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Page Background The structured finance analysis you rely on should be built on a thorough understanding of the critical risk factors. At Morningstar Credit Ratings, we provide ratings analysis that takes a broad and deep view of the assets and parties that make up structured finance transactions. We identify and quantify credit risk, and provide a concise Morningstar perspective that investors can use to make better-informed investment decisions. Our insightful presale analysis, timely surveillance reviews, and objective operational risk assessments combine to provide a comprehensive analytical package for investors in CMBS, RMBS, single-family rental securities, and ABS. Credit Perspective Built on Strong Risk Analysis Morningstar Credit Ratings, LLC ratingagency.morningstar.com + 1 800 299 - 1665 ©2015 Morningstar, Inc. All rights reserved. Morningstar’s NRSRO ratings, outlooks, and analysis are provided by Morningstar Credit Ratings, LLC. Morningstar Credit Ratings, LLC is a wholly owned subsidiary of Morningstar, Inc., and is registered with the U.S. Securities and Exchange Commission as a

nationally recognized statistical rating organization (NRSRO).