NYLIM Flatiron CLO 2005-1

NYLIM Flatiron 2005-1, Ltd. a limited liability Cayman Islands entity, issued securities secured primarily by a portfolio of leveraged loans.

Closing Date: August 2005
Stated Maturity: August 2017
Reinvestment Period Ends: August 2010
Assets: Leveraged Loans
Management Strategy

Below is a breakdown of the capital structure at original issuance:

Security Issued	Moody's/S&P Ratings¹	Amount of Issuance² (in millions)	Coupon/Spread
Class A-1 (Revolving)	Aaa/AAA	$40.00	LIBOR + 0.25%
Class A-2 (Delayed Drawdown)	Aaa/AAA	$80.00	LIBOR + 0.25%
Class A-3	Aaa/AAA	$180.00	LIBOR + 0.25%
Class B	Aa2/AA	$12.00	LIBOR + 0.40%
Class C	A2/A	$26.00	LIBOR + 0.72%
Class D	Baa2/BBB	$28.00	LIBOR + 1.80%
Class P (Revolving)	NA/NA	$0	LIBOR + 3.00%
Subordinated Securities	NA/NA	$34.00	Excess spread
	Total:	$400.00

1. Original ratings at issuance. Ratings may change and tranche ratings may be different. A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency.
2. Class A-1 and A-2 amounts include unfunded commitments.

The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. If any offer of securities is made, it shall be made pursuant to a definitive offering circular prepared by or on behalf of a specific issuer which would contain material information not contained herein.