1. 1:00 TRACK B: COMMERCIAL MORTGAGE BACKED SECURITIES
Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE,
Panelists: Emil Arca, Partner, DEWEY BALLANTINE,
( ,
Samuel Fox, Senior Director-Latin American Structured Finance, FITCH RATINGS,
( ,

2. Introduction to Mexican CMBS Potential
Sam Fox
Senior Director — Chicago

3. 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

4. Source: FitchRatings

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

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

8. Industrial Comparisons by Submarkets:

10. 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 bps over US equivalents)

11. Fitch Ratings
New York One State Street Plaza New York, NY FITCH
London Eldon House 2 Eldon Street London EC2M 7UA UK
Singapore 7 Temasek Blvd. Singapore
The Fitch Group
Fitch Ratings Algorithmics Fitch Training

12. 1:00 TRACK B: COMMERCIAL MORTGAGE BACKED SECURITIES
Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE,
Panelists: Emil Arca, Partner, DEWEY BALLANTINE,
( ,
Samuel Fox, Senior Director-Latin American Structured Finance, FITCH RATINGS,
( ,

13. Credit Suisse Real Estate Finance & Securitization Group
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.

14. The Credit Suisse Global Real Estate Group
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /14
REAL ESTATE GROUP
EUROPE
AMERICAS
AUSTRALIA / ASIA
Investment Banking Eric Anderson
Leveraged Loans David Miller
Real Estate Finance and Securitization Robert Brennan
Real Estate Private Fund Group Douglas Weill
Real Estate Capital Partners Andrew Rifkin
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
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
$2B under current management
Completed 80+ transactions totaling over $5B
Markets include U.S., Europe and Asia
28 professionals

15. Global Leader in CMBS
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /15

16. Office Hotel Construction Industrial Retail Self Storage
Property Types
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /16
Office
Hotel
Construction
Industrial
Retail
Self Storage

17. Credit Suisse Global Loan Originations
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /17
Credit Suisse Global Loan Originations
72%
80% -
10,000
20,000
30,000
40,000
50,000
2004
2005
2006
$ Volume (in MM)
Americas
Europe
Asia
$13.3B Total
$22.9B Total
$41.2B Total

18. History of RMBS Deals in the Mexican Market
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /18
Mexican RMBS Market Growth
RMBS Growth Projections
(US$ in millions)
Number of Deals 1 5 8 18
19YTD 25 30 40
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

19. Securitizations Penetration in the US: RMBS vs CMBS
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /19
Source: Federal Reserve, Flow of Funds
Date through 2006, year 16 (CMBS) and year 36 (Single Family)

20. Corporate vs. CMBS Bond Defaults: 1990–2003 (%)
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /20
–––––– Cumulative Defaults –––––
Corporate
CMBS
Investment Grade
2.10%
0.10%
Below Investment Grade
55.00%
1.61%
All Bonds
11.00%
0.19%
–––– Average Annual Defaults –––
0.15%
0.01%
3.94%
0.12%
0.78%
Source: FitchRatings

21. REAL ESTATE CAPITAL MARKETS Total Capitalization 100%
Typical Capital Stack
\\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /21
EXPECTED SPREAD
POSITION
11% - 15+%
PREFERRED &
COMMON EQUITY
Typically quoted as total rate with fixed coupon – may include back-end participation.
4% - 10%
MEZZANINE
Typically quoted as spread over a Libor floor.
1.5% - 3%
B-NOTES
Typically quoted as spread over Libor – Libor floor may not be needed.
<1% - 1.5%
INVESTMENT GRADE
Typically CMBS execution – can also be whole loan sale.
Total Capitalization 100%
Sponsor Equity
100%
Equity
JV / Preferred Equity
95%
85%
Mezzanine
75%
B-Note
50%
Investment Grade

22. \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\ \Presentation Latin Finance Event sept-07 (4).ppt - Sep :44 /22
CS does not provide any tax advice. Any tax statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
These materials have been provided to you by Credit Suisse ("CS") in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with CS. In addition, these materials may not be disclosed, in whole or in part, or summarized or otherwise referred to except as agreed in writing by CS. The information used in preparing these materials was obtained from or through you or your representatives or from public sources. CS assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance (including estimates of potential cost savings and synergies) prepared by or reviewed or discussed with the managements of your company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). These materials were designed for use by specific persons familiar with the business and the affairs of your company and CS assumes no obligation to update or otherwise revise these materials. Nothing contained herein should be construed as tax, accounting or legal advice. You (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by these materials and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and structure. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of the transaction.
CS has adopted policies and guidelines designed to preserve the independence of its research analysts. CS’s policies prohibit employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a research rating or price target, as consideration for or an inducement to obtain business or other compensation. CS’s policies prohibit research analysts from being compensated for their involvement in investment banking transactions.

23. 1:00 TRACK B: COMMERCIAL MORTGAGE BACKED SECURITIES
Moderator: Adrian Aguilera, Director-CMBS Group, CREDIT SUISSE,
Panelists: Emil Arca, Partner, DEWEY BALLANTINE,
( ,
Samuel Fox, Senior Director-Latin American Structured Finance, FITCH RATINGS,
( ,