1. 1 Developer Services Division Company & Staff Overview

2. Agenda 2  Meet New Penn Financial  Meet The Team  Our Unique Qualifications  What People Are Saying  Current Projects

3. Meet New Penn Financial 3

4. 4  100% of our business consists of originating, underwriting and funding of quality residential mortgage loans. We have no additional lines of business that mandate over conservatism to satisfy shareholder concerns  We are direct seller/servicers for FNMA as well as correspondent lenders for many of the top secondary investors  We are licensed in 42 states including California and operate 26 branch offices nationwide. The company has approximately 450 “best in class” employees, uniquely trained in their respective positions. New Penn Financial is a leading full service residential mortgage banking firm

5. The Vision Behind The Company 5  The vision behind the company was a synergy between processing, underwriting and origination along with a fundamental commitment to developer/builder business – a segment that has been abandoned by traditional banks and that which smaller mortgage bankers and brokers are not set up for  We define ourselves by execution and providing outstanding service to our clients  Our unique in-house structure gives us transactional control that separates us from the banks and brokers. Whether it is originating, processing, funding or closing, it is all done under one roof which results in some of the fastest turn times in the industry

6. New Penn Has an Unequaled Capital Structure 6  New Penn is a subsidiary of Shellpoint Partners and Shellpoint Capital, a Wall Street securitization firm which gives us an unequaled capital structure  Shellpoint Partners believes in a company philosophy that revolves around trust and transparency  New Penn is the 8 th strongest capitalized residential mortgage banking firm in the United States

7. Meet The Team 7

8. Jeffrey Brown 8  Co-manages the Developer Services Division (“DSD”) for New Penn  The DSD is also one of the largest providers of FHA and FNMA project approvals in the market and has been solely responsible for delivering these approvals after other major lenders failed in the same task  Has been engaged as exclusive preferred lender for projects developed and/or owned by Starwood Capital, ST Residential, Lefrak, Texas Pacific Group, the FDIC, MSD Capital and the investment arm of the Disney Family among others  Prior to joining NPF, Jeffrey created and managed the South Florida new construction condominium finance platform at JPMorgan Chase, which at the time was the largest in the United States

9. Adam Rosenblatt 9  Co-manages the Developer Services Division with Jeffrey Brown. Adam also came to NPF from JPMorgan Chase where he had been managing the REO Division  While at Chase, Adam implemented a mandatory policy to fully pre- underwrite (including an examination of all income and asset documents) all buyers of Chase REO properties, which led to a dramatic reduction in closing time frames and greatly increased pull-through  Adam has a very diverse background in the mortgage business having helped create and grow Chase’s Builder Division and Countrywide’s Joint Venture Division earlier in his career  He is a specialist at managing mortgage partnerships, implementing successful growth strategies, and structuring residential end loan financing solutions in the most challenging environments

10. Our Unique Qualifications 10

11. L ARGE INDEPENDENT FULL - SERVICE MORTGAGE LENDER 11  As a full-service mortgage lender, NPF underwrites and funds its own loans for sale directly into the secondary market  Unlike large banking institutions, we are committed solely to making mortgage loans  We do not suffer from legacy issues or hemorrhaging portfolios, which other lenders do and keep them overly conservative and “gun shy” from new mortgage originations  We exist to do only one thing and to do it better than anyone else, and that is close quality residential loans in the shortest possible time frame.

12. F OCUS AND COMMITMENT 12  NPF’s seasoned management team has focused on leveraging our core competencies and natural advantages in mortgage lending as an engine for building strong relationships with our developer and builder partners  Using our decades of experience, NPF has selectively acquired the best talent available in each segment of mortgage lending and built a team that is unrivaled in the industry  We are 100% committed and dedicated to ensuring robust residential lending solutions for our clients

13. O PERATIONAL EXCELLENCE 13  Unlike our competitors who use centralized out of State fulfillment centers to process loan files, our files are originated, processed, closed and funded in the SAME LOCAL BRANCH to ensure complete control and unmatched speed. Our average closing time is 22 days versus our competitors that often take more than two (2) MONTHS. Our unique DNA saves you time and money by dramatically reducing your carrying costs on unclosed inventory.  Our complete control over the transaction from beginning to end is what allows us to consistently outperform our competition in execution, turn- times, loan quality, and customer service

14. S ERVICING AND SECONDARY CAPABILITIES 14  Through Shellpoint, NPF has access to servicing and secondary capabilities which can be leveraged to provide unique portfolio solutions for our clients  We can design specialized portfolio products to meet specific needs including: the creation and implementation of original and custom underwriting guidelines, the drafting and servicing of mortgage notes, and the facilitation of bulk sales to secondary market investors  We have the flexibility to adapt to any situation we are engaged in.

15. U NSURPASSED ACCESS TO MORTGAGE PRODUCTS 15  NPF’s expertise and access to both the secondary market as well as the wholesale market gives us access to virtually any product or program currently available at the market’s most competitive rates. This includes conventional, FHA, VA and USDA loans as well as Jumbo, Foreign National, and unique portfolio program investor loans, a product totally abandoned by the money center banks.  Generally, lenders do not want to be pioneers and will not be the first to close in developments that are being built out. We will NOT have these issues and will close the first loan without hesitation or delay

16. A DVANCED TECHNOLOGY 16  We utilize a variety of interconnected systems that allow for real-time pricing, point-and-click underwriting approvals, and a wealth of product and program knowledge. This enables our mortgage specialists to find the right product for each customer  In order to provide responsive fulfillment at local sites throughout the country, NPF provides access to high level services (pricing, automated underwriting, web based documents, etc) through reliable remote platforms

17. Overview of Key Components of NPF’s technology Platform That Will Be Available to Our Partners 17  100% Paperless electronic files  Web Based Document Delivery  Email notification  Direct Print  Real-time Loan pricing  Single system production – origination, processing, underwriting all utilize one common platform  Searchable, online underwriting guidelines  Online File and Package viewing  Real-time file status  Security Hierarchy access controls

18. O UR EXPERTISE DRIVES OUR GROWTH 18  The banks have been systematically reducing loan officer compensation to a fraction of what they had been previously earning. This has resulted in a mass exodus of the leading talent from every major bank into the correspondent channel and has enabled us to hire seasoned people in the industry  At NPF our loan officers don’t just take mortgage applications, they originate quality and qualified mortgage loans  Our loan officers are highly trained in underwriting guidelines and perform a thorough pre-underwrite of all loan files prior to accepting an application; this eliminates the closing day surprises so common with our competitors. Our Developer Services Desk, in particular, prides itself on a 100% successful closing rate. We have never failed to close a file we have originated

19. What People Are Saying 19

20. 20  Jeffrey and Adam completely understood what I was looking for and provided me with the most adequate solution for my needs. Their handling of the entire process, from application to closing, was extremely professional and efficient. -Caetano  Jeffrey Brown and Adam Rosenblatt were great throughout the whole process. They responded e-mails or telephone calls during the day or at night, as well as during the weekends, and made the closing possible on the date requested by a lot of hard work. -Felipe  Jeffrey and Adam are awesome!! They worked really hard (even on the weekends) and were very knowledgeable and communicative during the whole process. I would recommend both of them to my friends and family who may be in need of a mortgage! Thank you! Thank you! Thank you for doing such a great job!!!!!! -Kiki Qi What People Are Saying

21. 21  I work at a bank and I still choose New Penn because they were the only institution (including my own bank) that were willing to finance my beautiful condo. They worked around the clock to get me a great rate and a quick closing. It was a hassle-free process and every question I had was answered promptly and thoroughly I have definitely become a life-long customer. - Karli  My current banks, HSBC and JP Morgan Chase, were very friendly and made it seem like it would go well. But the people I met were not decision makers and in fact the loans were denied even though the original loan officers said they were approved. With New Penn, Adam was on top of every detail and made sure it all happened on schedule. Their loan “approval” turned in to a closing unlike the two other banks I went to first. New Penn was the only lender to give me reliable and honest answers! -Paul  People make a difference. I was fortunate to have both extraordinary professionals, Jeff Brown and Adam Rosenblatt, leading with my loan process. I want to recognize their positive attitude, Proactive business sense and commitment. My honest and personal thanks to both of them. -Tonatiuh What People Are Saying

22. What Our Developers Are Saying 22

23. Adler Group 23  Mr. Brown and his team worked closely with the executives of Boca Developers as well as the salespeople from each of our 6 projects throughout the State of Florida and became a trusted advisor and friend to all. Having been in the real estate industry for more than 15 years and having worked with hundreds of individuals in this industry, I can say without any hesitancy that his market knowledge and expertise within his field are second to none. In each of the projects he managed, he closed the vast majority of all loans and when other major banks failed to deliver commitments, he was able to perform and obtain the financing. In one instance at our Marina Grande Holly Hill project, he literally took a file on a Friday afternoon and closed it by the end of the day on Monday. I was astounded, having never seen execution like this ever before. - Robert M. Smither Jr. C.F.O.

24. Miami River, LLC. 24  When Key International developed the ivy at the riverfront, it was burgeoning market with seemingly endless demand. However, by the time we delivered our project in downtown Miami the market had suffered a catastrophic correction and we were left with 500 units in a now oversaturated market. This Problem was compounded by the almost immediate pullback of nearly all major mortgage lenders; simply nobody wanted to touch our project. Jeffrey Brown stepped in and offered to get the project approved. Having been subject to so much negativity coming from our other lenders, we were almost dismissive when he said he would get it done for us. We just couldn’t believe it. A few weeks later Jeffrey delivered us the project approval, just like he said he would. From that point on. He became a trusted ally. Jeffrey never missed a commitment date, fought through difficult issues when they arose, and kept us constantly informed with regular communication when reporting. He ended up funding the majority of the loans at the Ivy. When all the other major lenders failed us, Jeffrey was our go-to-guy and he never once let us down. Many times we had foreign national borrowers whose deals at other banks fell apart at the 11 th hour, and Jeffrey was always there to pick up the pieces and get the loans closed. He is an invaluable asset to any developer through his experience, savvy, creativity and determination. - Inigo Ardid, Vice President

25. Florida East Coast Realty 25 - Bruce Kassman, Development Officer  Mr. Brown started working on our 630 unit Opera Tower project while he was with JP Morgan Chase, during the high point of the collapse of the real estate market. In spite of the timing of the relationship, Mr. Brown delivered a quick project approval and started to immediately work with our buyers to obtain loans. In mid-2009 I contacted the local FNMA representatives to get a PERS approval for our Opera Tower project. During the initial conversation I said that Jeffrey Brown was the banker I was working with for buyer end loans. The FNMA representative replied that Mr. Brown was the individual with the most experience in the area of PERS approvals and that I would be well advised to work with him for the PERS approval on our building. I have continued to work with Mr. brown since his move to New Penn because he and his organization provide the necessary tools to get deals closed in the most efficient manner: 1. The most responsive organization 2. Great communication to keep us up to date on each transaction in the pipeline 3. Loans delivered on time, every time 4. The ability to handle troubled loans that other major banks and brokers could not close 5. Most knowledgeable on the market and competitive properties 6. Local operations, allowing problems to be solved immediately.

26. Majestic Properties 26  I can see why Jeffrey has a glowing and lengthy list of recommendations! As director of sales with Majestic Properties on multiple new construction projects I have had the fortune of working with Jeffrey on the lion-share of our financing deals. In every single case Jeffrey and his team approved and closed deals faster than any other lending institution. They not only made the process seamless for our buyers but also stepped in on numerous occasions to save deals that other lenders could not bring to fruition. I honestly can't imagine there being anyone as knowledgeable and market-savvy as Jeffrey in the business today. - Ivan Chorney, Director of Sales

27. Douglas Elliman of Florida 27  As the President of Douglas Elliman Realty of Florida, I have had the good and sometimes bad fortune, to work with many mortgage lenders on all types of residential loan transactions and I can safely say that there is not a more qualified, professional or knowledgeable mortgage lender in the business than Jeffrey Brown. Not surprisingly, Jeffrey is available 24/7 for me and our clients. Jeffrey has continuously made the seemingly impossible, possible and both he and his team of loan officer professionals take a personal interest in every individual they work with “holding their hands” with professional and unequaled guidance throughout the process. In some cases where buyers have first selected other lenders at the suggestion of their agents, Jeffrey has been able to take declined loans from others and turn them in to quick approvals and closings. In our market which is largely made up of condominiums, it seems that nearly every major lender will find any excuse not to do loans, while to the contrary, Jeffrey and his group finds solutions to problems and get those same loans closed, in some instances in as little as a few short days. I have advised all of my 200 agents that if they want to get their transactions closed, the safest and most reliable choice in the mortgage business is to deal with Jeffrey Brown. If you are looking to buy a property, sell a property or simply refinance an existing property, do not make the mistake of choosing a lender simply because they have a large household name or offer a rate that sounds too good to be true. Choose Jeffrey and you cannot go wrong! - Vanessa Grout, President

28. GFS Development 28  As a condominium developer for over 20 years in Miami, I recognize how important relationships are with trustworthy and reliable mortgage lenders to get my units financed and closed. Having worked with every major lender in the business, I can say without any hesitation that Jeffrey Brown and his team are the most professional, knowledgeable and assertive in the industry. Jeffrey provided both the necessary Fannie Mae and HUD (FHA) approvals for my 164 unit condominium development in Miami and provided nearly 100% of all loans to our borrowers. While other major lenders have issued approvals and ultimately declined to close loans for one reason or another including issuing low appraisals or failing to approve the building, Jeffrey has never failed us nor a single borrower of ours. Often times, Jeffrey picked up the pieces of broken loans from major financial institutions and was able to close what they could not in 90 or more days in as little as 3 days. Additionally, I have never met such a hard working individual. He is available around the clock 7 days a week, even when he has been traveling on business 6000 miles away overseas. Day, Night or weekends, he is always available to us and his clients. Our buyers and brokers have even thanked us for making the introduction to Jeffrey and his company because they know that if he takes the loan application, it is certain to close. There is simply no better lender in the business, period! - Scott Greenwald, President

29. Keller Williams Realty 29  As a broker associate and sales director at Keller Williams, Miami Beach, I have worked with many mortgage brokers and lenders and can say without hesitancy, that Jeffrey Brown is the most competent and reliable mortgage lender I have ever done business with. He is available around the clock to speak to me and my agents about deals in progress and 100% of every loan we have given him for our buyers has closed on time without issues. Many of the loans we have entrusted him with were loans that fell apart at Bank Of America, Chase, Wells Fargo and others, but Jeffrey and his company always find ways to get them done. When they issue an approval, we always know the loan will close and we have recently hired him and his loan officers for all of our projects. We have a 100% level of confidence in Jeffrey and his company as they are the most reliable lender in the business. When all other lenders seem to fail even after issuing approvals to borrowers and take many months in the process, Jeffrey and his group get our loans done in a fraction of the time, always closing every application they work on. It is truly a pleasure working with Jeff and his team! - Ann Norman, Director of Sales

30. Dubrow Development/Shamrock Capital 30  We first met Jeffrey Brown and his Condominium Team in late 2010 when they came in to make a presentation to be the preferred lender for our 4 projects in Miami. Almost immediately, we hired Jeffrey and his company to provide the Fannie Mae and FHA approvals for our properties and within weeks, the first of several approvals were given just as they promised they would be. We were especially pleased considering that we had previously hired another lender who had started the approval process, but was unsuccessful after months of trying. Jeffrey and his team delivered the desired approvals in a fraction of the time the other lender had taken, but was unsuccessful in doing. Simultaneous with the approvals, Jeffrey’s company began taking mortgage applications from the buyers of our Condominium units, including one application from a buyer that had already been to several other lenders (including some of the largest banks in the country) over a 4 month period, but was still unable to obtain a mortgage. Jeffrey had the borrower’s initial loan approval in 3 days and closed the loan a few short weeks after, a time frame to date, we have not seen any lender in the market match. Since the time of our first closing with Jeffrey’s company, we have given them every piece of business possible and have developed a total lack of trust with him and his company. They have approved and closed our buyers reliably, expeditiously and seamlessly. In some cases, buyers who have had pre-existing relationships with their own banks have failed to execute after many months, but Jeffrey is always there to step in and fix what other lenders could not do. He is always available to speak with me, our sales team and the buyers and responds to calls and emails immediately, even during the late hours of the night and on weekends. He truly understands what it means to be in a customer service business unlike 99% of the remainder of the market. -Continued on the next slide

31. Dubrow Development/Shamrock Capital 31  He finds solutions to problems and makes even the impossible seem easy. Our projects have sold faster and at higher numbers since our relationship started with Jeffrey, in part because of the FNMA and FHA approvals they delivered. In fact, there are only a handful of buildings in Miami that have both FNMA and FHA approvals and because of Jeffrey’s involvement, we now own half of them, allowing us to sell quality, financeable units at top dollar. His understanding of the market and the business he is in is without question, unequalled by anyone. Over my 25 years in the business of being a real estate developer and having met hundreds, if not more residential mortgage bankers, I have safely concluded that there is not a more qualified and professional lender in the business than Jeffrey Brown and we are most happy to have him as an invaluable member of our team. - Mark Dubrow, President of Dubrow Development and Special Advisor to Shamrock Capital

32. Current Projects 32

33. Starwood Capital/FDIC 33  Projects include Mint at the Riverfront (pictured to the right) Artecity, the Governor, Paramount Bay, Infinity at Brickell and Mosaic.  The company was built on a solid foundation, bringing together four private equity leaders managing billions of dollars in properties and some of the most recognized brands in the world.  Has sold over $800 million in real estate – including more condos than anyone in the U.S. – becoming a standard-bearer for luxury homes in more than 20 cities.

34. Shamrock Capital 34  Projects include South 27 (Pictured to the right) Meridian 5, The Jefferson and Ios on the Bay.  Shamrock Capital is a private fund of the Roy Disney Family with assets exceeding $1 Billion. Assets include telecommunications companies and Real Estate holdings worldwide, including the construction, development and management of the condominiums listed above in the South Florida marketplace.

35. BCOM INC 35  Projects include the 1800 club (pictured to the right)  BCOM is a leading developer of residential real estate in Florida, with its most recent project being the 470 unit, 40 story luxury hi rise known as the “1800 Club” in Miami, Florida. The partnership consists of two prominent real estate firms with over 50 years experience in the development, construction, sales and management of residential, commercial and industrial properties totaling over 10 million square feet.

36. BH3 36  Projects include Terra Beachside (Pictured to the right) and Trump Hollywood  A real Estate firm which focuses on debt and real estate acquisitions in the multifamily, residential condominium, retail and hospitality sectors.  Currently owns and operates approximately $330 million of commercial real estate in conjunction with its capital partners

37. Douglas Elliman Real Estate 37  Established in 1911 has offices throughout Florida and New York City.  4,000 real estate professionals in New York City and the surrounding luxury markets, as well as a strategic partnership with Europe's leading international real estate firm, Knight Frank  Financial sponsor, Vector Group, has a $1.5 billion market cap

38. Majestic Properties 38  Majestic Properties was founded in 1995 by Jeff Morr and is Florida's premier full-service independent real estate organization  Majestic boasts over 300 dynamic sales associates specializing in single family residential, condominiums, luxury leases, commercial, investment, foreclosure and short sale real estate.

39. Signature Homes 39  Signature Homes has created more than 30 communities across the southeast and provided more than 3000 families with a new home  Full time employees engaged in site selection, development, strategic planning, estimating, architectural services, accounting, technical services, sales and marketing.  Ranked 80th on Professional Builder's 2011 Top 400 Giants list.

40. Codina-Carr Company - Monterra 40  Codina is engaged in multiple real estate development and investment activities. His firm’s portfolio includes mixed-used projects, commercial buildings and other investments primarily in Florida.  Carr founded a land development and residential home building company which quickly catapulted into the ranks of the state’s largest and most respected builders, with more than 15,000 homes constructed throughout South Florida.