1. Lessons from CMBS 1.0: The Wonder Years Moderator: John Bonfiglio, Principal, Allegiance Investment Advisors, LLC Panelists: Richard Avidon, Director, Deutsche Asset Management Robert Brennan Jack Cohen, Chief Executive Officer, Cohen Financial Edward L. Shugrue III, Guggenheim Structured Real Estate Jack Taylor, Managing Director, PREI Randolph Wolpert, Division President, LNR Partners, Inc.

2. Domestic CMBS Issuance (in $billions)

3. The Wonder Years: 1995-2007 The Lost Years: 2008-2009
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4. Volatility in the Capital Markets
DJIA
AAA Spreads

5. Legacy vs. New-Issue CMBS
GSMS 2007-GG10
DDR 2009-DDR1
Issuance Date
July 2007
November 2009
Size
$7.56 billion
$400 million
Issuer LTV
74%
52%
AAA LTV
42%
Issuer DSCR (last $)
1.3x
2.5x
# of Tranches 25 3
# of Loans
202 1
# of Properties
353 28
Rating Agencies (#)
Special Servicer
B-Piece Holder
Independent