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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION May-June

2

3 ARES SPECIAL ARES May-June

4 ARES SPECIAL 4 ARES May-June 2009

5 5 ARES May-June 2009 ARES SPECIAL ARES SPECIAL

6 ARES SPECIAL 6 ARES May-June 2009

7 7 ARES May-June 2009 ARES SPECIAL

8 ARES SPECIAL 8 ARES May-June 2009

9 ARES SPECIAL ARES May-June

10 10 ARES May-June 2009 ARES SPECIAL

11 11 ARES May-June 2009 ARES SPECIAL

12 12 ARES May-June 2009 ARES SPECIAL

13 13 ARES May-June 2009 ARES SPECIAL

14 14 ARES May-June 2009 ARES SPECIAL

15 15 ARES May-June 2009 ARES SPECIAL

16 ARES SPECIAL 16 ARES May-June 2009

17 ARES SPECIAL ARES May-June

18 ARES SPECIAL 18 ARES May-June 2009

19 ARES REPORT ARES May-June

20 20 ARES May-June 2009 ARES REPORT

21 ARES REPORT ARES May-June

22 ARES REPORT 22 ARES May-June 2009

23 ARES REPORT ARES May-June

24 ARES REPORT 24 ARES May-June 2009

25 25 ARES May-June 2009 ARES REPORT

26 26 ARES May-June 2009 ARES REPORT

27 27 ARES May-June 2009 ARES REPORT

28 28 ARES May-June 2009 ARES REPORT

29 29 ARES May-June 2009 ARES REPORT

30 ARES REPORT 30 ARES May-June 2009

31 31 ARES May-June 2009 ARES REPORT

32 32 ARES May-June 2009 ARES REPORT

33 33 ARES May-June 2009 ARES REPORT

34 ARES REPORT 34 ARES May-June 2009

35 ARES REPORT ARES May-June

36 ARES REPORT 36 ARES May-June 2009

37 37 ARES May-June 2009 ARES REPORT

38 38 ARES May-June 2009 ARES REPORT

39 ARES REPORT ARES May-June

40 ARES REPORT 40 ARES May-June 2009

41 ARES REPORT ARES May-June

42 ARES REPORT 42 ARES May-June 2009

43 ARES REPORT ARES May-June

44 ARES REPORT 44 ARES May-June 2009

45 45 ARES May-June 2009 ARES REPORT

46 ARES REPORT 46 ARES May-June 2009

47 ARES REPORT ARES May-June

48 ARES REPORT 48 ARES May-June 2009

49 ARES REPORT ARES May-June

50 ARES REPORT 50 ARES May-June 2009

51 ARES REPORT ARES May-June

52 ARES REPORT 52 ARES May-June 2009

53 ARES May-June

54 54 ARES May-June 2009

55 ARES May-June

56 56 ARES May-June 2009

57 ARES May-June

58 58 ARES May-June 2009

59 Vol May-June

60 60 May-June 2009

61 May-June

62 62 May-June 2009

63 May-June

64 64 May-June 2009

65 May-June

66 66 May-June 2009

67 May-June

68 68 May-June 2009

69 May-June

70 70 May-June 2009

71 May-June

72 72 May-June 2009

73 73 May-June 2009

74 74 May-June 2009

75 75 May-June 2009

76 76 May-June 2009

77 77 May-June 2009

78 78 May-June 2009

79 May-June

80 80 May-June 2009

81 81 May-June 2009

82 82 May-June 2009

83 May-June

84 84 May-June 2009

85 85 May-June 2009

86 86 May-June 2009

87 87 May-June 2009

88 88 May-June 2009

89 May-June

90 90 May-June 2009

91 91 May-June 2009

92 92 May-June 2009

93 93 May-June 2009

94 94 May-June 2009

95 May-June

96 96 May-June 2009

97 May-June

98 98 May-June 2009

99 May-June

100 100 May-June 2009

101 May-June

102 102 May-June 2009

103 ARES May-June

104

33...\1

33...\1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 33 2008May-June 3 15 21 29 37 48 2 ARES SPECIAL ARES May-June 2008 3 ARES SPECIAL 4 ARES May-June 2008 ARES SPECIAL ARES May-June 2008 5 6 ARES May-June 2008

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3 5 8 14 20 36 44 45 56 62 2 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 49 2011 January-February 3 5 8 14 20 36 44 45 56 62 2 ARES January-February 2011 3 ARES SPECIAL 4 ARES January-February 2011 ARES January-February 2011 5

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