EX-99 3 exhibit991computationalmater.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS Exhibit 99.1

This information is being delivered to a specific number of prospective sophisticated investors in order to assist them in determining whether they have an interest in the type of security described herein.  It has been prepared solely for information 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 trading strategy.  This material is based on information that Morgan Stanley & Co. Incorporated (“Morgan Stanley”) considers reliable.  Morgan Stanley makes no representation or warranty with respect to the accuracy or completeness of the information, or with respect to the terms of any future offer of securities conforming to the terms hereof.  Any such offer of securities would be made pursuant to a definitive Prospectus or Private Placement Memorandum, as the case may be, prepared by the issuer which could contain material information not contained herein and to which the prospective purchasers are referred.  In the event of any such offering, this information shall be deemed superseded, amended and supplemented in its entirety by such Prospectus or Private Placement Memorandum.  Such Prospectus or Private Placement Memorandum will contain all material information in respect of any securities offered thereby and any decision to invest in such securities should be made solely in reliance upon such Prospectus or Private Placement Memorandum.  The information contained here in may be based on certain assumptions regarding market conditions and other matters and is therefore subject to change.  We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this material should not be relied on for such purposes.  No representation is made that any returns indicated will be achieved.  Changes to the assumptions may have a material impact on any returns detailed.  Morgan Stanley disclaims any and all liability relating to this information, including without limitation any express or implied representations or warranties for, statements contained in, and omissions from the information contained here in.  Additional information is available upon request.  Morgan Stanley and others associated with it may have positions in, and may effect transaction in, securities and instruments of issuers mentioned herein and may also perform or seek to perform investment banking services for the issuers of such securities and instruments.  Past performance is not necessarily indicative of future results.  Price and availability are subject to change without notice.  Information contained in this material is current as of the date appearing on this material only.  Information in this material regarding any assets backing any securities discussed herein supercedes all prior information regarding such assets.  Morgan Stanley is acting as the lead underwriter and not acting as agent for the issuer or its affiliates in connection with the proposed transaction.  To our readers worldwide: In addition, please note that this publication has been issued by Morgan Stanley, approved by Morgan Stanley International Limited, a member of The Securities and Futures Authority, and by Morgan Stanley Japan Ltd.  We recommend that such investors obtain the advice of their Morgan Stanley, Morgan Stanley International or Morgan Stanley Japan Ltd.  representative about the investments concerned.  NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY.     


Security X1

 

 

 

 

 

Scenario 20C

 

 

 

 

 

Avg Life: 1.7816  Total Interest: 13,485,440.07

 

 

 

Per

Date

Balance

Principal

Interest

Coupon

Total

 

 

 

 

 

 

Cash

0

12/1/2003

941,770,000.00

0

0

-1

0

1

1/20/2004

907,321,343.13

                        -   

627,846.67

0.8

627,846.67

2

2/20/2004

874,087,313.63

                        -   

604,880.90

0.8

604,880.90

3

3/20/2004

842,025,177.98

                        -   

582,724.88

0.8

582,724.88

4

4/20/2004

811,093,612.99

                        -   

561,350.12

0.8

561,350.12

5

5/20/2004

781,252,752.65

                        -   

540,729.08

0.8

540,729.08

6

6/20/2004

752,464,136.68

                        -   

520,835.17

0.8

520,835.17

7

7/20/2004

724,690,660.98

                        -   

501,642.76

0.8

501,642.76

8

8/20/2004

697,896,529.80

                        -   

483,127.11

0.8

483,127.11

9

9/20/2004

672,047,209.64

                        -   

465,264.35

0.8

465,264.35

10

10/20/2004

647,109,384.69

                        -   

448,031.47

0.8

448,031.47

11

11/20/2004

623,050,913.94

                        -   

431,406.26

0.8

431,406.26

12

12/20/2004

599,840,789.72

                        -   

415,367.28

0.8

415,367.28

13

1/20/2005

577,449,097.75

                        -   

399,893.86

0.8

399,893.86

14

2/20/2005

555,846,978.58

                        -   

384,966.07

0.8

384,966.07

15

3/20/2005

535,006,590.40

                        -   

370,564.65

0.8

370,564.65

16

4/20/2005

514,901,073.16

                        -   

356,671.06

0.8

356,671.06

17

5/20/2005

495,504,513.94

                        -   

343,267.38

0.8

343,267.38

18

6/20/2005

476,791,913.56

                        -   

330,336.34

0.8

330,336.34

19

7/20/2005

458,739,154.35

                        -   

317,861.28

0.8

317,861.28

20

8/20/2005

441,322,969.09

                        -   

305,826.10

0.8

305,826.10

21

9/20/2005

425,141,004.74

                        -   

294,215.31

0.8

294,215.31

22

10/20/2005

409,540,579.44

                        -   

283,427.34

0.8

283,427.34

23

11/20/2005

394,500,994.29

                        -   

273,027.05

0.8

273,027.05

24

12/20/2005

380,002,283.67

                        -   

263,000.66

0.8

263,000.66

25

1/20/2006

366,025,189.32

                        -   

253,334.86

0.8

253,334.86

26

2/20/2006

352,551,135.34

                        -   

244,016.79

0.8

244,016.79

27

3/20/2006

339,562,204.04

                        -   

235,034.09

0.8

235,034.09

28

4/20/2006

327,041,112.77

                        -   

226,374.80

0.8

226,374.80

29

5/20/2006

314,971,191.38

                        -   

218,027.41

0.8

218,027.41

30

6/20/2006

303,336,360.57

                        -   

209,980.79

0.8

209,980.79

31

7/20/2006

292,121,111.04

                        -   

202,224.24

0.8

202,224.24

32

8/20/2006

281,310,483.35

                        -   

194,747.41

0.8

194,747.41

33

9/20/2006

270,890,048.44

                        -   

187,540.32

0.8

187,540.32

34

10/20/2006

260,845,888.87

                        -   

180,593.37

0.8

180,593.37

35

11/20/2006

251,164,580.76

                        -   

173,897.26

0.8

173,897.26

36

12/20/2006

241,833,176.36

                        -   

167,443.05

0.8

167,443.05

37

1/20/2007

233,305,687.73

                        -   

161,222.12

0.8

161,222.12

38

2/20/2007

225,078,894.25

                        -   

155,537.13

0.8

155,537.13

39

3/20/2007

217,142,192.85

                        -   

150,052.60

0.8

150,052.60

40

4/20/2007

209,485,354.32

                        -   

144,761.46

0.8

144,761.46

41

5/20/2007

202,098,510.21

                        -   

139,656.90

0.8

139,656.90

42

6/20/2007

0.00

                        -   

134,732.34

0.8

134,732.34

Total

  

                        -   

13,485,440.07

 

13,485,440.07