1. ASF 2006 Extendible ABCP Market Overview January 2006

2. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 2 Extendible ABCP Market Overview The Extendible ABCP market continued to grow in 2005 with the market ending with over $100 billion in outstandings and accounting for approximately 11% of the total ABCP market The pace of growth in the Extendible market, 33% year over year, beat the remarkable 24% growth rate that the overall ABCP market saw in 2005 Growth in the market came from both new entrants to the market as well as from increases in existing SLN programs and other traditional ABCP programs that added the ability to issue SLNs New programs launched in 2005 included new mortgage warehouse facilities, securities programs, receivables transactions, and fully supported multi- seller vehicles We expect to see continued growth in the Extendible market during 2006 as well more mature programs looking to restructure to take advantage of new technology innovations in the market Extendible Program Type Breakout Based on the Number of Programs Mortgage Credit Card Multi-Seller (Fully Supported) Multi-Seller (Partially Supported) 2% Auto Dealer Floorplan 2% Securities

3. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 3 Why Program Sponsors Use Extendible ABCP Take advantage of the inherent liquidity of the underlying asset portfolio Assets mature by their terms and conditions Secondary market value Regulatory Capital Relief In a world where liquidity facilities attract capital Internal Cash Capital Relief 1-year as a cut-off point

4. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 4 Growth in the Extendible ABCP Market SLNs ABCP Source:Federal Reserve, Moodys, ASF. Growth in the Extendible ABCP Market $Bn % Growth of SLNs / ABCP 6%8%11%

5. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 5 Extendible ABCP Market Overview As of January 2006 Notes:(1)Source: Moodys ABCP Program Index as of June 30, 2005 and Morgan Stanley Trading Desk. (2)Source: Bloomberg. (3)With J.P. Morgan as conduit administrator. (4)With LaSalle Bank as conduit administrator. (5)This amount includes ABCP and Callables as well as SLNs. Countrywide Citibank ABN AMRO Ford Friedman, Billings & Ramsey Barclays Stanfield Global Strategies GMAC Ameriquest SachsenLB MBNA Thornburg Mortgage Long Beach Mortgage (WaMu) Dresdner Bank AG, New York Branch Countrywide Hudson Castle Ixis Financial Products Alliance Capital Mgmt Hudson Castle Liberty Hampshire Prime resi mortgage loans Credit cards Trade and term receivables Auto dealer Floorplans Agency-backed hybrid ARMs (repos) Trade and term receivables Term and trade receivables, securities Commercial mortgages Non-prime resi mtgs loans Securities Credit cards Aaa-rated adjustable rate mortgage- backed securities Non-prime mortgage loans Term and trade receivables, securities Non-prime resi mortgage loans Term and trade receivables, securities Securities Term and trade receivables, securities Up to 180 days Up to 124 days Up to 180 days Up to 99 days Up to 240 days Up to 120 days Up to 180 days Up to 90 days Up to 180 days Up to 250 days Up to 99 days Up to 250 days Up to 180 days Up to 65 days Up to 180 days Up to 270 days up to 180 days Up to 180 days Up to 90 days Up to 200 days 120 days from expected 390 days from issuance 365 days from issuance 390 days from issuance 20 days from expected 390 days from issuance 397 days from issuance 180 days from issuance 180 days from expected 20 days from expected 390 days from issuance 10 days from expected 60 days from expected 365 days from issuance 180 days from expected 390 days from issuance 90 days from expected 270 days from issuance 390 days from issuance 397 days from issuance Park Granada DAKOTA Tulip Motown Notes Georgetown Funding Stratford Receivables Mica Funding Mortgage Interest Networking Trust Main Street Ormond Quay Emerald Notes Thornburg Mortgage Strand Capital LLC Brahms Funding Park Sienna Fenway Eiffel Funding ASAP Funding Foxboro Funding Concord Minutemen A-1+/P-1 A-1/P-1/F1 A-1+/P-1 A-1+/P-1/F1+ A-1+/P-1 A-1/P-1 A-1+/P-1 A-1+/P-1/F1+ P-1/F1+ A-1+/P-1/F1+ A-1/P-1 A-1+/P-1 A-1/P-1 A-1/P-1/F1 A-1+/P-1/F1+ A-1/P-1 A-1/P-1/F1 SponsorAssets # of Days to Expected Maturity # of Days to Final Maturity 18,000 15,000 8,770 (2) 8,500 7,391 6,514 5,723 (2) 5,483 5,481 5,157 (2) 5,062 4,990 4,900 4,192 4,051 3,500 3,123 (2) 3,000 2,900 2,780 Outstandings ($MM) (1) MS / BAS / C / GS / JPM / LEH C / LEH / ML C / GS / LEH MS / Ford / LEH GS / JPM / ML MS / BCLY / LEH C / CSFB / DB / JPM / LEH / ML BAS / CSFB / JPM / LEH MS / BAS / C / GS / ML DB / GS / LEH BAS / C / GS / JPM / LEH GS / LEH / ML MS / GS / JPM / LEH / ML MS / JPM / LEH / ML BAS / C / CW / DB / GS / JPM MS / BAS / JPM / LEH / ML BAS / CDC / CSFB / DB / JPM / LEH BAS / C / LEH MS / BAS / LEH MS / C / GS / JPM Dealers (2) ProgramRating

6. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 6 Extendible ABCP Market Overview As of January 2006 Notes:(1)Source: Moodys ABCP Program Index as of June 30, 2005 and Morgan Stanley Trading Desk. (2)Source: Bloomberg. (3)With J.P. Morgan as conduit administrator. (4)With LaSalle Bank as conduit administrator. (5)This amount includes ABCP and Callables as well as SLNs. SponsorAssets # of Days to Expected Maturity # of Days to Final Maturity Outstandings ($MM) (1) Dealers (2) ProgramRating Securities guaranteed by MBIA or FGICUp to 210 days150 days from expectedMS / LEH2,564 Monument Gardens Rabobank A-1/P-1 Securities, CDS, Repos and CLNsUp to 270 days360 days from issuanceMS / AIG / LEH2,194 (2) Curzon AIG FP A-1+/P-1 Prime mortgage loansUp to 180 days120 days from expectedBAS / C / LEH1,852 Broadhollow Funding American Home Mortgage A-1+/P-1 Sub-prime resi mortgage loansUp 180 days180 days from expectedBAS / C/ LEH1,166 Harwood Street Funding II CTX Mortgage Company A-1+/P-1/F1+ Capital OneCredit cardsUp to 270 days390 days from issuanceC / JPM / LEH1,000 A-1+/P-1/F1+ Capital One Multi-Asset Execution Trust SecuritiesUp to 90 days180 days from issuanceBAS / C / ING980ING Capital A-1+/P-1 Ajax Bambino Funding SecuritiesUp to 180 days180 days from expectedMS / LEH875 (2) AIG FP A-1+/P-1Nyala Prime mortgage loansUp to 180 days120 days from expectedBAS / C / LEH705CTX Mortgage Company A-1+/P-1 Harwood Street Funding I Single seller trade receivablesUp to 90 days180 days from expectedC / CSFB / DB / JPM619Glencore International AG (3) A-1+/P-1Albis Capital Corp. First-lien resi non-conforming and Alt-A mtg loans Up to 180 days180 days from expectedBear / BAS / JPM619EMC Mortgage Corp. A-1+/P-1Master Funding LLC - A Australian resi mortgagesUp to 90 days180 days from expectedC / ML562Rams Mortgage Securities A-1+/P-1Rams Funding LLC Variable funding notes guaranteed by a monoline Not specified390 days from issuanceBAS / LEH500Promontory A-1+/P-1Freedom Park Conforming mortgage loansUp to 180 days120 days from expectedBNP / LEH416Taylor, Bean & Whitaker A-1+/P-1Ocala Non-prime resi mtgs loans (repo)Up to 120 days60 days from expectedFBR / GS / JPM393Friedman, Billings & Ramsey A-1+/P-1Arlington Funding Term and trade receivables, securitiesUp to 200 days397 days from issuanceMS / GS / JPM378Liberty Hampshire A-1/P-1Crown Point

7. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 7 Extendible ABCP Market Overview (contd) As of January 2006 ProgramRatingAssets # of Days to Expected Maturity # of Days to Final Maturity Outstandings ($MM) (1) Dealers (2) Sponsor CRE-8 FundingA-1+/P-1Commercial MortgagesUp to 90 days270 days from expected283GMAC / JPM / LEHGMAC Carmel Mountain Funding A-1+/P-1Commercial MortgagesUp to 180 days120 days from expected273GS / LEH Accredited Home Lenders CPI FundingA-1+/P-1Non-prime mortgage loansUp to 180 days180 days from expected137LEHProtective Life Morrigan TRR FundingA-1/P-1/F1 Equities, bonds, loans and pfd stock Not specified397 days from issuance136MS / CSFB / GS / MLHypo Real Estate Intl Berkeley SquareA-1/P-1Repurchase AgreementsUp to 185 days390 days from issuanceN/ADB / MLStanfield Global Strategies Catapult-PMX Funding LLC A-1/P-1 Fully sUpported (diversified portfolio of assets) Not specified390 days form issuanceN/AC / ML Paramax Capital Markets (4) Deer ValleyP-1/F1+SecuritiesUp to 90 days180 days from expectedN/ABAS / JPM / ML / RBCMerrill Lynch Bank USA FairwayA-1/P-1 Term and trade receivables, Securities Up to 185 days85 days from expectedN/AMS / LEHHarris Nesbitt HSBC Real Estate (USA) Funding P-1Prime mortgage loansUp to 180 days180 days from expectedN/ABAS / C / HSBCHSBC Finance Ivory Funding Corp.A-1/P-1Mortgage-related assetsUp to 90 days180 days from expectedN/AMS / BAS / JPM / LEHJ.P. Morgan KKR Pacific FundingA-1+/P-1/F1+ Aaa-rated adjustable rate mortgage-backed securities Up to 300 days30 days from expectedN/AJPM / LEHKKR Financial Landale FundingA-1+/P-1Financial assetsUp to 364 days390 days from issuanceN/AMS / C / JPM / LEHHBOS MadronaA-1+/P-1 Residential mortgage warehouse Up to 270 days90 days from expectedN/AMS / BASRedwood Trust Notes:(1)Source: Moodys ABCP Program Index as of June 30, 2005 and Morgan Stanley Trading Desk. (2)Source: Bloomberg. (3)With J.P. Morgan as conduit administrator. (4)With LaSalle Bank as conduit administrator. (5)This amount includes ABCP and Callables as well as SLNs.

8. Nothing below this point Guide @ 2.68 Guide @ 1.57 Guide @ 1.97 Subtitle Guide @ 2.64 Guide @ 2.99 Nothing below this point Guide @ 0.22 Guide @ 4.77 L:\EPS\Management Presentation\ASF 2006 (5347365)\ASF 2006.ppt 6/8/2014 8 Extendible ABCP Market Overview (contd) As of January 2006 Master Funding LLC – BA-1+/P-1Sub-prime resi mortgage loans Up to 180 days180 days from expectedN/ABear / BAS / JPMEMC Mortgage Corp. Term and trade receivables, securities Matchpoint Funding PLCA-1/P-1Up to 180 days364 days from issuanceN/ABNP / C / JPM / MLBNP Paribas NewcastleA-1+/P-1/F1+Credit CardsUp to 94 days397 days from issuanceN/AMS / BAS / C / JPM / RBCDiscover NightwatchA-1+/P-1Term receivablesUp to 120 days270 days from issuanceN/AABN / C / LEHABN AMRO Old CourtA-1/P-1Financial assetsUp to 270 days364 days from issuanceN/AMS / C / LEHCambridge Place Transamerica Secured Liquidity Notes Corp. A-1+/P-1 Master funding agreements Up to 270 days290 days from issuanceN/AC / JPM / LEHAegon Von Karman FundingA-1+/P-1Residential mortgage loansUp to 180 days180 days rom expectedN/ABAS / CNew Century Patriot FundingSecuritiesUp to 125 days270 days from issuanceN/A WachoviaP-1 ProgramRatingAssets # of Days to Expected Maturity # of Days to Final Maturity Outstandings ($MM) (1) Dealers (2) Sponsor Notes:(1)Source: Moody's ABCP Program Index as of June 30, 2005 and MS Trading Desk (2)Source: Bloomberg (3)With J.P. Morgan as conduit administrator (4)With LaSalle Bank as conduit administrator (5)This amount includes ABCP and Callables as well as SLNs