STARS VST Version 1.5

Raises the bar for financial engineering tools

For Immediate Release

Contact:
Paul Arvidson
Lewtan Technologies, Inc®
781-672-1216
parvidson@lewtan.com
www.lewtan.com

October 1, 1996, Waltham, MA - Lewtan Technologies ("Lewtan"), the leading provider of software, data and analytics to the global securitisation industry, today announced the official release of STARS VST Version 1.5. STARS VST, a visually intuitive structuring environment employing CAD technology to model asset-backed and mortgage-backed securities, is Lewtan Technologies’ premier structuring tool. With Version 1.5, Lewtan introduces a number of new features that will benefit both first time and experienced financial engineers. Among the new features are:

Enhanced Data Handling & Reporting:
Version 1.5 gives the user the ability to automatically and seamlessly save all standard output, assumptions, and statistics associated with a model’s simulation to a Paradox database engine. Quantitative data stored in this database can be exported to spreadsheet applications such as Lotus 1-2-3 or Microsoft Excel. Additionally, the user can view deal results on-line, within VST, or through an external report writer such as Crystal Reportsä . With this advanced functionality, Version 1.5 enables the user to define, create and store report formats.

Simplified Graphical User Interface:
A single screen, or series of screens, allow the user to input user defined information associated with the standard objects (including cash flows, tranches, credit enhancements, clean-up call, price/yield, and zero volatility spread) within the current model. The user has easy access to this deal-wide GUI by either selecting a menu item within the model window, or by double clicking on a block into the model window.

Improved Optimization Functions:
Version 1.5 enables the user to specify key information/parameters and have VST solve for the tranche sizes within the model. This allows for optimization on weighted average life, or principal payment window. Implicit in this enhancement is the users’ ability to determine PAC and TAC schedules for tranches.

With STARS VST, even the most complex structure can be designed quickly. By simply dragging pre-defined objects (such as tranches, cashflows, and triggers) into the model window, drawing lines to connect the objects (the lines represent cash or information flows), the results are immediately visible in user-defined graphs and tables. STARS VST comes complete with pre-defined but modifiable securitization objects and also provides a variety of reverse engineered deals, which are indicative of the most recent structuring trends and can be the starting point for engineering new deals. The deals are updated quarterly and can be accessed at the Lewtan Technologies ftp site.

"The improved capabilities of Version 1.5 will not only simplify the structuring process, but will bring a powerful tool to the structured finance market." said Stuart Lewtan, President of Lewtan Technologies. Commenting further he remarked, "VST 1.5 essentially raises the bar for technological efficiency and functionality within the asset-backed and mortgage-backed realm. This release sets the industry standard for advanced financial engineering tools."

About STARS VST

STARS VST is part of a suite of STARS products. The STARS family includes Lewtan’s Flagship product, the STARS ABS System, a complete solution for performing all investor reporting and accounting for servicing asset-backed transactions. The STARS Collateral Analysis System is a comprehensive solution for performing pool selection and cash flow modeling for any asset-backed transaction. The STARS Conduit Management System provides the up-front analysis, decision support, ongoing monitoring, and accounting functionality needed to launch and run a successful and profitable multi-asset, multi-currency, asset-backed conduit.

About Lewtan Technologies, Inc.

Lewtan Technologies, Inc.® is the leading provider of software, data and analytics to the global securitization industry. Founded in 1986, Lewtan serves over 200 securitization customers worldwide. In 1999, Lewtan, working with an industry consortium including Standard "&" Poor's, Fitch, Bank One and others, launched ABSNet (www.absnet.net). ABSNet is now the leading Internet source of structured finance news, data, research and analytics, with over 7,000 users in more than 50 countries. Lewtan offers industry participants "Powered by ABSNet" solutions that leverage ABSNet's web infrastructure, database and user base. Solutions benefit issuers, CDO collateral managers, dealers, investors, credit enhancers, trustees, rating agencies and asset-backed CP conduit sponsors.