1. Welcomes you to the 2010 NC-CCIM Triad Commercial Real Estate Market Forecast

2. Vital Statistics Headquartered in Charlotte, North Carolina Subsidiary of BB&T One of the nation’s largest commercial mortgage bankers Servicing portfolio of $24.5 billion 26 production offices in 16 states plus the District of Columbia Grandbridge Real Estate Capital

3. SERVICES Permanent and Interim Loan Placements »Fixed Rate or Floating Rate Acquisition/Bridge Financing Mezzanine Loans Preferred Equity Developmental and JV Equity Note Purchase Financing Grandbridge Real Estate Capital

4. Freddie Mac Seller/Servicer Fannie Mae DUS Lender MAP and Lean Approved HUD Lender Insurance Company Correspondent BB&T Real Estate Funding – proprietary bridge lending platform Access CMBS and “non-traditional” lenders

5. Grandbridge Real Estate Capital Charlotte Production »6 People »2 CCIM’s »$2.4 Billion 2000 – 2009 in 383 deals

6. Review Where have we been?

7. What Happened? Capital adequacy questioned Liquidity evaporated True asset value incalculable Transactions stalled »Inability »Unwillingness

8. What Happened? 2007 - CMBS Issuance = $230 Billion 2008 - CMBS Issuance = $14 Billion 2009 – CMBS Issuance = nil 2010 – CMBS Issuance = re-hiring, limited lending, priming the pump

9. What Happened? 2007 – Insurance Company Commitments = $42.7 Billion 2008 – Insurance Company Commitments = $24 Billion 2009 – Insurance Company Commitments = $16 Billion 2010 – Insurance Company Commitments (Expected) = $32 – 36 Billion

10. Can you finance multifamily and commercial real estate??

11. SURE! (cautiously…..) SURE! (cautiously…..)

12. Lender Types Active Today Insurance companies Freddie Mac; Fannie Mae; FHA/HUD Bridge lenders Mezzanine lenders Preferred equity providers Banks CMBS Lenders Non-traditional lenders

13. Loan Types Available Today Immediate funding interim and permanent loans »Acquisition, refinance »Fixed or variable rate »Bullet or self-amortizing »3 to 20 year terms (30-35 for multifamily) »Amortization 15-25 years with some 30- year schedules and limited interest-only

14. Loan Types Available Today (cont’d) Forward commitments are tough (3+ months) Credit tenant lease (CTL) Acquisition / bridge loans Mezzanine and preferred equity Note acquisition financing

15. Loan Characteristics Tighter underwriting Submarket vacancy or actual Above-market rents may be adjusted downward Higher cap rates Lower LTV, although some recovery Collections, debt coverage and debt yield are king 1.20 - 1.25x DCR 11% debt yield

16. Loan Characteristics Borrower is key Primary and secondary markets Fundamentals must all be in place Amortization is critical Recourse is back in some instances

17. Rate Comparison Pre-meltdown 10 year Treasury = 5.26% Spread = 100 basis points Coupon = 6.26%

18. Rate Comparison Present day 10 year Treasury = 3.76% (as of 3/12/10) Multifamily Spread = 190 - 220 basis points Coupon = 5.65 - 5.95% Commercial Spread = 225 - 325 basis points (+/-) Coupon = 6 - 7%

19. Conclusions LT debt loosening in 2010 Uncertain regulatory environment Banks may apply pressure or bifurcate loans Borrowers may be forced to choose asset capitalization Equity requirements greater and new construction will be slow

20. Panel Discussion Don Dibble, Lincoln Financial Group Rich Martinez, Freddie Mac

21. Panel Discussion Rich – What’s up with the GSE’s? Are Freddie and Fannie going to be around in the future, and how has your conservatorship with FHFA affected how you do business?

22. Panel Discussion Rich – What is your near term view of the multifamily sector and what is your focus for 2010 and 2011?

23. Panel Discussion Don – Does Lincoln have an appetite today for commercial real estate loans and, if so, why?

24. Panel Discussion How are you underwriting loans today? What factors are the most important to you? What are the hot buttons? How has this changed over the past 12-18 months? Don? Rich?

25. Panel Discussion Don -- How easy is it for you to ascertain your cost of capital; how has it changed over the past 12 months; how volatile is it and how has this impacted your lending activities?

26. Panel Discussion When you quote a spread or rate, for how long is the pricing good? Rich? Don?

27. Panel Discussion Don – What advice can you give to a borrower who finds him/herself in financial trouble, either on a particular deal or in general?

28. Panel Discussion Rich – Freddie and Fannie have had an 80% market share of the multifamily finance arena over the past 12-18 months. Do you expect this to continue; do you have any concerns with this concentration?

29. Panel Discussion Don, what aspects of a loan should a borrower consider beyond just loan amount and interest rate?

30. Panel Discussion Rich, does Freddie Mac have any new products on the horizon?

31. Panel Discussion Don – Several conduits started hiring and talking about quoting deals. Can this market get back off the ground, and what do you think it will take in order for that to happen? When? What will the deals look like?

32. Panel Discussion Will you permit secured secondary debt, mezzanine loans or preferred equity behind loans or preferred equity behind your first mortgage? Why and why not, and if “yes” with what parameters? Rich? Don?

33. Panel Discussion Rich – How has your North Carolina portfolio performed; how do you feel about our markets in general and Greensboro, High Point and Winston-Salem in particular?

34. Panel Discussion Don – What property types and markets in North Carolina are most appealing to you? Which are not and why?

35. Panel Discussion What impact will deleveraging play in the viability and valuation of real estate markets?

36. Panel Discussion What keeps you up at night?

37. Panel Discussion What is it that you do best that helps you compete and win business, and why should borrowers borrow from you?