PPT Slide

Diverse Revenue Streams, Driven by Different Macroeconomic and Capital Market Forces

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- Asset backed commercial paper

Business

Drivers

Structured Finance

(37% of 2004 revenue)

- Financial innovation: acceptance of new structured products.

- Consumer confidence and spending (Asset-Backed)

- Residential mortgage and home equity activity

- Aa - Ba spread and swap rates (CDO)

- Increased adoption of structured finance in Europe and Asia

Corporate Finance

(22% of 2004 revenue)

- Interest rates

- Business investment

- M&A activity

- Refinancing (short to long-term and coupon)

Financial Inst's & Sovereign Risk

(14% of 2004 revenue)

- Asset growth

- Note: Relationship pricing lessens sensitivity to cyclical forces

Public Finance

(6% of 2004 revenue)

- Interest rates

- Tax receipts

Research

(12% of 2004 revenue)

- Subscriber base

- New products

Risk Management

(9% of 2004 revenue)

- Adoption of quantitative credit portfolio management techniques

- New Products

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