Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE,

1:00 TRACK B: COMMERCIAL MORTGAGE BACKED SECURITIES Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE, (adrian.aguilera@credit-suisse.com) Panelists: Emil Arca, Partner, DEWEY BALLANTINE, (212-259-6750, earca@dbllp.com) Samuel Fox, Senior Director-Latin American Structured Finance, FITCH RATINGS, (312-606-2307, samuel.fox@fitchratings.com)

Introduction to Mexican CMBS Potential Sam Fox Senior Director — Chicago

Quantifying CMBS proposals: • Driven by Annual Net Cash Flow assumptions • Rent Rates • Vacancy Rates • Expenses (Management Fees, Maintenance, etc) • Annual Net Cash Flow used to calculate the two primary sizing and rating parameters: • Loan to Value Ratios (LTV) • Debt Service Coverage Ratios (DSCR) • Challenged is to apply to Mexican economic environment

Source: FitchRatings

Mexican Lease Rates: Source: Source: Cushman & Wakefield; Jones, Lang, Lasalle; CBRE, Colliers International

Mexican Vacancy Rates:Source: Source: Cushman & Wakefield; Jones, Lang, Lasalle; CBRE, Colliers International

Industrial Comparisons by Submarkets:

Challenges to Mexican Landscape • General emerging market volatility • Rent rates • Vacancy • Interest Rates • Refinance Risk • Shorter lease tenors • Access to market risks • Mitigants: • These effects are covered by adding premiums to • DSCR • Constant Rates (Mexico premium in range of 100-200 bps over US equivalents)

CONFIDENTIAL Credit Suisse Real Estate Finance & Securitization Group October 2007 PRELIMINARY | SUBJECT TO FURTHER REVIEW AND EVALUATION THESE MATERIALS MAY NOT BE USED OR RELIED UPON FOR ANY PURPOSE OTHER THAN AS SPECIFICALLY CONTEMPLATED BY A WRITTEN AGREEMENT WITH CREDIT SUISSE.

The Credit Suisse Global Real Estate Group REAL ESTATE GROUP EUROPE AMERICAS AUSTRALIA / ASIA Investment BankingEric Anderson LeveragedLoansDavid Miller Real Estate Finance and SecuritizationRobert Brennan Real Estate Private Fund GroupDouglas Weill Real Estate Capital PartnersAndrew Rifkin • $2B under current management • Completed 80+ transactions totaling over $5B • Markets include U.S., Europe and Asia • 28 professionals • Residential land loans of $10B • Real estate syndicated loans in excess of $6B • Aggressive provider of staple financing • 25 professionals • Lead Managed $102B+ in 214 securitizations since 1993 • 6,200+ loans exceeding $55B since 1993 • Active in mezzanine debt and CBOs • 229 professionals • Raised $20B for sponsors since 1995 • Domestic offices in New York, San Francisco, and Chicago • 17 professionals • Merger advisor in over 60 transactions in excess of $90B since 1995 • Raised $27B in equity since 1995 and $35B in unsecured debt since 1995 • 30+ professionals

Global Leader in CMBS

Property Types • Office • Hotel • Construction • Industrial • Retail • Self Storage

50,000 40,000 80% 30,000 $ Volume (in MM) 72% 20,000 10,000 - 2004 2005 2006 $13.3B Total $22.9B Total $41.2B Total Americas Europe Asia Credit Suisse Global Loan Originations

History of RMBS Deals in the Mexican Market Mexican RMBS Market Growth RMBS Growth Projections (US$ in millions) Number of Deals 25 30 40 1 5 8 18 19YTD Source: Standard & Poors and CS Mexican RMBS League Table 03 – 07 YTD Breakdown by Currency • Source: Credit Suisse and BMV as of Sept 10, 2007 • Note: 50% of amount issued to joint-led issuances. • Excludes transactions by Infonavit • Source: Credit Suisse and BMV as of Sept 10, 2007

Securitizations Penetrationin the US: RMBS vs CMBS Source: Federal Reserve, Flow of Funds Date through 2006, year 16 (CMBS) and year 36 (Single Family)

Corporate vs. CMBS Bond Defaults: 1990–2003 (%) Source: FitchRatings

REAL ESTATE CAPITAL MARKETS Typical Capital Stack Total Capitalization100% 100% Sponsor Equity Equity JV / PreferredEquity 95% 85% Mezzanine 75% B-Note 50% Investment Grade

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Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE,