Correction: Fitch Affirms TPref Funding I, LTD's Ratings.

Business Editors

CHICAGO--(BUSINESS WIRE)--Feb. 10, 2004

(This is an amended version of a press release issued Feb. 6, 2004, containing revised asset information in the second to last paragraph.)

Fitch Ratings, the international rating agency, has today affirmed the ratings of the following notes issued by TPref Funding I, LTD:

-- $211,536,520 Class A-1 Senior Notes affirmed at 'AAA';

-- $100,000,000 Class A-2 Senior Notes affirmed at 'AAA';

-- $201,000,000 Class B Senior Subordinate Notes affirmed at 'A-'.

In July 2002, TPref Funding I, LTD issued $581.9 million of various classes of notes and equity and invested the proceeds in a portfolio of U.S. bank trust preferred securities. TPref Funding I, LTD is an unmanaged collateralized debt obligation (CDO).

Fitch has carried out a review of the transaction and has re-scored all of the underlying collateral using Fitch's Bank Scoring Model. Following the analysis of the transaction, there is still enough subordination and excess spread to withstand Fitch's stress tests at the various rating levels. As of January 2004, the Senior OC test was 172.60% compared with a trigger of 125.00% and the Senior Subordinate OC test was 104.93% compared with a trigger of 104.70%. The transaction is passing all of its portfolio concentration and coverage tests. To date, there is one asset deferring its interest payments. The optimal principal distribution feature was used to reduce the principal of the Class A-1 notes equal to the par amount of the deferring collateral debt securities. This payment was made using excess spread that would otherwise go to the income notes.

Deal information and historical performance data for this transaction is available on the Fitch Ratings web site at 'www.fitchratings.com'.