COLUMBIA CAPITAL CONSULTING GROUP, INC.COLUMBIA CAPITAL

SEATTLE NEW YORKMIAMIPORTLANDCHICAGO

SANTA ANAPHILADELPHIADALLASLAS VEGAS

Prepared For:

Date: September 29, 2010Presented By: Bud Moscony

COLUMBIA CAPITAL

Columbia Capital Consulting Group assists financial institutions, investors and advisors achieve their real estate objectives with respect to non-performing or under-performing loans and assets as well as new loan and investment opportunities.

Columbia Capital provides independent, client-focused consulting services through a proprietary methodology that includes:

Assessment and documentation of asset status. Development of strategic resolution and recovery options. Implementation of recommended recovery and transaction strategies. Evaluation and management of portfolio level risk.

Columbia Capital’s professional capabilities include experience in: Wide range of asset classes including land, residential and commercial

development; and multifamily, affordable housing, office, retail, industrial, hospitality and condominium properties.

Due diligence, market research, financial modeling and analysis, valuations, property and asset management, and construction completion services.

Disposition, recapitalization, and transaction management and execution. Banking, risk management, capital adequacy analysis, and strategic planning.

COLUMBIA CAPITAL OVERVIEW

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COLUMBIA CAPITAL

PRODUCTS & SERVICES

Asset Assessment Report:

Due Diligence Asset Status Review Critical Action Items Loan Collateral

Review Market Overview Title Review

LEVEL 1 LEVEL 2 HYBRID

Strategy & Recommendation Report:

Review of Resolution and Recovery Alternatives

Market Perception of Value

Collateral vs. Loan Review

Hold, Workout or Position for Sale

Hybrid Report: Integrated Report

with Level 1 and 2 Components

Supports REO Disposition and Asset Acquisition

Customized Solutions: Reports Tailored to

Client Scope, Timing and BudgetIMPLEMENTATION SERVICES RISK ADVISORY SERVICES

Contract Administration Services: Asset Stabilization Construction Completion

Transaction Coordination Services: Asset Recovery and Resolution

Portfolio Evaluation Services: Risk Management Credit Management Default Management Corporate Governance

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COLUMBIA CAPITAL

Identify Current Status of Asset Under development/construction

Entitlements Assessments and mitigation fees Development Construction improvements

Income-producing assets Operational review Lease review Income versus mark-to-market

Conduct Title Review Determine Market Positioning

Determine current market inventory, assess supply and demand Identify specific competitive factors impacting or enhancing value

Provide Complete and Reliable Due Diligence File Supporting Disposition and Investment

Identify Issues that Any Owner will Need to Address

LEVEL 1: ASSET ASSESSMENT

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COLUMBIA CAPITAL

LEVEL 2: STRATEGY & RECOMMENDATION Assess and Critically Evaluate Loan Resolution Options

Forbearance agreement Workout with borrower Receivership Deed-in-lieu of foreclosure Foreclosure Note disposition

Assess and Critically Evaluate Asset Resolution Options For financial institutions, assess limiting factors Construction completion, asset reposition and rehabilitation Asset disposition

Timing

Provide Recommendation(s) to Support Decision Making Process For Client Prepare analyses supporting recommendation(s) Evaluate of alternative courses of action

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COLUMBIA CAPITAL

Hybrid Reports Cost-effective service with abbreviated timeframe Level 1 and Level 2 report components Streamline the assessment and strategic alternative process Useful for REO dispositions, and asset and portfolio acquisitions.

Customized Solutions Responsive to client scope, timing and budget objectives Tailored scope of services based on client requirements

HYBRID PRODUCTS

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COLUMBIA CAPITAL

Establish Final Client-Selected Strategy Hold (including construction completion or reposition) Sell

Contract Administration Services Asset stabilization Construction and project completion Reposition

Transaction Coordination Services Identification, selection and management of real estate brokerage Coordination of asset marketing plan and disposition activities

IMPLEMENTATION SERVICES

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COLUMBIA CAPITAL

Scope of Services Asset Stabilization

Preserve entitlements by extending active permits and applications Coordinate the conversion or release of bonds Order final inspections Ensure compliance with local, state and federal regulations Coordinate asset management, such as winterization, erosion control and site

security Construction and Project Completion

Complete partially constructed projects and buildings Coordinate architects, designers and engineers to complete design and

permitting Provide representation with agencies and jurisdictions to obtain approvals

and permits Manage general contractors and consultants needed to complete construction Coordinate final inspections and project close-out procedures

Reposition Assist in development of value accretion construction initiatives Manage general contractors and consultants needed to complete construction

CONTRACT ADMINISTRATION SERVICES

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COLUMBIA CAPITAL

Scope of Services Select Real Estate Brokerage Negotiate Brokerage Contract Terms Assist in the Development of Asset Marketing Plan Monitor Status of Asset Marketing Plan and Sales Campaign Participate in Buyer Selection Process Address Buyer Inquiries Through Due Diligence Period Provide Assistance to Client’s Attorney to Facilitate the Transaction Closing

TRANSACTION COORDINATION SERVICES

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COLUMBIA CAPITAL

Portfolio Risk Evaluation Risk Management Plan Evaluate Data Management Capabilities Evaluate Decision Capabilities Evaluate Default Management Capabilities Enhance Corporate Governance Provide Consulting for Bank Financial Considerations

Real Estate Loans as a Percentage of Capital and Total Assets Criticized and Non-Performing Assets Tier 1 and Tier 2 Capital Adequacy Loan Loss Reserves Income Statement and Ability to Fund Loan Loss Reserves Bank’s Plan Beyond Distressed Asset Dispositions and Future ‘Right Sizing

Plan’ CAMELS

RISK ADVISORY SERVICES

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COLUMBIA CAPITAL

Expertise to maximize Client recovery in full range of property types and financial structures

Convenience of single-source, multidisciplinary advisory services providing efficiency, organization and process for Client

Established alliances with professionals in the industry Combined knowledge of banking, real estate finance, investment and brokerage,

development and construction, and marketing to identify and evaluate recovery options

Team of accessible experienced professionals with proven workflow systems Professionals conscious of critical nature of current market and timing Due diligence capabilities to support Client recovery strategies and to assist

potential buyers in feasibility and planning Client collaboration to craft comprehensive road map to resolve non-performing or

under-performing real estate loans and assets as well as facilitate new business

COLUMBIA CAPITAL CAPABILITIES

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COLUMBIA CAPITAL

Columbia Capital provides comprehensive, single-source solutions for due diligence, valuation and resolution needs.

Holistic versus directed approach Assess all data points before making a recommendation to the client No limiting factors or ‘point in time’ boundaries

Thorough, diligent research Ask the right questions and obtain all the relevant data With loans, review both collateral and asset values Diverse team of real estate and capital market professionals analyze individual aspects

of each loan/asset

Complete due diligence package Result of work is a reliable due diligence report/file Serves as a feasibility study for owners, sellers and buyers reducing potential for re-

trading at closing table

Clients receive practical and unbiased solutions without an agenda. Assessment of current market value

As-is value including outstanding cost considerations Real estate ‘principal’ approach

Assessment of multiple exit strategies and recovery options Recommended option for existing market conditions and implications for selecting

alternatives

THE COLUMBIA DIFFERENCE

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COLUMBIA CAPITAL

NATIONAL COVERAGE

Seattle

Portland

San Francisco

Santa Ana

Las Vegas

Denver

Dallas

Miami

New York

Chicago

Columbia Capital Operating Offices

Planned Field Offices

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Philadelphia

COLUMBIA CAPITAL

EXECUTIVE MANAGEMENTRon CathcartChief Executive Officer

Ron’s wealth of experience in the financial services industry makes him the ideal leader for Columbia Capital. Having held numerous executive leadership positions in both domestic and international financial institutions, he was most recently the Chief Enterprise Risk Officer for Washington Mutual, the largest thrift in the US with $300B in assets, a 2200 branch network and nationwide lending/administrative offices engaged in consumer and commercial banking services, credit cards, commercial real estate financing, and home loans. Ron had oversight responsibility for of all aspects of credit, market and operational risk as well as compliance, regulatory and internal audit.

His invaluable risk management capabilities and thorough understanding of the regulatory framework which guides financial institutions uniquely position him to provide Risk Advisory Analysis (RAA) services to our clients. This unique portfolio analysis service delivers significant value from a loss mitigation perspective, and provides practical working solutions to executive officers.

Michael SanderExecutive Vice President

Having held executive Sales and Marketing positions in the high tech industry over the past 25 years, Michael is instrumental in the development and management of national accounts and the client relationship manager network. Among the positions previously held, notables include founding member and President of ROI Completion Partners and RTC Pacific LLC, principal owner of INDEWORKS entertainment, Executive Vice President for Cyberworks Software, and various sales management positions at Dell Computer Corp, MicroAge, and Entex Information Systems.

Michael has extensive leadership and performance-based financial experience, and delivers expertise in the implementation of strategic, operational, and financial planning and controls for organizations. Across many disciplines, Michael empowers his clients to become a more profitable and agile part of their respective markets.

Harry MizrahiExecutive Vice President - Operations

With a 25-year career in investment banking and corporate and structured finance, Harry is integral in the development and management of Columbia Capital’s operations and national expansion. He has advised financial institutions, corporate clients and federal and state government agencies on real estate loans, assets and portfolios through positions as Managing Director, Structured Real Estate, at Ambac Assurance Corp., Principal at Eastbridge Ventures, Chief Operating Officer at American Spectrum Realty, Director at Solomon Brothers’ and Solomon Smith Barney’s Real Estate Investment Banking Groups, and Partner at Eastdil Realty. His experience also encompasses international finance, including the acquisition bid for Canary Wharf Group plc, a £6 billion property company.

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COLUMBIA CAPITAL

EXECUTIVE MANAGEMENTWilliam RichExecutive Vice President - Finance and Administration

William (Bill) brings a strong financial management and strategic planning background to Columbia Capital.  Bill is a CPA by profession with additional credentials in business valuation (ABV - Accredited in Business Valuation; and CVA - Certified Valuation Analyst) and management accounting (CMA – Certified Managerial Accountant.  Bill has an MBA with a concentration in Management and Finance. He has several years of experience much of it involved in the turnaround and disposition of struggling divisions and subsidiaries of large publicly held companies such as Allegheny International, Henry Schein, Inc., and as the CFO of SMC Corporation. During the past nine years, Bill has built his own successful turnaround consultancy and developed long standing relationships with the special assets and workout groups of several regional and national banks. Bill also has advised business owners on Exit Strategies and methods to enhance business value. Bill’s experience and relationships are very well suited to the clients and services offered by Columbia Capital.

Dustin AllenBoard Director

As the architect of the due diligence reporting service, and the previous President and CEO of Westgate Business Services, Dustin (Dusty) has developed the proprietary processes and procedures to navigate clients through even the most difficult real estate transactions. His broad range of experience in the commercial and residential real estate industries was acquired while developing and managing a capital services company with construction and acquisition loan placements in excess of $160 million. Prior to this Dusty managed a $100 million real estate development fund.

Dusty’s experience enables him to manage even the most complex situations with poise and practicality, and plays a pivot role in the day-to-day management the organization.

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COLUMBIA CAPITAL

COLUMBIA CAPITAL CONTACTS

Melanie ClarkDirector of Production

(425) 367-6216mclark@columbiaccg.com

Ronald CathcartChief Executive Officer

(425) 367-6217rcathcart@columbiaccg.com

Michael Sander Executive Vice President

(503) 805-5524 msander@columbiaccg.com

Jordan SchenkDirector of Marketing and Technology

(425) 367-6215jschenk@columbiaccg.com

Bud MosconyDirector

(215) 771-6495 bmoscony@columbiaccg.com

Harry MizrahiExecutive Vice President -

Operations(212) 362-1993

hmizrahi@columbiaccg.com

www.columbiaccg.com

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THIS PRESENTATION CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION OF COLUMBIA CAPITAL CONSULTING GROUP, INC. (THE "COMPANY"). ANY RECIPIENT OF THIS PRESENTATION AGREES TO KEEP ITS CONTENTS STRICTLY CONFIDENTIAL AND AGREES TO USE THE CONTENTS FOR THE SOLE PURPOSE OF EVALUATING A BUSINESS TRANSACTION WITH THE COMPANY (THE "PURPOSE").  SUCH RECIPIENT AGREES NOT DISCLOSE THIS PRESENTATION EXCEPT TO OTHER MEMBERS OF ITS ORGANIZATION WHO (1) HAVE A NEED TO KNOW THE CONTENTS HEREOF FOR THE PURPOSE AND (2) AGREE TO KEEP THIS PRESENTATION CONFIDENTIAL ON THESE TERMS.