EX-99.4 5 dex994.htm SLIDE PRESENTATION - STATE STREET'S ASSET-BACKED COMMERCIAL PAPER PROGRAM Slide presentation - State Street's asset-backed commercial paper program
Asset-Backed Commercial Paper
As of September 30, 2008
October 15, 2008
Exhibit 99.4

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
2
Asset
Backed
Commercial
Paper
(ABCP)
Conduits
State Street-Sponsored Conduits
Multiseller Peer Group**
**Source: Moody’s Investor Service; data as of 4/30/08
>
Multiseller
Peer
Group,
identified
by
Moody’s,
consists
of
51
domestic
and
international
banks
*
NR
Assets
in
State
Street-Sponsored
Conduits
reflect
structured
transactions.
These
transactions
are
not
rated
but
have
been
reviewed
by
rating
agencies
and
have
been
structured
to
maintain
a
P1
or
similar
conduit
rating.
Moody’s
peer
group
includes:
Citibank,
NA,
JPMorgan
Chase
Bank,
Societe
Generale,
ABN
AMRO,
Deutsche
Bank
AG,
Bank
of
America
NA,
Fortis
Banque
SA,
Barclays
Bank,
Rabobank
Nederland,
Lloyds
TSB
Bank,
State
Street
Bank,
Calyon,
Bayerische
Landesbank
GZ,
Dresdner
Bank
AG,
Royal
Bank
of
Canada,
WestLB
AG,
Wachovia
Bank,
HSBC
Bank,
Royal
Bank
of
Scotland,
BNP
Paribas,
Bank
of
Tokyo-Mitsubishi
UFJ,
Commerzbank
AG,
Hudson
Castle
Group
Inc.,
Landesbank
Baden-Wurttemberg,
Credit
Suisse,
Bank
of
Montreal,
Bank
of
Nova
Scotia,
ING
Bank,
SunTrust
Bank,
Bayerische
Hypo-und
Vereinsbank
AG,
CIBC,
Credit
Foncier
de
France,
Danske
Bank
A/S,
DZ
Bank,
GE
Capital,
HBOS,
HSH
Nordbank
AG,
IntesaBCI,
IXIS,
KBC
Bank,
Landesbank
Hessen-Thuringen
GZ,
MBIA,
Merrill
Lynch,
Mizuho
Bank,
National
Australia
Bank,
Natixis,
Norddeutsche
Landesbank
GZ,
Nordea
Bank,
PNC,
Sumitomo,
Titrisation
et
Finance
Internationales
MULTISELLER
PEER
GROUP
COMPARISON
AS
OF
09/30/2008
AA/Aa
17%
A/A
10%
NR
11%
B/B
1%
BB/Ba
1%
BBB/Baa
7%
AAA/Aaa
53%
Aaa
7%
Aa
12%
A
11%
Other
1%
Baa
11%
Ba
3%
B
11%
NR*
44%

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
3
ABCP Conduits
>
Approximately
$2.7
billion
(11%)
of
all
conduit
assets
are
wrapped
by
a
monoline insurer
>
Wrap
exposure
is
diversified
across
a
variety
of
insurers
and
asset
classes,
with no material concentration in any one area
Wrap Exposure by Asset Class
Wrap Exposure by Insurer
AGC
2%
AMBAC
20%
CIFG
5%
FGIC
12%
FSA
17%
MBIA
30%
Syncora
12%
Radian Asset
Assurance
2%
Auto/
Equipment Loans
0.2%
Other
4.2%
US RMBS
4.9%
Student Loans
1.1%
AUS RMBS
0.2%
Unwrapped
89.4%
ASSET WRAP EXPOSURE AS OF 9/30/2008

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
4
ABCP Conduits
KEY METRICS AS OF 9/30/2008
$0
0
0
0
0
0
Defaults
$25.5B
$1.63B
$6.19B
4 years
15 days
24.4
$(2.138)B
72
22
18
3
Q3 ’08
-
-
-
-
-
-
-
$1.71B
$1.31B
$572M
$86M
Q3 ’08      
Asset Value
-
-
-
-
AMLF Holdings
$28.4B
$212M
4 years
20 days
10.2
$(1.627)B
6
1
125
0
Q2 ’08
Insurer Related
Credit Related
Insurer Related
Credit Related
$28.3B
$28.8B
$29.2B
Total Conduit Assets Outstanding
$292M
$2M
$730M
State
Street
Balance
Sheet
ABCP
holdings¹
88
26
0
4 years
16 days
26.4
$(1.495)B
2
28
0
Q1 ’08
11.6
18.9
CP
funding
spread
to
indices
(bps)
4 years
4 years
Weighted
average
maturity
of
assets
20 days
15 days
Weighted
average
maturity
of
CP
$(530)M
$(215)M
Unrealized
after-tax
MTM
gain/(loss)
1
1
Credit watch
0
0
0
0
Downgrades
Q4 ’07
Q3 ’07
1
Excluding
AMLF
holdings
at
period
end

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
5
ABCP Conduits
UNREALIZED
GAIN/(LOSS)
IN
THE
CONDUIT
ASSETS
AS
OF
9/30/2008
2%
—
1%
2%
Non-
Investment
Grade
11%
26%
21%
—
Not
Rated
AAA
BBB
A
AA
7%
2%
9%
8%
10%
7%
15%
7%
17%
10%
8%
25%
25,501
4,517
7,918
13,066
Face Value
($M)
53%
55%
46%
58%
Ratings
720
(2,138)
100.0
TOTAL
94
(347)
17.7
Other
186
(381)
31.1
Asset-backed
securities
440
(1,410)
51.2
Mortgage-backed
securities
# Pools
Unrealized After-tax
MTM (Loss) ($M)
Face Value
(% Total)
Investment

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
6
ABCP Conduits
UNREALIZED
GAIN/(LOSS)
IN
THE
ASSET-BACKED
SECURITIES
IN
THE
CONDUIT ASSETS AS OF 9/30/2008
1%
1%
3%
—
Non-
Investment
Grade
21%
7%
2%
49%
Not
Rated
1
0
1
0
Downgrades
AAA
BBB
A
AA
9%
—
29%
4%
15%
1%
30%
18%
8%
14%
6%
3%
7,918
2,952
1,973
2,993
Face
Value
($M)
46%
77%
30%
26%
Ratings
186
(381)
100.0
ABS TOTAL
55
(180)
37.3
Student loans
70
(116)
24.9
Credit cards
61
(85)
37.8
Auto
# Pools
Unrealized
After-tax
MTM
(Loss) ($M)
Face Value
(% Total)
Investment

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
7
ABCP Conduits
STRESS
COVERAGE:
ASSET-BACKED
SECURITIES
IN
THE
CONDUIT
ASSETS AS OF 09/30/2008
HCL
=
historic
cumulative
loss;
Avg.
CE
=
average
credit
enhancement;
SFL
=
STT’s
stressed
future
losses;
Coverage
=
CE/SFL
SFL:
12.0%
(historic
default
rate
with
0%
recoveries)
Coverage: 8.3x
HCL: 0.0%
Avg. CE: 99.2%
Govt. Student
Loans: $2.4B
SFL:
7.0%
(assumes
no
insurance)
Coverage: 8.4x
HCL: 5.2%
Avg.
CE:
58.8%
(with
insurance)
Private Student
loans: $0.5B
SFL:
8.0%
(high
range
expectation
of
ratings
agencies)
Coverage: 2.0x
HCL:
5.9%
(weighted
avg.
charge-offs)
Avg. CE: 16.6%
Non US
Credit Cards: $0.3B
SFL:
7.5%
(worst
single
month
annualized)
Coverage:  2.4X
SFL:
2.8%
(using
worst
vintage
in
10
years)
Coverage: 2.5x
HCL:
6.0%
(weighted
avg.
charge-offs)
Avg. CE: 17.8%
US Credit Cards: $1.7B
HCL: 1.0%
Avg. CE: 6.9%
Autos: $3.0B

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
8
ABCP Conduits
UNREALIZED
GAIN/(LOSS)
IN
THE
MORTGAGE-BACKED
SECURITIES
IN THE CONDUIT ASSETS AS OF 09/30/2008
Non-
Investment
Grade
2%
—
7%
—
—
20
0
3
1
16
Downgrades
AAA
BBB
A
AA
8%
32%
11%
1%
—
7%
28%
4%
6%
3%
25%
18%
6%
9%
64%
13,066
1,837
3,609
4,020
3,600
Face
Value
($M)
58%
22%
72%
84%
33%
Ratings
77
(126)
14.1
UK RMBS
440
(1,410)
100.0
TOTAL
115
(904)
27.6
US RMBS
62
(286)
30.7
European RMBS
186
(94)
27.6
Australian RMBS
# Pools
Unrealized
After-tax MTM
(Loss) ($M)
Face Value
(% Total)
Investment

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
9
ABCP Conduits
STRESS
COVERAGE:
MORTGAGE-BACKED
SECURITIES
IN
THE
CONDUIT
ASSETS AS OF 09/30/2008
SFL:
1.5%
(stress
CDR;
5
year
WAL;
50%
LGD)
Coverage: 5.0x
SFL:
1.5%
(stress
CDR;
5
year
WAL;
50%
LGD)
Coverage: 3.5x
SFL:
1.4%
(stress
of
2x
industry
avg.
cumulative
losses)
Coverage: 73x
SFL: if all monolines fail except FSA
and
we
have
a
0%
recovery,
the
estimated
after-tax
loss
would be approximately $217M
SFL:
12.5%
(1x
S&P
July
2008
revised
default
curve)
Coverage: 2.5x
HCL: 0.0% (with insurance)
Avg.
CE:
0.24%
(overcollateralization)
plus
monoline insurance
US RMBS
(HELOC): $1.2B
HCL: 0.1%
Avg. CE: 5.3%
UK RMBS: $1.8B
HCL: 0.2%
Avg. CE: 7.6%
European RMBS: $4.0B
HCL: 0.2%
Avg. CE: 102% with benefit of
Lender’s Mortgage Insurance
AUS RMBS: $3.6B
HCL: 0.5%
Avg. CE: 31.9%
US RMBS
(non-HELOC): $2.4B
HCL
=
historic
cumulative
loss;
Avg.
CE
=
average
credit
enhancement;
SFL
=
STT’s
stressed
future
losses;
Coverage
=
CE/SFL

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
10
ABCP Conduits
>
Estimated
pro-forma
impact
to
State
Street
Corporation’s
and
State
Street
Bank
and
Trust’s
capital
ratios
had
State
Street
Bank
and
Trust
consolidated
onto
its
balance
sheet
on
September
30,
2008,
all
of
the
assets
of
the
State
Street-sponsored
conduits
at
fair
value
(1)
:
(1)
The
estimated
pro-forma
impact
to
State
Street
Corporation’s
and
State
Street
Bank
and
Trust’s
capital
ratios
assumes:
-
All
four
State
Street-sponsored
conduits,
with
combined
assets
of
approximately
$25.5
billion
at
September
30,
2008,
are
consolidated
onto
the
balance
sheet
of
State
Street
Bank
and
Trust
on
September
30,
2008;
-
Assets
of
the
conduits
are
recorded
at
fair
value
Note:
Capital
ratios
for
the
Corporation
and
the
Bank
exclude
$76.7B
of
assets
related
to
the
Federal
Reserve
Board’s
AMLF
Program.
The
Tangible
Common
Equity
ratio
also
excludes
the
$53.8B
of
Federal
Reserve
and
other
central
bank
deposits
in
excess
of
required
reserves,
and
is
adjusted
to
exclude
the
effects
of
$509M
for
deferred
tax
liabilities
associated
with
non-tax
deductible
identifiable
intangible
assets
ESTIMATED
PRO-FORMA
IMPACT
TO
FINANCIAL
RATIOS
AS
OF
09/30/2008
State Street Corporation
State Street Bank and Trust
Preliminary
Pro-forma as of
Preliminary
Pro-forma as of
Ratios:
9/30/2008
9/30/2008
9/30/2008
9/30/2008
Tier 1 Leverage
8.36%
6.85%
6.72%
5.14%
Tier 1 Capital
16.14%
13.25%
12.84%
9.83%
Total Capital
17.40%
14.51%
14.29%
11.28%
Tangible Common Equity
4.80%
3.05%
na
na

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
11
ABCP Conduits
>
State Street sponsors four ABCP
conduits
–
Conduit A (A1/P1)
–
US
assets,
approx.
$9.9
billion
USD
–
USD denominated ABCP
–
Conduit B (A1/P1)
–
US
and
European
assets,
approx.
$11.0
billion
USD
–
USD,
GBP
and
EUR
denominated
ABCP
–
Conduit C (A1+)
–
Australian
assets,
approx.
$1.6
billion
USD
–
AUS denominated ABCP
–
Conduit D (A1+/P1)
–
Australian
assets,
approx.
$3.0
billion
USD
–
AUS
and
USD
(through
USD
funding
leg)
denominated
ABCP
>
Total # Asset Pools: 720
>
Country of Asset Origin:
Australia
20%
Great Britain
9%
Spain
7%
United States
44%
Germany
3%
Portugal
2%
Italy
6%
Netherlands
2%
Other
7%
OVERVIEW

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
12
ABCP Conduits
>
US RMBS Statistics:
>
WA FICO: 713 at origination
>
WA LTV: 75.1% at origination
>
AUS RMBS Statistics:
>
97% Rated AA-
or Better
>
99.4% insured with mortgage
insurance
>
UK RMBS Statistics:
>
Nearly all exposure is to
owner-occupied homes with
prime quality obligors
>
67% rated at least A
>
EUR RMBS Statistics:
>
84% AAA Rated
>
99.6% rated at least A
RMBS
–
Residential
Mortgage
Backed
Securities
WA
–
Weighted
Average
FICO
–
Credit
Score
from
Fair
Isaac
Co.
LTV
–
Loan-to-Value
ratio
*
Key
components
of
“Other”
include
Trade
Receivables,
CLOs,
Business/Commercial
Loans,
and
other
instruments.
No
individual
asset
class
represents
more
than
2%
of
total
portfolio
assets,
except
Trade
Receivables
at
2.5%
and
CLOs
at
3.6%.
AUS RMBS
14%
US RMBS
14%
EUR RMBS
16%
UK RMBS
7%
Student Loans
12%
Auto/Equipment
Loans
12%
Credit Cards
8%
Other
17%
ASSET COMPOSITION

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
13
ABCP Conduits
>
Conduit
assets
are
originated
through
public
security
purchases
and
existing
client
relationships
>
All
assets
and
associated
State
Street
liquidity
facilities
are
approved
by
State
Street’s
Enterprise
Risk
Management
(ERM),
either
through
a
formal
review
at
the
time
of
purchase
or
through
inclusion
on
a
list
of
pre-approved
transactions/structures
>
A
majority
of
assets
are
either
explicitly
rated
or
reviewed
by
rating
agencies
(Moody’s,
Standard
&
Poor’s)
>
Conduits
subject
to
significant
internal
controls
–
Dedicated
surveillance
team
responsible
for
monthly
monitoring
of
asset
performance
–
Robust
liability
management
oversight,
including
economic
and
market
updates,
and
weekly
management
meetings
–
Dedicated
administration
team
responsible
for
asset
and
liability
administration,
annual
audits
and
accounting
policy
ASSET SOURCING AND APPROVAL

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
14
CONDUIT OVERSIGHT AND APPROVAL
>
ERM Oversight
–
ERM
establishes
prudential
limits
and
diversification
requirements
–
ERM
monitors
asset
performance
monthly
through
management’s
surveillance
reporting
>
Key
Credit
Characteristics
–
Strong
overall
asset
quality
supported
by
diversified
pools
of
relatively
homogenous
financial
obligations
–
No
material
concentration
risk
among
issuers
or
servicers
–
No
exposure
to
subprime
mortgages
and
no
exposure
to
asset-backed
collateralized
debt
obligations (CDOs)
>
Rating Quality
–
Transactions
that
carry
external
ratings
are
mapped
to
State
Street’s
internal
credit
risk
rating
scale,
unless
an
override
is
deemed
appropriate
by
Enterprise
Risk
Management
(ERM)
–
Transactions
without
external
ratings
are
rated
internally
using
proprietary
models
that
are
subject
to
ERM
oversight
and
compliance
with
State
Street’s
Model
Risk
Policy
and
Guidelines
ABCP Conduits

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
15
KEY
CREDIT
CHARACTERISTICS
–
US
RMBS
>
Exposure
to
US
RMBS
totals
$3.6BN,
consisting
entirely
of
senior
positions
in
the
capital structure
>
Collateral
pools
are
comprised
of
mostly
floating
rate,
Alt-A
loans
and
Home
Equity
Lines
of
Credit
(HELOCs).
Underlying
pool
characteristics
are
strong
for
RMBS
(WA
FICO
score
of
713,
and
WA
LTV
of
75.1%
at
origination)
>
$2.2BN
of
this
exposure
(60%)
represents
“super-senior”
positions
in
RMBS,
with
2-
5X
the
initial
enhancement
levels
required
to
achieve
an
external
rating
of
AAA/Aaa
>
$1.2BN
in
HELOC
exposure
(34%),
all
of
which
is
insured
by
one
of
six
bond
insurers
>
The
remaining
$217.4MM
of
US
RMBS
exposure
(6%)
represents
well-seasoned
issues
externally
rated
AAA
that
exhibit
strong
underlying
pool
characteristics
(WA
FICO
score
of
719,
and
a
WA
LTV
of
67%
at
origination)
ABCP Conduits

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
16
>
Exposure
to
AUS
RMBS
totals
$3.6BN
(US
Equiv.),
greater
than
97%
of
which
is
externally
rated
AA-
or
better,
and
all
of
which
is
externally
rated
A
or
better
>
Collateral
consists
of
diversified
pools
of
prime
obligors
supported
by
private
mortgage
insurance
policies
(99.4%)
that
cover
principal
and
interest
shortfalls
on
defaulted
/
foreclosed
loans
>
Greater
than
95%
of
mortgage
insurance
providers
have
external
ratings
of
AA-
or
better;
the
balance
are
captive
insurers,
all
of
which
are
rated
investment
grade
>
Average
loan-to-value
ratio
of
63%
on
security
purchase
date
>
Average
loan
size
of
A$172,331
(US$120,631)
on
security
purchase
date
KEY
CREDIT
CHARACTERISTICS
–
AUS
RMBS*
*Includes
AUD-denominated
assets
>
AUD
Rate
of
Exchange:
0.7924
ABCP Conduits

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
17
KEY
CREDIT
CHARACTERISTICS
–
UK
RMBS*
>
Exposure
to
UK
RMBS
totals
$1.8BN,
with
22%
AAA,
18%
AA,
28%
A,
and
32%
BBB
>
Majority
of
exposure
is
to
UK
Master
Trusts
from
AA
rated
top-tier
issuers
>
Collateral
consists
of
diversified
pools
of
conforming
loans
to
prime
obligors
with
a
range
from
62%
and
not
higher
than
78%
weighted
average
LTV’s
at
origination
>
Nearly
all
exposure
is
to
owner
occupied
homes
with
prime
quality
obligors
*
Includes
GBP,
EUR
and
USD-denominated
assets
>
GBP
Rate
of
Exchange:
1.78055
>
EUR
Rate
of
Exchange:
1.40923
ABCP Conduits

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
18
KEY
CREDIT
CHARACTERISTICS
–
EUROPEAN
RMBS*
>
Exposure
to
European
RMBS
totals
$4.0BN,
with
84%
AAA,
9%
AA,
6%
A,
and 1% BBB
>
Collateral
consists
of
diversified
pools
of
prime
mortgage
loans
>
Sellers/Servicers
are
well-rated
European banks
>
Purchase of first European RMBS
occurred in 2000
>
Assets originated across 7 jurisdictions
*Includes
EUR-denominated
assets
>
EUR
Rate
of
Exchange:
1.40923
ABCP Conduits
Spain
37%
Italy
35%
Germany
1%
Ireland
5%
Portugal
7%
Nether-
lands
10%
Greece
5%

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
19
KEY
CREDIT
CHARACTERISTICS
–
US
STUDENT
LOANS
>
Exposure
to
US
Student
Loans
totals
$2.94BN
>
82.4%,
or
$2.42BN,
are
backed
by
Federal
Family
Education
Loan
Program
(FFELP)
loans
carrying
at
least
a
97%
guarantee
by
the
US
government
>
Of
the
$2.42BN
FFELP
loan
transactions,
$1.97BN
are
senior
classes,
with
the
vast
majority
rated
AAA,
while
the
remaining
$450MM
represents
subordinated
classes
(of
the
$450MM,
95%
rated
at
least
AA
and
5%
rated
at
least
A)
>
17.6%
or
$516MM
are
backed
by
diversified
pools
of
private
student
loans
(for
borrowers
primarily
attending
4-year
schools
or
graduate
schools)
ABCP Conduits

All data related to State Street-sponsored conduits as of 9.30.2008, unless otherwise noted.
20
PROGRAM ASSET CHARACTERISTICS
($ in billions)
Program Assets by Collateral Type
$
%
$
%
$
%
AUS RMBS
$3.6
14%
$4.6
16%
$5.0
18%
US RMBS
$3.6
14%
$3.8
14%
$4.4
15%
EUR RMBS
$4.0
16%
$4.6
16%
$4.5
15%
UK RMBS
$1.8
7%
$2.1
7%
$2.3
8%
Student Loans
$3.0
12%
$3.1
11%
$3.3
11%
Auto/Equipment Loans
$3.0
12%
$3.2
11%
$2.6
9%
Credit Cards
$2.0
8%
$2.0
7%
$2.1
7%
Other*
$4.5
17%
$5.0
18%
$5.0
17%
$25.5
100%
$28.4
100%
$29.2
100%
Program Assets by Rating
$
%
$
%
$
%
AAA/Aaa
$13.7
53%
$15.1
53%
$17.9
62%
AA/Aa
$4.3
17%
$5.3
19%
$4.5
15%
A/A
$2.5
10%
$2.9
10%
$2.2
8%
BBB/Baa
$1.8
7%
$2.0
7%
$1.5
5%
BB/Ba
$0.2
1%
$0.2
1%
$0.0
0%
B/B
$0.1
1%
$0.0
0%
$0.0
0%
NR**
$2.9
11%
$2.9
10%
$3.1
10%
$25.5
100%
$28.4
100%
$29.2
100%
** NR Assets in State Street Sponsored Conduits reflect structured transactions.  These transactions have not been rated but have been reviewed by
rating agencies and have been structured to maintain a P1 or similar conduit rating.
* Key components of "Other" include Trade Receivables, CLOs, CDOs, Business/Commercial Loans, Municipal Obligations and Trust Preferred
Securities.  No individual asset class represents more than 2% of total portfolio assets, except Trade Receivables at 2.5% and CLOs at 3.6%.
30-Sep-07
30-Sep-08
30-Jun-08
30-Sep-07
30-Sep-08
30-Jun-08
ABCP Conduits

All
data
related
to
State
Street-sponsored
conduits
as
of
9.30.2008,
unless
otherwise
noted.
21
PROGRAM ASSET CHARACTERISTICS
Program Assets by Asset Origin
$
%
$
%
$
%
United States
$11.2
44%
$11.7
41%
$12.4
42%
Australia
$5.0
20%
$6.2
22%
$6.3
22%
Great Britain
$2.3
9%
$2.7
9%
$3.2
11%
Spain
$1.8
7%
$2.0
7%
$1.9
7%
Italy
$1.7
6%
$2.0
7%
$1.8
6%
Portugal
$0.6
2%
$0.7
3%
$0.7
2%
Germany
$0.7
3%
$0.7
3%
$0.7
2%
Netherlands
$0.4
2%
$0.5
2%
$0.5
2%
Greece
$0.3
1%
$0.3
1%
$0.3
1%
Belgium
$0.3
1%
$0.3
1%
$0.3
1%
France
$0.2
1%
$0.3
1%
$0.2
1%
Ireland
$0.2
1%
$0.2
1%
$0.2
1%
Other - Europe
$0.6
2%
$0.6
2%
$0.5
1%
Other - Asia
$0.2
1%
$0.2
0%
$0.2
1%
$25.5
100%
$28.4
100%
$29.2
100%
**Percentage breakdowns for the earnings call slides have been slightly adjusted for rounding/totaling purposes.
30-Sep-07
30-Sep-08
30-Jun-08
ABCP Conduits