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1 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION July-August May-June

2

3 ARES SPECIAL July-August

4 ARES SPECIAL 4

5 5 July-August ARES SPECIAL

6 6 ARES SPECIAL

7 7 July-August ARES SPECIAL

8 ARES SPECIAL 8

9 9 July-August ARES SPECIAL

10 10 ARES SPECIAL

11 11 July-August ARES SPECIAL

12 ARES SPECIAL 12

13 13 July-August ARES SPECIAL

14 14 ARES SPECIAL

15 15 July-August ARES SPECIAL

16 16

17 July-August

18 18

19 July-August

20 ARES REPORT 20

21 21 July-August. 2005

22 22

23 23 July-August. 2005

24 24

25 ARES REPORT ARES REPORT 25 July-August. 2005

26 26

27 27 July-August. 2005

28 28

29 ARES REPORT July-August

30 30 x

31 x x x x i i n i n 1 i i i July-August

32 n i i i 32

33 July-August

34 i i n i n ii n i i n i n i ii n i n i i n ii i i iii i i ii i i i i i i i ii i ii i 34

35 ARES REPORT July-August

36 36

37 37 July-August. 2005

38 38

39 39 July-August ARES REPORT ARES REPORT

40 40

41 41 July-August. 2005

42 42

43 July-August

44 44

45 July-August

46 46

47 July-August

48 48

49 July-August

50 50

51 July-August

52 52

53 July-August

54 54

55 July-August

56 J-REIT New Comer

39...\1-4

39...\1-4 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 39 2009May-June 3 19 24 30 35 40 46 53 2 ARES SPECIAL ARES May-June 2009 3 ARES SPECIAL 4 ARES May-June 2009 5 ARES May-June 2009 ARES SPECIAL ARES SPECIAL

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2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2

2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION Vol.4 2003 July-August 2003July-August Vol. 4 3 5 55 60 62 9 17 23 80 86 93 101 31 40 66 70 74 78 82 104 2 July-August. 2003 3 4 5 July-August. 2003 6 7 July-August.

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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 10 14 17 25 30 35 43 2

3 10 14 17 25 30 35 43 2 THE ASSOCIATION FOR REAL ESTATE SECURITIZATION 40 2009 July-August 3 10 14 17 25 30 35 43 2 ARES SPECIAL ARES July-August 2009 3 4 ARES July-August 2009 ARES SPECIAL 5 ARES July-August 2009 ARES SPECIAL

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