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XXXXXX XXXXXXX
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07/14/2005 13:12:16 CARVE Version 47.0 /u/dsouzad/deal/top19/050714/top19.050714.carve
MSC MSC SERIES 2005-TOP19 FITCH/S&P CLASS X1
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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 07/14/2005
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
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<TABLE>
TRIGGER OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES OPTIONALCALL YES
PREPAY (!YM) CPR 100 CPR 0 CPR 0 CPR 0 (!YM) CPR 100 (!YM) CPR 100
DEFAULT CDR 0 24 CDR 0 24 CDR 0 24 CDR 0 24
2 3 2 3
ADVANCES YES YES YES YES
RECV MNTH 12 12 12 12
RECV DISTR 100 1 100 1 100 1 100 1
LOSSES 0.35 0.35 0.35 0.35
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<TABLE>
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PRICE / YIELD
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0.6204 18.5013 18.9205 16.4430 15.7427 15.9921 15.3092
0.6829 16.5791 17.0095 14.5582 13.8927 14.0939 13.4477
0.7454 14.8878 15.3279 12.9011 12.2675 12.4252 11.8127
0.8079 13.3816 13.8302 11.4263 10.8221 10.9400 10.3587
0.8704 12.0267 12.4826 10.1001 9.5232 9.6048 9.0523
0.9329 10.7974 11.2598 8.8974 8.3458 8.3939 7.8683
0.9954 9.6740 10.1422 7.7985 7.2707 7.2877 6.7873
1.0579 8.6409 9.1143 6.7882 6.2826 6.2707 5.7940
1.1204 7.6857 8.1638 5.8542 5.3694 5.3306 4.8760
1.1829 6.7982 7.2804 4.9864 4.5213 4.4572 4.0237
1.2454 5.9700 6.4561 4.1767 3.7303 3.6424 3.2288
1.3079 5.1944 5.6839 3.4183 2.9896 2.8793 2.4845
1.3704 4.4654 4.9581 2.7056 2.2937 2.1621 1.7853
1.4329 3.7781 4.2737 2.0336 1.6377 1.4861 1.1264
1.4954 3.1284 3.6266 1.3983 1.0177 0.8470 0.5036
1.5579 2.5125 3.0132 0.7961 0.4301 0.2412 -0.0866
1.6204 1.9275 2.4304 0.2240 -0.1280 -0.3343 -0.6471
1.6829 1.3705 1.8754 -0.3207 -0.6593 -0.8822 -1.1806
1.7454 0.8392 1.3460 -0.8404 -1.1661 -1.4049 -1.6894
1.8079 0.3314 0.8400 -1.3371 -1.6504 -1.9044 -2.1757
1.8704 -0.1547 0.3555 -1.8126 -2.1139 -2.3826 -2.6410
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AVERAGE LIFE 8.99 9.13 8.71 8.51 8.58 8.38
MOD DURATION @ 1.2454 6.25 6.28 6.39 6.54 6.35 6.51
SPREAD INTERP. @ 1.2454 185 233 7 -37 -46 -87
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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.
