-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DlJmuUTE4mgBA4AJXlS5o3szs+en4LSrtOaFlVg58keKQHDi0S+50BbOQ7L+KkxW SqgHaIydQlcr8hjOVBmPBA== 0000950123-96-005151.txt : 19960925 0000950123-96-005151.hdr.sgml : 19960925 ACCESSION NUMBER: 0000950123-96-005151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960917 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960924 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQCC RECEIVABLES CORP CENTRAL INDEX KEY: 0000897897 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593170055 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-66152 FILM NUMBER: 96633500 BUSINESS ADDRESS: STREET 1: C/O EQUICREDIT CORP OF AMERICA STREET 2: 1801 ART MUSEUM DR CITY: JACKSONVILLE STATE: FL ZIP: 32207 BUSINESS PHONE: 9049875000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQCC ASSET BACKED CORP CENTRAL INDEX KEY: 0000897898 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593170052 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-66152-01 FILM NUMBER: 96633501 BUSINESS ADDRESS: STREET 1: C/O EQUICREDIT CORP OF AMERICA STREET 2: 1801 ART MUSEUM DR CITY: JACKSONVILLE STATE: FL ZIP: 32207 BUSINESS PHONE: 9049875000 MAIL ADDRESS: STREET 1: C/O EQUICREDIT CORP OF AMERICA STREET 2: 10401 DEERWOOD PARK BLVD CITY: JACKSONVILLE STATE: FL ZIP: 32256 8-K 1 FORM 8-K CURRENT REPORT 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT -------------------- Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 17, 1996 EQCC RECEIVABLES CORPORATION EQCC ASSET BACKED CORPORATION (Exact name of registrants as specified in governing instruments) 33-99344 59-3170055 Delaware 33-99344-01 59-3170052 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) organization) 10401 Deerwood Park Blvd., Jacksonville, Florida 32256 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (904) 987-5120 Not Applicable (Former name or former address if changed since last report) Exhibit Index located at Page 3 2 Items 1 through 4, Item 6 and Item 8 are not included because they are not applicable. ITEM 5. OTHER EVENTS. On or prior to September 25, 1996, the Registrants will cause the issuance and sale of EquiCredit Funding Asset Backed Certificates, Series 1996-A, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-6 (the "Certificates") pursuant to a Pooling and Servicing Agreement to be dated as of September 1, 1996, among the Registrant, EquiCredit Corporation of America, as Servicer, and First Trust, National Association, as Trustee. In connection with the sale of the Certificates, the Registrants have been advised by CS First Boston Corporation, Lehman Brothers Inc. and Salomon Brothers Inc (the "Underwriters"), that the Underwriters have furnished to prospective investors certain computational materials and collateral term sheets (the "Term Sheets") with respect to the Certificates following the effective date of Registration Statement No. 33-99344 but prior to the availability of a final Prospectus relating to the Certificates. The Term Sheet used by CS First Boston Corporation, which is substantially identical to the Term Sheets used by each of the Underwriters, is being filed as an exhibit to this report. The Term Sheet attached hereto has been provided by one of the Underwriters. The information in the Term Sheets was preliminary and will be superseded by the Prospectus Supplement relating to the Certificates and may be superseded by any other information subsequently filed with the Commission. The "computational materials" portion of the Term Sheets were prepared by the Underwriters at the request of certain prospective investors, based on assumptions provided by, and satisfying the special requirements of, such prospective investors. Such materials may not include, and do not purport to include, information based on assumptions representing a complete set of possible scenarios. Accordingly, such materials may not be relevant to or appropriate for investors other than those specifically requesting them. Certain assumptions may have been made in the Term Sheets which have resulted in any returns to holders of the Certificates that are detailed in the Term Sheets. No representation is made that any returns indicated in the Term Sheets will be achieved. Changes to the assumptions may have a material impact on any returns detailed. Past performance is not necessarily indicative of future results. In addition, the actual characteristics and performance of the mortgage loans underlying the Certificates (the "Mortgage Loans") will differ from the assumptions used in the Term Sheets, which are hypothetical in nature and which were provided to certain investors only to give a general sense of how the yield, average life, duration, expected maturity, interest rate sensitivity and cash flow characteristics of the Certificates might vary under varying 2 3 prepayment and other scenarios. Any difference between such assumptions and the actual characteristics and performance of the Mortgage Loans will affect the actual yield, average life, duration, expected maturity, interest rate sensitivity and cash flow characteristics of the Certificates. The statistical distribution of the characteristics of the final Mortgage Pool may vary from the statistical distribution of such characteristics as set forth in the "collateral term sheet" portion of the Term Sheets. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. List below the financial statements, pro forma financial information and exhibits, if any, filed as part of this report. (a) Financial Statements of Businesses Acquired. Not applicable (b) Pro Forma Financial Information. Not applicable (c) Exhibits. Sequentially Exhibit Numbered Number Exhibit Page - -------- ------ ------- ---- 005 99.1(D) Computational Materials prepared in connection with the sale of EQCC Home Equity Loan Asset Backed Certificates, Series 1996-2, in the form used by Lehman Brothers Inc., CS First Boston Corporation and Salomon Brothers Inc. 3 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. EQCC RECEIVABLES CORPORATION EQCC ASSET BACKED CORPORATION (Registrants) EQCC RECEIVABLES CORPORATION September 19, 1996 By: \s\ Stephen R. Veth ------------------------- Stephen R. Veth President EQCC ASSET BACKED CORPORATION September 19, 1996 By: \s\ Stephen R. Veth ------------------------- Stephen R. Veth President 5 EXHIBIT INDEX ------------- Exhibit Number Exhibit ------ ------- 99.1(D) Computational Materials prepared in connection with the sale of EQCC Home Equity Loan Asset Backed Certificates, Series 1996-2, in the form used by Lehman Brothers Inc., CS First Boston Corporation and Salomon Brothers Inc. EX-99.1(D) 2 COMPUTATIONAL MATERIALS 1 EXHIBIT 99.1(c) BOND PROFILE SUMMARY
------------------------------------------------------------------------------------- Class Original Coupon Avg. CBE 1st Last Mod. Final Name Par % Life Yield Price Pay Pay Dur. Maturity ------------------------------------------------------------------------------------- To Maturity A1 72,800,000 6.40 1.05 6.486 100-00 10/96 12/98 0.98 9/10 A2 37,600,000 6.90 3.05 7.000 100-00 12/98 10/00 2.65 1/12 A3 24,200,000 7.25 5.10 7.360 100-00 10/00 2/03 4.11 11/19 A4 9,250,000 7.60 7.10 7.721 100-00 2/03 9/04 5.29 12/22 A5 13,794,000 7.75 10.73 7.876 100-00 9/04 9/25 6.94 9/27 A6 13,219,000 FLOAT 3.52 FLOAT 100-00 10/96 3/26 FLOAT 9/27 ---------------------------------- To Call A4 9,250,000 7.60 7.08 7.721 100-00 2/03 5/04 5.28 12/22 A5 13,794,000 7.75 7.64 7.876 100-00 5/04 5/04 5.56 9/27 A6 13,219,000 FLOAT 3.16 FLOAT 100-00 10/96 5/04 FLOAT 9/27 -------------------------------------------------------------------------------------
(1) Fixed Rate Certificates (Class A1-A5) and Floating Rate Certificates (Class A-6) Prepayment Curve (PPC)= 125% of PPC. A 100% Prepayment Assumption assumes prepayments start at 5% in month 1,rise by exactly 1.364% per month to 20% CPR in month 12 and remain at 20% CPR thereafter. (2) Coupon and price are assumed for computational materials. Class A6 margin will double if at the clean-up call the clean-up call is not exercised. (3) Class A-5 and A-6 are subject to an available funds cap equal to the Net WAC on the collateral. The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 2 BOND PROFILE SUMMARY ------------------------------------------------------------------------------ Percent of PPC: 0 75 100 125 150 200 Implied Seasoned CPR 0 15 20 25 30 40 ------------------------------------------------------------------------------
A1 Price: 100-00 Coupon: 6.40 Original Par: 72,800,000 ----------------------------------------------------------------------------- Bond Yield: 6.49 6.49 6.49 6.49 6.49 6.49 Average Life: 8.98 1.69 1.30 1.05 0.88 0.67 Duration: 6.34 1.52 1.19 0.98 0.83 0.63 First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 Last Prin Pay: 9/10 4/00 6/99 12/98 7/98 1/98 ----------------------------------------------------------------------------- A2 Price: 100-00 Coupon: 6.90 Original Par: 37,600,000 ----------------------------------------------------------------------------- Bond Yield: 7.00 7.00 7.00 7.00 7.00 7.00 Average Life: 14.07 5.00 3.81 3.05 2.52 1.83 Duration: 8.72 4.07 3.23 2.65 2.23 1.66 First Prin Pay: 9/10 4/00 6/99 12/98 7/98 1/98 Last Prin Pay: 1/12 5/03 11/01 10/00 2/00 3/99 ----------------------------------------------------------------------------- A3 Price: 100-00 Coupon: 7.25 Original Par: 24,200,000 ----------------------------------------------------------------------------- Bond Yield: 7.36 7.36 7.36 7.36 7.36 7.36 Average Life: 18.83 8.25 6.36 5.10 4.21 3.04 Duration: 9.89 5.98 4.91 4.11 3.50 2.63 First Prin Pay: 1/12 5/03 11/01 10/00 2/00 3/99 Last Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00 -----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 3 BOND PROFILE SUMMARY ----------------------------------------------------------------------------- Percent of PPC: 0 75 100 125 150 200 Implied Seasoned CPR 0 15 20 25 30 40 -----------------------------------------------------------------------------
A4 Price: 100-00 Coupon: 7.60 Original Par: 9,250,000 ----------------------------------------------------------------------------- To Maturity Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72 Average Life: 24.76 11.27 8.81 7.10 5.87 4.24 Duration: 10.77 7.30 6.19 5.29 4.57 3.49 First Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00 Last Prin Pay: 12/22 3/09 7/06 9/04 4/03 6/01 --------------------------- To Call Bond Yield: 7.72 7.72 7.72 7.72 7.72 7.72 Average Life: 24.76 11.24 8.78 7.08 5.85 4.22 Duration: 10.77 7.29 6.18 5.28 4.55 3.48 First Prin Pay: 11/19 12/06 8/04 2/03 12/01 7/00 Last Prin Pay: 12/22 10/08 3/06 5/04 1/03 4/01 ----------------------------------------------------------------------------- A5(1) Price: 100-00 Coupon: 7.75 Original Par: 13,794,000 ----------------------------------------------------------------------------- To Maturity Bond Yield: 7.88 7.88 7.88 7.88 7.88 7.88 Average Life: 27.97 15.29 12.84 10.73 9.03 6.59 Duration: 11.03 8.55 7.76 6.94 6.17 4.91 First Prin Pay: 12/22 3/09 7/06 9/04 4/03 6/01 Last Prin Pay: 3/26 3/26 2/26 9/25 11/23 9/17 --------------------------- To Call Bond Yield: 7.88 7.88 7.88 7.88 7.88 7.88 Average Life: 26.47 12.06 9.48 7.64 6.31 4.56 Duration: 10.86 7.56 6.47 5.56 4.81 3.70 First Prin Pay: 12/22 10/08 3/06 5/04 1/03 4/01 Last Prin Pay: 3/23 10/08 3/06 5/04 1/03 4/01 -----------------------------------------------------------------------------
(1) Class A-5 is subject to an available funds cap equal to the Net WAC on the collateral. The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 4 BOND PROFILE SUMMARY ----------------------------------------------------------------------------- Percent of PPC: 0 75 100 125 150 200 Implied Seasoned CPR 0 15 20 25 30 40 -----------------------------------------------------------------------------
A6(1) Price: 100-00 Coupon: FLOAT Original Par: 13,219,000 ----------------------------------------------------------------------------- To Maturity Average Life: 21.18 5.84 4.43 3.52 2.88 2.07 First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 Last Prin Pay: 6/26 6/26 5/26 3/26 7/25 9/20 --------------------------- To Call Average Life: 20.73 5.25 3.98 3.16 2.60 1.87 First Prin Pay: 10/96 10/96 10/96 10/96 10/96 10/96 Last Prin Pay: 3/23 10/08 3/06 5/04 1/03 4/01 -----------------------------------------------------------------------------
(1) Class A-6 is subject to an available funds cap equal to the Net WAC on the collateral. (2) Class A-6 margin will double at clean-up call if clean-up call is not exercised. The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 5 FIXED RATE COLLATERAL SUMMARY Total Number of Loans 3,229 Level Pay/Balloon 73%/27% Total Outstanding Loan Balance $157,644,673 1st Lien/2nd Lien 85%/15%
RANGE % TOTAL # LOANS Avg Loan Balance $ 48,821.52 less than or equal to 24,999.99 11.25 1,036 Highest Balance $387,199.74 25,000 - 49,999.99 24.30 1,020 Lowest Balance $ 1,793.46 50,000 - 74,999.99 24.49 635 75,000 - 99,999.99 13.84 253 100,000 - 199,999.99 21.06 254 200,000 - 387,199.74 5.07 31 RANGE % TOTAL # LOANS Wtg Avg Coupon 11.36% less than or equal to 8.99% 5.26 98 Highest Coupon 18.00% 9.00% - 9.99% 17.14 389 Lowest Coupon 6.88% 10.00% - 10.99% 28.15 723 11.00% - 11.99% 19.28 596 12.00% - 12.99% 14.83 560 13.00% - 13.99% 6.26 285 14.00% - 18.00% 9.08 578 RANGE LEVEL PAY BALLOON Wtd Avg Remaining Term 231.22 1 - 120 2.88% 2.13% Highest Remaining Term 360 121 - 180 26.28% 24.46% Lowest Remaining Term 26 181 - 240 16.05% 0.00% 241 - 360 28.20% 0.00% Wtd Avg Seasoning 5.14 Highest Seasoning 38 Lowest Seasoning 0 RANGE % TOTAL # LOANS Wtd Avg Orig CLTV 76.40% less than or equal to 60.00% 8.82 374 Highest CLTV 101.28% 60.01% - 70.00% 13.47 434 Lowest CLTV 8.00% 70.01% - 80.00% 52.10 1,364 80.01% - 90.00% 20.48 646 90.01% - 101.28% 5.13 411 Property Type Occupancy Status Single Family 94.29% Primary Residence 96.01% Two to Four Family 2.33% Other 3.99% Other 3.39%
Geographics FL 25%, NC 21%, CA 11%, VA 5%, CO 5% The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 6 FLOATING RATE COLLATERAL SUMMARY Total Number of Loans 124 Level Pay/Balloon 93%/ 7% Total Outstanding Loan Balance $ 13,219,032 1st Lien 100%
RANGE % TOTAL # LOANS Avg Loan Balance $ 106,605.09 less than or equal to 74,999.99 16.70 40 Highest Balance $ 399,018.36 75,000 - 99,999.99 17.28 26 Lowest Balance $ 31,110.89 100,000 - 149,999.99 34.38 38 150,000 - 199,999.99 16.73 13 200,000 - 249,999.99 3.31 2 250,000 - 399,018.36 11.60 5 RANGE % TOTAL # LOANS Wtg Avg Coupon 9.89% less than or equal to 6.99% 3.25 3 Highest Coupon 13.88% 7.00% - 7.99% 3.14 4 Lowest Coupon 6.13% 8.00% - 8.99% 13.18 15 9.00% - 9.99% 34.04 38 10.00% - 10.99% 31.80 43 11.00% - 11.99% 12.00 16 12.00% - 13.88% 2.59 5 RANGE LEVEL PAY BALLOON Wtd Avg Remaining Term 338.49 1 - 120 0.00% 2.74% Highest Remaining Term 360 121 - 180 0.84% 3.97% Lowest Remaining Term 71 181 - 240 0.00% 0.00% 241 - 360 92.45% 0.00% Wtd Avg Seasoning 5.49 Highest Seasoning 24 Lowest Seasoning 0 RANGE % TOTAL # LOANS Wtd Avg Orig CLTV 76.13% less than or equal to 60.00% 8.84 10 Highest CLTV 90.00% 60.01% - 70.00% 21.34 31 Lowest CLTV 20.83% 70.01% - 80.00% 34.66 41 80.01% - 90.00% 35.17 42 Property Type Occupancy Status Single Family 90.30% Primary Residence 94.03% Two to Four Family 8.29% Other 5.97% Other 1.41%
Geographics CA 42%, WA 9%, UT 5%, TX 4%, IL 4%, FL 4%, AZ 4% The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON 7 FLOATING RATE COLLATERAL SUMMARY CONTINUED 6 Month LIBOR 100.00% Wtg Avg Months to Next Rate Roll 3.81
RANGE % TOTAL # LOANS Wtg Avg Margin 6.03% less than or equal to 3.99% 3.25 3 Highest Margin 8.19% 4.00% - 4.99% 3.73 5 Lowest Margin 2.75% 5.00% - 5.99% 49.24 59 6.00% - 6.99% 23.73 32 7.00% - 7.99% 18.46 23 8.00% - 8.19% 1.59 2 RANGE % TOTAL # LOANS Wtg Avg Life Cap 15.97% less than or equal to 13.99% 4.04 4 Highest Life Cap 23.88% 14.00% - 14.99% 14.56 14 Lowest Life Cap 12.13% 15.00% - 15.99% 27.93 36 16.00% - 16.99% 35.58 45 17.00% - 17.99% 13.50 18 18.00% - 23.88% 4.37 7 CAP VALUE % TOTAL # LOANS Wtg Avg Periodic Cap 1.39% 1.00% 58.90 79 Highest Periodic Cap 3.00% 1.50% 28.63 33 Lowest Periodic Cap 1.00% 3.00% 12.47 12
The above analysis is not intended to be a prospectus and any investment decision with respect to the security should be made by you based solely upon all of the information contained in the final prospectus. Under no circumstances shall the information presented constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities may not be sold nor may an offer to buy be accepted prior to the delivery of a final prospectus relating to the securities. The above preliminary description of the underlying assets has been provided by the issuer and has not been independently verified by CS First Boston. All information described above is preliminary, limited in nature and subject to completion or amendment. CS First Boston makes no representations that the above referenced security will actually perform as described in any scenario presented. [GRAPHIC] CS FIRST BOSTON -----END PRIVACY-ENHANCED MESSAGE-----