549,575,000 Approximately Morgan Stanley Auto Loan Trust 2003-HB1

                                                                  Exhibit 99.1
                                                                  ------------


------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------




                            Computational Materials




                                 $549,575,000
                                 Approximately




                        Xxxxxx Xxxxxxx Auto Loan Trust
                                   2003-HB1



                              Asset Backed Notes





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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information shall be deemed superseded, amended and supplemented in its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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.





------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

                                 $549,575,000
                    Xxxxxx Xxxxxxx Auto Loan Trust 2003-HB1
                Xxxxxx Xxxxxxx ABS Capital II, Inc., Depositor

Overview of the Offered Notes
-----------------------------



-----------------------------------------------------------------------------------------------------------------
                                                                 Expected                           Xxxxx'x and
   Class                    Initial             Estimated        Principal                              S&P
    of        Principal     Credit              Avg. Life         Payment              Final         Expected
   Notes       Balance      Support   Coupon    (yrs)(1)         Window(1)         Payment Date       Ratings
-----------------------------------------------------------------------------------------------------------------
                                                                                
    A-1     $408,175,000     5.75%   [      ]     1.00           08/03-12/05       July 16, 2007     Aaa / AAA
-----------------------------------------------------------------------------------------------------------------
    A-2     $113,714,000     5.75%   [      ]     2.94           12/05-09/06      April 15, 2011     Aaa / AAA
-----------------------------------------------------------------------------------------------------------------
     B      $ 17,996,000     2.50%   [      ]     1.89           03/04-09/06      April 15, 2011      A1 / A
-----------------------------------------------------------------------------------------------------------------
     C      $  9,690,000      .75%   [      ]     1.71           03/04-07/06      April 15, 2011    Baa1 / BBB
-----------------------------------------------------------------------------------------------------------------
   Total    $549,575,000
-----------------------------------------------------------------------------------------------------------------


(1)  Assuming payment based on a pricing speed of 1.50% ABS and a 10% Cleanup
     Call.


Selected Pool Data as of May 31, 2003
-------------------------------------



-------------------------------------------------------------------------------------------
                                                                           Total
-------------------------------------------------------------------------------------------
                                                                        
Outstanding Principal Balance:                                             $553,727,701.64
Number of Receivables:                                                              34,893
Average Outstanding Principal Balance:                                          $15,869.31
Average Original Amount Financed:                                               $18,394.53
Weighted Average Gross Coupon:                                                      7.702%
Weighted Average Original Term:                                                  65 months
Weighted Average Stated Remaining Term:                                          55 months
Weighted Average Seasoning:                                                      10 months
New/Used composition (by % of principal balance):                 52.80% New / 47.20% Used
Weighted Average Original LTV Ratio:                                                95.06%
-------------------------------------------------------------------------------------------




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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             2



------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Features of the Transaction
---------------------------

o    Collateral consists of automobile and light truck retail loan and
     installment sale contracts, which are receivables, that were originated
     and serviced by The Huntington National Bank.
o    Credit support for the notes is provided through a senior/subordinated
     concurrent pay structure and overcollateralization. The initial amount of
     overcollateralization is 5.75% for the class A notes, 2.50% for the class
     B notes and 0.75% for the class C notes. The initial
     overcollateralization for the notes as a whole is -1.46% of the initial
     pool balance. The initial overcollateralization for the notes as a whole
     is negative because at issuance the aggregate principal balance of the
     class A, class B, class C and class D notes will exceed the pool balance
     as of the cut-off date. Target overcollateralization is 2.00% of
     outstanding pool balance with a floor of 1.00% of initial pool balance.
o    The class A, class B and class C notes in the above table will be
     registered under a registration statement filed with the Securities and
     Exchange Commission. The class D notes only will be offered and sold to
     "qualified institutional buyers" within the meaning of Rule 144A under
     the Securities Act.

Time Table
----------
Expected Settlement:    July 17, 2003

Cut-off Date:           Close of business on May 31, 2003

Pricing Date:           Week of July 7, 2003

First payment date:     August 15, 2003

Key Terms
---------
Depositor:              Xxxxxx Xxxxxxx ABS Capital II, Inc.

Issuer:                 Xxxxxx Xxxxxxx Auto Loan Trust 2003-HB1, a
                        Delaware statutory trust established
                        by Xxxxxx Xxxxxxx ABS Capital II, Inc.
                        and the Owner Trustee

Originator:             The Huntington National Bank

Servicer:               The Huntington National Bank

Indenture Trustee:      Xxxxx Fargo Bank Minnesota, National Association

Owner Trustee:          Wilmington Trust Company, a Delaware banking corporation

Offered Notes:          Class A, class B and class C notes

Servicing Fee:          1.00% per annum

Payment Date:           15th day of the month or the following Business Day

Record Date:            For any payment date, the close of business
                        on the day immediately preceding
                        such payment date unless definitive notes
                        are issued for the offered notes, in which
                        case the record date will be the last day
                        of the month immediately




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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             3



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XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

                                    preceding the payment date

Interest Payment Default:           The notes are in default if scheduled
                                    interest is not paid on the most senior
                                    class of notes outstanding within 35 days
                                    after the applicable payment date

Prepayment Pricing Speed:           1.50% ABS

Interest Accrual:                   On a 30/360 basis; the accrual period is
                                    from the 15th of the month preceding
                                    the payment date (or from the closing
                                    date, in the case of the first interest
                                    accrual period) to, but not including the
                                    15th of the month of such payment date

Servicer Advances:                  Yes, monthly as to delinquent interest,
                                    subject to recoverability

Optional Call:                      The notes will have a 10% optional
                                    redemption provision

Rating Agencies:                    The notes are being rated by Xxxxx'x and S&P

ERISA Eligibility:                  The offered notes are generally eligible
                                    for purchase by employee benefit plans,
                                    however, prospective purchasers should
                                    consult their own counsel

Tax Status:                         Xxxxxx Xxxxxx Xxxxx & Xxxx LLP will deliver
                                    its opinion that the class A, class B
                                    and class C notes [will] be treated as
                                    debt for U.S. federal income tax purposes.
                                    The seller, the depositor and the issuer
                                    will agree, and the holders of the class A,
                                    class B and class C notes will agree by
                                    their purchase of such notes, to treat the
                                    class A, class B and class C notes as debt
                                    for U.S. federal income tax purposes.

Registration and Clearance:         Book entry: DTC Same Day Funds, Clearstream,
                                    or Euroclear for the offered notes

Minimum Denominations:              $1,000 and integral multiples thereof
                                    for the offered notes





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             4



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XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Transaction Mechanics
---------------------

The Huntington National Bank sold the receivables to Xxxxxx Xxxxxxx Asset
Funding, Inc., and Xxxxxx Xxxxxxx Asset Funding, Inc., as the seller, will
sell the receivables to Xxxxxx Xxxxxxx ABS Capital II, Inc., and Xxxxxx
Xxxxxxx ABS Capital II, Inc, as the depositor, will sell the receivables to
Xxxxxx Xxxxxxx Auto Loan Trust 2003-HB1, the issuer. The issuer will issue the
securities to fund the purchase price of the receivables. The Huntington
National Bank, as servicer, will continue to process obligor payments and
collect on the receivables. Each month the servicer will transfer collections
to issuer, which will use them to pay its expenses and to pay principal of and
interest on the notes.



                              [GRAPHIC OMITTED]





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             5




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XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Priority of Payments
--------------------

Beginning on August 15, 2003, and on each payment date thereafter, after
reimbursement of any servicer advances to the servicer, distributions will be
made in the order and priority as follows:

     1.   Servicing Fee -- the servicing fee and any other amounts payable to
          the servicer;

     2.   Other Trust Fees -- the fees and any other amounts payable to the
          indenture trustee and the owner trustee;

     3.   Class A Note Interest -- accrued and unpaid interest due on the
          class A notes for payment ratably to the class A noteholders;

     4.   First Allocation of Principal -- to the principal distribution
          account an amount equal to the excess, if any, of (x) the aggregate
          principal balance of the class A notes as of the day immediately
          preceding such payment date over (y) the aggregate principal balance
          of the receivables at the end of the related collection period;

     5.   Class B Note Interest -- accrued and unpaid interest due on the
          class B notes;

     6.   Second Allocation of Principal -- to the principal distribution
          account an amount equal to (1) the excess, if any, of (x) the
          aggregate principal balance of the class A notes and the class B
          notes as of the day immediately preceding such payment date over (y)
          the aggregate principal balance of the receivables at the end of the
          related collection period minus (2) any amount deposited into the
          principal distribution account pursuant to the fourth item above;

     7.   Class C Note Interest -- accrued and unpaid interest due on the
          class C notes;

     8.   Third Allocation of Principal -- to the principal distribution
          account an amount equal to (1) the excess, if any, of (x) the
          aggregate principal balance of the class A notes, the class B notes
          and the class C notes as of the day immediately preceding such
          payment date over (y) the aggregate principal balance of the
          receivables at the end of the related collection period, minus (2)
          any amounts deposited into the principal distribution account
          pursuant to the fourth and sixth items above;

     9.   Class D Note Interest -- accrued and unpaid interest due on the
          class D notes;

     10.  Regular Allocation of Principal -- to the principal distribution
          account an amount equal to (1) the excess, if any, of (x) the
          aggregate principal balance of the notes as of the day immediately
          preceding such payment date over (y) (A) the aggregate principal
          balance of the receivables at the end of the related collection
          period, minus (B) the target overcollateralization level with
          respect to such payment date, minus (2) any amounts deposited into
          the principal distribution account pursuant to the fourth, sixth and
          eighth items above;

     11.  Remaining Trust Fees -- the fees and any other amounts payable to
          the indenture trustee, the owner trustee, and the administrator not
          paid pursuant to the second item above; and

     12.  Residual -- any remaining funds to the certificateholders.



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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             6



------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Principal Payments
------------------

     The aggregate amount of principal payments to be made on all outstanding
classes of notes on each payment date from the principal distribution account
will generally be allocated among the notes, concurrently, in a manner
intended generally to maintain credit support for each such class (after
giving effect to such allocation) in an amount equal to the greater of (i) the
target overcollateralization level and (ii) the following respective
approximate percentages of the aggregate principal balance of the receivables
(as of the end of the related collection period): 11.80% for the class A
notes; 7.50% for the class B notes; 5.50% for the class C notes; and 2.00% for
the class D notes. As a result of this allocation, after the credit support
for each class is met, the most subordinate class of outstanding notes may
receive a disproportionately larger percentage of principal distributions than
more senior classes of outstanding notes.

     The amount of principal payments allocated to the class A notes on each
payment date will generally be applied in the following order of priority:

     (1) to the principal amount of the class A-1 notes until such principal
amount is paid in full; and

     (2) to the principal amount of the class A-2 notes until such principal
amount is paid in full.

     However, the following exceptions to these general rules will apply:

          o    If the payment date is a final scheduled payment date for a
               class of notes, principal payments will be made first to that
               class of notes until that class is paid in full. If the payment
               date is a final scheduled payment date for more than one class
               of notes, principal payments will be made first to the more
               senior class of notes until that class is paid in full and
               then, in order of seniority, to the each other class whose
               final scheduled payment date is then occurring, in each case
               until that class is paid in full.

          o    If, on any payment date, the three month annualized net loss
               ratio exceeds

               o    1.50% if that payment date is on or before the payment
                    date in June 2004;

               o    2.25% if that payment date is on or after the payment date
                    in July 2004 but not after the payment date in August
                    2005; and

               o    2.50% if such payment date is on or after the payment date
                    in September 2005,

          then on such payment date and each subsequent payment date until
          that ratio is reduced to or below that level, the trust will pay
          principal in respect of the notes, sequentially, starting with the
          most senior and earliest maturing class (or subclass) of notes then
          outstanding (with respect to the class A notes, beginning with the
          class A-1 notes) until that class is paid in full, and so on.

          The three month annualized net loss ratio is generally equal to the
          average for the three prior collection periods of the product of 12
          times a fraction (expressed as a percentage), the numerator of which
          is equal to the net liquidation losses during the collection period
          plus the cram down losses resulting from bankruptcies that occurred
          during the collection period, and the denominator of which is equal
          to the




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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             7




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

          aggregate principal balance of the receivables as of the first day
          of the collection period and will be described in detail in the
          final prospectus supplement.

          o    Any shortfall in the amount of funds available for principal
               payments on any payment date will reduce the principal payment
               on (1) the class B notes (up to the amount of the full target
               payment on the class B notes) before the principal payment on
               the class A notes is reduced; (2) the class C notes (up to the
               amount of the full target payment on the class C notes) before
               the principal payment on the class B notes is reduced; and (3)
               the class D notes (up to the amount of the full target payment
               on the class D notes) before the principal payment on the class
               C notes is reduced.

          o    If the notes are accelerated following an event of default the
               priority of payments may change and will change upon the
               liquidation of the trust estate following the acceleration of
               the notes.





                               [GRAPHIC OMITTED]






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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             8




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Credit Enhancement
------------------

     The credit enhancement for the securities will be as follows:

     Class A Notes         Subordination of the class B notes, the
                           class C notes, and the class D notes to the
                           extent provided in the prospectus supplement;
                           and overcollateralization;

     Class B Notes         Subordination of the class C notes and
                           the class D notes to the extent provided in the
                           prospectus supplement; and
                           overcollateralization;

     Class C Notes         Subordination of the class D notes to the
                           extent provided in the prospectus
                           supplement; and overcollateralization; and

     Class D Notes         Overcollateralization.

Subordination of Principal and Interest
---------------------------------------

     As long as the class B notes remain outstanding, (1) payments of interest
on the class B notes are subordinated to payments of interest and, under
certain circumstances, principal on the class A notes, and (2) payments of
principal on the class B notes are subordinated to payments of interest and
principal on the class A notes and payments of interest on the class B notes.

     As long as the class C notes remain outstanding, (1) payments of interest
on the class C notes are subordinated to payments of interest and, under
certain circumstances, principal on the class A notes and the class B notes,
and (2) payments of principal on the class C notes are subordinated to
payments of interest and principal on the class A notes and the class B notes
and payments of interest on the class C notes.

     As long as the class D notes remain outstanding, (1) payments of interest
on the class D notes are subordinated to payments of interest and, under
certain circumstances, principal on the class A notes, the class B notes and
the class C notes and (2) payments of principal on the class D notes are
subordinated to payments of interest and principal on the class A notes, the
class B notes and the class C notes and payments of interest on the class D
notes.

     As long as the notes remain outstanding, payments on the certificates are
subordinated to payments of interest and principal on the notes.

     There will be certain changes to the priority after certain events of
default and the liquidation of the trust estate follow an acceleration of the
notes.





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                             9




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Overcollateralization
---------------------

     The overcollateralization amount is the amount, if any, by which the
aggregate principal balance of the receivables exceeds the aggregate principal
balance of the notes. Initially, however, the aggregate principal balance of
the notes will exceed the aggregate principal balance of the receivables by an
amount equal to approximately 1.46% of the aggregate principal balance of the
receivables as of the cut-off date. As of the cut-off date, the aggregate
principal balance of the receivables was $553,727,701.64, which is less than
the initial aggregate principal balance of the notes.

     However, Item 10 of "Priority of Payments" above is intended to result in
the application of all remaining funds, including any "excess spread," to
achieve and maintain the target overcollateralization level. This application
is expected to result in the payment of more principal of the notes in most
months than the amount of principal paid on the receivables in the related
period. To the extent that the aggregate principal balance of the notes is
paid down to create an overcollateralization amount equal to the target
overcollateralization level, credit enhancement in the form of
overcollateralization is created.

     The target overcollateralization level is intended to absorb anticipated
losses on the receivables, but we cannot assure you that it will be sufficient
to absorb any or all actual losses on the receivables. The target
overcollateralization level on each payment date will be an amount equal to
the greater of (x) 2.00% of the aggregate principal balance of the receivables
at the end of the related collection period and (y) $5,537,277.02 or 1.00% of
the initial aggregate principal balance of the receivables.



------------------------------------------------------------------------------------------------------------------
                                                                                                Target Credit
                                                                         Initial Credit          Enhancement
                                                                           Enhancement           (as a % of
                                                 % of Initial Pool         (as a % of         Outstanding Pool
                           Principal Balance          Balance         Initial Pool Balance)       Balance)
------------------------------------------------------------------------------------------------------------------
                                                                                        
Class A notes               $521,889,000                94.25%                5.75%                 11.80%
Class B notes               $ 17,996,000                 3.25%                2.50%                  7.50%
Class C notes               $  9,690,000                 1.75%                 .75%                  5.50%
Class D notes               $ 12,238,000                 2.21%               -1.46%                  2.00%
------------------------------------------------------------------------------------------------------------------
Total                       $561,813,000               101.46%
------------------------------------------------------------------------------------------------------------------







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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            10




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

Selected Loan Data as of May 31, 2003
-------------------------------------



                                The Receivables

                                                                                          
      Outstanding Principal Balance:                                                         $553,727,701.64
      Number of Receivables:                                                                          34,893
      Average Outstanding Principal Balance:                                                      $15,869.31
      Average Original Amount Financed:                                                           $18,394.53
      Weighted Average Gross Coupon:                                                                  7.702%
      Weighted Average Original Term:                                                              65 months
      Weighted Average Stated Remaining Term:                                                      55 months
      Weighted Average Seasoning:                                                                  10 months
      New/Used composition (by % of principal balance):                             52.80% New / 47.20% Used
      Weighted Average Original LTV Ratio:                                                            95.06%






                         Distribution of the Receivables by Outstanding Principal Balance

                                             No. of                 Total Dollar                   Principal
Principal Balance                        Receivables (#)             Amount ($)                   Balance (%)
-----------------                        ---------------             ----------                   -----------
                                                                                             
$0.00 - $4,999.99                              863                 $  3,552,877.62                      .64%
$5,000.00 - $9,999.99                        6,433                   50,953,543.26                     9.20
$10,000.00 - $14,999.99                     10,762                  134,630,925.34                    24.31
$15,000.00 - $19,999.99                      8,320                  144,269,701.36                    26.05
$20,000.00 - $24,999.99                      4,722                  104,767,606.70                    18.92
$25,000.00 - $29,999.99                      2,294                   62,343,179.59                    11.26
$30,000.00 - $34,999.99                        929                   29,850,608.27                     5.39
$35,000.00 - $39,999.99                        353                   13,075,478.13                     2.36
$40,000.00 - $44,999.99                        117                    4,909,320.87                      .89
>=  $45,000.00                                 100                    5,374,460.50                      .97
-------------------------------------------------------------------------------------------------------------------
Total                                       34,893                 $553,727,701.64                   100.00%
===================================================================================================================

Column totals may not add to 100.00% due to rounding.





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            11



------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------



                          Distribution of Receivables by State of Obligor Mailing Address

                                          No. of                    Total Dollar                   Principal
State                                 Receivables (#)                Amount ($)                   Balance (%)
-----                                 ---------------                ----------                   -----------
                                                                                             
Ohio                                       11,053                  $165,420,261.79                    29.87%
Michigan                                    5,433                    74,688,392.98                    13.49
Florida                                     4,229                    72,426,315.12                    13.08
Indiana                                     4,150                    67,611,959.81                    12.21
Kentucky                                    3,099                    51,749,397.73                     9.35
West Virginia                               2,386                    39,599,141.74                     7.15
Tennessee                                   1,737                    31,755,539.84                     5.73
Other(1)                                    2,806                    50,476,692.63                     9.12
-------------------------------------------------------------------------------------------------------------------
Total                                      34,893                  $553,727,701.64                   100.00%
===================================================================================================================

Column totals may not add to 100.00% due to rounding.

(1)  Each of the other states is less than 5.0% of the aggregate principal
     balance




                    Distribution of the Receivables by APR

                               No. of             Total Dollar           Principal
APR                        Receivables (#)         Amount ($)           Balance (%)
---                        ---------------         ----------           -----------
                                                                    
<= 4.999%                       2,875            $ 47,696,039.93             8.61%
5.000 - 5.499%                  1,534              25,339,890.91             4.58
5.500 - 5.999%                  2,973              51,449,492.96             9.29
6.000 - 6.499%                  2,176              36,642,291.49             6.62
6.500 - 6.999%                  3,402              56,627,749.12            10.23
7.000 - 7.499%                  2,524              41,311,411.67             7.46
7.500 - 7.999%                  3,854              63,366,123.03            11.44
8.000 - 8.499%                  2,628              43,152,475.34             7.79
8.500 - 8.999%                  3,385              55,612,696.87            10.04
9.000 - 9.499%                  2,178              35,068,409.24             6.33
9.500 - 9.999%                  2,415              35,971,289.01             6.50
10.000 - 10.499%                1,206              17,490,503.28             3.16
10.500 - 10.999%                1,171              16,042,478.03             2.90
11.000 - 11.499%                  717               8,573,942.13             1.55
11.500 - 11.999%                  613               6,937,928.75             1.25
12.000 - 12.499%                  360               3,781,637.49              .68
12.500 - 12.999%                  247               2,263,241.30              .41
13.000 - 13.499%                  107                 937,396.13              .17
13.500 - 13.999%                  104                 920,444.68              .17
14.000 - 14.499%                   48                 470,086.44              .08
14.500 - 14.999%                   98               1,095,147.89              .20
15.000 - 15.499%                   57                 641,446.47              .12
>=  15.500%                       221               2,335,579.48              .42
--------------------------------------------------------------------------------------------
Total                          34,893            $553,727,701.64           100.00%
============================================================================================

Column totals may not add to 100.00% due to rounding.



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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            12



------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------



                    Distribution of Receivables by Remaining Stated Term to Scheduled Maturity

                                          No. of                    Total Dollar                   Principal
Remaining Stated Term                 Receivables (#)                Amount ($)                   Balance (%)
---------------------                 ---------------                ----------                   -----------
                                                                                              
13 - 18 Months                               142                   $    672,567.64                      .12%
19 - 24 Months                               558                      4,012,370.52                      .72
25 - 30 Months                               772                      5,836,030.32                     1.05
31 - 36 Months                             1,579                     14,993,843.98                     2.71
37 - 42 Months                             3,189                     34,515,276.92                     6.23
43 - 48 Months                             6,487                     86,764,491.33                    15.67
49 - 54 Months                             6,102                     97,036,972.01                    17.52
55 - 60 Months                             7,993                    138,472,532.33                    25.01
61 - 72 Months                             7,351                    151,992,013.93                    27.45
>=  73                                       720                     19,431,602.66                     3.51
-------------------------------------------------------------------------------------------------------------------
Total                                     34,893                   $553,727,701.64                   100.00%
===================================================================================================================

Column totals may not add to 100.00% due to rounding.




                     Distribution of Receivables by Stated Original Trm to Scheduled Maturity

                                          No. of                    Total Dollar                   Principal
Stated Original Term                  Receivables (#)                Amount ($)                   Balance (%)
--------------------                  ---------------                ----------                   -----------
                                                                                              
19 - 24 Months                               111                   $    830,440.31                      .15%
25 - 30 Months                                28                        197,168.23                      .04
31 - 36 Months                             1,269                     11,120,562.06                     2.01
37 - 42 Months                               300                      2,247,861.14                      .41
43 - 48 Months                             2,518                     25,942,874.98                     4.69
49 - 54 Months                             1,255                     12,521,862.47                     2.26
55 - 60 Months                            13,122                    191,040,648.83                    34.50
61 - 72 Months                            14,343                    261,155,565.46                    47.16
>=  73                                     1,947                     48,670,718.16                     8.79
-------------------------------------------------------------------------------------------------------------------
Total                                     34,893                   $553,727,701.64                   100.00%
===================================================================================================================

Column totals may not add to 100.00% due to rounding.






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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            13




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

The following ABS Tables assume that--

     o    the receivables prepay in full at the specified constant percentage
          of ABS monthly, with no delinquencies, defaults, losses or
          repurchases;

     o    the interest rate on the notes is as follows: Class A-1: 1.42%;
          Class A-2: 2.08%; Class B: 2.22%; Class C: 3.53%; and Class D:
          5.50%;

     o    each scheduled monthly payment on the receivables is made on the
          15th day of each month and each month has 30 days;

     o    payments on the notes are made on each payment date beginning on
          August 15, 2003 (and each payment date is assumed to be the 15th day
          of the applicable month), as described above under "--Priority of
          Payments."

     o    no event of default occurs;

     o    the notes are issued on July 17, 2003 and will begin to accrue
          interest on that date;

     o    the monthly indenture trustee fee is $1,000;

     o    the monthly servicing fee is 1/12th of 1.00% of the principal
          balance of receivables at the beginning of the related collection
          period;

     o    the annual owner trustee fee is $4,000, commencing in August 2004;

     o    collections for the August 2003 payment date include collections for
          the period beginning on June 1, 2003 and ending on July 31, 2003;
          and

     o    except as otherwise specified, the servicer exercises its "cleanup
          call" option to purchase the receivables.

     The ABS Tables indicate the projected weighted average life of each class
of offered notes and sets forth the percent of the initial principal amount of
each class of offered notes that is projected to be outstanding after each of
the payment dates shown at various constant ABS percentages.





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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            14




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------

     The ABS Tables also assume that the receivables have been aggregated into
hypothetical pools with all of the receivables within each such pool having
the following characteristics and that the level scheduled monthly payment for
each of the pools (which is based on its aggregate principal balance, weighted
average contract rate of interest, weighted average original term to maturity
and weighted average remaining term to maturity as of the cut-off date) will
be such that each pool will be fully amortized by the end of its remaining
term to maturity. The pools have an assumed cut-off date of the close of
business on May 31, 2003.




                                           Weighted Average      Weighted Average      Weighted Average
                        Aggregate        Gross Contract Rate     Original Term to     Remaining Term to
   Pool             Principal Balance        of Interest       Maturity (In Months)  Maturity (In Months)
   ----             -----------------        -----------       --------------------  --------------------
                                                                                  
     1                 $ 91,763,882.01         8.627%                  57                     41
     2                   24,122,483.84         7.229%                  58                     47
     3                    9,072,616.40         7.456%                  57                     48
     4                   14,179,220.69         6.679%                  56                     50
     5                   57,327,044.76         6.236%                  57                     52
     6                   45,472,502.86         6.362%                  57                     54
     7                    1,963,667.46         6.112%                  54                     53
     8                  133,805,480.17         8.803%                  72                     55
     9                   21,558,349.12         8.193%                  72                     61
    10                    7,064,829.91         7.962%                  70                     61
    11                   14,230,310.58         7.398%                  70                     64
    12                   68,702,333.65         7.239%                  70                     65
    13                   62,542,170.84         7.208%                  70                     67
    14                    1,922,809.35         7.024%                  68                     67
                       ---------------
 Total                 $553,727,701.64
                       ===============


The actual characteristics and performance of the receivables will differ from
the assumptions used in constructing the ABS Tables. The assumptions used are
hypothetical and have been provided only to give a general sense of how the
principal cash flows might behave under varying prepayment scenarios. For
example, it is very unlikely that the receivables will prepay at a constant
level of ABS until maturity or that all of the receivables will prepay at the
same level of ABS. Moreover, the diverse terms of receivables within each of
the hypothetical pools could produce slower or faster principal distributions
than indicated in the ABS Tables at the various constant percentages of ABS
specified, even if the weighted average original and weighted average
remaining terms to maturity of the receivables are as assumed. Any difference
between those assumptions and the actual characteristics and performance of
the receivables, or actual prepayment experience, will affect the percentages
of initial amounts outstanding over time and the weighted average lives of
each class of offered notes.






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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            15




------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------



                          Percent of Initial Principal Amount at Various ABS Percentages

                                               Class A-1 Notes                            Class A-2 Notes
                                      ----------------------------------        -----------------------------------
Payment Date                          0.50%     1.00%    1.50%     1.80%        0.50%     1.00%     1.50%     1.80%
----------------------------------    ------- --------- --------- ------        ------- --------- --------- -------
                                                                                      
Closing Date......................     100      100        100     100          100       100        100      100
August 15, 2003...................      93       91         90      89          100       100        100      100
September 15, 2003................      90       87         85      83          100       100        100      100
October 15, 2003..................      86       83         80      78          100       100        100      100
November 15, 2003.................      83       79         75      72          100       100        100      100
December 15, 2003.................      80       75         71      67          100       100        100      100
January 15, 2004..................      76       72         66      62          100       100        100      100
February 15, 2004.................      73       68         62      58          100       100        100      100
March 15, 2004....................      71       65         58      54          100       100        100      100
April 15, 2004....................      68       61         55      50          100       100        100      100
May 15, 2004......................      65       58         51      46          100       100        100      100
June 15, 2004.....................      63       56         48      43          100       100        100      100
July 15, 2004.....................      60       53         45      39          100       100        100      100
August 15, 2004...................      58       50         41      36          100       100        100      100
September 15, 2004................      55       47         38      32          100       100        100      100
October 15, 2004..................      53       44         35      29          100       100        100      100
November 15, 2004.................      50       42         32      26          100       100        100      100
December 15, 2004.................      48       39         29      22          100       100        100      100
January 15, 2005..................      46       37         26      19          100       100        100      100
February 15, 2005.................      43       34         23      16          100       100        100      100
March 15, 2005....................      41       32         21      14          100       100        100      100
April 15, 2005....................      39       29         18      11          100       100        100      100
May 15, 2005......................      36       27         15       8          100       100        100      100
June 15, 2005.....................      34       24         13       5          100       100        100      100
July 15, 2005.....................      32       22         10       3          100       100        100      100
August 15, 2005...................      30       19          8       0          100       100        100      100
September 15, 2005................      27       17          6       0          100       100        100       93
October 15, 2005..................      25       15          4       0          100       100        100       85
November 15, 2005.................      23       13          1       0          100       100        100       78
December 15, 2005.................      21       11          0       0          100       100         97       70
January 15, 2006..................      18        8          0       0          100       100         90       63
February 15, 2006.................      16        6          0       0          100       100         83       57
March 15, 2006....................      14        4          0       0          100       100         76       50
April 15, 2006....................      12        2          0       0          100       100         70       44
May 15, 2006......................      10        0          0       0          100       100         64        0
June 15, 2006.....................       8        0          0       0          100        94         58        0
July 15, 2006.....................       5        0          0       0          100        88         52        0
August 15, 2006...................       3        0          0       0          100        81         47        0
September 15, 2006................       1        0          0       0          100        75          0        0
October 15, 2006..................       0        0          0       0           97        69          0        0
November 15, 2006.................       0        0          0       0           89        63          0        0
December 15, 2006.................       0        0          0       0           83        58          0        0
January 15, 2007..................       0        0          0       0           77        53          0        0
February 15, 2007.................       0        0          0       0           72        48          0        0
March 15, 2007....................       0        0          0       0           66        44          0        0
April 15, 2007....................       0        0          0       0           60         0          0        0
May 15, 2007......................       0        0          0       0           54         0          0        0
June 15, 2007.....................       0        0          0       0           49         0          0        0
July 15, 2007.....................       0        0          0       0           44         0          0        0
August 15, 2007...................       0        0          0       0            0         0          0        0
September 15, 2007................       0        0          0       0            0         0          0        0

Weighted Average Life (1).........       1.46     1.22       1.00    0.88         3.99    3.66         3.15     2.78
Weighted Average Life to Call(1)(2)      1.46     1.22       1.00    0.88         3.82    3.47         2.94     2.61

----------
(1)  The weighted average life of a note is determined by (a) multiplying the
     amount of each principal payment on a note by the number of years from
     the date of the issuance of the note to the related payment date, (b)
     adding the results and (c) dividing the sum by the related initial
     principal amount of the note.
(2)  This calculation assumes that the servicer purchases the outstanding
     receivables on the earliest payment date on which it is permitted to do
     so.



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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            16



------------------------------------------------------------------------------
XXXXXX XXXXXXX                                                    July 1, 2003
Securitized Products Group

                           XXXXXX XXXXXXX [GRAPHIC]
------------------------------------------------------------------------------



                          Percent of Initial Principal Amount at Various ABS Percentages

                                                 Class B Notes                            Class C Notes
                                      ----------------------------------        -----------------------------------
Payment Date                          0.50%     1.00%    1.50%     1.80%        0.50%     1.00%    1.50%     1.80%
----------------------------------    ------- --------- --------- ------        ------- --------- --------- -------
                                                                                      
Closing Date......................     100      100        100     100          100       100        100     100
August 15, 2003...................     100      100        100     100          100       100        100     100
September 15, 2003................     100      100        100     100          100       100        100     100
October 15, 2003..................     100      100        100     100          100       100        100     100
November 15, 2003.................     100      100        100     100          100       100        100     100
December 15, 2003.................     100      100        100     100          100       100        100     100
January 15, 2004..................     100      100        100     100          100       100        100     100
February 15, 2004.................     100      100        100      95          100       100        100      99
March 15, 2004....................     100      100         95      90          100       100         99      89
April 15, 2004....................     100      100         91      86          100       100         90      78
May 15, 2004......................     100       95         87      82          100       100         81      71
June 15, 2004.....................     100       92         84      78          100        93         73      67
July 15, 2004.....................      99       89         80      74          100        85         69      64
August 15, 2004...................      94       86         77      70           98        78         66      61
September 15, 2004................      92       83         73      66           92        72         63      57
October 15, 2004..................      89       80         70      63           85        69         60      54
November 15, 2004.................      87       77         66      59           79        67         57      51
December 15, 2004.................      84       74         63      56           73        64         54      48
January 15, 2005..................      81       71         60      52           70        62         52      45
February 15, 2005.................      79       68         57      49           68        59         49      42
March 15, 2005....................      76       66         54      46           66        57         46      40
April 15, 2005....................      74       63         51      43           64        54         44      37
May 15, 2005......................      71       60         48      40           61        52         41      34
June 15, 2005.....................      69       58         45      37           59        50         39      32
July 15, 2005.....................      66       55         42      34           57        47         37      29
August 15, 2005...................      64       52         40      31           55        45         34      27
September 15, 2005................      61       50         37      29           53        43         32      25
October 15, 2005..................      59       47         35      26           51        41         30      23
November 15, 2005.................      56       45         32      24           48        39         28      20
December 15, 2005.................      54       43         30      22           46        37         26      13
January 15, 2006..................      51       40         28      19           44        35         24       6
February 15, 2006.................      49       38         26      17           42        33         22       0
March 15, 2006....................      46       36         24      12           40        31         19       0
April 15, 2006....................      44       33         22       7           38        29         13       0
May 15, 2006......................      42       31         20       0           36        27          7       0
June 15, 2006.....................      39       29         18       0           34        25          1       0
July 15, 2006.....................      37       27         13       0           32        23          0       0
August 15, 2006...................      34       25          9       0           30        22          0       0
September 15, 2006................      32       23          0       0           28        18          0       0
October 15, 2006..................      30       21          0       0           26        11          0       0
November 15, 2006.................      27       19          0       0           24         5          0       0
December 15, 2006.................      26       18          0       0           22         0          0       0
January 15, 2007..................      24       14          0       0           20         0          0       0
February 15, 2007.................      22       10          0       0           14         0          0       0
March 15, 2007....................      20        6          0       0            9         0          0       0
April 15, 2007....................      19        0          0       0            3         0          0       0
May 15, 2007......................      15        0          0       0            0         0          0       0
June 15, 2007.....................      11        0          0       0            0         0          0       0
July 15, 2007.....................       6        0          0       0            0         0          0       0
August 15, 2007...................       0        0          0       0            0         0          0       0
September 15, 2007................       0        0          0       0            0         0          0       0

Weighted Average Life (1).........       2.60     2.27       1.89    1.67         2.38      2.05       1.71    1.50
Weighted Average Life to Call (1)(2)     2.60     2.27       1.89    1.67         2.38      2.05       1.71    1.50


-------------------
(1)  The weighted average life of a note is determined by (a) multiplying the
     amount of each principal payment on a note by the number of years from
     the date of the issuance of the note to the related payment date, (b)
     adding the results and (c) dividing the sum by the related initial
     principal amount of the note.
(2)  This calculation assumes that the servicer purchases the outstanding
     receivables on the earliest payment date on which it is permitted to do
     so.
The ABS Tables have been prepared based on the assumptions described above
(including the assumptions regarding the characteristics and performance of
the receivables, which will differ from the actual characteristics and
performance thereof) and should be read in conjunction therewith.


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 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 Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx") considers reliable.
None of Xxxxxx Xxxxxxx, any other underwriter or placement agent or the
Depositor make any representation or warranty with respect to 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 herein 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. Xxxxxx Xxxxxxx, each other
underwriter or placement agent and the Depositor disclaim any and all
liability relating to this information, 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. Xxxxxx Xxxxxxx is an affiliate of the
Depositor.  Xxxxxx Xxxxxxx and others associated with it may perform or seek
to perform investment banking services for the servicer.  Other underwriters
or placement agents may be affiliated with the servicer.  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. Xxxxxx Xxxxxxx is
acting as the lead underwriter and not acting as 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
Xxxxxx Xxxxxxx, approved by Xxxxxx Xxxxxxx International Limited, a member of
The Securities and Futures Authority, and by Xxxxxx Xxxxxxx Japan Ltd. We
recommend that such investors obtain the advice of their Xxxxxx Xxxxxxx,
Xxxxxx Xxxxxxx International 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.  Notwithstanding
anything to the contrary contained in a definitive Private Placement
Memorandum or any transaction document, all persons may disclose to any and
all persons, without limitation of any kind, the federal income tax treatment
and tax structure of the securities described herein, any fact relevant to
understanding the federal tax treatment or tax structure of the securities
described herein, and all materials of any kind (including opinions or other
tax analyses) relating to such federal tax treatment or tax structure.

                                                                XXXXXX XXXXXXX
                                                                            17