 3,557,900 0.48 9.315 266 92.64 626 9.500 - 9.749 41 2,692,653 0.36 9.516 212 95.84 650 9.750 - 9.999 106 7,553,861 1.01 9.894 199 95.73 648 610 41,100,774 4.17 9.728 204 96.56 657.2 36.56 10.000 - 10.249 14 1,055,076 0.14 10.023 213 97.24 627 10.250 - 10.499 42 2,609,024 0.35 10.279 177 99.55 653 10.500 - 10.749 74 4,580,522 0.61 10.505 179 98.96 647 10.750 - 10.999 341 21,934,420 2.93 10.866 177 98.98 655 513 31,876,164 3.23 10.640 178 99.09 643 30.54 11.000 - 11.249 7 269,343 0.04 11.012 11.999 145 6,706,286 0.68 11.508 177 98.81 666 11.250 - 11.499 29 1,171,717 0.16 11.262 191 97.89 626 11.500 - 11.749 7 256,555 0.03 11.552 177 96.94 640 11.750 - 11.999 59 2,195,021 0.29 11.933 177 99.54 630 98.94 629.5 31.87 12.000 - 12.249 9 310,054 0.04 12.118 175 100.00 626 12.250 - 12.499 4 91,000 0.01 12.378 175 99.08 601 12.500 - 12.749 18 758,898 0.10 12.531 12.999 11 342,431 0.03 12.766 182 98.77 664 12.750 - 12.999 95 3,558,565 0.48 12.859 177 99.53 633 98.85 637.5 44.14 13.000 - 13.249 13.999 1 32,677 25,260 0.00 13.125 176 95.00 669 13.250 - 13.499 3 107,700 0.01 13.361 177 100.00 634 608 100.00 ---------------------------------- -------- ----------- --------- -------- --------- -------- -------- ------ Total: 4,150 747,387,982 5,128 986,656,898 100.00 6.876 340 82.39 635 ---------------------------------------------------------------------------------------------------------------------- Minimum: 4.625 Maximum: 13.490 Weighted Average: 6.876 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliaxxx. Xoxxxx Xxanley makes no represexxxxxxn xx xxxranty with respect to txx xxxuxxxx xx completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, xxx xxy xxxxxx transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as axxxx xox xxx xssuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Xxx. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Rate Population Selection Criteria: Adjustable Rate Population Table of Contents6.897 339 82.27 642.2 44.38 ---------------------------------- -------- ----------- --------- -------- --------- -------- -------- ------

Range of Gross Interest. Rates (%) ---------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- % of Mortgage Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Cut-off Average Average Average Weighted of Date Date Gross Remaining Combined Average Mortgage Principal Principal Interest Term Original FICO Range of Gross Interest Rates (%) Loans Balance ($) Balance Rate (%) (months) LTV Score ---------------------------------------------------------------------------------------------------------------------- 4.500 - 4.749 3 957,250 0.13 4.625 357 74.15 671 --------------------------------------------------------------------------------------------------------------------- 4.750 - 4.999 34 10,764,833 1.44 4.871 355 78.16 684 1 102,803 0.06 4.750 177 77.04 709 5.000 - 5.249 37 9,012,252 1.21 5.121 355 78.02 680 1 101,646 0.06 5.125 177 66.15 679 5.250 - 5.499 105 31,759,270 4.25 5.321 354 77.91 662 6 1,599,379 0.87 5.281 309 66.97 661 5.500 - 5.749 152 40,396,550 5.41 5.553 349 78.06 659 22 5,111,472 2.78 5.551 299 72.65 658 5.750 - 5.999 436 113,601,358 15.20 5.893 354 80.17 658 85 20,554,664 11.16 5.880 344 77.49 668 6.000 - 6.249 200 50,972,357 6.82 6.087 349 79.52 648 49 11,496,658 6.24 6.079 324 75.58 659 6.250 - 6.499 365 84,524,915 11.31 6.324 355 80.05 86 16,663,265 9.05 6.322 345 76.09 648 6.500 - 6.749 331 71,318,232 9.54 6.554 354 81.27 635 87 16,991,079 9.23 6.545 343 78.86 644 6.750 - 6.999 443 95,588,870 12.79 6.876 355 81.57 624 124 22,611,334 12.28 6.879 348 76.70 625 7.000 - 7.249 125 22,975,920 3.07 7.076 353 82.66 612 31 4,405,682 2.39 7.124 337 81.00 625 7.250 - 7.499 232 42,065,377 5.63 7.323 354 83.91 607 49 7,250,875 3.94 7.325 341 81.88 616 7.500 - 7.749 193 34,751,885 4.65 7.556 353 83.93 597 42 5,578,078 3.03 7.546 336 82.55 603 7.750 - 7.999 224 41,466,546 5.55 7.863 355 84.18 598 49 6,094,629 3.31 7.877 346 83.99 602 8.000 - 8.249 55 8,135,459 1.09 8.091 356 81.42 580 12 1,578,710 0.86 8.108 352 79.79 608 8.250 - 8.499 103 11,568,331 1.55 8.311 328 86.60 591 42 3,129,440 1.70 8.291 249 93.22 655 8.500 - 8.749 55 7,725,066 1.03 8.532 332 84.68 581 25 2,239,793 1.22 8.524 273 90.08 636 8.750 - 8.999 132 13,576,965 1.82 8.853 292 88.89 605 90 7,425,809 4.03 8.837 238 94.44 660 9.000 - 9.249 31 3,491,562 0.47 9.048 333 81.25 574 10 727,951 0.40 9.045 246 92.80 643 9.250 - 9.499 44 3,557,900 0.48 9.315 266 92.64 626 35 2,390,020 1.30 9.271 222 96.03 669 9.500 - 9.749 41 2,692,653 0.36 9.516 212 95.84 650 39 2,458,859 1.34 9.518 199 97.03 661 9.750 - 9.999 106 7,553,861 1.01 9.894 199 95.73 648 102 6,957,768 3.78 9.895 185 96.60 657 10.000 - 10.249 14 1,055,076 0.14 10.023 213 97.24 627 13 839,561 0.46 10.029 177 99.10 653 10.250 - 10.499 42 2,609,024 0.35 1.42 10.279 177 99.55 653 10.500 - 10.749 74 4,580,522 0.61 73 4,532,980 2.46 10.505 179 98.96 647 177 99.10 648 10.750 - 10.999 341 21,934,420 2.93 11.91 10.866 177 98.98 655 11.000 - 11.249 7 269,343 0.04 0.15 11.012 177 98.81 666 11.250 - 11.499 29 1,171,717 0.16 0.64 11.262 191 97.89 626 11.500 - 11.749 7 256,555 0.03 0.14 11.552 177 96.94 640 11.750 - 11.999 59 2,195,021 0.29 1.19 11.933 177 99.54 630 12.000 - 12.249 9 310,054 0.04 0.17 12.118 175 100.00 626 12.250 - 12.499 4 91,000 0.01 0.05 12.378 175 99.08 601 12.500 - 12.749 18 758,898 0.10 0.41 12.531 182 98.77 664 12.750 - 12.999 95 3,558,565 0.48 1.93 12.859 177 99.53 633 13.000 - 13.249 1 32,677 0.00 0.02 13.125 176 95.00 669 13.250 - 13.499 3 107,700 0.01 0.06 13.361 177 100.00 634 Total: 4,150 747,387,982 1,688 184,137,432 100.00 6.876 340 82.39 635 ---------------------------------------------------------------------------------------------------------------------- 7.865 289 84.61 645 --------------------------------------------------------------------------------------------------------------------- Minimum: 4.625 4.750 Maximum: 13.490 Weighted Average: 6.876 This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein. It has been prepared solely for information purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. This material is based on information that Morgan Stanley & Co. Incorporated ("Morgan Stanley") considers reliaxxx. Xoxxxx Xxanley makes no represexxxxxxn xx xxxranty with respect to txx xxxuxxxx xx completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof. Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred. In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum. Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum. The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes. No representation is made that any returns indicated will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Morgan Stanley disclaims any and all liability relating to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in. Additional information is available upon request. Morgan Stanley and others associated with it may have positions in, xxx xxy xxxxxx transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Information contained in this material is current as of the date appearing on this material only. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. Morgan Stanley is acting as the lead underwriter and not acting as axxxx xox xxx xssuer or its affiliates in connection with the proposed transaction. To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Xxx. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Rate Population Selection Criteria: Adjustable Rate Population Table of Contents7.865