EEMEA Gains A Foothold In The Global Securitization Market ...

What Have Been The Sources Of EEMEA Issuance To Date?There has been approximately €14.2 billion worth of ABS issuance out of the EEMEAregion since 2001, comprising 82 transactions. Turkey and South Africa have been themost active issuers contributing 43% and 33% of all EEMEA issuance, respectively (seechart 6).Examining the breakdown of issuance by asset class reveals that future flows havecontributed 62% by volume and 63% by number of transactions, rising to 92% and 91%,respectively, when the South African transactions — which are all existing-assetsecuritizations — are excluded (see charts 7 and 8). We have rated future flowtransactions issued out of South Africa, but this was before 2001.To date, we have rated 35 ABS transactions in the EEMEA region, 32 future flow andthree existing-asset transactions (CMBS, RMBS, and credit cards). Of the rated futureflow transactions, 27 came from Turkey, four from Egypt, and one from Russia (see"Appendix II" for a list of closed transactions and the ratings on their notes). In December2005 we have assigned ratings to five DPR future flow securitizations, two Turkish seriesissued by TIB Card Receivables Funding Ltd. (which closed Dec. 1, 2005) and threeKazakhstani series issued by Kazkommerts DPR Co. (due to close Dec. 8, 2005).Standard & Poor’s Page 7 of 20