<TABLE>
XXXXXX XXXXXXX
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07/14/2005 11:38:39 CARVE Version 47.0 /u/dsouzad/deal/top19/050714/top19.050714.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P CLASS A4B
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Class A4B Settlement Date 07/28/2005 Coupon 4.91900 Cusip N/A
Original Balance 88,050,000.00 Dated Date 07/01/2005 Delay 11 Yield Table Date 07/14/2005
Current Balance 88,050,000.00 First Payment Date 08/12/2005 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating AAA/Aaa Next Payment Date 08/12/2005 Orig Deal Size 1,228,438,747.44 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 34
Factor 1.00000000 Interest Freq Monthly Deal Age 0
</TABLE>
<TABLE>
PREPAY CPR 0 (!YM) CPR 50 (!YM) CPR 100 CPR 50 (!YM) CPR 100 (!YM) CPR 100
DEFAULT CDR 0 24 CDR 0 24
2 4
ADVANCES YES YES
RECV MNTH 12 12
RECV DISTR 100 1 100 1
LOSSES 0.35 0.35
BALL EXT
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PRICE / YIELD
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99.9188 4.9607 4.9607 4.9606 4.9607 4.9606 4.9606
99.9813 4.9526 4.9526 4.9524 4.9525 4.9524 4.9524
100.0438 4.9445 4.9445 4.9442 4.9444 4.9441 4.9442
100.1063 4.9364 4.9364 4.9360 4.9362 4.9359 4.9360
100.1688 4.9283 4.9283 4.9278 4.9281 4.9278 4.9279
100.2313 4.9202 4.9202 4.9196 4.9200 4.9196 4.9197
100.2938 4.9121 4.9121 4.9114 4.9119 4.9114 4.9115
100.3563 4.9041 4.9041 4.9033 4.9037 4.9032 4.9034
100.4188 4.8960 4.8960 4.8951 4.8956 4.8950 4.8952
100.4813 4.8879 4.8879 4.8870 4.8875 4.8869 4.8871
100.5438 4.8799 4.8799 4.8788 4.8794 4.8787 4.8789
100.6063 4.8718 4.8718 4.8707 4.8713 4.8706 4.8708
100.6688 4.8638 4.8638 4.8625 4.8632 4.8624 4.8627
100.7313 4.8558 4.8558 4.8544 4.8552 4.8543 4.8546
100.7938 4.8477 4.8477 4.8463 4.8471 4.8461 4.8465
100.8563 4.8397 4.8397 4.8382 4.8390 4.8380 4.8384
100.9188 4.8317 4.8317 4.8301 4.8310 4.8299 4.8303
100.9813 4.8237 4.8237 4.8219 4.8229 4.8218 4.8222
101.0438 4.8157 4.8157 4.8138 4.8149 4.8137 4.8141
101.1063 4.8077 4.8077 4.8058 4.8068 4.8056 4.8060
101.1688 4.7997 4.7997 4.7977 4.7988 4.7975 4.7979
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AVERAGE LIFE 9.96 9.96 9.80 9.88 9.79 9.82
MOD DURATION @ 100.5438 7.70 7.70 7.60 7.65 7.59 7.61
FIRST PRIN 07/12/2015 07/12/2015 05/12/2015 06/12/2015 05/12/2015 05/12/2015
LAST PRIN 07/12/2015 07/12/2015 06/12/2015 07/12/2015 05/12/2015 06/12/2015
PAYMENT WINDOW 1 1 2 2 1 2
USD SWAP SPREAD @ 100.5438 30 30 30 30 30 30
PREPAY (!YM) CPR 100 CPR 100 CPR 0 CPR 0 CPR 0
DEFAULT CDR 0 24
6
ADVANCES YES
RECV MNTH 12
RECV DISTR 100 1
LOSSES 0.35
BALL EXT 12 MOS 24 MOS 36 MOS
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PRICE / YIELD
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99.9188 4.9606 4.9606 4.9613 4.9619 4.9623
99.9813 4.9524 4.9524 4.9538 4.9548 4.9556
100.0438 4.9442 4.9443 4.9463 4.9477 4.9490
100.1063 4.9361 4.9361 4.9387 4.9407 4.9423
100.1688 4.9279 4.9280 4.9312 4.9336 4.9357
100.2313 4.9198 4.9198 4.9237 4.9266 4.9290
100.2938 4.9116 4.9117 4.9162 4.9196 4.9224
100.3563 4.9035 4.9035 4.9087 4.9126 4.9158
100.4188 4.8953 4.8954 4.9012 4.9055 4.9092
100.4813 4.8872 4.8873 4.8937 4.8985 4.9025
100.5438 4.8791 4.8792 4.8862 4.8915 4.8959
100.6063 4.8709 4.8711 4.8788 4.8845 4.8893
100.6688 4.8628 4.8630 4.8713 4.8775 4.8827
100.7313 4.8547 4.8549 4.8638 4.8705 4.8761
100.7938 4.8466 4.8468 4.8564 4.8635 4.8695
100.8563 4.8385 4.8387 4.8489 4.8565 4.8629
100.9188 4.8304 4.8306 4.8415 4.8496 4.8564
100.9813 4.8224 4.8225 4.8340 4.8426 4.8498
101.0438 4.8143 4.8145 4.8266 4.8356 4.8432
101.1063 4.8062 4.8064 4.8192 4.8287 4.8366
101.1688 4.7981 4.7984 4.8117 4.8217 4.8301
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AVERAGE LIFE 9.84 9.85 10.96 11.96 12.96
MOD DURATION @ 100.5438 7.62 7.63 8.28 8.84 9.37
FIRST PRIN 05/12/2015 05/12/2015 07/12/2016 07/12/2017 07/12/2018
LAST PRIN 06/12/2015 06/12/2015 07/12/2016 07/12/2017 07/12/2018
PAYMENT WINDOW 2 2 1 1 1
USD SWAP SPREAD @ 100.5438 30 30 27 24 22
</TABLE>
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This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx Xxxxxxx & Co.
International Limited, Xxxxxx Xxxxxxx Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of The Securities and Futures
Authority and Xxxxxx Xxxxxxx Japan, Ltd. We recommend that investors obtain the
advice of their Xxxxxx Xxxxxxx & Co. International limited or Xxxxxx Xxxxxxx
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
