EX-99 2 mo789927-ex99.txt COMPUTATIONAL MATERIALS AND STRUCTURAL TERM SHEETS EXHIBIT 99 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- [UBS LOGO] PRELIMINARY BACKGROUND INFORMATION MASTR Adjustable Mortgage Trust Series 2004-9 DISCLAIMER -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR UBS INVESTMENT BANK FINANCIAL ADVISOR IMMEDIATELY. -------------------------------------------------------------------------------- 1 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- MASTR Adjustable Loan Trust, Series 2004-9
---------------------------------------------------------------------------------------- Approximate Principal Principal/ WAL Expected Ratings Class Amount(1) Interest Type (Yrs) Call (15) TBA/TBA 1-A-1(2) $176,000,000 Super Senior, Floater 1.59 AAA/Aaa 1-A-2(3) $24,000,000 Super Senior, Floater 5.84 AAA/Aaa 1-A-3(4) $168,000,000 Super Senior, Floater 2.10 AAA/Aaa 1-A-4(5) $12,000,000 Senior Support, Floater 8.17 AAA/Aaa 1-A-5(6) $25,000,000 Senior, Floater 2.45 AAA/Aaa 1-A-6(7) $18,000,000 Senior Support, Floater 5.58 AAA/Aaa 2-A-1(8) $295,000,000 Super Senior, Floater 2.45 AAA/Aaa 2-A-2(9) $25,000,000 Senior, Floater 2.45 AAA/Aaa 2-A-3(10) $32,360,000 Senior Support , Floater 2.45 AAA/Aaa M1(11) $28,367,000 Mezzanine/Floater 4.57 AA/Aa2 M2(12) $20,441,000 Mezzanine/Floater 4.22 A/A2 B1(13) $5,423,000 Subordinate/Floater 3.7 BBB+/Baa1 B2(14) $6,675,719 Subordinate/Floater 3.17 BBB-/Baa3 Total $834,334,718 ----------------------------------------------------------------------------------------
(1) Approximate, subject to adjustment as described in the Prospectus Supplement. (2) The pass-through rate for the Class 1-A-1 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (3) The pass-through rate for the Class 1-A-2certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (4) The pass-through rate for the Class 1-A-3certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (5) The pass-through rate for the Class 1-A-4 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (6) The pass-through rate for the Class 1-A-5certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (7) The pass-through rate for the Class 1-A-6 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (8) The pass-through rate for the Class 2A-1 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 2 loans, as further described under "Net WAC Cap". -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 2 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- (9) The pass-through rate for the Class 2A-2 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 2 loans, as further described under "Net WAC Cap". (10) The pass-through rate for the Class 2A-3 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 2 loans, as further described under "Net WAC Cap". (11) The pass-through rate for the Class M-1 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (12) The pass-through rate for the Class M-2 Certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (13) The pass-through rate for the Class B-1 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (14) The pass-through rate for the Class B-2 certificates for each distribution date equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (15) See "Pricing Prepayment Speed" below. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 3 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- DESCRIPTION OF SECURITIES Pricing Prepayment Speed: The Certificates will be priced at 30% CPR. Payment Date: The 25th day of each month (or the next succeeding business day) commencing in October 2004. Estimated Closing Date: September 29, 2004 Investor Settlement Date: September 30, 2004 Accrued Interest: The price to be paid by investors for the Floating Rate Certificates will not include accrued interest (i.e., settling flat). Interest Accrual Period: The "Interest Accrual Period" for each Distribution Date with respect to the Floating Rate Certificates will be the period beginning with the 25th day of the prior month (or, in the case of the first Distribution Date, the Settlement Date) and ending on the 24th day of the current month (on an actual/360 day basis). Certificate Interest Rate: With respect to any Distribution Date, the Class 1-A-1, 1-A-2, 1-A-3, 1-A-4, 1-A-5, 1-A-6, 2- A-1, 2-A-2, 2-A-3, M-1, M-2, B-1 and B-2 Certificate Interest Rates will be equal to the lesser of (A) One Month LIBOR plus the related certificate margin and (B) the Net WAC Cap. Current Interest: For any class of the Certificates and any distribution date, the amount of interest accruing at the applicable Certificate Interest Rate on the related Class Principal Balance during the related Accrual Period. Basis Risk Shortfall: The excess, if any, of the interest Class 1-A-1, Class 1A-2, Class 1-A-3, Class 1-A-4, Class 1- A-5, Class 1-A-6, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates would have been entitled to receive on that distribution date had the pass-through rate not been subject to the Net WAC Cap. Payment Delay: 0 day Issuer: MASTR Adjustable Rate Mortgage Trust Series 2004-9 Depositor: Mortgage Asset Securitization Transactions, Inc. Master Servicer: Wells Fargo Bank Minnesota, N.A. Trustee: TBD -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 4 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- Transferor: UBS Warburg Real Estate Securities, Inc. Servicer Advancing: The Servicers are required to make cash advances to cover delinquent payments of principal and interest to the extent deemed recoverable. Optional Redemption: The terms of the transaction allow for a clean-up call (the "Clean-up Call") which may be exercised once the current aggregate principal balance of the Mortgage Loans is less than or equal to 5% of the initial aggregate principal balance of the Mortgage Loans. Mortgage Loans: As of the Closing Date, it is anticipated that the aggregate principal balance of the Mortgage Loans will be approximately $ []. Net WAC Cap: The Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5 and Class 1-A-6 Certificates will be subject to a Net WAC Cap equal to the minimum of the weighted average of the net mortgage rates on the Group 1 Mortgage Loans. The Class 2-A-1, Class 2-A-2 and Class 2-A-3 will be subject to a Net WAC Cap equal to the weighted average of the net mortgage rates on the Group 2 Mortgage Loans. The Class M-1, Class M-2, Class B-1 and Class B-2 Certificates will be subject to a Net WAC Cap equal to the minimum of the weighted average of the net mortgage rates on the aggregate Mortgage Loans. Credit Enhancement: Credit enhancement for the Certificates will consist of (i) Excess Interest, (ii) Overcollateralization and (iii) Subordination provided to the more senior classes of certificates by the more subordinate classes of certificates Excess Interest: The interest collections from the Mortgage Loans less the sum of (i) the interest paid on the Certificates; and (ii) the aggregate of all fees and payments due in respect of the Mortgage Loans. Overcollateralization: Commencing in February 2005, any Excess Cashflow will be applied as principal on the Offered Certificates. This will cause the principal balance of the Mortgage Loans to exceed the Class Principal Balance of the Certificates, resulting in Overcollateralization. Any realized losses on the Mortgage Loans will be applied first to Excess Cashflow and then to Overcollateralization. In the event that the Overcollateralization is so reduced, Excess Cashflow will be directed to pay principal on the Certificates, resulting in the limited acceleration of the Certificates relative to the amortization of the Mortgage Loans, until the Overcollateralization reaches the Overcollateralization Target. Upon this event, the acceleration feature will cease, unless the amount of Overcollateralization is reduced by realized losses. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 5 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- Overcollateralization Target: Prior to the Distribution Date in February 2005, the Overcollateralization Target will be zero. For any Distribution thereafter, the Overcollateralization Target will be equal to [0.75%]* of the Cut-off Date Balance (the "Overcollateralization Target"). On or after the Stepdown Date, the Overcollateralization Target will be equal to [1.50%]* of the aggregate principal balance of the Mortgage Loans for the related Distribution Date, subject to a floor of [0.75%]* (the " O/C Floor") of the Cut-off Date Balance of the Mortgage Loans; provided, however, that if a Trigger Event (as described herein) is in effect on the related Distribution Date, the Overcollateralization Target will be equal to the Overcollateralization Target on the Distribution Date immediately preceding the Distribution Date on which such Trigger Event is in effect. Excess Cashflow: "Excess Cashflow" for any Distribution Date will be equal to the available funds remaining after interest and principal distributions as described under Clauses 1) and 2) of "Priority of Distributions." Trigger Event: A "Trigger Event" will be in effect on a Distribution Date on or after the Stepdown Date if either (or both) a Delinquency Trigger or a Cumulative Loss Trigger is in effect on such Distribution Date. Stepdown Date: The earlier to occur of: i. the Distribution Date on which the aggregate principal balance of the Senior Certificates is reduced to zero; and ii. the later to occur of: a. the Distribution Date in October 2007. b. the first Distribution Date on which the aggregate principal balance of the Senior Certificates after allocation of principal remittance amount is less than or equal to [83.90%]* of the aggregate principal balance of the Mortgage Loans for such Distribution Date. Allocation of Losses: Any realized losses on the Mortgage Loans not covered by Excess Interest or Overcollateralization will be allocated to each class of Mezzanine and Subordinate Certificates in the following order: to the Class B-2, Class B-1, Class M-2 and Class M-1 Certificates, in that order, in each case until the respective Class Principal Balance of such class of Mezzanine or Subordinate Certificates has been reduced to zero. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 6 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- *Subject to change based on final approval by rating agencies. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 7 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- Priority of Distributions: Available funds from the Mortgage Loans (which are net of any servicing, master servicing, trustee fees and private mortgage insurance premium fees) will be distributed in the following order of priority: 1) Interest funds sequentially to (i) concurrently, to the Senior Certificates and (ii) sequentially to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates; 2) Principal funds, as follows: (i) to the Senior Certificates (in the manner and priority set forth under "Senior Certificates Principal Distribution" below), then (ii) sequentially, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates, each as described more fully under "Principal Paydown" below; 3) Beginning on the Distribution Date in February 2005, any remaining Excess Cashflow, to the Senior Certificates and/or Subordinate Certificates (as applicable) to build or maintain Overcollateralization as described under "Overcollateralization Target" and "Principal Paydown," respectively; 4) Any remaining Excess Cashflow to pay (i) any unpaid interest sequentially, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates, then (ii) any unpaid realized loss amounts sequentially, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates; 5) Any remaining Excess Cashflow to pay Basis Risk Shortfalls. 6) To the Class IO Certificates, any remaining amount. Proceeds from Excess Cashflow available to cover Basis Risk Shortfalls shall generally be distributed to the Senior Certificates on a pro rata basis, first based on the Class Principal Balances thereof and second based on any remaining unpaid Basis Risk Rate Shortfall, and then sequentially to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates in that order. Principal Paydown: Prior to the Stepdown Date or if a Trigger Event is in effect on any Distribution Date, 100% of the available principal funds from the Mortgage Loans minus the OC released amount will be paid to the Senior Certificates, provided, however, that if the Senior Certificates have been retired, such amounts will be applied sequentially, to the Class M-1, Class M-2, Class B-1 and the Class B-2 Certificates. On any Distribution Date on or after the Stepdown Date, and if a Trigger Event is not in effect on such Distribution Date, all of the Senior and Mezzanine Certificates will be entitled to receive payments of principal in the following order of priority: (i) first, to the Senior Certificates (as described under "Senior Certificates Principal Distribution" below) such that the Senior Certificates in the aggregate will have [16.10%]* subordination, (ii) second, to the Class M-1 Certificates such that the Class M-1 Certificates will have [9.30%]* subordination, (iii) third, to the Class M-2 Certificates such that the Class M-2 Certificates will have 4.40% subordination and (iv) fourth, to the Class B-1 Certificates such that the Class B-1 Certificates will have [3.10%]* subordination and (v) fifth, to the Class B-2 Certificates such that the Class B-2 Certificates will have [1.50%]* subordination; each subject to the required Overcollateralization Target. *Subject to change based on final approval by rating agencies. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 8 ================================================= MASTR Adjustable Rate Mortgage Trust SERIES 2004-9 ================================================= -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- Senior Certificates Principal Distributions: Group 1 Principal Distribution: Allocate 50% in the following order of priority: A. Allocate 11.770% to 1-A-5, until retired; Allocate 88.230% in the following order: a. If the Distribution Date is after September 2007, to the Class 1-A-3, Class 1-A-6, pro-rata, until retired; b. If the Distribution Date is on or before September 2007, to the Class 1-A-3 and 1-A-6, in that order, until retired; Allocate 50% to the Class 1-A1, 1-A-2 and 1-A-4, in that order, until retired. Group 2 Distribution: To the Class 2-A-1, Class 2-A2 and Class 2-A-3, pro-rata, until retired. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 9 MARM 2004-9 -- 1A6 UBS WL ARM TRADING (212)713-2860 Balance $18,741,000.00 Delay 0 Index LIBOR_1MO | 1.61 WAC 6.168681253 WAM 359 Coupon 2.3519 Dated 09/30/2004 Mult / Margin 1 / .49 NET 5.851487 WALA 1 Settle 09/30/2004 First Payment 10/25/2004 Cap / Floor 999 / 0
------------------------------------------------------------------------------------------------------------------------------------ Price 1 2 3 PRICING 5 6 7 WAL 9.72 6.74 6.03 5.54 4.89 3.46 2.28 Mod Durn 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Principal Window Oct07 - Jan26 Oct07 - Feb17 Nov07 - Aug14 Jan08 - Nov12 May08 - Jun10 Apr07 - Jan09 Aug06 - Jun07 LIBOR_1MO 1.61 1.61 1.61 1.61 1.61 1.61 1.61 LIBOR_6MO 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 LIBOR_1YR 2.25 2.25 2.25 2.25 2.25 2.25 2.25 CMT_1YR 1.98 1.98 1.98 1.98 1.98 1.98 1.98 Prepay 10 CPR 20 CPR 25 CPR 30 CPR 40 CPR 50 CPR 60 CPR Optional Redemption Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) ------------------------------------------------------------------------------------------------------------------------------------
Yield Curve Mat 1MO 3MO 6MO 1YR 2YR 3YR 5YR 10YR 30YR Yld 1.57375 1.71 1.94125 2.34125 2.747 3.17 3.83687 4.67786 5.357 ------------------------------------------------------------------------------------------------------------------------------------
UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof (" UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker- dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/ or sales in them as principal or agent. UBS (excluding the US broker- dealer unless specifically disclosed under Required Disclosures) may act or have acted as market- maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/ or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report. MARM 2004-9 -- 1A4 UBS WL ARM TRADING (212)713-2860 Balance $12,025,000.00 Delay 0 Index LIBOR_1MO | 1.61 WAC 6.168681253 WAM 359 Coupon 2.4819 Dated 09/30/2004 Mult / Margin 1 / .62 NET 5.851487 WALA 1 Settle 09/30/2004 First Payment 10/25/2004 Cap / Floor 999 / 0
------------------------------------------------------------------------------------------------------------------------------------ Price 1 2 3 PRICING 5 6 7 WAL 21.20 12.31 9.83 8.08 5.70 4.03 2.46 Mod Durn 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Principal Window Nov24 - Jan26 Mar16 - Feb17 Nov13 - Aug14 Mar12 - Nov12 Jan10 - Jun10 Aug07 - Jan09 Dec06 - Jun07 LIBOR_1MO 1.61 1.61 1.61 1.61 1.61 1.61 1.61 LIBOR_6MO 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 LIBOR_1YR 2.25 2.25 2.25 2.25 2.25 2.25 2.25 CMT_1YR 1.98 1.98 1.98 1.98 1.98 1.98 1.98 Prepay 10 CPR 20 CPR 25 CPR 30 CPR 40 CPR 50 CPR 60 CPR Optional Redemption Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) ------------------------------------------------------------------------------------------------------------------------------------
Yield Curve Mat 1MO 3MO 6MO 1YR 2YR 3YR 5YR 10YR 30YR Yld 1.57375 1.71 1.94125 2.34125 2.747 3.17 3.83687 4.67786 5.357 ------------------------------------------------------------------------------------------------------------------------------------
UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof (" UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker- dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/ or sales in them as principal or agent. UBS (excluding the US broker- dealer unless specifically disclosed under Required Disclosures) may act or have acted as market- maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/ or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report. MARM 2004-9 -- 2A3 UBS WL ARM TRADING (212)713-2860 Balance $32,360,000.00 Delay 0 Index LIBOR_1MO | 1.61 WAC 6.168681253 WAM 359 Coupon 2.2719 Dated 09/30/2004 Mult / Margin 1 / .41 NET 5.851487 WALA 1 Settle 09/30/2004 First Payment 10/25/2004 Cap / Floor 999 / 0
------------------------------------------------------------------------------------------------------------------------------------ Price 1 2 3 PRICING 5 6 7 WAL 7.12 3.80 3.00 2.44 1.68 1.18 0.87 Mod Durn 6.348 3.568 2.855 2.340 1.634 1.162 0.860 Principal Window Oct04 - Jan26 Oct04 - Feb17 Oct04 - Aug14 Oct04 - Nov12 Oct04 - Jun10 Oct04 - Jan09 Oct04 - Jun07 LIBOR_1MO 1.61 1.61 1.61 1.61 1.61 1.61 1.61 LIBOR_6MO 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 1.9375 LIBOR_1YR 2.25 2.25 2.25 2.25 2.25 2.25 2.25 CMT_1YR 1.98 1.98 1.98 1.98 1.98 1.98 1.98 Prepay 10 CPR 20 CPR 25 CPR 30 CPR 40 CPR 50 CPR 60 CPR Optional Redemption Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) Call (Y) ------------------------------------------------------------------------------------------------------------------------------------
Yield Curve Mat 1MO 3MO 6MO 1YR 2YR 3YR 5YR 10YR 30YR Yld 1.57375 1.71 1.94125 2.34125 2.747 3.17 3.83687 4.67786 5.357 ------------------------------------------------------------------------------------------------------------------------------------
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