<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. TERMS USED BUT NOT
DEFINED HEREIN HAVE THE MEANING ASSIGNED TO SUCH TERMS IN THE PROSPECTUS
SUPPLEMENT.
STRUCTURAL AND COLLATERAL TERM SHEET
PUBLIC OFFERING $139,081,000 JANUARY 11, 2001
FRANKLIN AUTO TRUST 2001-1
MBIA Insurance Corporation
will unconditionally and irrevocably guarantee the full and timely payment of
interest and principal on the notes on each distribution date.
<TABLE>
<CAPTION>
KEY FEATURES
------------
<S> <C>
SOLE MANAGER: Goldman, Sachs & Co.
SELLER : Franklin Receivables LLC
SERVICER: Franklin Capital Corporation
INSURER: MBIA Insurance Corporation
INDENTURE TRUSTEE: The Chase Manhattan Bank
OWNER TRUSTEE: Bankers Trust (Delaware)
CUT-OFF DATE: January 1, 2001
DISTRIBUTION DATE: 15th of each month, or following business day (commencing February 15, 2001)
RECORD DATE: The day immediately preceding each distribution date
INTEREST RATES: Fixed rates
INTEREST ACCRUAL: 30/360
OPTIONAL REDEMPTION: Servicer may purchase receivables when pool balance declines to 10% or less of
original principal balance
MINIMUM DENOMINATIONS: $1,000 and integral multiples thereof
REGISTRATION, CLEARANCE AND
SETTLEMENT DTC, Clearstream, Euroclear
TAX TREATMENT OF NOTES: Debt
ERISA ELIGIBILITY: Yes
</TABLE>
<TABLE>
<CAPTION>
EXPECTED WEIGHTED
EXPECTED RATINGS AVERAGE LIFE EXPECTED PAYMENT FINAL SCHEDULED
CLASS (MOODY'S/S&P) PRINCIPAL AMOUNT (YEARS)(a) WINDOW (a) DISTRIBUTION DATE
----- ------------ ---------------- ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Class A-1 Notes Aaa / AAA $ 87,000,000.00 1.00 2/01 - 3/03 10/04
Class A-2 Notes Aaa / AAA $ 52,081,000.00 3.15 3/03 - 5/06 7/08
</TABLE>
(a) Calculated at 1.5% ABS based upon the Collateral Lines for Modeling on the
second page
<TABLE>
<CAPTION>
PREPAYMENT SPEED (ABS) 0.50% 1.00% 1.50% 2.00%
----- ----- ----- -----
<S> <C> <C> <C> <C>
CLASS A-1 NOTE AVERAGE LIFE 1.52 1.23 1.00 0.83
CLASS A-1 NOTE PRINCIPAL WINDOW 2/01 - 2/04 2/01 - 8/03 2/01 - 3/03 2/01 - 10/02
CLASS A-2 NOTE AVERAGE LIFE 4.09 3.69 3.15 2.55
CLASS A-2 NOTE PRINCIPAL WINDOW 2/04 - 10/06 8/03 - 10/06 3/03 - 5/06 10/02 - 12/04
</TABLE>
COLLATERAL (AS OF THE CUT-OFF DATE, JANUARY 1, 2001):
-----------------------------------------------------
<TABLE>
<CAPTION>
WEIGHTED
AGGREGATE AVERAGE WEIGHTED AVERAGE
OUTSTANDING WEIGHTED ORIGINAL AVERAGE OUTSTANDING
CLASS OF PRINCIPAL NUMBER OF AVERAGE TERM REMAINING PRINCIPAL AVERAGE ORIGINAL
RECEIVABLES (1) BALANCE RECEIVABLES APR (MONTHS) TERM (MONTHS) BALANCE AMOUNT FINANCED
--------------- ------- ----------- --- ------- ------------- ------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Prime $67,907,880.60 4,081 10.49% 66.0 58.3 $16,640.01 $18,743.30
Non-Prime 68,673,917.63 3,924 14.02% 67.4 62.0 17,501.00 18,647.07
Sub-Prime 2,505,255.54 146 17.08% 66.7 60.9 17,159.28 18,159.90
-------------- ------ ----- ---- ---- ---------- ----------
TOTAL $139,087,053.78 8,151 12.35% 66.7 60.2 $17,063.80 $18,686.52
</TABLE>
(1) The Receivables have been allocated to the Prime, Non-Prime and Sub-Prime
categories based on Franklin Capital's underwriting criteria.
There can be no assurance that greater percentages would not be classified as
Non-Prime or Sub-Prime under criteria by other auto lenders.
<TABLE>
<CAPTION>
PERCENTAGE
OF PERCENTAGE OF
AGGREGATE AGGREGATE AGGREGATE AGGREGATE
NUMBER OF PRINCIPAL PRINCIPAL NUMBER OF PRINCIPAL PRINCIPAL
STATE(1) RECEIVABLES BALANCE BALANCE(3) NEW/USED RECEIVABLES BALANCE BALANCE (1)
--------- ----------- ------- ----------- -------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
California 3,554 $58,794,503.38 42.27% New 3,349 $65,279,169.89 46.93%
Nevada 2,923 52,188,240.39 37.52% Used 4,802 73,807,883.89 53.07%
Oregon 609 10,025,007.34 7.21% ----- -------------- ------
Arizona 362 6,147,562.94 4.42% Total 8,151 $139,087,053.78 100.00%
New Mexico 250 4,047,705.78 2.91% (1) Percentages may not add up to 100.00% because of rounding
Washington 133 2,203,138.11 1.58%
Kansas 124 2,161,007.25 1.55%
Other(2) 196 3,519,888.59 2.53%
----- --------------- -----
Total 8,151 $139,087,053.78 100%
</TABLE>
(1) Based on billing addresses of the Obligors as of the Cutoff Date.
(2) Includes states with concentrations less than 1% by principal balance.
(3) Percentages may not add up to 100.00% because of rounding.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). Information contained in this material is current as of the date
appearing on this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. All information in this Term Sheet, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
by the information contained in any final prospectus for any securities actually
sold to you.
1
<PAGE>
ALL INFORMATION IN THIS TERM SHEET, WHETHER REGARDING ASSETS BACKING ANY
SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. TERMS USED BUT NOT
DEFINED HEREIN HAVE THE MEANING ASSIGNED TO SUCH TERMS IN THE PROSPECTUS
SUPPLEMENT.
STRUCTURAL AND COLLATERAL TERM SHEET
FRANKLIN CAPITAL CORPORATION MANAGED AUTO PORTFOLIO HISTORICAL DELINQUENCY AND
LOSS EXPERIENCE
<TABLE>
<CAPTION>
AS OF
---------------------------------------------------------------------------------
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
DELINQUENCY EXPERIENCE 1996 1997 1998 1999 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Portfolio Outstanding at End of Period(1) $174,589,677 $154,271,605 $174,051,033 $245,912,696 $363,186,776
Total Delinquencies as a Percentage of
Portfolio Outstanding at End of Period 4.7% 2.6% 1.28% 1.25% 1.42%
</TABLE>
<TABLE>
<CAPTION>
DURING FISCAL YEAR ENDED
------------------------------------------------------------------------------
CREDIT/LOSS SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
EXPERIENCE 1996 1997 1998 1999 2000
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Average Portfolio Outstanding at end of
period(1)(2) $196,747,716 $162,745,276 $159,336,467 $203,783,780 $308,038,920
Net Losses as a Percentage of Average Portfolio
Outstanding at End of Period 5.4% 2.9% 1.30% 1.34% 1.41%
</TABLE>
(1) For simple interest contracts, Portfolio Outstanding represents the
outstanding principal balance plus the insurance receivable (if any).
Portfolio Outstandings are reduced by any rejected or unapplied payments,
but such amounts are not subtracted from the balances of delinquent
contracts. Starting in February 1996, Portfolio Outstanding also includes
unearned dealer reserve
(2) Average calculated on a daily basis
COLLATERAL LINES FOR MODELING
<TABLE>
<CAPTION>
POOL AGGREGATE PRINCIPAL BALANCE APR SEASONING (MONTHS) REMAINING TERM TO MATURITY
---- --------------------------- --- ------------------ --------------------------
<S> <C> <C> <C> <C>
1 $ 28,999,196.11 12.91% 3 55
2 $ 38,601,341.27 10.98% 12 51
3 $ 46,835,029.94 13.19% 3 69
4 $ 24,651,486.46 12.26% 8 64
---------------
Total $139,087,053.78 12.35% 7 60
</TABLE>
MODELING ASSUMPTIONS
(i) the Trust includes 4 pools of Receivables with the characteristics set
forth in the preceding table;
(ii) the Receivables prepay in full at the specified constant percentage of
ABS monthly, with no defaults, losses or repurchases;
(iii) each scheduled monthly payment on the Receivables is made on the last day
of each month and each month has 30 days;
(iv) the initial principal amount of the Class A-1 Notes is $87,000,000.00
and the initial principal amount of the Class A-2 Notes is
$52,081,000.00;
(v) interest accrues during each Interest Period at the applicable Interest
Rate;
(vi) payments on the Notes are made on the 15th day of each month whether
or not a Business Day;
(vii) the Notes are purchased on the Closing Date;
(viii) the scheduled monthly payment for each Receivable has been calculated
on the basis of the assumed characteristics in the preceding table
such that each Receivable will amortize in amounts sufficient to repay
the principal balance of such Receivable by its indicated remaining
term to maturity;
(ix) the first due date for each Receivable is in the month after the Cutoff
Date;
(x) the Cutoff Date is January 1, 2001; and
(xi) the Servicer does not exercise its option to purchase the Receivables.
This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do not represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may be
based on assumptions regarding market conditions and other matters as reflected
therein. We make no representations regarding the reasonableness of such
assumptions or the likelihood that any of such assumptions will coincide with
actual market conditions or events, and this material should not be relied upon
for such purposes. We and our affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). Information contained in this material is current as of the date
appearing on this material only. Information in this material regarding any
assets backing any securities discussed herein supersedes all prior information
regarding such assets. All information in this Term Sheet, whether regarding the
assets backing any securities discussed herein or otherwise, will be superseded
by the information contained in any final prospectus for any securities actually
sold to you.
2
