Globalization…the ABS market

• Auto loans, student loans, and credit cards continue to be the largest components of ABS issuance

• ’99 to ’05 regional growth

  • U.S.: largest market propelled by Autos in 2005
  • Europe is a developed market
  • Asia has good growth led by Japan and Australia
  • Non-U.S. markets are not just copy-cats of the U.S.

Source: Harrison Scott Publications / Standard & Poor’s. Does not include confidential, ABCP, LOC, and HELs transactions

’99-’05 CAGR = 13.3%

5.2%

U.S.

Europe

Asia Pacific

$ B

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