Slide 6: This slide presents two charts with the message that CMBS investors have less risk for their loans to have refinance or takeout risk because the assumed trend in interest rates will not be economically conducive for borrowers to refinance. As a consequence, the slide states that CMBS bondholders should be reasonably well protected from defaults, and losses associated with refinancing risks. Two charts are shown, one titled Loan Balances with Shortfalls by Vintage and the other titled, Shortfalls by Issue Vintage. Both are sources Wachovia Securities and Intex Solutions. Shortfalls are shown to be highest for loans maturing in 2004 - 2005.