CREFW-Fall2015

CRE Finance World Autumn 2015

Addendum

Exhibit 5

Credit Bar-Belling by Deal

Source: Kroll Bond Rating Agency, Inc.

herein is proprietary to KBRA and is protected by copyright and other

intellectual property law, and none of such information may be copied or

otherwise reproduced, further transmitted, redistributed, repackaged or

resold, in whole or in part, by any person, without KBRA’s prior express

written consent. Ratings are licensed by KBRA under these conditions.

Misappropriation or misuse of KBRA ratings may cause serious damage to

KBRA for which money damages may not constitute a sufficient remedy;

KBRA shall have the right to obtain an injunction or other equitable relief

in addition to any other remedies. The statements contained in this report

are based solely upon the opinions of KBRA and the data and informa-

tion available to the authors at the time of publication of this report. All

information contained herein is obtained by KBRA from sources believed

by it to be accurate and reliable; however, KBRA ratings are provided

“AS IS”. No warranty, express or implied, as to the accuracy, timeliness,

completeness, merchantability, or fitness for any particular purpose of any

rating or other opinion or information is given or made by KBRA. Under

no circumstances shall KBRA have any liability resulting from the use of

any such information, including without limitation, for any indirect, special,

consequential, incidental or compensatory damages whatsoever (includ-

ing without limitation, loss of profits, revenue or goodwill), even if KBRA is

advised of the possibility of such damages. The credit ratings, if any, and

analysis constituting part of the information contained herein are, and must

be construed solely as, statements of opinion and not statements of fact or

recommendations to purchase, sell or hold any securities. KBRA receives

compensation for its rating activities from issuers, insurers, guarantors

and/or underwriters of debt securities for assigning ratings and from

subscribers to its website.

A Closer Look at Credit Bar-Belling