BEMABO! SIM 50 LME PEERS IA BS Ao] eh oh A] 9) PAG Wl hs ARI NBO HH US Boleh USAF] SME 71 oo] BulgishA ARBSISL ee Gar THE ELS BRMATEIS] $do}2} 2I9] wots al Az tt HEWE o18] BS HS Absa QUE AOR wolpl, AZ SHAG me Spo] DSPPYOS Bel TRS(Total Retum Swap} o}-B SAE YET Ach MSGS BeIy EX] ASTAE 0198 71 FE FEB Uzke AHIR AALS] B10] op ke WS et + Sle, ER SOM} MALS MISA Ss S7RMS] Aes] oes WA eohy Beet BU} ABS) BE RAE wlolYorjea Financing 18} PFHHG)S] 9, ESS 0]Get CR VS] THBAVIe] BRE gon, ojo S7t8l0| ARATE REPAY eT Wot Rup he A aah of el A-8lal BO) 81SCol wep EAPO] ado APRS c] ola} ¥1 Blo] AMoleh. o| A". 2xisi** ee SU APe7129] quisls majo] Say ASS HUM RS FA AAS HY AS ASS GuE do] Mees Hee EE O12 oAAA a gXmezzanine loan)! *S SAE ARI} S71RU, 2 B= BEVIS dh] AaaoS Hes Mes ole HSS APACS -Bsks V2) aHlel me Wel 53-3249 2l(Special Purpose Compa: PC) 2] ARS ASSL GIS deo] Wk = ey APIS Sieh. B8] LSI] Sx} Bee HBO} 3 FaphGo] ABS aC AE vlad ae SF BRL 4 Me Os AS BAH ol + SPE AIS eA, ve SWE AB esa 1 SOPISIAIHSO| CHS O91 BASICS BBB subordinated deb /finencingoj@}a2 840, mezzanine loan, prelerred equity, |A/B-Note, second morigage7t subordinated debt] 73} ‘QUIZ! BIEIOICKtps//wmw.crefe.org/erefedocs/CREFCP Timer InvestinginUSCREDebIProducts, pat) OIA AISI6K= obROL: ‘HoH Ola Ch BBO! ow Alby WACHS “OfaICH BE BILGE 0] SO] Aol MBITHE IOS IO} Olatot AS DIT Bla Ie Bic PSE] 2A) S| 95.St FEM subordinated deb) 2] SPA BA BAAR SS ol] SBA] soit. PEAS] SIS Babs} Welsiol sod eat UE AZO] HST HE Hee) BBA Ao} Be} ae + Me weal Wal as dole 7\z Gt. IL ASHES a} FSA] Ojala 1 PEATE S] Sg PEAS Ae] PHENE AsAow ag Wo] 7FF Be] BEI] Leh. Depp aseRe] 2} Fo] FER AS PSAP WS FAlsks St BOW O}BSIA Qe PFS SS MRI AS SPSS] SISA HE] AEA AS OEE OBR FE7NES) BaSHS IE BAS SSA717] HBA) MH, AE Al @ Bt AMES GEUpAS] Bayo} gIrh° ole] Vato PHS Aes Pao] Get OE PPS Sol] AS So] EY] 2121+ Bch4 ose $l PeARg AES] zy Bl WA S7is ahd F apse} Seep A] ene Solo] EMEA] G89 B aeudte] dete} Yoww712 Ge. 2, EAHA] 7H BAI 27] (1) PSAEESAEIO| 7H Az Pro Sol] Ste Aleo] B8] BE SID QS SPSL, AIRY Se] WegolLy wy LEAT] 7Hel) dail Bets] 2) Of Wale GS Boe welch cet Ball Arey we eeh Cony aes So] AAA Aolsiat Me we eAS) 7S See} 28, HAS © G29] Bao G) APA gy Bey AAMAS FOS slo} FehzhoHA| AE 9) AGUS class, a) AES AEBCTD A\ eebph egal EAN diel et oFEOR ayaa Popo] AEE AEN Zh UGOS she AePoleD B+ Vet ola} aslo} AAS Pola She eho} A] 12IoH SEPA] AE zo] H8]27F SKS AOS BEA BAIsS) Aol eal OFFS PRIMA S| Bolo} gah By a ap} Ua he AOR mola? To] woh ee absualete] Adel 2h eal wets] AA] ole Aol7 Ale ASHI] BSNS A 4S ARP Feae GE ABS BE 2] BaV7t Qoiok ae, APOE Alpe BANEE ARIS Sapo s apes ye 2) Beep os ashe B97t apoE, 0] ZOHE RNY aoe] PH NEMATES aL AS Ani ech Bet AD BAL R2E(2012, 9), Ap / BAS SIO] BF BFL AI62E(2018, 1), A ‘Scie SSH, 4821 2S, “HENEUAEIAE WS] Be Hal & BUT OY MAL REAL 1902) 6301 BUS, “GEA O] SANBOIE BIEL” ULAR MeSe AZ (2018, 5), HI@ARHes), E900 FA, ol A 9), 752 “SUAO RTE Ate S0IrFol siesta, “SAH0r ‘Boies Isha Bote OL 2] xiao] PAaIOR ALBEOHOF Ais MegPOnIS 92H BAY HEN SMBR20, 1), MERRIE 5420, 36 | BFL 490202018. 7)2) 8324 2011 7Y 25E YH Ao Ss Aya ALEPH Lo 78 APH) OAS] ATEP HCO] SEU SE AERA) ALA AjYoHAES Alepo] 3 Sle) Gialo} 2 ARS Be] - Asp) He asaya glen gel $1 22] Be] ASY BQ ABARY olsjol) wales] Ze7t a 9Ke7] OW} Bels}y] ge Sele] gYskeh BU 78 AEP ARZOWAS Ale] Belo] ast of 1 YS] Bel, AY, 2B, AL, yo Alt SAS] BIS Adio] BH BAS sy] St = AR ehat Ballo} Fe} }2] alee) ab SSS SKS SR, AS HO] AlepHAL wat gees 2S BAR + URS se = WAI UGS F711 Vol? Bake 7g Alehe ARBS BHAI] Brlalel WA] DAR BS + get. 3. ASAP T A PETAR ATE TAT] alsa (1) ABO] Sesame So xp ASU] BLS GY ASO] ofal7ieiiAloF 90] BES Pte AS WES Beefs, a Arle | Sede: A PAGS MAAS BAD FH We Wa Tse] Ws" ap #9| NYA} FLBHE| AVIS GE Aa o] Saeeh. ey Ae detekS 7H Alena ale AQ] Aloe Wet Bey" we AEAwPS] ae] 7B WY Delo} 71 VPS AlsisuS AAA Qo Pea BY SS He Boy Mae BS SA) ANARS Ut + WES THI} Vol A? PEAbMATE yPsO] BP. AEHLEAIO] 4] Bay Fert2) Uebel) ES IRI) Boe 22] GAGS wee Boy MAA EL a WARS] Uo) -@ sage] Gajsra) ghee. (2) Strate] Ba} APIO] SSH Fe}S] SAkowee| al aslo] Sad aoe Fase Salads) aap & APS Step) Ye lear] weet SOE, BEAGLES O}8spH EIS 7 % Z olF $9] shjoleh. 4 ASMA AS SezIe] AAO Be] PASO] Vely Bet ob yeh steps} AL MORPHS NelsIo] SUIS Bal VE Zolo} A DV ARE Ist Zo] BAY Bo] als] D), oF Mals}7] Ste} ARHS. () ERE A) YARNS PeH19] TERAWIS waste} Bejsho} 9 WSS AISI SIMLEH, 2012, 10-1204 10 APAOSE BA UES RIF Zio] OF7lahere Aol cHes7h SSMS Wisi Oe, AS] SeraelS KS RES SD, OF ORB Be 7Isl0/9| BAIS JiSke FES Fe WMOe TO] FAC INS MBICt TWAS OH, RATE OWS Hiblstol SeqielS sae 2 9 i SHARE PER S welo| Sin, x-EO! alstvat SHE GARGS Ele WS HS 4 ge Awe! Bt 707 Bich, CRIBS “AIG Bol MOOR BAe Bele} IE ANSP IO} Oln| AISA XiGIRO| Aree! AF = Aletta! = Ala SHOR she HAO BASINS OS SIOIsHe Zola, AL © Mol SEINot Zislo} MZ! SE HzO] ofol Ze!EICHD a + GED "2/a BLAle ALKA! 1967, 5, 12, Am Becf54s, 864712876 Bia), “AISICHAS AKAOH CIBHOY SEmKE! SAFE at THEEE EIVIAO| Ao] O}FO/RI7| Mol IES Six] O}LIS Og, -L BALSHBO| AISI! ACTS ATE AO] ‘AIRE BHO Glos Baler LOH SIBEICIT = + gic BAIRIORA (cH 1996, 10, 16, 21m gech74za BBD, “AISt ze] ele 2 WB BAPS “era o| CHoiol “AIRE, QR, 71, Jin & SIS BAM} S10] Qe Bz etateia gic ‘Ate 2014S 9B 18 7H, HE nHr2a70m, 201544 9 19R) AIR, HOAs AEP eb Al Sh | 37oF 8,” Gi) TEAMS S71s1o] SA) 3h," Gi) ARAL 82} APA] So} 7ke “47}2] Db, Byalz}2] zejelo] zt 2 WL ARLRRMG ZEat Gl ARRAS] aROTY 7 VAS 984) OHSS VL o.% 9} BS Ale] Se-yo] aa} Aletol & Uyaiow Sxaiels] asp} dain ay SIL leu], =ARIA| Arh PEP }e] EAB reo] SAIS] | Seo Oe AES Bart Ich ) Feo] SAO SPE] Be 2A Awe wish Vol, AES “AES Feo] shag, sHyalats) gelelel eel al ARLENE zat Wis AE] alo} elspa ARES Fasbal IEP VROEM Ale ARO] $2419] HALOS BE] AMES Bol] Zt apo} Balto Gash seh Ot Aleta} ARS WOR Gubob] olaislalet fe ARs AMAL FOP) ol9}& Hah WeIeHS Zot BK a, Ache dae Wlaloe AAD Bo] Bro} seks A Bod vio} ae Hot Be Alehe PHO) gleeHE aA a 20} D2 HSS] EBB F GS oleh 2 eps] SAL SHEIe] aa ASMA B14] Fol Ue +e2}9] Ala Be] At SAN whol stokes Wee aa ©] gout, ary wl Ral! alalato} algal eo] Bo AD WS] Ale Belo} eh} 4 $9) UME ABO HELO ABE BY Se Ae ASE qisloe seats 3 Feo Sa) ojaisha Ae AES 9] Eba}o] ARE SMils}2) obRCKE ao), et 2p] eistol spa EL Slay A ISIehe & AES & Abel] AHElz] of }eie}at Sp | $22] S4h Aloe Szbaao] AS oly ae. Ut Beale] BPs Ales se] A) Seay 2 AHS S98 a PES ASR Rel] Be] HN] Gsle] Saket MPISKS BF +2712] Behs Saket a} GRMLE ABE}: Shs Ro] obdal7} Ba) a Och eu Peale] Aool= aye as PURAOS Epes agysjo] Hela 19 Ae M7, ete a, 16 Aleta, 16 Alea x24, 17 QRhs “HEMELAIS Bet OFA” AiBCiala Hera ef Phe, 2012, 122-1231 SImHNS| See,” PAIRING MIG0R2008), Bt 78), 4084 49 ciel 2002, 9, 15, Mim 2o00cIsz181 BA 20. ce} $4 1996, 10, 15, Aim OCH 17424 BIE 21 SISEAtS| Ein CASH APH] IIo] OL SALE ZH ALAS 1B HOLD ESA AEPAISIAI QUE AHS Otol ict 22 CHYELS () SEIXIE MEEIE SS}01 APLARSI HE AOL CHolOl SEIS} SAIS AIRE] AIRRAIELIONS A hn AAT MEE PASS FOIE! AQIOIA, 48 HOw NEE BIOS st ASHOMETIE Basic, SIRO] AIS OfB}o} AEIPEHO] AGWE SERIO 7 ASIVCD Y OLD, TF AEIOH CH SAREE 7H Albl 29 AMIRI7E 7ERhs AISI Gt HOHE SARE, alel M2402 MORNE AEEAISIA! M250 MB! x2s)ol A GISKe "BALSA! 0190] xP} BalakaIAl ste Beleeal XI Salol MBEt Be of ateato! el74I0| CF7I0H SIE ‘SO CCD Bf HOES NIRA} ela AIAAE UL Of ALE SIF] OHIO Bers YAO] HOS TH, Sir] Q22ICH BICIERE, OLRM BAAS Bele AIBA A iol chatol 7inie Sela Se BeleseBol tsk, et iol cholo} 7Haik= AIeHYEAol| Bet HONBONES ofa! BiB ol gic feel 2001, 7. 18 Em Zo0IC} G2e7 He, ©) PERLE SxS ASIAN ARE Set S802 ERshAloe Axl OF Seas HOKE AIO 2 SO1HE Sel THA BAI Sela! EAE -akio1 siMo| OJOS WelestszIo| ojLieln slgoni cH 2002 12 28, a 2002} coded BA), (i) HERPES 38 | BFL 419022018. 7)& AWA ASA Ee ABH] Ae Abi disic] 2 PLS Alo] S uf, oleigt Pleo Gees AF} spy Sl abel] BRE WRC AMAA) 250% A249} al2oH4 WOKS “ATAE So} Ai} SRAM} ES SAREE BAAS dl} ASS ae] asst] BAR Bal HI) OhIS-BE, HEz}o] qs}o} 3 AWE WISHES Ss Aris} Fes}7]] Te]] We GES BA + Ye ROB BT ge} o} Se HBR) el Balls, AAP SIA +E USM BHSL SAYS] 7]BhS BPE S}oPALE Qt Sa, BMALELS 71s Bell AEA SPP] SIGBUCS FSI VE YER 9} Aol7} BLES KF} slo] Saya zoe Fao} UKE Hele EO] a7] s]31 ghey”? (8) +2Ho| FES Set PRY $9] BP, WHE AGS] HES Bat | FORRES BSI AHS See Be +o] slou, 8 Peete] aed Aae mW] qeaee] SAS AAS aret Sarees 2-4 spa} Beate] Ello] FES FE ao] ERE sp] Reel oay, S71] F alae] asia] Zest 71 eo Aga Api 2) PES ofa}e Bwoleh. oll wale] PEARL ASA, Se}}S] Aa 7H] PAPA} BRILL Ge Holme. ayy ASUAY WE VSM PWYS VK oe} OMAP? REA] upeal eo] Saps}ojo} wl 27} BO0" SMAPS Beso} -e}-wet Ep Gell] EHS Zo] 7ess},?> WRAKSZ| AT #98 Aa} S7iSlolk She AE ofS”? #2129] $59] 7Hset Seo] sick. S38) 7H Al SOW SSS WHS TEKolant Ho] SAAVe] HE WIS AUAoS SyPrasp o] Se}salo] We, Fela, Selsey Boao] Ge, Folsael delve, 01g WIV olaol wet a Bol get Fala) 21 TBS FO FOS GBA gle Wal 2A BYE wiesisieh, ols} He pegged Bo] eq) Bole AHaORE SHeolzloly US SERIO AIET SEI HEIAIO| AION CHEE A 29] Hes FHsI6! NEEPEAOl BSBS fale & Ajetol AS SSNS Aelo| Sein} Agel AiAolaS EAE ol Bel NEW Mx} wel BuO sHesiclD oR AY ARRAY SISO Che SIARIeLaIROLY che Rela @ BeMOML} Selgwaow Ansix) Qelckn siete MSHS SO}MOILY AE ESNO| let RIBS AlBEIAI OF Lak Beleixio} Siglo) SANS + Sick BIgIOOKC 2008, 6, 30, Him 2003CHE68S BBN, (i) AXP a AR 9 SAO XMCL AABAKS Pistol XMS selela AE SES718 O18! CHS, 1 YEAoH lolol Sexist ve SPPIS AIO FH} WOR ACIS Blow B} APBD] MSIE ABA B MUL SEIS ESM MOIS Ai} HE AWB 75122 A AeIAHOl cist SLEsRITE 7H AG ZS AAR} AIEIPSEAOY CHOHO! 2E= ABS AER UAE RIRSOZ NiCB} NI2SO| ‘APR S10 XP} SHAKER, SES SHEDS Sfslol ABE ab‘ol ateloto! shares] Of O}7[0H SES OLRIA| em, SEERIONA AIRAIO] BIE SASDIU WSIS OLRM ABSIIL WasIE Bele ABP AISEAION chtol 7IRK StH EE Sages zo Ssin, SEIKO! ClsIO} 7IKke AAP SHol Bist eto 2 MiggtaaOlt= SABO! Bich WAKCHEIS 2017, 1, 23, 41 2 201s }47327 BIDE UH Ch ep, GO| SAU 6), 697=74284, Cet SHES BPO el W AeIOHA/o] HAO] etsieIC 25 SHH, Gel EAE 3) Bae 26 WHE! 2017, 6 22, Aim 2o\ari2e5800 aHeIBIOIR wa 27 & BABS] ABPLOS 42}NO| ABH 20] OfLJe} gf tle} iI9] Se Sto] S7kSSHRCHZILt EILLAIEIZIeH0| AEI7 IO} SHRBKE & SIMLAIEIAIP}O| Bt wlol fe} SILA! Si7igjo| Besiolor +210] AsHBICL 28 BE PSAP IOI SANEo| 401ml IE xisist>} U DEWES Aide SWE IS Fe Ae hss. 29 PEASY AAO OTIS! a Bl A, FOIE APMSI7ILE WAS UNS BE Mon 1 at, HelRe] ee Eb AOI UE 220] Ue Whole 2 AA SS S71 S SiO} LOL, 40:4 XbA} B7ISIOIO} B= ZS OIC, 30 Aisha! 2478 UN AIBA, BESS! 24) S| 39SNE WYSE NA, VANE ols Be YAlo] FE AGELD YEW, ola} Ae Sopadg AE ees] SASUol AYA) ok Po}VAS| BuMOee 4o}go] ofa Se gleh! aay apalome yeakualeto] $e pr CHAOVAL GABE Ste Ws NILA el of4] ralehaa else} FS TS YEU Tazo] ao, UPMAIH webste| Hoga gee Sal BY 93}2 Bel Gaby 2 de] - oe Al BAS OF 71 WB ob Saude) FeSaules] Bea a BAS Ye Roe welch $3) 74 AAS Saye] Sasigigons wtbT, ARE APRUBLRE FAI AAoHoH ole Hohe? gL Ales] Fogo] aeoiet pelsa eased Be PIG Fa eM, zRLApORe SAGA Het Folalo] 1S Wael a tele Woe W elai7t atch Ball GAP go] gag serch, (4) let SAPS Set Se Aer Set PEAUAlaS] 2p Aleta] BAe a BA) ABP IOIA BrPPAS Se Yep] ye A108 SMS Ageia Age 2901 ul a apt oaow zhesbol, Ariz voy As 3 una) AWE Boe AAP Bae a ZHI] SW} 7Heale}, ole aelol Haig AQ) ARLHS OES WE Alzh uel eate, BUS Tag NS } ge Bae] ge. ERT PPOHES O18SKS ANPAHGIS] 89. chp] ositiarit Wolshecl, HEIRS She ae POS ASMIe] ASH SEH MRE 91 29] ola SM 4= Lat, MAA 7} Bl wpos. ACES ALS] elated wel 34 Bo] PHSBHES G+ ae & HelalaHeS] Bat & aA Bas] SLA + lou}, AlESAT Boo] APSA hal @ 22 BARE} Qo SHALSE Us} et Baal AAS WAS 7HsshI] Ske Bel ae TL, APRESS 7HEPRIELO| PE! SASS 1, SU AT IES] SAE BaF SU EMIS 11d aH BIS] ORALEAIEN alse a} MR ale] sabise] Aq HHMI Swe ob, 19904Id BE SIRE 1S QI AEA} AEE, Ae} erie] gad yale} gle Ue Ae }EO] 3] "apie sigieu, 2184 sa daa BL EIGER 1009) @ ODE 1178 APE Bel Sol gre” 2o1std OF AEHISS] Holo] Bais] Soest Eo, lS ee SRRTRS Zin ge Ae 31 S84, “7RRMEWIO| AISIAIROF OLR 22” BFL AGO, 2010, 1, MECiER SBE! 7501 92 ZEAE AO, 93 SHALE niNO0=R, 34 ABIE/ BAC Gol ERE 4), 4001 35 AeA, Jee 27HAb Ame” PEAS SMES IAI S29} TCHS! AIRS Et BO 2 SSOLROL Sew, 212} 2001 SBA 7BOl MERI | SHREESAIISIE 200g 68 28) UNIAmEIO{ 200K OL DISSED, CHRPPEAWISIS 200zKd 128 SOW DH Maso} 20rd 7817 MNBASHRICL SHRI AL Ie FEE 4A 12 7,000 Bold aici 2x Gos Sysiza, IHE9} 21740] WET, QICHAHEIAT 2} 20F Bol O1 SA] SOD), AE CRESS AAS | SBR IONE SA] SIRICHCHME 2018, 3. 16,44, “A! SUP MG, % Ge] AME O/H a) 87 BERRIES worn kota 40 | BFL 74908(2018. 7)Wale Aigo] She} whe eels. eh. ey PSAt B7)ASol Tet Aer S-go] SL] SISNeT, AAG} SUA BSARTAT Sshe 7hea] Bers /7t se Be. aleAh, S 3] 1978 PALE AS] A Be] ZED 7B Ao] sofa Eh8% 2, PIE] AS peace lesa) gl aleal}o] eke] ol we} NPE Bl UPI ROe Re el, AALS. 2] oL Belgow, upp Se PUA. Vee wl vay geyser ARES, JHB AES: EIA] AletsIAP elt B delatol KE gels} Welstel PEAb NE Be APA SB, NE 2S, AE AVA, Seon ag7S) PRO AB QS AEDT Ha wa BEER wa BAM} VISAS] Uavyh AVE, WAT $5 MEH, 71h a MPS evel, chal aha yoe VENI aa A) ho) Aas ABR ABSA} BRAAOZ aesle} At dabprpel Fash: We Hee steal, we eo] Aste 7le}9| AAR BOR Abela) 0] AZ oh AISAIS] 24@ AlzbAl SIch otol Ue} 218 IES BE ARS pehsuaal DFM he] Ae MEE RCaTeHAO} Bh Ap AuSRMDL HE ooo) QasHA SIAR Aa Aloe ARE BE aH oo} UE eT YSE WA) Reba a 7hy¥ol SHE oleh, AMIE IGS Bashe BP Aealel Al SIP} SAVIN BE WE pale Saye 5 YS BA) AG} Ee VI} aah: +e YRIHH EES gexbeye| Aglaia Faye al wesiAto} DRAR (a 1 Ase THENEHS| P25 38 RAS/MEA, “RIA MUAH! QT} OL” SNBEIE (2017, 9), 324 30 FAI /MEA Bol MF 38), 50 40 Bad, “PIAS Ag FEAISIEIAL AlRICHO SECL” BS DIRE! lesue Repon(2017, 1), 152, PEAS) 241 SAE] 41eso (a7 5) | 2HAOIR ii apIEE eet PMO (Al Bazi Seo) xB EIR L— ‘Als pL >| obtt Sep = OmKH) Aepp a | Re IeISIAE aes = gi Of ARF aa I c ABAL |—_] (aq 2) Bele 7HeAIEto! FUE Bah] bala) 19] 41, SSI] PPA Polehg FI aa eh Us] YARVY EB, AH] YS] AY, ofeiet APES] 24 86] $9] Ao] Qeh." AS 7MHIES B2] (aay a} PS PAS aketh Wha Be} AVES ABT} Fo] A1EPS|AF 7b ABARAT Slo] 7S seBsAgt, $1 SAV} AES BD Alaee] U8 ES a RK Bell 718 TIES CHS SS TEA, ABM Hlsto] ASAE A7PASoH| TES BAa7t Ao), AEE WS EON. Bele ARS ARIAL FAlt oh Set} 7} EAM BA AS ASKS, AA] OSE OE Wee 144} Bolo] AHH a Bee WLS Has Wsiat Hehe ols} | Use HSS AS} Bele] ABS ©] aslo} ASSES sols AGS BES WS Aech. Tey ARK He} ALE Be] 8 APICE oFoll] ALE] Palpopal Ss opto, SERS OFS] PAlpeleach FE 9] QBS Popol se Bele aleptele] et ESA AS Saas eth, GS] Wee ASAE SASS BE ATER hE O1SY} A] BEY WANES] FAS $] (az 2} Beh, oso 24e)y 7M ely 7TH) Ai] Alas Ves] elspa He] GE Dz} Ach, leat IEPA S Fa Yoy US Sb A ee ALBUS Bu] FH O}BEKSH, 2 Oo} He thse} Sth. S wy yO Ar FAI AWAKE ASIA 7b ST OS of RE PSVISSOS AREAS APSA BRAC} Shea], GRAS] wpe ay FE AAAS] Alo] Seta}el A]}ea-eeoH] A TaAS OE BS, AS AGPAAYO] ay ais aay Bo] we} Abelasisel SUS FUE NOS] SOUS Bayt W SM SO] WHT” Sxhsst A SERENA 20881 42 BY ABN AON an ER a Aa RES AU Sate Sol, SAbl aes Og OnpolImoR she xrael SuACINE woREC, 43 MH 2017 128 268) Ne, BE HINS2005, 44 Wa © MIO AINE ke MBO wher SeKzIeHAFeIERO) wont Te ae ABMCIZIO| Ape sis 42 | BFL 4)90(2018. 7)GE 1) AIS THIEL BAIS TIRELIENS| IOP) AS 7A eS HSE @ BARTHES] AleHsAie) Th AAPA He Hos) G) Saeed, AAD ARbiie) We Bela] ales} | Akela ae Berke . c epee! aa) niin) «a FORKED © FaEKEER wnueay® 4a ¢usaa a] cw aeaaas ee aera amas | O) DEINE a a4 ca) 24 : : Go) 21K ED ae Perse] Bee Aa al | aeevKs4t seevt eeweeD | ate” ER BL DAK GAY ARSE Basa S gene wa aa | ae, Fe ASKS URS AVE Bet + 3 $F Bdes ES ade] AB AR] Ba} se 9) was at Ssh} Boe aid Be | ae ag | ABN PAS Sl Algo) oe 208 Aa 4) as | SAREE Fe At ASR HB | apclagerer Boley al AagAet 4) BAS) Eat sree OB BIOS 1S We op yey wdwer es USF FADIA Slo} Adel el lol sto} FA A1z AAP gl aor A] 45 THIMRARIO FECARSSNSIO| Sere ey BS ISS Hol FASAISSZA, A Sat, SEVEYS] SS7INC, Aeiiae] DEAMCE B HEIRS! CHS GO| FASANO HBSS AAO IE BME TiO CH BRI SOMATS AIBSIOIOF Sol ool ay 2 91 CHSBO] SMPOMIO| AIP S7hS OF] Sel 3S EMIS, FUEALESEAS alist Neen! 8 aol ZI6t gato] ‘Be)l BslOl CHE CFEC HOPKINS Solin, Bets AID} WASH BP FSS BBS AEIEAISAA| S98 US Agel sielol AIRS she S BAeLO 20] FUSALSSNS| AS Alco! MSotD gIct, 46 31181 7HAPAELO] BOITKORET} t= BARNS ASISAEM ISOS ARIES Hol THSSIAIe!, SIEIISeLAN7} FEIAt 9 elelo| xig)ol $eaI7le et APOE Soi SE act A SAAS UF BA SXF SIS PASI II 7H WEL] Bot SAlOl ARIS OLE RIEAS| ZIPS St AKSOIRHOIA OBICKE Xe] ABO] RASA Help (PONE MOAR SAIwIS= Bt SAAolch, chor BOC! AGIA} SeraloIo| CRE BeIOIS, aia A] AAP Avie? S2 weleic}, AIS PRBAITIS gle] Bele JhWAleIe| 2S, Bajo RQAKONEA} Se BAH! ASAIO] Beri I= HEAVE MAS TICKS “MOIIEES'S PAI, OBGFOIS ABA: AAESOMRE olgtals okt: Be 218 RES SEH IBS Se Be EeAIOR Mat SI, HEV O18! SEA HESIE: IRE! HERO Bela RENEE eas Yeleich eR WIBIaHA 221 13-0284, HOE OAR FAs SERA RIOL lsjod Bese! ey BI Col cholo: REA SUBRSe NAPALI] BOI Ab ‘elise! AigIee Bleich OLE} RRNA a Sa Bt TAXIS] ARBONETIE AIR + Slt SE O1F COMMITIOL 7H} SO ROTI SOI iO] CHS 2} SOY OF SIL}OH BH Sole AB ciolate of Sich coh =. ABO! ZS Ha) 317] Hotel HBBBOS Sole BPS Testa! of fskc, 1 dig 8 2 ORIOL EH Ee ISIS S aE BEIT) 24 S| 433H o] ue} aga S Aa gal wt Baye] WSS Selok SHS, WIE Alo OE Ceaol Gat GAS Set GEaAlERS Sfojop SES, Fuel AKL ANS gl ASBel we ag aS 28 S41 8 Sho Wier olast AAS] wBoleL? de aloes Ze] Seo] sls Y4]9] deselst Ade MEAS BAS] HeselS Blast] Aha) 37H, BAS WAS] Bayt Reale BS FeAl Is} 2) OWE EADIE] ALAS] BG 0H= 0] BR APSA 4] ALBEIT Qs AS BF sth 3a aa (1) ANS HAE] LS AVY WAS AIS BAS esl ARETE} Sal, ASAP AS 2B SPE Ze 2aHo] eg AL SEBO wey AREY SA Yea) etc. AMY WAI] Heel AISA @) A ANE Majo] WE ZS AL dS Pols 93h of ARFShe B92] GARE BL ci AEESLA}S] DRABLSRE AOR doles Ala Anew | VAS MSA ch ASABE Azo BRE Ay BLS dislike By Aow ep Ages, Ale}lo] Ae ARPS] Azo] BAR BSS Ssel ol HSL P27} She BPS PAPA a VS Al FRAY Ble] lola AR S| ARES BPP EF YL Tey Hot Be WAleH WSrleke Ao] PA wh PEP}O] GAO. BHe] Hos}o] Asa Sed,"” ook aleby UEP THE o}.B°% oH] o}sto] Akget oz HE ASMA WSL, WE + GLE BGO Pol ob) Bee B38) So}Aol oe ug Mey ehslolS AR: 28. yl So}} BBS] 7A} SBSH, ola AE ARIO BME ofe)g ass 2 2) ATSpAa asi WUE MIS SS ee = Rol BME a, AES He Be See VAEBME ope} ae elajlee B SaRie Be 2, Sie 4 CAH Baha AASB EHD) EE S7|sh= Bot 59] WHO aSHS O ANZol CHE AIGA SOI AIPIS wf ay ABIES ot SAH Ee IA SROVAAS SO Blk VEAL AL StL DIR PIRI. THEME SOI SxtzO| wp BS TQS ARBE7IO] S7IS7IMEEER)SIOIOF etch COP! Ale! Sait Sb AMIRElal 2! SERPS MOVIL SHEL CHAI AIG! ARO] ARTE OMY AS S WBA Boke Boks AzisiAI of JoKch 52 QYOl, G6 HF 8), 502 53 RR}S AWAIIO] aleIOLA o/2igt x1 WISE gIeixK-holxt >t HESPIE Malo, SAAS olalPl we chgol Alse weit () MEMKOl Obst ZA, Bate 9! S7 ius (i) Bes Y BAIS (i) ARIS - HBS SOI ela, SeIOIeHe ote og & SRE BI A ol (iv) AGHPEMO] MSZ. ARIUS 2 BiH (v) BOKHE) 3! SIAIE Nelol Beet us (uv) AISAIS ata BetsIOH Bial giOl WE AaweHs Atel 2 BGSIO| MEIKE SAS GI IA A) AIS BEBE] ae) (vi) 2IEz O10 Boke ws 54 Meteo 55 SANG APY Rely Neto! AIEI7IIOL SS APH + Ue S21r191 Bisiol Heya) BORG PASO MEET Qe Now FRET 56 ANE Mas AK8}, oT Aste ea AZ8t, 58 AWS2|- ABU. ATH. DAMuls Se eelehol 2 Bolo, Asie} AZO Et DRA cloloes BAe, Oo] WAS BF HOO Seisse sich, 44 | BFL 19022018. 7)aPRSISL YT PEAY} Mees BA] Qe ales Woe IF We a, PPE: sds S 9] Jalete] BS AMRS elo} get #) SWITUS wpa Ske w? Se wretstol 7a ASMA ALP} F212 we FES WH + YES S|, $212} BEES sh of ABE 2.44] ARS + he whol ERE CR MSa] Bele Tea yeh. (2) AEPIRSCHOHS 2} AEH OM SIEII2| CHESS SEP Mee] EA ae ASAadels Alo] Boone aeP IS] ABATE AS sa AEH] DRAIS EA Bo] AZHSRE| ARS St -p YOU, Sh Ab 18 AES] Soke Ale} Io] BRAAOR Be] ASM] AIPARA) cholo} hols AS aaz sp] ae ofetat 3% E29} ALE Alo $eAYE Coles op EZ HE so} AMOI BEA RAPE] Ab BS AME BF ABIES AQ NBA 44 2b) EARECE AIRES SAT F- SPS] ASHE POWAE + GLE ZI, o1@HRE A soedesa} aadlettel AREAS a] Bel, Palpolze +]z}2] weFol) Bebe St AL F oF9] AEAEPAE Po] Sxaoe aly Hojo} Sz. AeAPIM|o ES] SES} Solo @ Aor.” Iv, SP ASHSS olset Hea 1, SPUAMPI S19] RSV SPASM Toral Revum Swap, o}@t TRS), FP2]ALAeNcToral Return Payer, O]8} TREE 3I)°] SPUPMACToral Retum Receiver, o}8} TRSUHF=R) ol] ZAK SIS, EH el We A7SE | OW WYSh= SEAS AIFS, TRsmH reo we HE] Z|WUiboyS} BYE GAS ARs ogo] Ch BAzMLO st FA, ALB, AHE, OBS cp FR Ao] BSETA, TRSHH4ARMMlong position pany) © 7IRAMIS GS} BSL AHO] FE UH ZS BIS WS + IL TRSAHEL Ghor position pany oleat Ale Bet ola -S9] HHS ae ae. Suh FH] 2] ASUS 71a2hhoR ‘She TRS7} ASEOONMY ARRAY SO] HAS Bez we. ALI obFolal TRESS BSE Ah FAB | capital restructuring) AAS AE 71 o] TRSMASECo BASSES, AEA] S2Iz}7} TSA Eel HSE Te} 7\ed So TRswreloe A AREAL Fa}Aol) W8et ese lzHs 2S] ab Bal] WS 71ZzKIH GR AAS 2 Boe Bese ARSE BS 7 BAS S Agata} ae. 0] SoWAS ARMA S AEEPAS ALLEL BAITS FYSAS 71SAEOE Bo} TRS7} ABEEY HOE BEST Ye ay ARIS SOR Aes BA Baell eh sa) ech, 59 AISte! RUG MEE 60 EIFE G9I ANE 9), 385 61 253 BR 62 MPA OaiB! ABI 7E AiRIe! MWAIELO| EOI SOtsin| GE BP AEA AILS AIO! Solel FRE elnio} WAS SI7ILL AIEIAISIO] GISIE 71 AIRS IANS F201 ASPRIUOOS MBIFS] Hoss seleis AS ast alg Hoe asic 63 MESQAIN 2012, 4. 13, Mim 200071846005 Beh 64 OFS, “Fl Be Btoluhssrialol Mut exo] BEE Bxhol Bt ston” BENOIT MITA xIsieore), CABREL 2088 65M B/Z4Y, “TRSES TRG AREA ANS 2016, 10, 1084 REPRO] BA S| 45Cm . SHIRL 78 215204 So 40162 Sait s08a Ett 7 seeenic’™ (22 BE) ei SEH OEEeL <——. >| SPE AoHO}AOF (2 9) 468 WSR 2, TRS] ABBA “IA TRUSS WY 712 St 7A BY SH BE GSES TRsEMOSHE olay = Bell RE ALS, TRsvHE Aloha] 7/2219] BS7 lo Mast sols Aleshec, TRsUH FS BP) 7/2219] BS7Aol SSS TI S TRSHEMO SRE] SUS Aa AS OS ALHSKS lo] Ele}. vba TRsuH+=ele] 7]22H bj) A SSK BE LSS We AS Balas. EE Tre Palo] 7]22H19] 2S2}9} Sesh 1S Slolahe zloyeh 7 3, TRSS BSR AAS] AA] Abe] (1) Aer AAPA OE BEARS ALAR EAI] Fest BA BEE WELL BE] AST BEAL (lsh 21 PEAS HSA AAo}o} Afofol al adap as, Ba Wee] H013al SAAKOTS} POR HPS AAP] Afo}ol) 2 CSAS 7MLOE ORs AIS ASAI ool Woe eels 4 Cal ast ech #2158 PPLE Mp9] Alefol ches} ee USS AAS Alaaisic. 1, BUBAS 71M, APSR! gt A7IaINO) BAL © 7eIUS BALI aH Al AOXE akzIOH oF ot MOEA BAbHpo] SRE @ APANE OHIO] 7EXHOl cis! Bat 4S BIB! S 3 APIOl clot AAkS iad CHA| AL FAMMIOL ABS wollte waloice 66 EU TICE OSCIORHE MENS AGS! Oot Bao BES, YEAS Hi HCO] geet Aol, 67 BSF, “TRS NBS, ASZO| oY MEMO! TEL” BFL NBO, 9), MBC SBME, 51H 68 AUDISICHRHACIS eIcHeIO| AIDELRIIOIT ACHR Ze & Rosie! Bal esol Sie nisin, AIBIeLelS eleyo! 9] Soisiol RISB] Sy = BOY CHOH BIHAN 2 Adil SAR F918 Alek alias eloroiy, FS SUIATZOIL CHAD SHAM elckRbIeIOAy Be orgeict 46 | BFL 719032018. 7)@ 7S 27] OFM APO UIE 7 PAA Ab} BIAS BP SHEL AIBA] RIBTILIO| 3poH= Ol BAO} OM FOFEIC, BUS Ua weol cha ol Rove @ BO cht GAS 7RAHS! ofz!74240] +2} Se Sxxjo| SSC 2 AS 40150 Sat XPtAAOIA = SMES XIBSHD, Hlclel BE ALL Jt ACSA SxiMola| 1 ASS aBeICh, © Heo Cet BIS wie7IBa AIM MISS Ol HIER 29H SxitISo SrE+o| Sa C4 7/040! 2 SAnISS| M72 Se Ace Bet sour} a Be 4oSu RAT PEANOIA 2 ABBE AIST, LICH! SP AAL 7} S21Se Sxinolal 2 STBS ABEL S215H BE SOS MEXR} 29] EID} a Oe 7EXWO! IRS 79] OFO| Ufet BASI7|= BICh, FEL TRS] FAS HI Ge AS EE glk SAKE TRO }eloB AAP Re. 9] Meet ob} Aziaiel Nyaa] BAPE Be 72H Ba BED) Selsey Wet = BE GUESSES TEE FST PY 2¥e] ofa: aol URE ALON, ga aptoll 71x42] BE7PI Va esol AMON: FAMt She Aoleh”? ole FAS Hebi BSS wel Bz IE ee AAP NIA MHS AP eeletoy Bel BEANE alasle] B21 ESO] wfzjs1 BAe asp 7h BA BE}O| Aolol AAelPPAS AH AS. BES, oh Ah aA 2 ARE WES Zeslo] PEARS SHS lel obpel alo}o] GaN, ALG we} aap Ad) HES ASHE WEEK: Be] ARE BAe HOE. aeleleabHeS ase ae ay Z Be US APN Ao] APAIS= HelsicHe AWA Bete] WS Aelgy, Avaz] Veda} At AAS] Yo] et BA WSs sols Bad Be St SASS Usp] SAS a7] Me Salo] uke] low welch Tepp Ba ge 2} SoSH apoyo] wey wale|7] gehecy, ole 24 BES] Gogae Bae pee equi] BAS 7HIBE ROMS HSA Bl SUE SAA] eAe]2) BS 7hssol = ool B87 PSS Fe FoSe F ABHae. ARLE Azle] Weel pelgaluche SHERRI BAS} TRSFAt Ba FISe BAS $9]Ho|L} BAS Be] Selo AS @ Roleian Bebsio} Bz BES] AAHEAIISt AAW} TRS] FAS OBO] BA] BES] FAT Ae BABY gd Ale eee. (2) TRSal+2lo| ZEHISOR we tel! oft olatgt TRSTAIES TRSMIFaI] eo TRS2| APRESS o}gstol AK} 71224 & Asti BF wes, ol A719] BOR TIZARLE ASS Ale BF WEAN BA a4 9 Bole” ole] BSE SPOR] HSL She BA] F2Kele Bae ol AR 24D HIS 60 Qoxinie} ARNG ZI Wale: BF EE ANS! BEBO Br} Waele BE Solel 70 PHMCSE BABA 0] Ha BP AMOI 3 RIBS "IERIE! 42keze| etaIR) Ol AIS aI Ale WAlOR saln wigfol 2p atshaeny See BOHRA! SSK A7iRNOI AIMS et sess pee AIO] 2S Ofafele ALIA TRSMISOIOIA, ZAP OA i TRSoHA-2o8 weet alo] Oat HY OlsIRAE Halsh= Cl7Beldecoupling) BO] SIC 2 B10 O}ol| Hstok= Best, “TRSS Ola HAL” 7IgIeIel FP ABIe ANS(2017, 3), SHA 7ewee, 23284. 7 PEARSE] 214) S| 47of ISSHMA TRSATSHS: ALAR Azo BE A SEPA 2015, 6, 11, Aa 201471814256 rae BU + VP. WAePHES @ TRAE alel HALSAe] AE 2] cheraHopyyA|o se what % 0] AR] SA) whos AAS abgsHaLS, OMOR RS] 4) aoc Het doy ete] BS So] PYOR 7] o]st BEE Bory, |) TRsA Spo] whee GaSe o] AR FAS Bese St Yaa MW ojiss WS Wes 7144, ol ABA FAL QS1S OPORISHE o}a|o} sz 1A ABE 4 UNAS AEBS Aakespsol 4 B59 Geel) o} ARI 4) aH eel, SITSUKE GAISB ABA S WARSS al iQ BY APE] AALILS Sach, OOM RRRE 0] ARG FAS GAL SSE els Za] ofLjstal, ASA ©] ARI F412) o1twel ge) FEW BE FE QL, (ili) TRA] SVE HO] Ab A FAS cA] ob ope gol SHE Se] Bh ASE OOM BPLSHE] 4] chops TiS BSS + Me BPH obele}o} ga] ob at che 4 SS Gol BH o] AKI RAS oH Fo] Gf OF Ay7]9] AROS EGS QCpaL 7] ofgietsn wayaisich72°7? 24 ARIE 24 BES] S1Sas asly7p ‘TRSAME Slo} A 2719] AROS 7127} ALS ASH AOE Bp YEA BA A +S AY & oly, SOSA Ht Baw wa pels Ao] HS A APT aS SS ABA Mt Wen, 93a FAapt pelsas agehs Sel dal jae! ol oleae Be Bele 7eAo}, Tesh SE A) AAA oZIsP71 2 ake SS Vovt OHS g Bll ME a $ BoM YAORE My} 27/2] ARLOR 7K AAR FISTS AS AOE SFE USA 22 mele”? (8) ABABA EA Ba GEE AUS FES Bone ae Seeks Ba PEAS wiglslela Belelel AAS] AGES 71S pS waepA as 9} 24 29] Volo we} TRSTAS gS sp 3g Aoz welch BPH Sebo Ue Sele wa She BE > we”? Holga Bxdolay BESO HP: TAS ATES she 2 o] 9] POMAREA] Sho} AABSHE lol RAL cup} BEslojok sy, TKI) el wl 0] 91K) 21a FAP H MAF ZS] Blo ue} TRsAleho] APA Wolo TARA] SOLS shin: aes] Ge Wow gt yeah, 72 O| NMS NYAOLY AAI TAS F BAS [5104 Shas] ct 73 9 BIiON cB! LIBS exEI6}, Qo] =F 7H), 34204 O18 74 XARA AIEEE AISSIOVA TIERS “20! OS] FITS 27H MTZO GE OFeXISS ASHE UIA SEAS LL Slolol +O1SH SIA?! RIREAIFO! Bol 7a B Se WOM gf AoIc, 75 9 BBS SxS VIS WD OS BOF OYEKEE 73), BS 5] Of AALS! MRAIOLA BICIBH lol, CHE weloEet Of ANDO SHMOLE BSR 4 Ue 2S obs 2s Bete Ch, O18 0} ARIYORE AA} TRSPAE O}sIol AIA ve! Olen Wet = Om, Lio SHHSS| SUE FARWel 2 SENS aS! oes 20/0} Bit AO] OI7I2KE SAVE AIIB + RU 2oIch ABU! FARIS 7leHo| SiAENal EAP ESOL Ct EBS Ol, “SPIBARIO| syiaie] BARA EL” BFL HE3B(2017, 5), MBCISIn BRvlE! OO OLS} S15, 76 RIBAISIGL HHEG, 48 | BFL 490%(2018. 7)V. AREAS 7HS04| CE SPA ApS BBEPAP Po| He 1. ZRAPPY 78 US Sh] 7iE2] AA WS ARES Qh ARE ASF AEA ESP} B 71MAES ABFA ESI] Yl] S HE THESIS, AIS AAS e015, 7. 24, WS 9h34488.S 7HAIEIO} 2015, 10, 25 [eS] BLS Sts} > lst Viol] 5194 ‘713 AREA, 718 RAR oO] Ao] ARATE Olt Sa ZRH | URS ARE 2 @) AERA AEA IPS} i) BS SAIS) F SRE PED th. 78 ARS BSA Ae), AW EE AHF] WW SS Mle] ABSA Sol F a} 288s PRP) AAP ASRFAY ABA S, BBATS AL AREA FHS Alea ABARAS Ba TEARS Bo NE.” W8 ARARPHARS AREA RY ALE AF] BF, BAVA] BS BAe] a OFS ARISRE IPSs LEAL AREA oH ote] FSA HAA Ylelell OSE aS S1-8SKS HBS] AS BANS SOV, 7H ZAP OP AEA ARARERAVS EPH UA} Wels Beshoj 2 Yo] Zjoj] aA S St ARE Glo] HBR + k= 7He-so] Sel) S| Set We] oS Ae] AUS SAE ale Al, AESAy ABARRRAVAYE eL PoES ABS RE 7hsalZhe F BUSA] FS Sth Hye] cershe get. ae ABR AER See ART dol Heel + Ql Sse, UV AAS Bee ARO] FAS Hore + YEH aS gL = 7189) Hal BS ISS BIE 7s 0] aL, 71B AOS ‘AREEAP SE 3 AHinvestments) 2) 3A& 7A Skea, OS BES) Haz S22] ABS 74) ARAS Mot s}8-2b Aled Ale HR SNAlolr7h AIL 7Fsde] lol Bt 4.7 o]o} Be BASS Belsi7] Hote} HE SUAS 20164 78 26Q52E] ALEALY AL BMES) FAGAIas 7holSetel ls EA 76] Sern Aesle] Py zReAel uke ae A SSSA BS, A ZAY AREA RFs] sacle Wel BI USS Ast TL LEH, fs eAS Bd 7b|Sz}e12] 2. Ul Se Aw 7/2 eh, 2, FEBS ol=ahele) Ale gl Ls Ba rolselgle. BA 7ol=atel of tale} 9] 4 FeRo] gle Ae oh, BSA] AE 2 APES) Bere zed W avalos abepe 8 aed AHP AHS] FSS 7i2]a1 We BS] Eh, oo} Beelsho} zMEAPe ssh ANS SPAS) os AE Re Ba9) Tel BS AHS Roles AHA] wha yeh. Bw 2 eLsaled HS F.2 YRS cash Beh (1) RS CHOFCHSS| ABI) AEA RAR AA BE AE AVIFS| ASAE ZEA Yo] BAS A OSHS Woks AARP EE oleh aaa aA ‘77 Wes RIBBALRIE HO2 AOR 78 7 RIBALRIY! HOA BL M229% APS, 78 MI / RE SSP UU, AGES tel, AREEIA, 2015, 12801 80 § 7iolcalele 20164 79 26g AIMISIQLOLL, 20181 7 25RI7IA Tel ZF SFRIARRHS ich HES 341 S| 49BRE) TARE 7AeloloVAie eh gle, (2) SPH] MIB) AEASAEM VE BER AMAR 272) BES 284] Yo} BAS a oleh: 89 1 APPS ASA 7h VHA, 78 ANAPPY ARBS oz ALB AL~183. i= AOA ABA A ~14S BW ASS Cs} SY AEABBE SapH F ofL hol] a She Jolt SYA +H You, SAS oye AFL] Bao] Tye] WHA] AS- W- g HSB: Be] BAF Sah oll] Ske A}eel WW EE Suls] SezHo] H- ald- Sa-7a FES LY Sit ole She AIA Woke Ns @ ARAL AP olsolss 79 ALA] AbdoZopol UKE AASZP IH) WAS & et + Ue 3 AEP AEP Hod Beet + a = AAPA S 7ielo} aebaeleeaaapael Bho] Ae As) ES ABSA LAa & Qtchs Waoz day aeeso} SAPVh a + ROU, AES] Ale BA}o] RAE g See} ees: Afole ae Ae WES] SAVED + Veh ol olla Bel WR sashes SHU + She melon a ebilelo] AEPPIFE Fle] Ava garde} US SHS BPS ASAE AES] BD 2430] 2 VASA Wale] gh TE AL Se Bo] SOS APY OG Vt vglefar Qk ROS wale (3) MESA ABEISIEA [72] SEMIBIAIEA) APASAPR UAE Ba 7elselel AMR ANA VEOH wep APA ANISH che By] AEEy ABARAT Whe GHP ASB TERI) 100%] 908 ZahsHe} SOS BEDE ASAE VE a A gale oy ae VI. a2] SHSFSMNS HALOS st OAPs 1, FS] IPS ALS AA PAST 2142) a2 Sul 7REPAPESS SH F212] cieho 2 ale] Ase sles Hayes oz}ebe YOM, AA AERA AIS] VHS TETAS AadskS Ah ey SAR et Hessel FAK Blo] BS HES AB Veh ol @) Bul TEP ASE 7A] SESS Br] Set eka SAhaetS] SASPgA, i) SEE oF Ue} S82] Balt PERS Aol] EAbs}o} 3 & Be Aol BAle|744) 27] Sate? Ei AE USPHS 25] POS ee Bel A ol OH, Gi) UY USS] HSS abt 2012~2017A7}A] IEE] Qo} 2}RHeefinanicing) B89] S357} S| HOH AHS 14 a sole 53] 15, FH, S4 Soe Bele S14) FES ss] WAS @) Aer SEAt 2] BAB\Commercial Mortgage-Backed Securities, CMBS) YES, @ AUP HSA HSS FHeranche) 81 2EM/ BY, “SUS SEY etchsol AA} aint 7 RRO! Port I: a2] YEA! FASE O/B] Ajay B! AP AL’ SSAIBE7HAO, 12), 404 82 BIKINIS MASA) Biz POU Ich, 83 AEM AYE ool SDA 1), 40 50 | BFL 490202018. 7)9} URis= slo] AST HESS] Belayapy Ay BL ARE S0] 8AM Mivent of Default, °}8} BOD) BF 2B Al PAPAS HR Oa eohe-Yo] Shee] we} ZF gS] “Be]z] ALePo] RE GE ZE G9] 7k OE Zt V2 Aldintercreditor agreement)™49} Bey WAS] SHB GS] Welly BW Paavo] Ah AaPFoy o]=ai] [INS Git) 12 slo] SSF a FAP HSS] AAR Eo] WY PEARL Boe AZ 753187] WHE Bee Bele. 2 FEMS SH RPE PHS Tomo] YA, AB HHI SH, AEADEYS| BA ARS 7K up 2 BLE BN)!” wIZPIGS, 2eHprefemed equity), 229] AVSUO™ morgage) OB LHS 4 9) & Hoye. °® AS AAHES) HAS 7] ehcp (aa 4p, (HQ) SeHSo| BR oiARdd aS] SYS chest Lol Pera + gh cP ole] BAS Fe] (el Aol] ANSE Gols ah Erp. — ABSICHE7| MBSHS SHOIMHIBILoan-to-Velue, LIV)BE APSO! SBA AG WOUSPC 1]0] Bl ShE LIVE! AB wP7] HSE SHON) CHEE OHIAHA CHO] SHEBICE ~ GSRSLO AY SSA ASTI} ABSHE Ut BALE! SHY OIAKARAYSPC 2)2f OAK CH % Zool (EHSAN) Bo] OIE oe Ageich — ORHHESE Set ATO! MES ErCHeO APASPC 10 CHEE SABOR ASE, OUXAICHFON AE Mee PICHZEO CHET EtsAe} aS] = MEPIAPASPC Noll CHB! XIB0| B= HIBS! Ch, Ob= GIXKICHEO CHE EOD7} Bast AS, OCHS SPSS ARS MAOH AIS oF. ir Pl7Xpreferred equity) Se WASH] apie Besa BR wiz PIe}emezzanine loan) ASHER HE BES] ideale AA, AEP ES] zheeh) cE Bapledge)S GAR Be of] - BEEA/B-Note) FE | HEAGMHES) ABHTSSA WES) Geto) asl] es 269] ABO" Mortgage) HW Ss Bast] Ht FEMAasa Bs Bole eet deevbgatalal| ost Baia) 84_hitps://wwn,dechert.com/knowiedge/publication/2002/ 8/mezzanine-deb-suggested-standard-torm-ot-interer editor-agreem him! 200204 CINE] MEPCHAS FASICHSS] SINE BAH A SPlck2t oF ‘Suagested Standard Form'0l tH Bf Zelot Wo|s!skz, Ol CMSA(Commercial Morigage. Secures Assocition}Ol BAISIO| QLOwk, cH 2 74OHS| El CMSA Form'Os Bal QIK EA / RE eho we DAE Bt), 629, 86 YEM/ BE, Vo] BINS 81), 521, 87 MOPS UO ROPE FESS SES UILEE Note), HEPEIICHE UDI Mele Rests Hite ofo| SeE(A-Nete)et2 BIC, 88 YEM/ ABE, gol SIF Bi), 721 £89 Arthur D, Robinson / Igor Fert / Daniel N, Webb / Simpson Thacher /Barllett LLP, Mezzanine Finance : Overview, 6 PETS AA S| 51‘MESIMEFAMortgege) (at 4) oiRHCHE PS os _ 3, EOD W3 Ae] 7S HS QAIIOEM OIAIIRRNSPC 291 ZIPS a10l IE BEN ARAB chalslO} AIRERIKS Ml XIE OME Sah 2/71 SBtolct, OAS YEASTS CNC! OHI . 0] CHSC OIXIRERSOIA IBS! A gloo, 2b @) AeA] EOD BY A) azRIeste} oarfLcHol Ei 21 TEC} MESPICHES! HEROL BAF eT Beow seta" Bet od xiezwolch TSAPVAS BOD7} Bye} SIC}. CHS Zt OGIES S1ASICIT SOME! B! eS Fa Las Sowany 01) actal Law Company & Bsisl S71 slo! CHE Zt HOLS Hasse 24 20 MARIO 4a fe 9) OIXILICHBS! SaSLeIL oIst 0] SASolct, Of MAPICHES AIMS] LAAT SESE BIBL OAT BREA SePICHBS| COO wal AI eA FRE MESHES! ARB Ske MAPCEAAC Of . UHBHS POWOF Me PICHS] SSA HAF OME ORAS + 21 CHS] BOSSI OINILICHESI sleet TETINE MOUS 4 Ql sioe Bes sale st(zse Of CHEE Bee) B/ BSE, UO STM 81), 1220 BOD WHS] 9 HE ZAP IRE He ae} cheat ge eae deve. CHE 21 IOS] ER UBS BERIOR ChE AP @ sEzich + AEPICHES| EOD BY A Oloi] HSE GIAKLICHAE SY 91 EOD BHO] BP Set Les OALSOll Holo BAPE A Ist 21 CE 2 AS] BS AIRBASE gta aIriRIR BE! Aiepiclas AIBONQIAIEE OP? oe ieee + RECT se BIS OIRRIRHETE BRAKE | op erie coor MASE ROL Let EOOs: SEURPASPC 1H AIRS Leet oh At A Baloh= WOS She wal I4icross—detauil) 2S} ACHE CHS] O1OH0H HEH sit 22S Hoe BY ABE 52 | BFL 7905/2018. 7)(i) ASSREV7t EODS ARS] SHE AS, AL ends wee aR BARA, AEH BODES ARAY ASAISABS HU Ad Ae Bolsa ech? Gi) HF ZEB Oe} ep AGA AR AST AS GH, S eee] 2S AB Bt} OWS MSKE AS WAR, AEHEODS 2) RAY ASHHSMAS wee AS Ba @ + he dels 7c. (iv) OAR} Ae HEODS ANESTH AL SHAS wee She Beks Asha, AKEMEOD = AREY deste azar) ae PAS ASL 2 ISOS SMES 78M] Ach. 91 BF ARATE} oe et & ASS AS Ba Alo] SAY7] 2] Stok PRY SA| ABT ofS Wh lay WAS] Slo] Mord Aolaleh, Be BE SA TSS 71H EF NS RolARS AB Bol HS wlo}ey. (v) SIARACHE7} AE HEOD A} HE Ale ABH Als) = BF aARAGHAAS AE AAS] AUIS wy) elaRARF BE / eS ASHERE FLERE AS HVT +S ach Wi) Aes PHBA WAS ste] 2 Ho] Babs wel. Be WATE HS SA] SSS AIS ACHP] Ht AGUS AY AE Ch. @ ASB] Bel DL olzhaae Sol] AeHAdase7t Bas BP FesozhA OE HEAT] SIS Solor eet, Ue AS] Yrelo] Wgset ALS seo} AIA SAS BE FAVGPAlqualified wansferee)o|, J BAYS U9 7124 Hol S416] ais PzAd FS 7eaeS] Ypelo] ze Aawelzp (qualified managen7} 3-S-4h& Bejs}a, Aes = Ee Aedes) gaa] 2 yaaa BOD} 2}SHa JY ae Gua Aes Ss All ASR BPH ashe eet () GAY AAS Re ABS sols AE OEE ENS Sa A] oS 4] MEMS AlzehES spojoF eet ARIS7t QAP ARE Bel wlzpaAp F7t MASKS AOMAT aod AE DG Al BS 2% ofp} Zo] ae AS ARES st olf: Hea} 2eh whe} dese Aie GE AVS Bolo} deseo] warp A She 9,°° oladaves ARIA} xR o}ao] PRAIA] wale] ABER (holding company) ft F¢0}7} Aaa BEAL ARAL AzsHoponso 9] 219 SSK Bayt Bu. 0] 3% HEMT] ASVt wAHd FS] ASAE aS] ORE Ba De olde. ep Belshy Goma Aesicheo oe eee] 2 Boy} Base AS WAV HE Baa Z aM, OPA we 7} Ava Ee] AF GARzS SUG BES) lees APES zt & AS a7eT, Uoph Aesealeray A EAIVAA 71ES] BSP” ABE BSE AL SMFS] AHS WAS BPE BSA HS AE9 Ages} WPSIS We BS 9] NBeR DAY AS AFA Role, 93 OIXKICH SOME: Me HOIIIRS? Se e}nia HICH SUT OKKICHE7: MOSIHEAS ofgleIgCla Sash UPolis PACS SAMPIIES| oe NEEAPE 2g Ech, 94 MEPICHE SMS Off 7124S OH} AI O}AISIE! BSE 9! 0} Xia & IE} BE HIBo| koe Beso}, BepaLs|e| ech 95 UEM/ SBE, Yl SIM Bh, 198 oot IRINA} BOIS xigelOl 1 Yrolos Blois SURFS DOA! Hew se APE EBSICh 97 SY MOPIIEACOINE AACA CE APART WEIS TIE IOI MAPIZOI Maca} CIS! AOL CH a MBCIO| OWS skew afar Bich 2 PRES] Al S| 563.‘VIL. Of OPS At BSEl1 Be BEA] Us BL Waa} hea WA] Bl Bea Wal Bae 7H Spaoe CHARA, PEARS] 44) SAS At aegich S 7\£9) eet Peale, Bele EAE, AB WIE S28] YAlO= she} Al OLBS}14] CGR js AUER 7H AM Sell Lola 2 SAl4}2] oles Be = BE7SS ASAT Yom, 7] HSB] Blo] Yop} TRS BS ALS BE7)He] SAS, ZA 4 AEFAS AERP S Set We S2] WAS GA + gel SHsiek Yop} BU EAE O/H BROT HIS Se] Sak VEAL ANS GUS Sh we Be he Sopetar gE A och HEMARE eae Age Gay ae 4} Baste} ols} Yo] YAR VIS es|T 91a, 019} BS BARS WIS AREA Ae WS Be WSS] Ie PSs) olpolAT WE Oe welch A719] MS oF) AEA] 22 VIR BBS You ols} Be aad BBS WIT W ade] Aiszlow olpo}z|7 ge 2 2 UGA AOS wo, ols} Ve wy ASE HY PEABO] Meh BUSHEL WARE + 9) @ Wow 7a 54 | BFL 71908(2018, 7)