CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.

Depositor

Adjustable Rate Mortgage-Backed Pass-Through Certificates,

Series 2005-3

$[1,077,592,000](Approximate)

Expected Investor Settlement Date: March [30], 2005

TERMSHEET ~ Version 2.0

March 14, 2005

DLJ Mortgage Capital, Inc.

Seller

Select Portfolio Servicing, Inc.

Bank of America, N.A.

National City Mortgage Co.

Servicers

Wells Fargo Bank, N.A.

Master Servicer, Trust Administrator, Servicer and Back-up Servicer

Wilshire Credit Corporation

Special Servicer

U.S. Bank National Association

Trustee

Credit Suisse First Boston LLC

Underwriter

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING EST1IMATES, AND OTHER INFORMATION

The information contained in the attached materials is referred to as the “Information”.

The Information has been provided by Credit Suisse First Boston LLC. The Information contained herein is preliminary and subject to change.

The Information addresses only certain aspects of the applicable Certificates’ characteristics and thus does not provide a complete assessment or contain all material information about the Certificates. As such, the Information may not reflect the impact of all structural characteristics of the Certificates. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed circumstances.

Although a registration statement (including the prospectus) relating to the Certificates discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the Certificates discussed in this communication has not been filed with the Securities and Exchange Commission.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer or sale of the Certificates discussed in this communication 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. Prospective purchasers are recommended to review the final prospectus and prospectus supplement relating to the Certificates (the “Offering Documents”) discussed in this communication for definitive Information on any matter discussed in this communication.

Offering Documents contain data that is current as of their publication dates and after publication may no longer be complete or current. A final prospectus and prospectus supplement may be obtained by contacting the Credit Suisse First Boston LLC trading desk at (212) 538-3831 or from the Securities and Exchange Commission’s website.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-3

Offered Certificates: $[1,077,592,000] (Approximate)

Class	Original Balance (+/-5%)	Initial Coupon (%)	Avg. Life Call/Mat. (Years)1	Prin. Window Call/Mat. (Months) 2	Type	Pricing Speed and Assumption	Proj. Net Margin3	W.A. MTR	Exp’d Rating4 S&P/Moody’s
1-A-1	$[107,157,000]	[4.6500]5	[1.85/1.85]	[1-34/1-34]	Sen/WAC/PT	25 CPB	[1.922]%	[33]	AAA/Aaa
2-A-1	$[199,986,000]	[4.7336] 6	[2.51/2.53]	[1-58/1-70]	Sen/WAC/PT	25 CPB	[2.063]%	[59]	AAA/Aaa
3-A-1	$[41,946,000]	[5.0337]7	[2.50/2.85]	[1-58/1-84]	Sen/WAC/PT	25 CPB	[2115]%	[82]	AAA/Aaa
4-A-1	$[48,092,000]	[5.2700]8	[2.52/3.13]	[1-58/1-119]	Sen/WAC/PT	25 CPB	[2.024]%	[118]	AAA/Aaa
5-A-1	$[120,218,000]	[4.6719]9	[1.78/1.78]	[1-35/1-35]	Sen/WAC/PT	25 CPB	[2.044]%	[32]	AAA/Aaa
6-A-1	$[145,735,000]	[4.9519]10	[2.50/2.51]	[1-58/1-66]	Sen/WAC/PT	25 CPB	[2.061]%	[58]	AAA/Aaa
7-A-1	$[54,772,000]	[5.1049]11	[2.50/2.50]	[1-58/1-59]	Sen/WAC/PT	25 CPB	[2.068]%	[58]	AAA/Aaa
8-A-1-1	$[84,100,000]	[TBD]12	[2.33/2.54]	[1-76/1-160]	SuperSen/Floater	30 CPR	[2.951]%	[37]	AAA/Aaa
8-A-1-2	$[21,030,000]	[TBD]13	[2.33/2.54]	[1-76/1-160]	SenSupport/Floater	30 CPR	[2.951]%	[37]	AAA/Aaa
8-A-2-1	$[180,000,000]	[TBD]14	[2.35/2.58]	[1-76/1-171]	SuperSen/Floater	30 CPR	[2.968]%	[34]	AAA/Aaa
8-A-2-2	$[20,000,000]	[TBD]15	[2.35/2.58]	[1-76/1-171]	SenSupport/Floater	30 CPR	[2.968]%	[34]	AAA/Aaa
AR	$[50]	[4.6500]16	[TBD]	[TBD]	Sen/Residual	[NA]	[NA]	[TBD]	AAA/NR
AR-L	$[50]	[4.6500]16	[TBD]	[TBD]	Sen/Residual	[NA]	[NA]	[TBD]	AAA/NR

Information is preliminary and subject to final collateral, rating agency approval and legal review. The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties, which may vary from the actual characteristics of the final collateral. Credit Suisse First Boston LLC makes no representation that such analyses or calculations are accurate or that such valuations represent levels where actual trades may occur. Investors should rely on the information contained in or filed in connection with the prospectus/prospectus supplement.

___________________

¹ The weighted average lives with respect to the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates will be calculated to ‘Call’ assuming the 10% optional termination is exercised and all loans pay down on their initial reset date; and to ‘Maturity’ assuming all loans pay down on their initial reset date; in both cases assuming the Pricing Speed and Assumptions stated above.

² The principal windows with respect to the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates will be calculated to ‘Call’ assuming the 10% optional termination is exercised and all loans pay down on their initial reset date; and to ‘Maturity’ assuming all loans pay down on their initial reset date; in both cases assuming the Pricing Speed and Assumptions stated above.

³ Based on weighted average information on the assumed collateral as of the Cut-off Date.

⁴ The Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and Group 8 Certificates (as defined herein, and other than the Class AR and Class AR-L) are expected to be rated by Standard & Poor's Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”). The Class AR and Class AR-L Certificates are expected to be rated by S&P.

⁵ The initial pass-through rate on the Class 1-A-1 Certificates is expected to be approximately [4.6500]% per annum. After the first distribution date, the per annum pass-through rate on the Class 1-A-1 Certificates will equal the weighted average of the net interest rates on the group 1 mortgage loans (30/360 accrual basis, 24 day delay).

⁶ The initial pass-through rate on the Class 2-A-1 Certificates is expected to be approximately [4.7336]% per annum. After the first distribution date, the per annum pass-through rate on the Class 2-A-1 Certificates will equal the weighted average of the net interest rates on the group 2 mortgage loans (30/360 accrual basis, 24 day delay).

⁷The initial pass-through rate on the Class 3-A-1 Certificates is expected to be approximately [5.0337]% per annum. After the first distribution date, the per annum pass-through rate on the Class 3-A-1 Certificates will equal the weighted average of the net interest rates on the group 3 mortgage loans (30/360 accrual basis, 24 day delay).

⁸The initial pass-through rate on the Class 4-A-1 Certificates is expected to be approximately [5.2700]% per annum. After the first distribution date, the per annum pass-through rate on the Class 4-A-1 Certificates will equal the weighted average of the net interest rates on the group 4 mortgage loans (30/360 accrual basis, 24 day delay).

⁹The initial pass-through rate on the Class 5-A-1 Certificates is expected to be approximately [4.6719]% per annum. After the first distribution date, the per annum pass-through rate on the Class 5-A-1 Certificates will equal the weighted average of the net interest rates on the group 5 mortgage loans (30/360 accrual basis, 24 day delay).

¹⁰The initial pass-through rate on the Class 6-A-1 Certificates is expected to be approximately [4.9519]% per annum. After the first distribution date, the per annum pass-through rate on the Class 6-A-1 Certificates will equal the weighted average of the net interest rates on the group 6 mortgage loans (30/360 accrual basis, 24 day delay).

¹¹The initial pass-through rate on the Class 7-A-1 Certificates is expected to be approximately [5.1049]% per annum. After the first distribution date, the per annum pass-through rate on the Class 7-A-1 Certificates will equal the weighted average of the net interest rates on the group 7 mortgage loans (30/360 accrual basis, 24 day delay).

¹²The initial pass-through rate on the Class 8-A-1-1 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-A-1-1 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-A-1-1 certificate margin will increase to [TBD]%.

¹³ The initial pass-through rate on the Class 8-A-1-2 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-A-1-2 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-A-1-2 certificate margin will increase to [TBD]%.

¹⁴ The initial pass-through rate on the Class 8-A-2-1 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-A-2-1 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-A-2-1 certificate margin will increase to [TBD]%.

¹⁵The initial pass-through rate on the Class 8-A-2-2 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-A-2-2 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-A-2-2 certificate margin will increase to [TBD]%.

¹⁶The initial pass-through rate on the Class AR Certificates and Class AR-L Certificates is expected to be approximately [4.6500]% per annum. After the first distribution date, the per annum pass-through rate on the Class AR Certificates and Class AR-L Certificates will equal the weighted average of the net interest rates on the group 1 mortgage loans (30/360 accrual basis, 24 day delay).

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Adjustable Rate Mortgage-Backed Pass-Through Certificates,

Series 2005-3

Offered Certificates (cont.)

Class	Original Balance (+/-5%)	Initial Coupon (%)	Avg. Life Call/Mat. (Years) 1	Prin. Window Call/Mat. (Months) 2		Type	Pricing Speed and Assumption	Proj. Net Margin3	W.A. MTR	Exp’d Rating4 S&P/Moody’s
8-M-1	$[9,340,000]	[TBD]5	[4.38/4.70]	[38-76/38-112]	Sub/Floater		30 CPR	[2.962]%	[35]	[AA]/[Aa2]
8-M-2	$[7,700,000]	[TBD]6	[4.35/4.49]	[37-76/37-96]	Sub/Floater		30 CPR	[2.962]%	[35]	[A]/[A2]
8-M-3	$[3,935,000]	[TBD]7	[3.99/3.99]	[37-72/37-72]	Sub/Floater		30 CPR	[2.962]%	[35]	[BBB+]/[Baa1]
8-M-4	$[1,641,000]	[TBD]8	[3.19/3.19]	[37-46/37-46]	Sub/Floater		30 CPR	[2.962]%	[35]	[BBB-]/[Baa2]
C-B-1	$[14,450,000]	[4.8369]9	[3.77/3.93]	[1-58/1-119]	Sub/WAC/PT		25 CPB	[2.039]%	[56]	[TBD]
C-B-2	$[12,550,000]	[4.8369]9	[3.77/3.93]	[1-58/1-119]	Sub/WAC/PT		25 CPB	[2.039]%	[56]	[TBD]
C-B-3	$[4,940,000]	[4.8369]9	[3.77/3.93]	[1-58/1-119]	Sub/WAC/PT		25 CPB	[2.039]%	[56]	[TBD]

Non-Offered Certificates

Class	Original Balance (+/-5%)	Initial Coupon (%)	Avg. Life Call/Mat. (Years)1	Prin. Window Call/Mat. (Months)2	Type	Pricing Speed and Assumption	Proj. Net Margin3	W.A. MTR	Exp’d Rating4 S&P/Moody’s
C-B-4	$[5,325,000]	[4.8369]9	N/A	N/A	Sub/WAC/PT	25 CPR	[2.039]%	[56]	[TBD]
C-B-5	$[3,040,000]	[4.8369]9	N/A	N/A	Sub/WAC/PT	25 CPR	[2.039]%	[56]	[TBD]
C-B-6	$[2,283,031]	[4.8369]9	N/A	N/A	Sub/WAC/PT	25 CPR	[2.039]%	[56]	NR/NR
8-X	$[0]	N/A	N/A	N/A	Residual	N/A	N/A	N/A	NR/NR
P	$[0]10	N/A	N/A	N/A	Residual	N/A	N/A	N/A	NR/NR

___________________

¹ The weighted average lives with respect to the Class C-B Certificates will be calculated to ‘Call’ assuming the 10% optional termination is exercised and all loans pay down on their initial reset date; and to ‘Maturity’ assuming all loans pay down on their initial reset date; in both cases assuming the Pricing Speed and Assumptions stated above.

² The principal windows with respect to the Class C-B Certificates will be calculated to ‘Call’ assuming the 10% optional termination is exercised and all loans pay down on their initial reset date; and to ‘Maturity’ assuming all loans pay down on their initial reset date; in both cases assuming the Pricing Speed and Assumptions stated above.

³ Based on weighted average information on the assumed collateral as of the Cut-off Date.

⁴ The Group 8 Subordinate Certificates and the Class C-B Certificates (each as defined herein, and other than the Class C-B-6 Certificates) may be rated by one or more rating agencies.

⁵ The initial pass-through rate on the Class 8-M-1 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-M-1 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-M-1 certificate margin will increase to [TBD]%.

⁶ The initial pass-through rate on the Class 8-M-2 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-M-2 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-M-2 certificate margin will increase to [TBD]%.

⁷ The initial pass-through rate on the Class 8-M-3 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-M-3 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-M-3 certificate margin will increase to [TBD]%.

⁸ The initial pass-through rate on the Class 8-M-4 Certificates is expected to be approximately [TBD]% per annum. After the first distribution date, the per annum pass-through rate on the Class 8-M-4 Certificates will equal the least of (i) the sum of one-month LIBOR for that distribution date plus [TBD]%, (ii) the related group 8 net funds cap, and (iii) [11.00]% (ACT/360, 0 day delay). After the optional termination date for the group 8A and group 8B mortgage loans the Class 8-M-4 certificate margin will increase to [TBD]%.

⁹ The initial pass-through rate on the Class C-B Certificates is expected to be approximately [4.8369]% per annum. After the first distribution date, the per annum pass-through rate on the Class C-B Certificates will equal the weighted average of the net interest rates on the group 1, group 2, group 3, group 4, group 5, group 6 and group 7 mortgage loans, as further described in the prospectus supplement (30/360 accrual basis, 24 day delay).

¹⁰ The Class P Certificates will receive prepayment penalty premiums from certain mortgage loans. The Class P Certificates are not offered hereby.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

I. SUMMARY

Title of series	Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-3.
Depositor	Credit Suisse First Boston Mortgage Securities Corp.
Seller	DLJ Mortgage Capital, Inc.
Servicers	Select Portfolio Servicing, Inc. (“SPS”) (see “SPS servicing risk” herein), National City Mortgage Co., Bank of America, N.A. and Wells Fargo Bank N.A., (“Wells Fargo”).
Back-up Servicer	Wells Fargo Bank, N.A. (only with respect to the SPS-serviced mortgage loans).
Special Servicer	Wilshire Credit Corporation.
Master Servicer	Wells Fargo Bank, N.A.
Trustee	U.S. Bank National Association.
Trust Administrator	Wells Fargo Bank, N.A.
Mortgage pool	[3,578] adjustable-rate mortgage loans with an aggregate principal balance of approximately $[1,088,240,786.74] as of the cut-off date, secured by first liens on one- to four-family residential properties. Generally, after the initial fixed rate period, the interest rate and payment for the mortgage loans adjust semi-annually or annually based on an index plus a margin. The mortgage pool consists of nine groups of mortgage loans. Groups 1 and 5 are generally comprised of mortgage loans with an initial fixed rate period of 2 or 3 years, Groups 2 and 6 are each generally comprised of mortgage loans with an initial fixed rate period of 5 or 7 years, Group 3 is generally comprised of mortgage loans with an initial fixed rate period of 7 years, Group 4 is generally comprised of mortgage loans with an initial fixed rate period of 10 years, Group 7 is generally comprised of mortgage loans with an initial fixed rate period of 5 years, Groups 8A and 8B are each generally comprised of mortgage loans with an initial fixed rate period of six months, 1, 2, 3 or 5 years.

Designation	Number of Mortgage Loans	Cut-off Date Principal Balance
Group 1	[212]	$[113,514,033.53]
Group 2	[388]	$[211,849,793.33]
Group 3	[119]	$[44,433,920.02]
Group 4	[113]	$[50,945,106.35]
Group 5	[591]	$[127,349,414.27]
Group 6	[729]	$[154,380,527.87]
Group 7	[213]	$[58,021,235.65]
Group 8A	[552]	$[113,176,597.27]
Group 8B	[661]	$[214,570,158.45]

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

	Approximately [85.59]%, [71.57]%, [53.51]%, [88.49]%, [78.73]%, [64.57]%, [62.57]%, [49.78]%, and [55.92]% of the groups 1, 2, 3, 4, 5, 6, 7, 8A and 8B mortgage loans, respectively, do not provide for any payments of principal prior to their first adjustment date, or, with respect to certain groups 5 and 8A mortgage loans, three years from the date of origination, or, with respect to certain groups 1, 4, 5, 8A and 8B mortgage loans, five years from the date of origination, or, with respect to certain groups 1, 2, 3, 4, 5, 6, 7, 8A and 8B mortgage loans, ten years from the date of origination. Information contained herein reflects the March 1, 2005 cut-off date scheduled balances. Collateral information contained herein is indicative. On the closing date, the aggregate principal balance of the mortgage loans in loan groups 1, 2, 3, 4, 5, 6, 7, 8A and 8B along with any amounts on deposit in the prefunding account, will equal the aggregate principal balance of the Groups 1, 2, 3, 4, 5, 6, 7 and 8 Certificates and the Class C-B Certificates. For further collateral information, see “Collateral Summary” and “Collateral Details” herein. ertificates. For further collateral information, see “Collateral Summary” and “Collateral Details” herein.
[Prefunding Amount]	[Approximately [10%]].
[Capitalized Interest Account]	[TBD]
Cut-off date	March 1, 2005.
Closing date	On or about March 30, 2005.
Investor settlement date	On or about March 30, 2005.
Distribution dates	On the 25th day of each month, or if the 25th day is not a business day, on the succeeding business day beginning in April 2005.
Scheduled final distribution date	The distribution date in July 2035. The actual final distribution date could be substantially earlier.
Maturity date	July 25, 2035.
Offered certificates	Class 1-A-1, Class AR and Class AR-L Certificates (the “Group 1 Certificates”), Class 2-A-1 Certificates (the “Group 2 Certificates”), Class 3-A-1 Certificates (the “Group 3 Certificates”), Class 4-A-1 Certificates (the “Group 4 Certificates”), Class 5-A-1 Certificates (the “Group 5 Certificates”), Class 6-A-1 Certificates (the “Group 6 Certificates”), Class 7-A-1 Certificates (the “Group 7 Certificates”), Class 8-A-1-1 and Class 8-A-1-2 Certificates (the “Group 8-A-1 Certificates”), Class 8-A-2-1 and Class 8-A-2-2 Certificates (the “Group 8-A-2 Certificates”), The Group 8-A-1 Certificates and Class 8-A-2 Certificates (the “Group 8 Senior Certificates”), Class 8-M-1, Class 8-M-2, Class 8-M-3 and Class 8-M-4 Certificates (the “Group 8 Subordinate Certificates,” and together with the Group 8 Senior Certificates and the Class 8-X Certificates, the “Group 8 Certificates”), The Group 1 Certificates, Group 2 Certificates, Group 3 Certificates, Group 4 Certificates, Group 5 Certificates, Group 6 Certificates, Group 7 Certificates and Group 8 Senior Certificates (together, the “Senior Certificates”), Class C-B-1, Class C-B-2 and Class C-B-3 (together with the Senior Certificates and the Group 8 Subordinate Certificates, the “Offered Certificates”).

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Privately offered certificates	Class C-B-4, Class C-B-5 and Class C-B-6 Certificates (together with the Class C-B-1, Class C-B-2 and Class C-B-3 Certificates, the “Class C-B Certificates”), the Class P Certificates and the Class 8-X Certificates.
Form of offered certificates	The Offered Certificates, other than the Class AR and Class AR-L Certificates, will be book-entry certificates. The Class AR and Class AR-L Certificates will be physical certificates.
Minimum denominations	The Offered Certificates, other than the Class AR and Class AR-L Certificates, will be issued in minimum denominations (by principal balance) of $25,000 and integral multiples of $1 in excess thereof. The Class AR and Class AR-L Certificates will be issued in minimum percentage interests of 20%.
Accrual periods	For any distribution date and any class of Offered Certificates, other than the Group 8 Certificates, the calendar month immediately preceding that distribution date. For any distribution date and the Group 8 Certificates, the period commencing on the immediately preceding distribution date (or the closing date, in the case of the first accrual period) and ending on the day immediately preceding the related distribution date.
Day count	For any distribution date and any class of Offered Certificates, other than the Group 8 Certificates, interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. For any distribution date and the Group 8 Certificates, interest will be calculated on the basis of a 360-day year and the actual number of days elapsed in each accrual period.
Delay days	For any distribution date and any class of Offered Certificates other than the Group 8 Certificates, 24 days. For any distribution date and the Group 8 Certificates, 0 days.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Optional termination	On any distribution date on which the aggregate outstanding stated principal balance of the group 1, group 2, group 3, group 4, group 5, group 6 and group 7 mortgage loans is less than or equal to 10% of its aggregate principal balance as of the cut-off date, [SPS] may, but will not be required to, purchase from the trust all remaining group 1, group 2, group 3, group 4, group 5, group 6 and group 7 mortgage loans, thereby causing an early retirement of and a principal prepayment on the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and Class C-B Certificates. On any distribution date on which the aggregate outstanding stated principal balance of the group 8A and group 8B mortgage loans is less than or equal to 10% of its aggregate principal balance as of the cut-off date, [SPS] may, but will not be required to, purchase from the trust all remaining group 8A and group 8B mortgage loans, thereby causing an early retirement of and a principal prepayment on the Group 8 Certificates.
Ratings	The Offered Certificates are expected to be rated by Moody’s Investors Service, Inc. (“Moody’s) and/or Standard & Poor’s Ratings Services (“S&P”), with the ratings indicated in the table on page 2 above. Certain of the Class C-B Certificates may be rated by Moody’s and/or S&P.
ERISA considerations	The offered certificates, other than the Class AR and Class AR-L Certificates, may be eligible for purchase by transferees acting for, or on behalf of, employee benefit plans or other retirement arrangements that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended, subject to certain considerations described in the prospectus supplement. Sales of the Class AR and Class AR-L Certificates to such plans or retirement arrangements are prohibited, except as described in the prospectus supplement.
Federal income tax consequences	For federal income tax purposes, the depositor will cause multiple separate real estate mortgage investment conduit (“REMIC”) elections to be made with respect to the trust (exclusive of the assets held in the basis risk reserve fund). The Offered Certificates, other than the Class AR and Class AR-L Certificates, will represent ownership of regular interests in the upper tier REMIC. These certificates will generally be treated as representing ownership of debt for federal income tax purposes. Holders of these certificates will be required to include as income all interest and original issue discount, if any, on such certificates in accordance with the accrual method of accounting, regardless of the certificateholders’ usual methods of accounting. In addition, the Group 8 Certificates, other than the Class 8-X Certificates, will be treated as having a right to receive certain payments from the related basis risk reserve fund. For federal income tax purposes, the Class AR-L Certificates will represent ownership of the residual interests in the lower-tier REMICs, which will hold the mortgage loans, and the Class AR Certificates will represent ownership of the residual interest in each remaining REMIC.
Legal investment	When issued, the Offered Certificates, other than the Class 8-M-3, Class 8-M-4, Class C-B-2 and Class C-B-3 Certificates, will be “mortgage related securities” for purposes of the Secondary Mortgage Market Enhancement Act of 1984 (“SMMEA”). You should consult your legal advisors in determining whether and to what extent the Offered Certificates constitute legal investments for you.
Principal and interest advancing	Each servicer (or if a servicer fails to make an advance, the master servicer), will make cash advances with respect to delinquent scheduled payments of principal and interest on any mortgage loan serviced by it, to the extent they are deemed recoverable.
Compensating interest	Each servicer will provide compensating interest for prepayment interest shortfalls only to the extent described in the prospectus supplement.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Servicing transfer It is anticipated that on or about May 1, 2005, the servicing function for all or a portion of the mortgage loans serviced by SPS will be transferred to a successor servicer that meets the requirements of a successor servicer in the pooling and servicing agreement

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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SPS servicing risk Fairbanks changed its name to “Select Portfolio Servicing, Inc.” on June 30, 2004. SPS maintains an “Average” rating with a “Stable” outlook with S&P and an “SQ3” rating with Moody’s. Fitch has given SPS a residential primary servicer rating for subprime and home equity of “RPS2-”, an Alt-A primary servicer rating of “RPS2-” and a special servicer rating of “RSS2-”. On May 18, 2004, the United States District Court for the District of Massachusetts entered its final approval of the settlement of approximately 40 putative class action cases and made permanent its December 10, 2003 injunction that has the effect of staying all litigation against SPS relating to the claims addressed by the settlement agreement. The injunction excludes counterclaims and defenses that might arise out of foreclosure proceedings that SPS initiates and individuals who excluded themselves from the settlement to pursue individual claims for relief. The settlement contemplates that plaintiff’s redress would come, in part, from the redress fund established in connection with SPS’ settlement with the FTC and HUD described below. On May 5, 2004, a West Virginia state court entered an order approving a settlement between SPS and plaintiffs in a putative class action in which plaintiffs alleging certain of SPS’ fees violated provisions of the West Virginia Code sought an injunction, declaratory relief, actual damages, civil penalties, punitive damages, attorneys’ fees, and other relief from SPS. Under the settlement, SPS may resume its previously enjoined foreclosure activities in West Virginia, subject to compliance with applicable law. The settlement requires the approximately 200 West Virginia loans that were in one of two specific categories (i.e., real estate owned or foreclosure) as of January 7, 2003 to be reviewed by a three-person panel, including a representative of SPS, to resolve any customer disputes that may exist regarding charges assessed by SPS on such customer’s accounts and/or SPS’ right to foreclose. On May 13, 2004, the West Virginia Supreme Court accepted a petition to certify certain questions regarding foreclosure procedure. A hearing will be held in late 2004, which, depending on whether and how the Court answers these questions, may impact the activities of SPS and other servicers in that state with respect to foreclosures and loan workouts. On November 12, 2003, SPS announced that it had entered into a final settlement agreement with the FTC and HUD to resolve issues raised during their review of SPS’ servicing practices. As part of the settlement, SPS agreed to pay to the FTC the amount of $40 million for the creation of a redress fund for the benefit of consumers harmed allegedly by SPS and to implement certain practices on a prospective basis. SPS has recently entered into consent agreements with regulatory agencies in Florida, Michigan, Colorado and Illinois, which provide for provisions similar to those contained in the consent order entered into with the FTC and HUD. While not admitting any liability in any of those agreements, SPS agreed to refund certain amounts to Florida and Michigan consumers identified by the regulators in those states. SPS has experienced an increased level of scrutiny from various state regulatory agencies and a few states have conducted or commenced formal investigations. A few agencies have taken the position that notwithstanding the amount available under the FTC redress fund, such agencies would seek to ensure that the consumers residing in those states receive relief without regard to the relief available under the FTC redress fund. If those state regulatory agencies persist in their desire to have amounts paid to consumers who reside in those states regardless of the establishment of the FTC redress fund, and such amounts in the aggregate are material, it is unlikely that SPS will be able to pay such amounts. As a result, those agencies might elect to bring administrative or other actions against SPS seeking to require refunds, the imposition of monetary penalties and/or revocation of SPS’ licenses to conduct its servicing activities in that state. Due to this current and potential future adverse event, future income from SPS’s operations may be impacted negatively. The occurrence of one or more of the foregoing events or a determination by any court or regulatory agency that SPS’ policies and procedures do not comply with applicable law could lead to further downgrades by one or more rating agencies, a transfer of SPS’ servicing responsibilities, increased delinquencies on the mortgage loans serviced by SPS, delays in distributions on the offered certificates, losses on the offered certificates, or any combination of these events. In addition, such developments could result in SPS’ insolvency or bankruptcy, and there can be no assurance, in the event of a bankruptcy proceeding, that SPS could reorganize successfully in bankruptcy.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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II. CREDIT ENHANCEMENT (Groups 1 – 7)

Subordination

The Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates will receive distributions of interest and principal before the Class C-B Certificates are entitled to receive distributions of interest or principal. The Class C-B Certificates absorb most losses, in reverse order of principal priority, on the group 1, 2, 3, 4, 5, 6 and 7 mortgage loans prior to the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates. NOTE: The Class C-B Certificates represent interests in the group 1, 2, 3, 4, 5, 6 and 7 mortgage loans; consequently, the Class C-B Certificates could be reduced to zero as a result of a disproportionate amount of Realized Losses on the mortgage loans in any of these groups.

Group 1 - 7 credit enhancement percentages

For any certificate on any distribution date, the fraction, expressed as a percentage, the numerator of which is the sum of the aggregate class principal balance of the subordinate C-B Certificates to that certificate after giving effect to payments on such distribution date, and the denominator of which is the aggregate loan group balance for group 1, 2, 3, 4, 5, 6 and 7 mortgage loans for such distribution date.

Initial Group 1-7 Credit Enhancement Percentages:
Class	Approximate Expected Initial Credit Enhancement* (%)
Senior Certificates	[5.60]
C-B-1	[3.70]
C-B-2	[2.05]
C-B-3	[1.40]
C-B-4	[0.70]
C-B-5	[0.30]
C-B-6	[0.00]
*Based on collateral cut-off balance. Subject to a +/- 0.50% variance.

Shifting of interests

Except as described below, the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates will receive 100% of principal prepayments received on the mortgage loans in the related loan group until the [seventh] anniversary of the first distribution date. During the next four years, the senior certificates will generally receive a disproportionately large, but decreasing, share of principal prepayments. This will result in a quicker return of principal to these senior certificates and increases the likelihood that holders of these certificates will be paid the full amount of principal to which they are entitled. If the subordinate percentage before the third anniversary of the first distribution date is greater than or equal to twice the subordinate percentage as of the closing date (and certain other rating agency collateral performance requirements are satisfied), then the subordinate classes will receive 50% of their pro rata share of principal prepayments. If the subordinate percentage on or after the third anniversary of the first distribution date is greater than or equal to twice the subordinate percentage as of the closing date (and certain rating agency collateral performance requirements are satisfied), then the subordinate classes will receive their pro rata share of principal prepayments.

Cross-collateralization

In certain limited circumstances, principal and interest collected from any of the loan group 1, 2, 3, 4, 5, 6 and 7 mortgage loans may be used to pay principal or interest, or both, to the senior certificates unrelated to that loan group.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Coverage for excess losses The Class C-B Certificates will provide limited protection to the classes of certificates of higher relative priority against special hazard losses, bankruptcy losses and fraud losses in excess of certain amounts, as described in the prospectus supplement. Note: The Class C-B Certificates are allocated losses from mortgage loans in loan groups 1, 2, 3, 4, 5, 6 and 7; consequently, disproportionately high special hazard, bankruptcy or fraud losses experienced by one loan group could adversely impact protection to unrelated Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates for these types of losses.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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III. DISTRIBUTIONS (Groups 1 - 7)

Available distribution amount	For any distribution date and each of the group 1, 2, 3, 4, 5, 6 and 7 mortgage loans, the sum of: (i) scheduled payments and advances on the related mortgage loans, net of related servicing, trustee, and insurance fees, as applicable; (ii) insurance and liquidation proceeds, net of unreimbursed liquidation expenses; (iii) principal prepayments received during the related prepayment period, excluding prepayment penalties; (iv) amounts received in respect of a repurchase by the seller, or a purchase by a holder of a subordinate certificate or by the special servicer, as provided in the pooling and servicing agreement, net of advances previously made and other amounts as to which the trustee, the trust administrator, a servicer or the master servicer is entitled to be reimbursed; (v)  compensating interest; (vi) recoveries; and (vii) any amount paid in connection with an optional termination, up to the amount of the par value for the related group.
Priority of distributions	Distributions will in general be made to the extent of the available funds for the related loan group in the order and priority as follows: 1.     First, to the related senior certificates, pro-rata, accrued and unpaid interest at their respective pass-through rates on their respective class principal balances. 2.     Second, to the related senior certificates, as principal, the related senior principal distribution amount as described below under the heading “Distributions of principal,” 3.     Third, to each class of Class C-B Certificates, interest and then principal in increasing order of numerical class designation, and 4.     Fourth, to the Class AR or Class AR-L Certificates, as appropriate, the remainder (which is expected to be zero).
Distribution of principal	On each distribution date, an amount up to the Group 1 senior principal distribution amount for that distribution date will be distributed as principal pro rata to the Class AR Certificates and Class AR-L Certificates until their respective class principal balances are reduced to zero, and then to the Class 1-A-1 Certificates, until its class principal balance has been reduced to zero.
	On each distribution date, an amount up to the Group 2 senior principal distribution amount for that distribution date will be distributed as principal to the Class 2-A-1 Certificates, until its class principal balance has been reduced to zero.
	On each distribution date, an amount up to the Group 3 senior principal distribution amount for that distribution date will be distributed as principal to the Class 3-A-1 Certificates, until its class principal balance has been reduced to zero. On each distribution date, an amount up to the Group 4 senior principal distribution amount for that distribution date will be distributed as principal to the Class 4-A-1 Certificates, until its class principal balance has been reduced to zero. On each distribution date, an amount up to the Group 5 senior principal distribution amount for that distribution date will be distributed as principal to the Class 5-A-1 Certificates, until its class principal balance has been reduced to zero. On each distribution date, an amount up to the Group 6 senior principal distribution amount for that distribution date will be distributed as principal to the Class 6-A-1 Certificates, until its class principal balance has been reduced to zero. On each distribution date, an amount up to the Group 7 senior principal distribution amount for that distribution date will be distributed as principal to the Class 7-A-1 Certificates, until its class principal balance has been reduced to zero.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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On each distribution date, an amount, up to the amount of the subordinate principal distribution amount for that distribution date, will be distributed as principal, to the Class C-B Certificates, to the extent of the aggregate available funds remaining after distribution of interest and principal to the related Senior Certificates. Each class of Class C-B Certificates will be entitled to receive its pro rata share, based on its respective Class Principal Balance, of the subordinate principal distribution amount. Distributions of principal to the subordinate certificates will be made on each distribution date sequentially in the order of their numerical class designation, beginning with the Class C-B-1 Certificates, until each class of subordinate certificates has received its respective pro rata share of the subordinate principal distribution amount for that distribution date.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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IV. CREDIT ENHANCEMENT (Group 8)

Overcollateralization	The group 8A and group 8B mortgage loans bear interest each month in an amount that in the aggregate is expected to exceed the amount needed to pay monthly interest on the Group 8 Certificates and certain related trust expenses. This excess interest will be applied to pay principal on the Group 8 Certificates (other than the Class 8-X Certificates) in order to create and maintain the required level of overcollateralization. The overcollateralization will be available to absorb losses on the group 8A and group 8B mortgage loans. The required level of overcollateralization may increase or decrease over time. We cannot assure you that sufficient interest will be generated by the group 8A and group 8B mortgage loans to create and maintain the required level of overcollateralization or to absorb losses on the group 8A and group 8B mortgage loans.
Overcollateralization amount	For any distribution date will be equal to the amount, if any, by which (x) the aggregate loan balance of the group 8A and group 8B mortgage loans for such distribution date exceeds (y) the aggregate class principal balance of the Group 8 Certificates after giving effect to payments on such distribution date.
Initial overcollateralization	As of the closing date, the overcollateralization amount will be equal to $[0.00].
Targeted overcollateralization amount	For any distribution date prior to the stepdown date, approximately [0.50]% of the aggregate loan balance of the group 8A and group 8B mortgage loans as of the cut-off date. For any distribution date on or after the stepdown date and with respect to which a trigger event is not in effect, the greater of (a) [1.00]% of the aggregate loan balance of the group 8A and group 8B mortgage loans for such distribution date, or (b) [0.50]% of the aggregate loan balance of the group 8A and group 8B mortgage loans as of the cut-off date. For any distribution date on or after the stepdown date with respect to which a trigger event is in effect and is continuing, the targeted overcollateralization amount for the distribution date immediately preceding such distribution date.
Stepdown date	The later to occur of (a) the distribution date in [April 2008], and (b) the first distribution date on which the senior enhancement percentage is equal to or greater than two times the initial targeted credit enhancement percentage for the Group 8 Senior Certificates.

Group 8 credit enhancement percentage	Initial Group 8 Credit Enhancement Percentages:
	Class	Approximate Expected Initial Credit Enhancement* (%)	Approximate Expected Initial Target Credit Enhancement* (%)	Approximate Expected Final Target Credit Enhancement** (%)
	8-A	[6.90]	[7.40]	[14.80]
	8-M-1	[4.05]	[4.55]	[9.10]
	8-M-2	[1.70]	[2.20]	[4.40]
	8-M-3	[0.50]	[1.00]	[2.00]
	8-M-4	[0.00]	[0.50]	[1.00]
*Prior to the stepdown date, based on collateral cut-off balance.
**After stepdown date, based on current pool balance.
Note: Class 8-A represents the aggregate balance of the Group 8 Senior Certificates.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Trigger event A trigger event will occur for any distribution date if either (i) the average of the delinquency rates for each of the three (or one and two, in the case of the first and second distribution dates) immediately preceding months as of the last day of the related collection period equals or exceeds [34]% of the senior enhancement percentage for such distribution date or (ii) the cumulative realized losses as a percentage of the original aggregate collateral balance on the closing date for such distribution date is greater than the percentage set forth below:

Range of Distribution Dates	Cumulative Loss Percentage
April 2008 – March 2009	[1.00]%
April 2009 – March 2010	[1.43]%
April 2010 – March 2011	[1.87]%
April 2011 and thereafter	[2.30]%

Delinquency rate	With respect to any distribution date, the fraction, expressed as a percentage, the numerator of which is the aggregate loan balance of the group 8A and group 8B mortgage loans 60 or more days delinquent (including all foreclosures and REO Properties) as of the close of business on the last day of such month, and the denominator of which is the aggregate loan balance of the group 8A and group 8B mortgage loans as of the close of business on the last day of such month.
Subordination	The Group 8 Senior Certificates will have a payment priority over the Group 8 Subordinate Certificates. Each class of Group 8 Subordinate Certificates will be subordinate to each other class of subordinate certificates with a higher payment priority. Losses on the group 8A and group 8B mortgage loans will first reduce the available excess interest and then reduce the overcollateralization amount. If there is no overcollateralization at that time, losses on the mortgage loans will be allocated to the Group 8 Subordinate Certificates, in the reverse order of their priority of payment, until the principal amount of all classes of Group 8 Subordinate Certificates are reduced to zero. On and after the Credit Enhancement Depletion Date, losses from the group 8B mortgage loans will be allocated to the Class 8-A-2-2 Certificates until its class principal balances are reduced to zero.
Cross-collateralization	In certain limited circumstances, principal and interest collected from any of the loan group 8A and group 8B mortgage loans may be used to pay principal or interest, or both, to the Group 8 Senior Certificates unrelated to that loan group.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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V. DISTRIBUTIONS (Groups 8A and 8B)

Interest remittance amount	For any distribution date and the related loan group, the sum of (i) scheduled interest payments (other than payaheads) and advances on the mortgage loans in the related loan group for the related collection period, the interest portion of payaheads previously received and intended for application in the related collection period and the interest portion of all payoffs (net of payoff interest for such distribution date) and curtailments received on the mortgage loans during the related prepayment period, less (x) the applicable expense fees with respect to such mortgage loans and (y) unreimbursed advances and other amounts due to the master servicer, the applicable servicer and the trust administrator with respect to such mortgage loans, to the extent allocable to interest, (ii) compensating interest, (iii) the portion of any substitution adjustment amount and purchase price paid with respect to such mortgage loans during the related collection period, in each case allocable to interest and amounts paid in connection with an optional termination, up to the amount of the interest portion of the par value for the related loan group and (iv) net liquidation proceeds (net of unreimbursed advances, servicing advances and other expenses, to the extent allocable to interest, and unpaid expense fees) collected with respect to the mortgage loans in the related loan group during the related collection period, to the extent allocable to interest.
Distributions of interest	The pass-through rate for each class of Group 8 Certificates, other than the Class 8-X Certificates, for each distribution date is a per annum rate equal to the least of (i) the sum of the one-month LIBOR for that distribution date plus the related certificate margin, (ii) the applicable Group 8 net funds cap, and (iii) [11.00]%.
	The amount of interest payable on each distribution date in respect of each class of Group 8 Certificates, other than the Class 8-X Certificates, will equal the sum of (1) current interest for such class on such date and (2) any carryforward interest for such class and date.
	On each distribution date, the interest remittance amount for such date will be paid in the following order of priority: (1) from the interest remittance amount for loan group 8A and 8B, to the Group 8 Senior Certificates, pro rata based on amounts due, current interest and any carryforward interest for such class and such distribution date, provided that (a) amounts distributed to the Class 8-A-1-1 and Class 8-A-1-2 Certificates will reduce the interest remittance amount for loan group 8A before any reduction to the interest remittance amount for loan group 8B in respect of such distribution, (b) amounts distributed to the Class 8-A-2-1 and Class 8-A-2-2 Certificates will reduce the interest remittance amount for loan group 8B before any reduction to the interest remittance amount for loan group 8A in respect of such distributions; (2) first, from the interest remittance amount for loan group 8B and then from the interest remittance amount for loan group 8A to the Class 8-M-1 Certificates, current interest and any carryforward interest for such class and such distribution date; (3) first, from the interest remittance amount for loan group 8B, then from the interest remittance amount for loan group 8A to the Class 8-M-2 Certificates, current interest and any carryforward interest for such class and such distribution date; (4) first, from the interest remittance amount for loan group 8B and then from the interest remittance amount for loan group 8A to the Class 8-M-3 Certificates, current interest and any carryforward interest for such class and such distribution date; (5) first, from the interest remittance amount for loan group 8B and then from the interest remittance amount for loan group 8A to the Class 8-M-4 Certificates, current interest and any carryforward interest for such class and such distribution date; (6) for application as part of monthly excess cashflow for such distribution date, as described below, any interest remittance amount remaining after application pursuant to clauses (1) through (5) above for such distribution date.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Principal remittance amount	For any distribution date and the related loan group, the sum of (i) scheduled principal payments (other than payaheads) and advances on the mortgage loans in the related loan group, net of unreimbursed advances, servicing advances and other amounts due to the servicers, the trustee, the master servicer and the trust administrator with respect to the mortgage loans in the related loan group (to the extent allocable to principal), and the principal portion of payaheads previously received and intended for application in the related collection period, (ii) principal prepayments received during the related prepayment period, (iii) amounts received in respect of a repurchase by the seller, or a purchase by a holder of a subordinate certificate or by the special servicer, as provided in the pooling and servicing agreement, net of advances previously made and other amounts as to which the trustee, the trust administrator, a servicer or the master servicer is entitled to be reimbursed, (iv)  amounts paid in connection with an optional termination, up to the amount of the par value for the related loan group, (v) the portion of any substitution adjustment amount paid with respect to any deleted mortgage loans during the related collection period allocable to principal, (vi) net liquidation proceeds (net of unreimbursed advances, servicing advances and other expenses, to the extent allocable to principal) and recoveries, if any, collected with respect to the mortgage loans in the related loan group during the related collection period, to the extent allocable to principal, and (vii) if applicable, amounts withdrawn from the related Group 8 interest rate cap account to cover realized losses on the Group 8 mortgage loans incurred during the related collection period.
Overcollateralization release amount	For any distribution date will be equal to the lesser of (x) the principal remittance amount for such distribution date and (y) the amount, if any, by which (1) the overcollateralization amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the principal remittance amount for such date is applied on such date in reduction of the aggregate of the class principal balances of the Group 8 Certificates, exceeds (2) the targeted overcollateralization amount for such date.
Group 8A allocation amount	For any distribution date, the product of the senior principal payment amount for that distribution date and a fraction the numerator of which is the principal remittance amount derived from loan group 8A and the denominator of which is the principal remittance amount, in each case for that distribution date.
Group 8B allocation amount	For any distribution date, the product of the senior principal payment amount for that distribution date and a fraction the numerator of which is the principal remittance amount derived from loan group 8B and the denominator of which is the principal remittance amount, in each case for that distribution date.
Principal payment amount	For any distribution date and loan groups 8A and 8B will be equal to the principal remittance amount for both loan groups for such date minus the overcollateralization release amount, if any, for such date.
Senior principal payment amount	For any distribution date on or after the stepdown date and as long as a trigger event has not occurred with respect to such distribution date, will be the amount, if any, by which (x) the class principal balance of the Group 8 Senior Certificates immediately prior to such distribution date exceeds (y) the lesser of (A) the product of (i) approximately [85.20]% and (ii) the aggregate loan balance for loan groups 8A and 8B for such distribution date and (B) the amount, if any, by which (i) the aggregate loan balance for loan groups 8A and 8B mortgage loans for such distribution date exceeds (ii) 0.50% of the aggregate loan group balance for loan groups 8A and 8B as of the cut-off date.
Credit support depletion date	The first distribution date on which the aggregate class principal balance of the Group 8 Subordinate Certificates has been or will be reduced to zero.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

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Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Class 8-M-1 principal payment amount	For any distribution date on or after the stepdown date and as long as a trigger event has not occurred with respect to such distribution date, will be the amount, if any, by which (x) the sum of (i) the class principal balances of the Group 8 Senior Certificates, in each case, after giving effect to payments on such distribution date and (ii) the class principal balance of the Class 8-M-1 Certificates immediately prior to such distribution date exceeds (y) the lesser of (A) the product of (i) [90.90]% and (ii) the aggregate loan group balance for loan groups 8A and 8B for such distribution date and (B) the amount, if any, by which (i) the aggregate loan group balance for loan groups 8A and 8B for such distribution date exceeds (ii) 0.50% of the aggregate loan group balance for loan groups 8A and 8B as of the cut-off date.
Class 8-M-2 principal payment amount	For any distribution date on or after the stepdown date and as long as a trigger event has not occurred with respect to such distribution date, will be the amount, if any, by which (x) the sum of (i) the class principal balances of the Group 8 Senior Certificates and the Class 8-M-1 Certificates, in each case, after giving effect to payments on such distribution date and (ii) the class principal balance of the Class 8-M-2 Certificates immediately prior to such distribution date exceeds (y) the lesser of (A) the product of (i) [95.60]% and (ii) the aggregate loan group balance for loan groups 8A and 8B for such distribution date and (B) the amount, if any, by which (i) the aggregate loan group balance for loan groups 8A and 8B for such distribution date exceeds (ii) 0.50% of the aggregate loan group balance for loan groups 8A and 8B as of the cut-off date.
Class 8-M-3 principal payment amount	For any distribution date on or after the stepdown date and as long as a trigger event has not occurred with respect to such distribution date, will be the amount, if any, by which (x) the sum of (i) the class principal balances of the Group 8 Senior Certificates, the Class 8-M-1 Certificates and the Class 8-M-2 Certificates, in each case, after giving effect to payments on such distribution date and (ii) the class principal balance of the Class 8-M-3 Certificates immediately prior to such distribution date exceeds (y) the lesser of (A) the product of (i) [98.00]% and (ii) the aggregate loan group balance for loan groups 8A and 8B for such distribution date and (B) the amount, if any, by which (i) the aggregate loan group balance for loan groups 8A and 8B for such distribution date exceeds (ii) 0.50% of the aggregate loan group balance for loan groups 8A and 8B as of the cut-off date.
Class 8-M-4 principal payment amount	For any distribution date on or after the stepdown date and as long as a trigger event has not occurred with respect to such distribution date, will be the amount, if any, by which (x) the sum of (i) the class principal balances of the Group 8 Senior Certificates, the Class 8-M-1 Certificates, the Class 8-M-2 Certificates and the Class 8-M-3 Certificates, in each case, after giving effect to payments on such distribution date and (ii) the class principal balance of the Class 8-M-4 Certificates immediately prior to such distribution date exceeds (y) the lesser of (A) the product of (i) [99.00]% and (ii) the aggregate loan group balance for loan groups 8A and 8B for such distribution date and (B) the amount, if any, by which (i) the aggregate loan group balance for loan groups 8A and 8B for such distribution date exceeds (ii) 0.50% of the aggregate loan group balance for loan groups 8A and 8B as of the cut-off date.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

18

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

19

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Distributions of principal	The principal payment amount will be paid on each distribution date as follows: I.     On each distribution date (a) prior to the stepdown date or (b) with respect to which a trigger event is in effect, the principal payment amount will be paid in the following order of priority: i)   (a) from the principal remittance amount for loan group 8A, sequentially, first (x) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero, and then (y) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until its class principal balance is reduced to zero, (b) from the principal remittance amount for loan group 8B, sequentially, first (x) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until its class principal balance is reduced to zero and then (y) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero; ii)  to the Class 8-M-1 Certificates, until its class principal balance has been reduced to zero; iii)  to the Class 8-M-2 Certificates, until its class principal balance has been reduced to zero; iv) to the Class 8-M-3 Certificates, until its class principal balance has been reduced to zero; v)  to the Class 8-M-4 Certificates, until its class principal balance has been reduced to zero; vi) for application as part of monthly excess cashflow for such distribution date, as described below, any such principal payment amount remaining after application pursuant to clauses (i) through (v) above. II.    On each distribution date (a) on or after the stepdown date and (b) with respect to which a trigger event is not in effect, the principal payment amount will be paid in the following order of priority: i)   (a) from the principal remittance amount for loan group 8A, the group 8A allocation amount, sequentially, first (x) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero, and then (y) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until their class principal balance is reduced to zero; (b) from the principal remittance amount for loan group 8B, the group 8B allocation amount, sequentially, first (x) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until its class principal balance is reduced to zero and then (y) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero; ii)  to the Class 8-M-1 Certificates, the Class 8-M-1 principal payment amount for such distribution date, until its class principal balance has been reduced to zero; iii) to the Class 8-M-2 Certificates, the Class 8-M-2 principal payment amount for such distribution date, until its class principal balance has been reduced to zero; iv) to the Class 8-M-3 Certificates, the Class 8-M-3 principal payment amount for such distribution date, until its class principal balance has been reduced to zero; v)  to the Class 8-M-4 Certificates, the Class 8-M-4 principal payment amount for such distribution date, until its class principal balance has been reduced to zero; vi) for application as part of monthly excess cashflow for such distribution date, as described below, any such principal payment amount remaining after application pursuant to clauses (i) through (v) above.
Group 8A excess interest amount	For any distribution date, the product of the amount of monthly excess interest required to be distributed on that distribution date to reach the required level of overcollateralization and a fraction the numerator of which is the principal remittance amount derived from loan group 8A and the denominator of which is the principal remittance amount for loan groups 8A and 8B, in each case for that distribution date.
Group 8B excess interest amount	For any distribution date, the product of the amount of monthly excess interest required to be distributed on that distribution date to reach the required level of overcollateralization and a fraction the numerator of which is the principal remittance amount derived from loan group 8B and the denominator of which is the principal remittance amount for loan groups 8A and 8B, in each case for that distribution date.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

20

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Distribution of monthly excess cashflow	On each distribution date, monthly excess cashflow will be distributed in the following order of priority: 1)     A) until the aggregate class principal balance of the Group 8 Certificates equals the aggregate loan balance of the groups 8A and 8B mortgage loans for such distribution date minus the targeted overcollateralization amount for such date, on each distribution date (a) prior to the stepdown date or (b) with respect to which a trigger event is in effect, to the extent of monthly excess interest for such distribution date, to the Group 8 Certificates, in the following order of priority: i)           (a) from monthly excess cashflow for loan group 8A, the Group 8A Excess Interest Amount, sequentially, first (x) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero, and then (y) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until its class principal balance is reduced to zero; (b) The Group 8B Excess Interest Amount, sequentially, first (x) to the Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata, until its class principal balance is reduced to zero, and then (y) to the Class 8-A-1-1 and Class 8-A-1-2 Certificates (allocated as described below*), until their class principal balances are reduced to zero; ii)            to the Class 8-M-1 Certificates, until its class principal balance has been reduced to zero; iii)           to the Class 8-M-2 Certificates, until its class principal balance has been reduced to zero; and iv)           to the Class 8-M-3 Certificates, until its class principal balance has been reduced to zero; v)            to the Class 8-M-4 Certificates, until its class principal balance has been reduced to zero; (B) on each distribution date on or after the stepdown date and with respect to which a trigger event is not in effect, to fund any principal distributions required to be made on such distribution date as set forth above, after giving effect to the distribution of the principal payment amount for such date, in accordance with the priorities set forth above; 2)     to the Class 8-M-1 Certificates, any deferred amount for such class; 3)     to the Class 8-M-2 Certificates, any deferred amount for such class; 4)     to the Class 8-M-3 Certificates, any deferred amount for such class; 5)     to the Class 8-M-4 Certificates, any deferred amount for such class; 6)     to the Group 8-A-1 and Group 8-A-2 Certificates, any basis risk shortfall for such class; 7)     to the Class 8-M-1 Certificates, any basis risk shortfall for such class; 8)     to the Class 8-M-2 Certificates, any basis risk shortfall for such class; 9)     to the Class 8-M-3 Certificates, any basis risk shortfall for such class; 10)  to the Class 8-M-4 Certificates, any basis risk shortfall for such class; 11)  to the basis risk reserve fund, any amounts required pursuant to the pooling and servicing agreement to be deposited therein; 12)  to the Class 8-X Certificates, the amount distributable thereon pursuant to the pooling and servicing agreement; and 13)  to the Class AR and AR-L Certificates, any remaining amount (no payments are expected to be made to the Class AR Certificates under this clause).
*Distributions to the Group 8A Certificates	Amounts allocable to the Class 8-A-1-1 and Class 8-A-1-2 Certificates shall be distributed sequentially to the Class 8-A-1-1 and Class 8-A-1-2 Certificates, in that order, until their respective class principal balances are reduced to zero, except that amounts allocable to the Class 8-A-1-1 and Class 8-A-1-2 Certificates shall be distributed pro rata to the Class 8-A-1-1 and Class 8-A-1-2 Certificates if: 1) With respect to any Distribution Date prior to the Distribution Date in April 2008, cumulative collateral losses are less than [1.00%] of the aggregate initial collateral balance; or 2) With respect to any Distribution Date on or after the Distribution Date in April 2008, no Trigger Event is in effect.
Group 8A and Group 8B net funds caps	The annual pass-through rates on each Class of the Group 8 Certificates (other than the Class 8-X Certificates) are subject to certain net funds caps, as more fully described in the prospectus supplement. On any distribution date, the Group 8A and 8B net funds caps will each equal (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the related optimal interest remittance amount for such date and (2) 12, and the denominator of which is the aggregate loan balance of the mortgage loans in the related loan group(s) for the immediately preceding distribution date, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the immediately preceding accrual period. On any distribution date, if the current interest rate (calculated on the basis of the lesser of (x) one-month LIBOR plus the applicable certificate margin and (y) the maximum interest rate) on any Class of Group 8 Certificates ( other than the Class 8-X Certificates) is limited by the related net funds cap, such difference will constitute a basis risk shortfall. Schedules of the Group 8, 8A and 8B net funds caps are included in this document.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

21

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

22

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Group 8 interest rate caps [On or before the closing date, the trustee, acting on behalf of the trust, will enter into an interest rate cap agreement with [Credit Suisse First Boston International], as counterparty, whereby, in consideration for a one-time payment by the trust to the cap counterparty on the closing date, the cap counterparty will agree to make certain payments, as described below, on each interest rate cap agreement payment date. Payments under the interest rate cap agreement will be available to cover basis risk shortfalls for the Group 8 Certificates, realized losses on the Group 8 mortgage loans and deferred amounts on the Class 8-M-1, Class 8-M-2, Class 8-M-3 and Class 8-M-4 Certificates. The first and last payment dates for the interest rate cap agreement will occur on the dates specified in the prospectus supplement. Under the interest rate cap agreement, the cap counterparty will agree to make payments on each payment date equal to the product of (i) a fraction, the numerator of which is the actual number of days elapsed since the immediately preceding interest rate cap agreement payment date (or, in the case of the first interest rate cap agreement payment date, the closing date) through, but not including, the current interest rate cap agreement payment date, subject to the “Modified Following” Business Day Convention (within the meaning of the 2000 ISDA Definitions), and the denominator of which is 360, (ii) a notional amount (as set forth in the related annex for such scheduled interest rate cap agreement payment date) and (iii) the percentage equal to the difference between (1) the lesser of (a) the Index Rate for such period and (b) the percentage specified in the prospectus supplement and (2) the cap strike rate for that period (as set forth in the related annex for such interest rate cap agreement payment date); provided, that if the Index Rate is less than or equal to the applicable cap strike rate, then the payment amount due under the interest rate cap agreement will be zero. Generally, the “Index Rate” will be the rate for one-month deposits in U.S. Dollars which appear on the Telerate Page 3750 two London banking days prior to the first day of the related accrual period for the interest rate cap agreement or, if such rate does not appear on the Telerate Page 3750, the rate determined based on the rates at which one-month deposits in U.S. Dollars are offered by the reference banks to prime banks in the London interbank market. Any amounts received by the trust administrator under the interest rate cap agreement will be deposited to a related account established by the trust administrator. Amounts on deposit in the interest rate cap account will be distributed on any distribution date in the following order of priority: (i) to the Class 8-A-1-1, Class 8-A-1-2, Class 8-A-2-1 and Class 8-A-2-2 Certificates, pro rata based on the amount of any unpaid Basis Risk Shortfalls, the amount of any unpaid Basis Risk Shortfalls for such class; (ii) to the Class 8-M-1, Class 8-M-2, Class 8-M-3 and Class 8-M-4 Certificates, sequentially, the amount of any unpaid Basis Risk Shortfalls for such class; (iii) to the Principal Remittance Amounts for loan groups 8A and 8B, up to the amount of such Realized Losses on the mortgage loans in the related loan group incurred during the related Collection Period, any shortfall to be allocated pro rata based upon the amount of such Realized Losses applicable to each such loan group; and (iv) to the Class 8-M-1, Class 8-M-2, Class 8-M-3 and Class 8-M-4 Certificates, in that order, any applicable Deferred Amounts prior to giving effect to amounts available to be paid in respect of Deferred Amounts as described herein on such distribution date. Amounts paid under the interest rate cap agreement not used on any distribution date to pay Basis Risk Shortfalls on the Group 8 Certificates, Realized Losses on the Group 8 mortgage loans or Deferred Amounts on the Class 8-M-1, Class 8-M-2, Class 8-M-3 and Class 8-M-4 Certificates will remain on deposit in the interest rate cap account and may be available on future distribution dates to make the payments described in the preceding paragraph; provided, however that such amounts will be paid into and distributed out of a separate trust created pursuant to the pooling and servicing agreement for the benefit of the Group 8 Certificates. However, at no time will the amount on deposit in the interest rate cap account exceed the deposit amount. The “deposit amount” will be calculated on each distribution date, after giving effect to withdrawals from the interest rate cap account on that distribution date and distributions and allocation of losses on the certificates on such date, and will equal the excess, if any, of the Targeted Overcollateralization Amount for such distribution date over the Overcollateralization Amount for such distribution date. Unless terminated earlier, the interest rate cap agreement will terminate on the date specified in the prospectus supplement. Both the trustee and the cap counterparty will have the right to terminate the interest rate cap agreement for certain reasons set forth in the documentation associated with each interest rate cap agreement, including, without limitation, the related ISDA Master Agreement, the Schedule thereto and a Confirmation thereunder. Although it is not anticipated that there will be amounts payable by the trust, certain amounts may be payable by the trust under the interest rate cap agreement from funds otherwise distributable to the holders of the certificates as a result of such termination.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

23

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

VI. NORMALIZED CAP NOTIONAL SCHEDULE

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

24

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

VII. BOND PROFILES

*Assumes:

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

**WAL’s calculated from the settlement date assuming a 30/360 basis.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

25

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

BOND PROFILES (Cont.)

*Assumes:

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

**WAL’s calculated from the settlement date assuming a 30/360 basis.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

26

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

BOND PROFILES (Cont.)

GROUP 8 CERTIFICATE PROFILES TO CALL*:

*Assumes:

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

**WAL’s calculated from the settlement date assuming a 30/360 basis.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

27

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

BOND PROFILES (Cont.)

GROUP 8 CERTIFICATE PROFILES TO MATURITY*:

*Assumes:

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

**WAL’s calculated from the settlement date assuming a 30/360 basis.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

28

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

VIII. Net Funds Cap

Group 8 – Flat LIBOR*

Note: All Group 8 LIBOR Certificates are subject to an 11.00% hard cap.

 

* Assumes each underlying Collateral index remains constant at the below levels and all collateral pays at 30% CPR.

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

29

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8A – Flat LIBOR*

Note: All Group 8A LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index remains constant at the below levels and all collateral pays at 30% CPR.

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

30

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8B – Flat LIBOR*

Note: All Group 8B LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index remains constant at the below levels and all collateral pays at 30% CPR.

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%
1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

31

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8 – Stressed LIBOR*

Note: All Group 8 LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index instantaneously rises to 20.00% and all collateral pays at 30% CPR.

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

32

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8A – Stressed LIBOR*

Note: All Group 8A LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index instantaneously rises to 20.00% and all collateral pays at 30% CPR.

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

33

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8B – Stressed LIBOR*

Note: All Group 8B LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index instantaneously rises to 20.00% and all collateral pays at 30% CPR.

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

34

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

Net Funds Cap (Cont.)

Group 8 – Stressed LIBOR* with Cap (see ‘Group 8 Interest Rate Caps’ pages 20 to 22)

Note: All Group 8 LIBOR Certificates are subject to an 11.00% hard cap.

* Assumes each underlying Collateral index instantaneously rises to 20.00% and all collateral pays at 20% CPR.

** Adjusted to an Actual/360 basis assuming payments are made on the dates indicated.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

35

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

IX. GROUP 8 Excess Interest

Assuming Flat Rates *

* Assumes each underlying Collateral index remains constant at the below levels and all collateral pays at 30% CPR.

1 Month LIBOR:	2.77%
6 Month LIBOR:	3.21%

1 Year LIBOR:	3.58%
1 Year CMT:	3.22%

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

36

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

GROUP 8 EXCESS INTEREST (CONT.)

Forward Curve*

*See Stressed Indices chart on page 36.

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

37

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

X.  BREAK EVEN CDR LOSS SCENARIOS

 

*WAL’s calculated from the settlement date assuming a 30/360 basis

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

38

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

	XI.	CONTACTS
ARMs TRADING DESK
Contact			Phone	Fax	E-mail
Mark Tecotzky Managing Director – ARM Trading			212-538-3831	212-743-5384	mark.tecotzky@csfb.com
Andrew Belcher Associate - ARM Trading			212-538-3831	212-743-5384	andrew.belcher@csfb.com
Patrick Gallagher Vice President - ARM Structuring			212-538-3831	212-743-2749	patrick.gallagher@csfb.com
James Buccola Analyst			212-538-3831	212-743-4863	james.buccola@csfb.com

STRUCTURED FINANCE
Contact	Phone	Fax	E-mail
Peter J. Sack Director	212-325-7892	212-743-5261	peter.sack@csfb.com
Josef Bittman Assistant Vice President	212-538-6611	212-743-4506	josef.bittman@csfb.com

COLLATERAL
Contact	Phone	Fax	E-mail
Bryan Gallagher Vice President	212-325-0317	212-743-4877	bryan.Gallagher@csfb.com
Michael De Palma Collateral Analyst	212-538-5423	212-743-4876	michael.depalma@csfb.com

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

39

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

XII.  COLLATERAL SUMMARY

NOTE: Information contained herein reflects the March 1, 2005 cut-off date scheduled balances and may include a portion of the prefunding.

Loan Group 1 Collateral Details
Gross WAC	[5.025]%	Total Loan Balance	$[113,514,033.53]
Net WAC	[4.650]%	Average Loan Balance	$[535,443.55]
WA Gross Margin	[2.297]%	Maximum Loan Balance	$[1,440,000.00]
WA Net Margin	[1.922]%	California Concentration	[52.67]%
Index: 6 Month LIBOR	[49.17]%	Northern CA Concentration	[22.00]%
1 Year LIBOR	[50.83]%	Southern CA Concentration	[30.23]%
1 Year CMT	[0.00]%	WA Original LTV	[72.83]%
		WA Credit Score	[722]
WA Months to Reset	[33]	Full/Alt Doc*	[50.24]%
Interest Only Loans	[85.59]%	Reduced Doc*	[32.38]%
WAM	[358]	Prepayment Penalties	[15.23]%

Loan Group 2 Collateral Details
Gross WAC	[5.044]%	Total Loan Balance	$[211,849,793.33]
Net WAC	[4.734]%	Average Loan Balance	$[546,004.62]
WA Gross Margin	[2.373]%	Maximum Loan Balance	$[1,500,000.00]
WA Net Margin	[2.063]%	California Concentration	[57.59]%
Index: 6 Month LIBOR	[13.87]%	Northern CA Concentration	[33.11]%
1 Year LIBOR	[66.60]%	Southern CA Concentration	[23.60]%
1 Year CMT	[19.53]%	WA Original LTV	[71.91]%
		WA Credit Score	[729]
WA Months to Reset	[59]	Full/Alt Doc*	[51.71]%
Interest Only Loans	[71.57]%	Reduced Doc*	[17.00]%
WAM	[355]	Prepayment Penalties	[4.65]%

Loan Group 3 Collateral Details
Gross WAC	[5.398]%	Total Loan Balance	$[44,433,920.02]
Net WAC	[5.034]%	Average Loan Balance	$[373,394.29]
WA Gross Margin	[2.479]%	Maximum Loan Balance	$[1,000,000.00]
WA Net Margin	[2.115]%	California Concentration	[36.98]%
Index: 6 Month LIBOR	[55.85]%	Northern CA Concentration	[18.00]%
1 Year LIBOR	[40.96]%	Southern CA Concentration	[18.98]%
1 Year CMT	[3.19]%	WA Original LTV	[69.18]%
		WA Credit Score	[718]
WA Months to Reset	[82]	Full/Alt Doc*	[54.02]%
Interest Only Loans	[53.51]%	Reduced Doc*	[25.68]%
WAM	[358]	Prepayment Penalties	[32.45]%

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

40

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

COLLATERAL SUMMARY (continued)

NOTE: Information contained herein reflects the March 1, 2005 cut-off date scheduled balances and may include a portion of the prefunding.

Loan Group 4 Collateral Details
Gross WAC	[5.537]%	Total Loan Balance	$[50,945,106.35]
Net WAC	[5.270]%	Average Loan Balance	$[450,841.65]
WA Gross Margin	[2.291]%	Maximum Loan Balance	$[1,299,999.99]
WA Net Margin	[2.024]%	California Concentration	[46.37]%
Index: 6 Month LIBOR	[4.04]%	Northern CA Concentration	[22.59]%
1 Year LIBOR	[95.96]%	Southern CA Concentration	[23.78]%
1 Year CMT	[0.00]%	WA Original LTV	[67.09]%
		WA Credit Score	[741]
WA Months to Reset	[118]	Full/Alt Doc*	[69.49]%
Interest Only Loans	[88.49]%	Reduced Doc*	[17.15]%
WAM	[358]	Prepayment Penalties	[0.00]%

Loan Group 5 Collateral Details
Gross WAC	[5.048]%	Total Loan Balance	$[127,349,414.27]
Net WAC	[4.672]%	Average Loan Balance	$[215,481.24]
WA Gross Margin	[2.421]%	Maximum Loan Balance	$[611,281.49]
WA Net Margin	[2.044]%	California Concentration	[36.50]%
Index: 6 Month LIBOR	[77.60]%	Northern CA Concentration	[11.89]%
1 Year LIBOR	[22.02]%	Southern CA Concentration	[24.61]%
1 Year CMT	[0.38]%	WA Original LTV	[73.52]%
		WA Credit Score	[716]
WA Months to Reset	[32]	Full/Alt Doc*	[51.56]%
Interest Only Loans	[78.73]%	Reduced Doc*	[33.38]%
WAM	[358]	Prepayment Penalties	[27.15]%

Loan Group 6 Collateral Details
Gross WAC	[5.287]%	Total Loan Balance	$[154,380,527.87]
Net WAC	[4.952]%	Average Loan Balance	$[211,770.27]
WA Gross Margin	[2.397]%	Maximum Loan Balance	$[559,000.00]
WA Net Margin	[2.061]%	California Concentration	[36.46]%
Index: 6 Month LIBOR	[48.00]%	Northern CA Concentration	[15.45]%
1 Year LIBOR	[43.90]%	Southern CA Concentration	[21.01]%
1 Year CMT	[8.10]%	WA Original LTV	[74.03]%
		WA Credit Score**	[722]
WA Months to Reset	[58]	Full/Alt Doc*	[52.10]%
Interest Only Loans	[64.57]%	Reduced Doc*	[21.70]%
WAM	[357]	Prepayment Penalties	[16.53]%

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

41

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

NOTE: Information contained herein reflects the March 1, 2005 cut-off date scheduled balances and may include a portion of the prefunding.

Loan Group 7 Collateral Details
Gross WAC	[5.450]%	Total Loan Balance	$[58,021,235.65]
Net WAC	[5.105]%	Average Loan Balance	$[272,400.17]
WA Gross Margin	[2.413]%	Maximum Loan Balance	$[1,153,750.00]
WA Net Margin	[2.068]%	California Concentration	[39.88]%
Index: 6 Month LIBOR	[65.00]%	Northern CA Concentration	[14.54]%
1 Year LIBOR	[32.44]%	Southern CA Concentration	[25.34]%
1 Year CMT	[2.56]%	WA Original LTV	[70.80]%
		WA Credit Score	[727]
WA Months to Reset	[58]	Full/Alt Doc*	[44.02]%
Interest Only Loans	[62.57]%	Reduced Doc*	[27.85]%
WAM	[358]	Prepayment Penalties	[17.75]%

Loan Groups 1, 2, 3, 4, 5, 6 and 7 Collateral Details
Gross WAC	[5.176]%	Total Loan Balance	$[760,494,031.02]
Net WAC	[4.837]%	Average Loan Balance	$[321,561.96]
WA Gross Margin	[2.378]%	Maximum Loan Balance	$[1,500,000.00]
WA Net Margin	[2.039]%	California Concentration	[45.73]%
Index: 6 Month LIBOR	[42.44]%	Northern CA Concentration	[21.31]%
1 Year LIBOR	[50.03]%	Southern CA Concentration	[24.11]%
1 Year CMT	[7.53]%	WA Original LTV	[72.18]%
		WA Credit Score**	[724]
WA Months to Reset	[56]	Full/Alt Doc*	[52.28]%
Interest Only Loans	[72.83]%	Reduced Doc*	[24.34]%
WAM	[357]	Prepayment Penalties	[14.72]%

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

42

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

COLLATERAL SUMMARY (continued)

NOTE: Information contained herein reflects the March 1, 2005 cut-off date scheduled balances and may include a portion of the prefunding.

Loan Group 8A Collateral Details
Gross WAC	[6.200]%	Total Loan Balance	$[113,176,597.27]
Net WAC	[5.943]%	Average Loan Balance	$[205,030.07]
WA Gross Margin	[3.208]%	Maximum Loan Balance	$[544,331.23]
WA Net Margin	[2.951]%	California Concentration	[31.24]%
Index: 6 Month LIBOR	[93.60]%	Northern CA Concentration	[8.96]%
1 Year LIBOR	[6.40]%	Southern CA Concentration	[22.28]%
1 Year CMT	[0.00]%	WA Original LTV	[77.64]%
		WA Credit Score**	[701]
WA Months to Reset	[37]	Full/Alt Doc*	[16.05]%
Interest Only Loans	[49.78]%	Reduced Doc*	[58.62]%
WAM	[358]	Prepayment Penalties	[46.11]%

Loan Group 8B Collateral Details
Gross WAC	[6.156]%	Total Loan Balance	$[214,570,158.45]
Net WAC	[5.900]%	Average Loan Balance	$[324,614.46]
WA Gross Margin	[3.223]%	Maximum Loan Balance	$[2,000,000.00]
WA Net Margin	[2.968]%	California Concentration	[37.36]%
Index: 6 Month LIBOR	[90.59]%	Northern CA Concentration	[12.59]%
1 Year LIBOR	[8.87]%	Southern CA Concentration	[24.49]%
1 Year CMT	[0.54]%	WA Original LTV	[77.25]%
		WA Credit Score**	[702]
WA Months to Reset	[34]	Full/Alt Doc*	[15.15]%
Interest Only Loans	[55.92]%	Reduced Doc*	[56.38]%
WAM	[358]	Prepayment Penalties	[48.69]%

Loan Groups 8A and 8B Collateral Details
Gross WAC	[6.171]%	Total Loan Balance	$[327,746,755.72]
Net WAC	[5.915]%	Average Loan Balance	$[270,195.18]
WA Gross Margin	[3.218]%	Maximum Loan Balance	$[2,000,000.00]
WA Net Margin	[2.962]%	California Concentration	[35.25]%
Index: 6 Month LIBOR	[91.63]%	Northern CA Concentration	[11.34]%
1 Year LIBOR	[8.02]%	Southern CA Concentration	[23.73]%
1 Year CMT	[0.35]%	WA Original LTV	[77.38]%
		WA Credit Score**	[702]
WA Months to Reset	[35]	Full/Alt Doc*	[15.46]%

Interest Only Loans	[53.80]%	Reduced Doc*	[57.15]%
WAM	[358]	Prepayment Penalties	[47.80]%

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

43

Adjustable Rate Mortgage Trust 2005-3			March 14, 2005
	TERM SHEET	(212) 538-3831

 

*The mortgage loans have been originated under “full” or “alternative,” “reduced documentation,” “stated income/stated assets” or “no income/no asset” programs. The “alternative,” “reduced,” “stated income/stated asset” and “no income/no asset” programs generally require either alternative or less documentation and verification than do full documentation programs which generally require standard Fannie Mae/Freddie Mac approved forms for verification of income/employment, assets and certain payment histories. Generally, an “alternative” documentation program requires information regarding the mortgagor’s income (i.e., W-2 forms, tax returns and/or pay stubs) and assets (i.e., bank statements) as does a “full doc” loan, however, alternative forms of standard verifications are used. Generally, under both “full” and “alternative” documentation programs at least one year of income documentation is provided. Generally, under a “reduced documentation” program, either no verification of a mortgagor’s stated income is undertaken by the originator or no verification of a mortgagor’s assets is undertaken by the originator. Under a “stated income/stated assets” program, no verification of either a mortgagor’s income or a mortgagor’s assets is undertaken by the originator although both income and assets are stated on the loan application and a “reasonableness test” is applied. Generally, under a “no income/no asset” program, the mortgagor is not required to state his or her income or assets and therefore, no verification of such mortgagor’s income or assets is undertaken by the originator. The underwriting for such mortgage loans may be based primarily or entirely on the estimated value of the mortgaged property and the LTV ratio at origination as well as on the payment history and credit score.

**Where Available

The analyses, calculations, and valuations herein are based on certain assumptions and data provided by third parties which may vary from the actual characteristics of the pool. Credit Suisse First Boston LLC and the Depositor have not verified those analyses, calculations or valuations or that such valuations represent levels where actual trades may occur.

44