Presentation to: February 24, 2010

1. Presentation to: February 24, 2010

2. CWCapital Asset Management CWCAM’s capabilities as a rated special servicer place us in a position to effectively take over the management of any transaction. • 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 127professionals dedicated full time to monitoring investments, resolving distressed situations, maximizing asset value and analyzing cash flow. Note: Figures as of June 30, 2009.

3. Corporate Structure • 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 1st 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 1st 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)

4. CWCapital Asset Management LLC CMBS Conduit Loans CDOs Mezz, B-Note Non-Securitized Portfolio 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 LoansDefaulted LoansREO

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

6. Commercial Real Estate Delinquencies Trending Up • 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 Source: Mortgage Bankers Association

7. Commercial Mortgage Lenders Remain on the Sidelines • 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 Source: Federal Reserve/MBA Source: Federal Reserve/MBA

8. Selected Statistics Source: Realpoint

9. SS Special Trends Property Type 9

10. Alaska Washington Maine Montana Vermont North Dakota Minnesota Oregon New Hampshire Idaho Wisconsin Massachusetts South Dakota New York Michigan Rhode Island Wyoming Connecticut Iowa Pennsylvania New Jersey Nebraska Nevada Ohio Delaware Indiana Illinois Utah Maryland West Colorado Virginia California Virginia Kansas Missouri Kentucky North Carolina Tennessee Oklahoma Arizona South Arkansas New Mexico Carolina Mississippi Georgia Alabama Hawaii Texas Louisiana Florida Selected Specially Serviced Loan Portfolio Statistics • >$500 Million • $300 - 500 Million • $100 - 300 Million • <$100 Million • No SS Loans Special Servicing Portfolio (Assets Managed) State Concentrations by Current UPB • 60-days+ Delinquencies • By Property Type • Lodging- 11% • Multifamily - 7% • Mixed Use- 6% • Mobile Home Park - 6% • Retail - 5% • 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% Approximated based upon loans managed through the CAMS System, 12-31-2009 Note: UPB = Unpaid Principal Balance 10

11. The Life of a Loan Hypothetical Life Of a Loan: Special Servicer Viewpoint • 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. • 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 SpecialServicing • Borrower contacted • Pre-Negotiation letter • Site Inspection • Preliminary budget • Discussed at Special Servicing Credit Committee • Review for breach claim • Third party reports ordered • 90th • Day • Assess Value (Appraisal, BOV, Internal analysis) • Strategy determined based on NPV analysis • Budget approved • Trust impact analyzed • 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 • 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 • REO Sold • Final Recovery Determination • Proceeds passed through to trust

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