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  • Focusing on the change from the last quarter, we have chosen to raise our severity assumptions, now 55\% to sub prime and 45\% for all pay which given the role analysis have let us to project with 2006 sub prime cumulative loss for the Q6 underlying our high grade transactions, will be 19\% on average whereas the altay equivalent depending on product, is projected at 8\% to 13\%.

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