Please answer the following multiple choice questions

10. Unlike non RE indices such as the DJI, 5&P and the Russell indices, RE indices may have less clarity and maybe more challenging to use for comparative and analytical analyses because: 11. a. e. f. Some indices may have more inherent risk due to more highly levered RE investments than other indices and widely different holdings of commercial real estate styles Some indices may calculate nancial returns with different metrics such as how capex may be reduced from NOI compared to other indices Publicly traded RElTs can show more volatility in computed returns than Private property counterparts due to different valuation methodologies than other indices Public and private indices may be more heavily weighted by different property segments and demonstrate different geographic concentrations than other indices All of the above Only C & D In an economic environment with low interest rates which are expected to be rising consistently in the near term, and with the economy nearing the end of its growth expansion, it would be wise for the following CM BS constituents to create more confidence and success in the securities by considering: a. For Rating Agencies, to adjust the subordination levels so that the highest rated investment grade tranches are better protected compared to lesser non investment grade and unrated tranches For Lenders, to be more conservative in the underwriting loan metrics, e.g. lowering the Loan to Value standards and increasing the Debt Service Coverage requirements for their borrowers For the B piece investment buyers, a consideration to increase their return yield requirements due to higher potential risks of delinquencies and default For the CMBS Bank Bookrunners, offering to investors to take even greater risk retention levels than required by Dodd Frank regulations to demonstrate the condence in their lssua nces, credit quality of their underwritings and to have bigger stakes in the outcome of the Securitization; All of the above