1. Plenary
Presentation 1

2. Are you attending today’s conference as…
An issuer
An investor
A dealer
Other
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3. 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
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4. 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
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5. $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
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6. Plenary
Presentation 2

7. 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
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8. 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
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9. 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
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10. 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
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11. 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
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12. Do you think M-LEC will have a positive impact on the market for SIV senior debt?
Yes No
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13. Plenary
Presentation 4

14. 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
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15. Do you make investment decisions on ABCP based PRIMARILY on:
Disclosure info in PPMs/Info Memos
Rating Agency Material
Other
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16. 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
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