Billions of Completed European & Eurasian and Pipeline Transactions

European & Eurasian Division

New York London Athens Los Angeles Chicago

A Global Leader in Real Estate Capital Advisory Services Since 1991

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Table of Contents

I.  The Carlton Group

II.  Global Capital Sources

III.  Various Exit Strategies

IV.  Carlton Differentiation

V.  “Seller-Advantaged” Strategy

VI.  Completed European Transactions

VII.  Notable Completed U.S. Transactions

VIII.  European Pipeline Transactions

IX.  Asset & Loan Sale Process

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Typical Structures

The Carlton Group Overview

European & Eurasian Division Presentation

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The Carlton Group Has Been in the Real Estate Equity & Debt and Loan Sale Advisory Business Since 1991

We Have Completed Over $85 Billion in Real Estate

Transactions

Valuation, Real Estate & Loan Sales are Our Core Expertise

We Provide Innovative & Unique Solutions for Large Asset Capitalizations

We Create Customized, Multi-Dimensional

Marketing Programs, Which Increase Net Recovery

We Provide a Transparent Sales Process, Which Assures Full Market Pricing

We are Able to Access Local and Institutional Global Investors

Who Will Pay Top Dollar, Rather than Low-Ball Bids from the Typical “Vulture Funds”

The Carlton Group

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The Carlton Group

The following are the key lines of business that we focus on:

Valuation & Advisory

Loan & Asset Sales

Debt & Equity Placement

Investment Sales

Restructurings & Recapitalizations

Foreclosure Sales

Merchant Banking

Investment Banking

Investment Management

Capital Markets

Synergy

Synergy

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Since 1991, we have organized, valued and sold billions of distressed assets for banks. We also arrange partnerships between institutional capital providers and property owners by injecting large mounts of

capital to facilitate transactions.

This has enabled us to put together partnerships on some of the biggest assets in the world and also provide large amounts of capital to our

clients.

As outlined herein, our capital sources range from a variety of institutional investors to local investors, operating in specific markets throughout the

world.

Global Capital Sources

Life Insurance Co. Commercial Banks

REIT’s Money

Management Bridge Lenders

Local Owners Local Operators

Local Developers Sovereign Wealth

Funds Private Investors

Investment Banks Hedge Funds Private Equity

High Net Worth Pension Funds

Opportunity Funds

Carlton Capital Network

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We specialize in representing institutional entities to develop customized valuation and sales strategies in

order to maximize the value of your assets.

We utilize different sales formats depending on the clients objectives as indicated below:

Portfolio Sales (including Bulk & Mini-Bulk)

Individual Loan Sales

Auctions

Negotiated Trades

Competitive Bid Process

Joint Venture Participations

Structured Transactions

Restructurings

Note-on-Note Acquisition Financing

Various Exit Strategies

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Carlton Differentiation

Have lost their best talent: Lack the

creative marketing and aggressive

style required to sell and capture

investors attention;

Not Real Estate specialists; Typically

deal with a few institutional “vulture”

buyers; Expensive; Don’t have the real

estate specific resources

Many don’t currently exist in

Europe; Are “valuation only focused” and

lack the marketing skills; Typically lack

sophistication and buyer contacts

Typical Advisors who Provide Similar Services

Mutually aligned interests & dedicated resources;

Valuation, Real Estate & Loan Sales are Our Core Expertise;

We create a “Seller-Advantaged” Process;

Have a team of professionals with extensive real estate specific & European experience;

We provide innovative & unique solutions to asset

capitalization;

We are able to access both global and local buyers, who will pay TOP DOLLAR

Why Carlton will Increase Your Recovery

Investment Banks

Accounting Firms

Real Estate Groups

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All the Investment Bankers are Looking to Buy Your Assets “Cheap”.

At Carlton, we create a “Seller-Advantaged” process that will Ultimately Yield a Higher Dollar Recovery for You

We reverse the conventional sales process and provide concise, comprehensive due diligence, which is done in advance of the

investor’s bid.

This is opposite of the typical process, where the buyer and seller shake hands and then the buyer re-trades the price based on

alleged “unknown” facts.

By utilizing the Carlton process, we create multiple, qualified, non-contingent bids, with multiple backup offers, so that buyers

cannot re-trade the seller.

Most buyers dream of negotiated trades, so that they can control the seller and get them to accept a reduced price for

fear of having to go back to market and starting again.

Through our broad investor network and competitive process, we will deliver to you multiple qualified bids, so if the buyer re-

trades, we simply go on to the next qualified bidder.

We create a market and a position of strength that typically does not exist in a distressed environment.

Utilizing Carlton Will Create a

“Seller-Advantaged” Market

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Typical Structures

Completed European Transaction Track Record

European & Eurasian Division Presentation

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5,000 Berlin Apartments Berlin, Germany

Arranged $300 Million of Equity & Debt Capital

for this Acquisition

Transaction Track Record

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City Gate Towers Bucharest, Romania

Acquisition & Construction Financing and the

Refinancing of Newly Constructed, Class-A Twin Office Towers

Transaction Track Record

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Savoy Hotel Group*

London, United Kingdom

$800 Million Sale of the Savoy Hotel Group Portfolio, which Comprised Some of the Most Luxurious, Five-Star

Hotel Assets in Europe

*This transaction was completed by John Bralower, Co-Head of the Carlton Hospitality Group, prior to joining Carlton

Transaction Track Record

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Latvia Apartment Building Riga, Latvia

Arranged Over $120 Million in Debt & Equity for the Acquisition & Renovation of an Apartment Building

Transaction Track Record

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CIGA Hotel Group*

Venice, Vienna & Sardinia, Italy

Represented Buyer on this $685 Million Acquisition, Comprised of Some of the Top, Five-Star

Hotel Assets in Europe

*This transaction was completed by John Bralower, Co-Head of the Carlton Hospitality Group, prior to joining Carlton

Transaction Track Record

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City Hotel, S.A. Portfolio*

Various Cities in Belgium & The Netherlands

Executed the $84 Million Sale of a Premier Hotel Portfolio throughout Europe

*This transaction was completed by John Bralower, Co-Head of the Carlton Hospitality Group, prior to joining Carlton

Transaction Track Record

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Typical Structures

Completed U.S. Transaction Track Record

European & Eurasian Division Presentation

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$310 Million Small Balance Commercial Loan Sales

Various Cities throughout the U.S.

100% of Loans Sold for Capital One Bank at 91% of Banks Reserve Price Through the Carlton Exchange (“CEX”)

Transaction Track Record

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CNL/MSREF Portfolio Various Premier Hotel Assets

Exclusive Advisor to Paulson & Co. and Winthrop Realty on some of the Finest Hospitality Assets in the World

Transaction Track Record

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Peter Cooper Village/Stuyvesant Town

New York, NY

Exclusive Advisor to Pershing and Winthrop Realty on the Largest Foreclosure in History

Transaction Track Record

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Typical Structures

European Pipeline Transactions

European & Eurasian Division Presentation

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Imperia Tower Moscow, Russia

Exclusive Finance Advisor for this Architecturally

Distinctive, Class-A+ Office Tower in Moscow-Citi

Pipeline Transactions

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Croatian Hotel Portfolio Adriatic Coast, Croatia

Exclusive Advisor for a Highly Experienced Switzerland-Based Portfolio Manager for a Portfolio of Five Luxury

Hotel Assets

Pipeline Transactions

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Villa on the Spanish Steps Rome, Italy

Sale of this Luxury, Roman-Style Villa Overlooking the Spanish Steps in the

Most Beautiful Spot of Italy’s Capital City

Pipeline Transactions

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Paris Hotel Paris, France

Exclusive Finance Advisor for this 92-key,

Flagged Hotel in the City Center

Pipeline Transactions

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Typical Structures

Asset & Loan Sale Process

European & Eurasian Division Presentation

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Pre Sale Due Diligence Organize Due Diligence / Create “Bidder-Friendly” Website

Indicative Valuation

Prior to Commencement of Sale, Carlton Provides a Valuation to Manage Client Expectations

Investor Contact

Target & Access all Appropriate Bidders for Your Asset or Portfolio from a Qualified Global Audience

Event Marketing

Generate Strong Interest Through a Multi-Dimensional Marketing & Public Relations Program that Shows Your Asset or Portfolio in

the Best Possible Light

Successful Bidder Selected & Move Towards Closing

Will be conducted either on a 1) Negotiated Basis; 2) Live Online Bidding System; 3) Sealed Bid We Make Sure to Have a Signed

Purchase & Sale Agreement and Non-Refundable Deposit

Close the Sale,

Having Achieved the Highest Possible Price in the Market

Asset & Loan Sale Process