EX-99 2 ma803656-ex99.txt STRUCTURAL AND COLLATERAL TERM SHEETS Exhibit 99 ===================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-14 ===================================== -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- [LOGO] UBS Investment Bank PRELIMINARY BACKGROUND INFORMATION MASTR Adjustable Rate Mortgages Trust Series 2004-14 DISCLAIMER -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. MASTR Adjustable Rate Mortgages Trust, Series 2004-14 -------------------------------------------------------------------------------- ===================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-14 ===================================== -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT --------------------------------------------------------------------------------

(1) Approximate, subject to adjustment as described in the Prospectus Supplement. (2) The pass-through rate for the Class 1-A-1 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (3) The pass-through rate for the Class 1-A-2 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 1 loans, as further described under "Net WAC Cap". (4) The pass-through rate for the Class 2-A-1 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 2 loans, as further described under "Net WAC Cap". (5) The pass-through rate for the Class 2-A-2 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the group 2 loans, as further described under "Net WAC Cap". (6) The pass-through rate for the Class M-1 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (7) The pass-through rate for the Class M-2 Certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (8) The pass-through rate for the Class B-1 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (9) The pass-through rate for the Class B-2 certificates for each distribution date will equal LIBOR plus []% (subject to increases to LIBOR plus []% after the first distribution date on which the optional termination may be exercised), in each case, subject to a maximum per annum rate equal to the weighted average of the net mortgage rates on the aggregate loans, as further described under "Net WAC Cap". (10) See "Pricing Prepayment Speed" below. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- ===================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-14 ===================================== -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- DESCRIPTION OF SECURITIES Pricing Prepayment Speed: The Certificates will be priced at 30% CPR. Payment Date: The 25th day of each month (or the next succeeding business day) commencing in December 2004. Estimated Closing Date: November 30, 2004 Investor Settlement Date: November 30, 2004 Accrued Interest: The price to be paid by investors for the Certificates will have no accrued interest. Interest Accrual Period: The "Interest Accrual Period" for each Distribution Date with respect to the Floating Rate Certificates will be the period beginning with the 25th day of the prior month (or, in the case of the first Distribution Date, the Settlement Date) and ending on the 24th day of the current month (on an actual/360 day basis). Pass-Through Rate: With respect to any Distribution Date, the Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class M-1, Class M-2, Class B-1 and Class B-2 Pass-Through Rates will be equal to the lesser of (A) One Month LIBOR plus the related certificate margin and (B) the related Net WAC Cap. Current Interest: For any class of the Certificates and any distribution date, the amount of interest accruing at the applicable Pass-Through Rate on the related Class Principal Balance during the related Interest Accrual Period. Basis Risk Shortfall: The excess, if any, of the interest that any of the Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class M-1, Class M-2, Class B-1 and Class B-2 Certificates would have been entitled to receive on that distribution date had the Pass-Through Rate of such Class not been subject to the related Net WAC Cap. Payment Delay: 0 days Issuer: MASTR Adjustable Rate Mortgages Trust Series 2004-14 Depositor: Mortgage Asset Securitization Transactions, Inc. Master Servicer: Wells Fargo Bank, National Association Trustee: TBD Transferor: UBS Real Estate Securities, Inc. Servicer Advancing: The Servicers are required to make cash advances to cover delinquent payments of principal and interest to the extent deemed recoverable. Optional Redemption: The terms of the transaction allow for a clean-up call (the "Clean-up Call"), which may be exercised once the current aggregate principal balance of the Mortgage Loans is less than or equal to 5% of the initial aggregate principal balance of the Mortgage Loans. Mortgage Loans: As of the Closing Date, it is anticipated that the aggregate principal balance of the Mortgage Loans will be approximately $ []. Net WAC Cap: The Class 1-A-1 and Class 1-A-2 Certificates will be subject to a Net WAC Cap equal to the weighted average of the net mortgage rates on the Group 1 Mortgage Loans. The Class 2-A-1 and Class 2-A-2 Certificates will be subject to a Net WAC Cap equal to the weighted average of the net mortgage rates on the Group 2 Mortgage Loans. The Class M-1, Class M-2, Class B-1 and Class B-2 Certificates will be subject to a Net WAC Cap equal to the weighted average of the net mortgage rates on the Mortgage Loans. Credit Enhancement: Credit enhancement for the Certificates will consist of (i) Excess Interest, (ii) Overcollateralization and (iii) Subordination provided to the more senior classes of Certificates by the more subordinate classes of Certificates. Excess Interest: The interest collections from the Mortgage Loans less the sum of (i) the interest paid on the Certificates; and (ii) the aggregate of all fees and payments due by the Trust in respect of the Mortgage Loans. Overcollateralization: Any Excess Cashflow (as described below) that is applied as principal on the Offered Certificates will cause the principal balance of the Mortgage Loans to exceed the Class Principal Balance of the Certificates, resulting in Overcollateralization. The application of Excess Cashflow to pay principal on the Offered Certificates is required until the Overcollateralization reaches the Overcollateralization Target. Any realized losses on the Mortgage Loans will be applied first to Excess Cashflow and then to Overcollateralization. In the event that the Overcollateralization is so reduced, any Excess Cashflow will be directed to pay principal on the Certificates, until the Overcollateralization once again reaches the Overcollateralization Target. Overcollateralization Target: For any Distribution prior the Stepdown Date, the Overcollateralization Target will be equal to [0.60%]* of the Cut-off Date Balance (the "Overcollateralization Target"). On or after the Stepdown Date, the Overcollateralization Target will be equal to [1.20%]* of the aggregate principal balance of the Mortgage Loans for the related Distribution Date, subject to a floor of [0.60%]* (the "O/C Floor") of the Cut-off Date Balance of the Mortgage Loans; provided, however, that if a Trigger Event (as described herein) is in effect on the related Distribution Date, the Overcollateralization Target will be equal to the Overcollateralization Target on the Distribution Date immediately preceding the Distribution Date on which such Trigger Event is in effect. Excess Cashflow: "Excess Cashflow" for any Distribution Date will be equal to the available funds remaining after interest and principal distributions as described under Clauses 1) and 2) of "Priority of Distributions." Trigger Event: After the Stepdown Date, (i) the quotient (expressed as a percentage) of (x) the principal balance of the rolling three month average of Loans 60 days delinquent or more (including each Loan in foreclosure, each Loan for which the related borrower has filed for bankruptcy after the Closing Date and each Loan related to a REO Property) and (y) the principal balance of the Loans, as of the last day of the related Due Period, equals or exceeds [5.00%]* or (ii) the aggregate amount of Realized Losses with respect to the Loans incurred since the Cut-Off Date through the last day of the related Prepayment Period divided by the initial principal balance of the Loans as of the Cut-Off Date exceeds the applicable percentages described below with respect to such Distribution Date: Distribution Date Occurring In Loss Percentage ----------------------------------- --------------- December 2007 through November 2008 [1.00%]* December 2008 through November 2009 [1.50%]* December 2009 through November 2010 [1.75%]* December 2010 and thereafter [2.00%]* Stepdown Date: The earlier to occur of: (i) the Distribution Date on which the aggregate principal balance of the Senior Certificates is reduced to zero; and (ii) the later to occur of: a. the Distribution Date in December 2007. b. the first Distribution Date on which the aggregate principal balance of the Senior Certificates after allocation of principal remittance amount is less than or equal to [79.50%]* of the aggregate principal balance of the Mortgage Loans for such Distribution Date. Allocation of Losses: Any realized losses on the Mortgage Loans not covered by Excess Cashflow or Overcollateralization will be allocated to each class of Certificates in the following order: to the Class B-2, Class B-1, Class M-2 and Class M-1 Certificates, in that order, in each case until the respective Class Principal Balance of such class of Certificates has been reduced to zero. Following the reduction of the Class Principal Balance of each Class of Mezzanine and Subordinate Certificates to zero, such realized losses will be allocated to the Senior Certificates as follows: (i) realized losses on Group 1 Mortgage Loans will be allocated to the Class 1-A-2 and Class 1-A-1 Certificates, in that order in each case until the respective Class Principal Balance of such Class has been reduced to zero; and (ii) realized losses on Group 2 Mortgage Loans will be allocated to the Class 2-A-2 and Class 2-A-1 Certificates, in that order, in each case until the respective Class Principal Balance of such Class has been reduced to zero. Priority of Distributions: Available funds from the Mortgage Loans (which are net of any servicing, master servicing, trustee fees and private mortgage insurance premium fees) will be distributed in the following order of priority: 1) Interest funds from the related loan group (as further described in the prospectus supplement) sequentially to (i) first, to the Senior Certificates, pro-rata (including any unpaid interest amounts from prior distribution dates), and (ii) then, sequentially to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates; 2) Principal funds, as follows: (i) to the Senior Certificates (in the manner and priority set forth under "Senior Certificates Principal Distributions" below), then (ii) sequentially, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates, each as described more fully under "Principal Paydown" below; 3) Any remaining Excess Cashflow to pay sequentially (i) any unpaid realized loss amounts to the Senior Certificates, pro-rata, and then (ii) any unpaid interest and any unpaid realized loss amounts sequentially, to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates; 4) Any remaining Excess Cashflow to pay Basis Risk Shortfalls, 5) Concurrently, (i) from interest rate cap payments from a related interest rate cap agreement, to the Class 1-A-1 and Class 1-A-2 certificates, the amount of any remaining unpaid Basis Risk Shortfalls, and (ii) from interest rate cap payments from a related interest rate cap agreement, to the Class 2-A-1 and Class 2-A-2 certificates, the amount of any remaining unpaid Basis Risk Shortfalls; and 6) To the Class X Certificates, any remaining amount. Proceeds from Excess Cashflow available to cover Basis Risk Shortfalls shall generally be distributed to the Senior Certificates on a pro rata basis, first based on the Class Principal Balances thereof and second based on any remaining unpaid Basis Risk Shortfalls, and then sequentially to the Class M-1, Class M-2, Class B-1 and Class B-2 Certificates in that order. Principal Paydown: Prior to the Stepdown Date or if a Trigger Event is in effect on any Distribution Date, 100% of the available principal funds from the Mortgage Loans minus the Overcollateralization released amount will be paid to the Senior Certificates, provided, however, that if the Senior Certificates have been retired, such amounts will be applied sequentially, to the Class M-1, Class M-2, Class B-1 and the Class B-2 Certificates. On any Distribution Date on or after the Stepdown Date, and if a Trigger Event is not in effect on such Distribution Date, all of the Senior, Mezzanine and Subordinate Certificates will be entitled to receive payments of principal in the following order of priority: (i) first, to the Senior Certificates (as described under "Senior Certificates Principal Distributions" below) such that the Senior Certificates in the aggregate will have [20.50%]* subordination, (ii) second, to the Class M-1 Certificates such that the Class M-1 Certificates will have [9.20%]* subordination, (iii) third, to the Class M-2 Certificates such that the Class M-2 Certificates will have [4.80%]* subordination, (iv) fourth, to the Class B-1 Certificates such that the Class B-1 Certificates will have [2.80%]* subordination and (v) fifth, to the Class B-2 Certificates such that the Class B-2 Certificates will have [1.20%]* subordination; each subject to the required Overcollateralization Target. *Subject to change based on final approval by rating agencies. Senior Certificates Principal Distributions: Group 1 Principal Distribution: To the Class 1-A-1 and Class 1-A-2, pro-rata, until retired Group 2 Principal Distribution: To the Class 2-A-1 and Class 2-A-2, pro-rata, until retired. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- ===================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-14 ===================================== -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT -------------------------------------------------------------------------------- Average Life Tables Settle 11/30/2004 LIBOR_1MO 2.087 First Payment 12/25/2004 LIBOR_6MO 2.45 LIBOR_1YR 2.758 CMT_1YR 2.32 Class 1A1 to Optional Call Date 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR ------- ------- ------- ------- ------- WAL 7.17 3.79 2.44 1.69 1.18 Principal Window Begin 1 1 1 1 1 Principal Window End 260 151 99 70 52 Class 1A2 to Optional Call Date 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR ------- ------- ------- ------- ------- WAL 7.17 3.79 2.44 1.69 1.18 Principal Window Begin 1 1 1 1 1 Principal Window End 260 151 99 70 52 Class 2A1 to Optional Call Date 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR ------- ------- ------- ------- ------- WAL 7.28 3.84 2.39 1.58 1.03 Principal Window Begin 1 1 1 1 1 Principal Window End 260 151 99 70 36 Class 2A2 to Optional Call Date 10% CPR 20% CPR 30% CPR 40% CPR 50% CPR ------- ------- ------- ------- ------- WAL 7.28 3.84 2.39 1.58 1.03 Principal Window Begin 1 1 1 1 1 Principal Window End 260 151 99 70 36 -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- [LOGO] UBS Investment Bank Collateral Stratification Report GROUP 1 % of # of Aggregate Aggregate Current Balance Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- $0.01 - $50,000.00 35 $1,327,540 0.49 70 709 $50,000.01 - $100,000.00 248 19,872,962 7.41 78 720 $100,000.01 - $150,000.00 401 51,037,101 19.02 79 714 $150,000.01 - $200,000.00 289 50,720,879 18.91 79 708 $200,000.01 - $250,000.00 228 51,181,262 19.08 79 707 $250,000.01 - $300,000.00 194 53,124,124 19.80 78 708 $300,000.01 - $350,000.00 72 23,090,946 8.61 81 708 $350,000.01 - $400,000.00 19 7,104,072 2.65 79 719 $400,000.01 - $450,000.00 10 4,186,850 1.56 76 704 $450,000.01 - $500,000.00 9 4,358,125 1.62 74 723 $500,000.01 - $550,000.00 2 1,054,000 0.39 74 715 $550,000.01 - $600,000.00 1 588,750 0.22 75 739 $600,000.01 - $650,000.00 1 626,811 0.23 70 758 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: $11,900.00 Maximum: $626,810.60 Average: $177,782.25 % of # of Aggregate Aggregate Current Gross Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 3.751% - 4.000% 14 $2,863,966 1.07 68 732 4.001% - 4.250% 37 7,491,482 2.79 78 714 4.251% - 4.500% 124 22,628,584 8.43 77 713 4.501% - 4.750% 141 25,175,433 9.38 79 715 4.751% - 5.000% 142 22,349,898 8.33 78 727 5.001% - 5.250% 44 8,603,133 3.21 75 696 5.251% - 5.500% 209 39,801,948 14.84 78 709 5.501% - 5.750% 155 26,997,299 10.06 79 710 5.751% - 6.000% 233 43,996,221 16.40 79 708 6.001% - 6.250% 173 28,112,815 10.48 80 715 6.251% - 6.500% 135 23,472,471 8.75 81 699 6.501% - 6.750% 52 8,780,755 3.27 81 711 6.751% - 7.000% 29 4,193,210 1.56 83 709 7.001% - 7.250% 15 2,663,100 0.99 85 685 7.251% - 7.500% 5 823,514 0.31 83 687 8.251% - 8.500% 1 319,591 0.12 80 625 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 3.875% Maximum: 8.375% Weighted Average: 5.547% % of # of Aggregate Aggregate Net Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 3.251% - 3.500% 6 $1,045,553 0.39 53 752 3.501% - 3.750% 27 5,388,947 2.01 79 717 3.751% - 4.000% 78 15,253,939 5.69 77 714 4.001% - 4.250% 127 22,453,960 8.37 78 713 4.251% - 4.500% 147 24,838,212 9.26 79 721 4.501% - 4.750% 90 14,679,268 5.47 77 720 4.751% - 5.000% 65 12,279,646 4.58 77 697 5.001% - 5.250% 203 38,492,699 14.35 78 708 5.251% - 5.500% 140 25,187,228 9.39 80 712 5.501% - 5.750% 239 44,282,075 16.51 79 709 5.751% - 6.000% 177 28,716,114 10.70 80 712 6.001% - 6.250% 114 20,056,019 7.48 81 703 6.251% - 6.500% 51 8,205,903 3.06 81 712 6.501% - 6.750% 27 4,218,287 1.57 83 701 6.751% - 7.000% 14 2,257,770 0.84 87 688 7.001% - 7.250% 3 598,211 0.22 79 695 7.751% - 8.000% 1 319,591 0.12 80 625 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 3.500% Maximum: 8.000% Weighted Average: 5.231% % of # of Aggregate Aggregate Index Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- LIBOR_1MO 97 $18,325,096 6.83 79 723 LIBOR_1YR 189 34,243,374 12.76 80 719 LIBOR_6MO 1,223 215,704,952 80.40 79 708 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Months to Roll Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 1 103 $19,906,348 7.42 79 721 2 8 1,846,396 0.69 80 723 3 44 7,706,838 2.87 78 719 4 171 26,799,470 9.99 78 720 5 81 14,823,901 5.53 76 718 6 11 2,615,515 0.97 77 686 14 1 122,605 0.05 83 674 15 1 155,843 0.06 90 622 16 1 285,315 0.11 80 671 17 7 1,207,497 0.45 84 700 18 5 1,009,181 0.38 68 689 19 45 9,211,169 3.43 77 682 20 104 19,174,955 7.15 77 705 21 1 86,232 0.03 90 706 22 4 738,652 0.28 79 668 23 11 2,524,917 0.94 82 685 24 10 2,291,100 0.85 81 689 30 1 209,950 0.08 80 718 31 15 2,644,042 0.99 74 681 32 70 10,799,540 4.03 77 696 33 7 1,653,567 0.62 80 707 34 35 6,718,843 2.50 77 707 35 427 77,798,310 29.00 80 714 36 23 3,601,950 1.34 81 730 55 2 165,397 0.06 75 723 56 2 472,278 0.18 89 695 57 8 1,383,369 0.52 75 621 58 57 9,988,474 3.72 80 705 59 213 34,551,797 12.88 80 711 60 12 2,560,394 0.95 80 716 82 2 224,054 0.08 78 724 83 21 3,691,975 1.38 80 736 118 1 163,848 0.06 80 719 119 4 1,013,300 0.38 78 720 120 1 126,400 0.05 80 758 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Average AS OF: 2004-11-01 Minimum: 1 Maximum: 120 Weighted Average: 30 % of # of Aggregate Aggregate Gross Margin Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 2.000% 4 $1,239,953 0.46 71 743 2.001% - 2.250% 230 41,388,637 15.43 81 706 2.251% - 2.500% 142 25,524,933 9.51 76 710 2.501% - 2.750% 783 136,910,865 51.03 79 714 2.751% - 3.000% 215 34,541,075 12.88 78 714 3.001% - 3.250% 62 14,040,643 5.23 79 695 3.251% - 3.500% 36 6,552,010 2.44 79 712 3.501% - 3.750% 15 3,036,621 1.13 80 678 3.751% - 4.000% 5 1,145,300 0.43 80 712 4.001% - 4.250% 9 2,051,180 0.76 81 685 4.251% - 4.500% 2 717,000 0.27 77 678 4.501% - 4.750% 2 327,750 0.12 75 746 4.751% - 5.000% 4 797,454 0.30 84 723 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 5.000% Weighted Average: 2.736% % of # of Aggregate Aggregate First Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0.000% 339 $56,176,341 20.94 79 723 1.000% 16 3,645,861 1.36 77 699 2.000% 123 22,701,960 8.46 80 721 3.000% 285 52,723,307 19.65 78 694 5.000% 669 116,409,363 43.39 79 712 6.000% 76 16,391,590 6.11 75 705 12.000% 1 225,000 0.08 90 662 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 12.000% Weighted Average: 4.198% % of # of Aggregate Aggregate Periodic Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0.000% 336 $55,447,226 20.67 79 723 1.000% 905 161,781,076 60.30 79 706 2.000% 202 36,284,648 13.53 80 718 3.000% 1 319,591 0.12 80 625 6.000% 65 14,440,881 5.38 75 705 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 6.000% Weighted Average: 1.513% % of # of Aggregate Aggregate Maximum Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 9.251% - 9.500% 1 $285,315 0.11 80 671 9.751% - 10.000% 3 418,158 0.16 73 719 10.001% - 10.250% 6 1,466,098 0.55 80 715 10.251% - 10.500% 17 3,065,386 1.14 75 698 10.501% - 10.750% 34 6,837,201 2.55 77 700 10.751% - 11.000% 126 23,346,608 8.70 79 711 11.001% - 11.250% 110 17,413,168 6.49 78 712 11.251% - 11.500% 264 49,090,091 18.30 79 710 11.501% - 11.750% 175 29,161,853 10.87 79 712 11.751% - 12.000% 525 91,870,962 34.25 79 717 12.001% - 12.250% 106 18,717,220 6.98 80 710 12.251% - 12.500% 78 13,601,300 5.07 81 684 12.501% - 12.750% 20 4,020,051 1.50 83 710 12.751% - 13.000% 3 474,865 0.18 86 710 13.001% - 13.250% 7 1,079,865 0.40 85 669 13.251% - 13.500% 2 389,591 0.15 80 645 15.751% - 16.000% 5 989,654 0.37 51 737 16.001% - 16.250% 1 216,000 0.08 77 743 16.251% - 16.500% 3 724,063 0.27 61 672 16.501% - 16.750% 2 540,000 0.20 80 716 16.751% - 17.000% 5 1,268,148 0.47 72 739 17.001% - 17.250% 4 860,000 0.32 76 704 17.251% - 17.500% 4 1,073,550 0.40 81 699 17.501% - 17.750% 6 913,071 0.34 78 690 17.751% - 18.000% 1 245,000 0.09 70 623 18.001% - 18.250% 1 206,204 0.08 80 667 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 9.500% Maximum: 18.250% Weighted Average: 11.828% % of # of Aggregate Aggregate FICO Scores Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Not Available 0 1 $180,971 0.07 70 0 601 - 620 1 178,000 0.07 90 619 621 - 640 55 10,857,626 4.05 79 630 641 - 660 115 21,404,252 7.98 78 651 661 - 680 207 36,077,839 13.45 78 671 681 - 700 272 47,722,098 17.79 79 691 701 - 720 245 44,470,555 16.58 80 710 721 - 740 205 38,418,404 14.32 79 731 741 - 760 157 27,399,222 10.21 77 750 761 - 780 147 24,541,163 9.15 79 770 781 - 800 79 12,416,359 4.63 76 790 801 - 820 24 4,378,932 1.63 79 806 821 - 840 1 228,000 0.08 80 824 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum (not less than 400): 619 Maximum: 824 Weighted Average: 711 % of # of Aggregate Aggregate Original Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 28 $4,455,660 1.66 40 718 50.01% - 55.00% 14 1,916,937 0.71 52 730 55.01% - 60.00% 12 1,994,449 0.74 58 719 60.01% - 65.00% 33 6,552,388 2.44 63 704 65.01% - 70.00% 92 16,203,875 6.04 69 695 70.01% - 75.00% 93 17,337,386 6.46 74 702 75.01% - 80.00% 1,030 181,514,735 67.66 80 715 80.01% - 85.00% 34 6,879,676 2.56 84 699 85.01% - 90.00% 131 23,345,966 8.70 90 695 90.01% - 95.00% 40 7,721,250 2.88 95 713 95.01% - 100.00% 2 351,100 0.13 98 698 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 17.86 Maximum: 100.00 Weighted Average: 78.71 % of # of Aggregate Aggregate Combined Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 24 $4,258,215 1.59 40 717 50.01% - 55.00% 13 1,893,937 0.71 52 729 55.01% - 60.00% 9 1,705,087 0.64 58 721 60.01% - 65.00% 27 5,806,988 2.16 63 703 65.01% - 70.00% 53 9,520,207 3.55 68 684 70.01% - 75.00% 75 14,595,257 5.44 74 703 75.01% - 80.00% 394 75,246,184 28.05 79 709 80.01% - 85.00% 51 10,589,099 3.95 82 696 85.01% - 90.00% 393 70,935,523 26.44 82 708 90.01% - 95.00% 273 41,116,823 15.33 82 721 95.01% - 100.00% 197 32,606,102 12.15 80 722 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 17.86 Maximum: 100.00 Weighted Average: 85.23 % of # of Aggregate Aggregate Amortization Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Interest Only 1,045 $184,879,579 68.91 79 716 Fully Amortizing 464 83,393,843 31.09 79 699 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Top 5 States Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- California 260 $65,599,523 24.45 76 711 Florida 120 18,779,507 7.00 81 712 Arizona 113 15,729,592 5.86 80 715 Illinois 80 14,430,913 5.38 80 701 New York 48 11,724,217 4.37 79 700 Other 888 142,009,670 52.93 79 712 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Prepay Original Term Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0 1,023 $186,298,536 69.44 79 714 6 9 2,761,015 1.03 75 726 12 8 1,615,201 0.60 83 700 24 138 25,959,046 9.68 77 695 30 3 502,800 0.19 75 712 36 285 44,863,202 16.72 79 707 42 1 135,200 0.05 80 781 60 42 6,138,423 2.29 82 716 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Document Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alternate 21 $3,747,413 1.40 84 731 Full 405 62,495,285 23.30 80 716 No Doc 132 23,444,619 8.74 76 712 No Ratio 83 15,563,647 5.80 79 682 Reduced 713 132,628,413 49.44 78 713 Stated Doc 154 30,254,651 11.28 78 700 Streamline 1 139,394 0.05 62 729 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Loan Purpose Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Construction to Perm 4 $596,981 0.22 91 714 Purchase 974 170,736,023 63.64 80 720 Cash Out Refinance 310 61,631,946 22.97 75 693 Rate/Term Refinance 221 35,308,473 13.16 77 698 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Owner Occupancy Status Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Investor 735 $121,502,214 45.29 78 721 Primary 719 137,574,069 51.28 79 703 Secondary 55 9,197,140 3.43 81 697 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Property Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Coop 4 $1,013,614 0.38 79 702 Condominium 196 31,706,817 11.82 80 712 PUD 217 35,146,088 13.10 80 716 Single Family 911 154,607,005 57.63 78 708 Two- to Four Family 181 45,799,898 17.07 78 715 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Stated Remaining Term to Maturity Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 179 1 $176,900 0.07 90 665 332 1 312,346 0.12 87 704 334 1 158,763 0.06 95 724 335 1 147,000 0.05 75 709 349 1 293,200 0.11 90 658 350 1 122,605 0.05 83 674 351 1 155,843 0.06 90 622 352 1 285,315 0.11 80 671 353 7 1,207,497 0.45 84 700 354 6 1,219,131 0.45 70 694 355 67 13,308,661 4.96 76 684 356 183 31,980,823 11.92 77 703 357 75 13,646,840 5.09 79 703 358 331 56,318,908 20.99 78 716 359 775 137,744,232 51.34 79 714 360 57 11,195,359 4.17 80 708 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 ----- ------------ --------- --- ---- Minimum: 179 Maximum: 360 Weighted Average: 358 % of # of Aggregate Aggregate Servicer Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Downey 20 $4,669,096 1.74 69 671 EverBank 6 1,491,960 0.56 84 710 GMAC Mortgage 561 100,323,239 37.40 79 713 Greenpoint 508 87,854,211 32.75 80 714 National City Mortgage 179 31,699,414 11.82 80 720 Wells Fargo 235 42,235,502 15.74 77 695 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 % of # of Aggregate Aggregate Originator Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alliance Bancorp 5 $1,210,498 0.45 73 699 American Home Mortgage 1 122,605 0.05 83 674 Downey Savings 20 4,669,096 1.74 69 671 EverBank 6 1,491,960 0.56 84 710 First Saving 9 1,842,920 0.69 76 686 Flagstrat 3 764,309 0.28 90 691 Greenpoint Mortgage Corporation 842 142,876,188 53.26 79 718 Homestar 1 114,000 0.04 75 715 Loan Center Of California Inc 7 1,404,475 0.52 80 693 Market Street 60 9,811,192 3.66 84 703 Mortgage IT 1 311,250 0.12 75 701 Mortgage Store 3 674,849 0.25 85 732 Nat City Mortgage 179 31,699,414 11.82 80 720 Provident Bank 1 285,315 0.11 80 671 UBS Conduit 136 28,759,849 10.72 77 701 Wells Fargo Home Mortgage, Inc. 235 42,235,502 15.74 77 695 ----- ------------ --------- --- ---- Total: 1,509 $268,273,423 100.00 79 711 -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Investment Bank. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Investment Bank. -------------------------------------------------------------------------------- [LOGO] UBS Investment Bank Collateral Stratification Report GROUP 2 COLLATERAL % of # of Aggregate Aggregate Current Balance Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- $150,000.01 - $200,000.00 1 $166,349 0.08 90 812 $200,000.01 - $250,000.00 2 448,590 0.22 48 706 $250,000.01 - $300,000.00 25 7,106,081 3.44 77 705 $300,000.01 - $350,000.00 70 22,929,430 11.11 77 715 $350,000.01 - $400,000.00 100 37,477,329 18.17 81 696 $400,000.01 - $450,000.00 44 18,640,049 9.04 79 705 $450,000.01 - $500,000.00 51 24,411,357 11.83 78 705 $500,000.01 - $550,000.00 35 18,416,560 8.93 79 705 $550,000.01 - $600,000.00 27 15,707,663 7.61 78 713 $600,000.01 - $650,000.00 31 19,454,523 9.43 79 700 $650,000.01 - $700,000.00 5 3,408,500 1.65 74 692 $700,000.01 - $750,000.00 14 10,207,217 4.95 76 682 $750,000.01 - $800,000.00 5 3,968,000 1.92 72 714 $850,000.01 - $900,000.00 4 3,513,000 1.70 67 686 $900,000.01 - $950,000.00 2 1,860,477 0.90 77 707 $950,000.01 - $1,000,000.00 4 3,957,511 1.92 64 689 $1,100,000.01 - $1,150,000.00 1 1,116,500 0.54 70 706 $1,150,000.01 - $1,200,000.00 3 3,542,500 1.72 75 723 $1,250,000.01 - $1,300,000.00 2 2,555,464 1.24 63 768 $1,300,000.01 - $1,350,000.00 1 1,302,000 0.63 70 717 $1,350,000.01 - $1,400,000.00 1 1,387,500 0.67 69 764 $1,450,000.01 - $1,500,000.00 2 2,991,750 1.45 72 721 $1,700,000.01 - $1,750,000.00 1 1,737,794 0.84 64 744 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: $166,349.31 Maximum: $1,737,793.75 Average: $478,668.55 % of # of Aggregate Aggregate Current Gross Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 3.001% - 3.250% 1 $475,000 0.23 66 763 3.751% - 4.000% 2 1,162,800 0.56 76 731 4.001% - 4.250% 13 6,385,500 3.10 79 712 4.251% - 4.500% 35 14,950,900 7.25 80 726 4.501% - 4.750% 23 11,243,540 5.45 78 707 4.751% - 5.000% 47 23,223,500 11.26 77 715 5.001% - 5.250% 9 4,191,918 2.03 79 691 5.251% - 5.500% 56 28,172,971 13.66 76 689 5.501% - 5.750% 49 23,824,510 11.55 75 701 5.751% - 6.000% 70 30,917,545 14.99 77 707 6.001% - 6.250% 59 28,058,921 13.60 77 703 6.251% - 6.500% 43 19,853,900 9.62 79 701 6.501% - 6.750% 15 8,459,227 4.10 79 703 6.751% - 7.000% 6 3,862,985 1.87 79 709 7.001% - 7.250% 1 495,000 0.24 90 683 7.501% - 7.750% 1 377,926 0.18 85 697 7.751% - 8.000% 1 650,000 0.32 68 679 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 3.250% Maximum: 8.000% Weighted Average: 5.613% % of # of Aggregate Aggregate Net Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 2.751% - 3.000% 2 $1,081,003 0.52 79 701 3.501% - 3.750% 16 8,264,150 4.01 82 710 3.751% - 4.000% 14 5,518,100 2.67 80 705 4.001% - 4.250% 40 18,487,540 8.96 79 722 4.251% - 4.500% 23 11,607,205 5.63 77 702 4.501% - 4.750% 34 16,579,141 8.04 77 721 4.751% - 5.000% 8 3,787,834 1.84 71 696 5.001% - 5.250% 53 27,205,725 13.19 75 692 5.251% - 5.500% 52 24,659,235 11.95 74 698 5.501% - 5.750% 69 31,220,517 15.13 78 710 5.751% - 6.000% 55 25,272,656 12.25 79 704 6.001% - 6.250% 42 19,173,021 9.29 78 700 6.251% - 6.500% 17 10,625,834 5.15 78 707 6.501% - 6.750% 3 1,301,258 0.63 84 684 6.751% - 7.000% 1 495,000 0.24 90 683 7.001% - 7.250% 1 377,926 0.18 85 697 7.501% - 7.750% 1 650,000 0.32 68 679 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 2.875% Maximum: 7.625% Weighted Average: 5.278% % of # of Aggregate Aggregate Index Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- CMT_1YR 1 $400,465 0.19 80 765 LIBOR_1MO 42 19,191,340 9.30 78 722 LIBOR_1YR 66 29,509,798 14.30 76 701 LIBOR_6MO 322 157,204,543 76.20 77 703 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Months to Roll Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 1 43 $19,666,340 9.53 78 723 2 7 3,935,849 1.91 83 674 3 9 4,700,253 2.28 83 678 4 59 31,483,590 15.26 77 712 5 44 22,680,581 10.99 76 703 6 7 4,378,765 2.12 75 679 23 3 2,581,964 1.25 68 750 24 5 2,067,500 1.00 79 664 31 1 400,465 0.19 80 765 32 1 367,650 0.18 95 705 33 5 2,293,715 1.11 75 686 34 12 4,809,091 2.33 78 657 35 150 67,814,055 32.87 78 704 36 15 7,877,600 3.82 71 681 55 1 479,840 0.23 80 706 56 2 928,707 0.45 80 694 57 3 1,476,169 0.72 79 714 58 9 3,631,110 1.76 73 713 59 41 17,382,359 8.43 79 707 60 3 1,591,200 0.77 78 717 80 2 1,960,727 0.95 74 754 81 1 166,349 0.08 90 812 82 2 699,900 0.34 80 711 83 3 1,413,508 0.69 78 665 118 1 599,856 0.29 76 780 119 2 919,000 0.45 77 781 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Average AS OF: 2004-11-01 Minimum: 1 Maximum: 119 Weighted Average: 26 % of # of Aggregate Aggregate Gross Margin Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 2.000% 3 $1,735,106 0.84 78 746 2.001% - 2.250% 81 35,220,318 17.07 77 706 2.251% - 2.500% 30 13,950,350 6.76 80 724 2.501% - 2.750% 188 84,502,726 40.96 78 704 2.751% - 3.000% 62 29,864,987 14.48 78 717 3.001% - 3.250% 9 5,977,334 2.90 76 687 3.251% - 3.500% 25 13,441,308 6.52 76 685 3.501% - 3.750% 6 2,515,918 1.22 78 690 3.751% - 4.000% 11 7,069,763 3.43 73 691 4.001% - 4.250% 8 6,240,965 3.03 77 692 4.251% - 4.500% 3 1,736,868 0.84 87 668 4.501% - 4.750% 5 4,050,500 1.96 73 703 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 1.875% Maximum: 4.750% Weighted Average: 2.880% % of # of Aggregate Aggregate First Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 1 $1,298,737 0.63 57 765 N/A 1 969,011 0.47 54 633 0.000% 111 51,399,337 24.91 79 718 1.000% 4 2,043,000 0.99 75 713 2.000% 46 19,687,561 9.54 77 693 3.000% 19 10,213,414 4.95 74 690 5.000% 191 85,527,804 41.46 78 707 5.750% 3 2,615,500 1.27 74 713 5.975% 1 606,003 0.29 90 652 6.000% 53 31,225,779 15.14 76 689 6.875% 1 720,000 0.35 80 722 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 6.875% Weighted Average: 4.543% % of # of Aggregate Aggregate Periodic Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0.000% 106 $49,007,337 23.75 79 720 1.000% 197 90,890,264 44.06 77 704 2.000% 69 30,882,502 14.97 76 705 5.000% 1 396,000 0.19 80 649 5.750% 1 708,000 0.34 80 657 6.000% 57 34,422,041 16.68 76 688 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 6.000% Weighted Average: 2.322% % of # of Aggregate Aggregate Maximum Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 9.001% - 9.250% 1 $475,000 0.23 66 763 10.251% - 10.500% 2 689,700 0.33 76 726 10.751% - 11.000% 19 8,259,565 4.00 77 709 11.001% - 11.250% 20 8,193,564 3.97 78 712 11.251% - 11.500% 59 27,014,259 13.09 76 696 11.501% - 11.750% 47 21,216,442 10.28 76 710 11.751% - 12.000% 183 90,020,854 43.63 78 713 12.001% - 12.250% 28 12,862,986 6.23 78 707 12.251% - 12.500% 25 11,964,700 5.80 78 697 12.501% - 12.750% 10 5,023,356 2.43 82 682 12.751% - 13.000% 3 2,469,877 1.20 80 732 13.001% - 13.250% 1 495,000 0.24 90 683 13.751% - 14.000% 1 650,000 0.32 68 679 16.001% - 16.250% 1 750,000 0.36 78 636 16.251% - 16.500% 2 1,393,000 0.68 75 706 16.501% - 16.750% 1 643,181 0.31 62 635 16.751% - 17.000% 4 1,870,103 0.91 82 673 17.001% - 17.250% 3 1,356,369 0.66 77 665 17.251% - 17.500% 5 1,981,200 0.96 77 667 17.501% - 17.750% 5 3,285,048 1.59 71 674 17.751% - 18.000% 3 1,435,470 0.70 80 670 18.001% - 18.250% 8 4,256,472 2.06 79 677 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 9.250% Maximum: 18.250% Weighted Average: 12.326% % of # of Aggregate Aggregate FICO Scores Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Not Available 0 1 $398,563 0.19 80 0 621 - 640 13 6,773,529 3.28 72 634 641 - 660 47 23,107,972 11.20 77 652 661 - 680 61 28,598,966 13.86 76 671 681 - 700 86 39,916,304 19.35 79 690 701 - 720 67 31,900,661 15.46 79 711 721 - 740 59 28,292,338 13.71 77 728 741 - 760 49 23,102,294 11.20 76 749 761 - 780 29 15,719,427 7.62 74 769 781 - 800 18 8,329,742 4.04 79 786 801 - 820 1 166,349 0.08 90 812 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum (not less than 400): 629 Maximum: 812 Weighted Average: 706 % of # of Aggregate Aggregate Original Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 7 $2,803,740 1.36 44 697 50.01% - 55.00% 3 1,554,061 0.75 54 649 55.01% - 60.00% 5 3,858,737 1.87 57 703 60.01% - 65.00% 9 6,334,306 3.07 64 705 65.01% - 70.00% 26 18,261,969 8.85 69 716 70.01% - 75.00% 44 26,540,688 12.86 74 702 75.01% - 80.00% 304 132,553,525 64.25 80 706 80.01% - 85.00% 3 1,424,925 0.69 85 708 85.01% - 90.00% 18 8,086,552 3.92 90 689 90.01% - 95.00% 12 4,887,641 2.37 94 698 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 26.60 Maximum: 95.00 Weighted Average: 77.27 % of # of Aggregate Aggregate Combined Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 4 $1,956,500 0.95 43 675 50.01% - 55.00% 1 969,011 0.47 54 633 55.01% - 60.00% 6 4,158,737 2.02 56 706 60.01% - 65.00% 7 3,953,331 1.92 64 699 65.01% - 70.00% 13 9,453,219 4.58 69 719 70.01% - 75.00% 19 12,123,937 5.88 73 695 75.01% - 80.00% 82 42,538,416 20.62 78 695 80.01% - 85.00% 13 6,521,015 3.16 76 687 85.01% - 90.00% 109 52,295,332 25.35 80 707 90.01% - 95.00% 88 37,286,613 18.07 81 707 95.01% - 100.00% 89 35,050,034 16.99 80 719 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 34.92 Maximum: 100.00 Weighted Average: 86.53 % of # of Aggregate Aggregate Amortization Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Interest Only 355 $165,669,446 80.30 78 707 Fully Amortizing 76 40,636,698 19.70 75 696 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Top 5 States Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- California 235 $112,331,487 54.45 77 703 New York 36 18,741,247 9.08 76 712 Virginia 23 11,222,506 5.44 81 707 Florida 14 7,384,480 3.58 75 716 Colorado 10 5,838,050 2.83 75 722 Other 113 50,788,374 24.62 78 703 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Prepay Original Term Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0 334 $155,326,539 75.29 78 708 6 20 12,162,341 5.90 73 688 12 7 3,373,570 1.64 77 692 24 24 14,017,647 6.79 73 697 36 36 15,440,998 7.48 77 693 42 3 1,557,800 0.76 77 691 60 7 4,427,250 2.15 74 715 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Document Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alternate 6 $2,883,700 1.40 78 717 Full 66 30,468,475 14.77 78 706 No Doc 23 11,987,784 5.81 78 715 No Ratio 23 11,099,182 5.38 78 685 Reduced 283 134,941,932 65.41 77 706 Stated Doc 30 14,925,072 7.23 79 695 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Loan Purpose Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Purchase 282 $133,156,115 64.54 79 713 Cash Out Refinance 103 51,624,237 25.02 73 685 Rate/Term Refinance 46 21,525,792 10.43 75 703 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Owner Occupancy Status Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Investor 73 $34,805,644 16.87 76 711 Primary 342 162,225,364 78.63 78 702 Secondary 16 9,275,137 4.50 75 726 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Property Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Coop 1 $479,500 0.23 70 785 Condominium 40 18,881,053 9.15 77 701 PUD 62 26,251,084 12.72 78 712 Single Family 284 136,625,566 66.22 77 703 Two- to Four Family 44 24,068,941 11.67 77 710 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Stated Remaining Term to Maturity Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 352 1 $356,000 0.17 80 733 355 3 1,355,305 0.66 75 743 356 12 7,192,933 3.49 81 700 357 20 9,559,986 4.63 79 697 358 108 52,499,938 25.45 77 710 359 257 119,426,918 57.89 78 706 360 30 15,915,065 7.71 74 682 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 ----- ------------ --------- --- ---- Minimum: 352 Maximum: 360 Weighted Average: 359 % of # of Aggregate Aggregate Servicer Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Downey 5 $2,214,251 1.07 75 701 EverBank 19 8,963,151 4.34 75 691 GMAC Mortgage 205 106,643,168 51.69 77 706 Greenpoint 158 69,809,784 33.84 79 705 National City Mortgage 44 18,675,790 9.05 77 706 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 % of # of Aggregate Aggregate Originator Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alliance Bancorp 1 $475,000 0.23 66 763 Downey Savings 4 1,634,251 0.79 74 683 EverBank 19 8,963,151 4.34 75 691 First Saving 7 4,820,100 2.34 84 705 Greenpoint Mortgage Corporation 263 118,301,271 57.34 79 711 Homestar 2 863,582 0.42 80 685 Loan Center Of California Inc 17 8,058,774 3.91 78 680 Market Street 6 2,778,216 1.35 73 735 Nat City Mortgage 44 18,675,790 9.05 77 706 Ohio Savings Bank 1 400,465 0.19 80 765 Prism Mortgage/RBC Mortgage 1 396,000 0.19 80 649 UBS Conduit 66 40,939,545 19.84 73 692 ----- ------------ --------- --- ---- Total: 431 $206,306,144 100.00 77 705 -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Investment Bank. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Investment Bank. -------------------------------------------------------------------------------- [LOGO] UBS Investment Bank Collateral Stratification Report AGGREGATE COLLATERAL % of # of Aggregate Aggregate Current Balance Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- $0.01 - $50,000.00 35 $1,327,540 0.28 70 709 $50,000.01 - $100,000.00 248 19,872,962 4.19 78 720 $100,000.01 - $150,000.00 401 51,037,101 10.75 79 714 $150,000.01 - $200,000.00 290 50,887,229 10.72 79 709 $200,000.01 - $250,000.00 230 51,629,852 10.88 78 707 $250,000.01 - $300,000.00 219 60,230,205 12.69 78 708 $300,000.01 - $350,000.00 142 46,020,376 9.70 79 712 $350,000.01 - $400,000.00 119 44,581,401 9.39 81 700 $400,000.01 - $450,000.00 54 22,826,899 4.81 78 705 $450,000.01 - $500,000.00 60 28,769,482 6.06 78 707 $500,000.01 - $550,000.00 37 19,470,560 4.10 79 705 $550,000.01 - $600,000.00 28 16,296,413 3.43 78 713 $600,000.01 - $650,000.00 32 20,081,333 4.23 79 702 $650,000.01 - $700,000.00 5 3,408,500 0.72 74 692 $700,000.01 - $750,000.00 14 10,207,217 2.15 76 682 $750,000.01 - $800,000.00 5 3,968,000 0.84 72 714 $850,000.01 - $900,000.00 4 3,513,000 0.74 67 686 $900,000.01 - $950,000.00 2 1,860,477 0.39 77 707 $950,000.01 - $1,000,000.00 4 3,957,511 0.83 64 689 $1,100,000.01 - $1,150,000.00 1 1,116,500 0.24 70 706 $1,150,000.01 - $1,200,000.00 3 3,542,500 0.75 75 723 $1,250,000.01 - $1,300,000.00 2 2,555,464 0.54 63 768 $1,300,000.01 - $1,350,000.00 1 1,302,000 0.27 70 717 $1,350,000.01 - $1,400,000.00 1 1,387,500 0.29 69 764 $1,450,000.01 - $1,500,000.00 2 2,991,750 0.63 72 721 $1,700,000.01 - $1,750,000.00 1 1,737,794 0.37 64 744 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: $11,900.00 Maximum: $1,737,793.75 Average: $244,628.64 % of # of Aggregate Aggregate Current Gross Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 3.001% - 3.250% 1 $475,000 0.10 66 763 3.751% - 4.000% 16 4,026,766 0.85 71 732 4.001% - 4.250% 50 13,876,982 2.92 78 713 4.251% - 4.500% 159 37,579,484 7.92 78 718 4.501% - 4.750% 164 36,418,973 7.67 78 712 4.751% - 5.000% 189 45,573,398 9.60 78 721 5.001% - 5.250% 53 12,795,052 2.70 76 695 5.251% - 5.500% 265 67,974,920 14.32 77 701 5.501% - 5.750% 204 50,821,810 10.71 77 706 5.751% - 6.000% 303 74,913,767 15.79 78 708 6.001% - 6.250% 232 56,171,737 11.84 79 709 6.251% - 6.500% 178 43,326,371 9.13 80 700 6.501% - 6.750% 67 17,239,981 3.63 80 707 6.751% - 7.000% 35 8,056,196 1.70 81 709 7.001% - 7.250% 16 3,158,100 0.67 86 685 7.251% - 7.500% 5 823,514 0.17 83 687 7.501% - 7.750% 1 377,926 0.08 85 697 7.751% - 8.000% 1 650,000 0.14 68 679 8.251% - 8.500% 1 319,591 0.07 80 625 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 3.250% Maximum: 8.375% Weighted Average: 5.576% % of # of Aggregate Aggregate Net Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 2.751% - 3.000% 2 $1,081,003 0.23 79 701 3.251% - 3.500% 6 1,045,553 0.22 53 752 3.501% - 3.750% 43 13,653,097 2.88 81 713 3.751% - 4.000% 92 20,772,039 4.38 77 712 4.001% - 4.250% 167 40,941,500 8.63 78 717 4.251% - 4.500% 170 36,445,417 7.68 78 715 4.501% - 4.750% 124 31,258,410 6.59 77 720 4.751% - 5.000% 73 16,067,480 3.39 76 697 5.001% - 5.250% 256 65,698,423 13.84 77 701 5.251% - 5.500% 192 49,846,463 10.50 77 705 5.501% - 5.750% 308 75,502,592 15.91 78 709 5.751% - 6.000% 232 53,988,770 11.38 79 708 6.001% - 6.250% 156 39,229,040 8.27 79 702 6.251% - 6.500% 68 18,831,737 3.97 79 709 6.501% - 6.750% 30 5,519,545 1.16 84 697 6.751% - 7.000% 15 2,752,770 0.58 87 687 7.001% - 7.250% 4 976,138 0.21 81 696 7.501% - 7.750% 1 650,000 0.14 68 679 7.751% - 8.000% 1 319,591 0.07 80 625 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 2.875% Maximum: 8.000% Weighted Average: 5.251% % of # of Aggregate Aggregate Index Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- CMT_1YR 1 $400,465 0.08 80 765 LIBOR_1MO 139 37,516,436 7.91 79 722 LIBOR_1YR 255 63,753,172 13.43 78 711 LIBOR_6MO 1,545 372,909,495 78.58 78 706 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Months to Roll Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 1 146 $39,572,688 8.34 78 722 2 15 5,782,246 1.22 82 690 3 53 12,407,090 2.61 80 704 4 230 58,283,061 12.28 77 715 5 125 37,504,482 7.90 76 709 6 18 6,994,280 1.47 76 682 14 1 122,605 0.03 83 674 15 1 155,843 0.03 90 622 16 1 285,315 0.06 80 671 17 7 1,207,497 0.25 84 700 18 5 1,009,181 0.21 68 689 19 45 9,211,169 1.94 77 682 20 104 19,174,955 4.04 77 705 21 1 86,232 0.02 90 706 22 4 738,652 0.16 79 668 23 14 5,106,880 1.08 75 718 24 15 4,358,600 0.92 80 677 30 1 209,950 0.04 80 718 31 16 3,044,507 0.64 75 692 32 71 11,167,190 2.35 78 696 33 12 3,947,282 0.83 77 695 34 47 11,527,934 2.43 77 686 35 577 145,612,365 30.68 79 710 36 38 11,479,550 2.42 74 696 55 3 645,237 0.14 79 710 56 4 1,400,985 0.30 83 694 57 11 2,859,539 0.60 77 669 58 66 13,619,584 2.87 78 708 59 254 51,934,156 10.94 80 710 60 15 4,151,594 0.87 79 717 80 2 1,960,727 0.41 74 754 81 1 166,349 0.04 90 812 82 4 923,954 0.19 79 714 83 24 5,105,483 1.08 79 717 118 2 763,704 0.16 77 767 119 6 1,932,300 0.41 77 749 120 1 126,400 0.03 80 758 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Average AS OF: 2004-11-01 Minimum: 1 Maximum: 120 Weighted Average: 28 % of # of Aggregate Aggregate Gross Margin Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 2.000% 7 $2,975,060 0.63 75 745 2.001% - 2.250% 311 76,608,956 16.14 79 706 2.251% - 2.500% 172 39,475,283 8.32 78 715 2.501% - 2.750% 971 221,413,591 46.65 78 710 2.751% - 3.000% 277 64,406,062 13.57 78 715 3.001% - 3.250% 71 20,017,977 4.22 78 692 3.251% - 3.500% 61 19,993,318 4.21 77 694 3.501% - 3.750% 21 5,552,539 1.17 79 683 3.751% - 4.000% 16 8,215,063 1.73 74 694 4.001% - 4.250% 17 8,292,145 1.75 78 690 4.251% - 4.500% 5 2,453,868 0.52 84 671 4.501% - 4.750% 7 4,378,250 0.92 73 706 4.751% - 5.000% 4 797,454 0.17 84 723 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 5.000% Weighted Average: 2.798% % of # of Aggregate Aggregate First Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- N/A 1 $1,298,737 0.27 57 765 N/A 1 969,011 0.20 54 633 0.000% 450 107,575,678 22.67 79 721 1.000% 20 5,688,861 1.20 76 704 2.000% 169 42,389,521 8.93 79 708 3.000% 304 62,936,721 13.26 77 693 5.000% 860 201,937,167 42.55 79 710 5.750% 3 2,615,500 0.55 74 713 5.975% 1 606,003 0.13 90 652 6.000% 129 47,617,369 10.03 75 694 6.875% 1 720,000 0.15 80 722 12.000% 1 225,000 0.05 90 662 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 12.000% Weighted Average: 4.344% % of # of Aggregate Aggregate Periodic Rate Cap Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0.000% 442 $104,454,563 22.01 79 722 1.000% 1,102 252,671,340 53.24 78 705 2.000% 271 67,167,150 14.15 78 712 3.000% 1 319,591 0.07 80 625 5.000% 1 396,000 0.08 80 649 5.750% 1 708,000 0.15 80 657 6.000% 122 48,862,922 10.30 76 693 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 1.000% Maximum: 6.000% Weighted Average: 1.857% % of # of Aggregate Aggregate Maximum Rate Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 9.001% - 9.250% 1 $475,000 0.10 66 763 9.251% - 9.500% 1 285,315 0.06 80 671 9.751% - 10.000% 3 418,158 0.09 73 719 10.001% - 10.250% 6 1,466,098 0.31 80 715 10.251% - 10.500% 19 3,755,086 0.79 75 703 10.501% - 10.750% 34 6,837,201 1.44 77 700 10.751% - 11.000% 145 31,606,173 6.66 79 710 11.001% - 11.250% 130 25,606,732 5.40 78 712 11.251% - 11.500% 323 76,104,349 16.04 78 705 11.501% - 11.750% 222 50,378,295 10.62 78 711 11.751% - 12.000% 708 181,891,816 38.33 78 715 12.001% - 12.250% 134 31,580,206 6.65 79 708 12.251% - 12.500% 103 25,566,000 5.39 80 690 12.501% - 12.750% 30 9,043,407 1.91 82 694 12.751% - 13.000% 6 2,944,742 0.62 81 728 13.001% - 13.250% 8 1,574,865 0.33 87 674 13.251% - 13.500% 2 389,591 0.08 80 645 13.751% - 14.000% 1 650,000 0.14 68 679 15.751% - 16.000% 5 989,654 0.21 51 737 16.001% - 16.250% 2 966,000 0.20 78 660 16.251% - 16.500% 5 2,117,063 0.45 70 694 16.501% - 16.750% 3 1,183,181 0.25 70 672 16.751% - 17.000% 9 3,138,251 0.66 78 700 17.001% - 17.250% 7 2,216,369 0.47 77 680 17.251% - 17.500% 9 3,054,750 0.64 79 678 17.501% - 17.750% 11 4,198,119 0.88 72 678 17.751% - 18.000% 4 1,680,470 0.35 79 663 18.001% - 18.250% 9 4,462,676 0.94 79 676 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 9.250% Maximum: 18.250% Weighted Average: 12.045% % of # of Aggregate Aggregate FICO Scores Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Not Available 0 2 $579,535 0.12 77 0 601 - 620 1 178,000 0.04 90 619 621 - 640 68 17,631,155 3.72 77 632 641 - 660 162 44,512,224 9.38 78 651 661 - 680 268 64,676,804 13.63 77 671 681 - 700 358 87,638,402 18.47 79 690 701 - 720 312 76,371,216 16.09 80 711 721 - 740 264 66,710,742 14.06 78 730 741 - 760 206 50,501,516 10.64 77 749 761 - 780 176 40,260,590 8.48 77 769 781 - 800 97 20,746,102 4.37 77 788 801 - 820 25 4,545,282 0.96 79 806 821 - 840 1 228,000 0.05 80 824 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum (not less than 400): 619 Maximum: 824 Weighted Average: 709 % of # of Aggregate Aggregate Original Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 35 $7,259,400 1.53 42 710 50.01% - 55.00% 17 3,470,999 0.73 53 693 55.01% - 60.00% 17 5,853,185 1.23 58 708 60.01% - 65.00% 42 12,886,694 2.72 64 705 65.01% - 70.00% 118 34,465,844 7.26 69 706 70.01% - 75.00% 137 43,878,074 9.25 74 702 75.01% - 80.00% 1,334 314,068,261 66.18 80 711 80.01% - 85.00% 37 8,304,601 1.75 85 701 85.01% - 90.00% 149 31,432,518 6.62 90 693 90.01% - 95.00% 52 12,608,891 2.66 95 707 95.01% - 100.00% 2 351,100 0.07 98 698 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 17.86 Maximum: 100.00 Weighted Average: 78.09 % of # of Aggregate Aggregate Combined Loan To Value Ratio Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- <= 50.00% 28 $6,214,715 1.31 41 704 50.01% - 55.00% 14 2,862,949 0.60 53 696 55.01% - 60.00% 15 5,863,824 1.24 57 710 60.01% - 65.00% 34 9,760,319 2.06 64 701 65.01% - 70.00% 66 18,973,427 4.00 69 701 70.01% - 75.00% 94 26,719,194 5.63 73 699 75.01% - 80.00% 476 117,784,599 24.82 79 704 80.01% - 85.00% 64 17,110,114 3.61 80 693 85.01% - 90.00% 502 123,230,855 25.97 81 708 90.01% - 95.00% 361 78,403,435 16.52 82 714 95.01% - 100.00% 286 67,656,136 14.26 80 720 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 17.86 Maximum: 100.00 Weighted Average: 85.80 % of # of Aggregate Aggregate Amortization Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Interest Only 1,400 $350,549,026 73.87 78 712 Fully Amortizing 540 124,030,541 26.13 77 698 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Top 5 States Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- California 495 $177,931,010 37.49 77 706 New York 84 30,465,464 6.42 78 708 Florida 134 26,163,987 5.51 79 713 Virginia 83 22,750,657 4.79 80 707 Arizona 126 21,103,819 4.45 80 709 Other 1,018 196,164,630 41.33 79 710 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Prepay Original Term Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 0 1,357 $341,625,075 71.98 78 711 6 29 14,923,355 3.14 73 695 12 15 4,988,771 1.05 79 695 24 162 39,976,693 8.42 76 696 30 3 502,800 0.11 75 712 36 321 60,304,200 12.71 78 703 42 4 1,693,000 0.36 78 698 60 49 10,565,673 2.23 79 716 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Document Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alternate 27 $6,631,113 1.40 81 725 Full 471 92,963,760 19.59 79 713 No Doc 155 35,432,403 7.47 77 713 No Ratio 106 26,662,830 5.62 79 683 Reduced 996 267,570,344 56.38 78 710 Stated Doc 184 45,179,723 9.52 79 698 Streamline 1 139,394 0.03 62 729 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Loan Purpose Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Construction to Perm 4 $596,981 0.13 91 714 Purchase 1,256 303,892,138 64.03 80 717 Cash Out Refinance 413 113,256,183 23.86 74 689 Rate/Term Refinance 267 56,834,265 11.98 76 700 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Owner Occupancy Status Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Investor 808 $156,307,857 32.94 78 719 Primary 1,061 299,799,433 63.17 78 703 Secondary 71 18,472,277 3.89 78 712 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Property Type Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Coop 5 $1,493,114 0.31 76 729 Condominium 236 50,587,870 10.66 79 708 PUD 279 61,397,173 12.94 80 714 Single Family 1,195 291,232,571 61.37 78 706 Two- to Four Family 225 69,868,839 14.72 78 713 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Stated Remaining Term to Maturity Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- 179 1 $176,900 0.04 90 665 332 1 312,346 0.07 87 704 334 1 158,763 0.03 95 724 335 1 147,000 0.03 75 709 349 1 293,200 0.06 90 658 350 1 122,605 0.03 83 674 351 1 155,843 0.03 90 622 352 2 641,315 0.14 80 705 353 7 1,207,497 0.25 84 700 354 6 1,219,131 0.26 70 694 355 70 14,663,966 3.09 76 690 356 195 39,173,756 8.25 78 702 357 95 23,206,826 4.89 79 701 358 439 108,818,846 22.93 78 713 359 1,032 257,171,150 54.19 78 710 360 87 27,110,424 5.71 76 693 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 ----- ------------ --------- --- ---- Minimum: 179 Maximum: 360 Weighted Average: 358 % of # of Aggregate Aggregate Servicer Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Downey 25 $6,883,347 1.45 71 681 EverBank 25 10,455,111 2.20 76 694 GMAC Mortgage 766 206,966,408 43.61 78 709 Greenpoint 666 157,663,995 33.22 79 710 National City Mortgage 223 50,375,204 10.61 79 715 Wells Fargo 235 42,235,502 8.90 77 695 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 % of # of Aggregate Aggregate Originator Loans Balance Balance LTV Fico --------------------------------- ----- ------------ --------- --- ---- Alliance Bancorp 6 $1,685,498 0.36 71 717 American Home Mortgage 1 122,605 0.03 83 674 Downey Savings 24 6,303,347 1.33 70 674 EverBank 25 10,455,111 2.20 76 694 First Saving 16 6,663,020 1.40 81 700 Flagstrat 3 764,309 0.16 90 691 Greenpoint Mortgage Corporation 1,105 261,177,458 55.03 79 715 Homestar 3 977,582 0.21 79 688 Loan Center Of California Inc 24 9,463,250 1.99 79 682 Market Street 66 12,589,408 2.65 82 710 Mortgage IT 1 311,250 0.07 75 701 Mortgage Store 3 674,849 0.14 85 732 Nat City Mortgage 223 50,375,204 10.61 79 715 Ohio Savings Bank 1 400,465 0.08 80 765 Prism Mortgage/RBC Mortgage 1 396,000 0.08 80 649 Provident Bank 1 285,315 0.06 80 671 UBS Conduit 202 69,699,394 14.69 75 696 Wells Fargo Home Mortgage, Inc. 235 42,235,502 8.90 77 695 ----- ------------ --------- --- ---- Total: 1,940 $474,579,567 100.00 78 708 -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Investment Bank. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Investment Bank. --------------------------------------------------------------------------------