Presentation by Tom Fink at the 2013 EDR Client Summit

1. May 8, 2013

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Source: Trepp, LLC

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5. 5

6. 6
Source: Trepp, LLC

7. 7
Source: Trepp, LLC

8. 8
Note: CMBS Delinquencies include Foreclosure, REO, Non Performing Balloon Loans
Source: Trepp-CREFC Portfolio Lender Survey, Trepp BankNavigator

9. 9Source: Trepp-CREFC Portfolio Lender Survey, Trepp BankNavigator

10. 10
12.41%
10.77%
9.17%13.59%
6.36%
12.94%
6.29%
8.08%
11.37%
Source: Trepp, LLC

11. 11

12. Office - CBD
Office - Sub
Apartment
Retail
Industrial
75
95
115
135
155
175
195
215
235
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Source: Moody’s/RCA

13. $0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Billions
Individual PortFolio
-100%
0%
100%
200%
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Year-Over-Year % Change
Source: RCA

14. Apartment
Office
Retail
Industrial
Hotel
YOY Change (bps)2012 Avg Cap Rate2012 Volume ($bil) YOY Change in Volume
$85
$78
$53
$37
$20
47%
19%
20%
4%
-2%
6.1%
7.1%
7.3%
7.7%
7.8%
(23)
(28)
(25)
(8)
(1)
Source: RCA

15. Office - CBD
Office - Sub
Apartment
Retail
Industrial
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12
Source: RCA

16. 16

17. 17
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017
Banks CMBS Life Cos Other

18. 18
Source: Trepp, LLC

19. 19
Source: Trepp, LLC

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