Plenary Presentation 1

Are you attending today’s conference as… An issuer An investor A dealer Other DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

What do you think is the main source of the decline in outstandings in the ABCP market? Unexpected volatility in the price of underlying assets Overall uncertainty in the credit and money markets Some structures not adequately robust Lack of availability of information DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Needs some refinements Inadequate In making decisions to invest in ABCP, information received through information memoranda, issuer pool reports, rating agency reports, issuer presentations, dealers, and conferences is: More than sufficient Adequate Needs some refinements Inadequate DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

$0.5 trillion $0.9 trillion $1.3 trillion $1.7 trillion Global ABCP outstandings were $1.5 trillion at the end of June 2007.  What will global ABCP outstandings be one year from now? $0.5 trillion $0.9 trillion $1.3 trillion $1.7 trillion DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Plenary Presentation 2

What do you think was the main reason for the freeze in liquidity this summer? Direct or indirect sub-prime exposure in ABCP vehicles Lack of transparency overall re vehicles’ asset composition Market value risk in vehicles Lack of understanding of ABCP mechanics Confusion over banks’ responsibilities for their own conduits Fear of poor secondary market pricing for ABCP DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

What will be the most significant change to the ABCP market after this liquidity squeeze? A reduction in the size of the ABCP market A restriction in the types of vehicle able to fund in the ABCP market The limitation of innovation in the ABCP market An increase in the amount of disclosure and transparency A restriction on the types of institution able to sponsor vehicles and use ABCP as a funding tool Higher yields on ABCP DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Back to its previous peak 110% of peak 120% of peak The global ABCP market has shrunk to approximately $1.1bn from its peak of around $1.5bn. By the end of July 2008, what will be the size of the global ABCP market? 50% of peak 80% of peak Back to its previous peak 110% of peak 120% of peak DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

What is most likely to assist in the return of investor confidence and resumption of growth in the ABCP market? Better disclosure by issuers A greater degree of regulation in the ABCP markets Pressure on investors to earn spread A limitation on the types of vehicle attempting to fund in the market DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

What is least likely to assist in the return of investor confidence and resumption of growth in the ABCP market? Better disclosure by issuers A greater degree of regulation in the ABCP markets Pressure on investors to earn spread A limitation on the types of vehicle attempting to fund in the market DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Do you think M-LEC will have a positive impact on the market for SIV senior debt? Yes No DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Plenary Presentation 4

Do you feel ABCP structures are: Complex but understandable Complex and obscure Not that complex once you get into it A good social conversation topic DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Do you make investment decisions on ABCP based PRIMARILY on: Disclosure info in PPMs/Info Memos Rating Agency Material Other DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart

Is it likely that you might make changes to your programs? No changes Structural changes Disclosure changes Changes in asset mix Combination of 2, 3 and 4 DO NOT CHANGE THIS TEXT. HTT V3.4 This is a Display Vote slide Use last vote show percentages This is a bar chart