EX-99 10 gp2yieldtable.htm EXHIBIT 99.1 COMPUTATIONAL MATERIALS GP2 Yield Table

UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 1


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A2

8,337,094.00

1.68000

0

1.000000

1ML

1.1000

0.40000

1.00000

8.00000


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

0.00000

1.6800

06/30/04

1ML30 year

5.77

353.00

300.0PSA

90:00


1ML + 0.400000 cap: 8.000000


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

2.366

3.601

5.551

6.111

10.170

Avg Life

14.259

5.500

2.764

2.421

1.282

Duration

12.024

4.898

2.540

2.230

1.177

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

2/28

10/16

1/10

3/09

9/06



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A3

8,337,094.00

6.32000

0

1.000000

1ML

1.1000

7.600000

-1.00000

7.60000


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

0.00000

6.3200

06/30/04

1ML30 year

5.77

353.00

300.0PSA

90:00


7.600 + -1.000* 1ML cap: 7.600


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

0.338

-18.907

-56.989

-67.747

-129.278

Avg Life

14.259

5.500

2.764

2.421

1.282

Duration

8.574

6.157

4.244

4.043

4.111

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

2/28

10/16

1/10

3/09

9/06



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 2


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A1

55,580,630.00

5.12500

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.1250

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


3% total sub


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.300

7.517

9.400

9.944

13.903

Avg Life

14.259

5.500

2.764

2.421

1.282

Duration

8.809

4.214

2.341

2.073

1.125

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

2/28

10/16

1/10

3/09

9/06



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A4

25,000,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.633

7.542

9.118

9.602

13.146

Avg Life

16.017

6.990

3.390

2.930

1.486

Duration

9.190

4.944

2.766

2.436

1.293

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

7/30

4/21

2/12

11/10

3/07



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 3


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A5

21,394,785.00

5.75000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.7500

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


double sub


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.613

6.827

7.561

7.846

10.017

Avg Life

25.662

16.216

7.451

6.175

2.707

Duration

12.406

9.836

5.727

4.925

2.375

First Pay

2/28

10/16

1/10

3/09

9/06

Last Pay

10/31

8/24

4/14

5/12

8/07



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A15

972,491.00

0.00000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

0.0000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

0.411

0.651

1.421

1.716

3.932

Avg Life

25.662

16.216

7.451

6.175

2.707

Duration

25.605

16.130

7.378

6.109

2.652

First Pay

2/28

10/16

1/10

3/09

9/06

Last Pay

10/31

8/24

4/14

5/12

8/07



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 4


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A6

35,000,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.597

7.368

8.768

9.222

12.573

Avg Life

16.946

7.989

3.847

3.290

1.614

Duration

9.503

5.406

3.061

2.684

1.399

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

10/31

8/24

4/14

5/12

8/07



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A7

4,852,703.00

6.00000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

6.0000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


retail


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.861

6.935

7.320

7.531

9.459

Avg Life

27.987

22.539

11.854

9.500

3.432

Duration

12.466

11.441

7.973

6.830

2.945

First Pay

10/31

8/24

4/14

5/12

8/07

Last Pay

2/33

8/29

1/19

4/16

3/08



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 5


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A8

3,098,130.00

6.00000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

6.0000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


retail


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.851

6.870

7.025

7.124

9.033

Avg Life

29.047

27.199

18.771

15.817

3.988

Duration

12.622

12.333

10.385

9.422

3.372

First Pay

2/33

8/29

1/19

4/16

3/08

Last Pay

11/33

11/33

11/33

11/33

9/08



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A9

5,289,892.00

5.25000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.2500

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


stated maturities


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

7.211

7.211

7.274

7.427

9.184

Avg Life

6.972

6.972

6.638

5.990

2.954

Duration

5.190

5.190

5.034

4.683

2.575

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

1/17

1/17

9/14

11/12

11/07



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 6


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A10

4,909,385.00

5.25000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.2500

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


stated maturities


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.277

6.277

6.565

6.758

8.568

Avg Life

16.297

16.297

11.034

9.127

3.531

Duration

10.279

10.279

7.960

6.908

3.076

First Pay

1/17

1/17

9/14

11/12

11/07

Last Pay

1/24

1/24

5/16

6/14

2/08



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A11

5,702,390.00

5.25000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

0.0000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

5.699

5.748

5.976

6.090

7.954

Avg Life

28.400

24.354

16.432

14.055

3.963

Duration

25.879

22.978

15.112

12.903

3.807

First Pay

10/31

8/24

5/16

6/14

2/08

Last Pay

11/33

11/33

11/33

11/33

9/08



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.



UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 7


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A12

17,500,000.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Super senior 95/5


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.475

6.648

6.848

6.901

7.834

Avg Life

20.006

15.146

11.546

10.835

5.363

Duration

10.819

9.102

7.717

7.419

4.404

First Pay

7/09

7/09

7/09

7/09

9/08

Last Pay

11/33

11/33

11/33

11/33

5/13



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A13

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

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


mezz nas to 2n1 class 95/5


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.475

6.648

6.848

6.901

7.834

Avg Life

20.006

15.146

11.546

10.835

5.363

Duration

10.819

9.102

7.717

7.419

4.404

First Pay

7/09

7/09

7/09

7/09

9/08

Last Pay

11/33

11/33

11/33

11/33

5/13



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.


UBS

Cmoproj

 

8:17:14  pm June 22, 2004

MAST0406B 30 year 5.5

Fixed Income Research

 

Ciaran O’Brien obrienci@fiunmr23

cmoproj.623

Page 8


Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

2A14

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

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


mezz nas class to 2ea and 2eg classes


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.475

6.648

6.848

6.901

7.834

Avg Life

20.006

15.146

11.546

10.835

5.363

Duration

10.819

9.102

7.717

7.419

4.404

First Pay

7/09

7/09

7/09

7/09

9/08

Last Pay

11/33

11/33

11/33

11/33

5/13



Bond

Balance

Coupon

Delay

Factor

Index

Value

Reset

Multiplier

Cap

SU

5,362,500.00

5.50000

24

1.000000

 

-1.0000

-

-

-


Floor

Current

Settle

Deal

WAC

WAM

Pricing

Duration

 

Coupon

Date

   

Speed

@ Px

-

5.5000

06/30/04

30 year

5.77

353.00

300.0PSA

90:00


Price

PSA

PSA

PSA

PSA

PSA

 

0

100

250

300

750

90:00

6.536

6.718

6.924

6.979

7.302

Avg Life

18.701

14.207

10.877

10.220

7.549

Duration

10.093

8.527

7.264

6.992

5.725

First Pay

7/04

7/04

7/04

7/04

7/04

Last Pay

11/33

11/33

11/33

11/33

4/33



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.