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CRE Finance World, Autumn 2012

CMBS Servicer Commentary Could Be Improved — But May Also Be Indicating Large Impending Losses Authors’ appendix referenced throughout the article is available here. Group LP does not guarantee the accuracy or completeness of the information contained herein. Amherst® Securities Group LP cannot be held responsible for Disclaimer inaccuracies in such third party data or the data supplied to the third party by issuers The material contained herein is for informational purposes only and is not intended or guarantors. This report constitutes Amherst® Securities Group LP’s opinion as of as an offer or solicitation with respect to the purchase or sale of securities. Any in- the date of the report and is subject to change without notice. This information does vestment decision as to any purchase or sale of securities referred to herein must be not purport to be a complete analysis of any security, company or industry. Amherst® made solely on the basis of existing public information on such security and/or any Securities Group LP cannot and does not make any claim as to the prepayment registered prospectus, and that no reliance may be placed on the completeness or consistency and/or the future performance of any securities or structures. Change accuracy of the information and/or comments contained in this document. The decision in prepayment rates and/or payments may significantly affect yield, price, total return of whether to adopt any strategy or to engage in any transaction and the decision and average life. Amherst® Securities Group LP may have a position in securities of whether any strategy or transaction fits into an appropriate portfolio structure discussed in this material. remains the responsibility of the customer and/or its advisors. Past performance on Copyright ©2012 Amherst® Securities Group, LP. All Rights Reserved. This docu- the underlying securities is no guarantee of future results. This material is intended ment has been prepared for the use of Amherst clients and may not be republished, for use by institutional clients only and not for use by the general public. Amherst® redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, Securities Group LP has prepared portions of this material incorporating information without the express written consent of Amherst. Any unauthorized use or disclosure provided by third party market data sources. Although this information has been is prohibited, and receipt and review of this document constitutes your agreement to obtained from and based upon sources believed to be reliable, Amherst® Securities abide by the restrictions specified in this paragraph. KROLL BOND RATINGS RESTORING TRUST IN CREDIT RATINGS KROLL BOND RATINGS’ SEASONED TIMELY, AND EXPERIENCED ANALYSTS OFFER TRANSPARENT AND AN IN-DEPTH VIEW INTO CREDIT ANALYSIS ACCURATE RATINGS. A publication of Autumn issue 2012 sponsored by CRE Finance World Autumn 2012 35


CRE Finance World, Autumn 2012
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