Presentation to: February 24,

CWCAM – World Class Special Servicing and Surveillance Part of CWFS family of companies CWCAM is the 2nd largest U.S. loan special servicing platform. Highest rating from Fitch (CSS1) and highest ranking from S&P (Strong). The asset management group is the named special servicer on 120 CMBS transactions backed by approximately $161 billion of commercial mortgage loans as well as $3 billion in non-securitized loans for institutional clients (approximately 13,000 loans.) The performing loan management group performs surveillance activities on 9,500 ($110 billion) of CMBS loans. The Washington, DC office is the primary location of the surveillance, special servicing, bond administration and analytics divisions. Employees are also located in Dallas, New York and Needham. The team employs approximately 127 professionals dedicated full time to monitoring investments, resolving distressed situations, maximizing asset value and analyzing cash flow. CWCAM’s capabilities as a rated special servicer place us in a position to effectively take over the management of any transaction. Note: Figures as of June 30, CWCapital Asset Management 2

CW Financial Services LLC Full service, vertically integrated commercial real estate finance and investment management company Lending Operations CWCapital LLC Commercial mortgage lender for floating rate 1 st mortgage, conduit, mezzanine, Fannie Mae, Freddie Mac & HUD loan products Capital Markets expertise, sponsoring securitizations and CDO vehicles Primary servicer for a significant commercial mortgage loan portfolio over $11 billion. Investment Management CWCapital Investments LLC Approximately $11.2 billion in assets under management Invests in subordinate CMBS, CDO equity, structured 1 st mortgage loans, B-Notes and mezzanine debt Investment manager for a series of investment vehicles, including separate accounts, funds and CDO vehicles Distressed Loan Services CWCapital Asset Management LLC (CWCAM) Corporate Structure 3

4 Non-Securitized Portfolio Loans CDOs Mezz, B-Note CMBS Conduit Loans CWCapital Asset Management LLC (“CWCAM”) is a premier asset management platform dedicated to maximizing returns on distressed commercial mortgage investments. With over 100 employees in 6 different offices, our mortgage loan work out professionals and real estate specialists provide tailored services to a diverse set of clients. CWCapital Asset Management LLC Sub-Performing Loans Defaulted Loans REO CWCapital Asset Management LLC

Current Market Volatile Conditions Lack of Liquidity Complex Loan Structures New Investment Opportunities Delinquencies increasing, real estate values decreasing. Credit crunch, maturing loans, I/O loans converting. Multiple participants, B-Notes, mezz, bridge, construction. Distressed Debt and REO Acquisitions. Increased Need for Special Servicing 5

6 Banks and thrifts set delinquency pace due to high concentration of recently originated construction loans CMBS delinquencies are rising rapidly on stabilized and transitional assets that were aggressively underwritten and leveraged Life Company and GSE default levels remain low due to the retained risk by originators and strict underwriting guidelines Commercial Real Estate Delinquencies Trending Up Source: Mortgage Bankers Association

7 The massive dislocation in the financial markets has caused loan originations to plummet Banks, which have traditionally provided up to half of the mortgage capital in the U.S., have dramatically reduced new lending as bank balance sheets are saddled with legacy assets The CMBS lending market, which provided a takeout to the bank sector, has virtually closed, taking over $200 billion of loan origination capacity out of the market The lending currently provided by banks and insurance companies is limited to low leverage loans collateralized by the highest quality assets The Government Sponsored Enterprises (GSEs) continue to lend heavily in the multifamily sector and remain the dominant source of liquidity for that asset class Commercial Mortgage Lenders Remain on the Sidelines Source: Federal Reserve/MBA

8 Selected Statistics Source: Realpoint

SS Special Trends Property Type 9

Selected Specially Serviced Loan Portfolio Statistics Alaska Texas Utah Montana California Arizona Idaho Nevada Oregon Iowa Colorado Kansas Wyoming New Mexico Missouri Minnesota Nebraska Oklahoma South Dakota Washington Arkansas North Dakota Louisiana Hawaii Illinois Ohio Florida Georgia Alabama Wisconsin Virginia Indiana Michigan Mississippi Kentucky Tennessee Pennsylvania North Carolina South Carolina West Virginia New Jersey Maine New York Vermont Maryland New Hampshire Connecticut Delaware Massachusetts Rhode Island >$500 Million $ Million $ Million <$100 Million No SS Loans Approximated based upon loans managed through the CAMS System, Special Servicing Portfolio (Assets Managed) State Concentrations by Current UPB Note: UPB = Unpaid Principal Balance 60-days+ Delinquencies Top 10 States Arizona - 14% Nevada- 14% Rhode Island - 13% Alabama- 12% Hawaii - 9% Nebraska - 9% Michigan - 8% New Mexico - 6% Florida- 6% Kentucky- 6% 60-days+ Delinquencies By Property Type Lodging- 11% Multifamily - 7% Mixed Use- 6% Mobile Home Park - 6% Retail - 5% 10

Moves Into Surveillance  Loaded into System  Monitor Regularly  Review Master Servicer watch list  Analyze Operating Statements and site inspection reports  Conduct Market Research Placed on Watchlist  If issue identified, classified as probable or possible transfer  Monthly calls with Master Servicer  Monthly Summary with Sr. Management Loan Transferred to Special Servicing  Borrower contacted  Pre-Negotiation letter  Site Inspection  Preliminary budget  Discussed at Special Servicing Credit Committee  Review for breach claim  Third party reports ordered REO  Plan and Budget approved and implemented  Property manager and/or broker engaged  Inspections conducted regularly  Property may be immediately listed for sale, cleaned-up and sold, or repositioned 90 th Day  Assess Value (Appraisal, BOV, Internal analysis)  Strategy determined based on NPV analysis  Budget approved  Trust impact analyzed REO Sold  Final Recovery Determination  Proceeds passed through to trust Placed on Probable/ Possible Transfer List  Begin to determine asset value  BOVs requested  Asset Status Report started Loan Acquired  CMBS or CDO Asset  Participate in underwriting and pricing of CMBS/ CDO deals. Liquidated, Corrected, Foreclosed  Loan is…corrected and returned…  …or modified and returned and placed back on watchlist…  …or paid off or sold…  …or transferred to REO  Value updated periodically  Inspections conducted regularly  Final Recovery Determination  Proceeds passed through to trust Hypothetical Life Of a Loan: Special Servicer Viewpoint The Life of a Loan 11

Maximized Returns In-House Specialties: Multi/Condo · Hotel · Retail Office/Industrial · Residential Business lines: Performing Loans Non Performing Loans REO · Acquisitions CWCAM integrates its business lines and takes advantage of its robust infrastructure and property expertise to maximize returns for its clients. Proprietary Technology System – data repository, analytic system, management tool Dedicated team of legal, finance and compliance personnel Property expertise – business lines tap into the in-house specialties Business lines are integrated and flexible to adapt to changing conditions Infrastructure to support the business lines Maximizing Returns 12