Lighthouse Advisory Services is a commercial real estate valuation, advisory and due diligence firm with over 50 years of combined experience. They provide services including loan portfolio sales and advisory, portfolio valuation and consulting, due diligence and underwriting, ALLL analysis, and defeasance consulting. The firm works with financial institutions and investors to help them make better risk management and investment decisions regarding commercial real estate loans and portfolios.

1. www.LighthouseAS.com

2. Lighthouse Advisory Services
Company Overview
Lighthouse Advisory Services (“LAS”) is a commercial real estate valuation, advisory and due
diligence services firm dedicated to bringing expertise, efficiency and reliability to its clients and
the investment community. The members of LAS combine more than 50 years of commercial real
estate finance and capital markets experience with the principles of loyalty, honesty and
professionalism. LAS adopts a practical approach to its business platform, creating a first class
level of service for financial institutions and individuals across the globe.
LAS’ Commercial Real Estate Finance Platform:
 Loan Portfolio Sales and Advisory
 Portfolio Valuation and Consulting
 Due Diligence and Underwriting Services
 Allowance for Loan and Lease Loss (ALLL) Analysis
 Defeasance Consulting
Commercial Real Estate Advisors 1

3. Lighthouse Advisory Services
Loan Portfolio Sales and Advisory
Lighthouse Advisory Services works with clients who are looking to buy and sell all types of
commercial real estate products by taking a hands-on, client oriented approach to the process.
Building upon our strong business relationships within the investment community, we match
buyers and sellers who are honest, experienced real estate professionals focused on executing
trades in an efficient and timely manner.
 LAS is currently working with banks, credit unions and other financial institutions selling
commercial real estate loans and portfolios of loans including performing, sub-performing,
and non-performing loans, B-notes, development and construction loans. Over the past 12
months, LAS has advised on over $2.5 billion of commercial real estate transactions.
 Simplifying the disposition process, reducing transaction closing time and providing
confidence that a sale will close at the expected price allows our clients to focus on
conducting other business activities.
 Our team is dedicated to understanding clients' transaction goals in executing a sale and
delivers solutions that meet those goals.
 Our investor base includes over 1,500 financial institutions, opportunity funds, private
investment groups, individual property owners and developers and various other
commercial real estate investors.
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4. Lighthouse Advisory Services
Loan Portfolio Sales and Advisory – Sample Transactions
Non-Performing Regional Mall – Rochester, NY Non-Performing Multifamily – Houston, TX
 $135,000,000 floating rate construction loan  $11,000,000 fixed rate loan on a 323 unit garden
made on a regional mall in upstate New York. style apartment complex situated on a 13.4 acre
$44,000,000 was funded. site in Houston, TX.
 The loan was originated in March 2007 and went  The loan was originated in June 2006.
into maturity default in February 2009.
 The occupancy dropped from 96.3% in April
 The subject property is a two-level enclosed 2006 to 55.4% in December of 2009.
regional mall containing a gross leasable area of
approximately 800,000 square feet. The collateral  The expiration of FEMA Housing Vouchers for
for this loan is approximately 450,000 square hurricane displaced households in December of
feet. 2006 caused a high tenant rollover at the
property.
 The property is currently 100% vacant. This was
a fully built regional mall that was in operation a  The drop in occupancy level caused the
few years ago. borrower to become delinquent on loan
payments.
 The owner had a major redevelopment and
repositioning plan in place which they were not
able to execute on.
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5. Lighthouse Advisory Services
Loan Portfolio Sales and Advisory – Sample Transactions (Con’t)
Performing Office Complex – San Antonio, TX Performing B-Note – Milford, CT
 $8,600,000 fixed rate loan on a 58,222 square foot  $1,000,000 fixed rate B-Note on a 176,240 square
suburban office complex situated on 2.97 acres of foot office building in Milford, CT.
land in San Antonio, TX.
 The loan was originated in October 2007.
 The loan was originated in March 2008.
 There is a $19,000,000 A-Note ahead of this loan.
 As of December 2009, the subject property was The A-Note is held in a CMBS securitization
100% occupied to 11 tenants. trust.
 The loan proceeds were used for acquisition  As of November 2009, the subject property was
financing for the property. The borrower has 97.3% occupied to 7 tenants.
over 20 years of experience as an owner and
operator of commercial real estate.  The A and B notes were performing with DSCR
coverage above 1.10x and LTV below 75%.
 The note is performing with DSCR above 1.20x
and LTV below 75%.
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6. Lighthouse Advisory Services
Portfolio Valuation and Consulting
Lighthouse Advisory Services performs asset specific and portfolio level analysis for financial
institutions who are looking for an in-depth assessment of the underlying loans and securities
within their portfolio. Our valuation platform provides an objective view of the portfolio while
providing our clients with the necessary tools to make better-informed risk management and
investment decisions. The LAS team blends creative thinking with real estate finance knowledge
to assist clients in achieving its strategic and financial goals.
 Portfolio level analysis, stratifying a wide array of loan and property attributes to categorize
the portfolio for further evaluation.
 Assessment of portfolio default probability and loss severity over specified holding periods,
applying financial modeling tools, industry trends and portfolio-specific credit metrics.
 Providing clients with market intelligence and pricing guidance specific to product types
using our market knowledge and deep-rooted resources in the commercial real estate
investment community.
 Consult clients on implementing the optimal plan to meet portfolio objectives by
considering regulatory and capital requirements in conjunction with portfolio positioning,
disposition and timing strategies.
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7. Lighthouse Advisory Services
Due Diligence and Underwriting Services
Lighthouse Advisory Services offers comprehensive due diligence and underwriting services to
the commercial real estate community.
 We have an experienced team of due diligence specialists with extensive backgrounds in
loan documentation review to create databases of relevant loan and property information
and reports on an asset-specific basis. Our services provide clients with detailed data for
internal credit and regulatory functions, presentation to prospective investors or managing
their portfolios more efficiently.
 Understanding our clients’ strategic objectives and applying our superior knowledge in
loan documentation review gives our team the ability to perform extensive due diligence in
a timely and cost efficient manner. Our “Around The Clock” approach allows us to
complete projects under any time constraints.
 Our loan due diligence involves a review of all legal documents, third party reports and
current property level information along with performing financial calculations.
 Underwriting analysis includes modeling of historical and proforma cash flows, reviewing
rent rolls, property leases and other related real estate and credit documentation and
performing site inspections upon request.
 LAS’ due diligence and underwriting services platform covers all asset performance types
and major property types within the commercial real estate marketplace.
Commercial Real Estate Advisors 6

8. Lighthouse Advisory Services
Allowance for Loan and Lease Loss Analysis
Lighthouse Advisory Services performs independent Allowance for Loan and Lease Loss (ALLL)
analysis in accordance with FAS 114 and FAS 5 for financial institutions who are evaluating the
adequacy of loan loss reserves for their commercial real estate loan portfolio. LAS combines
extensive capital markets, real estate finance and accounting knowledge to assist clients in
understanding the risk and impairment issues associated with their commercial real estate portfolio.
Our process involves several phases in obtaining an in-depth understanding of the portfolio.
 Develop a detailed database that contains various attributes of each asset by reviewing
related loan and property documentation, ongoing surveillance reports and client
correspondence to determine potential impairment based on established criteria.
 Determine appropriate valuation methodology for FAS 114 analysis: Fair Value of Collateral,
Present Value of Future Cash Flows or Observable Market Price.
 Fair Value of Collateral: Compile and review market data, analyze rent rolls and re-underwrite
cash flows to determine fair value of the underlying asset.
 Present Value of Future Cash Flows: Project future cash flows of loan using restructured terms
and discounting them at the loan’s original effective interest rate.
 Observable Market Price: We estimate a loan’s observable market price using our loan sale
advisory experience.
 Portfolio level analysis for loans not deemed to be impaired under FAS 114, stratifying a wide
array of loan and property attributes to categorize these loans for further evaluation under
FAS 5. We analyze the financial institution’s loss history and environmental and other
qualitative factors to estimate potential losses on those loans identified for FAS 5 review.
Commercial Real Estate Advisors 7

9. Lighthouse Advisory Services
Defeasance Consulting
Lighthouse Advisory Services is the preferred defeasance consultant for one of the largest
commercial mortgage servicers in the country and provides the full spectrum of defeasance
services. Our team can help clients who require defeasance of a commercial mortgage loan in the
following ways:
 Making the complex defeasance process hassle-free for our clients, coordinating the entire
process with surety of execution.
 Complete transparency that helps clients understand all aspects of the process and
returning the entire back-end float less expenses. No other defeasance consultant offers this
to borrowers.
 Using our relationships with all major servicers, securities brokers, accountants and
securities intermediaries to achieve the best execution.
 Working with our clients to custom tailor the securities portfolio to minimize transaction
costs.
Commercial Real Estate Advisors 8

10. Lighthouse Advisory Services
Management Team
Mario Cerasuolo Mario Cerasuolo focuses on the loan portfolio sales and advisory
(212) 398-8312 and underwriting services platforms for Lighthouse Advisory
Mario.Cerasuolo@LighthouseAS.com Services.
Mario previously worked in Merrill Lynch’s Global Commercial
Real Estate group where he was involved in managing,
underwriting, originating and selling commercial real estate loans
totaling over $15 billion. From 1998 to 2004, Mario worked for JP
Morgan in the Real Estate & Lodging Investment Banking division
and Global Commercial Real Estate group. Mario was involved in
merger and acquisition transactions, initial public offerings,
distressed debt sales and commercial mortgage-backed securities
transactions totaling $30 billion.
Mario holds a Bachelor of Science degree in finance and public
accounting from Fordham University.
Commercial Real Estate Advisors 9

11. Lighthouse Advisory Services
Management Team
Joseph A. Cuomo Joseph Cuomo brings more than 10 years of capital markets and
(212) 398-8310 commercial real estate finance experience to Lighthouse Advisory
Joseph.Cuomo@LighthouseAS.com Services and focuses on portfolio valuation, loan portfolio sales and
advisory and due diligence services.
Joseph previously worked at Merrill Lynch in the Global Commercial
Real Estate group where he served as a transaction manager in the
CMBS securitization practice. Joseph was involved in the placement
of over $30 billion of first mortgage commercial real estate loans and
subordinate debt. Most recently, Joseph worked with financial
institution clients providing valuation and advisory services on
portfolios in excess of $10 billion in real estate related debt. Prior to
joining Merrill Lynch in 2005, Joseph was a member of the
commercial real estate group at Deutsche Bank Securities
concentrating on debt placement through CMBS and managing a
$500 million warehouse facility. Joseph began his career in Ernst &
Young’s Structured Finance Advisory Services practice where he
spent time in the commercial real estate due diligence and cashflow
modeling divisions.
Joseph graduated Cum Laude with Honors from the University of
Miami and holds a Bachelor of Business Administration degree.
Joseph is a Series 7 and Series 63 securities license holder.
Commercial Real Estate Advisors 10

12. Lighthouse Advisory Services
Management Team
Rohit Narayanan Rohit Narayanan focuses on portfolio valuation, loan portfolio sales
(212) 398-8311 and advisory and defeasance consulting at Lighthouse Advisory
Rohit.Narayanan@LighthouseAS.com Services.
Rohit joins Lighthouse from his previous position in Merrill Lynch’s
Global Commercial Real Estate group where he spent his time in the
New York and Toronto offices. Rohit was involved in over $20 billion
of commercial real estate transactions, involving securitization,
portfolio sales, valuation, underwriting and defeasance assignments.
Rohit developed and managed Merrill Lynch’s commercial mortgage
defeasance program since January 2008. From 1998 to 2004, Rohit
worked as an Account Director for Draft Worldwide’s India
operations, where he provided consulting services to clients in
Technology, Finance and Real Estate.
Rohit holds a Bachelor of Arts degree in Sociology from Kerala
University in India and a Masters in Business Administration from
Rutgers Business School. Rohit is a Series 7 and Series 63 securities
license holder.
Commercial Real Estate Advisors 11

13. Lighthouse Advisory Services
Management Team
Walden W. Wong Walden W. Wong brings more than 15 years of capital markets and
(212) 398-8316 commercial real estate experience to Lighthouse Advisory Services
Walden.Wong@LighthouseAS.com and focuses on ALLL analysis, portfolio valuation and due diligence
services.
Walden previously worked at Credit Suisse in the Real Estate
Structured Finance Group and served as a transaction manager in the
CMBS securitization practice. Walden was involved in securitizing
over $5 billion in commercial real estate loans. In addition, Walden
managed a $1.8 billion warehouse line comprised of commercial
mortgages, mezzanine debt and equity positions. Prior to joining
Credit Suisse, Walden spent over thirteen years working for two of
the Big 4 public accounting firms holding senior positions. Notably,
Walden worked at PricewaterhouseCoopers where he managed a
successful real estate advisory practice. Throughout his career,
Walden has worked on over $30 billion in real estate transactions.
Walden graduated Magna Cum Laude from San Francisco State
University and holds a Bachelor of Science degree in business
administration with emphasis on accounting. Walden is a Series 7
and Series 63 securities license holder and formerly held a New York
and California CPA license.
Commercial Real Estate Advisors 12