--------------------------------------------------------------------------------
NEW ISSUE COMPUTATIONAL MATERIALS
$300,000,000
HOME LOAN-BACKED NOTES,
SERIES 2002-HI4
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
Depositor
HOME LOAN TRUST 2002-HI4
Issuer
RESIDENTIAL FUNDING CORPORATION
Seller and Master Servicer
GMAC RFC SECURITIES (GRAPHIC OMITTED)
AS UNDERWRITER
Any transactions in the certificates will be effected through Residential
Funding Securities Corporation.
SEPTEMBER 12, 2002
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
Worldwide Capital Partner
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER
INFORMATION
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The information herein has been provided solely by Residential Funding
Securities Corporation ("RFSC") based on information with respect to the
mortgage loans provided by Residential Funding Corporation ("RFC") and its
affiliates. RFSC is a wholly owned subsidiary of RFC. Neither RFC nor any of its
affiliates makes any representation as to the accuracy or completeness of the
information herein.
The information herein is preliminary and supersedes any prior information and
will be superseded by the prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commissions (SEC). All
assumptions and information in this report reflect RFSC's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, RFSC does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. RFSC (or any of its affiliates) or
their officers, directors, analysts or employees may have positions in
securities, commodities or derivative instruments thereon referred to here, and
may, as principal or agent, buy or sell such securities, commodities or
derivative instruments.
In addition, RFSC may make a market in the securities referred to herein.
Neither the information nor the assumptions reflected herein shall be construed
to be, or constitute, an offer to sell or buy or a solicitation of an offer to
sell or buy any securities, commodities or derivative instruments mentioned
herein. No sale of any securities, commodities or derivative instruments should
be consummated without the purchaser first having received a prospectus and, if
required prospectus supplement.
Finally, RFSC has not addressed the legal, accounting and tax implications of
the analysis with respect to you, and RFSC strongly urges you to seek advice
from your counsel, accountant and tax advisor
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
Worldwide Capital Partner
RESIDENTIAL FUNDING CORPORATION
RFMS II 2002-HI4
Computational Materials: Preliminary Term Sheet
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ISSUER: Home Loan Trust 2002-HI4
DEPOSITOR: Residential Funding Mortgage Securities II, Inc.
SELLER: Residential Funding Corporation
UNDERWRITER: Lead Manager: Bear, ▇▇▇▇▇▇▇ & Co. Inc.
Co-Manager: Residential Funding Securities Corporation
MASTER SERVICER: Residential Funding Corporation (the "Master Servicer" or
"RFC").
INITIAL SUBSERVICER: HomeComings Financial Network, Inc. ("HomeComings"), an
affiliate of the Depositor.
INDENTURE TRUSTEE: JPMorgan Chase Bank
OWNER TRUSTEE: Wilmington Trust Company
THE NOTES: Home Loan Trust 2002-HI4 will issue 10 classes of Home Loan-Backed
Notes, namely: the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5
and Class A-6 Notes (the "Class A Notes"); the Class M-1, Class M-2 and
Class M-3 Notes (the "Class M Notes" and together with Class A Notes, the
"Offered Notes") and the Class B Notes. THE CLASS A NOTES AND THE CLASS M
NOTES WILL BE OFFERED BY PROSPECTUS, THE CLASS B NOTES WILL NOT BE PUBLICLY
OFFERED.
CHARACTERISTICS OF THE NOTES (A), (B), (C)
*** RFC WILL ALSO ACCEPT INDICATIONS ON CLASS A-1 AS A FIXED-RATE CERTIFICATE ***
------------ ------------ ----------- ---------- -------- --------- --------- ---------- -------------
ORIGINAL PERCENT AVG PRINCIPAL PRINCIPAL FINAL
OFFERED PRINCIPAL OF POOL LIFE LOCKOUT WINDOW SCH. RATINGS
NOTES BALANCE BALANCE COUPON TO CALL (MONTHS) (MONTHS) MATURITY (▇▇▇▇▇'▇/S&P)
(YEARS) DATE
------------ ------------ ----------- ---------- -------- --------- --------- ---------- -------------
Class A-1 $81,016,000 27.01% Floating 1.00 0 21 7/25/10 Aaa / AAA
(d)
Class A-2 19,627,000 6.54% Fixed 2.00 20 7 8/25/11 Aaa / AAA
Class A-3 61,696,000 20.57% Fixed 3.00 26 23 2/25/15 Aaa / AAA
Class A-4 24,296,000 8.10% Fixed 5.00 48 25 10/25/16 Aaa / AAA
Class A-5 16,369,000 5.46% Fixed 7.00 72 25 7/25/18 Aaa / AAA
Class A-6 24,996,000 8.33% Fixed (e) 9.62 96 25 9/25/32 Aaa / AAA
Class M-1 24,750,000 8.25% Fixed (e) 6.96 43 78 9/25/32 Aa2 / AA
Class M-2 21,750,000 7.25% Fixed (e) 6.96 43 78 9/25/32 A2 / A
Class M-3 18,750,000 6.25% Fixed (e) 6.96 43 78 9/25/32 Baa2 / BBB
Class B (f) 6,750,000 2.25% Fixed 6.94 43 78 9/25/32 Ba2 / BB
------------ ------------ ----------- ---------- -------- --------- --------- ---------- -------------
NOTES:
(A) 100% Prepayment Assumption: 2.0% CPR in month 1 of the Home Loans, and an
additional 1.071% per annum in each month thereafter until month 15. On and
after month 15, 17.0% CPR.
(B) Transaction priced to a 10% clean-up call.
(C) The principal balance of each Class of Notes is subject to a 5% variance.
(D) The lesser of (a) 1-month LIBOR + 0.__% per annum and (b) 8.00% per annum.
(E) If the 10% clean-up call is not exercised, the Note Rate applicable to the
Class A-6 Notes, Class M-1 Notes, Class M-2 Notes and Class M-3 Notes will
increase by 0.50% on the second payment date after the first possible call
date.
(F) The Class B Notes will not be publicly offered.
THE ASSETS OF THE TRUST: The assets of the Trust will include a pool of
conventional, closed-end, second-lien, fixed-rate home loans (the "Home
Loans"), the proceeds of which will be used primarily for debt
consolidation and/or home improvements. The Home Loans will be secured by
mortgages, deeds of trust or other similar security instruments. Most of
the Home Loans will have a combined loan-to-value ratio in excess of 100%.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
Worldwide Capital Partner
STATISTICAL CUT-OFF DATE: As of September 1, 2002.
CUT-OFF DATE: As of September 1, 2002.
CLOSING DATE: On or about September 26, 2002.
PAYMENT DATE: The 25th of each month (or the next business day), commencing on
October 25, 2002.
DELAYDAYS: The Notes, other than the Class A-1 Notes, will have a payment delay
of 24 days. With respect to the Class A-1 Notes, 0 days.
FORM OF REGISTRATION: Book-Entry form, same day funds through DTC, Clearstream
and Euroclear.
NOTE RATE: Interest will accrue on all of the Notes, other than the Class A-1
Notes, at a fixed rate during the month prior to the month of the related
Payment Date on a 30/360-day basis.
The coupon on the Class A-1 Notes will be equal to the lesser of (a)
1-month LIBOR + 0.__% per annum and (b) 8.00% per annum, payable monthly.
With respect to any Payment Date, the Class A-1 Notes will be entitled to
interest accrued from and including the preceding Payment Date (or from and
including the Closing Date in the case of the first Payment Date) to and
including the day prior to the then current Payment Date (the "Class A-1
Accrual Period") at the Class A-1 Note Rate on the aggregate principal
balance of the Class A-1 Notes on an actual/360-day basis.
The Note Rate applicable to the Class A-6 Notes, Class M-1 Notes, Class M-2
Notes and Class M-3 Notes will increase by 0.50% on the second Payment Date
after the first possible Call Date.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
Worldwide Capital Partner
CREDIT ENHANCEMENT: Credit enhancement for the benefit of the Notes will be as
follows:
INITIAL SUBORDINATION (% ORIG.):
[24.00]% for the Class A Notes;
[15.75]% for the Class M-1 Notes;
[8.50]% for the Class M-2 Notes;
[2.25]% for the Class M-3 Notes; and
[0.00]% for the Class B Notes.
OVERCOLLATERALIZATION ("OC"):
Initial (% Orig.) 0.00%
OC Target (% Orig.) 2.00%
OC After Step-Down (% Curr.) 4.00%
OC Floor (% Orig.) [0.50]%
EXCESS SPREAD:
Excess spread will be available to build OC
starting on the April 2005 payment date (ie,
6-month spread holiday). Excess spread
(before losses) is initially expected to
equal approximately [7.9]% per annum.
PRIORITY OF DISTRIBUTIONS: On each Payment Date, amounts available for
distribution will be allocated in the following order of priority:
INTEREST
1. To pay accrued and unpaid interest on the Class A Notes;
2. To pay accrued and unpaid interest, sequentially, on the Class M-1 Notes,
the Class M-2 Notes, the M-3 Notes and the Class B Notes, in that order.
PRINCIPAL
1. To pay as principal on the Class A Notes an amount equal to the Class A
Principal Distribution Amount;
2. To pay as principal on the Class M-1 Notes, an amount equal to the Class
M-1 Principal Distribution Amount;
3. To pay as principal on the Class M-2 Notes, an amount equal to the Class
M-2 Principal Distribution Amount; and
4. To pay as principal on the Class M-3 Notes, an amount equal to the Class
M-3 Principal Distribution Amount.
5. To pay as principal on the Class B Notes, an amount equal to the Class B
Principal Distribution Amount.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
Worldwide Capital Partner
NET MONTHLY EXCESS CASH FLOW
1. To pay as principal to the Notes then entitled to receive principal, an
amount necessary to cover realized losses on the related Home Loans;
2. To pay as principal on the Notes then entitled to receive principal, the
amount necessary to cause the overcollateralization amount to equal the
Overcollateralization Target starting on and after the April 2003 payment
date;
3. To the holders of the Certificates, any remaining Excess Cash Flow.
LIQUIDATED HOME LOAN: As to any payment date, any home loan which the master
servicer has determined, based on the servicing procedures specified in the
servicing agreement, as of the end of the preceding Collection Period, that
all liquidation proceeds which it expects to recover in connection with the
disposition of the related mortgaged property have been recovered. In
addition, the master servicer will treat any home loan that is 180 days or
more delinquent as having been fully liquidated.
PRINCIPAL DISTRIBUTIONS FOR THE NOTES:
The Class M and Class B Notes will not receive any principal payments on or
after the Stepdown Date (so long as a Trigger Event is not in effect),
unless the principal balance of the Class A Notes is equal to zero. On or
after the Stepdown Date, so long as a Trigger Event is not in effect,
principal will be paid to the Class A, Class M and Class B Notes as
described under the "Priority of Distributions."
Principal distributions with respect to the Class A Notes will be
distributed to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5
and Class A-6 Notes, in that order, until paid in full.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS A PRINCIPAL DISTRIBUTION AMOUNT:
With respect to any Payment Date, (1) prior to the Stepdown Date or on or
after the Stepdown Date if a Trigger Event is in effect, the Principal
Distribution Amount for that Payment Date, or (2) on or after the Stepdown
Date if a Trigger Event is not in effect for that Payment Date, the lesser
of: (I) the Principal Distribution Amount for that Payment Date; and (II)
the excess of (A) the aggregate Class A Certificate Balance immediately
prior to that Payment Date over (B) the lesser of (x) the product of (1)
the applicable Subordination Percentage and (2) the aggregate Stated
Principal Balance of the Home Loans after giving effect to distributions to
be made on that Payment Date and (y) the aggregate Stated Principal Balance
of the Home Loans after giving effect to distributions to be made on that
Payment Date, less the Overcollateralization Floor.
CLASS M-1 PRINCIPAL DISTRIBUTION AMOUNT:
With respect to any Payment Date: (1) prior to the Stepdown Date or on or
after the Stepdown Date if a Trigger Event is in effect, the remaining
Principal Distribution Amount for that Payment Date after distribution of
the Class A Principal Distribution Amount, or (2) on or after the Stepdown
Date if a Trigger Event is not in effect for that Payment Date, the lesser
of: (I) the remaining Principal Distribution Amount for that Payment Date
after distribution of the Class A Principal Distribution Amount; and (II)
the excess of (A) the sum of (1) the aggregate Class A Certificate Balance
(after taking into account the payment of the sum of the Class A Principal
Distribution Amount for that Payment Date) and (2) the Certificate
Principal Balance of the Class M-1 Notes immediately prior to that Payment
Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of
the Home Loans after giving affect to distributions to be made on that
Payment Date and (y) the aggregate Stated Principal Balance of the Home
Loans after giving effect to distributions to be made on that Payment Date,
less the Overcollateralization Floor.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS M-2 PRINCIPAL DISTRIBUTION AMOUNT:
With respect to any Payment Date: (1) prior to the Stepdown Date or on or
after the Stepdown Date if a Trigger Event is in effect, the remaining
Principal Distribution Amount for that Payment Date after distribution of
the Class A and Class M-1 Principal Distribution Amount, or (2) on or after
the Stepdown Date if a Trigger Event is not in effect for that Payment
Date, the lesser of: (I) the remaining Principal Distribution Amount for
that Payment Date after distribution of the Class A and Class M-1 Principal
Distribution Amount; and (II) the excess of (A) the sum of (1) the
aggregate Class A and Class M-1 Certificate Balance (after taking into
account the payment of the sum of the Class A and Class M-1 Principal
Distribution Amount for that Payment Date) and (2) the Certificate
Principal Balance of the Class M-2 Notes immediately prior to that Payment
Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of
the Home Loans after giving affect to distributions to be made on that
Payment Date and (y) the aggregate Stated Principal Balance of the Home
Loans after giving effect to distributions to be made on that Payment Date,
less the Overcollateralization Floor.
CLASS M-3 PRINCIPAL DISTRIBUTION AMOUNT:
With respect to any Payment Date: (1) prior to the Stepdown Date or on or
after the Stepdown Date if a Trigger Event is in effect, the remaining
Principal Distribution Amount for that Payment Date after distribution of
the Class A, M-1 and M-2 Principal Distribution Amount, or (2) on or after
the Stepdown Date if a Trigger Event is not in effect for that Payment
Date, the lesser of: (I) the remaining Principal Distribution Amount for
that Payment Date after distribution of the Class A, M-1 and M-2 Principal
Distribution Amount; and (II) the excess of (A) the sum of (1) the
aggregate Class A, M-1 and M-2 Certificate Balance (after taking into
account the payment of the sum of the Class A, M-1 and M-2 Principal
Distribution Amount for that Payment Date) and (2) the Certificate
Principal Balance of the Class M-3 Notes immediately prior to that Payment
Date over (B) the lesser of (x) the product of (1) the applicable
Subordination Percentage and (2) the aggregate Stated Principal Balance of
the Home Loans after giving affect to distributions to be made on that
Payment Date and (y) the aggregate Stated Principal Balance of the Home
Loans after giving effect to distributions to be made on that Payment Date,
less the Overcollateralization Floor.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS B PRINCIPAL DISTRIBUTION AMOUNT:
With respect to any Payment Date: (1) prior to the Stepdown Date or on or
after the Stepdown Date if a Trigger Event is in effect, the remaining
Principal Distribution Amount for that Payment Date after distribution of
the Class A, M-1, M-2 and M-3 Principal Distribution Amount, or (2) on or
after the Stepdown Date if a Trigger Event is not in effect for that
Payment Date, the lesser of: (I) the remaining Principal Distribution
Amount for that Payment Date after distribution of the Class A, M-1, M-2
and M-3 Principal Distribution Amount; and (II) the excess of (A) the sum
of (1) the aggregate Class A, M-1, M-2 and M-3 Certificate Balance (after
taking into account the payment of the sum of the Class A, M-1, M-2 and M-3
Principal Distribution Amount for that Payment Date) and (2) the
Certificate Principal Balance of the Class B Notes immediately prior to
that Payment Date over (B) the lesser of (x) the product of (1) the
applicable Subordination Percentage and (2) the aggregate Stated Principal
Balance of the Home Loans after giving affect to distributions to be made
on that Payment Date and (y) the aggregate Stated Principal Balance of the
Home Loans after giving effect to distributions to be made on that Payment
Date, less the Overcollateralization Floor.
STEPDOWN DATE: The later to occur of (x) the Payment Date in October 2005 (i.e.,
the 37th Payment Date) and (y) the first Payment Date on which the
aggregate certificate principal balance of the Class M Notes, Class B Notes
and the Overcollateralization Amount immediately prior to that Payment Date
is equal to or greater than [52.00]% of the aggregate Stated Principal
Balance of the Home Loans after giving effect to distributions to be made
on that Payment Date.
SUBORDINATION PERCENTAGE: As to any class of offered Notes, the respective
percentages set forth below:
Class A 48.00%
Class M-1 64.50%
Class M-2 79.00%
Class M-3 91.50%
Class B 96.00%
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
REQUIRED
OVERCOLLATERALIZATION AMOUNT; TRIGGER EVENT
On any Payment Date prior to the Stepdown Date, the Required
Overcollateralization Amount will be 2.00% of the Cut-off Date Balance. On
of after the Stepdown Date, the Required Overcollateralization Amount will
be equal to the lesser of : (a) the Required Overcollateralization Amount
as of the Cut-off Date and (b) 4.00% of the current aggregate Stated
Principal Balance of the Home Loans after giving effect to distributions to
be made on that Payment Date, but not less than [0.50]% of the Cut-off Date
Balance; provided, however, that any scheduled reduction to the Required
Overcollateralization Amount on or after the Stepdown Date as described
above shall not be made on any Payment Date unless the following trigger
event is satisfied (the "TRIGGER EVENT"):
If both (a) and (b) below are satisfied, then no Trigger Event will have
occurred; and if either (a) or (b) are not satisfied and (c) is satisfied,
then no Trigger Event will have occurred.
(a) the aggregate cumulative liquidation loss amount on the Home Loans from
the Cut-off Date through the end of the Collection Period immediately prior
to such Payment Date is less than: (1) 10.00% of the Cut-off Date Balance,
if such Payment Date is the 37th through 48th Payment Dates, (2) 12.00% of
the Cut-off Date Balance, if such Payment Date is the 49th through 60th
Payment Dates, or (3) 14.00% of the Cut-off Date Balance, if such Payment
Date is the 61st Payment Date (or any Payment Date thereafter);
(b) the three-month average of the sixty-plus delinquency percentage, as
determined as of that Payment Date and the immediately preceding two
Distribution Dates, for any Payment Date on or after the Payment Date in
October 2005 is less than 5.00%;
(c) the average of the aggregate liquidation loss amount on the Home Loans
that became Liquidated Home Loans during the related Collection Period, as
determined for the current and five previous Payment Dates, is less than
50% of the average Net Monthly Excess Cashflow for the current and five
previous Payment Dates.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
OVERCOLLATERALIZATION FLOOR: With respect to the home loans, an amount equal to
[0.50]% of the aggregate Stated Principal Balance of the Home Loans as of
the cut-off date.
OVERCOLLATERALIZATION AMOUNT: With respect to any Payment Date, the excess, if
any, of the aggregate Stated Principal Balance of the Home Loans after
giving effect to distributions of principal to be made on that Payment
Date, over the aggregate Certificate Principal Balance of the Class A
Notes, Class M Notes and Class B Notes as of such date, after taking into
account distribution of principal to be made on that Payment Date.
MASTER SERVICING FEE: 0.08% per annum, payable monthly. The fees of the Trustees
will be paid from the Master Servicing Fee.
SUBSERVICING FEE: 0.50% per annum, payable monthly.
ADVANCING: There is no required advancing of delinquent scheduled monthly
payments of principal or interest on the Home Loans by the Master Servicer,
the Subservicer, the Trustees or any other entity.
OPTIONAL REDEMPTION: The Master Servicer may, at its option, effect an early
redemption or termination of the Notes on the first Payment Date on which
the aggregate pool balance declines to less than 10% of the aggregate
cut-off date pool balance (the "Call Date").
MINIMUM DENOMINATIONS: For Class A and Class M-1: $25,000 and integral multiples
of $1 in excess thereof; For Class M-2 and Class M-3: $250,000 and integral
multiples of $1 in excess thereof.
TAX STATUS: For federal income tax purposes, the Offered Notes will be
characterized as indebtedness of the Issuer.
ERISAELIGIBILITY: The Offered Notes may be eligible for purchase by employee
benefit plans that are subject to ERISA.
SMMEATREATMENT: The Notes will not constitute "mortgage related securities" for
purposes of SMMEA.
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS A-1 (TO CALL / TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
4.03 1.49 1.18 1.00 0.88 0.80
MODIFIED DURATION (YEARS) 3.79 1.45 1.15 0.98 0.86 0.78
FIRST PRINCIPAL PAYMENT 10/25/02 10/25/02 10/25/02 10/25/02 10/25/02 10/25/02
LAST PRINCIPAL PAYMENT 2/25/10 8/25/05 11/25/04 6/25/04 3/25/04 1/25/04
PRINCIPAL LOCKOUT (MONTHS) 0 0 0 0 0 0
PRINCIPAL WINDOW (MONTHS) 89 35 26 21 18 16
ILLUSTRATIVE YIELD @ PAR (30/360) 2.03% 2.03% 2.03% 2.02% 2.02% 2.02%
-------------------------------------------------------------------------------------------------
CLASS A-2 (TO CALL / TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
8.05 3.25 2.46 2.00 1.70 1.49
MODIFIED DURATION (YEARS) 7.02 3.04 2.34 1.91 1.63 1.44
FIRST PRINCIPAL PAYMENT 2/25/10 8/25/05 11/25/04 6/25/04 3/25/04 1/25/04
LAST PRINCIPAL PAYMENT 5/25/11 5/25/06 6/25/05 12/25/04 8/25/04 5/25/04
PRINCIPAL LOCKOUT (MONTHS) 88 34 25 20 17 15
PRINCIPAL WINDOW (MONTHS) 16 10 8 7 6 5
ILLUSTRATIVE YIELD @ PAR (30/360) 3.10% 3.06% 3.04% 3.02% 3.00% 2.99%
-------------------------------------------------------------------------------------------------
CLASS A-3 (TO CALL / TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
10.24 4.93 3.74 3.00 2.51 2.16
MODIFIED DURATION (YEARS) 8.39 4.43 3.43 2.79 2.36 2.04
FIRST PRINCIPAL PAYMENT 5/25/11 5/25/06 6/25/05 12/25/04 8/25/04 5/25/04
LAST PRINCIPAL PAYMENT 9/25/14 5/25/09 10/25/07 10/25/06 2/25/06 6/25/05
PRINCIPAL LOCKOUT (MONTHS) 103 43 32 26 22 19
PRINCIPAL WINDOW (MONTHS) 41 37 29 23 19 14
ILLUSTRATIVE YIELD @ PAR (30/360) 3.67% 3.64% 3.63% 3.61% 3.59% 3.58%
-------------------------------------------------------------------------------------------------
CLASS A-4 (TO CALL / TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
12.96 7.97 6.21 5.00 4.16 3.36
MODIFIED DURATION (YEARS) 9.66 6.57 5.31 4.39 3.72 3.06
FIRST PRINCIPAL PAYMENT 9/25/14 5/25/09 10/25/07 10/25/06 2/25/06 6/25/05
LAST PRINCIPAL PAYMENT 7/25/16 2/25/12 3/25/10 10/25/08 10/25/07 1/25/07
PRINCIPAL LOCKOUT (MONTHS) 143 79 60 48 40 32
PRINCIPAL WINDOW (MONTHS) 23 34 30 25 21 20
ILLUSTRATIVE YIELD @ PAR (30/360) 4.45% 4.44% 4.43% 4.41% 4.40% 4.38%
-------------------------------------------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS A-5 (TO CALL / TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
14.37 10.55 8.54 7.00 5.85 4.98
MODIFIED DURATION (YEARS) 9.95 7.96 6.76 5.75 4.94 4.29
FIRST PRINCIPAL PAYMENT 7/25/16 2/25/12 3/25/10 10/25/08 10/25/07 1/25/07
LAST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08
PRINCIPAL LOCKOUT (MONTHS) 165 112 89 72 60 51
PRINCIPAL WINDOW (MONTHS) 13 29 28 25 21 18
ILLUSTRATIVE YIELD @ PAR (30/360) 5.14% 5.13% 5.12% 5.12% 5.11% 5.10%
-------------------------------------------------------------------------------------------------
CLASS A-6 (TO CALL)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
18.46 13.13 11.36 9.62 8.16 6.98
MODIFIED DURATION (YEARS) 11.19 9.05 8.18 7.24 6.38 5.62
FIRST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08
LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10
PRINCIPAL LOCKOUT (MONTHS) 177 140 116 96 80 68
PRINCIPAL WINDOW (MONTHS) 55 22 26 25 23 20
ILLUSTRATIVE YIELD @ PAR (30/360) 5.67% 5.67% 5.66% 5.65% 5.65% 5.64%
-------------------------------------------------------------------------------------------------
CLASS A-6 (TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
20.15 14.78 12.80 11.04 9.56 8.33
MODIFIED DURATION (YEARS) 11.70 9.71 8.83 7.95 7.14 6.42
FIRST PRINCIPAL PAYMENT 7/25/17 6/25/14 6/25/12 10/25/10 6/25/09 6/25/08
LAST PRINCIPAL PAYMENT 5/25/27 10/25/25 4/25/23 8/25/20 11/25/17 9/25/16
PRINCIPAL LOCKOUT (MONTHS) 177 140 116 96 80 68
PRINCIPAL WINDOW (MONTHS) 119 137 131 119 102 100
ILLUSTRATIVE YIELD @ PAR (30/360) 5.70% 5.70% 5.70% 5.70% 5.71% 5.71%
-------------------------------------------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS M-1 (TO CALL)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.08 10.20 8.41 6.96 5.85 5.09
MODIFIED DURATION (YEARS) 9.96 7.54 6.48 5.56 4.82 4.29
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 1/25/06
LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 39
PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 49
ILLUSTRATIVE YIELD @ PAR (30/360) 5.49% 5.47% 5.47% 5.46% 5.45% 5.44%
-------------------------------------------------------------------------------------------------
CLASS M-1 (TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.66 10.75 8.87 7.42 6.32 5.55
MODIFIED DURATION (YEARS) 10.14 7.77 6.70 5.81 5.09 4.57
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 1/25/06
LAST PRINCIPAL PAYMENT 3/25/27 5/25/24 5/25/21 5/25/18 11/25/16 8/25/15
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 39
PRINCIPAL WINDOW (MONTHS) 158 189 170 145 134 116
ILLUSTRATIVE YIELD @ PAR (30/360) 5.50% 5.49% 5.48% 5.48% 5.48% 5.47%
-------------------------------------------------------------------------------------------------
CLASS M-2 (TO CALL)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.08 10.20 8.41 6.96 5.85 5.05
MODIFIED DURATION (YEARS) 9.76 7.43 6.40 5.50 4.77 4.22
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 11/25/05
LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 37
PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 51
ILLUSTRATIVE YIELD @ PAR (30/360) 5.78% 5.77% 5.76% 5.75% 5.74% 5.73%
-------------------------------------------------------------------------------------------------
CLASS M-2 (TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.65 10.70 8.82 7.40 6.29 5.48
MODIFIED DURATION (YEARS) 9.93 7.63 6.59 5.73 5.02 4.48
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 11/25/05
LAST PRINCIPAL PAYMENT 12/25/26 1/25/23 12/25/19 5/25/17 3/25/16 11/25/14
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 37
PRINCIPAL WINDOW (MONTHS) 155 173 153 133 126 109
ILLUSTRATIVE YIELD @ PAR (30/360) 5.79% 5.78% 5.78% 5.77% 5.77% 5.76%
-------------------------------------------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
CLASS M-3 (TO CALL)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.08 10.20 8.41 6.96 5.85 5.03
MODIFIED DURATION (YEARS) 9.33 7.19 6.21 5.36 4.67 4.13
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 10/25/05
LAST PRINCIPAL PAYMENT 1/25/22 3/25/16 7/25/14 10/25/12 4/25/11 1/25/10
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 36
PRINCIPAL WINDOW (MONTHS) 96 91 88 78 67 52
ILLUSTRATIVE YIELD @ PAR (30/360) 6.44% 6.43% 6.42% 6.41% 6.39% 6.38%
-------------------------------------------------------------------------------------------------
CLASS M-3 (TO MATURITY)
-------------------------------------------------------------------------------------------------
% OF PREPAYMENT ASSUMPTION 0% 50% 75% 100% 125% 150%
RAMP TO 0.00% 8.50% 12.75% 17.00% 21.25% 25.50%
-------------------------------------------------------------------------------------------------
AVERAGE LIFE (YEARS)
15.60 10.54 8.73 7.33 6.21 5.37
MODIFIED DURATION (YEARS) 9.47 7.32 6.35 5.54 4.86 4.32
FIRST PRINCIPAL PAYMENT 2/25/14 9/25/08 4/25/07 5/25/06 10/25/05 10/25/05
LAST PRINCIPAL PAYMENT 7/25/26 2/25/21 8/25/17 7/25/16 3/25/15 9/25/13
PRINCIPAL LOCKOUT (MONTHS) 136 71 54 43 36 36
PRINCIPAL WINDOW (MONTHS) 150 150 125 123 114 96
ILLUSTRATIVE YIELD @ PAR (30/360) 6.45% 6.44% 6.43% 6.42% 6.42% 6.41%
-------------------------------------------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------
Current Principal Balance (as of 9/1/02) $298,103,123
Loan Count 7,332
Average Current Principal Balance $40,658
Average Original Principal Balance $40,863
Range of Original Principal Balance $10,000 to
$100,000
Up to $25,000.00 6.58%
$25,000.01 to $50,000.00 63.15%
$50,000.01 to $75,000.00 29.40%
$75,000.01 to $100,000.00 0.87%
--------------------------------------------------------------
LOAN RATE
Weighted Average 12.520%
Range of Loan Rates 8.050% to
19.260%
8.001% to 9.000% 0.23%
9.001% to 10.000% 2.71%
10.001% to 11.000% 8.87%
11.001% to 12.000% 25.71%
12.001% to 13.000% 31.19%
13.001% to 14.000% 21.54%
14.001% to 15.000% 7.60%
15.001% to 16.000% 1.19%
16.001% to 17.000% 0.61%
17.001% to 18.000% 0.21%
18.001% to 19.000% 0.09%
19.001% to 20.000% 0.04%
--------------------------------------------------------------
WA Original Term to Stated Maturity 203
(months)
WA Remaining Term to Stated Maturity 201
(months)
Up to 60 months 0.18%
61 to 120 months 3.91%
121 to 180 months 70.77%
181 to 240 months 7.37%
241 to 300 months 17.77%
--------------------------------------------------------------
Balloon / Fully Amortizing 0.56% / 99.44%
First Lien / Second Lien 0.04% / 99.96%
--------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------
CREDIT SCORE
Weighted Average 697
Range of Credit Scores 630 to 802
620 to 639 0.02%
640 to 659 5.71%
660 to 679 23.49%
680 to 699 25.94%
700 to 719 23.40%
720 to 739 13.00%
740 to 759 5.81%
760 to 779 2.04%
780 to 799 0.57%
800 to 819 0.02%
--------------------------------------------------------------
ORIGINAL CLTV
Weighted Average 117.26%
Up to 40.00% 0.02%
40.01% to 50.00% 0.03%
50.01% to 60.00% 0.03%
60.01% to 70.00% 0.08%
70.01% to 80.00% 1.32%
80.01% to 90.00% 1.02%
90.01% to 100.00% 2.47%
100.01% to 105.00% 3.60%
105.01% to 110.00% 9.97%
110.01% to 115.00% 14.22%
115.01% to 120.00% 19.69%
120.01% to 125.00% 47.51%
125.01% to 130.00% 0.04%
--------------------------------------------------------------
DEBT-TO-INCOME RATIO
Weighted Average 39.81%
5.01% to 10.00% 0.01%
10.01% to 15.00% 0.13%
15.01% to 20.00% 0.67%
20.01% to 25.00% 2.44%
25.01% to 30.00% 8.07%
30.01% to 35.00% 15.68%
35.01% to 40.00% 21.03%
40.01% to 45.00% 30.39%
45.01% to 50.00% 21.58%
--------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------
JUNIOR RATIO
Weighted Average 27.60%
5.01% to 10.00% 0.30%
10.01% to 15.00% 4.31%
15.01% to 20.00% 17.33%
20.01% to 25.00% 24.38%
25.01% to 30.00% 19.97%
30.01% to 35.00% 13.91%
35.01% to 40.00% 9.98%
40.01% to 45.00% 4.88%
45.01% to 50.00% 2.49%
50.01% to 55.00% 1.23%
55.01% to 60.00% 0.54%
60.01% to 65.00% 0.33%
65.01% to 70.00% 0.26%
70.01% to 75.00% 0.07%
75.01% to 80.00% 0.02%
95.01% to 100.00% 0.01%
--------------------------------------------------------------
RESIDUAL INCOME
Weighted Average $3,752
Up to $999.99 0.02%
$1,000.00 to $1,999.99 4.31%
$2,000.00 to $2,999.99 26.15%
$3,000.00 to $3,999.99 35.50%
$4,000.00 to $4,999.99 18.10%
$5,000.00 to $5,999.99 8.65%
Greater than or equal to $6,000.00 7.27%
--------------------------------------------------------------
PROPERTY TYPE
Single Family Residence 90.31%
PUD Detached 5.35%
Condominium 1.82%
PUD Attached 1.09%
Townhouse 1.05%
Multifamily (2 to 4 units) 0.32%
Modular 0.07%
--------------------------------------------------------------
--------------------------------------------------------------
OCCUPANCY STATUS
Owner Occupied 100.00%
--------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF
THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT.
--------------------------------------------------------------
DOCUMENTATION
Full Documentation 99.42%
Reduced 0.58%
--------------------------------------------------------------
--------------------------------------------------------------
LOAN PURPOSE
Debt Consolidation 80.33%
Cash Out 9.07%
Rate/Term Refinance 5.00%
Convenience 3.79%
Home Improvement / Debt Consolidation 0.85%
Home Improvement 0.26%
Asset Acquisition 0.25%
Education 0.02%
Purchase 0.01%
Other 0.43%
--------------------------------------------------------------
PREPAYMENT PENALTY TERMS
None 54.77%
12 months 0.81%
24 months 0.25%
36 months 42.52%
60 months 1.29%
Other (not more than 60 months) 0.36%
--------------------------------------------------------------
GEOGRAPHIC CONCENTRATION (> 5%)
CA: 7.62%
FL: 6.49%
PA: 5.68%
OH: 5.50%
--------------------------------------------------------------
________________________________________________________________________________
This Information was prepared by Bear ▇▇▇▇▇▇▇ & Co. Inc. in its capacity as lead
underwriter. This information should be considered only after reading the
Statement Regarding Assumptions as to Securities, Pricing Estimates and Other
Information, which should be attached. Do not use or rely on this information if
you have not received and reviewed this Statement. You may obtain a copy of the
Statement from your sales representative.
WORLDWIDE CAPITAL PARTNER
