EX-99.1 3 efc2-1225_exhibit991.txt Exhibit 99.1 Computational Materials SUBJECT TO REVISION ------------------- COMPUTATIONAL MATERIALS DATED NOVEMBER 19, 2002 ----------------------------------------------- ------------------------------------------------------------------------ $392,155,179 (Approximate) [LOGO OMITTED] VANDERBILT MORTGAGE & FINANCE, INC. MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 2002-C VANDERBILT MORTGAGE & FINANCE, INC. Seller & Servicer November 19, 2002 ----------------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON BB&T BEAR STEARNS SUNTRUST Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinate Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. =============================================================================== Disclaimer By entering into a transaction with CSFB, you acknowledge that you have read and understood the following terms: CSFB is acting solely as an arm's length contractual counterparty and not as your financial adviser or fiduciary unless it has agreed to so act in writing. Before entering into any transaction you should ensure that you fully understand its potential risks and rewards and independently determine that it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such advisers, as you deem necessary to assist you in making these determinations. You should also understand that CSFB or its affiliates may provide banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein, underwrite, make a market in, have positions in, or otherwise buy and sell securities or financial instruments which may be identical or economically similar to any transaction entered into with you. If we make a market in any security or financial instrument, it should not be assumed that we will continue to do so. Any indicative terms provided to you are provided for your information and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise). Any indicative price quotations, disclosure materials or analyses provided to you have been prepared on assumptions and parameters that reflect good faith determinations by us or that have been expressly specified by you and do not constitute advice by us. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such quotations, disclosure or analyses. No representation or warranty is made that any indicative performance or return indicated will be achieved in the future. None of the employees or agents of CSFB or its affiliates is authorized to amend or supplement the terms of this notice, other than in the form of a written instrument, duly executed by an appropriately authorized signatory and countersigned by you. Attached is a term sheet describing the structure, collateral pool and certain aspects of the Certificates. The term sheet has been prepared by CSFB for informational purposes only and is subject to modification or change. The information and assumptions contained therein are preliminary and will be superseded by a prospectus and prospectus supplement and by any other additional information subsequently filed with the Securities and Exchange Commission or incorporated by reference in the Registration Statement. Neither Credit Suisse First Boston Corporation nor any of its respective affiliates makes any representation as to the accuracy or completeness of any of the information set forth in the attached Series Term Sheet. A Registration Statement (including a prospectus) relating to the Certificates has been filed with the Securities and Exchange Commission and declared effective. The final Prospectus and Prospectus Supplement relating to the securities will be filed with the Securities and Exchange Commission after the securities have been priced and all of the terms and information are finalized. This communication is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Interested persons are referred to the final Prospectus and Prospectus Supplement to which the securities relate. Any investment decision should be based only upon the information in the final Prospectus and Prospectus Supplement as of their publication dates. CREDIT | FIRST SUISSE | BOSTON 2 Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. ===============================================================================
Offered Certificates Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class M-1 Class B-1 Class B-2 ============================================================================================================================= Amount: $102,511,000 $94,431,000 $52,005,000 $64,777,000 $20,588,000 $17,647,000 $14,706,000 $25,490,179 Type: Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Coupon: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% Approx. Price: [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% Yield (%): [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% [TBD]% Spread (bps): [TBD] [TBD] [TBD] [TBD] [TBD] [TBD] [TBD] [TBD] Avg Life 1.00 3.00 5.00 8.66 11.51 8.53 6.03 9.98 (To Call): Avg Life 1.00 3.00 5.00 8.69 14.18 9.06 6.03 12.45 (To Mat): 1st Prin Pymt 12/02 12/04 01/07 02/09 06/14 12/07 12/07 02/10 (To Call): Last Prin Pymt 12/04 01/07 02/09 06/14 06/14 06/14 02/10 06/14 (To Call): Last Prin Pymt 12/04 01/07 02/09 04/15 11/19 11/19 02/10 01/32 (To Mat): Stated Mat: 12/09 03/15 06/18 08/24 12/32* 12/32* 12/16 12/32* Expected Settlement: 12/3/2002 12/3/2002 12/3/2002 12/3/2002 12/3/2002 12/3/2002 12/3/2002 12/3/2002 Payment Delay: 6 days 6 days 6 days 6 days 6 days 6 days 6 days 6 days Interest Payment 30/360 30/360 30/360 30/360 30/360 30/360 30/360 30/360 Basis: Dated Date: 11/1/02 11/1/02 11/1/02 11/1/02 11/1/02 11/1/02 11/1/02 11/1/02 Ratings Aaa/AAA Aaa/AAA Aaa/AAA Aaa/AAA Aa2/AA A2/A Baa2/BBB Baa2/BBB (Moody's/S&P): Pricing Date: TBD TBD TBD TBD TBD TBD TBD TBD Prepayment Speed: 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP 225% MHP ============================================================================================================================= *Longest dated contract maturity CREDIT | FIRST SUISSE | BOSTON 3
Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. ===============================================================================
Summary of Terms Title of Securities: Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract, Senior/Subordinate Pass-Through Certificates, Series 2002-C Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class B-1, and Class B-2 fixed rate certificates Seller: Vanderbilt Mortgage and Finance, Inc. Servicer: Vanderbilt Mortgage and Finance, Inc. Underwriters: Credit Suisse First Boston Corporation (Lead) BB&T Capital Markets(Co-Manager) Bear Stearns & Co., Inc.(Co-Manager) SunTrust Capital Markets, Inc. (Co-Manager) Trustee: JP Morgan Chase Bank Collateral: Fixed rate manufactured housing contracts and loans Credit Enhancement: | | Excess interest | | Subordination | | Limited Guaranty of Clayton Homes, Inc. (Class B-2 only) Excess Interest: Excess interest cashflows will be available as credit enhancement. Subordination: ------------------------------------------------------------- Ratings (M/S&P) Subordination ------------------------------------------------------------- Class A-1-->A-4 Aaa/AAA 20.00% Class A-5 Aa2/AA 14.75% Class M-1 A2/A 10.25% Class B-1 Baa2/BBB 6.50% Class B-2 Baa2/BBB ------------------------------------------------------------- Class Size: ------------------------------------------------------------- Ratings (M/S&P) Class Size ------------------------------------------------------------- Class A-1-->A-4 Aaa/AAA 80.00% Class A-5 Aa2/AA 5.25% Class M-1 A2/A 4.50% Class B-1 Baa2/BBB 3.75% Class B-2 Baa2/BBB 6.50% ------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON 4
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Total Size: $392,155,179 (approximate) Collateral Description: Initial collateral with an aggregate principal balance of $392,155,179.98 will be transferred to the trust on the Closing Date. Maximum Rate Remittance rates on the A-1, A-2, A-3, A-4, A-5, M-1, B-1 and B-2 Certificates are subject to a maximum rate equal to (a) the weighted average contract rate of the contracts less (b) if Vanderbilt is no longer the servicer, the servicing fee of 1.25%. Servicing Fee: For as long as Vanderbilt is the servicer, the servicing fee of 1.25% per annum is subordinate to the Offered Certificates on a monthly basis. Cleanup Call: The Seller may call the Certificates at par plus accrued interest after the remaining pool balance is less than 10% of the Cut-off-Date pool principal balance. Remittance Date: The 7th day of each month or, if such day is not a business day, the next succeeding business day, beginning in December 2002. Interest Accrual: All classes' interest will accrue from the 1st day of the preceding month until the 30th day of the preceding month. Interest is calculated using a 30/360 day count. ERISA Considerations: All classes of certificates are expected to be ERISA eligible. However, investors should consult with their counsel with respect to the consequences under ERISA and the Code of the Plan's acquisition and ownership of such Certificates. Prospectus: The Certificates are being offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Certificates and the Collateral is contained in the Prospectus. The foregoing is qualified in its entirety by the information appearing in the Prospectus, the Prospectus shall govern in all respects. Sales of the Certificates may not be consummated unless the purchaser has received the Prospectus. CREDIT | FIRST SUISSE | BOSTON 5
Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. =============================================================================== Cashflow Priority CLASS M-1 AND CLASS B PRINCIPAL DISTRIBUTION TESTS ARE MET: 1. Current interest and any previously unreimbursed interest to Classes A-1 through A-4; 2. The Class A percentage of the Formula Principal Distribution Amount sequentially to Classes A-1, A-2, A-3, and A-4 until such class is reduced to zero; 3. Current interest and any previously unreimbursed interest to Class A-5 Certificates; 4. Remaining Class A percentage of the Formula Principal Distribution Amount to Class A-5 until such class is reduced to zero; 5. Current interest and any previously unreimbursed interest to Class M-1 Certificates; 6. Mezzanine percentage of the Formula Principal Distribution Amount to Class M-1 until such class is reduced to zero; 7. Current interest and any previously unreimbursed interest to Class B-1 Certificates; 8. Class B percentage of the Formula Principal Distribution Amount to Class B-1 until such class is reduced to zero; 9. Current interest and any previously unreimbursed interest to Class B-2 Certificates; 10. Remaining Formula Principal Distribution Amount to Class B-2 until such class is reduced to zero; 11. The amount of any principal reimbursement to Clayton Homes for Enhancement Payments with respect to the Class B-2 Certificates which remains unpaid after giving effect to the distribution described above; 12. As long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 13. Any remainder to the Class R Certificates.
------------------------------------------------------------------------------- CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 (Aaa/AAA) (Aaa/AAA) (Aaa/AAA) (Aaa/AAA) (Aa2/AA) ------------------------------------------------------------------------------- CLASS M-1 (A2/A) 5-YEAR LOCKOUT ---------------------------------------------- CLASS B-1 CLASS B-2 (Baa2/BBB) (Baa2/BBB) ------------------------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON 6
Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. =============================================================================== Cashflow Priority CLASS M-1 AND CLASS B PRINCIPAL DISTRIBUTION TESTS ARE NOT MET: --- 1. Current interest and any previously unreimbursed interest to Classes A-1 through A-4; 2. 100% of the Formula Principal Distribution Amount sequentially to Classes A-1, A-2, A-3, and A-4 until such class is reduced to zero; 3. Current interest and any previously unreimbursed interest to Class A-5 Certificates; 4. 100% of remaining formula principal payments to Class A-5 until such Class is reduced to zero; 5. Current interest and any previously unreimbursed interest to Class M-1 Certificates; 6. 100% of remaining formula principal payments to Class M-1 until such Class is reduced to zero; 7. Current interest and any previously unreimbursed interest to Class B-1 Certificates; 8. 100% of remaining formula principal payments to Class B-1 until such Class is reduced to zero; 9. Current interest and any previously unreimbursed interest to Class B-2 Certificates; 10. 100% of remaining formula principal payments to Class B-2 until such Class is reduced to zero; 11. The amount of any principal reimbursement to Clayton Homes for Enhancement Payments with respect to the Class B-2 Certificates which remains unpaid after giving effect to the distribution described above; 12. So long as Vanderbilt is the Servicer, any remainder up to the amount equal to 1/12th of the product of 1.25% and the pool scheduled principal balance to the Servicer; 13. Any remainder to the Class R Certificates.
------------------------------------------------------------------------------------------------------------------------- CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS M-1 CLASS B-1 CLASS B-2 (Aaa/AAA) (Aaa/AAA) (Aaa/AAA) (Aaa/AAA) (Aa2/AA) (A2/A) (Baa2/BBB) (Baa2/BBB) -------------------------------------------------------------------------------------------------------------------------
THE CLASS M-1 AND CLASS B PRINCIPAL DISTRIBUTION TESTS ARE MET IF: 1. Remittance Date is on or after December 2007 2. Class M-1 Percentage plus Class B Percentage is at least approximately 25.8125% (which is 1.75 times the sum of the original Class M-1 Percentage and the original Class B Percentage). 3. Cumulative Realized Losses do not exceed [7]% for year 2007, [8]% for year 2008, and [9]% for year 2009 and beyond of the Original Principal Balance of the Contracts 4. Current Realized Loss Ratio does not exceed [2.75]% 5. Average 60 Day Delinquency Ratio does not exceed [5]% 6. Class B-2 Principal Balance must not be less than $7,843,103 (which represents approximately 2% of the Total Original Principal Balance). Further Information: Please call the ABS trading desk at (212) 325-2747, John Herbert at (212) 325-2412, Susan Menkhaus at (212) 325-3475, Brian Culang at (212) 325-0783, or Jesse Sable at (212) 325-1504. CREDIT | FIRST SUISSE | BOSTON 7 Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. ===============================================================================
Sensitivity Analysis Class A-1 Price/Yield Table ----------------------------------------------------------------------------------------------------------------------- Balance $102,511,000.00 Delay 6 Coupon 2.41 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ----------------------------------------------------------------------------------------------------------------------- Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ----------------------------------------------------------------------------------------------------------------------- 99.750000 2.602 2.620 2.638 2.656 2.674 99.765625 2.589 2.605 2.622 2.639 2.655 99.781250 2.576 2.591 2.606 2.621 2.637 99.796875 2.562 2.576 2.590 2.604 2.618 99.812500 2.549 2.561 2.574 2.586 2.599 99.828125 2.535 2.546 2.558 2.569 2.580 99.843750 2.522 2.532 2.541 2.551 2.561 99.859375 2.508 2.517 2.525 2.534 2.543 99.875000 2.495 2.502 2.509 2.517 2.524 99.890625 2.482 2.487 2.493 2.499 2.505 99.906250 2.468 2.473 2.477 2.482 2.486 99.921875 2.455 2.458 2.461 2.464 2.468 99.937500 2.441 2.443 2.445 2.447 2.449 99.953125 2.428 2.428 2.429 2.430 2.430 99.968750 2.414 2.414 2.413 2.412 2.411 99.984375 2.401 2.399 2.397 2.395 2.393 100.000000 2.388 2.384 2.381 2.377 2.374 100.015625 2.374 2.370 2.365 2.360 2.355 100.031250 2.361 2.355 2.349 2.343 2.337 100.046875 2.348 2.340 2.333 2.325 2.318 100.062500 2.334 2.325 2.317 2.308 2.299 100.078125 2.321 2.311 2.301 2.291 2.280 100.093750 2.307 2.296 2.285 2.273 2.262 100.109375 2.294 2.281 2.269 2.256 2.243 100.125000 2.281 2.267 2.253 2.239 2.224 100.140625 2.267 2.252 2.237 2.221 2.206 100.156250 2.254 2.237 2.221 2.204 2.187 100.171875 2.241 2.223 2.205 2.187 2.168 100.187500 2.227 2.208 2.189 2.169 2.150 100.203125 2.214 2.193 2.173 2.152 2.131 100.218750 2.201 2.179 2.157 2.135 2.112 100.234375 2.187 2.164 2.141 2.117 2.094 100.250000 2.174 2.149 2.125 2.100 2.075 ------------------------------------------------------------------------------------------------------------------------ WAL (to Call) 1.20 1.09 1.00 0.92 0.85 Principal Window Dec02 - Apr05 Dec02 - Feb05 Dec02 - Dec04 Dec02 - Oct04 Dec02 - Aug04 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 8
Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. ===============================================================================
Sensitivity Analysis Class A-2 Price/Yield Table ----------------------------------------------------------------------------------------------------------------------- Balance $94,431,000.00 Delay 6 Coupon 3.75 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ----------------------------------------------------------------------------------------------------------------------- Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ----------------------------------------------------------------------------------------------------------------------- 99.750000 3.836 3.841 3.847 3.852 3.858 99.765625 3.831 3.836 3.841 3.846 3.851 99.781250 3.827 3.831 3.836 3.840 3.845 99.796875 3.822 3.826 3.830 3.834 3.838 99.812500 3.817 3.821 3.824 3.828 3.832 99.828125 3.812 3.816 3.819 3.822 3.825 99.843750 3.808 3.810 3.813 3.816 3.818 99.859375 3.803 3.805 3.807 3.810 3.812 99.875000 3.798 3.800 3.802 3.804 3.805 99.890625 3.794 3.795 3.796 3.798 3.799 99.906250 3.789 3.790 3.791 3.792 3.792 99.921875 3.784 3.785 3.785 3.785 3.786 99.937500 3.779 3.779 3.779 3.779 3.779 99.953125 3.775 3.774 3.774 3.773 3.773 99.968750 3.770 3.769 3.768 3.767 3.766 99.984375 3.765 3.764 3.763 3.761 3.760 100.000000 3.761 3.759 3.757 3.755 3.753 100.015625 3.756 3.754 3.751 3.749 3.747 100.031250 3.751 3.748 3.746 3.743 3.740 100.046875 3.746 3.743 3.740 3.737 3.734 100.062500 3.742 3.738 3.735 3.731 3.727 100.078125 3.737 3.733 3.729 3.725 3.721 100.093750 3.732 3.728 3.723 3.719 3.714 100.109375 3.727 3.723 3.718 3.713 3.708 100.125000 3.723 3.717 3.712 3.707 3.701 100.140625 3.718 3.712 3.707 3.701 3.695 100.156250 3.713 3.707 3.701 3.695 3.69 100.171875 3.709 3.702 3.695 3.689 3.682 100.187500 3.704 3.697 3.690 3.683 3.675 100.203125 3.699 3.692 3.684 3.677 3.669 100.218750 3.695 3.687 3.679 3.670 3.662 100.234375 3.690 3.681 3.673 3.664 3.656 100.250000 3.685 3.676 3.667 3.658 3.649 ------------------------------------------------------------------------------------------------------------------------ WAL (to Call) 3.61 3.28 3.00 2.77 2.57 Principal Window Apr05 - Dec07 Feb05 - Jun07 Dec04 - Jan07 Oct04 - Oct06 Aug04 - Jun06 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 9
Vanderbilt Mortgage Finance, Inc. (LOGO Omitted) Senior/Subordinated Pass-Through Certificates, Series 2002-C This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston Corporation. ===============================================================================
Sensitivity Analysis Class A-3 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $52,005,000.00 Delay 6 Coupon 4.74 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 4.819 4.823 4.826 4.830 4.833 99.765625 4.816 4.820 4.823 4.826 4.829 99.781250 4.813 4.816 4.819 4.822 4.825 99.796875 4.810 4.813 4.816 4.818 4.820 99.812500 4.807 4.810 4.812 4.814 4.816 99.828125 4.805 4.806 4.808 4.810 4.812 99.843750 4.802 4.803 4.805 4.806 4.808 99.859375 4.799 4.800 4.801 4.802 4.804 99.875000 4.796 4.797 4.798 4.799 4.799 99.890625 4.793 4.793 4.794 4.795 4.795 99.906250 4.790 4.790 4.790 4.791 4.791 99.921875 4.787 4.787 4.787 4.787 4.787 99.937500 4.784 4.784 4.783 4.783 4.783 99.953125 4.781 4.780 4.780 4.779 4.778 99.968750 4.778 4.777 4.776 4.775 4.774 99.984375 4.775 4.774 4.772 4.771 4.770 100.000000 4.772 4.771 4.769 4.767 4.766 100.015625 4.769 4.767 4.765 4.763 4.762 100.031250 4.766 4.764 4.762 4.759 4.757 100.046875 4.763 4.761 4.758 4.756 4.753 100.062500 4.760 4.758 4.755 4.752 4.749 100.078125 4.757 4.754 4.751 4.748 4.745 100.093750 4.755 4.751 4.747 4.744 4.741 100.109375 4.752 4.748 4.744 4.740 4.736 100.125000 4.749 4.744 4.740 4.736 4.732 100.140625 4.746 4.741 4.737 4.732 4.728 100.156250 4.743 4.738 4.733 4.728 4.72 100.171875 4.740 4.735 4.729 4.724 4.720 100.187500 4.737 4.731 4.726 4.720 4.715 100.203125 4.734 4.728 4.722 4.717 4.711 100.218750 4.731 4.725 4.719 4.713 4.707 100.234375 4.728 4.722 4.715 4.709 4.703 100.250000 4.725 4.718 4.712 4.705 4.699 ------------------------------------------------------------------------------------------------------------------------ WAL (to Call) 6.28 5.58 5.00 4.54 4.19 Principal Window Dec07 - Sep10 Jun07 - Nov09 Jan07 - Feb09 Oct06 - Jun08 Jun06 - Nov07 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 10
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Sensitivity Analysis Class A-4 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $64,777,000.00 Delay 6 Coupon 5.93 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Pricing Speed 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 6.024 6.025 6.027 6.029 6.031 99.765625 6.022 6.023 6.024 6.026 6.028 99.781250 6.020 6.021 6.022 6.023 6.025 99.796875 6.018 6.019 6.020 6.021 6.022 99.812500 6.016 6.016 6.017 6.018 6.020 99.828125 6.013 6.014 6.015 6.016 6.017 99.843750 6.011 6.012 6.012 6.013 6.014 99.859375 6.009 6.010 6.010 6.011 6.011 99.875000 6.007 6.007 6.008 6.008 6.008 99.890625 6.005 6.005 6.005 6.005 6.006 99.906250 6.003 6.003 6.003 6.003 6.003 99.921875 6.001 6.001 6.001 6.000 6.000 99.937500 5.999 5.999 5.998 5.998 5.997 99.953125 5.997 5.996 5.996 5.995 5.994 99.968750 5.995 5.994 5.993 5.993 5.992 99.984375 5.993 5.992 5.991 5.990 5.989 100.000000 5.991 5.990 5.989 5.987 5.986 100.015625 5.989 5.987 5.986 5.985 5.983 100.031250 5.986 5.985 5.984 5.982 5.981 100.046875 5.984 5.983 5.981 5.980 5.978 100.062500 5.982 5.981 5.979 5.977 5.975 100.078125 5.980 5.979 5.977 5.975 5.972 100.093750 5.978 5.976 5.974 5.972 5.969 100.109375 5.976 5.974 5.972 5.970 5.967 100.125000 5.974 5.972 5.970 5.967 5.964 100.140625 5.972 5.970 5.967 5.964 5.961 100.156250 5.970 5.968 5.965 5.962 5.96 100.171875 5.968 5.965 5.962 5.959 5.956 100.187500 5.966 5.963 5.960 5.957 5.953 100.203125 5.964 5.961 5.958 5.954 5.950 100.218750 5.962 5.959 5.955 5.952 5.947 100.234375 5.960 5.956 5.953 5.949 5.945 100.250000 5.957 5.954 5.951 5.946 5.942 ------------------------------------------------------------------------------------------------------------------------ WAL (to Call) 10.42 9.51 8.66 7.87 7.13 Principal Window Sep10 - Jan16 Nov09 - Apr15 Feb09 - Jun14 Jun08 - Oct13 Nov07 - Jan13 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 11
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Sensitivity Analysis Class A-5 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $20,588,000.00 Delay 6 Coupon 6.91 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 7.026 7.027 7.028 7.028 7.029 99.765625 7.024 7.025 7.026 7.026 7.027 99.781250 7.023 7.023 7.024 7.024 7.025 99.796875 7.021 7.021 7.022 7.022 7.023 99.812500 7.019 7.019 7.020 7.020 7.020 99.828125 7.017 7.017 7.018 7.018 7.018 99.843750 7.015 7.015 7.016 7.016 7.016 99.859375 7.013 7.013 7.014 7.014 7.014 99.875000 7.011 7.011 7.011 7.012 7.012 99.890625 7.010 7.009 7.009 7.009 7.009 99.906250 7.008 7.008 7.007 7.007 7.007 99.921875 7.006 7.006 7.005 7.005 7.005 99.937500 7.004 7.004 7.003 7.003 7.003 99.953125 7.002 7.002 7.001 7.001 7.001 99.968750 7.000 7.000 6.999 6.999 6.998 99.984375 6.998 6.998 6.997 6.997 6.996 100.000000 6.996 6.996 6.995 6.995 6.994 100.015625 6.995 6.994 6.993 6.993 6.992 100.031250 6.993 6.992 6.991 6.990 6.989 100.046875 6.991 6.990 6.989 6.988 6.987 100.062500 6.989 6.988 6.987 6.986 6.985 100.078125 6.987 6.986 6.985 6.984 6.983 100.093750 6.985 6.984 6.983 6.982 6.981 100.109375 6.983 6.982 6.981 6.980 6.978 100.125000 6.982 6.980 6.979 6.978 6.976 100.140625 6.980 6.979 6.977 6.976 6.974 100.156250 6.978 6.977 6.975 6.974 6.97 100.171875 6.976 6.975 6.973 6.972 6.970 100.187500 6.974 6.973 6.971 6.969 6.967 100.203125 6.972 6.971 6.969 6.967 6.965 100.218750 6.970 6.969 6.967 6.965 6.963 100.234375 6.968 6.967 6.965 6.963 6.961 100.250000 6.967 6.965 6.963 6.961 6.959 ------------------------------------------------------------------------------------------------------------------------ WAL 13.09 12.34 11.51 10.84 10.09 Principal Window Jan16 - Jan16 Apr15 - Apr15 Jun14 - Jun14 Oct13 - Oct13 Jan13 - Jan13 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 12
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Sensitivity Analysis Class M-1 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $17,647,000.00 Delay 6 Coupon 7.27 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 7.401 7.402 7.402 7.403 7.403 99.765625 7.399 7.399 7.400 7.400 7.401 99.781250 7.396 7.397 7.397 7.397 7.398 99.796875 7.394 7.394 7.395 7.395 7.395 99.812500 7.391 7.392 7.392 7.392 7.392 99.828125 7.389 7.389 7.389 7.390 7.390 99.843750 7.386 7.387 7.387 7.387 7.387 99.859375 7.384 7.384 7.384 7.384 7.384 99.875000 7.382 7.382 7.382 7.382 7.382 99.890625 7.379 7.379 7.379 7.379 7.379 99.906250 7.377 7.377 7.376 7.376 7.376 99.921875 7.374 7.374 7.374 7.374 7.373 99.937500 7.372 7.372 7.371 7.371 7.371 99.953125 7.369 7.369 7.369 7.368 7.368 99.968750 7.367 7.367 7.366 7.366 7.365 99.984375 7.364 7.364 7.364 7.363 7.363 100.000000 7.362 7.362 7.361 7.360 7.360 100.015625 7.360 7.359 7.358 7.358 7.357 100.031250 7.357 7.356 7.356 7.355 7.355 100.046875 7.355 7.354 7.353 7.353 7.352 100.062500 7.352 7.351 7.351 7.350 7.349 100.078125 7.350 7.349 7.348 7.347 7.346 100.093750 7.347 7.346 7.346 7.345 7.344 100.109375 7.345 7.344 7.343 7.342 7.341 100.125000 7.342 7.341 7.340 7.339 7.338 100.140625 7.340 7.339 7.338 7.337 7.336 100.156250 7.338 7.336 7.335 7.334 7.33 100.171875 7.335 7.334 7.333 7.331 7.330 100.187500 7.333 7.331 7.330 7.329 7.327 100.203125 7.330 7.329 7.328 7.326 7.325 100.218750 7.328 7.326 7.325 7.324 7.322 100.234375 7.325 7.324 7.322 7.321 7.319 100.250000 7.323 7.321 7.320 7.318 7.317 ------------------------------------------------------------------------------------------------------------------------ WAL (to Call) 9.25 8.89 8.53 8.23 7.91 Principal Window Dec07 - Jan16 Dec07 - Apr15 Dec07 - Jun14 Dec07 - Oct13 Dec07 - Jan13 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 13
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Sensitivity Analysis Class B-1 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $14,706,000.00 Delay 6 Coupon 7.75 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 7.902 7.902 7.902 7.902 7.903 99.765625 7.898 7.899 7.899 7.899 7.899 99.781250 7.895 7.895 7.895 7.896 7.896 99.796875 7.892 7.892 7.892 7.892 7.892 99.812500 7.888 7.889 7.889 7.889 7.889 99.828125 7.885 7.885 7.885 7.885 7.886 99.843750 7.882 7.882 7.882 7.882 7.882 99.859375 7.879 7.879 7.879 7.879 7.879 99.875000 7.875 7.875 7.875 7.875 7.875 99.890625 7.872 7.872 7.872 7.872 7.872 99.906250 7.869 7.869 7.869 7.868 7.868 99.921875 7.865 7.865 7.865 7.865 7.865 99.937500 7.862 7.862 7.862 7.862 7.862 99.953125 7.859 7.859 7.858 7.858 7.858 99.968750 7.856 7.855 7.855 7.855 7.855 99.984375 7.852 7.852 7.852 7.851 7.851 100.000000 7.849 7.849 7.848 7.848 7.848 100.015625 7.846 7.845 7.845 7.845 7.844 100.031250 7.843 7.842 7.842 7.841 7.841 100.046875 7.839 7.839 7.838 7.838 7.838 100.062500 7.836 7.835 7.835 7.834 7.834 100.078125 7.833 7.832 7.832 7.831 7.831 100.093750 7.829 7.829 7.828 7.828 7.827 100.109375 7.826 7.825 7.825 7.824 7.824 100.125000 7.823 7.822 7.821 7.821 7.820 100.140625 7.820 7.819 7.818 7.818 7.817 100.156250 7.816 7.816 7.815 7.814 7.81 100.171875 7.813 7.812 7.811 7.811 7.810 100.187500 7.810 7.809 7.808 7.807 7.807 100.203125 7.807 7.806 7.805 7.804 7.803 100.218750 7.803 7.802 7.801 7.801 7.800 100.234375 7.800 7.799 7.798 7.797 7.796 100.250000 7.797 7.796 7.795 7.794 7.793 ------------------------------------------------------------------------------------------------------------------------ WAL 6.23 6.12 6.03 5.94 5.87 Principal Window Dec07 - Jul10 Dec07 - May10 Dec07 - Feb10 Dec07 - Dec09 Dec07 - Nov09 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 14
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Sensitivity Analysis Class B-2 Price/Yield Table ------------------------------------------------------------------------------------------------------------------------ Balance $25,490,179.00 Delay 6 Coupon 8.5 Dated 11/1/2002 Settle 12/3/2002 First Payment 12/7/2002 ------------------------------------------------------------------------------------------------------------------------ Price 175 MHP 200 MHP 225 MHP 250 MHP 275 MHP ------------------------------------------------------------------------------------------------------------------------ 99.750000 8.668 8.668 8.669 8.669 8.670 99.765625 8.666 8.666 8.666 8.667 8.667 99.781250 8.663 8.664 8.664 8.664 8.665 99.796875 8.661 8.661 8.661 8.662 8.662 99.812500 8.659 8.659 8.659 8.659 8.659 99.828125 8.656 8.656 8.657 8.657 8.657 99.843750 8.654 8.654 8.654 8.654 8.654 99.859375 8.652 8.652 8.652 8.652 8.652 99.875000 8.649 8.649 8.649 8.649 8.649 99.890625 8.647 8.647 8.647 8.647 8.647 99.906250 8.645 8.645 8.644 8.644 8.644 99.921875 8.643 8.642 8.642 8.642 8.641 99.937500 8.640 8.640 8.640 8.639 8.639 99.953125 8.638 8.638 8.637 8.637 8.636 99.968750 8.636 8.635 8.635 8.634 8.634 99.984375 8.633 8.633 8.632 8.632 8.631 100.000000 8.631 8.631 8.630 8.629 8.629 100.015625 8.629 8.628 8.628 8.627 8.626 100.031250 8.627 8.626 8.625 8.624 8.623 100.046875 8.624 8.624 8.623 8.622 8.621 100.062500 8.622 8.621 8.620 8.619 8.618 100.078125 8.620 8.619 8.618 8.617 8.616 100.093750 8.617 8.616 8.615 8.614 8.613 100.109375 8.615 8.614 8.613 8.612 8.611 100.125000 8.613 8.612 8.611 8.609 8.608 100.140625 8.611 8.609 8.608 8.607 8.605 100.156250 8.608 8.607 8.606 8.604 8.60 100.171875 8.606 8.605 8.603 8.602 8.600 100.187500 8.604 8.602 8.601 8.599 8.598 100.203125 8.601 8.600 8.598 8.597 8.595 100.218750 8.599 8.598 8.596 8.594 8.593 100.234375 8.597 8.595 8.594 8.592 8.590 100.250000 8.595 8.593 8.591 8.590 8.588 ------------------------------------------------------------------------------------------------------------------------ WAL 11.00 10.49 9.98 9.55 9.08 Principal Window Jul10 - Jan16 May10 - Apr15 Feb10 - Jun14 Dec09 - Oct13 Nov09 - Jan13 ------------------------------------------------------------------------------------------------------------------------ CREDIT | FIRST SUISSE | BOSTON 15
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Collateral Pool Description Summary ----------------------------------------------------------------------------------------------------- Initial Collateral: $392,155,179.98 Cut off Date of Tape: 10/25/02 Number of loans: 9,732 Aggregate Original Principal Balance: $398,293,268.59 Weighted Average Gross Coupon (Range): 9.866% (5.500% - 21.000%) Average Unpaid Principal Balance: $40,295.44 Average Original Principal Balance: $40,926.15 Minimum/Maximum Unpaid Principal Balance: $4,865.58/$262,818.36 Minimum/Maximum Original Principal Balance: $5,211.17/$263,150.00 Weighted Average Stated Rem. Term, PTD to Mat Date (Range): 220 (10 - 360) Weighted Average Age (Range): 3 (0 - 154) Weighted Average Original Term (Range) 223 (12 - 360) Weighted Average Original LTV (Range): * 82.23% (8.38% - 100.00%) Greatest Zip Code Concentration: 37876 (0.4%) Loan Count: 34 Balance: $1,554,526.59 New Loans: $270,980,372.76 (69.10%) Used Loans: $79,164,453.65 (20.19%) Repo-Refi Loans $42,010,353.57 (10.71%) Double-wide homes $234,966,319.54 (59.92%) Single-wide homes $157,188,860.44 (40.08%) Land-home mortgage $57,231,971.57 (14.59%) Land-in-lieu $49,965,024.13 (12.74%) Manufactured home only contract $284,958,184.28 (72.66%) Not Parked: $277,007,503.93 (70.64%) Parked: $115,147,676.05 (29.36%) Site Built: $4,162,555.90 (1.06%) Vanderbilt Originated: $332,462,153.55 (86.32%) 21st Century Originated $53,628,278.79 (13.68%) Fixed Rate Collateral: $391,482,472.75 (99.83%) Adjustable Rate Collateral: $672,707.23 (0.17%) ----------------------------------------------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON 16
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Geographical Distribution of Manufactured Homes as of Origination Number of Aggregate Principal Contracts as of Balance Outstanding as of Location Cut-off Date Cut-off Date Percent of Total Balance -------------------------------------------------------------------------------------------------------------------- Alabama 225 $8,372,671.92 2.14% Arizona 149 6,794,139.38 1.73 Arkansas 234 9,543,715.88 2.43 California 343 15,371,664.21 3.92 Colorado 143 5,952,741.76 1.52 Connecticut 1 31,421.48 0.01 Delaware 18 958,382.50 0.24 Florida 468 19,790,312.32 5.05 Georgia 185 7,436,540.46 1.90 Idaho 18 743,629.76 0.19 Illinois 47 1,960,830.05 0.50 Indiana 131 5,133,069.95 1.31 Iowa 37 1,285,778.11 0.33 Kansas 54 2,094,769.06 0.53 Kentucky 600 24,213,385.66 6.17 Louisiana 340 12,721,004.49 3.24 Maine 3 154,474.01 0.04 Maryland 17 610,053.40 0.16 Massachusetts 2 81,201.25 0.02 Michigan 211 8,954,921.09 2.28 Minnesota 59 2,264,353.31 0.58 Mississippi 213 6,934,355.07 1.77 Missouri 207 7,101,295.73 1.81 Montana 14 482,965.14 0.12 Nebraska 14 509,383.65 0.13 Nevada 6 310,945.62 0.08 New Hampshire 2 90,532.09 0.02 New Jersey 4 216,330.79 0.06 New Mexico 81 2,939,023.44 0.75 New York 38 1,783,695.38 0.45 North Carolina 1,101 48,165,509.23 12.28 North Dakota 9 385,855.10 0.10 Ohio 166 6,285,894.12 1.60 Oklahoma 221 8,332,867.39 2.12 Oregon 36 1,407,783.57 0.36 Pennsylvania 84 3,065,126.03 0.78 South Carolina 500 20,130,414.29 5.13 South Dakota 20 734,422.98 0.19 Tennessee 1,402 56,464,334.00 14.40 Texas 1,704 65,258,692.75 16.64 Utah 10 466,710.00 0.12 Vermont 2 116,022.63 0.03 Virginia 445 19,481,088.99 4.97 Washington 31 1,446,811.53 0.37 Washington DC 1 66,528.83 0.02 West Virginia 82 3,299,051.01 0.84 Wisconsin 14 433,877.11 0.11 Wyoming 40 1,776,603.46 0.45 -------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% CREDIT | FIRST SUISSE | BOSTON 17
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Origination of Contracts Number of Aggregate Principal Contracts as of Balance Outstanding as of Years of Originations of Contracts Cut-off Date Cut-off Date Percent of Total Balance --------------------------------------------------------------------------------------------------------------------------- 1989 2 $12,667.93 0.00% 1990 3 19,939.95 0.01 1991 10 115,907.52 0.03 1992 16 172,160.27 0.04 1993 9 125,766.30 0.03 1994 1 6,606.90 0.00 1995 1 7,484.03 0.00 1996 1 44,591.46 0.01 1997 5 187,955.85 0.05 1998 31 1,386,437.23 0.35 1999 36 1,559,341.21 0.40 2000 45 1,302,519.56 0.33 2001 101 3,996,582.86 1.02 2002 9,471 383,217,218.91 97.72 --------------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% Remaining Months to Maturity Number of Aggregate Principal Contracts as of Balance Outstanding as of Remaining Months to Maturity Cut-off Date Cut-off Date Percent of Total Balance ---------------------------------------------------------------------------------------------------------------------------- 1-60 230 $2,410,596.80 0.61% 61 - 120 1,523 34,728,435.74 8.86 121 - 180 2,824 90,320,677.94 23.03 181 - 240 3,446 155,273,307.31 39.59 241 - 300 1,062 65,994,086.64 16.83 301 - 360 647 43,428,075.55 11.07 ----------------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% CREDIT | FIRST SUISSE | BOSTON 18
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Distribution of Original Contract Amounts Number of Aggregate Principal Contracts as of Balance Outstanding as of Distribution of Original Amounts Cut-off Date Cut-off Date Percent of Total Balance ---------------------------------------------------------------------------------------------------------------------------- $0.01 - $10,000.00 142 $1,080,055.65 0.28% $10,000.01 - $20,000.00 1,004 15,238,161.51 3.89 $20,000.01 - $30,000.00 2,105 52,326,757.02 13.34 $30,000.01 - $40,000.00 2,383 81,555,042.64 20.80 $40,000.01 - $50,000.00 1,466 64,517,025.06 16.45 $50,000.01 - $60,000.00 1,002 54,089,637.65 13.79 $60,000.01 - $70,000.00 737 47,090,924.46 12.01 $70,000.01 - $80,000.00 401 29,490,340.31 7.52 $80,000.01 - $90,000.00 226 18,912,578.77 4.82 $90,000.01 - $100,000.00 137 12,830,439.81 3.27 $100,000.01 - $110,000.00 62 6,387,307.86 1.63 $110,000.01 - $120,000.00 37 4,188,472.93 1.07 $120,000.01 - $130,000.00 8 988,707.86 0.25 $130,000.01 - $140,000.00 12 1,623,613.31 0.41 $140,000.01 - $150,000.00 3 435,456.65 0.11 $150,000.01 - $160,000.00 1 153,813.72 0.04 $160,000.01 - $170,000.00 1 160,992.25 0.04 $170,000.01 - $180,000.00 1 172,812.61 0.04 $190,000.01 - $200,000.00 1 199,275.49 0.05 $210,000.01 - $220,000.00 1 213,750.00 0.05 $230,000.01 - $240,000.00 1 237,196.06 0.06 $260,000.01 - $270,000.00 1 262,818.36 0.07 ---------------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% CREDIT | FIRST SUISSE | BOSTON 19
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Distribution of Original Loan-to-Value Ratios Number of Aggregate Principal Distribution of Original Contracts as of Balance Outstanding as of Loan-to-Value Ratios Cut-off Date Cut-off Date Percent of Total Balance ---------------------------------------------------------------------------------------------------------------------------- 0.01% - 10.00% 1 $68,590.16 0.02% 10.01% - 20.00% 8 91,391.42 0.02 20.01% - 30.00% 21 313,250.07 0.08 30.01% - 40.00% 76 1,684,030.31 0.43 40.01% - 50.00% 140 4,170,396.46 1.06 50.01% - 60.00% 381 13,312,196.85 3.39 60.01% - 70.00% 1,031 42,536,882.19 10.85 70.01% - 80.00% 1,643 75,823,990.04 19.34 80.01% - 90.00% 2,945 117,234,090.75 29.89 90.01% - 100.00% 3,486 136,920,361.73 34.91 ---------------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% Cut-off Date Contract Rates Number of Aggregate Principal Contracts as of Balance Outstanding as of Cut-off Date Contract Rates Cut-off Date Cut-off Date Percent of Total Balance ----------------------------------------------------------------------------------------------------------------------------- 5.001% - 6.000% 84 $6,256,565.43 1.60% 6.001% - 7.000% 325 23,647,025.43 6.03 7.001% - 8.000% 432 27,399,176.49 6.99 8.001% - 9.000% 1,666 84,197,543.39 21.47 9.001% - 10.000% 1,966 83,068,918.38 21.18 10.001% - 11.000% 2,748 95,271,204.15 24.29 11.001% - 12.000% 1,183 38,253,088.05 9.75 12.001% - 13.000% 756 21,614,038.04 5.51 13.001% - 14.000% 411 9,428,697.02 2.40 14.001% - 15.000% 130 2,633,441.07 0.67 15.001% - 16.000% 21 296,234.46 0.08 16.001% - 17.000% 6 53,704.77 0.01 17.001% - 18.000% 2 21,930.04 0.01 18.001% - 19.000% 1 7,700.75 0.00 20.001% >= 1 5,912.51 0.00 ----------------------------------------------------------------------------------------------------------------------------- Total: 9,732 $392,155,179.98 100.00% CREDIT | FIRST SUISSE | BOSTON 20