Common use of SECURITIES AND FUTURES AUTHORITY Clause in Contracts

SECURITIES AND FUTURES AUTHORITY. 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 In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum.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. 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 reliaxxxreliable. Xoxxxx Xxanley Morgan Stanley makes no represexxxxxxn xx xxxranty representation or warranty with respect to txx xxxuxxxx xx the accuracy or 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 infoxxxxxxninformation, xxxxxding including 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 and may effect 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 agent for the issuer 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 member of The Securities and Xxxxxex XxxxxrityFutures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan XxxLtd. representative about the investments concerned. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Adjustable Rate Population Selection Criteria: Adjustable Rate Population Table of Contents

SECURITIES AND FUTURES AUTHORITY. 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 reliaxxxreliable. Xoxxxx Xxanley Morgan Stanley makes no represexxxxxxn xx xxxranty representation or warranty with respect to txx xxxuxxxx xx the accuracy or 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. 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 infoxxxxxxninformation, xxxxxding including 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 and may effect 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 agent for the issuer 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 member of The Securities and Xxxxxex XxxxxrityFutures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan XxxLtd. representative about the investments concerned. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.

SECURITIES AND FUTURES AUTHORITY. 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 reliaxxxreliable. Xoxxxx Xxanley Morgan Stanley makes no represexxxxxxn xx xxxranty representation or warranty with respect to txx xxxuxxxx xx the accuracy or 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 infoxxxxxxninformation, xxxxxding including 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 and may effect 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 agent for the issuer 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 member of The Securities and Xxxxxex XxxxxrityFutures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan XxxLtd. representative about the investments concerned. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Fixed Rate Population Selection Criteria: Fixed Rate Population Table of Contents

SECURITIES AND FUTURES AUTHORITY. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-HE8 ARM Loans Table of Contents

SECURITIES AND FUTURES AUTHORITY. 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 reliaxxxreliable. Xoxxxx Xxanley Morgan Stanley makes no represexxxxxxn xx xxxranty representation or warranty with respect to txx xxxuxxxx xx the accuracy or 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 infoxxxxxxninformation, xxxxxding including 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 and may effect 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 agent for the issuer 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 member of The Securities and Xxxxxex XxxxxrityFutures Authority, and by Morgan Stanley Japan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan XxxLtd. representative about the investments concerned. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.

SECURITIES AND FUTURES AUTHORITY. 2 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 No representation or warranty can be given with respect to txx xxxuxxxx xx the accuracy or 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 Certain assumptions may have been made 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 this analysis which have resulted in any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposesreturns detailed herein. 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 Morgxx Xxxnxxx & Xo. Incorporated disclaims any and all liability relating to this infoxxxxxxninformation, xxxxxding including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here infrom, this information. Additional information is available upon request. Morgan Stanley Morgxx Xxxnxxx & Xo. Incorporated and others associated with it may have positions in, xxx xxy xxxxxx and may effect 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 StanleyMorgxx Xxxnxxx & Xo. Incorporated, approved by Morgan Stanley International Morgxx Xxxnxxx Xxxernational Limited, a xxxxxx xx Xxx member of The Securities and Xxxxxex XxxxxrityFutures Authority, and any by Morgan Stanley Japan Morgxx Xxxnxxx Xxxan Ltd. We recommend that such investors obtain thx xxxxcx xx xxeir Morgan Stanleythe advice of their Morgxx Xxxnxxx & Xo. Incorporated, Morgan Stanley International Morgxx Xxxnxxx Xxxernational or Morgan Stanley Japan XxxMorgxx Xxxnxxx Xxxan Ltd. representative about the investments concerned. rxxxxxxxxxxxxx xxxxx xxx investments concexxxx. NXX XXX NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K.U.K. SECURITIES AND FUTURES AUTHORITY. 3 $1,267,560,000 (APPROXIMATE) COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1998-WF1

SECURITIES AND FUTURES AUTHORITY. 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.U.K. SECURITIES AND FUTURES AUTHORITY. Morgan Stanley 2005-WMC3 2nd Lien

SECURITIES AND FUTURES AUTHORITY. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-NC7 Fixed Rate

SECURITIES AND FUTURES AUTHORITY. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Original Balance > $450k Selection Criteria: Original Balance > $450k Table of Contents

SECURITIES AND FUTURES AUTHORITY. This Page 2 -------------------------------------------------------------------------------- Morgan Stanley Auxxxx 0, 0000 Xecuritized Products Group [GRAPHIC OMITTED] -------------------------------------------------------------------------------- The 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 herein has been prepared solely for information informational 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 to buy or sell any security or instrument or to engage in a transaction would be made pursuant only after a prospective participant had completed its own independent investigation of the transaction and received all information it required to make its own investment decision, including, where applicable, a definitive Prospectus review of any offering circular or Private Placement Memorandum, as the case may be, prepared by the issuer memorandum describing such security or instrument which could would contain material information not contained herein and to which the prospective purchasers participants are referred. In the event of any such offering, this information shall be deemed superseded, amended superseded and supplemented replaced in its entirety by such Prospectus offering circular or Private Placement Memorandummemorandum. Such Prospectus No representation or Private Placement Memorandum will contain warranty can be given with respect to the accuracy or completeness of the information herein, or that any future offer of securities or transactions would conform to the terms hereof. Morgan Stanley and its affiliates disclaim any and 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 Memorandumliability relxxxxx tx xxxx information. The following information contained here in may contain general, summary discussions of certain tax, regulatory, accounting and/or legal issues relevant to the proposed transaction. Any such discussion is necessarily generic and may not be based on certain assumptions regarding market conditions applicable to or complete for any particular recipient's specific facts and other matters circumstances. Morgan Stanley is not offering and is therefore subject does not purport to change. We make no representations regarding the reasonableness of such assumptions offer tax, rexxxxxxrx, xxxxunting or the likelihood that any of such assumptions will coincide with actual market conditions or events, legal advice and this material information should not and cannot be relied on for such purposesupon as such. No representation is made that Prior to entering into any proposed transaction, recipients should determine, in consultation with their own legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. The projections or other estimates in these materials (if any), including estimates of returns indicated will be achievedor performance, are forward-looking statements based upon certain assumptions and are preliminary in nature. Changes Actual results are difficult to predict and may depend upon events outside the issuer's or counterparty's control. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events which were not taken into account may occur and may significantly affect the analysis. Certain assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and Morgan Stanley does not purport that any such assumptions will reflexx xxxuxx xxxxre events. Accordingly, there can be no assurance that estimated returns detailedor projections will be realized or that actual returns or performance results will not be materially different than those estimated herein. Any such estimated returns and projections should be viewed as hypothetical. Recipients should conduct their own analysis, using such assumptions as they deem appropriate, and should fully consider other available information in making a decision regarding these transactions. Past performance is not necessarily indicative of future results. Price and availability are subject to change without notice. Notwithstanding any other express or implied agreement, arrangement, or understanding to the contrary, Morgan Stanley and each recipient hereof are deemed to agree that boxx Xxxgxx Xxxxley and such recipient (and their respective employees, rxxxxxxnxxxxxxx, and other agents) may disclose to any and all persons, without limitation of any kind from the commencement of discussions, the U.S. federal income tax treatment of the transaction ("tax treatment") and any fact that may be relevant to understanding the tax treatment of the transaction described herein ("tax structure") and all materials of any kind (including opinions or other tax analyses) that are provided to such person relating to such tax treatment and tax structure, except where confidentiality is reasonably necessary to comply with securities laws (including, where applicable, confidentiality regarding the identity of an issuer of securities or its affiliates, agents and advisors). The offer or sale of securities or transactions may be restricted by law. Additionally, transfers of any such securities or instruments may be limited by law or the terms thereof. Unless noted herein, neither Morgan Stanley or any issuer of securities has taken or will take anx xxxxox xx xxy jurisdiction that would permit a public offering of Notes, or possession or distribution of any offering material in relation thereto, in any country or jurisdiction where action for such purpose is required. Recipients are required to inform themselves of and comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any transaction. Morgan Stanley disclaims does not undertake or have any and all liability relating responsibility to this infoxxxxxxn, xxxxxding without limitation any express or implied representations or warranties for, statements contained in, and omissions from notixx xxx xx xxx changes to the information contained here in. Additional information is available upon requestattached information. Morgan Stanley & Co. Incorporated, its affiliates and others associated with it may associaxxx xxtx xx xxy have positions in, xxx xxy xxxxxx transaction and may effect transactions 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 Additional information is available upon request. With respect to any UK recipients, this communication is directed only to those persons who are market counterparties or intermediate customers (as defined in the UK Financial Services Authority's rules). -------------------------------------------------------------------------------- The information herein has been prepared solely for informational purposes and is not necessarily indicative an offer to buy or sell or a solicitation of future resultsan offer to buy or sell any security or instrument or to participate in any trading strategy. Price and availability are subject No representation or warranty can be given with respect to change without notice. Information contained in this material is current as the accuracy or completeness of the date appearing information herein, or that any future offer of securities, instruments or transactions will conform to the terms hereof. Please refer to the important information and qualifications on the second page hereof when reviewing this material onlyinformation. Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets. -------------------------------------------------------------------------------- Page 3 -------------------------------------------------------------------------------- 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 additionAuxxxx 0, please note that this publication has been issued by Morgan Stanley, approved by 0000 Xecuritized Products Group [GRAPHIC OMITTED] -------------------------------------------------------------------------------- Approximately $536,684,000 Morgan Stanley International LimitedABS Capital I Inc., a xxxxxx xx Xxx Securities and Xxxxxex Xxxxxrity, and by Morgan Series 2004-NC7 Xxxxxx 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.ABS Capital I Inc. Xxxxsxxxx Chase Manhattan Mortgage Corporation HomEq Servicing Corp. Servicer Transaction Highlights

SECURITIES AND FUTURES AUTHORITY. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-NC7 Adjustable Rate

SECURITIES AND FUTURES AUTHORITY. 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. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MORGAN STANLEY MSAC 2004-WMC1 Interest Only Loans

SECURITIES AND FUTURES AUTHORITY. 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. 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. 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.U.K. SECURITIES AND FUTURES AUTHORITY. MSAC 2004-NC7 Data Collateral Characteristics Pool Balance $ 1,200,477,717.44 -------------------------- # of Loans # 6729 Avg Prin Balance $ 178,403.58 WAC % 6.914 WA Net Rate % 6.394 WAM # 351.310 Seasoning # 2.640 Second Liens % 0 WA CLTV % 79.946 WA FICO # 615 Prepay Penalties % 75.480 Arm Characteristics WAC (Arms only) % 6.980 ------------------- WAM (Arms only) # 357.170 WA Margin % 5.548 WA Initial Cap % 1.501 WA Periodic Cap % 1.500 WA Cap % 6.993 WA Months to Roll # 22.000 Loan Type Fixed % 25.667 --------- Balloons % 0.000 2/28 Arms % 70.477 3/27 Arms % 3.646 Other Hybrid Arms % 0.210 Index 1-Month LIBOR % 0.210 ----- 6-Month LIBOR % 74.123 Other Index % 25.667 Loan Purpose Purchase % 30.188 ------------ Cash-Out Refi % 64.442 Rate-Term Refi % 5.370 Debt Consolidation % 0.000 Occupancy Status Owner % 93.245 ---------------- Second Home % 0.816 Investor % 5.939 Property Type Single Family % 73.644 ------------- 2-4 Family % 8.657 PUD % 11.282 MH % 0.000 Condo % 6.416 Doc Type Full Doc % 50.036 -------- Stated Doc % 44.626 Limited Doc % 5.337 No Doc % 0.000 MI Data MI Flag Y/N N ------- % of Pool Covered % N/A Effective LTV % N/A FICO Distribution FICO <460 % 0 ----------------- FICO 460-479 % 0 FICO 480-499 % 0 FICO 500-519 % 3.607 FICO 520-539 % 4.738 FICO 540-559 % 5.496 FICO 560-579 % 8.059 FICO 580-599 % 15.617 FICO 600-619 % 16.870 FICO 620-639 % 16.821 FICO 640-659 % 13.260 FICO 660-679 % 6.681 FICO 680-699 % 3.222 FICO 700-719 % 1.871 FICO 720-739 % 1.319 FICO 740-759 % 1.111 FICO >760 % 1.328 LTV Distribution LTV <20 % 0.022 ---------------- LTV 20.01-30 % 0.149 LTV 30.01-40 % 0.565 LTV 40.01-50 % 1.720 LTV 50.01-60 % 5.190 LTV 60.01-70 % 10.835 LTV 70.01-80 % 39.755 LTV 80.01-90 % 30.680 LTV 90.01-100 % 11.083 LTV >100 % 0.000 Data Data Loan Balance Distribution $ 0-25,000 # & % 0 0.000 ------------------------- $ 25,001-50,000 # & % 80 0.325 $ 50,001-75,000 # & % 688 3.604 $ 75,001-100,000 # & % 902 6.626 $ 100,001-150,000 # & % 1686 17.376 $ 150,001-200,000 # & % 1145 16.609 $ 200,001-250,000 # & % 788 14.774 $ 250,001-300,000 # & % 587 13.395 $ 300,001-350,000 # & % 349 9.392 $ 350,001-400,000 # & % 241 7.531 $ 400,001-450,000 # & % 116 4.121 $ 450,001-500,000 # & % 99 3.943 $ 500,001-550,000 # & % 23 1.018 $ 550,001-600,000 # & % 12 0.577 $ 600,001-650,000 # & % 10 0.528 $ 650,001-700,000 # & % 1 0.058 $ 700,001-750,000 # & % 2 0.124 $ 750,001-800,000 # & % 0 0.000 $ 800,001-850,000 # & % 0 0.000 $ 850,001-900,000 # & % 0 0.000 $ 900,001-950,000 # & % 0 0.000 $ 950,001-1,000,000 # & % 0 0.000 > $ 1,000,001 # & % 0 0.000 Geographic Distribution Alabama % 0.449 ----------------------- Alaska % 0.044 Arizona % 1.614 Arkansas % 0.203 California % 35.727 Colorado % 1.350 Connecticut % 1.373 Delaware % 0.074 District of Columbia % 0.512 Florida % 6.757 Georgia % 1.404 Hawaii % 1.462 Idaho % 0.359 Illinois % 4.488 Indiana % 0.821 Iowa % 0.270 Kansas % 0.220 Kentucky % 0.449 Louisiana % 0.490 Maine % 0.613 Maryland % 2.506 Massachusetts % 3.404 Michigan % 2.782 Minnesota % 1.754 Mississippi % 0.121 Missouri % 0.595 Montana % 0.202 Nebraska % 0.151 Nevada % 1.993 New Hampshire % 0.473 New Jersey % 3.517 New Mexico % 0.784 New York % 7.250 North Carolina % 0.616 North Dakota % 0.068 Ohio % 1.357 Oklahoma % 0.311 Oregon % 1.097 Pennsylvania % 1.330 Rhode Island % 0.654 South Carolina % 0.387 South Dakota % 0.032 Tennessee % 0.547 Texas % 4.176 Utah % 0.430 Vermont % 0.021 Virginia % 1.780 Washington % 2.247 West Virginia % 0.043 Wisconsin % 0.639 Wyoming 0.056 -------------------------------------------------------------------------------- Please populate column D (&E) with the corresponding pool characteristics in Column B. - For values in currency format, omit $. - For values in percentage format, provide data to 3 decimal places and omit %. - For WAC Net Rate, subtract servicing fee, trustee fee, and initial MI fee. - For MI Flag, Y or N. -------------------------------------------------------------------------------- Balance # of loans WAC WA FICO WA CLTV Owner Occ % Cashout Refi% Full Doc% $600,000-650,000 10 6.030 669 70.950 100.000 70.569 20.061 $650,001-700,000 1 6.850 622 87.190 100.000 100.000 100.000 $700,001-750,000 2 6.246 640 79.473 100.000 100.000 100.000 $751,001-800,000 0 0.000 0.000 0.000 0.000 0.000 0.000 $800,001-850,000 0 0.000 0.000 0.000 0.000 0.000 0.000 $850,001-900,000 0 0.000 0.000 0.000 0.000 0.000 0.000 $900,001-950,000 0 0.000 0.000 0.000 0.000 0.000 0.000 $950,001-1,000,000 0 0.000 0.000 0.000 0.000 0.000 0.000 >$1,000,000 0 0.000 0.000 0.000 0.000 0.000 0.000 ---------------------------------------------------------------------- Please populate appropriate loan characteristics for each loan bucket. ---------------------------------------------------------------------- Percentage by range Loans without MI FICOs <450 451-500 501-550 551-600 601-650 651-700 701-750 >750 -------------------------------------------------------------------------------------------- <20 0.000 0.000 0.000 0.022 0.000 0.000 0.000 0.000 -------------------------------------------------------------------------------------------- 20-30 0.000 0.000 0.017 0.084 0.048 0.000 0.000 0.000 -------------------------------------------------------------------------------------------- 30-40 0.000 0.000 0.060 0.154 0.323 0.019 0.010 0.000 -------------------------------------------------------------------------------------------- 40-50 0.000 0.000 0.197 0.475 0.602 0.294 0.135 0.017 -------------------------------------------------------------------------------------------- CLTVs 50-60 0.000 0.063 1.096 1.408 1.843 0.502 0.157 0.121 -------------------------------------------------------------------------------------------- 60-70 0.000 0.046 2.465 3.104 3.439 1.014 0.465 0.302 -------------------------------------------------------------------------------------------- 70-80 0.000 0.213 5.892 10.118 13.882 6.876 2.056 0.718 -------------------------------------------------------------------------------------------- 80-90 0.000 0.000 0.884 11.107 13.985 3.739 0.434 0.531 -------------------------------------------------------------------------------------------- 90-100 0.000 0.000 0.000 0.994 7.257 2.263 0.410 0.159 -------------------------------------------------------------------------------------------- >100 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 -------------------------------------------------------------------------------------------- Loans with MI FICOs <450 451-500 501-550 551-600 601-650 651-700 701-750 >750 ---------------------------------------------------------------------------------------------- <20 ---------------------------------------------------------------------------------------------- 20-30 ---------------------------------------------------------------------------------------------- 30-40 ---------------------------------------------------------------------------------------------- 40-50 ---------------------------------------------------------------------------------------------- LTVs 50-60 ---------------------------------------------------------------------------------------------- 60-70 ---------------------------------------------------------------------------------------------- 70-80 ---------------------------------------------------------------------------------------------- 80-90 ---------------------------------------------------------------------------------------------- 90-100 ---------------------------------------------------------------------------------------------- >100 ---------------------------------------------------------------------------------------------- Loan Count Loans without MI FICOs <450 451-500 501-550 551-600 601-650 651-700 701-750 >750 ---------------------------------------------------------------------------------------------- <20 0 0 0 4 0 0 0 0 ---------------------------------------------------------------------------------------------- 20-30 0 0 3 4 7 0 0 0 ---------------------------------------------------------------------------------------------- 30-40 0 0 8 17 30 2 1 0 ---------------------------------------------------------------------------------------------- 40-50 0 0 15 42 54 22 9 2 ---------------------------------------------------------------------------------------------- CLTVs 50-60 0 4 85 108 139 35 13 7 ---------------------------------------------------------------------------------------------- 60-70 0 3 194 228 229 60 24 16 ---------------------------------------------------------------------------------------------- 70-80 0 13 465 740 909 413 107 39 ---------------------------------------------------------------------------------------------- 80-90 0 0 61 766 853 202 25 25 ---------------------------------------------------------------------------------------------- 90-100 0 0 0 79 476 159 25 7 ---------------------------------------------------------------------------------------------- >100 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------- # 0 20 831 1988 2697 893 204 96 Loans with MI FICOs <450 451-500 501-550 551-600 601-650 651-700 701-750 >750 ---------------------------------------------------------------------------------------------- <20 ---------------------------------------------------------------------------------------------- 20-30 ---------------------------------------------------------------------------------------------- 30-40 ---------------------------------------------------------------------------------------------- 40-50 ---------------------------------------------------------------------------------------------- LTVs 50-60 ---------------------------------------------------------------------------------------------- 60-70 ---------------------------------------------------------------------------------------------- 70-80 ---------------------------------------------------------------------------------------------- 80-90 ---------------------------------------------------------------------------------------------- 90-100 ---------------------------------------------------------------------------------------------- >100 ---------------------------------------------------------------------------------------------- Please provide a breakdown of percentages for each cell of the matrix for loans that fall within the appropriate category brokendown between loans with MI and loans without MI as well as the loan count for each breakdown in the matrices below. The sum of the percentages for the with MI and without MI percentages should equal 100%. The sum of the loans in the matrices below should equal the number of loans in the pool. If FICO is not available for loan, default to <450 bucket. If deal does not have MI, provide data for the entire pool in the "Loans without MI" matrix.