INVESTORS | 2017 CMBS Council Survey Question Title * 1. Please indicate your interest and/or what perspectives would you like to hear more about this year? Yes No Rating Agencies/rating the stack Rating Agencies/rating the stack Yes Rating Agencies/rating the stack No Market governance Market governance Yes Market governance No Improving transparency in ratings disclosure Improving transparency in ratings disclosure Yes Improving transparency in ratings disclosure No Increasing discipline in offering process Increasing discipline in offering process Yes Increasing discipline in offering process No Enhancing governance in deal structure Enhancing governance in deal structure Yes Enhancing governance in deal structure No Responding to declining underwriting standards Responding to declining underwriting standards Yes Responding to declining underwriting standards No Improving pricing transparency Improving pricing transparency Yes Improving pricing transparency No Reg AB II/Rule 144A and Risk Retention Reg AB II/Rule 144A and Risk Retention Yes Reg AB II/Rule 144A and Risk Retention No Please indicate specific area of interest: Question Title * 2. What challenges did your firm have in 2016? Question Title * 3. What will your firm be focusing on in 2017? Question Title * 4. Suggestions/comments for the CMBS Council? Done