Standard & Poor's Ratings Services' rankings on C-III Asset Management LLC are ABOVE AVERAGE as a commercial
mortgage primary servicer and STRONG as a commercial mortgage special servicer. We recently affirmed our overall
rankings on C-III to reflect our view of the company's experienced staff, stable track record, effective systems and
technology and sound audit and controls. Our ranking also reflects prudent assets-per-asset manager ratios, strong
internal controls to address compliance and potential conflicts of interest, and efficient resolutions based on both
volumes and time.