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)

Fitch Ratings www.fitchratings.com New York One State Street Plaza New York, NY 10004 +1 212 908 0500 +1 800 75 FITCH London Eldon House 2 Eldon Street London EC2M 7UA UK +44 207 417 4222 Singapore 7 Temasek Blvd. Singapore 038987 +65 6336 6801 The Fitch Group Fitch Ratings Algorithmics Fitch Training

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)

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.

The Credit Suisse Global Real Estate Group \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /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

Global Leader in CMBS \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /15

Office Hotel Construction Industrial Retail Self Storage Property Types \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /16 Office Hotel Construction Industrial Retail Self Storage

Credit Suisse Global Loan Originations \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /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

History of RMBS Deals in the Mexican Market \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /18 Mexican RMBS Market Growth RMBS Growth Projections (US$ 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

Securitizations Penetration in the US: RMBS vs CMBS \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /19 Source: Federal Reserve, Flow of Funds Date through 2006, year 16 (CMBS) and year 36 (Single Family)

Corporate vs. CMBS Bond Defaults: 1990–2003 (%) \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /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

REAL ESTATE CAPITAL MARKETS Total Capitalization 100% Typical Capital Stack \\cnyc12p20001a\CapMark$\TFI Cap MKT\Latam\Mexico\Local Market Issuances\2007-09\Presentation Latin Finance Event sept-07 (4).ppt - Sep 11 2007 - 17:44 /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

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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)