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Look How Far We’ve ComeLook Where We’ve Been

Commercial Mortgage Securities Association

CMSA® Year in Review2003-2004

Dear Members and Friends:

We have come to the close of another CMSA® year, but more importantly we have arrived at our 10th YearAnniversary. The decade has marked a seminal change in real estate finance. The Capital Markets, as a lender to thereal estate industry, has taken a predominant position in the market – what was once a niche is now a pillar. We areall quite fortunate to have the chance to participate in an endeavor that has created one industry and helped changeanother. And CMSA® has been the glue of this great experiment. CMSA® has set the standard for reporting which hascontributed to investor confidence and greater liquidity. We aim to provide the highest level of networking,educational programs and informative member direction. In the end, your trade association has grown with andhelped to grow this phenomenon called CMBS.

2003-2004 notched a number of successes in addition to reaching CMSA®’s 10th Year milestone.• Our European chapter is organized, energized and poised to effectively work with the explosive growth being

experienced in that market. Above all, it has been done with a wide-range of participation built on local practicesand policies.

• Our Japanese chapter is ready to move forward on its business plan; committees are formed and member-driveninitiatives are in place.

• Through diligent work in cooperation with other trade associations, we have tackled the difficult tasks of TerrorismInsurance extension and modifications to REMIC legislation.

• We responded quickly to growing concerns with Pari Passu loans and other structural fundamentals.• The Investor Reporting Package has been updated and enhanced for greater transparency.• We have formed a Strategic Initiatives Committee to help us stay ahead of industry issues before they become

problems.• The CMSA® website has been further enhanced to be more interactive than ever, including the Committees area

updated with current news and initiatives. • We have formed greater alliances with a number of trade associations to maximize the use of each other’s core

competencies.• Our Borrower Satisfaction efforts have raised awareness, fostered dialogue and continue to pursue industry

initiatives to improve the responsiveness of all our constituents.

All of these efforts are done as part of fulfilling our organizational mission, while remaining responsive and flexibleto the ever-changing and expanding CMBS industry. We now stand at almost 300 member companies, representingover 3,000 individuals and operating in countries around the world – not bad for an organization that 10 years agostarted with a handful of people around a conference table.

What we need to be most proud of is that our success has come due to the efforts of you, our Volunteer Members.CMSA® has a top-quality staff which works in a perfect partnership with our members. Your Board of Governors hasseen to it that this organization continues to be one based on broad member involvement, responding to industryissues. We are recognized as being among the most dynamic and progressive trade associations around. The abilityof this industry to work together to develop a seamless process and provide all participants with a forum fordiscussion is the envy of many. Let us all work together to guarantee that the next decade of CMSA® preserves thesuccesses of the past while preparing the way for CMBS growth in the future.

Thank you for your efforts in 2003-2004 and let us look forward with anticipation to the next decade of success.

Report from the 2003-2004 PresidentReport from the 2003-2004 PresidentJoseph C. Franzetti

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PrincipalAEGON USA Realty Advisors, Inc.Aetna Inc.AIG Global Investment Corp.Allied Capital CorporationAllstate Insurance CompanyAMI Capital, Inc.ARCap REIT, Inc.Archon FinancialArtesia Mortgage Capital Corp.Banc of America Securities Banc One Capital CorporationBear, Stearns & Co. Inc.BlackRockBridger Commercial Funding Capital Crossing BankCapital Lease FundingCapital Trust, Inc.CDC Mortgage CapitalCIBC World Markets Corp.CIGNA Investment ManagementCitigroup Alternative Investments, LLCCitigroup Global MarketsCollateral Mortgage Capital, LLCColumn Financial, Inc.Commercial Net Lease Realty, Inc.Commercial Mortgage Operations Company

of CanadaCommerzbankCredit Suisse First Boston LLCCRIIMI MAEDavid L. Babson & Company, Inc.Deutsche Bank Securities, Inc.Euro Hypo AGFannie MaeFidelity Management & Research Co.Five Mile Capital PartnersFleet BankFreddie MacGE Real EstateGMAC Commercial Mortgage Corp.Goldman, Sachs & Co.Greystone Servicing Corporation, Inc.Hypo Real Estate Capital CorporationING Barings Capital CorporationIsland Capital Group, LLCJ.E. Robert Companies, Inc.John Hancock Real Estate Finance, Inc.JPMorgan ChaseLaureate Capital, LLCLegg Mason Wood Walker, IncorporatedLehman Brothers Inc.LNR Property CorporationMerrill Lynch & Co., Inc.Metropolitan Life Insurance Co.Mezz CapMidland Loan Services, Inc.Morgan Stanley Nationwide Life Insurance CompanyNCB, FSB/A National Cooperative Bank

CompanyNew York Life Investment ManagementNomura Securities International, Inc.Ocwen Financial CorporationORIX Capital Markets, LLCPacific Life Insurance CompanyPNC Real Estate Finance PPM America, Inc.Prima Capital Advisors LLCPrincipal Commercial Acceptance, LLC

Principal Global InvestorsProtective Life Insurance Co.Prudential Mortgage Capital CompanyRBS Greenwich Capital Redwood Trust, Inc.Royal Bank Financial GroupSociete GeneraleSummit Investment PartnersTeachers Insurance and Annuity AssociationThe Community Development Trust, Inc.U.S. Bank, N.AUBS Securities LLCWachovia SecuritiesWashington MutualWells Fargo BankWells Fargo Bank, N.A.

ProfessionalAaron & WrightABN AMRO/LaSalle Bank N.A.Akin Gump Strauss Hauer & Feld, L.L.P.Allen Matkins Leck Gamble & Mallory LLPAlston & Bird LLPAmerican Appraisal Associates, Inc.American International Group (AIG)

EnvironmentalAnderson, McCoy & OrtaAndrews Kurth LLPAttorneys‘ Title Insurance Fund, Inc.Baker & McKenzieBallard Spahr Andrews & Ingersoll, LLPBayview Financial Trading GroupBlakeglobalBNY Asset Solutions LLCBrown Raysman Millstein Felder & Steiner LLPBrown, Rudnick, Berlack Israels LLPBryan Cave LLPCadwalader, Wickersham & Taft LLPCapital Printing Systems, Inc.CB Richard Ellis, Inc. Valuation & Advisory

ServicesClayton Group, Inc., TheCleary, Gottlieb, Steen & HamiltonCohen FinancialCredit Lyonnais AmericasCrown Advisors, Inc.CWCapital LLCDechert LLPDeloitte & Touche LLPDominion Bond Rating Service Limited (DBRS)EMGErnst & Young LLPFirst American Title Insurance CompanyFitchRatingsFogler, Rubinoff LLPFrandzel Robins Bloom & Csato, L.C.FT-Interactive DataGEMSA Loan Services, L.P.GMAC Commercial Holding Capital Markets

Corp.Hatfield Philips International, LLCHolland & Knight, LLPIntex Solutions, Inc.Investors' Property ServicesIStar FinancialKatten Muchin Zavis RosenmanKaye Scholer LLPKelley Drye & Warren, LLPKennedy Covington Lobdell & Hickman, L.L.PKeyBank Real Estate Capital

Kilpatrick Stockton LLPKPMG LLPKTR Newmark Real Estate ServicesKushner CompaniesLatham & Watkins LLPLend Lease Asset Management, L.P.Mayer, Brown, Rowe & Maw LLPMBIA Insurance CorporationMCAP Financial ServicesMcCarthy, Crisanti & Maffei, Inc.McCracken Financial SoftwareMcKee Nelson LLPMcKenna Long & Aldridge, LLPMiede Law CorporationMiller Canfield Paddock and Stone P.L.C.Moody's Investors ServiceMortgageRamp NAC/LandAmericaOrrick, Herrington & Sutcliffe LLPParker, Poe, Adams & Bernstein, L.L.P.Paul, Hastings, Janofsky & Walker LLPPepe & Hazard LLPPolsinelli Shalton & WeltePowell, Goldstein, Frazer & Murphy LLPPricewaterhouseCoopers LLPPrinceton Financial Systems, Inc.Property & Portfolio Research, Inc.Proskauer Rose, LLPPSI (Professional Service Industries, Inc.)RDA CorpReis, Inc.Schulte Roth & Zabel LLPSecured Capital CorpSeyfarth ShawShutts & Bowen LLPSidley Austin Brown & Wood LLPSonnenschein Nath & RosenthalSS&C Technologies, Inc.Standard & Poor’sStinson Morrison & Hecker LLPStroock & Stroock & Lavan, LLPSutherland, Asbill & Brennan LLPThacher Proffitt & Wood LLPThe Bank of New YorkThe Carlton Group, Ltd.The Debt Exchange, Inc.Thompson & Knight, L.L.P.Torto Wheaton ResearchTrepp, LLCTRIGILDTriMont Real Estate Advisors, Inc.Venable LLPWall Street Analytics, Inc.Willkie Farr & GallagherWinstead Sechrest & Minick P.C.Winston & Strawn LLPWinston Hotels, Inc. Womble Carlyle Sandridge & Rice, PLLCZeichner Ellman & Krause LLP

InvestorAdvantus Capital Management, Inc.Alliance Capital Management L.P.C.P. Eaton & Associates, Inc.Capital Research CompanyChubb Financial Solutions, Inc.Commercial Real Estate Mortgage Acquisition

Company, Inc. (CREMAC)Edgewood Capital AdvisorsGeneral Re-New England Asset Management,

Inc.Goff Moore Strategic PartnersHartford Investment Management CompanyHunneman Management Company, Ft. PointeIncome Research and ManagementING Clarion Lend Lease Real Estate InvestmentsMembers Capital Advisors

Merganser Capital Management Corp. New York State Teachers' Retirement SystemNLI Properties East, Inc. NorthStar Capital Investment Corp.Opus Investment Management, Inc.Rossrock LLCState Street Research & Management Co.T. Rowe Price Associates, IncTrust Company of the WestWestLB AG

Associate1031 Capital FundsAdvestAird & Berlis LLPAssociation of German Mortgage BanksBackshopBarry S. Slatt Mortgage CompanyBartram & Cochran Beekman Advisors, LLCBond Street CapitalBrascan Real Estate Financial PartnersCommand Financial PressCommercial Defeasance, LLCCondor Capital AdvisorsCoventree Capital Group, Inc.Crown NorthCorpCTL Capital, LLCEasetec AgEpstein Canarick Corp.Federal Home Loan Bank of New YorkFirst National Financial Corp.Gerson Law Firm APCGlobal Realty Outsourcing, Inc GMAC Institutional Advisors/RealpointHebert Schenk PCHotelBrokerOneKCCI Commercial Real Estate ServicesLendingApps, Inc.McCary Stevens Associates, Inc.MERSMJL Associates, Inc.National Land Tenure Co.North Shore Systems, LLCNorthMarq Capital, Inc.Pentalpha Capital GroupPNL CompaniesPrism HotelsPyramid Realty Group, Inc.QuadCapital Advisors, LLCQuantum Capital LimitedRER Resources, LP Scotia CapitalSitus Realty Services Inc.Southern Funding LimitedThe Richardson Consulting Group, Inc.The Survey Companies, L.L.C.The Weitzman Group, Inc.Triode Realty Advisory Corp.Urban Land Institute

AcademicArcher, Wayne/University of FloridaBoffey, Daniel/New York University-The Real

Estate InstituteCapozza, Dennis R./University Of Michigan

Business School"Chapman Poindexter/Georgette-University of

PennsylvaniaEdelstein, Robert H./Fisher Center For Real

Estate & Urban EconomicsHarding, John/University of Connecticut Center

for REQuigg, LauraRosenbloom, James/University of ChicagoTrotta, Ciro R./New York University

(The RE Institute)University of Cambridge

CMSA® Membership 2003CMSA® Membership 2003

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Dave Bagnani Fidelity Management & Research Co.Stacey M. Berger Midland Loan Services, Inc.John E. Bonfiglio FitchRatingsKent Born PPM America, Inc.Robert P. Brennan, Jr. Credit Suisse First Boston LLCJack M. Cohen Cohen FinancialKenneth Cohen Lehman Brothers Inc.Adrian Corbiere Freddie MacLeonard W. Cotton ARCap REIT, Inc.Margie A. Custis Principal Global InvestorsKim Diamond Standard & Poor’sAnnemarie G. DiCola Trepp, LLCRochelle R. Dobbs Banc of America Securities, LLCJeffrey F. Fastov Goldman, Sachs & Co.Shari Figi GMAC Institutional Advisors/RealpointJoseph C. Franzetti Citigroup Global MarketsWarren H. Friend Morgan StanleyMichael S. Gambro Cadwalader, Wickersham & Taft LLPRussell M. Goldenberg ABN AMRO/LaSalle Bank N.A.Keith A. Gollenberg CIGNA Capital MarketsSally Gordon Moody’s Investors ServiceWilliam Green Wachovia SecuritiesEric M. Hillenbrand Banc One Capital CorporationJ. Christopher Hoeffel Bear, Stearns & Co. Inc.Peter S. Horos Allstate Insurance CompanyRobert N. Jenkins W.P. Carey & Co. LLC

Richard D. Jones Dechert LLPThomas P. Kelley David L. Babson & Company, Inc.Michael Krull GE Real EstateMartin T. Lanigan Mezz CapRichard S. Lawch Fannie MaeMichael I. Lipson GMAC Commercial Mortgage Corp.Gregory E. Matthews AIG Global Investment Corp.Deborah H. McAneny John Hancock Financial Services, Inc.Christopher McGovern ING Capital LLCBrenda Mixson Island Capital Group, LLCCharles M. Prior Protective Life Insurance Co.Kieran P. Quinn Column FinancialKevin J. Riordan Teachers Insurance and Annuity AssociationBarbara Rubin iStar FinancialJoseph B. Rubin Ernst & Young LLPDonald G. Rundblom Crown Mortgage ManagementJohn M. Scheurer Allied Capital CorporationRonald E. Schrager LNR Property Corp.Steven Schwartz J.P. Morgan SecuritiesJonathan R. Shils Powell, Goldstein, Frazer & Murphy LLPJanine C. Stallings Pacific Life Insurance CompanyRobyn Stern Ernst & Young LLPShane Tucker Prudential Mortgage Capital CompanyJeffrey D. Whitlatch NCB, FSB/A National Cooperative Bank CompanyThomas F. Wratten Principal Commercial Acceptance, LLC(Governor Emeritus)

PresidentJoseph C. FranzettiDirectorCitigroup Global Markets

President-ElectRichard D. JonesPartnerDechert

Immediate Past-PresidentDeborah H. McAnenyExecutive Vice PresidentJohn Hancock Financial Services, Inc.

Vice-PresidentJack M. CohenChief Executive OfficerCohen Financial

SecretaryJohn M. ScheurerManaging DirectorAllied Capital Corporation

TreasurerKieran P. QuinnPresidentColumn Financial, Inc.

Other Executive Committee MembersMargie A. CustisManaging DirectorPrincipal Global Investors

Jeffrey F. FastovManaging DirectorGoldman, Sachs & Co.

Shari FigiSenior Vice PresidentGMAC Institutional Advisors

Kevin J. RiordanManaging DirectorTeachers Insurance Annuity Association

Dottie CunninghamChief Executive OfficerCMSA®

Executive Committee 2003-2004Executive Committee 2003-2004

Board of Governors 2003-2004Board of Governors 2003-2004

Officers

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Chief Executive OfficerDottie Cunningham

Managing Director,Research/StandardsShane Beeson

Director, RegulatoryStacy Stathopoulos

Director, MeetingsPatricia Madonia

Finance/AdministrationCoordinatorJane Gelfand

Director, CommunicationsJane Marrinan

Meetings/MemberServices CoordinatorMarcus Henderson

Advertising/Exhibit SalesAssociateElizabeth Hanes

Information SystemsAssociateIsmail Musliwala

Meetings RegistrarDekar Benedict

Executive AssistantAlicia Quigley

FinancialsFinancials

Committee/Forum Chairs 2003-2004Committee/Forum Chairs 2003-2004 CMSA® StaffCMSA® StaffNominating CommitteeDeborah H. McAnenyExecutive Vice PresidentJohn Hancock Financial Services, Inc.

Membership CommitteeShari FigiSenior Vice PresidentGMAS Institutional Advisors

Standards Advisory BoardMargie A. Custis, ChairManaging DirectorPrincipal Global InvestorsKent Born, Vice ChairSenior Managing DirectorPPM America, Inc.

Borrower Satisfaction Task ForceJack M. Cohen, ChairChief Executive OfficerCohen FinancialRichard B. Schlenger, Vice ChairDirectorCitigroup Global Markets

CMBS Structural Issues Task ForcePatrick C. Sargent, ChairPartnerAndrews Kurth LLPJonathan R. Shils, Vice ChairPartnerPowell, Goldstein, Frazer & Murphy LLP

Large Loan Task ForceTimothy GallagherVice PresidentMorgan Stanley

Regulatory CommitteeRobyn SternRegional Director-Structured FinanceErnst & Young LLP

Subcommittees:AccountingCynthia Williams, ChairPartnerDechert LLPDavid Thrope, Vice ChairPartnerErnst & Young LLP

LegislativeJan Sternin, ChairSenior Vice PresidentMidland Loan Services, Inc.Paul A. Sherrington, Vice ChairVP, Corp. CounselPrudential Mortgage Capital Company

TaxRobyn Stern, ChairRegional Director-Structured FinanceErnst & Young LLPRichard Ruffer, Vice ChairManaging DirectorBear, Sterns & Co. Inc.

Post Securitization/Investor ReportingCommitteeTricia B. Hall, Co-ChairSenior Vice PresidentLehman Brothers, Inc.Erin E. Stafford, Co-ChairVice President, CMBS SurveillanceDominion Bond Rating Service Limited (DBRS)Janine C. Stallings, Co-ChairAssistant Vice PresidentPacific Life Insurance Company

Loan Document Integrity CommitteeMary Anne Ashmore, ChairSenior Vice PresidentABN AMRO/LaSalle Bank N.A.Marci P. Schmerler, Vice PresidentPartnerAlston & Bird LLP

Program Development CommitteeJoseph Philip FortePartnerDechert LLP

Research Advisory CommitteeLisa PendergastManaging DirectorRBS Greenwich Capital

CMBS 101™/201™/301™Sally Gordon, Co-ChairMoody’s Investors ServiceDiana W. Reid, Co-ChairManaging PartnerBeekman Advisors, LLC

Myth BustingJack M. Cohen, ChairChief Executive OfficerCohen Financial

IRP TutorialsJulie M. Johnson, Co-ChairReporting ManagerMidland Loan Services, Inc.Kathleen Laird, Co-ChairFirst Vice PresidentBanc Once Capital Corporation

International CommitteeDonald G. Rundblom, ChairDirector, Capital MarketsCrown Mortgage ManagementHoward, Esaki, Vice ChairExecutive DirectorMorgan Stanley

Canadian Board of GovernorsRoss Brennan, Co-ChairPresident and Chief Executive Officer

Commercial Mortgage OperationsCompany Of CanadaPamela Spackman, Co-ChairPresident & CEOColumn Canada Financial, Inc.

European Board of GovernorsClive D. Bull, ChairVice PresidentJ.P. Morgan Securities Ltd.

Japanese Board of GovernorsAtsuo Akai, Co-ChairManaging DirectorMorgan Stanley Japan LimitedMasaaki Tashiro, Co-ChairCorporate Senior Vice PresidentORIX Corporation

ForumsInvestors ForumBrenda Mixson, Co-ChairManaging DirectorIsland Capital Group, LLCJoan M. Sapinsley, Co-ChairManaging DirectorTeachers Insurance and Annuity Association

Originators/Issuers ForumJ. Christopher Hoeffel, Co-ChairSenior Managing DirectorBear, Stearns & Co. Inc.Steven Schwartz, Co-ChairManaging DirectorJ.P. Morgan Securities

Servicers ForumTimothy A. Mazzetti, Co-ChairExecutive Vice PresidentMidland Loan Services, Inc.Janice M. Smith, Co-ChairManaging DirectorBanc of America Securities

Revenues - Year 2003

Expenses - Year 2003

26%Dues

2%Interest/

Misc. Income

8%CMBS World™

47%MeetingRegistrationFees

2%CMBS World TM

Advertising/Subscriptions

30%Meetings

23%Meeting Sponsorship

62%Corporate

CMSA® Events 2003-2004CMSA® Events 2003-2004

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2003

January 12–14, 2003 CMBS Investors ConferenceSouth Beach, FL

February 5, 2003 IRP TutorialSan Francisco, CA

April 1, 2003 CMBS 101™New York, NY

April 28, 2003 CMBS 101™Dallas, TX

April 29 & 30, 2003 IRP WorkshopDallas, TX

May 22, 2003 Myth BustingLos Angeles, CA

June 11–13, 2003 Ninth Annual Convention New York, NY

July 15, 2003 CMBS 101™ Toronto, Canada

September 18, 2003 CMBS 101™San Francisco, CA

September 30, 2003 CMBS 101™Washington, DC

October 9, 2003 CMBS 101™Atlanta, GA

November 18, 2003 IRP TutorialCharlotte, NC

December 4, 2003 CMBS 101™ & Roundtable, ReceptionLondon, UK

2004

January 11–13, 2004 CMBS Investors ConferenceSouth Beach, FL

March 18, 2004 Myth BustingChicago, IL

March 31, 2004 CMBS 101™ Los Angeles, CA

April 16, 2004 CMBS 101™ & IRP TutorialChicago, IL

April 27 & 28, 2004 IRP WorkshopDallas, TX

May 18, 2004 CMBS 101™ & IRP Tutorial New York, NY

May 5, 2004 CMBS 201™ & Afterwork Seminar SeriesLondon, UK

May 26, 2004 CMBS 101™Frankfurt, Germany

June 8, 2004 CMSA® 10th Anniversary Gala DinnerNew York, NY

June 9–11, 2004 Tenth Annual ConventionNew York, NY

Networking at CMSA® Events

September 23 & 24, 2003 GRI Summit 2003Paris, France(Co-Sponsored by CMSA®)

October 15 & 16, 2003 Insight Information Co.4th Annual CanadianCMBS ConferenceToronto, Canada(Co-Sponsored by CMSA®)

December 9 & 11, 2003 Securitisation World 2003Frankfurt, Germany(CMSA® Panel Discussion)

April 1 & 2, 2004 ALI-ABA CommercialSecuritization for Real Estate LawyersScottsdale, AZ(Co-Sponsored by CMSA®)

Other Industry Events Sponsored by CMSA®

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Keynote and Featured Speakers at CMSA® 2003-2004 Events

Mary Matalin James Carville

Anthony J. Pierson General Barry R. McCaffrey Abby Joseph Cohen

Congratulations to the winner of the 2003 CMSA® Founder’s AwardJuan Han

For demonstrating innovative leadership in an ethical and professional manner,

thereby making significant contributions to the enhancement and development of

the Capital Markets for Commercial Real Estate Finance.

And Congratulations to all our Past Recipients:

1995 Steve Roth and Than Penner

1996 The Four Rating Agencies

1997 Mark Snyderman

1998 Tom Wratten

2000 Mike Robb

2001 Joe Forte

2002 Sally Gordon

About CMSA®About CMSA®

Regulatory CommitteeRegulatory Committee

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Accomplished this year:

• Established REMIC Task Force and coordinated efforts with an industry coalition (NAREIT, NAR, ICSC, MBA, RER) to pursue REMIC modifications vialegislation and regulation

• Coordinated with and supported efforts of the Coalition to Insurance Against Terrorism (CIAT) on its comment letters to Treasury on its Terrorism RiskInsurance Act rulemaking and the "Make Available" provision

• Formed a Task Force to review and assess impact of the SEC’s proposed rules for ABS on CMBS

• Submitted two CMSA® comment letters to FASB on Amendments to FAS 140

• CMSA® met with FASB Staff to discuss participations with regard to FAS 140 amendments

• CMSA® invited to participate on FASB Roundtable on the Isolation of Transferred Assets regarding its amendments to FAS 140

• CMSA® participated in first FASB Roundtable on its amendments to FAS 140

• Established Basel II Task Force that submitted a comment letter jointly with the Real Estate Roundtable (RER) to the U.S. Federal Agencies and to the BaselCommittee on Banking Supervision with regard to the New Basel Capital Accord

• Created REMIC and Sarbanes-Oxley seminars which will be offered during the CMSA® June Convention

• Created monthly Regulatory Update to educate membership on accounting, legislative and tax issues relevant to CMBS

Commercial Mortgage Securities Association (CMSA®) is an international tradeassociation dedicated to improving the liquidity of commercial real estate debtsecurities through access to the capital markets.

MembershipCMSA® membership is broken down into five categories:

Principal (83 members)These organizations originate or take principal positions in commercial mortgagesfor their portfolio or with the intent to securitize, sell or retain an interest in theportfolio, or investors in single ‘B’ rated and unrated bonds, mezzanine debt andCDO equity.

Professional (108 members)These organizations provide services to the commercial mortgage origination andsecuritization industry.

Investors (25 members)These members are investors in investment grade CMBS, B-Notes and ratedclasses of CDOs with a CMBS component who do not perform as Principals orProfessionals, as well as Pension Funds who are not repeat conduit issuers.Investors must manage a balance sheet portfolio exclusively on an investmentbasis and not as support for the secondary market or as support for other busi-nesses within the same company.

Associates (48 members)This category is limited to trade and professional associations, government agen-cies, wholly-owned subsidiaries of one or more CMSA® Principal or Professionalmember companies, foreign companies who participate in the non-US/non-Canadian secondary mortgage market only and companies with 10 or feweremployees.

Academic (10 members)This category is limited to full time students or faculty of higher learning institu-tions focused on commercial real estate finance.

CMBS World™CMSA® also keeps members connected through its quarterly magazine, CMBSWorld TM, which was launched in Spring 1999. The only ongoing publicationdevoted exclusively to the CMBS market, CMBS World TM features originalresearch and market commentary from industry leaders. Its mission is to informand educate CMSA® members and the general public on CMBS market trends;investment risk and performance; new structures and products; and significantdevelopments in ratings, servicing and the legal front.

StandardizationCMSA® has made considerable achievements in the standardization of CMBSinvestor reporting, a major catalyst in the expansion of the market. Through theestablishment and promotion of these standards, CMBS information has becomemore consistent, enabling investors to evaluate and compare investment optionsmore easily.

Version 3.0 of the CMSA® Investor Reporting PackageTM went into effect on April1, 2003. Additions include enhancements to the Portfolio Review Guidelines andthe addition of a loan level reserve report. Version 4.0 is scheduled to be rolledout in Spring 2005.

CMSA®’s Website www.cmbs.orgThe new CMSA® website was launched in November, 2002. Features include aResearch Repository, membership directory, current and back issues of CMBSWorld TM, a search engine, news updates, on-line meeting registration and mem-bers only committee pages.

Overall Sponsors For 2003Overall Sponsors For 2003

CMSA® thanks all of the sponsors of the Year 2003 events, including

the January 2003 CMBS Investors Conference, the Ninth Annual Convention,

the Spring and Fall Roundtables and our international events.

These sponsors made our Year 2003 events a huge success!

Diamond ($20,000 and above)Banc of America SecuritiesCredit Suisse First Boston LLCJPMorgan ChaseMorgan StanleyNomura Securities International, Inc.RBS Greenwich CapitalStandard & Poor’sThacher Proffitt & Wood LLP

Platinum ($15,000 up to $20,000)Andrews Kurth LLPBear, Stearns & Co. Inc.Dechert LLPFitchRatingsIntex Solutions, Inc.

Gold ($10,000 up to $15,000)ABN AMRO/LaSalle Bank N.A.Anderson, McCoy & OrtaCadwalader, Wickersham & Taft LLPCIBC World Markets Corp.Citigroup Global MarketsDeutsche BankErnst & Young Freddie MacGE Real EstateGoldman, Sachs & Co.KeyBank Real Estate CapitalLehman Brothers Inc.LNR Property Corporation Merrill Lynch & Co., Inc.MERS CommercialMidland Loan Services, Inc.Moody’s Investors ServicePrincipal Global InvestorsPrudential Mortgage Capital CompanySecured Capital CorpTrepp, LLCWells Fargo Bank, N.A.

Silver ($5,000 up to $10,000)Allen Matkins Leck Gamble & Mallory LLPAllied CapitalBackshopCapitalThinking, Inc.CapMark Services, L.P.The Carlton GroupCommercial Defeasance, LLCThe Debt ExchangeDefeasance Holding Company, LLCFannie MaeHotelBrokerOneKMZ RosenmanMezz CapMiller, Canfield, Paddock and Stone, P.L.C.Newman & Associates, Inc.Polsinelli Shalton Welte Suelthaus, PCPricewaterhouseCoopers LLPProfessional Service Industries, Inc.Property & Portfolio Research, Inc.RealpointReis, Inc.Richardson Consulting Group, Inc.TrigildWinstead Sechrest & Minick P.C.

Bronze (up to $5,000)Capital Lease FundingCommercial Mortgage Origination CompanyMCAP Financial CorporationPentalpha Capital Group

Media SponsorsAsset Securitization ReportCommercial Mortgage AlertCommercial Mortgage InsightInsight Information Co.Real Estate Finance & InvestmentReal Estate Media, Inc.

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Executive Committee 2004-2005Executive Committee 2004-2005

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MAYBE JUST CHANGE “THE YEAR AHEAD” in this sectionand leave it at “where we’ve been”???

PresidentRichard D. JonesPartnerDechert LLP

President-ElectMargie A. CustisManaging DirectorPrincipal Global Investors

Immediate Past-PresidentJoseph C. FranzettiDirectorCitigroup Global Markets

Vice-PresidentJohn M. ScheurerManaging DirectorAllied Capital Corporation

SecretaryWilliam GreenManaging DirectorWachovia Securities

TreasurerKent BornSenior Managing DirectorPPM America, Inc.

Other Executive Committee MembersJack M. CohenChief Executive OfficerCohen Financial

Warren H. FriendManaging DirectorMorgan Stanley

Keith A. GollenbergManaging DirectorCIGNA Capital Markets

Lisa PendergastManaging DirectorRBS Greenwich Capital

Dottie CunninghamChief Executive OfficerCMSA®

Officers

Where We’ve BeenWhere We’ve Been

The Year Ahead

The Year Ahead

Upcoming CMSA® Events 2004-2005Upcoming CMSA® Events 2004-2005

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Coming Fall 2004CMBS 101™: An Introduction to CMBS & IPR Tutorial*Boston, MACharlotte, NCSeattle, WA

IRP Tutorial*September 15, 2004Cityplace Conference CenterDallas, TX

CMBS 101™: An Introduction to CMBS*Executive Committee & Roundtable MeetingTokyo, Japan

ALI-ABA Commercial Securitization for Real Estate LawyersMay 19 & 20, 2005Chicago, IL(Co-Sponsored by CMSA®)

CMBS Afterwork Seminar SeriesOctober 12, 2004London UK

CMSA® hosts 1st CMBS Conference in TorontoOctober 25-26, 2004Toronto Hilton

CMBS Afterwork Seminar Series*London UK

2005 CMBS Investors ConferenceJanuary 9-11, 2005Loews Miami Beach HotelSouth Beach, FL

* Date and/or venue to be determined. Checkback regularly to www.cmbs.org for updatedinformation.

Also Watch for:• More news from our CMSA® international

chapters

• Quarterly issues of CMBS WorldTM

• Ongoing updates to the CMSA® website:www.cmbs.org

• Continuing programs of CMSA® Committees

– Regulatory updates

– Standardization efforts supported byour new Standards Advisory Board

– “Borrower Satisfaction”initiatives

– Regional seminars and tutorials

– CMSA® Investor Reporting PackageTM

Tutorials

CMBS Investors ConferenceJanuary 9-11, 2005

Loews Miami Beach Hotel, South Beach Florida

Commercial Mortgage Securities Association30 Broad Street • 28th Floor • New York, NY 10004Phone: 212.509.1844 • Fax: 212.509.1895 • www.cmbs.org