1. 1Privileged and Confidential CMBS Industry Delinquency

2. 2Privileged and Confidential CMBS Delinquency by Property Type Multifamily Retail Office Industrial Hotel Self-Storage 2Q08 1.56%0.31%0.27%0.32%0.31%0.14% 4Q08 2.64%1.10%0.63%0.83%1.17%0.26% 2Q09 5.50%6.14%2.10%2.08%4.33%1.21% 4Q09 9.30%5.13%3.46%3.90%9.78%2.43% 2Q10 14.17%6.35%6.10%5.48%16.41%2.77% 4Q10 16.53%7.32%6.70%8.77%17.09%3.66% 2Q11 16.31%7.35%7.28%11.19%16.87%4.54% 4Q11 14.58%7.17%8.21%11.05%13.27%3.87% 2Q12 14.15%7.39%9.71%10.99%11.11%3.73% 4Q12 13.36%7.21%10.16%11.23%10.60%2.56% Jan-13 12.66%7.42%9.86%11.14%10.10%2.42% Feb-13 12.58%7.40%10.06%11.08%9.69%2.43% Mar-13 11.93%7.53%10.42%11.38%9.64%2.36%

3. 3Privileged and Confidential Cumulative Losses by Vintage

4. 4Privileged and Confidential Year over year, LNR’s “named SS” portfolio has seen a 24% decrease by balance and a 20% decrease by count; $133.6 billion at YE 2012 from $176.1 billion at YE 2011 Year over year, LNR’s current SS/REO inventory has seen a 34% decrease by balance and a 23% decrease by count; $20.0 billion at YE 2012 versus $27.0 billion at YE 2011 Monthly SS Inventory

5. 5Privileged and Confidential During 4Q 2012: ▫ Transfers in totaled $1.85 billion, comprised of 200 loans ▫ Resolutions totaled $3.0 billion, consisting of 246 loans, which is lower than the 2012 quarterly average of $3.8 billion Transfer In & Out of Special Servicing

6. 6Privileged and Confidential Shift to REO In 2012, LNR’s portfolio shifted towards an increased amount of REO properties – from 339 REO Properties as of 12/31/11 to 458 REO properties as of 12/31/12 There were 188 REO loans sold in 2011 with a gross sales price of $1.21Bn. In 2012, there were 213 REO loans sold with a gross sales price of $1.62Bn Reasons for shift include: ▫ Foreclosures commenced in 2010/11 in slow foreclosure states are now resolving ▫ Selling less non-performing loans as LNR has achieved a better execution through an REO sale