Fitch Ratings Affirms Trapeza CDO V, LLC.

NEW YORK -- Fitch Ratings affirms six classes of notes and two combination securities issued by Trapeza CDO V, LLC, (Trapeza V). These affirmations are the result of Fitch's review process and are effective immediately:

-- $119,973,632 class A1A notes at 'AAA';

-- $50,000,000 class A1B notes at 'AAA';

-- $33,000,000 class B notes at 'AA+';

-- $25,000,000 class C-1 notes at 'A';

-- $41,000,000 class C-2 notes at 'A';

-- $12,625,000 class D notes at 'BBB';

-- $5,000,000 class 1 combination securities at 'AAA';

-- $7,870,192 class 2 combination securities at 'BBB'.

Trapeza V is a collateralized debt obligation (CDO) managed by Trapeza Capital Management, LLC which closed Dec. 18, 2003. Trapeza V is composed of bank and thrift trust preferred securities.

Since closing the collateral has continued to perform, with a relatively stable weighted average bank score as determined by the Fitch Bank Scoring Model. As of the Oct. 15, 2005 trustee report, the class A/B and class C/D overcollateralization (OC) ratios remain relatively unchanged, and continue to pass their performance test triggers of 141.8% and 102.0% with ratios of 147.8% and 106.5% respectively. There are currently no deferring or defaulted securities in the portfolio.

The ratings on the class A1A, A1B, and B notes address the likelihood that investors will receive timely payment of interest and ultimate payment of principal by the stated maturity date. The ratings on the class C-1, C-2, and D notes address the likelihood that investors will receive ultimate payment of interest and ultimate payment of principal by the stated maturity date. The rating on the class 1 combination securities addresses the ultimate payment of principal by the stated maturity date. The rating on the class 2 combination securities addresses the ultimate payment of principal, and the ultimate payment of interest at a rate of 4% by the stated maturity date. The class 1 combination securities have received total distributions of $427,248, decreasing the total rated balance of the securities to $4,572,753. The class 2 combination securities have received total distributions of $1,209,992, decreasing the total rated balance of the securities to $6,790,008.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on Fitch's approach to rating CDOs of trust preferred securities, see the special report, 'Rating Criteria for US Bank and Insurance Trust Preferred CDOs' dated Feb. 2, 2005 and available on Fitch's web site.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.