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Rabobank Portfolio Management

Vermeer Funding, LTD.

Transaction Summary
Vermeer Funding, Ltd. is a $354 million cash flow CDO backed by a portfolio of structured finance securities, closed April 2004.

Rabobank's role in the transaction: Co-Placement Agent and Collateral Manager
Average portfolio rating Baa2/Baa3 on the Effective Date

Vermeer Funding, LTD. Portfolio Composition