<TABLE>
XXXXXX XXXXXXX
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07/13/2005 11:13:10 CARVE Version 47.0 /u/dsouzad/deal/top19/050713/top19.050713.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P (07/13/2005) CLASS X1**+50 BPS SHOCK TO THE TREASURY CURVE
------------------------------------------------------------------------------------------ -----------------------------------------
Class X1 Settlement Date 07/28/2005 Coupon -1.00000 Cusip N/A
Original Balance 1,228,438,747.44 Dated Date 07/01/2005 Delay 11 Yield Table Date 07/13/2005
Current Balance 1.00 First Payment Date 08/12/2005 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating AAA/AAA Next Payment Date 08/12/2005 Orig Deal Size 1,228,438,747.44 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 34
Factor 1.00000000 Interest Freq Monthly Deal Age 0
</TABLE>
<TABLE>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
-----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-----------------------------------------------------------------------------------------------------------------------------------
0.6588 17.7173 18.1460 17.4496 19.5193 21.5850 24.9812
0.7213 15.9325 16.3714 15.4659 17.2826 19.0840 21.9214
0.7838 14.3501 14.7980 13.7243 15.3334 16.9219 19.3238
0.8463 12.9321 13.3877 12.1765 13.6126 15.0263 17.0813
0.9088 11.6497 12.1122 10.7871 12.0767 13.3447 15.1182
0.9713 10.4810 10.9496 9.5290 10.6933 11.8381 13.3795
1.0338 9.4088 9.8829 8.3814 9.4372 10.4769 11.8242
1.0963 8.4196 8.8985 7.3279 8.2890 9.2379 10.4209
1.1588 7.5021 7.9855 6.3554 7.2330 8.1029 9.1456
1.2213 6.6475 7.1349 5.4533 6.2569 7.0573 7.9789
1.2838 5.8482 6.3392 4.6128 5.3503 6.0894 6.9056
1.3463 5.0979 5.5922 3.8266 4.5048 5.1893 5.9131
1.4088 4.3915 4.8888 3.0887 3.7134 4.3490 4.9913
1.4713 3.7244 4.2245 2.3939 2.9700 3.5617 4.1317
1.5338 3.0927 3.5953 1.7378 2.2697 2.8217 3.3271
1.5963 2.4932 2.9981 1.1166 1.6081 2.1241 2.5716
1.6588 1.9228 2.4300 0.5271 0.9815 1.4647 1.8600
1.7213 1.3792 1.8884 -0.0336 0.3866 0.8398 1.1879
1.7838 0.8601 1.3711 -0.5679 -0.1793 0.2464 0.5516
1.8463 0.3635 0.8761 -1.0782 -0.7187 -0.3184 -0.0522
1.9088 -0.1124 0.4019 -1.5662 -1.2338 -0.8569 -0.6264
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 8.99 9.13 7.87 7.34 7.07 6.76
MOD DURATION @ 1.2838 6.27 6.30 5.98 5.55 5.21 4.71
SPREAD INTERP. @ 1.2838 125 173 6 82 157 240
</TABLE>
Page 1 of 2
--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx Xxxxxxx & Co.
International Limited, Xxxxxx Xxxxxxx Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of The Securities and Futures
Authority and Xxxxxx Xxxxxxx Japan, Ltd. We recommend that investors obtain the
advice of their Xxxxxx Xxxxxxx & Co. International limited or Xxxxxx Xxxxxxx
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
<TABLE>
XXXXXX XXXXXXX
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07/13/2005 11:13:10 CARVE Version 47.0 /u/dsouzad/deal/top19/050713/top19.050713.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P (07/13/2005) CLASS X2**+50 BPS SHOCK TO THE TREASURY CURVE
-----------------------------------------------------------------------------------------------------------------------------------
Class X2 Settlement Date 07/28/2005 Coupon -1.00000 Cusip N/A
Original Balance 1,202,407,000.00 Dated Date 07/01/2005 Delay 11 Yield Table Date 07/13/2005
Current Balance 1,202,407,000.00 First Payment Date 08/12/2005 Lead Manager Xxxxxx Xxxxxxx & Co. Yield Frequency SemiAnnual
Credit Rating AAA/AAA Next Payment Date 08/12/2005 Orig Deal Size 1,228,438,747.44 Yield Day Count 30/360
Market Desc N/A Payment Freq Monthly Num of Tranches 34
Factor 1.00000000 Interest Freq Monthly Deal Age 0
</TABLE>
<TABLE>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 CPR 0 CPR 25 CPR 50 CPR 75 CPR 100
-----------------------------------------------------------------------------------------------------------------------------------
PRICE / YIELD
-----------------------------------------------------------------------------------------------------------------------------------
2.0597 13.3527 13.3527 15.1720 14.3668 13.5257 12.2313
2.1222 12.2853 12.2853 14.0579 13.2244 12.3757 11.0886
2.1847 11.2695 11.2695 12.9978 12.1382 11.2828 10.0034
2.2472 10.3009 10.3009 11.9875 11.1034 10.2424 8.9711
2.3097 9.3760 9.3760 11.0228 10.1161 9.2501 7.9872
2.3722 8.4913 8.4913 10.1004 9.1726 8.3024 7.0481
2.4347 7.6439 7.6439 9.2172 8.2696 7.3957 6.1502
2.4972 6.8311 6.8311 8.3703 7.4042 6.5272 5.2906
2.5597 6.0505 6.0505 7.5572 6.5737 5.6942 4.4665
2.6222 5.3000 5.3000 6.7756 5.7759 4.8942 3.6755
2.6847 4.5775 4.5775 6.0235 5.0084 4.1249 2.9152
2.7472 3.8813 3.8813 5.2989 4.2694 3.3845 2.1836
2.8097 3.2097 3.2097 4.6001 3.5570 2.6710 1.4790
2.8722 2.5613 2.5613 3.9255 2.8696 1.9827 0.7995
2.9347 1.9345 1.9345 3.2737 2.2058 1.3182 0.1437
2.9972 1.3283 1.3283 2.6434 1.5640 0.6761 -0.4898
3.0597 0.7413 0.7413 2.0333 0.9432 0.0550 -1.1024
3.1222 0.1726 0.1726 1.4424 0.3420 -0.5462 -1.6952
3.1847 -0.3788 -0.3788 0.8695 -0.2406 -1.1287 -2.2694
3.2472 -0.9138 -0.9138 0.3138 -0.8055 -1.6934 -2.8259
3.3097 -1.4334 -1.4334 -0.2257 -1.3538 -2.2412 -3.3657
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE LIFE 6.05 6.05 6.00 5.65 5.40 5.15
MOD DURATION @ 2.6847 3.23 3.23 3.10 3.04 3.03 3.07
SPREAD INTERP. @ 2.6847 10 10 155 55 -33 -153
</TABLE>
Page 2 of 2
--------------------------------------------------------------------------------
This memorandum is based on information generally available to the public from
sources believed to be reliable. No representation is made that it is accurate
or complete. Certain assumptions may have been made in this analysis which have
resulted in any returns detailed herein. No representation is made that any
returns indicated will be achieved. Changes to the assumptions may have a
material impact on any returns detailed. Past performance is not necessarily
indicative of future returns. Price and availability are subject to change
without notice. The foregoing has been prepared solely for informational
purposes, and is not an offer to buy or sell or a solicitation of an offer to
buy or sell any security or instrument or to participate in any particular
trading strategy. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx Xxxxxxx & Co.
International Limited, Xxxxxx Xxxxxxx Japan Ltd. and/or their affiliates may
have positions in, and effect transactions in securities and instruments of
issuers mentioned herein and may also provide or seek to provide significant
advice or investment services, including investment banking, for the issuers of
such securities and instruments. Additional information is available upon
request. To Our Readers Worldwide: In addition please note that this publication
has been issued by Xxxxxx Xxxxxxx & Co. Incorporated and approved by Xxxxxx
Xxxxxxx & Co. International Limited, a member of The Securities and Futures
Authority and Xxxxxx Xxxxxxx Japan, Ltd. We recommend that investors obtain the
advice of their Xxxxxx Xxxxxxx & Co. International limited or Xxxxxx Xxxxxxx
Japan, Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION
TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.
