EX-99 40 g5pycomp.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS G5_PY_Comp
  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 1


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A1

15,087,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.338

6.600

10.901

12.526

13.834

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

12.747

9.589

1.851

1.416

1.189

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A10

3,500,000.00

8.30000

24

1.000000

1ML

1.1200

9.40000

-1.00000

9.40000


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

3.50000

8.3000

01/30/04

1ML30 year

5.95

358.00

300.0PSA

90:00


   9.400 +  -1.000 * 1ML cap:  9.400

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

9.425

9.657

13.904

15.512

16.808

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

9.574

7.844

1.764

1.361

1.148

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.



  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 2


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A9

15,966,666.00

2.70000

24

1.000000

1ML

1.1200

0.00000

0.00000

0.00000


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

0.00000

2.7000

01/30/04

1ML30 year

5.95

358.00

300.0PSA

90:00


Combined: 5A9B 5A9A

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

3.310

3.591

7.929

9.570

10.888

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

17.731

11.936

1.944

1.473

1.232

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A11

3,979,260.00

13.78481

24

1.000000

1ML

1.1200

17.23101

-3.13291

17.23101


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

0.00000

13.7848

01/30/04

1ML30 year

5.95

358.00

300.0PSA

90:00


  17.231 +  -3.133 * 1ML cap: 17.231

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

15.611

15.775

19.872

21.442

22.712

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

6.101

5.555

1.609

1.262

1.073

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.









  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 3


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A12

554,074.00

9.00000

24

1.000000

1ML

1.1200

132.75000

-22.50000

9.00000


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

0.00000

9.0000

01/30/04

1ML30 year

5.95

358.00

300.0PSA

90:00


132.750 + -22.500 * 1ML cap:  9.000

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

10.233

10.457

14.687

16.290

17.582

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

8.950

7.467

1.743

1.348

1.138

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A5

1,000,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


lottery

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.338

6.600

10.901

12.526

13.834

Avg Life

25.650

15.163

2.132

1.610

1.348

Duration

12.747

9.589

1.851

1.416

1.189

First Pay

7/27

8/14

2/04

2/04

2/04

Last Pay

9/31

4/24

9/07

8/06

3/06


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.









  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 4


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A2

5,624,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.310

6.411

8.472

9.727

10.568

Avg Life

27.951

21.189

4.024

2.720

2.237

Duration

13.202

11.688

3.441

2.400

1.994

First Pay

9/31

4/24

9/07

8/06

3/06

Last Pay

4/32

4/26

6/08

12/06

5/06


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A6

1,000,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


lottery

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.310

6.411

8.472

9.727

10.568

Avg Life

27.951

21.189

4.024

2.720

2.237

Duration

13.202

11.688

3.441

2.400

1.994

First Pay

9/31

4/24

9/07

8/06

3/06

Last Pay

4/32

4/26

6/08

12/06

5/06


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.









  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 5


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A3

5,268,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.303

6.371

7.975

9.290

10.145

Avg Life

28.545

23.359

4.978

3.064

2.456

Duration

13.307

12.243

4.151

2.684

2.180

First Pay

4/32

4/26

6/08

12/06

5/06

Last Pay

11/32

8/28

10/09

4/07

8/06


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A7

1,500,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


lottery

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.303

6.371

7.975

9.290

10.145

Avg Life

28.545

23.359

4.978

3.064

2.456

Duration

13.307

12.243

4.151

2.684

2.180

First Pay

4/32

4/26

6/08

12/06

5/06

Last Pay

11/32

8/28

10/09

4/07

8/06


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.









  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 6


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A4

10,798,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.296

6.320

6.837

8.711

9.612

Avg Life

29.354

27.062

11.709

3.689

2.803

Duration

13.443

13.022

7.784

3.179

2.469

First Pay

11/32

8/28

10/09

4/07

8/06

Last Pay

11/33

11/33

11/33

4/08

2/07


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A8

1,500,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


lottery

Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.296

6.320

6.837

8.711

9.612

Avg Life

29.354

27.062

11.709

3.689

2.803

Duration

13.443

13.022

7.784

3.179

2.469

First Pay

11/32

8/28

10/09

4/07

8/06

Last Pay

11/33

11/33

11/33

4/08

2/07


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.









  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 7


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A20

909,090.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

2.001

-0.762

-5.809

-8.032

-10.114

Avg Life

20.390

15.311

10.877

9.821

9.068

Duration

10.219

9.436

7.979

7.371

6.853

First Pay

2/09

2/09

2/09

2/09

2/09

Last Pay

11/33

11/33

11/33

11/33

11/33


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A13

19,000,000.00

5.25000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.2500

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.191

6.368

6.625

6.718

6.797

Avg Life

20.390

15.311

10.877

9.821

9.068

Duration

11.195

9.337

7.549

7.066

6.698

First Pay

2/09

2/09

2/09

2/09

2/09

Last Pay

11/33

11/33

11/33

11/33

11/33


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.













  

Cmoproj

UBS

 

1:08:40 pm January 29, 2004

Fixed Income Research

MASTR0401G5 30 year 5.5

Margarita Genis mgenis@rhino

cmoproj.614

 

Page 8


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

5A14

1,000,000.00

5.25000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.2500

01/30/04

30 year

5.95

358.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

300

400

500

90:00

6.191

6.368

6.625

6.718

6.797

Avg Life

20.390

15.311

10.877

9.821

9.068

Duration

11.195

9.337

7.549

7.066

6.698

First Pay

2/09

2/09

2/09

2/09

2/09

Last Pay

11/33

11/33

11/33

11/33

11/33


UBS Securities LLC. This material has been prepared by UBS AG or an affiliate thereof ("UBS"). It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a, solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning UBS AG, its, subsidiaries and affiliates. Opinions expressed herein are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep the information current. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. UBS, its directors, officers and employees (excluding the US broker-dealer unless specifically disclosed under required disclosures) or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein, and may at any time make purchases and/or sales in them as principal or agent. UBS (excluding the US broker-dealer unless specifically disclosed under Required Disclosures) may act or have acted as market-maker in the securities or other financial instruments discussed in this material. UBS may provide investment banking and other services to and/or serve as directors of the companies referred to in this report. Neither UBS nor any of its affiliates, nor any of UBS’ or any of its affiliates, directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. United Kingdom and rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are market counterparties or intermediate customers (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by, private customers. Switzerland: Distributed by UBS AG to persons who are institutional investors only. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS SA, in Milan. South Africa: UBS Securities South Africa (Pty) Limited (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this report must, be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Hong Kong: Distributed by UBS Securities Asia Limited. Singapore: Distributed by UBS Securities Singapore Pte. Ltd. Japan: Distributed by UBS Securities Japan Ltd to institutional investors only. Australia: Distributed by UBS Capital Markets, Australia Australia Ltd licensed securities dealers. New Zealand: Distributed by UBS New Zealand Ltd, (C) 2004
All rights reserved. This report may not be reproduced or distributed in any manner without the permission of UBS.