<TABLE>
XXXXXX XXXXXXX
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07/13/2005 11:07:34 CARVE Version 47.0 /u/dsouzad/deal/top19/050713/top19.050713.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P (07/13/2005) CLASS X1
------------------------------------------------------------------------------------------------------------------------------------
Class X1 Settlement Date 07/28/2005 Coupon -1.00000 Cusip N/A
Original Balance 1,228,438,747.44 Dated Date 07/01/2005 Delay 11 Yield Table Date 07/13/2005
Current Balance 1.00 First Payment Date 08/12/2005 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating AAA/AAA Next Payment Date 08/12/2005 Orig Deal Size 1,228,438,747.44 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 34
Factor 1.00000000 Interest Freq Monthly Deal Age 0
</TABLE>
<TABLE>
TRIGGER OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL
YES YES YES YES YES YES
PREPAY (!YM) CPR 100 CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
DEFAULT
ADVANCES
RECV MNTH
RECV DISTR
LOSSES
BALL EXT
------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
------------------------------------------------------------------------------------------------------------------------
0.6588 17.7173 18.1460 18.2533 20.8622 23.4848 28.2327
0.7213 15.9325 16.3714 16.1932 18.4814 20.7573 24.6970
0.7838 14.3501 14.7980 14.3889 16.4155 18.4143 21.7337
0.8463 12.9321 13.3877 12.7888 14.5985 16.3714 19.2033
0.9088 11.6497 12.1122 11.3549 12.9820 14.5678 17.0086
0.9713 10.4810 10.9496 10.0587 11.5300 12.9588 15.0803
1.0338 9.4088 9.8829 8.8781 10.2151 11.5103 13.3674
1.0963 8.4196 8.8985 7.7956 9.0158 10.1962 11.8315
1.1588 7.5021 7.9855 6.7976 7.9151 8.9961 10.4430
1.2213 6.6475 7.1349 5.8727 6.8995 7.8935 9.1789
1.2838 5.8482 6.3392 5.0118 5.9578 6.8751 8.0209
1.3463 5.0979 5.5922 4.2073 5.0809 5.9303 6.9543
1.4088 4.3915 4.8888 3.4528 4.2611 5.0499 5.9670
1.4713 3.7244 4.2245 2.7428 3.4922 4.2266 5.0493
1.5338 3.0927 3.5953 2.0729 2.7686 3.4540 4.1928
1.5963 2.4932 2.9981 1.4390 2.0858 2.7269 3.3906
1.6588 1.9228 2.4300 0.8378 1.4397 2.0405 2.6369
1.7213 1.3792 1.8884 0.2663 0.8270 1.3910 1.9266
1.7838 0.8601 1.3711 -0.2781 0.2446 0.7749 1.2556
1.8463 0.3635 0.8761 -0.7977 -0.3101 0.1892 0.6199
1.9088 -0.1124 0.4019 -1.2944 -0.8394 -0.3686 0.0166
------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.99 9.13 7.87 7.34 7.07 6.76
MOD DURATION @ 1.2838 6.27 6.30 5.84 5.35 4.95 4.37
SPREAD INTERP. @ 1.2838 175 223 96 193 286 401
TRIGGER OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL YES
YES YES YES YES
PREPAY (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100 CPR 0 CPR 0
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24
1 2 3
ADVANCES YES YES YES
RECV MNTH 12 12 12
RECV DISTR 100 1 100 1 100 1
LOSSES 0.35 0.35 0.35
BALL EXT 25% 24 MOS 50% 24 MOS
-----------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-----------------------------------------------------------------------------------------------------------------
0.6588 16.1836 15.2051 14.5290 19.1605 20.0698
0.7213 14.3910 13.4433 12.8017 17.4284 18.3656
0.7838 12.8015 11.8826 11.2728 15.8940 16.8559
0.8463 11.3766 10.4848 9.9044 14.5198 15.5038
0.9088 10.0878 9.2213 8.6683 13.2778 14.2816
0.9713 8.9129 8.0703 7.5429 12.1465 13.1683
1.0338 7.8348 7.0146 6.5113 11.1092 12.1474
1.0963 6.8396 6.0409 5.5601 10.1524 11.2057
1.1588 5.9165 5.1380 4.6785 9.2656 10.3326
1.2213 5.0563 4.2970 3.8577 8.4397 9.5195
1.2838 4.2516 3.5106 3.0904 7.6676 8.7591
1.3463 3.4960 2.7726 2.3705 6.9432 8.0456
1.4088 2.7844 2.0776 1.6929 6.2613 7.3739
1.4713 2.1121 1.4214 1.0531 5.6176 6.7397
1.5338 1.4754 0.8001 0.4476 5.0082 6.1392
1.5963 0.8709 0.2103 -0.1271 4.4300 5.5693
1.6588 0.2957 -0.3506 -0.6736 3.8801 5.0273
1.7213 -0.2528 -0.8854 -1.1944 3.3561 4.5107
1.7838 -0.7766 -1.3961 -1.6917 2.8559 4.0174
1.8463 -1.2780 -1.8846 -2.1673 2.3774 3.5456
1.9088 -1.7584 -2.3527 -2.6230 1.9191 3.0934
-----------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.78 8.58 8.38 9.56 9.97
MOD DURATION @ 1.2838 6.23 6.38 6.54 6.50 6.60
SPREAD INTERP. @ 1.2838 16 -57 -98 355 462
</TABLE>
Page 1 of 2
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for 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 particular
trading strategy. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx Xxxxxxx & Co.
International Limited, Xxxxxx Xxxxxxx Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of The Securities and Futures
Authority and Xxxxxx Xxxxxxx Japan, Ltd. We recommend that investors obtain the
advice of their Xxxxxx Xxxxxxx & Co. International limited or Xxxxxx Xxxxxxx
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<TABLE>
XXXXXX XXXXXXX
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07/13/2005 11:07:34 CARVE Version 47.0 /u/dsouzad/deal/top19/050713/top19.050713.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P (07/13/2005) CLASS X2
------------------------------------------------------------------------------------------------------------------------------------
Class X2 Settlement Date 07/28/2005 Coupon -1.00000 Cusip N/A
Original Balance 1,202,407,000.00 Dated Date 07/01/2005 Delay 11 Yield Table Date 07/13/2005
Current Balance 1,202,407,000.00 First Payment Date 08/12/2005 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating AAA/AAA Next Payment Date 08/12/2005 Orig Deal Size 1,228,438,747.44 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 34
Factor 1.00000000 Interest Freq Monthly Deal Age 0
</TABLE>
<TABLE>
TRIGGER OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL
YES YES YES YES YES YES
PREPAY (!YM) CPR 100 CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
DEFAULT
ADVANCES
RECV MNTH
RECV DISTR
LOSSES
BALL EXT
-------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-------------------------------------------------------------------------------------------------------------------------
2.0597 13.3527 13.3527 15.4560 14.8282 14.1294 13.0414
2.1222 12.2853 12.2853 14.3331 13.6702 12.9572 11.8640
2.1847 11.2695 11.2695 13.2648 12.5694 11.8438 10.7469
2.2472 10.3009 10.3009 12.2467 11.5211 10.7841 9.6849
2.3097 9.3760 9.3760 11.2748 10.5211 9.7740 8.6737
2.3722 8.4913 8.4913 10.3456 9.5656 8.8095 7.7090
2.4347 7.6439 7.6439 9.4559 8.6514 7.8871 6.7875
2.4972 6.8311 6.8311 8.6029 7.7755 7.0039 5.9057
2.5597 6.0505 6.0505 7.7841 6.9351 6.1570 5.0608
2.6222 5.3000 5.3000 6.9971 6.1278 5.3439 4.2503
2.6847 4.5775 4.5775 6.2397 5.3515 4.5623 3.4718
2.7472 3.8813 3.8813 5.5102 4.6040 3.8102 2.7230
2.8097 3.2097 3.2097 4.8068 3.8837 3.0856 2.0022
2.8722 2.5613 2.5613 4.1277 3.1887 2.3869 1.3075
2.9347 1.9345 1.9345 3.4717 2.5176 1.7125 0.6373
2.9972 1.3283 1.3283 2.8374 1.8690 1.0609 -0.0099
3.0597 0.7413 0.7413 2.2235 1.2416 0.4308 -0.6354
3.1222 0.1726 0.1726 1.6288 0.6341 -0.1790 -1.2405
3.1847 -0.3788 -0.3788 1.0524 0.0456 -0.7696 -1.8264
3.2472 -0.9138 -0.9138 0.4933 -0.5251 -1.3420 -2.3940
3.3097 -1.4334 -1.4334 -0.0494 -1.0788 -1.8973 -2.9443
-------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 6.05 6.05 6.00 5.65 5.40 5.15
MOD DURATION @ 2.6847 3.23 3.23 3.08 3.00 2.99 3.00
SPREAD INTERP. @ 2.6847 60 60 226 139 61 -47
TRIGGER OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL OPTIONALCALL YES
YES YES YES YES
PREPAY (!YM) CPR 100 (!YM) CPR 100 (!YM) CPR 100 CPR 0 CPR 0
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24
1 2 3
ADVANCES YES YES YES
RECV MNTH 12 12 12
RECV DISTR 100 1 100 1 100 1
LOSSES 0.35 0.35 0.35
BALL EXT 25% 24 MOS 50% 24 MOS
-----------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-----------------------------------------------------------------------------------------------------------------------
2.0597 13.3527 1 3.3527 13.3527 13.3527 13.3522
2.1222 12.2853 1 2.2853 12.2853 12.2853 12.2848
2.1847 11.2695 1 1.2695 11.2695 11.2695 11.2690
2.2472 10.3009 1 0.3009 10.3009 10.3009 10.3004
2.3097 9.3760 9.3760 9.3760 9.3760 9.3754
2.3722 8.4913 8.4913 8.4913 8.4913 8.4907
2.4347 7.6439 7.6439 7.6439 7.6439 7.6433
2.4972 6.8311 6.8311 6.8311 6.8311 6.8306
2.5597 6.0505 6.0505 6.0505 6.0505 6.0500
2.6222 5.3000 5.3000 5.3000 5.3000 5.2995
2.6847 4.5775 4.5775 4.5775 4.5775 4.5770
2.7472 3.8813 3.8813 3.8813 3.8813 3.8808
2.8097 3.2097 3.2097 3.2097 3.2097 3.2092
2.8722 2.5613 2.5613 2.5613 2.5613 2.5607
2.9347 1.9345 1.9345 1.9345 1.9345 1.9339
2.9972 1.3283 1.3283 1.3283 1.3283 1.3277
3.0597 0.7413 0.7413 0.7413 0.7413 0.7407
3.1222 0.1726 0.1726 0.1726 0.1726 0.1721
3.1847 -0.3788 - 0.3788 -0.3788 -0.3788 -0.3794
3.2472 -0.9138 - 0.9138 -0.9138 -0.9138 -0.9144
3.3097 -1.4334 - 1.4334 -1.4334 -1.4334 -1.4340
AVERAGE LIFE 6.05 6.05 6.05 6.05 6.05
MOD DURATION @ 2.6847 3.23 3.23 3.23 3.23 3.23
SPREAD INTERP. @ 2.6847 60 60 60 60 60
</TABLE>
Page 2 of 2
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns 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. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for 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 particular
trading strategy. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx Xxxxxxx & Co.
International Limited, Xxxxxx Xxxxxxx Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of The Securities and Futures
Authority and Xxxxxx Xxxxxxx Japan, Ltd. We recommend that investors obtain the
advice of their Xxxxxx Xxxxxxx & Co. International limited or Xxxxxx Xxxxxxx
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
