Fitch

Rating Actions GRP_NM JULY 2008 Beryl Finance 2006-9 Beryl Finance 2006-11 Beryl Finance 2006-10 Corsair (Cayman Islands) No 4 Limited Series 6 Corsair (Jersey) Limited Series 334 Corsair (Jersey) Limited Series 336 Cypress Tree Synthetic E.Sun CBO SPT 2007-2 Eirles Two Limited Series 323 Helium Capital 60 Limited Helium Capital 77 Limited Mobius ELR-01 Trust

Omega Capital Investments plc: Series 40 Omega Series 44 Omega 45 (EM at 10%) Queenstown CDO 1 Trust Series 2007-2 Zircon Finance 2007-1 Zircon Finance 2007-3 Zircon Finance 2007-8 Zircon Finance 2007-9 Zircon Finance 2007-10 Zircon Finance 2007-12 Zircon Finance 2007-13 AUGUST 2008 Beryl Finance 2006-12 Helium Capital Limited Series 79 JLOC XXVIII Mezzanine Specified Bonds JLOC XXXIII Trust Mobius NCM-04 Trust

Rated Mortgage CM 2006-1 Trust Rated Mortgage RML 2006-2 Trust Seiza Augustus Series 2007–1 Siam Panich SPV 1 Company Limited SEPTEMBER 2008

CLASS

B

A B C D A B

A B

A B

HONG KONG HONG KONG HONG KONG AUSTRALIA JAPAN JAPAN AUSTRALIA TAIWAN HONG KONG JAPAN HONG KONG AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA

Investment Grade Investment Grade Investment Grade Investment Grade Investment Grade Investment Grade High Yield CDO Cash CBO Investment Grade Investment Grade Investment Grade Equipment Leasing/Loans Equipment Leasing/Loans Equipment Leasing/Loans Equipment Leasing/Loans Investment Grade

CDO CDO CDO CDO CDO CDO

SINGAPORE SINGAPORE HONG KONG AUSTRALIA

Investment Investment Investment Investment

CDO CDO CDO CDO

AUSTRALIA HONG KONG AUSTRALIA

Investment Grade CDO Investment Grade CDO Investment Grade CDO

HONG KONG HONG KONG HONG KONG

Investment Grade CDO Investment Grade CDO Investment Grade CDO

PREVIO US_RATI NG BBB+ RWN A RWN A- RWN AA- RWN AAA RWN AA+ RWN AA A(twn) BBB+ A RWN A RWN AAA BB+ B CCC AAA RWN BBB RWN BBB+ RWN BBB+ BBB+ AA RWN BBB RWN AA RWN A RWN AA RWN BBB RWN AA- RWN A- RWN A- RWN

Investment Grade CDO Investment Grade CDO Multiborrower Multiborrower Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Prime RMBS Prime RMBS Small Balance Auto Loans Auto Loans

A RWN A RWN BB BBB A BBB B CC BBB BBB BBB AAA AAA

COUNTRY

HONG KONG HONG KONG TMK1 Mezzanine SB JAPAN Class D TBI JAPAN C AUSTRALIA D AUSTRALIA E AUSTRALIA F AUSTRALIA 2006-1 NEW ZEALAND 2006-2 NEW ZEALAND D AUSTRALIA Tranche A debentures no.1/2006THAILAND Tranche B debentures no. 2/2006 THAILAND

ASSET_CLASS

Grade Grade Grade Grade

CDO CDO CDO

CDO

RATING

RTNG_ACTN_DESC

BDowngrade BDowngrade BDowngrade B+ Downgrade BBBDowngrade BBBDowngrade ADowngrade BBB+(twn) Downgrade BBB+ RWN Rating Watch Negative BBDowngrade B Downgrade BBB Downgrade C Downgrade C Downgrade C Downgrade BB Downgrade BDowngrade BBDowngrade BBB+ RWN Rating Watch Negative BBDowngrade B+ Downgrade BDowngrade BBDowngrade & BB & WD Withdrawn BBDowngrade BDowngrade & B+ & WD Withdrawn BDowngrade BDowngrade B+ Downgrade & BB+ & WD Withdrawn B+ Downgrade BB Downgrade ADowngrade CCC Downgrade C Downgrade C Downgrade BBBDowngrade BB Downgrade BB+ Downgrade AAA Rating Watch On AAA Rating Watch On

Rating Actions GRP_NM Beryl Finance 2005-10 Beryl Finance 2005-11 Beryl Finance 2005-12 Beryl Finance 2005-15 Beryl Finance 2006-10 Beryl Finance 2006-11 Beryl Finance 2006-12 Beryl Finance 2007-1 Beryl Finance 2008-16 Beryl Finance 2008-11 Beryl Finance 2008-12 Beryl Finance 2008-13 Elva Funding Plc Series 2005-3 JLOC XI Limited Sapphire III NZ Series 2006-1 Trust Sapphire IV NZ Series 2007-1 Trust Sapphire VIII Series 2005-2 Trust Sapphire IX Series 2006-1 Trust Sapphire X Series 2007-1 Trust Seiza Augustus Series 2007–1

Taishin CBO SPT 1 Taishin CBO SPT 2 Taishin CBO SPT 3 Taishin CBO SPT 5 Zircon Finance 2007-1 Zircon Finance 2007-1 Zircon Finance 2007-1 Zircon Finance 2007-1 Zircon Finance 2007-3 Zircon Finance 2007-3 Zircon Finance 2007-9 Zircon Finance 2007-9 Zircon Finance 2007-9 Zircon Finance 2007-9 Zircon Finance 2007-11 Zircon Finance 2007-12 Zircon Finance 2007-13

CLASS

B C CA CA BZ CA CA BZ CA A B C D

A A B B

A B A B

COUNTRY HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG HONG KONG JAPAN JAPAN NEW ZEALAND NEW ZEALAND AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA TAIWAN TAIWAN TAIWAN TAIWAN AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA JAPAN HONG KONG HONG KONG

ASSET_CLASS Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Multiborrower Multiborrower Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Non-conforming RMBS Small Balance Small Balance Small Balance Small Balance CBO CBO CBO CBO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO Investment Grade CDO

PREVIO US_RATI A+ NG RWN A+ RWN A+ RWN A+ RWN BBB+ B BBBBB BB+ A RWN AA A B B BB B B BB B AAA AA A BB+ F2(twn) RWN F2(twn) RWN F2(twn) RWN F2(twn) RWN B+ B+ BBBBBBBBBBBBAAA BB-

RATING CCC CCC CCC CCC B- RWN B- RWN B+ RWN B RWN B- RWN BB- RWN BB RWN BB+ RWN BAA+ A+ BBBBCCC+ BBBBAAA AA A BB+ C(twn) C(twn) C(twn) C(twn) B+ RWN C B- RWN C BB- RWN C BB- RWN B- RWN C C AAA RWN B- RWN B- RWN

RTNG_ACTN_DESC Downgrade Downgrade Downgrade Downgrade Rating Watch Negative Rating Watch Negative Rating Watch Negative Rating Watch Negative Rating Watch Negative Rating Watch Negative Rating Watch Negative Rating Watch Negative Downgrade Upgrade Upgrade Downgrade Downgrade Downgrade Downgrade Downgrade Downgrade Downgrade Rating Watch On Rating Watch On Rating Watch On Rating Watch On Downgrade Downgrade Downgrade Downgrade Rating Watch Negative Downgrade Rating Watch Negative Downgrade Rating Watch Negative Downgrade Rating Watch Negative Rating Watch Negative Downgrade Downgrade Rating Watch Negative Rating Watch Negative Rating Watch Negative