<SEC-DOCUMENT>0001047469-16-012473.txt : 20160422
<SEC-HEADER>0001047469-16-012473.hdr.sgml : 20160422
<ACCEPTANCE-DATETIME>20160422171510
ACCESSION NUMBER:		0001047469-16-012473
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160601
FILED AS OF DATE:		20160422
DATE AS OF CHANGE:		20160422
EFFECTIVENESS DATE:		20160422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARBOR REALTY TRUST INC
		CENTRAL INDEX KEY:			0001253986
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				200057959
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32136
		FILM NUMBER:		161587289

	BUSINESS ADDRESS:	
		STREET 1:		333 EARLE OVINGTON BOULEVARD
		STREET 2:		SUITE 900
		CITY:			UNIONDALE
		STATE:			NY
		ZIP:			11553
		BUSINESS PHONE:		516-506-4200

	MAIL ADDRESS:	
		STREET 1:		333 EARLE OVINGTON BLVD STE.900
		CITY:			UNIONDALE
		STATE:			NY
		ZIP:			11553
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2228315zdef14a.htm
<DESCRIPTION>DEF 14A
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Use these links to rapidly review the document<BR>
<A HREF="#bg19201_table_of_contents">  TABLE OF CONTENTS</A> <BR>
<A HREF="#fa19201_index_to_combined_financial_st__ind04780">  INDEX TO COMBINED FINANCIAL STATEMENTS OF THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE, LLC AND SUBSIDIARIES</A> <BR>
<A HREF="#lc19201_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;1) </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
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<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
</TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARBOR REALTY TRUST,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
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<P style="font-family:times;"><FONT SIZE=2>April&nbsp;25, 2016 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend a special meeting of stockholders of Arbor Realty Trust,&nbsp;Inc., a Maryland corporation (the
"</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>"), to be held at 11:00&nbsp;a.m., Eastern Time, on June&nbsp;1, 2016 at the
Teleconference Center on the lower level of 333 Earle Ovington Boulevard, Uniondale, New York&nbsp;11553 (the "</FONT><FONT SIZE=2><I>Special Meeting</I></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Special Meeting, you will be asked to consider and vote upon proposals that will allow us to acquire the agency business of Arbor Commercial Mortgage,&nbsp;LLC, a New York
limited liability company ("</FONT><FONT SIZE=2><I>ACM</I></FONT><FONT SIZE=2>"), our external manager (the "</FONT><FONT SIZE=2><I>Proposed Acquisition</I></FONT><FONT SIZE=2>"). The Proposed
Acquisition is described briefly below and in greater detail in the enclosed materials, which we urge you to read carefully. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2016, the Company, Arbor Realty Limited Partnership, a Delaware limited partnership (the "</FONT><FONT SIZE=2><I>Partnership</I></FONT><FONT SIZE=2>"), and ARSR
Acquisition Company,&nbsp;LLC, a Delaware limited liability company (the "</FONT><FONT SIZE=2><I>TRS</I></FONT><FONT SIZE=2>" and together with the Partnership, the
"</FONT><FONT SIZE=2><I>Buyer</I></FONT><FONT SIZE=2>"), entered into the Purchase Agreement (the "</FONT><FONT SIZE=2><I>Purchase Agreement</I></FONT><FONT SIZE=2>") with Arbor Commercial
Funding,&nbsp;LLC, a New York limited liability company ("</FONT><FONT SIZE=2><I>ACF</I></FONT><FONT SIZE=2>"), and ACM (together with ACF, the
"</FONT><FONT SIZE=2><I>Seller</I></FONT><FONT SIZE=2>") pursuant to which the Buyer agreed to purchase from the Seller for $250&nbsp;million, subject to certain adjustments as described below, the
"</FONT><FONT SIZE=2><I>ACM Agency Business</I></FONT><FONT SIZE=2>" consisting of the (i)&nbsp;underwriting, originating, selling and servicing multifamily mortgages at various locations in the
United States under the Federal National Mortgage Association Delegated Underwriting and Servicing program and the Federal Housing Administration, Government National Mortgage Association and Federal
Home Loan Mortgage Corporation programs and (ii)&nbsp;underwriting, originating and selling multifamily mortgages at various locations in the United States under conduit programs. The
$250&nbsp;million purchase price is subject to potential adjustment based on changes in the value of the acquired servicing portfolio on the closing date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price is to be paid 50% in cash, which initially is $125&nbsp;million. The Company has the option to utilize up to $50&nbsp;million of seller financing to satisfy a
portion of the cash consideration. The remaining 50% of the purchase price is to be paid in units of limited partnership interest in the Partnership ("</FONT><FONT SIZE=2><I>OP
Units</I></FONT><FONT SIZE=2>"), each of which is redeemable for cash or, at the Company's option, one share of common stock of the Company, par value $0.01 per share. The equity component of the
purchase price initially consists of 19,230,769 OP Units, which is based on a price per share of the Company's common stock of $6.50. Each of the OP Units that will be issued will be paired with a
share of newly-designated special voting preferred stock of the Company, par value $0.01 per share (the "</FONT><FONT SIZE=2><I>Special Voting Preferred Stock</I></FONT><FONT SIZE=2>"), that will
entitle ACM to one vote per share on any matter submitted to a vote of the Company's stockholders and that will be redeemed and cancelled upon the redemption of the OP Unit with which it is paired.
The shares of the Company's common stock that may be issuable upon redemption of the OP Units as discussed above will be entitled to certain registration rights pursuant to an existing Registration
Rights Agreement between the Company and ACM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the consummation of the Proposed Acquisition, the ACM employees whose responsibilities are directly related to the ACM Agency Business will become employees of the Company. All
other ACM employees who now provide management and administrative services to the Company pursuant to the Management Agreement (as defined below) will remain employed by ACM and will continue to
provide such services to the Company through the Management Agreement. The Company will be led by the same highly-experienced management team that has been integral to its growth and success. Pursuant
to an Option Agreement to be entered into in connection with the Proposed Acquisition, the Company will have a two year option to acquire the existing management agreement (the
"</FONT><FONT SIZE=2><I>Management Agreement</I></FONT><FONT SIZE=2>") by and among the Company, the Partnership and ACM and fully internalize the Company's management and operational structure. The
price to exercise this </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>option
is $25&nbsp;million in the first year and $27&nbsp;million in the second year. The exercise of this option will be in the sole discretion of the Special Committee (as defined below). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of our officers is either an employee of ACM or owns an equity interest in its business. These relationships result in those officers having material financial interests in the
Proposed Acquisition. To address these potential conflicts of interests, the Company's Board of Directors (the "</FONT><FONT SIZE=2><I>Board</I></FONT><FONT SIZE=2>") formed a special committee (the
"</FONT><FONT SIZE=2><I>Special Committee</I></FONT><FONT SIZE=2>") comprised entirely of independent and disinterested directors in connection with the Proposed Acquisition. No member of the Special
Committee is affiliated with ACM, and none has a financial interest in the Proposed Acquisition that differs from that of our unaffiliated stockholders. Our Board authorized the Special Committee to
review, consider and negotiate the terms and conditions of the Proposed Acquisition and to recommend to our entire Board whether to pursue the Proposed Acquisition and, if so, on what terms and
conditions. In evaluating the Proposed Acquisition, the Special Committee engaged independent legal and financial advisors and received a fairness opinion from its independent financial advisor, as
more fully described in the accompanying proxy statement. Under our charter, only the independent directors of our Board (as such term is defined in our charter) were entitled to vote on whether to
approve the entry into the Purchase Agreement and the transactions contemplated thereby, including the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are being asked to vote on the following proposals: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve (a)&nbsp;the acquisition, pursuant to the Purchase Agreement, of the ACM Agency Business in exchange for $125&nbsp;million in cash (up to
$50&nbsp;million of which the Company has, at the discretion of the Special Committee, the option to satisfy with seller financing) and 19,230,769 OP Units, in each case subject to adjustment as
described herein, and (b)&nbsp;the issuance to ACM of (i)&nbsp;19,230,769 OP Units and, if applicable, any additional OP Units to be issued pursuant to such adjustment (together,
"</FONT><FONT SIZE=2><I>Acquisition OP Units</I></FONT><FONT SIZE=2>"), (ii)&nbsp;a number of shares of the Company's Special Voting Preferred Stock, equivalent to the number of Acquisition OP
Units and paired with such OP Units, and (iii)&nbsp;an equivalent number of shares of the Company's common stock that may be issued upon redemption of such Acquisition OP Units (collectively, the
"</FONT><FONT SIZE=2><I>Acquisition Proposal</I></FONT><FONT SIZE=2>"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve the adjournment of the Special Meeting, if necessary or appropriate in the discretion of the Chairman of the Special Meeting, to solicit
additional proxies if there are not sufficient votes at the time of the Special Meeting to approve the Acquisition Proposal (the "</FONT><FONT SIZE=2><I>Adjournment
Proposal</I></FONT><FONT SIZE=2>"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
careful consideration and the recommendation of the Special Committee that the Acquisition Proposal is advisable and fair to, and in the best interests of, the Company, </FONT> <FONT SIZE=2><B>THE BOARD RECOMMENDS, BY A UNANIMOUS VOTE OF THE
INDEPENDENT DIRECTORS, THAT YOU VOTE TO (1)&nbsp;APPROVE THE ACQUISITION PROPOSAL AND (2)&nbsp;APPROVE THE ADJOURNMENT
PROPOSAL.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying proxy statement provides a detailed description of these proposals, including information about the Company, ACM, the Proposed Acquisition, the ACM Agency Business, the
OP Units and the Special Meeting. We urge you to read the entire proxy statement carefully so that you will be informed about the business to be addressed at the Special Meeting. You may also obtain
more information about the Company and ACM from documents the Company has filed with the Securities and Exchange Commission. Shares of the Company's common stock are listed on the New York Stock
Exchange (the "</FONT><FONT SIZE=2><I>NYSE</I></FONT><FONT SIZE=2>") under the ticker symbol "ABR." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Purchase Agreement and the rules of the NYSE, the approval of the Acquisition Proposal requires the affirmative vote of at least a majority of the votes cast by the
Company stockholders entitled to vote on the matter. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also requires the affirmative vote of the holders of at
least a majority of the outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or beneficially by ACM or its affiliates. This is the
only vote of </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>holders
of any securities of the Company or its subsidiaries necessary to approve the Acquisition Proposal. If you "Abstain" from voting, it will have the same effect as an "Against" vote on the
Acquisition Proposal. Failure to vote, including broker non-votes, will have no effect with respect to the requirement under the Purchase Agreement and NYSE rules that the Acquisition Proposal be
approved by the affirmative vote of at least a majority of the votes cast by stockholders entitled to vote on the matter, but will have the same effect as an "Against" vote with respect to the
requirement under the Purchase Agreement that the Acquisition Proposal be approved by a majority of the outstanding shares owned by stockholders other than ACM or its respective affiliates. ACM and
its affiliates intend to vote, and subject to the terms of our voting and standstill agreement with them, are required to vote, the shares of the Company's common stock that they own of record or
beneficially to approve the Acquisition Proposal and the Adjournment Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>It is important that your shares be represented at the Special Meeting, regardless of the number of shares you hold and whether or not you plan to attend the
Special Meeting in person. Accordingly, whether or not you plan to attend the Special Meeting, you are requested to promptly grant a proxy for your shares by completing, signing and dating the
enclosed proxy card and returning it in the postage-paid envelope provided. If you sign, date and mail your proxy card without indicating how you
wish to vote, your vote will be counted as a vote FOR approval of the Acquisition Proposal and FOR approval of the Adjournment Proposal.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granting
a proxy will not prevent you from voting your shares in person if you choose to attend the Special Meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very
truly yours, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>
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  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William
C. Green </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
Director and Chairman of the Special Committee of the Board of Directors of Arbor Realty Trust,&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Questions and requests for assistance in voting your shares may be directed to the Alliance Advisors&nbsp;LLC, which is assisting us with the solicitation of
proxies, at 855-976-3332 (toll-free) if you are a stockholder or, if you are a bank, broker or other nominee.</B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>333 Earle Ovington Boulevard, Suite&nbsp;900<BR>
Uniondale, New York, 11553  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTICE OF SPECIAL MEETING OF STOCKHOLDERS<BR>
To Be Held On June&nbsp;1, 2016  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend a special meeting of stockholders of Arbor Realty Trust,&nbsp;Inc., a Maryland corporation (the
"</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>"), to be held on June&nbsp;1, 2016, at 11:00&nbsp;a.m., Eastern Time, at the Teleconference Center on the lower level of 333 Earle Ovington
Boulevard, Uniondale, New York&nbsp;11553 (the "</FONT><FONT SIZE=2><I>Special Meeting</I></FONT><FONT SIZE=2>") for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve (a)&nbsp;the acquisition, pursuant to the Asset Purchase Agreement, dated as of February&nbsp;25, 2016 (the "</FONT><FONT SIZE=2><I>Purchase
Agreement</I></FONT><FONT SIZE=2>"), by and among the Company, Arbor Realty Limited Partnership, a Delaware limited partnership (the "</FONT><FONT SIZE=2><I>Partnership</I></FONT><FONT SIZE=2>"),
ARSR Acquisition Company,&nbsp;LLC, a Delaware limited liability company, Arbor Commercial Funding,&nbsp;LLC, a New York limited liability company, and Arbor Commercial Mortgage,&nbsp;LLC, a New
York limited liability company ("</FONT><FONT SIZE=2><I>ACM</I></FONT><FONT SIZE=2>"), of ACM's government-sponsored agency multifamily mortgage business in exchange for $125&nbsp;million in cash
(up to $50&nbsp;million of which the Company has, at the discretion of a special committee of the independent and disinterested directors of the Company's Board of Directors, the option to satisfy
with seller financing) and 19,230,769 units of limited partnership interest in the Partnership, each of which is redeemable for cash or, at the Company's option, one share of the Company's common
stock ("</FONT><FONT SIZE=2><I>OP Units</I></FONT><FONT SIZE=2>"), in each case subject to certain potential adjustment as described therein, and (b)&nbsp;the issuance to ACM of
(i)&nbsp;19,230,769 OP Units and, if applicable, any additional OP Units to be issued pursuant to such adjustment (together, "</FONT><FONT SIZE=2><I>Acquisition OP Units</I></FONT><FONT SIZE=2>"),
(ii)&nbsp;a number of shares of the Company's newly-designated special voting preferred stock, par value $0.01 per share (the "</FONT><FONT SIZE=2><I>Special Voting Preferred
Stock</I></FONT><FONT SIZE=2>"), equivalent to the number of Acquisition OP Units and paired with such OP Units, each of which will entitle ACM to one vote on any matter submitted to a vote of the
Company's stockholders, and (iii)&nbsp;an equivalent number of shares of the Company's common stock that may be issued upon redemption of the Acquisition OP Units (collectively, the
"</FONT><FONT SIZE=2><I>Acquisition Proposal</I></FONT><FONT SIZE=2>"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve the adjournment of the Special Meeting, if necessary or appropriate in the discretion of the Chairman of the Special Meeting, to solicit
additional proxies if there are not sufficient votes at the time of the Special Meeting to approve the Acquisition Proposal (the "</FONT><FONT SIZE=2><I>Adjournment
Proposal</I></FONT><FONT SIZE=2>"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
stockholders of record at the close of business on April&nbsp;20, 2016 will be entitled to notice of and to vote at the Special Meeting or any adjournments or postponements
thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
notice and the enclosed proxy statement are first being made available to our stockholders on or about April&nbsp;25, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>YOUR VOTE IS IMPORTANT. WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, YOU ARE URGED TO COMPLETE, DATE AND SIGN THE ACCOMPANYING PROXY CARD AND RETURN IT
PROMPTLY IN THE POSTAGE-PAID ENVELOPE PROVIDED. IF YOU ATTEND THE SPECIAL MEETING, YOU MAY WITHDRAW YOUR PROXY AND VOTE IN PERSON.</B></FONT></P>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>By Order of the Board of Directors,</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>JOHN J. BISHAR, JR.<BR></FONT> <FONT SIZE=2><I>Corporate Secretary</I></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=2> April&nbsp;25, 2016</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG19201_TOC"></A> </FONT></P>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc19201_summary_term_sheet"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY TERM SHEET</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc19201_summary_term_sheet"><FONT SIZE=2>2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#special"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Special Meeting (Page&nbsp;9)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#special"><FONT SIZE=2>3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#purpose"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purpose of the Special Meeting (Page&nbsp;9)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#purpose"><FONT SIZE=2>3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#stock"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders Entitled to Vote (Page&nbsp;9)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#stock"><FONT SIZE=2>3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#required"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Required Quorum (Page&nbsp;9)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#required"><FONT SIZE=2>3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#vote"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required for Approval (Page&nbsp;10)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#vote"><FONT SIZE=2>4</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#reasons"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reasons for the Proposed Acquisition (Page&nbsp;36)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#reasons"><FONT SIZE=2>4</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#background"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background of the Proposed Acquisition (Page&nbsp;39)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#background"><FONT SIZE=2>5</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#opinion"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of the Special Committee's Financial Advisor (Page&nbsp;46)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#opinion"><FONT SIZE=2>5</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#purchase"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Purchase Agreement (Page&nbsp;55)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#purchase"><FONT SIZE=2>5</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc19201_option_agreement_(page_68)"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Option Agreement (Page&nbsp;68)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc19201_option_agreement_(page_68)"><FONT SIZE=2>6</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc19201_voting_and_standstill_agreement_(page_69)"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting and Standstill Agreement (Page&nbsp;69)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc19201_voting_and_standstill_agreement_(page_69)"><FONT SIZE=2>6</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#no"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Appraisal or Approval Rights (Page&nbsp;55)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#no"><FONT SIZE=2>7</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#interests"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of Certain Persons in the Proposed Acquisition (Page&nbsp;72)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#interests"><FONT SIZE=2>7</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#risk"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors (Page&nbsp;14)</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#risk"><FONT SIZE=2>7</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_general_information_ab__de102290"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GENERAL INFORMATION ABOUT THE SPECIAL MEETING AND VOTING</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_general_information_ab__de102290"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_the_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_the_special_meeting"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_purpose_of_the_special_meeting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purpose of the Special Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_purpose_of_the_special_meeting"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_solicitation_of_proxies"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Solicitation of Proxies</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_solicitation_of_proxies"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_stockholders_entitled_to_vote"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders Entitled to Vote</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_stockholders_entitled_to_vote"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_required_quorum"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Required Quorum</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_required_quorum"><FONT SIZE=2>9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_vote_required_for_approval"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required for Approval</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_vote_required_for_approval"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_voting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_voting"><FONT SIZE=2>10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_right_to_revoke_proxy"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Right to Revoke Proxy</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_right_to_revoke_proxy"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_voting_results"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting Results</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_voting_results"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_confidentiality_of_voting"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Confidentiality of Voting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_confidentiality_of_voting"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_recommendations_of_the_board"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendations of the Board</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_recommendations_of_the_board"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de19201_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de19201_forward-looking_statements"><FONT SIZE=2>12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg19201_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg19201_risk_factors"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg19201_risks_relating_to_the_acm_agency_business"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to the ACM Agency Business</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg19201_risks_relating_to_the_acm_agency_business"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di19201_risks_relating_to_regulatory_matters"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to Regulatory Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di19201_risks_relating_to_regulatory_matters"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di19201_risks_related_to_the_proposed_acquisition"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Related to The Proposed Acquisition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di19201_risks_related_to_the_proposed_acquisition"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_our_company"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OUR COMPANY</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_our_company"><FONT SIZE=2>30</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_the_acm_agency_business"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>THE ACM AGENCY BUSINESS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_the_acm_agency_business"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_general"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_general"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_product_and_service_of__dk102293"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Product and Service Offerings of the ACM Agency Business</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_product_and_service_of__dk102293"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_multifamily_finance"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Multifamily Finance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_multifamily_finance"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_fha_finance"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FHA Finance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_fha_finance"><FONT SIZE=2>32</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_direct_loan_originators_network"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Direct Loan Originators Network</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_direct_loan_originators_network"><FONT SIZE=2>32</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_underwriting_and_risk_management"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting and Risk Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_underwriting_and_risk_management"><FONT SIZE=2>32</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_servicing_and_asset_management"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing and Asset Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_servicing_and_asset_management"><FONT SIZE=2>33</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_competition"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Competition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_competition"><FONT SIZE=2>34</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_federal_and_state_regulation_o__fed02912"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Federal and State Regulation of Commercial Real Estate Lending
Activities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_federal_and_state_regulation_o__fed02912"><FONT SIZE=2>34</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_requirements_of_the_gses_and_hud"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Requirements of the GSEs and HUD</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_requirements_of_the_gses_and_hud"><FONT SIZE=2>35</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk19201_employees"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employees</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk19201_employees"><FONT SIZE=2>35</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm19201_introductory_note_to_the_acquisition_proposal"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INTRODUCTORY NOTE TO THE ACQUISITION PROPOSAL</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm19201_introductory_note_to_the_acquisition_proposal"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm19201_proposal_1__the_acquisition_proposal"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL 1: THE ACQUISITION PROPOSAL</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm19201_proposal_1__the_acquisition_proposal"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#gen"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#gen"><FONT SIZE=2>36</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm19201_reasons_for_the_proposed_acquisition"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reasons for the Proposed Acquisition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm19201_reasons_for_the_proposed_acquisition"><FONT SIZE=2>36</FONT></A></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm19201_background_of_the_proposed_acquisition"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background of the Proposed Acquisition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm19201_background_of_the_proposed_acquisition"><FONT SIZE=2>39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do19201_recommendation_of_the_board"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the Board</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do19201_recommendation_of_the_board"><FONT SIZE=2>46</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do19201_opinion_of_the_special_committee_s_financial_advisor"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Opinion of the Special Committee's Financial Advisor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do19201_opinion_of_the_special_committee_s_financial_advisor"><FONT SIZE=2>46</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do19201_certain_projections"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Projections</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do19201_certain_projections"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq19201_no_appraisal_or_approval_rights"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Appraisal or Approval Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq19201_no_appraisal_or_approval_rights"><FONT SIZE=2>55</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dq19201_the_purchase_agreement"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Purchase Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dq19201_the_purchase_agreement"><FONT SIZE=2>55</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_ancillary_agreements"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ancillary Agreements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_ancillary_agreements"><FONT SIZE=2>67</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_the_proposed_issuances_of_equity_securities_to_acm"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Proposed Issuances of Equity Securities to ACM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_the_proposed_issuances_of_equity_securities_to_acm"><FONT SIZE=2>71</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_interests_of_certain_p__ds102399"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interests of Certain Persons in the Proposed Acquisition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_interests_of_certain_p__ds102399"><FONT SIZE=2>72</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_regulatory_approval_required_f__reg03636"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approval Required for the Proposed Acquisition and Other Regulatory
Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_regulatory_approval_required_f__reg03636"><FONT SIZE=2>74</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_vote_required"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_vote_required"><FONT SIZE=2>75</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_federal_securities_laws_consequences"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Federal Securities Laws Consequences</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_federal_securities_laws_consequences"><FONT SIZE=2>76</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ds19201_recommendation_of_the_board"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the Board</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds19201_recommendation_of_the_board"><FONT SIZE=2>76</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ourboard"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OUR BOARD, BY A UNANIMOUS VOTE OF THE INDEPENDENT DIRECTORS, RECOMMENDS YOU VOTE "FOR" APPROVING THE ACQUISITION
PROPOSAL.&nbsp;</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ourboard"><FONT SIZE=2>76</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_proposal_2__the_adjournment_proposal"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL 2: THE ADJOURNMENT PROPOSAL</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_proposal_2__the_adjournment_proposal"><FONT SIZE=2>77</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_general"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_general"><FONT SIZE=2>77</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_vote_required"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_vote_required"><FONT SIZE=2>77</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_recommendation_of_the_board"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation of the Board</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_recommendation_of_the_board"><FONT SIZE=2>77</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_u.s._federal_income_ta__du102169"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_u.s._federal_income_ta__du102169"><FONT SIZE=2>78</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_security_ownership_of_certain___sec02525"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_security_ownership_of_certain___sec02525"><FONT SIZE=2>80</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#du19201_selected_historical_per_share___sel02689"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SELECTED HISTORICAL PER SHARE MARKET PRICE AND DIVIDEND
INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du19201_selected_historical_per_share___sel02689"><FONT SIZE=2>82</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw19201_selected_consolidated_financia__sel03447"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SELECTED CONSOLIDATED FINANCIAL INFORMATION OF ARBOR REALTY TRUST,&nbsp;INC. AND
SUBSIDIARIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw19201_selected_consolidated_financia__sel03447"><FONT SIZE=2>83</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dw19201_selected_combined_financial_in__sel04113"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SELECTED COMBINED FINANCIAL INFORMATION OF THE CARVE-OUT AGENCY BUSINESS OF
ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw19201_selected_combined_financial_in__sel04113"><FONT SIZE=2>85</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy19201_pro_forma_selected_financial_data"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PRO FORMA SELECTED FINANCIAL DATA</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy19201_pro_forma_selected_financial_data"><FONT SIZE=2>86</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy19201_historical_and_pro_forma_per_share_data"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>HISTORICAL AND PRO FORMA PER SHARE DATA</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy19201_historical_and_pro_forma_per_share_data"><FONT SIZE=2>87</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea19201_management_s_discussion_and_an__man04532"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS OF THE ACM AGENCY BUSINESS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea19201_management_s_discussion_and_an__man04532"><FONT SIZE=2>88</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ee19201_unaudited_pro_forma_co__ee102224"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee19201_unaudited_pro_forma_co__ee102224"><FONT SIZE=2>102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#el19201_other_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OTHER MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#el19201_other_matters"><FONT SIZE=2>110</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#el19201_other_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OTHER INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#el19201_other_information"><FONT SIZE=2>110</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#el19201_householding_of_proxy_materials"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Householding of Proxy Materials</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#el19201_householding_of_proxy_materials"><FONT SIZE=2>110</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#el19201_additional_copies_of_materials"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional Copies of Materials</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#el19201_additional_copies_of_materials"><FONT SIZE=2>110</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#el19201_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#el19201_where_you_can_find_more_information"><FONT SIZE=2>111</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#fa19201_index_to_combined_financial_st__ind04780"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INDEX TO COMBINED FINANCIAL STATEMENTS OF THE CARVE-OUT AGENCY BUSINESS OF ARBOR
COMMERCIAL MORTGAGE,&nbsp;LLC AND SUBSIDIARIES</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#fa19201_index_to_combined_financial_st__ind04780"><FONT SIZE=2>F-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#la19201_annex_a"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX&nbsp;A&nbsp;&#151; ASSET PURCHASE AGREEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#mz19201_annex_b"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX&nbsp;B&nbsp;&#151; OPINION OF J.P. MORGAN SECURITIES LLC</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g528652.jpg" ALT="LOGO" WIDTH="273" HEIGHT="45">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>333 Earle Ovington Boulevard, Suite&nbsp;900<BR>
Uniondale, New York, 11553  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>PROXY STATEMENT  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Important Notice Regarding the Availability of Proxy Materials for the<BR>
Stockholder Meeting to Be Held on June&nbsp;1, 2016.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> This proxy statement is available<BR>
at http://www.arborrealtytrust.com  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement, the accompanying proxy card and notice of special meeting are provided in connection with the solicitation of proxies by and on behalf of
the Board of Directors (the "</FONT><FONT SIZE=2><I>Board</I></FONT><FONT SIZE=2>") of Arbor Realty Trust,&nbsp;Inc., a Maryland corporation, for use at a special meeting of stockholders (the
"</FONT><FONT SIZE=2><I>Special Meeting</I></FONT><FONT SIZE=2>") to be held on June&nbsp;1, 2016, at 11:00&nbsp;a.m., Eastern Time, and any adjournments or postponements thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mailing address of our executive office is 333 Earle Ovington Boulevard, Suite&nbsp;900, Uniondale, New York, 11553. This proxy statement, the accompanying proxy card and the
notice of special meeting are first being mailed on or about April&nbsp;25, 2016 to holders of our common stock, par value $0.01 per share, of record at the close of business on April&nbsp;20,
2016. Our outstanding shares of common stock are the only securities entitled to vote at the Special Meeting and are referred to as our voting securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
proxy may confer discretionary authority to vote with respect to any matter presented at the Special Meeting. As of the date of this proxy statement, management has no knowledge of any
business that will be presented for consideration at the Special Meeting and that would be required to be set forth in this proxy statement or the related proxy card other than the matters set forth
in the Notice of Special Meeting of Stockholders. Under Maryland law and our Bylaws, no matter may be properly presented at the Special Meeting except as specifically designated in the Notice of
Special Meeting of Stockholders. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc19201_summary_term_sheet"> </A>
<A NAME="toc_dc19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY TERM SHEET    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary term sheet highlights selected information in this proxy statement and may not contain all the information that
may be important to you. Accordingly, we encourage you to read carefully this entire proxy statement, its Annexes and the documents and information incorporated by reference into this proxy statement,
which includes important business and financial information filed with the Securities and Exchange Commission (the "</FONT><FONT SIZE=2><I>SEC</I></FONT><FONT SIZE=2>") regarding the Company. You may
obtain the information incorporated by reference into this proxy statement without charge by following the instructions described under "Where You Can Find More Information." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
item in this summary term sheet includes a page reference directing you to a more complete description of that topic. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following terms are used in this summary term sheet and throughout this proxy statement and have the meanings ascribed below:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>We</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>our</I></FONT><FONT SIZE=2>,"
"</FONT><FONT SIZE=2><I>us</I></FONT><FONT SIZE=2>," "</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Parent</I></FONT><FONT SIZE=2>" each refers to Arbor Realty
Trust,&nbsp;Inc., a Maryland corporation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>ACF</I></FONT><FONT SIZE=2>" means Arbor Commercial Funding,&nbsp;LLC, a New York limited liability
company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>ACM</I></FONT><FONT SIZE=2>" means Arbor Commercial Mortgage,&nbsp;LLC, a New York limited liability
company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>ACM Agency Business</I></FONT><FONT SIZE=2>" means ACM's business consisting of (i)&nbsp;underwriting,
originating, selling and servicing multifamily mortgages at various locations in the United States under the Federal National Mortgage Association Delegated Underwriting and Servicing program and the
Federal Housing Administration, Government National Mortgage Association and Federal Home Loan Mortgage Corporation programs and (ii)&nbsp;underwriting, originating and selling multifamily mortgages
at various locations in the United States under conduit programs, described in more detail below under "The ACM Agency Business" beginning on page&nbsp;31; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Buyer</I></FONT><FONT SIZE=2>" means, collectively, the Partnership and the TRS; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Independent Directors</I></FONT><FONT SIZE=2>" means the directors on our Board whom we have determined to be
independent under the rules of the New York Stock Exchange (the "</FONT><FONT SIZE=2><I>NYSE</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Management Agreement</I></FONT><FONT SIZE=2>" means the Second Amended and Restated Management Agreement,
dated as of August&nbsp;6, 2009, and amended as of January&nbsp;1, 2015, by and among the Company, the Partnership, the TRS and ACM providing for the external management by ACM of certain of the
Company's investments and operations, described in more detail below under "Proposal 1: The Acquisition Proposal&#151;Ancillary Agreements&#151;Amended and Restatement Management
Agreement"; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>OP Units</I></FONT><FONT SIZE=2>" means the units of limited partnership interest in the Partnership that are
redeemable for cash or, at the Company's option, for shares of common stock of the Company on a one-for-one basis; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Partnership</I></FONT><FONT SIZE=2>" means Arbor Realty Limited Partnership, a Delaware limited partnership; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Proposed Acquisition</I></FONT><FONT SIZE=2>" means the Company's Proposed Acquisition, pursuant to the
Purchase Agreement, of the ACM Agency Business in exchange for $125&nbsp;million in cash and 19,230,769 OP Units, in each case subject to certain potential adjustments as described in more detail
herein; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Purchase Agreement</I></FONT><FONT SIZE=2>" means the Asset Purchase Agreement, dated as of
February&nbsp;25, 2016, by and among the Company, the Buyer and the Seller that contemplates the acquisition of the ACM Agency Business from the Seller by the Buyer, described in more detail below
under "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement"; </FONT></DD></DL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Seller</I></FONT><FONT SIZE=2>" means, collectively, ACM and ACF; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>Special Voting Preferred Stock</I></FONT><FONT SIZE=2>" means the shared of newly-designated special voting
preferred stock, par value $0.01 per share, of the Company to be paired with the OP Units to be issued to ACM; and</FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "</FONT><FONT SIZE=2><I>TRS</I></FONT><FONT SIZE=2>" means ARSR Acquisition Company,&nbsp;LLC, a Delaware limited liability
company. </FONT></DD></DL>
</UL>

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<A NAME="special"></A>The Special Meeting (Page&nbsp;9)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is using this proxy statement to solicit your proxy for use at the Special Meeting to be held on June&nbsp;1, 2016, at
11:00&nbsp;a.m., Eastern Time, at the Teleconference Center on the lower level of 333 Earle Ovington Boulevard, Uniondale, New York 11553. For information on how to obtain directions to attend the
Special Meeting and vote in person, please contact our Investor Relations general inquiries line at (516)&nbsp;506-4200. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="purpose"></A>Purpose of the Special Meeting (Page&nbsp;9)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Special Meeting is to vote on the following proposals: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve (a)&nbsp;the acquisition, pursuant to the Purchase Agreement, of the ACM Agency Business in exchange for $125&nbsp;million in cash (up to
$50&nbsp;million of which the Company has, at the discretion of the Special Committee (as defined below), the option to satisfy with seller financing) and 19,230,769 OP Units, in each case subject
to adjustment as described herein, and (b)&nbsp;the issuance to ACM of (i)&nbsp;19,230,769 OP Units and, if applicable, any additional OP Units to be issued pursuant to such adjustment (together,
"</FONT><FONT SIZE=2><I>Acquisition OP Units</I></FONT><FONT SIZE=2>"), (ii)&nbsp;a number of shares of the Company's Special Voting Preferred Stock equivalent to the number of Acquisition OP Units
to be issued and (iii)&nbsp;an equivalent number of shares of the Company's common stock that may be issued upon redemption of such Acquisition OP Units (collectively, the
"</FONT><FONT SIZE=2><I>Acquisition Proposal</I></FONT><FONT SIZE=2>"); and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve the adjournment of the Special Meeting, if necessary or appropriate in the discretion of the Chairman of the Special Meeting, to solicit
additional proxies if there are not sufficient votes at the time of the Special Meeting to approve the Acquisition Proposal (the "</FONT><FONT SIZE=2><I>Adjournment
Proposal</I></FONT><FONT SIZE=2>"). </FONT></DD></DL>
</UL>

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<A NAME="stock"></A>Stockholders Entitled to Vote (Page&nbsp;9)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the close of business on April&nbsp;20, 2016 there were 51,381,405&nbsp;shares of our common stock outstanding and entitled
to vote at the Special Meeting. Each share of our common stock entitles the holder to one vote. Stockholders of record at the close of business on April&nbsp;20, 2016 are entitled to attend and vote
at the Special Meeting or any adjournment or postponement thereof. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="required"></A>Required Quorum (Page&nbsp;9)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum will be present if stockholders entitled to cast a majority of all the votes entitled to be cast at the Special Meeting are
present, in person or by proxy. If you have returned a valid proxy or if you hold your shares of our voting securities in your own name as holder of record and you attend the Special Meeting in
person, your shares will be counted for the purpose of determining whether there is a quorum. If a quorum is not present, the Special Meeting may be adjourned by the Chairman of the Special Meeting or
the stockholders entitled to vote at the Special Meeting, present in person or by proxy, to a date not more than 120&nbsp;days after the record date without notice other than announcement at the
meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="vote"></A>Vote Required for Approval (Page&nbsp;10)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement and the rules of the NYSE, the approval of the Acquisition Proposal requires the affirmative vote of
at least a majority of the votes cast by the Company stockholders entitled to vote on the matter. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also
requires the affirmative vote of the holders of at least a majority of the outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or
beneficially by ACM or its affiliates. This is the only vote of holders of any securities of the Company or its subsidiaries necessary to approve the Acquisition Proposal. If you "Abstain" from
voting, it will have the same effect as an "Against" vote on the Acquisition Proposal. Failure to vote, including broker non-votes, will have no effect with respect to the requirement under the
Purchase Agreement and NYSE rules that the Acquisition Proposal be approved by the affirmative vote of at least a majority of the votes cast by stockholders entitled to vote on the matter, but will
have the same effect as an "Against" vote with respect to the requirement under the Purchase Agreement that the Acquisition Proposal be approved by a majority of the outstanding shares owned by
stockholders other than ACM or its respective affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adjournment Proposal requires the affirmative vote of a majority of the votes cast by the stockholders entitled to vote on the matter. For the purpose of the vote on this proposal,
abstentions, broker non-votes and other shares not voted will not be counted as votes cast and will have no effect on the result of the vote, although all shares for which proxies have been given will
be considered present for the purpose of determining the presence of a quorum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
and its affiliates intend to vote, and subject to the terms of our voting and standstill agreement with them, are required to vote, the shares of the Company's common stock that they
own of record or beneficially to approve the Acquisition Proposal and the Adjournment Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="reasons"></A>Reasons for the Proposed Acquisition (Page&nbsp;36)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board established a special committee (the "</FONT><FONT SIZE=2><I>Special Committee</I></FONT><FONT SIZE=2>") consisting of four
disinterested, independent directors to review, evaluate and make recommendations to the Board with respect to the Proposed Acquisition. The Special Committee, by a unanimous vote, recommended that
the Board approve, authorize and adopt the Purchase Agreement and the Proposed Acquisition. In reaching its determination, the Special Committee consulted with its legal, financial and other advisors
and considered a number of factors, including the following material factors:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the belief that the Proposed Acquisition will provide diversification and predictability of earnings streams through the acquisition
of a servicing portfolio that is expected to result in a consistent and recurring cash flow stream in a diversified stable annuity of servicing income; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the creation of a fully integrated franchise that is expected to add significant new origination and servicing verticals to the
Company that complement the Company's commercial real estate lending products; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential for additional scale through the acquisition of new business lines that are expected to provide the Company with a
stronger foothold in the multifamily sector that currently has high barriers to entry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the belief that the Proposed Acquisition will significantly add to the Company's current business profile by introducing additional
product capabilities, origination relationships and market knowledge in new and existing products, geographies and industries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expectation that, following the consummation of the Proposed Acquisition, the Company will be able to meet the multiple needs of
its clients through a comprehensive product offering, including products for short-term and long-term commercial real estate financing needs; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expectation that the Proposed Acquisition will be immediately accretive to the Company's earnings and dividends. </FONT></DD></DL>
</UL>

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<A NAME="background"></A>Background of the Proposed Acquisition (Page&nbsp;39)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initiated discussions regarding the Proposed Acquisition in May 2013. Discussions, due diligence review and negotiations
were completed on February&nbsp;25, 2016, when the Special Committee unanimously approved the entry into the Purchase Agreement and the transactions contemplated thereby and recommended that the
Board approve the same. Immediately following the Special Committee meeting, the Board, by a unanimous vote of the Independent Directors, also resolved to approve the entry into the Purchase Agreement
and the transactions contemplated thereby. Thereafter, the Company entered into the Purchase Agreement on February&nbsp;25, 2016. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="opinion"></A>Opinion of the Special Committee's Financial Advisor
(Page&nbsp;46)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, at the meeting of the Special Committee at which the Proposed Acquisition was approved, J.P. Morgan
Securities&nbsp;LLC ("</FONT><FONT SIZE=2><I>J.P. Morgan</I></FONT><FONT SIZE=2>"), the Company's financial advisor in connection with the Proposed Acquisition, rendered to the Special Committee an
oral opinion (which was subsequently confirmed in writing by delivery of J.P. Morgan's written opinion dated the same date) that, as of such date and based upon and subject to the assumptions, matters
and limitations set forth in its written opinion, the consideration to be paid by the Buyer in the Proposed Acquisition was fair, from a financial point of view, to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
full text of J.P. Morgan's written opinion, dated as of February&nbsp;25, 2016, is attached as Annex&nbsp;B to this proxy statement and is incorporated herein by reference. The
full text of the opinion contains a discussion of, among other things, assumptions made, matters considered and limitations on the opinion and the review undertaken by J.P. Morgan in connection with
rendering its opinion. The summary of the opinion of J.P. Morgan set forth in this proxy statement is qualified in its entirety by reference to the full text of such opinion. The Company's
stockholders are urged to read the opinion in its entirety. J.P. Morgan's written opinion was addressed to the Special Committee (in its capacity as such) in connection with and for the purposes of
its evaluation of the Proposed Acquisition, was directed only to the consideration to be paid in the Proposed Acquisition and did not address any other aspect of the Proposed Acquisition. J.P. Morgan
expressed no opinion as to the fairness of the consideration to the holders of any class of securities, creditors or other constituencies of the Company or as to the underlying decision by the Company
to engage in the Proposed Acquisition. The issuance of J.P. Morgan's opinion was approved by a fairness committee of J.P. Morgan. The J.P. Morgan opinion does not constitute a recommendation to any
stockholder of the Company as to how such stockholder should vote with respect to the Proposed Acquisition or any other matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a description of the opinion that the Special Committee received from J.P. Morgan, see "Proposal 1: The Acquisition Proposal&#151;Opinion of the Special Committee's Financial
Advisor." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="purchase"></A>The Purchase Agreement (Page&nbsp;55)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, the Company entered into the Purchase Agreement, pursuant to which it agreed to purchase the ACM Agency
Business from ACM for $250&nbsp;million, subject to certain adjustments. The purchase price to be paid is 50% in cash, which initially is $125&nbsp;million. The remaining 50% of the purchase price
is to be paid in OP Units. The equity component of the purchase price initially consists of 19,230,769 OP Units, which is based on a price per share of the Company's common stock of $6.50. Each of the
OP Units that will be issued will be paired with a share of the Company's newly-designed Special Voting Preferred Stock that will entitle ACM to one vote per share
on any matter submitted to a vote of the Company's stockholders and that will be redeemed and cancelled upon redemption of the OP Unit with which it is paired. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price is subject to potential adjustment based on changes in the value of ACM's servicing portfolio being sold on the closing date. Based on the value of the portfolio and
the "weighted average servicing fee" as of March&nbsp;31, 2016, if the closing of the Proposed Acquisition were to occur on March&nbsp;31, 2016, the purchase price would be subject to adjustment
by an increase of approximately $15&nbsp;million. See "Proposal&nbsp;1: The Acquisition Proposal&#151;The Purchase Agreement&#151;Consideration; Adjustment of Closing Purchase
Price." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
has offered the option, at the discretion of the Special Committee, to provide for up to $50&nbsp;million of financing to satisfy a portion of the cash consideration to be paid by
the Company. All of ACM's employees directly related to the ACM Agency Business (approximately 230 employees) will become employees of the Company following the consummation of the Proposed
Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transactions contemplated by the Purchase Agreement will require certain approvals from the government and government-sponsored enterprises (the
"</FONT><FONT SIZE=2><I>GSEs</I></FONT><FONT SIZE=2>"), as well as a vote of our stockholders and other third party approvals. These transactions are expected to close during the third quarter of
2016. However, there can be no assurances that these transactions will be completed during this period or at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement" for a further description of the Purchase Agreement. The Purchase Agreement is attached as Annex&nbsp;A to
this proxy statement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc19201_option_agreement_(page_68)"> </A>
<A NAME="toc_dc19201_2"> </A></FONT> <FONT SIZE=2><B>


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Option Agreement (Page&nbsp;68)    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement, at the Closing, the Parent, the Partnership, Arbor Realty SR,&nbsp;Inc., a Maryland corporation,
and ACM will enter into an option agreement substantially in the form of Exhibit&nbsp;E to the Purchase Agreement (the "</FONT><FONT SIZE=2><I>Option Agreement</I></FONT><FONT SIZE=2>"). Under the
Option Agreement, the Partnership will have an irrevocable, non-transferable right for two
years to purchase for $25&nbsp;million (increasing to $27&nbsp;million in the second year) the existing Management Agreement, and, as a result, fully internalize the Company's management structure
and thereby, all of ACM's executive and administrative employees who currently provide services to us through the existing Management Agreement will become our employees. The exercise of this option
is at the discretion of the Special Committee, which has no obligation to exercise this option. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Proposal 1: The Acquisition Proposal&#151;Option Agreement" for a further description of the Option Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dc19201_voting_and_standstill_agreement_(page_69)"> </A>
<A NAME="toc_dc19201_3"> </A></FONT> <FONT SIZE=2><B>


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Voting and Standstill Agreement (Page&nbsp;69)    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the execution and delivery of the Purchase Agreement, on February&nbsp;25, 2016, ACM, Ivan Kaufman, the President
and CEO of the Company and the principal and CEO of ACM, and The Ivan and Lisa Kaufman Family Trust (collectively, the "</FONT><FONT SIZE=2><I>Restricted Stockholders</I></FONT><FONT SIZE=2>")
entered into a voting and standstill agreement with the Company, pursuant to which, among other things, (i)&nbsp;the Restricted Stockholders agreed, subject to the terms and conditions set forth
therein, to vote the shares of the Company's common stock owned by them in favor of the transactions contemplated by the Purchase Agreement, including the issuance of the OP Units contemplated
thereby, and (ii)&nbsp;the Restricted Stockholders agreed, subject to the terms and conditions set forth therein, not to acquire shares of the Company's common stock (or securities convertible or
exchangeable for shares of the Company's common stock) above the thresholds specified therein and during the time periods specified therein. As of March&nbsp;31, 2016, the Restricted Stockholders
collectively beneficially own 6,018,773 shares of the Company's common stock, representing approximately 11.7% of the voting power of our common stock on a fully diluted basis. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<A NAME="no"></A>No Appraisal or Approval Rights (Page&nbsp;55)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Maryland law, stockholders will not have appraisal rights in connection with the Proposed Acquisition or the right to vote to
approve the Proposed Acquisition. However, under the NYSE Listed Company Manual, stockholder approval is required to approve the
issuance of OP Units contemplated by the Purchase Agreement and the Acquisition Proposal. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also requires the
affirmative vote of the holders of at least a majority of the outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or beneficially
by ACM or its affiliates, assuming a quorum is present. None of the NYSE Listed Company Manual, the Purchase Agreement or the Board grants stockholders appraisal rights in connection with the Proposed
Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="interests"></A>Interests of Certain Persons in the Proposed Acquisition
(Page&nbsp;72)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the Board to vote for the proposals described in this proxy statement, you should be aware
that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ACM currently owns 5.3&nbsp;million shares of our common stock, representing approximately 10.4% of the voting power of our common
stock and Ivan Kaufman currently beneficially owns 6,018,773 shares of our common stock; representing approximately 11.7% of the voting power of our common stock; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain of our current directors and executive officers, including Ivan Kaufman, John Bishar, Joseph Martello, Paul Elenio, Fred
Weber, Gene Kilgore and Andrew Guziewicz, have interests in the Proposed Acquisition that may be different from, or in addition to, the interests of our nonaffiliated stockholders generally and may
create potential conflicts of interests. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
interests, in addition to others, are described in more detail under "Proposal 1: The Acquisition Proposal&#151;Interests of Certain Persons in the Proposed Acquisition." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


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<A NAME="risk"></A>Risk Factors (Page&nbsp;14)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among others, the principal risk factors related to the ACM Agency Business, regulatory matters and the Proposed Acquisition are as
follows: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Risks Relating to the ACM Agency Business  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The loss of or changes in the ACM Agency Business's relationships with the GSEs, United States Department of Housing and Urban
Development ("</FONT><FONT SIZE=2><I>HUD</I></FONT><FONT SIZE=2>") and institutional investors would adversely affect its ability to originate commercial real estate loans through GSE and HUD
programs, which would materially and adversely affect the ACM Agency Business. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> A change to the conservatorship of Fannie Mae and Freddie Mac and related actions, along with any changes in laws and regulations
affecting the relationship between Fannie Mae and Freddie Mac and the U.S. federal government, could materially and adversely affect the business of the ACM Agency Business. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The ACM Agency Business is subject to risk of loss in connection with defaults on loans sold under the Fannie Mae Delegated
Underwriting and Servicing ("DUS") program that could materially and adversely affect the ACM Agency Business's results of operations and liquidity. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Risks Relating to Regulatory Matters  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If the ACM Agency Business fails to comply with the numerous government regulations and program requirements of the GSEs and HUD, the
ACM Agency Business may lose its approved lender status with these entities and fail to gain additional approvals or licenses for its business. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
ACM Agency Business is also subject to changes in laws, regulations and existing GSE and HUD program requirements, including potential increases in reserve and risk retention requirements that
could increase the ACM Agency Business's costs and affect the way the ACM Agency Business conducts its business, which could materially and adversely affect the ACM Agency Business. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If the ACM Agency Business fails to comply with laws, regulations and market standards regarding the privacy, use, and security of
customer information, or if the ACM Agency Business is the target of a successful cyber-attack, the ACM Agency Business may be subject to legal and regulatory actions and the ACM Agency Business's
reputation would be harmed. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Risks Related to the Proposed Acquisition  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Proposed Acquisition is subject to a number of conditions, including the approval of our stockholders and the receipt of consents
and clearances from regulatory authorities and other third parties that may not be obtained, may not be completed on a timely basis or may impose conditions that could have an adverse effect on us. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Proposed Acquisition was negotiated between the Special Committee and ACM, which is affiliated with certain of our officers and
directors. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain of our directors and executive officers have interests in the Proposed Acquisition that are different from, and may
potentially conflict with, our interests and the interests of our unaffiliated stockholders. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Failure to complete the Proposed Acquisition could negatively impact our business, financial condition, results of operations or stock
price. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The market price of our common stock may decline as a result of the Proposed Acquisition. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Current stockholders will have reduced ownership and voting interests after the Proposed Acquisition. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Our future results following the Proposed Acquisition may differ materially from the unaudited pro forma financial information
included in this proxy statement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE PROPOSED ACQUISITION MAY HAVE ADVERSE TAX CONSEQUENCES.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de19201_general_information_ab__de102290"> </A>
<A NAME="toc_de19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  GENERAL INFORMATION ABOUT THE SPECIAL MEETING AND VOTING    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_the_special_meeting"> </A>
<A NAME="toc_de19201_2"> </A></FONT> <FONT SIZE=2><B>


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The Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Meeting will be held on June&nbsp;1, 2016, at 11:00&nbsp;a.m., Eastern Time, at the Teleconference Center on the lower
level of 333 Earle Ovington Boulevard, Uniondale,
New York&nbsp;11553. For information on how to obtain directions to attend the Special Meeting and vote in person, please contact our Investor Relations general inquiries line at
(516)&nbsp;506-4200. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_purpose_of_the_special_meeting"> </A>
<A NAME="toc_de19201_3"> </A></FONT> <FONT SIZE=2><B>


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Purpose of the Special Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Special Meeting is to vote on the following proposals: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve the Acquisition Proposal; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>to
approve the Adjournment Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board is not aware of any other matter to be presented for action at the Special Meeting. Under Maryland law and our Bylaws, no matter may be properly presented at the Special
Meeting except as specifically designated in the Notice of Special Meeting of Stockholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_solicitation_of_proxies"> </A>
<A NAME="toc_de19201_4"> </A></FONT> <FONT SIZE=2><B>



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Solicitation of Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed proxy is solicited by and on behalf of the Board. The expense of preparing, printing and mailing this proxy statement and
the proxies solicited hereby will be borne by the Company. In addition to the use of the mail, proxies may be solicited by officers and directors, without additional remuneration, by personal
interview, telephone or otherwise. The Company will also request brokerage firms, nominees, custodians and fiduciaries to forward proxy materials to the beneficial owners of voting securities held of
record at the close of business on April&nbsp;20, 2016 and will provide reimbursement for the cost of forwarding the material. In addition, we have engaged Alliance Advisors, LLC to assist in
soliciting proxies from brokers, banks and other nominee holders of our common stock at a cost of approximately $7,000 plus reasonable out-of-pocket expenses. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_stockholders_entitled_to_vote"> </A>
<A NAME="toc_de19201_5"> </A></FONT> <FONT SIZE=2><B>


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Stockholders Entitled to Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the close of business on March&nbsp;31, 2016, there were 51,381,405 shares of our common stock outstanding and entitled to vote
at the Special Meeting. Each share of our common stock entitles the holder to one vote. Stockholders of record at the close of business on April&nbsp;20, 2016 are entitled to attend and vote at the
Special Meeting or any adjournment or postponement thereof. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_required_quorum"> </A>
<A NAME="toc_de19201_6"> </A></FONT> <FONT SIZE=2><B>


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Required Quorum    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum will be present if stockholders entitled to cast a majority of all the votes entitled to be cast at the Special Meeting are
present, in person or by proxy. If you have returned a valid proxy or if you hold your shares of our voting securities in your own name as holder of record and you attend the Special Meeting in
person, your shares will be counted for the purpose of determining whether there is a quorum. If a quorum is not present, the Special Meeting may be adjourned by the Chairman of the Special Meeting or
the stockholders entitled to vote at the Special Meeting, present in person or by proxy, to a date not more than 120&nbsp;days after the record date without notice other than announcement at the
meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abstentions
and broker non-votes will be counted in determining the presence of a quorum. "Broker non-votes" occur when a bank, broker or other nominee holding shares for a beneficial
owner returns a properly executed proxy but does not vote on a particular proposal because it does not have discretionary voting power for that particular item and has not received instructions from
the beneficial owner. Under the rules of the NYSE, banks, brokers and other nominees who hold shares in "street </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>name"
may have the authority to vote on certain matters when they do not receive instructions from beneficial owners. However, banks, brokers or other nominees holding shares for a beneficial owner
who do not receive voting instructions from the beneficial owner may not under the NYSE's rules have discretionary voting power on non-routine matters. Accordingly, banks, brokers and other nominees
that do not receive instructions are not entitled to vote on the Acquisition Proposal, but may vote on the Adjournment Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_vote_required_for_approval"> </A>
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Vote Required for Approval    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement and the rules of the NYSE, the approval of the Acquisition Proposal requires the affirmative vote of
at least a majority of the votes cast by the Company stockholders entitled to vote on the matter. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also
requires the affirmative vote of the holders of at least a majority of the outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or
beneficially by ACM or its affiliates. This is the only vote of holders of any securities of the Company or its subsidiaries necessary to approve the Acquisition Proposal. If you "Abstain" from
voting, it will have the same effect as an "Against" vote on the Acquisition Proposal. Failure to vote, including broker non-votes, will have no effect with respect to the requirement under the
Purchase Agreement and NYSE rules that the Acquisition Proposal be approved by the affirmative vote of at least a majority of the votes cast by stockholders entitled to vote on the matter, but will
have the same effect as an "Against" vote with respect to the requirement under the Purchase Agreement that the Acquisition Proposal be approved by a majority of the outstanding shares owned by
stockholders other than ACM or its respective affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adjournment Proposal requires the affirmative vote of a majority of the votes cast by the stockholders entitled to vote on the matter. For the purpose of the vote on this proposal,
abstentions, broker non-votes and other shares not voted will not be counted as votes cast and will have no effect on the result of the vote, although all shares for which proxies have been given will
be considered present for the purpose of determining the presence of a quorum. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
and its affiliates intend to vote the shares of the Company's common stock that they own of record or beneficially to approve the Acquisition Proposal and the Adjournment Proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the enclosed proxy card is properly executed and returned to us in time to be voted at the Special Meeting, it will be voted as specified on the proxy card unless it is properly
revoked prior thereto. If no specification is made on the proxy card as to any one or more of the proposals, the following action will be taken with respect to each share of our voting securities
represented by the proxy: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
vote will be cast </FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the Acquisition Proposal; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
vote will be cast </FONT><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the Adjournment Proposal. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this proxy statement, we are not aware of any other matter to be presented at the Special Meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_voting"> </A>
<A NAME="toc_de19201_8"> </A></FONT> <FONT SIZE=2><B>



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Voting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares of our voting securities in your own name as a holder of record, you may instruct the proxies to vote your
shares by signing, dating and mailing the proxy card in the postage-paid envelope provided. In addition, you may vote your shares of our voting securities in person at the Special Meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your shares are held on your behalf by a broker, bank or other nominee, you will receive instructions from such individual or entity that you must follow in order to have your shares
voted at the Special Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization
of your proxy via telephone or the Internet may also be available depending on how you hold your shares. Please reference your proxy card for instructions on how to
authorize your proxy by these methods. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_right_to_revoke_proxy"> </A>
<A NAME="toc_de19201_9"> </A></FONT> <FONT SIZE=2><B>



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Right to Revoke Proxy    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold shares of our voting securities in your own name as a holder of record, you may revoke your proxy instructions through any
of the following methods:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> send written notice of revocation, prior to the Special Meeting, to our Corporate Secretary, at 333 Earle Ovington Boulevard,
Suite&nbsp;900, Uniondale, New York 11553; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> sign and mail a new, later-dated proxy card to our Corporate Secretary at the address specified above; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if authorization of your proxy is available via the telephone or the Internet, authorize your proxy to vote again via the telephone or
Internet at least 24&nbsp;hours prior to the Special Meeting; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> attend the Special Meeting and vote your shares in person. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your shares are held on your behalf by a broker, bank or other nominee, you must contact it to receive instructions as to how you may revoke your proxy instructions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_voting_results"> </A>
<A NAME="toc_de19201_10"> </A></FONT> <FONT SIZE=2><B>


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Voting Results    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Stock Transfer &amp; Trust Company, our independent tabulating agent, will have a representative present at the Special Meeting
and will tabulate the votes and act as the Inspector of Election. We will publish the voting results in a Current Report on Form&nbsp;8-K that will be filed within four business days of the Special
Meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_confidentiality_of_voting"> </A>
<A NAME="toc_de19201_11"> </A></FONT> <FONT SIZE=2><B>


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Confidentiality of Voting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will keep all proxies, ballots and voting tabulations confidential. We will permit only our Inspector of Election, American Stock
Transfer &amp; Trust Company, and our outside legal counsel to examine these documents, except (i)&nbsp;as necessary to meet applicable legal requirements, (ii)&nbsp;if a stockholder writes comments
on the proxy card directed to the Board or management or (iii)&nbsp;in the event a proxy solicitation in opposition to the election of the nominees is initiated. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="de19201_recommendations_of_the_board"> </A>
<A NAME="toc_de19201_12"> </A></FONT> <FONT SIZE=2><B>


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Recommendations of the Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis of the Special Committee's recommendation and the other factors described herein, the Board has determined, by a unanimous
vote of the Independent Directors, that the Purchase Agreement and the Proposed Acquisition contemplated thereby are advisable and fair to, and in the best interests of, the Company and recommends
that the stockholders of the Company vote: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the Acquisition Proposal; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the Adjournment Proposal. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de19201_forward-looking_statements"> </A>
<A NAME="toc_de19201_13"> </A>
<BR></FONT><FONT SIZE=2><B>  FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements contained in this proxy statement constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the "</FONT><FONT SIZE=2><I>Exchange Act</I></FONT><FONT SIZE=2>"), and we intend
such statements to be covered by the safe harbor provision contained therein. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events
or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology, such as "may,"
"will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict" or "potential" or the negative of these words and phrases or similar words or phrases that are predictions
of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements contained in this proxy statement reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects,
among others, may be forward-looking:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market trends in our industry, interest rates, real estate values, the debt securities markets or the general economy or the demand
for commercial real estate loans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our business and investment strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our projected operating results; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> actions, initiatives and policies of the U.S. government and changes to U.S. government policies and the execution and impact of these
actions, initiatives and policies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the state of the U.S. and global economy generally or in specific geographic regions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to obtain and maintain financing arrangements, including favorable leverage and securitizations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the amount and value of commercial mortgage loans requiring refinancing in future periods; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the availability of attractive investment opportunities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the availability and cost of debt financing from traditional lenders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the demand for new capital to replace maturing loans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the general volatility of the securities markets in which we participate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in the value of our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interest rate mismatches between our assets and any borrowings used to fund such assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in interest rates and the market value of our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in prepayment rates on our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> effects of hedging instruments on our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> rates of default or decreased recovery rates on our assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the degree to which our hedging strategies may or may not protect us from interest rate volatility; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to maintain our qualification as a real estate investment trust ("</FONT><FONT SIZE=2><I>REIT</I></FONT><FONT SIZE=2>")
for U.S. federal income tax purposes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to maintain our exemption from registration as an investment company under the Investment Company Act of 1940, as amended; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the availability of opportunities to acquire commercial mortgage-related, real estate-related and other securities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the availability of qualified personnel; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> estimates relating to our ability to make distributions to our stockholders in the future; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our understanding of, and the nature and extent of, our competition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> failure to timely receive the required approvals by our stockholders, governmental or other regulatory agencies or third parties
necessary to consummate the Proposed Acquisition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential that a condition to the parties' obligations to consummate the Proposed Acquisition may not be satisfied; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to consummate the Proposed Acquisition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential that operating costs and business disruption following the consummation of the Proposed Acquisition may be greater than
expected; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the ability of ACM to retain its senior executives and maintain relationships with business partners pending consummation of the
Proposed Acquisition; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the loss of or changes in the ACM Agency Business's relationships with the GSEs, HUD and institutional investors would adversely
affect its ability to originate commercial real estate loans through GSE and HUD programs. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
forward-looking statements reflect our good-faith beliefs, assumptions and expectations, they are not guarantees of future performance. Furthermore, we disclaim any obligation
to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. We caution
investors not to place undue reliance on these forward-looking statements and urge you to carefully review the disclosures we make concerning risks in sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2015, filed on
February&nbsp;26, 2016, and other risks and uncertainties detailed in such annual report and our other reports and filings with the SEC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>In addition to the other information contained or incorporated by reference in this proxy statement, including
those risk factors related to our business set forth in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015, filed on February&nbsp;26, 2016, you should carefully
consider the following risk factors:</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Risks Relating to the ACM Agency Business    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The loss of or changes in the ACM Agency Business's relationships with the GSEs, United States
Department of HUD and institutional investors would adversely affect its ability to originate commercial real estate loans through GSE and HUD programs, which would materially and adversely affect the
ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, the ACM Agency Business originates nearly all of its loans for sale through GSE or HUD programs. The ACM Agency Business is
approved as a Federal National Mortgage Association ("</FONT><FONT SIZE=2><I>Fannie Mae</I></FONT><FONT SIZE=2>") Delegated Underwriting and Servicing
("</FONT><FONT SIZE=2><I>DUS</I></FONT><FONT SIZE=2>") lender nationwide, a Federal Home Loan Mortgage Corporation ("</FONT><FONT SIZE=2><I>Freddie Mac</I></FONT><FONT SIZE=2>") Program Plus lender
in New York New, Jersey and Connecticut, a Freddie Mac Targeted Affordable Housing, Manufactured Housing Community, Seniors Housing and Small Balance Loan Lender nationwide, a HUD Multifamily
Accelerated Processing ("</FONT><FONT SIZE=2><I>MAP</I></FONT><FONT SIZE=2>") lender nationwide, and a Government National Mortgage Association ("</FONT><FONT SIZE=2><I>Ginnie
Mae</I></FONT><FONT SIZE=2>") issuer. Its status as an approved lender affords the ACM Agency Business a number of advantages and may be terminated by the applicable GSE or HUD at any time. The loss
of such status would, or changes in its relationships could, prevent the ACM Agency Business from being able to originate commercial real estate loans for sale through the particular GSE or HUD, which
would materially and adversely affect us. It could also result in a loss of similar approvals from other GSEs or HUD. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ACM Agency Business also originates and sells loans to investment banks through the commercial mortgage-backed security ("</FONT><FONT SIZE=2><I>CMBS</I></FONT><FONT SIZE=2>")
conduit markets. If these investment banks discontinue their relationship with the ACM Agency Business and replacement investors cannot be found on a timely basis, we could be adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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A change to the conservatorship of Fannie Mae and Freddie Mac and related actions, along with any
changes in laws and regulations affecting the relationship between Fannie Mae and Freddie Mac and the U.S. federal government, could materially and adversely affect the business of the ACM Agency
Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, the ACM Agency Business originates a majority of its loans for sale through GSE programs. Additionally, a substantial
majority of its servicing rights are derived from loans the ACM Agency Business sells through GSE programs. Changes in the business charters,
structure, or existence of one or both of the GSEs could eliminate or substantially reduce the number of loans the ACM Agency Business originates with the GSEs, which in turn would lead to a reduction
in fee and interest income it derives with respect to such loans. These effects would likely cause the ACM Agency Business to realize significantly lower revenues from our loan originations and
servicing fees and ultimately would have a material adverse impact on the ACM Agency Business's business and financial results. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Conservatorships of the GSEs  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September 2008, the Federal Housing Finance Agency (the "</FONT><FONT SIZE=2><I>FHFA</I></FONT><FONT SIZE=2>"), the GSEs'
regulator, placed each GSE into conservatorship. The conservatorship is a statutory process designed to preserve and conserve the GSEs' assets and property and put them in a sound and solvent
condition. The conservatorships have no specified termination dates and there continues to be significant uncertainty regarding the future of the GSEs, including how long they will continue to exist
in their current forms, the extent of their roles in the housing markets, what forms they will have and whether they will continue to exist following conservatorship. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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Housing Finance Reform  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policymakers and others have focused significant attention in recent years on how to reform the nation's housing finance system,
including what role, if any, the GSEs should play. In 2011, the Obama Administration released a white paper on the future of housing finance reform. The report provides that the Obama Administration
will work with the FHFA to determine the best way to responsibly reduce the GSEs' role in the market and ultimately wind down both institutions. The report identifies a number of possible policy steps
for winding down the GSEs, reducing the government's role in housing finance and helping bring private capital back to the mortgage market. In August 2013, President Obama publicly discussed the
Administration's housing policy priorities, including a core principle that included winding down the GSEs through a responsible transition. In January 2014, the White House issued a fact sheet
reaffirming the Administration's view that housing finance reform should include ending the GSEs' business model. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the Administration's actions described above, the FHFA has taken a number of steps consistent with the goals laid out in the Administration's 2011 white paper. In 2012,
Edward DeMarco, then the Acting Director of the FHFA, proposed a strategic plan for the GSEs' conservatorships. Among other things, that strategic plan recognized that the GSEs' multifamily business,
in contrast to their single-family business, had remained cash flow positive during the recent housing crisis. The strategic plan stated that "generating potential value for taxpayers and contracting
the GSEs' multifamily market footprint should be approached differently from single-family, and it may be accomplished using a much different and more direct method." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 2013, the FHFA released the 2013 conservatorship scorecard for the GSEs, which detailed specific priorities for implementing the 2012 strategic plan. Among other things, the
FHFA's 2013 conservatorship scorecard established priorities relating to the goal that the GSEs contract their dominant presence in the marketplace. In support of this goal, the FHFA set an objective
that the GSEs reduce the unpaid principal balance of new multifamily business relative to 2012 by at least 10% by tightening underwriting, adjusting pricing and limiting product offerings, while not
increasing the proportion of their retained risk. In addition, in August 2013, the FHFA issued a statement seeking public input on strategies for reducing the GSEs' presence in the multifamily housing
finance market in 2014, and outlined possible alternatives to meet this goal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2014, Melvin Watt was sworn in to a five-year term as Director of the FHFA, and in May 2014 the FHFA released its strategic plan for the GSEs, in which it changed its goal of
"contraction" of the GSEs' multifamily businesses to "maintaining" the businesses. In furtherance of that goal, the 2014 FHFA scorecard for the GSEs maintained the 2013 multifamily loan origination
caps for each GSE, but excluded from the caps affordable housing loans, loans to small multifamily properties and loans to manufactured housing rental communities. In January 2015, the FHFA released
the GSEs' 2015 Scorecard (the "</FONT><FONT SIZE=2><I>2015 Scorecard</I></FONT><FONT SIZE=2>"), which set the multifamily loan origination caps for each GSE at $30&nbsp;billion, excluding, as was
the case in the 2014 scorecard, affordable housing loans, loans to small multifamily properties, and loans to manufactured housing rental communities. Additionally, in December 2015, the FHFA released
the GSEs' 2016 Scorecard (the "</FONT><FONT SIZE=2><I>2016 Scorecard</I></FONT><FONT SIZE=2>"), which set the multifamily loan origination caps for each GSE at $31&nbsp;billion, excluding, as was
the case in the 2015 Scorecard, affordable housing loans, loans to small multifamily properties, and loans to manufactured housing rental communities and also added certain other exclusions for 2016
including loans on senior housing assisted living properties. The 2016 Scorecard also stated that the FHFA will review the agency's estimates of the multifamily loan origination market size, on a
quarterly basis, and if it determines that the actual 2016 market size is greater than projected, it will apply an appropriate increase to the capped category, but will not reduce the cap if the
actual market size is less than projected. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congress
has also continued to consider housing finance reform. In the past few years, members of Congress introduced several bills to reform the housing finance system, including the
GSEs. Several of the bills require the wind down or receivership of the GSEs within a specified period of enactment and
also place certain restrictions on the GSEs' activities prior to being wound down or placed into receivership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect Congress will continue to consider housing finance reform, including conducting hearings and considering legislation that would alter the housing finance system, including the
activities or operations of the GSEs. We cannot predict the prospects for the enactment, timing or content of legislative proposals regarding the future status of the GSEs. As a result, there
continues to be significant uncertainty regarding the future of the GSEs. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business is subject to risk of loss in connection with defaults on loans sold under
the Fannie Mae DUS program that could materially and adversely affect the ACM Agency Business's results of operations and liquidity.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fannie Mae DUS program, the ACM Agency Business originates and services multifamily loans for Fannie Mae without having to
obtain Fannie Mae's prior approval for certain loans, as long as the loans meet the underwriting guidelines set forth by Fannie Mae. In return for the delegated authority to make loans and the
commitment to purchase loans by Fannie Mae, the ACM Agency Business must maintain minimum collateral and generally is required to share risk of loss on loans sold through Fannie Mae. Under the full
risk-sharing formula, the ACM Agency Business is required to absorb the first 5% of any losses on the unpaid principal balance of a loan at the time of loss settlement, and above 5% the ACM Agency
Business is required to share the loss with Fannie Mae, with its maximum loss capped at 20% of the original unpaid principal balance of a loan. The ACM Agency Business has modified its risk-sharing
obligations on some Fannie Mae DUS loans to reduce its potential loss exposure on those loans. In addition, Fannie Mae can double or triple the ACM Agency Business's risk-sharing obligations if the
loan does not meet specific underwriting criteria or if the loan defaults within 12&nbsp;months of its sale to Fannie Mae. As of December&nbsp;31, 2015, the ACM Agency Business had pledged
$34.4&nbsp;million as collateral against future losses under $9.6&nbsp;billion of loans outstanding that are subject to risk-sharing obligations. Fannie Mae collateral requirements may change in
the future. As of December&nbsp;31, 2015, the ACM Agency Business's allowance for loss-sharing balance was $28.6&nbsp;million. The ACM Agency Business cannot ensure that this balance will be
sufficient to cover future write offs. While the ACM Agency Business originates loans that meet the underwriting guidelines defined by Fannie Mae, in addition to its own internal underwriting
guidelines, underwriting criteria may not always protect against loan defaults. Other factors may also affect a borrower's decision to default on a loan, such as property, cash flow, occupancy,
maintenance needs and other financing obligations. If loan defaults increase, actual risk-sharing obligation payments under the Fannie Mae DUS program may increase and such defaults and payments could
have a material adverse effect on the ACM Agency Business's results of operations and liquidity. In addition, any failure to pay the ACM Agency Business's share of losses under the Fannie Mae DUS
program could result in the revocation of its license from Fannie Mae and the exercise of various remedies available to Fannie Mae under the Fannie Mae DUS program, including the transfer of the ACM
Agency Business's servicing portfolio to another Fannie Mae approved servicer. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If the ACM Agency Business fails to act proactively with delinquent borrowers in an effort to avoid
a default, the number of delinquent loans could increase, which could have a material adverse effect on the ACM Agency Business.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a loan servicer, the ACM Agency Business maintains the primary contact with the borrower throughout the life of the loan and is
responsible, pursuant to its agreements with the GSEs, HUD and institutional investors, for asset management. The ACM Agency Business is also responsible, together </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>with
the applicable GSE, HUD, or institutional investor, for taking actions to mitigate losses. The ACM Agency Business believes it has developed an extensive asset management process for tracking
each loan that it services. However, it may be unsuccessful in identifying loans that are in danger of underperforming or defaulting or in taking appropriate action once those loans are identified.
While the ACM Agency Business can recommend a loss mitigation strategy for the GSEs, HUD and institutional investors decisions regarding loss mitigation are within the control of the GSEs, HUD and
institutional investors. Previous turmoil in the real estate, credit and capital markets have made this process even more difficult and unpredictable. When loans become delinquent, the ACM Agency
Business incurs additional expenses in servicing and asset managing the loans and is typically required to advance principal and interest payments and tax and insurance escrow amounts. The ACM Agency
Business could also be subject to a loss of its contractual servicing fee, and it could suffer losses of up to 20% (or more for loans that do not meet specific underwriting criteria or default within
12&nbsp;months) of the unpaid principal balance of a Fannie Mae DUS loan with full risk-sharing. These items could have a negative impact on the ACM Agency Business's cash flows and a negative
effect on the net carrying value of the mortgage servicing right ("</FONT><FONT SIZE=2><I>MSR</I></FONT><FONT SIZE=2>") on our balance sheet and could result in a charge to our earnings. As a result
of the foregoing, a rise in delinquencies could have a material adverse effect on ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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A reduction in the prices paid for the loans and services of the ACM Agency Business or an increase
in loan or security interest rates by investors could materially and adversely affect the ACM Agency Business's results of operations and liquidity.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business's results of operations and liquidity could be materially and adversely affected if the GSEs, HUD or
institutional investors lower the price they are willing to pay to the ACM Agency Business for its loans or services or adversely change the material terms of their loan purchases or servicing
arrangements with the ACM Agency Business. A number of factors determine the price the ACM Agency Business receives for its loans. With respect to Fannie
Mae related originations, the ACM Agency Business's loans are generally sold as Fannie Mae insured securities to third-party investors. With respect to HUD related originations, the ACM Agency
Business's loans are generally sold as Ginnie Mae securities to third-party investors. In both cases, the price paid to the ACM Agency Business reflects, in part, the competitive market bidding
process for these securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ACM Agency Business sells loans directly to Freddie Mac. Freddie Mac may choose to hold, sell or later securitize such loans. We believe terms set by Freddie Mac are influenced by
similar market factors as those that impact the price of Fannie Mae insured or Ginnie Mae securities, although the pricing process differs. With respect to loans that are placed with institutional
investors, the origination fees that the ACM Agency Business receives from borrowers are determined through negotiations, competition and other market conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan
servicing fees are based, in part, on the risk-sharing obligations associated with the loan and the market pricing of credit risk. The credit risk premium offered by Fannie Mae for
new loans can change periodically but remains fixed once the ACM Agency Business enters into a commitment to sell the loan. Over the past several years, Fannie Mae loan servicing fees have been higher
due to the market pricing of credit risk. There can be no assurance that such fees will continue to remain at such levels or that such levels will be sufficient if delinquencies occur. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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A significant portion of the ACM Agency Business's revenue is derived from loan servicing fees, and
declines in, or terminations of, servicing engagements or breaches of servicing agreements, including as a result of non-performance by third parties that we engage for back-office loan servicing
functions, could have a material adverse effect on the ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business expects that loan servicing fees will continue to constitute a significant portion of the ACM Agency Business's
revenues for the foreseeable future. Nearly all of these fees are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>derived
from loans that the ACM Agency Business originates and sells through GSE and HUD programs. A decline in the number or value of loans that the ACM Agency Business originates for these investors
or terminations of its servicing engagements will decrease these fees. HUD has the right to terminate the ACM Agency Business's current servicing engagements for cause. In addition to termination for
cause, Fannie Mae and Freddie Mac may terminate the ACM Agency Business's servicing engagements without cause by paying a termination fee. The ACM Agency Business is also subject to losses that may
arise as a result of servicing errors, such as a failure to maintain insurance,
pay taxes or provide notices. In addition, the ACM Agency Business has contracted with a third party to perform certain routine back-office aspects of loan servicing. If the ACM Agency Business or
this third party fails to perform, or the ACM Agency Business breaches or the third-party causes the ACM Agency Business to breach its servicing obligations to the GSEs or HUD, the ACM Agency
Business's servicing engagements may be terminated. Declines or terminations of servicing engagements or breaches of such obligations could materially and adversely affect the ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If one or more of the ACM Agency Business's warehouse facilities, on which it is highly dependent,
are terminated, the ACM Agency Business may be unable to find replacement financing on favorable terms, or at all, which would have a material adverse effect on the ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business requires a significant amount of funding capacity on an interim basis for loans it originates. As of
December&nbsp;31, 2015, the ACM Agency Business had $213.2&nbsp;million of committed loan funding available through three commercial banks and $56.6&nbsp;million of uncommitted funding available
through Fannie Mae's As Soon As Pooled ("ASAP") program. Consistent with industry practice, the ACM Agency Business's existing warehouse facilities are short-term, requiring annual renewal. If any of
the ACM Agency Business's committed facilities are terminated or are not renewed or its uncommitted facilities are not honored, the ACM Agency Business may be unable to find replacement financing on
favorable terms, or at all, and the ACM Agency Business might not be able to originate loans, which would have a material adverse effect on the ACM Agency Business. Additionally, as the ACM Agency
Business's business continues to expand, it may need additional warehouse funding capacity for loans it originates. There can be no assurance that, in the future, the ACM Agency Business will be able
to obtain additional warehouse funding capacity on favorable terms, on a timely basis, or at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the ACM Agency Business fails to meet or satisfy any of the financial or other covenants included in its warehouse facilities, it would be in default under one or more of these
facilities and its lenders could elect to declare all amounts outstanding under the facilities to be immediately due and payable, enforce their interests against loans pledged under such facilities
and restrict its ability to make additional borrowings. These facilities also contain cross-default provisions, such that if a default occurs under any of the ACM Agency Business's debt agreements,
generally the lenders under its other debt agreements could also declare a default. These restrictions may interfere with the ACM Agency Business's ability to obtain financing or to engage in other
business activities, which could materially and adversely affect the ACM Agency Business. While the ACM Agency Business was in compliance with all financial and other covenants included in its
warehouse facilities as of December&nbsp;31, 2015, there can be no assurance that it will not experience a default in the future. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business relies on a Letter of Credit facility from one of its lenders to satisfy its
restricted liquidity requirements with Fannie Mae, the loss of which could result in a significant reduction in its cash flow from operations, or the inability to meet these requirements if it is
unable to find a replacement facility on favorable terms, or at all, which would have a material adverse effect on the ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business is required to pledge restricted cash as collateral for possible losses resulting from loans originated under
the Fannie Mae DUS program in accordance with the terms of loss sharing agreements between the ACM Agency Business and Fannie Mae. As of December&nbsp;31, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>2015,
this requirement totaled $34.4&nbsp;million and was satisfied with a $33.5&nbsp;million letter of credit issued to Fannie Mae by one of the ACM Agency Business's lenders and the balance
funded by cash. The ACM Agency Business entered into a three year letter of credit facility in December of 2014, which provides for the issuance of a letter of credit in the maximum amount of
$35&nbsp;million to satisfy these requirements. The facility also contains two one year extension options, is collateralized by the servicing cash flow generated from the ACM Agency Business's
Fannie Mae portfolio and contains certain financial and other covenants. If the ACM Agency Business fails to satisfy any of these covenants, or is unable to renew or replace this facility on favorable
terms, or at all, this could have a material adverse effect on our cash flow and our financial condition. If the ACM Agency Business were unable to replace the letter of credit facility with either a
similar facility or cash, the ACM Agency Business would be in breach of its obligations to Fannie Mae, which would have a material adverse effect on the ACM Agency Business's business and operations. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business is subject to the risk of failed loan deliveries, and even after a
successful closing and delivery, may be required to repurchase the loan or to indemnify the investor if there is a breach of a representation or warranty made by the ACM Agency Business in connection
with the sale of the loan through a GSE or HUD program, any of which could have a material adverse effect on the ACM Agency Business.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business bears the risk that a borrower will choose not to close on a loan that has been pre-sold to an investor or that
the investor will choose not to purchase a loan under certain circumstances, including, for example, a significant casualty event that impacts the condition of a property after the ACM Agency Business
funds the loan and prior to the investor purchase date. The ACM Agency Business also has the risk of serious errors in loan documentation that prevent timely delivery of the loan prior to the investor
purchase date. A complete failure to deliver a loan could be a default under the warehouse line used to finance the loan. Although the ACM Agency Business has experienced only three failed loan
deliveries in its history, none of which
had a material impact on its financial condition or results of operations, we can provide no assurance that the ACM Agency Business will not experience additional failed deliveries in the future or
that any losses will not be material or will be mitigated through property insurance or payment protections. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ACM Agency Business must make certain representations and warranties concerning each loan originated by the ACM Agency Business for GSE or HUD programs. The representations and
warranties relate to the ACM Agency Business's practices in the origination and servicing of the loans and the accuracy of the information being provided by the ACM Agency Business. For example, the
ACM Agency Business is generally required to provide the following, among other, representations and warranties: it is authorized to do business and to sell or assign the loan; the loan conforms to
the requirements of the GSE or HUD and certain laws and regulations; the underlying mortgage represents a valid first lien on the property and there are no other liens on the property; the loan
documents are valid and enforceable; taxes, assessments, insurance premiums, rents and similar other payments have been paid or escrowed; the property is insured, conforms to zoning laws and remains
intact; and it does not know of any issues regarding the loan that are reasonably expected to cause the loan to be delinquent or unacceptable for investment or adversely affect its value. The ACM
Agency Business is permitted to satisfy certain of these representations and warranties by furnishing a title insurance policy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a breach of any representation or warranty, investors could, among other things, require the ACM Agency Business to repurchase the full amount of the loan and seek
indemnification for losses from it or, in the case of Fannie Mae, increase the level of risk-sharing on the loan. The ACM Agency Business's obligation to repurchase the loan is independent of its
risk-sharing obligations. The GSE or HUD could require the ACM Agency Business to repurchase the loan if representations and warranties are breached, even if the loan is not in default. Because the
accuracy of many such representations and warranties generally is based on the ACM Agency Business's actions or on third- </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>party
reports, such as title reports and environmental reports, the ACM Agency Business may not receive similar representations and warranties from other parties that would serve as a claim against
them. Even if the ACM Agency Business receives representations and warranties from third parties and has a claim against them in the event of a breach, the ACM Agency Business's ability to recover on
any such claim may be limited. The ACM Agency Business's ability to recover against a borrower that breaches its representations and warranties to the ACM Agency Business may be similarly limited. The
ACM Agency Business's ability to recover on a claim against any party would also be dependent, in part, upon the financial condition and liquidity of such party. Although we believe that the ACM
Agency Business has capable personnel at all levels, uses qualified third parties and has established controls to ensure that all loans are originated pursuant to requirements established by the GSEs
and HUD, in addition to its own internal requirements, there can be no assurance that the ACM Agency Business, its employees or third parties will not make mistakes. Any significant repurchase or
indemnification obligations imposed on the ACM Agency Business could have a material adverse effect on the ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business's business is significantly affected by general business, economic and
market conditions and cycles, particularly in the multifamily and commercial real estate industry, including changes in government fiscal and monetary policies, and, accordingly, the ACM Agency
Business could be materially harmed in the event of a market downturn or changes in government policies.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business is sensitive to general business, economic and market conditions and cycles, particularly in the multifamily
and commercial real estate industry. These conditions include changes in short-term and long-term interest rates, inflation and deflation, fluctuations in the real estate and debt capital markets and
developments in national and local economies, unemployment rates, commercial property vacancy rates and rental rates. Any sustained period of weakness or weakening business or economic conditions in
the markets in which the ACM Agency Business does business or in related markets could result in a decrease in the demand for its loans and services, which could materially harm the ACM Agency
Business. In addition, the number of borrowers who become delinquent, become subject to bankruptcy or default on their loans could increase, resulting in a decrease in the value of the ACM Agency
Business's MSRs and higher levels of servicer advances and loss on the ACM Agency Business's Fannie Mae loans for which it shares risk of loss, which could materially and adversely affect the ACM
Agency Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ACM Agency Business is also significantly affected by the fiscal, monetary and budgetary policies of the U.S. government and its agencies. The ACM Agency Business is particularly
affected by the policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"), which regulates the supply of money and credit in the United States. The Federal Reserve's
policies affect interest rates, which have a significant impact on the demand for multifamily and commercial real estate loans. Significant fluctuations in interest rates as well as protracted periods
of increases or decreases in interest rates could adversely affect the operation and income of multifamily and commercial real estate properties, as well as the demand from investors for multifamily
and commercial real estate debt in the secondary market. In particular, higher interest rates tend to decrease the number of loans originated. An increase in interest rates could cause refinancing of
existing loans to become less attractive and qualifying for a loan to become more difficult. Budgetary policies also impact our ability to originate loans, particularly if it has a negative impact on
the ability of the GSEs and HUD to do business with the ACM Agency Business. Changes in fiscal, monetary, and budgetary policies are beyond our control, are difficult to predict and could materially
and adversely affect the ACM Agency Business. </FONT></P>

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The ACM Agency Business is dependent upon the success of the multifamily real estate sector and
conditions that negatively impact the multifamily sector may reduce demand for its products and services and materially and adversely affect the ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business provides commercial real estate financial products and services primarily to developers and owners of
multifamily properties. Accordingly, the success of its business is closely tied to the overall success of the multifamily real estate market. Various changes in real estate conditions may impact the
multifamily sector. Any negative trends in such real estate conditions may reduce demand for the ACM Agency Business's products and services and, as a result, adversely affect the ACM Agency
Business's results of operations. These conditions include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> oversupply of, or a reduction in demand for, multifamily housing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a favorable interest rate environment that may result in a significant number of potential residents of multifamily properties
deciding to purchase homes instead of renting; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> rent control or stabilization laws, or other laws regulating multifamily housing, which could affect the profitability of multifamily
developments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the inability of residents and tenants to pay rent; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increased competition in the multifamily sector based on considerations such as the attractiveness, location, rental rates, amenities
and safety record of various properties; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increased operating costs, including increased real property taxes, maintenance, insurance and utility costs. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
other factors may adversely affect the multifamily sector, including changes in government regulations and other laws, rules and regulations governing real estate, zoning or
taxes, changes in interest rate levels, the potential liability under environmental and other laws and other unforeseen events. Any or all of these factors could negatively impact the multifamily
sector and, as a result, reduce the demand for the ACM Agency Business's products and services. Any such reduction could materially and adversely affect the ACM Agency Business. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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For most loans that the ACM Agency Business services under the Fannie Mae and HUD programs, the ACM
Agency Business is required to advance payments due to investors if the borrower is delinquent in making such payments, which requirement could adversely impact our liquidity and harm the ACM Agency
Business's results of operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For most loans the ACM Agency Business services under the Fannie Mae DUS program, the ACM Agency Business is currently required to
advance the principal and interest payments and tax and insurance escrow amounts if the borrower is delinquent in making loan payments. After four continuous months of making advances on behalf of the
borrower, the ACM Agency Business can submit a reimbursement claim to Fannie Mae, which Fannie Mae may approve at its discretion. The ACM Agency Business is reimbursed by Fannie Mae for these advances
in the event the loan is brought current. In the event of a default, any advances made by the ACM Agency Business are used to reduce the proceeds required to settle any loss. The ACM Agency Business's
advances may also be reimbursed, to the extent that the default settlement proceeds on the collateral exceed the unpaid principal balance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the HUD program, the ACM Agency Business is obligated to advance tax and insurance escrow amounts and principal and interest payments on the underlying loan until the Ginnie Mae
security has been fully paid. In the event of a default on a HUD insured loan, the ACM Agency Business can elect to assign the loan to HUD and file&nbsp;a mortgage insurance claim. HUD will
reimburse approximately 99% of any losses of principal and interest on the loan and Ginnie Mae will reimburse most of the remaining losses of principal and interest. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the ACM Agency Business has funded all required advances from operating cash flow in the past, there can be no assurance that the ACM Agency Business
will be able to do so in the future. If the ACM Agency Business does not have sufficient operating cash flows to fund such advances, the ACM Agency Business would need to finance such amounts. Such
financing may not be available to the ACM Agency Business, or, if it is available, may be costly and could prevent the ACM Agency Business from pursuing its business and growth strategies. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business may not be able to hire and retain qualified loan originators or grow and
maintain its relationships with key customers, and if the ACM Agency Business is unable to do so, its ability to implement its business and growth strategies could be limited.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business depends on its loan originators to generate borrower clients by, among other things, developing relationships
with commercial property owners, real estate agents and brokers, developers and others, which the ACM Agency Business believes leads
to repeat and referral business. Accordingly, the ACM Agency Business must be able to attract, motivate and retain skilled loan originators. The market for loan originators is highly competitive and
may lead to increased costs to hire and retain them. The ACM Agency Business cannot guarantee that it will be able to attract or retain qualified loan originators. If the ACM Agency Business cannot
attract, motivate or retain a sufficient number of skilled loan originators, or even if the ACM Agency Business can motivate or retain them but at higher costs, the ACM Agency Business could be
materially and adversely affected. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business has numerous significant competitors and potential future competitors, some
of which may have greater resources and access to capital than the ACM Agency Business does; consequently, the ACM Agency Business may not be able to compete effectively in the future.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business faces significant competition from other agency lenders, commercial banks, commercial real estate service
providers, CMBS conduit lenders and life insurance companies, some of which are also purchasers of loans originated by the ACM Agency Business. Many of these competitors enjoy competitive advantages
over the ACM Agency Business, including:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> greater name recognition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a stronger, more established network of correspondents and loan originators; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> established relationships with institutional investors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> access to lower cost and more stable funding sources; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an established market presence in markets where the ACM Agency Business does not yet have a presence or where the ACM Agency Business
has a smaller presence; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> ability to diversify and grow by providing a greater variety of commercial real estate loan products on more attractive terms, some of
which require greater access to capital and the ability to retain loans on the balance sheet; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> greater financial resources and access to capital to develop branch offices and compensate key employees. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial
banks may have an advantage over the ACM Agency Business in originating loans if borrowers already have a line of credit or construction financing with the bank. Commercial
real estate service providers may have an advantage over the ACM Agency Business to the extent they also offer an investment sales platform. The ACM Agency Business competes on the basis of quality of
service, well established relationships, loan structure, terms, pricing and industry depth. Industry depth includes the knowledge of local and national real estate market conditions, commercial real
estate, loan product expertise and the ability to analyze and manage credit risk. The ACM Agency Business's competitors seek to compete aggressively on the basis of these factors and its success
depends on its ability to offer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>attractive
loan products, provide superior service, demonstrate industry depth, maintain and capitalize on relationships with investors, borrowers and key loan correspondents and remain competitive in
pricing. In addition, future changes in laws, regulations and GSE and HUD program requirements and consolidation in the commercial real estate finance market could lead to the entry of more
competitors. The ACM Agency Business cannot guarantee that it will be able to compete effectively in the future, and its failure to do so would materially and adversely affect it. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business has experienced significant growth over the past several years, which may be
difficult to sustain and may place significant demands on its administrative, operational and financial resources.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business's recent significant growth may not reflect its future growth potential, and it may not be able to maintain
similarly high levels of growth in the future. Much of the ACM Agency Business's growth has occurred since the onset of the 2008 credit crisis and the resulting tightening of credit standards, as many
traditional lenders decreased or ceased their investments in commercial real estate debt. As a result, borrowers looked instead to the GSEs, HUD, and other sources of lending for multifamily loans.
The ACM Agency Business intends to pursue continued growth by adding more loan originators, expanding loan product offerings, acquiring complementary businesses and gaining access to new institutional
investors and proprietary sources of capital, as appropriate, but the ACM Agency Business cannot guarantee such efforts will be successful. The ACM Agency Business does not know whether the favorable
conditions that enabled its recent growth will continue. Because the ACM Agency Business's recent significant growth may not accurately reflect its future growth or ability to grow in the future,
there can be no assurance that the ACM Agency Business will continue to grow at the same pace or achieve the same financial results as it has in the past. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if the ACM Agency Business's growth continues, it could increase the ACM Agency Business's expenses and place additional demands on its management, personnel, information
systems and other resources. Sustaining the ACM Agency Business's growth could require it to commit additional management, operational and financial resources to maintain appropriate operational and
financial systems to adequately support expansion. There can be no assurance that the ACM Agency Business will be able to manage any growth effectively and any failure to do so could adversely affect
its ability to generate revenue and control its expenses, which could materially and adversely affect the ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di19201_risks_relating_to_regulatory_matters"> </A>
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Risks Relating to Regulatory Matters    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If the ACM Agency Business fails to comply with the numerous government regulations and program
requirements of the GSEs and HUD, the ACM Agency Business may lose its approved lender status with these entities and fail to gain additional approvals or licenses for its business. The ACM Agency
Business is also subject to changes in laws, regulations and existing GSE and HUD program requirements, including potential increases in reserve and risk retention requirements that could increase the
ACM Agency Business's costs and affect the way the ACM Agency Business conducts its business, which could materially and adversely affect the ACM Agency Business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business's operations are subject to regulation by federal, state and local government authorities, various laws and
judicial and administrative decisions, and regulations and policies of the GSEs and HUD. These laws, regulations, rules and policies impose, among other things, minimum net worth, operational
liquidity and collateral requirements. Fannie Mae requires the ACM Agency Business to maintain operational liquidity based on a formula that considers the balance of the loan and the level of credit
loss exposure (level of risk-sharing). Fannie Mae requires Fannie Mae DUS lenders to maintain collateral, which may include pledged securities, for the ACM Agency Business's risk-sharing obligations.
The amount of collateral required under the Fannie Mae DUS program is </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>calculated
at the loan level and is based on the balance of the loan, the level of risk-sharing, the seasoning of the loans and the rating of the Fannie Mae DUS lender. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
authorities also require the ACM Agency Business to submit financial reports and to maintain a quality control plan for the underwriting, origination and servicing of loans.
Numerous laws and regulations also impose qualification and licensing obligations on the ACM Agency Business and impose requirements and restrictions affecting, among other things: the ACM Agency
Business's loan originations; maximum interest rates, finance charges and other fees that the ACM Agency Business may charge; disclosures to consumers; the terms of secured transactions; collection,
repossession and claims handling procedures; personnel qualifications; and other trade practices. The ACM Agency Business is also subject to inspection by the GSEs, HUD, and regulatory authorities.
The ACM Agency Business's failure to comply with these requirements could lead to, among other things, the loss of a license as an approved GSE or HUD lender, the inability to gain additional
approvals or licenses, the termination of contractual rights without compensation, demands for indemnification or loan repurchases, class action lawsuits and administrative enforcement actions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
and legal requirements are subject to change. For example, Fannie Mae increased its collateral requirements, on loans classified by Fannie Mae as Tier&nbsp;II, from 60 basis
points to 75 basis points, effective as of January&nbsp;1, 2013, which applied to a large portion of the ACM Agency Business's outstanding Fannie Mae at risk portfolio. The incremental collateral
required for existing loans was
funded over a two-year period ending December&nbsp;31, 2014. The incremental requirement for any newly originated Fannie Mae Tier&nbsp;II loans will be funded over the 48&nbsp;months subsequent
to the sale of the loan to Fannie Mae. Fannie Mae has indicated that it may increase collateral requirements in the future, which may adversely impact the ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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If the ACM Agency Business fails to comply with laws, regulations and market standards regarding the
privacy, use, and security of customer information, or if the ACM Agency Business is the target of a successful cyber-attack, the ACM Agency Business may be subject to legal and regulatory actions and
the ACM Agency Business's reputation would be harmed.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business receives, maintains, and stores the non-public personal information of its loan applicants. The technology and
other controls and processes designed to secure the ACM Agency Business's customer information and to prevent, detect, and remedy any unauthorized access to that information were designed to obtain
reasonable, not absolute, assurance that such information is secure and that any unauthorized access is identified and addressed appropriately. The ACM Agency Business is not aware of any data
breaches, successful hacker attacks, unauthorized access and misuse, or significant computer viruses affecting the ACM Agency Business's networks that may have occurred in the past; however, the ACM
Agency Business's controls may not have detected, and may in the future fail to prevent or detect, unauthorized access to the ACM Agency Business's borrower information. If this information is
inappropriately accessed and used by a third party or an employee for illegal purposes, such as identity theft, the ACM Agency Business may be responsible to the affected applicant or borrower for any
losses he or she may have incurred as a result of misappropriation. In such an instance, the ACM Agency Business may be liable to a governmental authority for fines or penalties associated with a
lapse in the integrity and security of its customers' information. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="di19201_risks_related_to_the_proposed_acquisition"> </A>
<A NAME="toc_di19201_2"> </A></FONT> <FONT SIZE=2><B>



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Risks Related to The Proposed Acquisition    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the Proposed Acquisition and the terms thereof, see "Proposal 1: The Acquisition Proposal&#151;Description
of the Proposed Acquisition." The risk factors discussed below present risks directly related to the Proposed Acquisition and the integration of the two companies. The risks and uncertainties
described below are not the only risks and uncertainties that we face in connection with the Proposed Acquisition. Additional risks and uncertainties not presently known to us </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>or
that we currently deem immaterial may also impair our business operations and/or lead to us not being able to realize the expected benefits of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The Proposed Acquisition is subject to a number of conditions, including the approval of our
stockholders and the receipt of consents and clearances from regulatory authorities and other third parties that may not be obtained, may not be completed on a timely basis or may impose conditions
that could have an adverse effect on us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the Proposed Acquisition is conditioned upon, among other matters, the approval of our stockholders and the receipt of
certain regulatory authority and other third party authorizations, consents, orders, clearances or other approvals, including consents from Fannie Mae, Freddie Mac, Ginnie Mae and HUD, and such other
consents, approvals and clearances necessary to permit all parties to perform their obligations under the Purchase Agreement and complete the Proposed Acquisition. There can be no assurance that any
of these approvals will be obtained, or that if they are obtained, they will not impose conditions, terms, obligations or restrictions that could have the effect of delaying completion of the Proposed
Acquisition or imposing additional material costs on, or materially reducing the revenues of, our operations following the Proposed Acquisition. The imposition of any such restrictive conditions,
terms, obligations or restrictions may result in the delay or abandonment of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Failure to complete the Proposed Acquisition could negatively impact our business, financial
condition, results of operations or stock price.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the Proposed Acquisition is conditioned upon the satisfaction of certain closing conditions, including the approvals and
consents discussed above, and other closing conditions customary for a transaction of this size and type (See "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement"). The required
conditions to closing may not be satisfied in a timely manner, if at all. If the Proposed Acquisition is not consummated for these or any other reasons, our ongoing business may be adversely affected
and the market price of our common stock may decline to the extent that the current market price reflects a market assumption that the Proposed Acquisition will be completed. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Certain of our directors and executive officers have interests in the Proposed Acquisition that are
different from, and may potentially conflict with, the interests of us and our stockholders.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of our directors and executive officers have interests in the Proposed Acquisition that may be different from, or in addition
to, the interests of our stockholders generally and that may create potential conflicts of interest, including (i)&nbsp;the payment of consideration in connection with the Proposed Acquisition
directly or indirectly to certain of these individuals, and the entry by the applicable individuals into arrangements relating to the payment of that consideration (ii)&nbsp;the entry or anticipated
entry into restrictive covenant agreements with certain of these individuals that will become effective following the Proposed Acquisition and (iii)&nbsp;the administration and monitoring of the
Purchase Agreement by the applicable individuals before and after the closing of the Proposed Acquisition, which may have potential adverse consequences on the Company or ACM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kaufman,
our chairman and chief executive officer, is also the chief executive officer of ACM and beneficially owns approximately 92% of the membership interests in ACM.
Mr.&nbsp;Martello, one of our directors, is the chief operating officer of Arbor Management,&nbsp;LLC (the managing member of ACM) and a trustee of two trusts which own minority membership
interests in ACM. Mr.&nbsp;Bishar, our secretary, is general counsel to ACM. Mr.&nbsp;Elenio, our chief financial officer and treasurer, is the chief financial officer of ACM.
Messrs.&nbsp;Weber, Kilgore and Guziewicz, each of whom serve as our officers, are also members of ACM's executive committee. All of these individuals also own membership </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>interests
in ACM. The respective roles of our officers in ACM may create additional conflicts of interest in respect of the Proposed Acquisition described in this proxy statement. </FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The market price of our common stock may decline as a result of the Proposed Acquisition.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We could encounter larger than anticipated transaction and integration-related costs, may fail to realize some or all of the benefits
anticipated from the Proposed Acquisition or be subject to other factors that may adversely affect preliminary estimates of the results of the Proposed Acquisition. Any of these factors could cause a
decrease in our earnings per share or decrease or delay the expected accretive effect of the Proposed Acquisition and contribute to a decrease in the price of our common stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we are unable to predict the potential effects of the issuance of the OP Units or the potential issuance of additional shares of our common stock in connection with the
Proposed Acquisition on the trading activity and market price of our common stock. We have granted registration rights to ACM for the resale of the shares of our common stock into which the OP Units
may be converted. These registration rights could facilitate the resale of such securities into the public market, and any such resale would increase the number of shares of our common stock available
for public trading. Sales of a substantial number of shares of our common stock in the public market, or the perception that such sales might occur, could have a material adverse effect on the price
of our common stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Current stockholders will have reduced ownership and voting interests after the Proposed
Acquisition.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As partial consideration for the Proposed Acquisition, we will issue to ACM 19,230,769 OP Units, subject to adjustment as described
herein, each of which will be paired with a share of newly-designated Special Voting Preferred Stock of the Company, which will entitle the holder thereof to one vote per share on any matter submitted
to a vote of the Company's stockholders. As of the date of this proxy statement, these shares would represent approximately 27% of the Company's voting shares on a fully diluted basis. The number of
OP Units issued to ACM, and therefore the number of paired shares of Special Voting Preferred Stock, may increase if the base purchase price for the ACM Agency Business is adjusted for any increases
in the value of the acquired servicing portfolio on the closing date. See "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement." Assuming 19,230,769 shares are issued to ACM, its
percentage ownership of the Company immediately following the Proposed Acquisition would be approximately 36%. Our current stockholders will, therefore, have proportionately less ownership and voting
interests in us following the Proposed Acquisition than they have now. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Our future results following the Proposed Acquisition may differ materially from the unaudited pro
forma financial information included in this proxy statement.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma consolidated financial information contained in this proxy statement is presented for purposes of presenting
our historical consolidated financial statements with the historical financial statements of the ACM Agency Business, as adjusted to give effect to the Proposed Acquisition, and is not necessarily
indicative of the financial condition or results of operations of the combined company following the Proposed Acquisition. The unaudited pro forma financial information reflects adjustments, which are
based upon preliminary estimates, to allocate the purchase price among the acquired assets and liabilities. The purchase price allocation reflected in the proxy statement is preliminary, and final
allocation of the purchase price will be based upon the actual purchase price and the fair value of the assets and liabilities of the ACM Agency Business as of the date of the completion of the
Proposed Acquisition. In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate, and other factors may affect our
financial condition and results of operations following the Proposed Acquisition. Any change in our financial condition or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>results
of operations may cause significant variations in the price of our common stock. See the section of this proxy statement entitled "Unaudited Pro Forma Consolidated Financial Information" for
more information. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The Proposed Acquisition may result in a loss of customers and strategic alliances.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to or following the Proposed Acquisition, some of our loan originators, customers and strategic partners and/or some of the loan
originators, customers and strategic partners of ACM may terminate their business relationships with us or ACM because of uncertainty regarding the Proposed Acquisition. Furthermore, potential
customers or strategic partners may delay entering into, or decide not to enter into, a business relationship with us or ACM because of the Proposed Acquisition. If customer relationships or strategic
alliances are adversely affected by the Proposed Acquisition, our business and financial performance following the Proposed Acquisition would suffer. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We depend on the recruitment and retention of qualified personnel, and failure to retain and attract
such personnel could seriously harm our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our continued successful performance following the Proposed Acquisition will depend, in part, on our ability us to retain, attract and
motivate skilled mortgage loan origination personnel. In light of the specialized skills of these professionals and the competitive market for their services, we cannot assure you that we will be
successful at retaining, attracting and motivating qualified and high-performing, experienced mortgage loan origination professionals for our business. The success of our efforts in those respects may
impact our ability to execute our business strategy and our future results of operations and financial condition following the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We may be unable to integrate the ACM Agency Business with our own successfully.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the Proposed Acquisition, we will be required to devote significant management attention and resources to integrating the ACM
Agency Business practices and operations with our own. Potential difficulties we may encounter as part of the integration process include the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> challenges of effectively implementing and integrating our credit standards, which we believe are material contributors to our
success, with respect to the ACM Agency Business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential inability to successfully transition, maintain and develop the ACM Agency Business mortgage loan origination and
servicing portfolio; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> complexities associated with managing the acquisition of the ACM Agency Business with our existing business, including difficulty
addressing possible differences in corporate cultures and management philosophies and the challenge of integrating complex systems, technology, networks and other assets of each of the companies in a
manner that minimizes any adverse impact on customers, employees and other constituencies; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> potential unknown liabilities and unforeseen increased expenses or delays associated with the Proposed Acquisition. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, it is possible that the integration process could result in diversion of the attention of our management which could adversely affect our ability to achieve the anticipated
benefits of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We may fail to uncover all liabilities of the ACM Agency Business through the due diligence process
prior to the Proposed Acquisition, exposing us to potentially large, unanticipated costs.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to completing the Proposed Acquisition, we have and expect to continue to perform, certain due diligence reviews of the ACM
Agency Business. In view of timing and other considerations relevant </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>to
our successfully achieving the closing of the Proposed Acquisition, our due diligence reviews will necessarily be limited in nature and may not adequately uncover all of the contingent or
undisclosed liabilities we may incur as a consequence of the Proposed Acquisition. Any such liabilities could cause us to experience potentially significant losses, which could materially adversely
affect our business, results of operations and financial condition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



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In the event of the occurrence of certain material adverse events prior to the closing of the
Proposed Acquisition with respect to ACM, we may nevertheless be required to close the Proposed Acquisition, which could have a material adverse effect on us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Proposed Acquisition is subject to a number of closing conditions, including that there shall not have occurred any
"material adverse effect" (as defined in the Purchase Agreement) on the ACM Agency Business, after the date of the Purchase Agreement and continuing on the closing date. Prior to the closing of the
Proposed Acquisition, events might occur that materially and adversely affect the ACM Agency Business, but that do not constitute a "material adverse effect" within the meaning of the Purchase
Agreement. If any such events were to occur, we may nevertheless be required to proceed with the closing of the Proposed Acquisition. Our completing the Proposed Acquisition under such circumstances
could have a material adverse effect on our business, results of operations and financial condition. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We could incur additional indebtedness in connection with the Proposed Acquisition.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Proposed Acquisition, we have the option, at the discretion of the Special Committee, to utilize up to
$50&nbsp;million of seller financing to satisfy a portion of the cash consideration for the Proposed Acquisition. The terms of this potential indebtedness, which would be in the form of a preferred
stock instrument at one of our subsidiaries, are disclosed more fully in the Purchase Agreement and in "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement," and include mandatory
repayment in five years and increases in the stated rate of return the longer the financing continues to be outstanding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot assure you that cash flow from operations, combined with any potential additional borrowings or cash from potential stock issuances, will be obtainable in an amount sufficient
to enable us to repay this indebtedness. Additionally, the inability to repay such financing in a timely manner could also result in the transaction having a less accretive effect on our earnings, due
to the increasing return feature, as well as a result of repaying such debt with potential less attractive debt or dilutive capital. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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We are dependent upon ACM, in its capacity as our external manager, because it provides services
that are vital to our operations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Proposed Acquisition, the ACM employees whose responsibilities are directly related to the ACM Agency Business
will become our employees. However, certain ACM employees who are not directly related to the ACM Agency Business and who provide management and administrative services under the Management Agreement
will remain ACM employees, and we will continue to have access to their services pursuant thereto. These ACM employees include Mr.&nbsp;Bishar, our Secretary, who is General Counsel to our Manager,
and Mr.&nbsp;Elenio, our Chief Financial Officer, who is the Chief Financial Officer of our Manager. Following the Proposed Acquisition, we will remain dependent upon ACM to provide services to us
that are vital to our operations, including significant management and administrative functions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Proposed Acquisition, we obtained a two-year option for $25&nbsp;million ($27&nbsp;million if exercised in the second year) to purchase the existing Management
Agreement and fully internalize our management structure. See "Proposal 1: The Acquisition Proposal&#151;Ancillary </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Agreements&#151;Option
Agreement." The exercise of this option is at the discretion of the Special Committee, which has no obligation to exercise the option. If we are unable, or the Special
Committee elects not, to exercise this option, we could be at risk of losing the services of key members of ACM, which could result in substantial additional costs to replace such services and
threaten our ability to operate our business successfully. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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A significant amount of the ACM Agency Business assets and cash flow are related to a large GSE and
HUD servicing portfolio, the loss of which would materially impact our results of operation, financial condition and liquidly.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business has a servicing portfolio of approximately $11&nbsp;billion of unpaid principal balance as of December, 31,
2015. This servicing portfolio earns a weighted average servicing fee of approximately 47 basis points and has an estimate remaining life of seven years. This asset represents a significant amount of
the overall consideration to be paid for the ACM Agency Business. The loss of a substantial portion of this income and value from either, early prepayment, or excessive defaults of the underlying
mortgage loans, would result in a significant decrease in the value of this asset as well as negatively impact or future earnings and cash flow. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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The Proposed Acquisition may have adverse tax consequences.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proposed Acquisition is intended to constitute, for U.S. federal income tax purposes, a part sale and a part tax-deferred
contribution by Sellers to the Partnership, and any subsequent contribution of the acquired assets and operations to Arbor Realty SR,&nbsp;Inc. is intended to constitute a tax-deferred contribution
to Arbor Realty SR,&nbsp;Inc. As a result, neither we nor holders of our common stock, in respect of those common stock holdings, are expected to recognize gain or loss for U.S. federal income tax
purposes as a result of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
as REITs, the Company and Arbor Realty SR,&nbsp;Inc. generally will be unable to hold directly certain of the acquired assets and operations in connection with the Proposed
Acquisition. We therefore intend to hold those assets and operations through one or more taxable REIT subsidiaries (each, a "</FONT><FONT SIZE=2><I>TRS</I></FONT><FONT SIZE=2>") of Arbor Realty
SR,&nbsp;Inc. A TRS is subject to regular corporate income tax on its net income. As a result, the net income generated by those operations generally will be subject to regular corporate income tax. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
under the REIT asset tests (i)&nbsp;no more than 25% of our total gross assets may consist of nonqualifying assets, including the stock or other securities of one or more
TRSs and other nonqualifying assets (such as goodwill and similar assets we are acquiring as a result of the Proposed Acquisition), and (ii)&nbsp;for 2018 and subsequent taxable years, no more than
20% of our total gross assets may consist of the stock or other securities of one or more TRSs. In addition, although dividends payable by TRSs constitute qualifying income for purposes of the 95%
REIT gross income test, they are nonqualifying income for purposes of the 75% REIT gross income test. Accordingly, if the value of the business we are acquiring in connection with the Proposed
Acquisition or the income generated thereby increases relative to the value of our other, REIT-compliant assets and income, the Company or Arbor Realty SR,&nbsp;Inc. may fail to satisfy one or more
of the requirements applicable to REITs. Although the Proposed Acquisition is not expected to adversely affect the ability of the Company or Arbor Realty SR,&nbsp;Inc. to continue to qualify as a
REIT immediately following the acquisition or in the future, no assurances can be given in that regard. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk19201_our_company"> </A>
<A NAME="toc_dk19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  OUR COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, a Maryland corporation formed in 2003, is a specialized real estate finance company that invests in a diversified
portfolio of structured finance assets in the multifamily and commercial real estate markets. We invest primarily in real estate-related bridge and mezzanine loans, including junior participating
interests in first mortgages, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Our principal
business objective is to maximize the difference between the yield on our investments and the cost of financing these investments to generate cash available for distribution, facilitate capital
appreciation and maximize total return to our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conduct substantially all of our operations and investing activities through our operating partnership, the Partnership and its subsidiaries. We serve as the general partner of the
Partnership and own a 100% partnership interest in the Partnership as of March&nbsp;31, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are organized to qualify as a REIT for federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT taxable income that is
distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying
income are held in taxable REIT subsidiaries. Unlike other subsidiaries of a REIT, the income of a taxable REIT subsidiary is subject to federal and state income taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are externally managed and advised by ACM pursuant to the terms of the Management Agreement. ACM provides us with all of the services necessary to our operations other than asset
management, securitization and certain credit functions, and certain of our executive officers and other staff are employed by ACM. The Management Agreement requires ACM to manage our business affairs
in conformity with policies and investment guidelines that are approved and monitored by our Board. Upon consummation of the Proposed Acquisition, all of the AMC employees directly related to the ACM
Agency Business will become our employees, but the Management Agreement will remain in effect with respect to all the other services ACM currently provides to us. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk19201_the_acm_agency_business"> </A>
<A NAME="toc_dk19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  THE ACM AGENCY BUSINESS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_general"> </A>
<A NAME="toc_dk19201_3"> </A></FONT> <FONT SIZE=2><B>


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General    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM is a national commercial real estate finance company that originates, sells and services a range of multifamily finance products,
primarily through the programs of Fannie Mae, Freddie Mac, Ginnie Mae and HUD. ACM retains the servicing rights and asset management responsibilities on substantially all loans that it originates
through the GSE and HUD programs. ACM is approved as a Fannie Mae DUS lender nationally, a Freddie Mac Program Plus lender in New York, New Jersey and Connecticut, a Freddie Mac affordable,
manufactured housing, senior housing and small balance loan lender, seller/servicer, nationally, a HUD Map and Lean senior
housing/healthcare lender nationally and a Ginnie Mae issuer. ACM has been a Fannie Mae DUS lender since 1995, a HUD lender since 1996 and a Freddie Mac Program Plus lender since 2014. ACM also
originates and sells loans through CMBS conduit programs. The Company is proposing to acquire the above-described "ACM Agency Business" pursuant to the Proposed Acquisition. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_product_and_service_of__dk102293"> </A>
<A NAME="toc_dk19201_4"> </A></FONT> <FONT SIZE=2><B>


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Product and Service Offerings of the ACM Agency Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM underwrites, originates, sells, and services multifamily mortgage loans at various locations in the United States through the
Fannie Mae DUS, Freddie Mac, and HUD lending programs and also originates and sells loans through the conduit markets. ACM's focus is primarily on small balance loans with an average loan size of
approximately $5&nbsp;million. ACM retains the servicing rights and asset management responsibilities on substantially all loans made under the GSE programs. ACM's long-established relationships
with Fannie Mae, Freddie Mac, HUD and Ginnie Mae enable it to offer a broad range of loan products and services, which enables ACM to maximize its ability to meet client needs, source capital, and
grow its commercial real estate finance business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale of each loan through the GSE programs is negotiated prior to rate locking the loan with the borrower. For loans originated pursuant to the Fannie Mae DUS program, ACM generally
is required to share the risk of loss, with the maximum loss capped at 20% of the loan amount at origination. In addition to these risk-sharing obligations, ACM may be obligated to repurchase loans
that are originated for the GSE or HUD programs or conduit programs if certain representations and warranties that are made in connection with such originations are shown to have been inaccurate when
made. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_multifamily_finance"> </A>
<A NAME="toc_dk19201_5"> </A></FONT> <FONT SIZE=2><B>


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Multifamily Finance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM is one of 25 approved lenders that participate in Fannie Mae's DUS program for multifamily, manufactured, student, affordable and
certain seniors housing properties and has been a top 10 DUS lender for nine consecutive years as well as the top small loan lender for Fannie Mae in 2014. Under the Fannie Mae DUS program, Fannie Mae
has delegated to ACM the responsibility to originate loans that comply fully with Fannie Mae's underwriting and other eligibility requirements. In exchange for this delegation of authority, ACM shares
risk for a portion of the losses that may result from a borrower's default. For more information regarding ACM's risk-sharing agreements with Fannie Mae, see "Risk Factors&#151;Risks Relating
to the ACM Agency Business" and the "Selected Combined Financial Information of the Agency Business of Arbor Commercial Mortgage,&nbsp;LLC." Most of the Fannie Mae loans that ACM originates are sold
in the form
of a Fannie Mae-guaranteed security to third-party investors. ACM is contracted by Fannie Mae to service all loans that it originates under the Fannie Mae DUS program. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is one of 23 lenders approved as a Freddie Mac Program Plus lender under which ACM originates and sells to Freddie Mac multifamily, manufactured, student, affordable and seniors
housing loans that satisfy Freddie Mac's underwriting and other eligibility requirements. In addition, ACM is one of 12 participants in Freddie Mac's Small Balance Loan program and was the leading
Freddie Mac </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Small
Balance lender in 2015. Under these programs, ACM submits a completed loan underwriting package to Freddie Mac and obtains Freddie Mac's commitment to purchase the loan at a specified price
after closing. Freddie Mac performs its own underwriting of each loan prior to commitment. Freddie Mac may choose to hold, sell or later securitize such loans. Under the Freddie Mac Small Balance Loan
Program, ACM originates and sells loans to Freddie Mac, which are ultimately securitized. As part of that securitization, ACM, as the loan originator, is required to purchase a bond, generally
referred to as the "the B piece" that represents the bottom 10%, or highest risk, of the securitization. In that way, Freddie Mac insures that the originator of the loans in the securitization has a
significant risk of loss. Historically, ACM has elected to sell the B piece of all securitizations, resulting in a transfer of the risk to the purchaser of the bond. In addition, ACM, as the loan
originator, has risk of loss and repurchase obligations during the period between loan origination and securitization. ACM has no risk-sharing arrangements on loans it originates and sells to Freddie
Mac under Program Plus. ACM also is contracted by Freddie Mac to service all loans that it originates under its program. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_fha_finance"> </A>
<A NAME="toc_dk19201_6"> </A></FONT> <FONT SIZE=2><B>


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FHA Finance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an approved HUD MAP lender and Ginnie Mae issuer, ACM provides construction and permanent loans to developers and owners of
multifamily housing, affordable housing, seniors housing and healthcare facilities. ACM submits its completed loan underwriting package to HUD and obtains HUD's approval to originate the loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUD-insured
loans are typically placed in single loan pools that back Ginnie Mae securities. Ginnie Mae is a government corporation in HUD. Ginnie Mae securities are backed by the full
faith and credit of the United States government, and there is little risk of loss on Ginnie Mae securities. In the event of a default on a HUD-insured loan, HUD will reimburse approximately 99% of
any losses of
principal and interest on the loan, and Ginnie Mae will reimburse the remaining losses. As a loan servicer for Ginnie Mae, ACM is obligated to continue to advance principal and interest payments and
tax and insurance escrow amounts on Ginnie Mae securities until the Ginnie Mae security is fully paid. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_direct_loan_originators_network"> </A>
<A NAME="toc_dk19201_7"> </A></FONT> <FONT SIZE=2><B>


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Direct Loan Originators Network    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM originates its loans directly through loan originators operating out of 17 offices nationwide. At December&nbsp;31, 2015, it
employed 20 loan originators. These individuals have deep knowledge of the commercial real estate lending business and bring with them extensive relationships with brokers and some of the largest
property owners in the country. They have a thorough understanding of the financial needs and objectives of borrowers, the geographic markets in which they operate, market conditions specific to
different types of commercial properties and how to structure a loan product to meet their borrowers' needs. These loan originators collect and analyze financial and property information, assist the
borrower in submitting information required to complete a loan application and, ultimately, help the borrower close the loan. These loan originators are paid a salary and commissions based on the fees
associated with the loans that they originate. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_underwriting_and_risk_management"> </A>
<A NAME="toc_dk19201_8"> </A></FONT> <FONT SIZE=2><B>


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Underwriting and Risk Management    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM uses several tools to manage and mitigate its Fannie Mae risk-sharing exposure. These tools include an underwriting and approval
process, periodic evaluation and modification of that underwriting criteria to account for changes in underlying multifamily housing market fundamentals, borrower and key principal exposures and, at
times, modified risk-sharing under the Fannie Mae DUS program, as well as a dedicated loan surveillance and credit risk management function. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriting process of ACM includes a detailed review of each of the following in order to mitigate its credit risk:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the loan's suitability for ACM's investors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the borrower, including a review of financial statements and credit, operating, bankruptcy and foreclosure history; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each person directing a borrowing entity's activities (a "</FONT><FONT SIZE=2><I>key principal</I></FONT><FONT SIZE=2>"), including a
review of operating, bankruptcy and foreclosure history; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the underlying property, including a review of the property's fundamental value and credit profile, an analysis of regional economic
trends and historical and prospective financials and an appraisal of the property. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
engages independent third-party vendors for appraisals and engineering, environmental, flood certification, zoning and credit reports, and its underwriting team reviews each report
for accuracy, comprehensiveness and quality. In addition, ACM periodically evaluates each third-party vendor's work quality and will remove any third-party vendor whose work quality falls below
acceptable standards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
maintains concentration limits with respect to its Fannie Mae loans to further manage risk. Geographic concentration of such loans is limited based on regional employment
concentration and trends, and ACM limits the aggregate amount of such loans subject to full risk-sharing for any one borrower and elects to use modified risk-sharing for such loans of more than
$23.0&nbsp;million in accordance with Fannie Mae requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
also relies heavily on loan surveillance and credit risk management. It has a dedicated group of employees whose sole function is to monitor and analyze loan performance from closing
to payoff, with the primary goal of managing and mitigating risk within the Fannie Mae portfolio. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_servicing_and_asset_management"> </A>
<A NAME="toc_dk19201_9"> </A></FONT> <FONT SIZE=2><B>


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Servicing and Asset Management    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an approved servicer for Fannie Mae, Freddie Mac and HUD, ACM services nearly all loans it originates for the GSEs. ACM's servicing
portfolio consists of over 2,000 loans with an unpaid principal balance of approximately $11&nbsp;billion, as of December&nbsp;31, 2015, and earns a weighted average servicing fee of approximately
47 basis points. ACM is rated both a primary and special servicer with both Standard and Poor's Financial Services&nbsp;LLC and Fitch Ratings,&nbsp;Inc. and has been commended by Fannie Mae for
Servicing Best Practices in 2015. ACM's servicing function includes loan servicing and asset management activities, performing or overseeing the following
activities:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> carrying out all cashiering functions relating to the loan, including providing monthly billing statements to the borrower and
collecting and applying payments on the loan; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> administering reserve and escrow funds for repairs, tenant improvements, taxes and insurance; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> obtaining and analyzing financial statements of the borrower and performing periodic property inspections; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preparing and providing periodic reports and remittances to the GSEs, other investors, master servicers or other designated persons; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> administering lien filings and performing other tasks and obligations that are delegated to the servicer; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> performing all loan surveillance and credit risk management functions with the primary focus on managing and mitigating risk within
the Fannie Mae portfolio. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
most loans serviced under the Fannie Mae DUS program, ACM is required to advance, in the event of a borrower failing to pay, the principal and interest payments and tax and insurance
escrow amounts associated with a loan for four months. ACM is reimbursed by Fannie Mae for these advances, which may be used to offset any losses incurred under ACM's risk-sharing obligations once the
loan and the related loss share is settled. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the HUD program, ACM is obligated to advance tax and insurance escrow amounts and principal and interest payments on the Ginnie Mae securities until the Ginnie Mae security is
fully paid. In the event of a default on a HUD-insured loan, ACM can elect to assign the loan to HUD and file&nbsp;a mortgage insurance claim. HUD will reimburse approximately 99% of any losses of
principal and interest on the loan and Ginnie Mae will reimburse substantially all of the remaining losses. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_competition"> </A>
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Competition    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM is one of 25 approved lenders that participate in Fannie Mae's DUS program and one of 23 lenders approved as a Freddie Mac Program
Plus lender. It faces significant competition across its business, including, but not limited to, commercial banks, commercial real estate service providers, CMBS conduits and insurance companies,
some of which are also investors in, or purchasers of, loans that are originated by ACM. Many of these competitors enjoy competitive advantages, including greater name recognition, financial resources
and access to lower-cost capital. Commercial banks may have an advantage over ACM in originating commercial loans if borrowers already have other lending relationships with the bank. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
competes on the basis of quality of service, relationships, loan structure, terms, pricing and industry experience, including the knowledge of local and national commercial real
estate market conditions, loan product expertise and the ability to analyze and manage credit risk. ACM's competitors
also seek to compete aggressively on the basis of these factors and ACM's success depends on its ability to offer attractive loan products, provide superior service, demonstrate its industry knowledge
and experience, maintain and capitalize on relationships with investors, borrowers and key loan correspondents and remain competitive in pricing. In addition, future changes in laws, regulations and
GSE program requirements, and consolidation in the commercial real estate finance market could lead to the entry of more competitors, or enhance the competitive strength of ACM's existing competitors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the closing of the Proposed Acquisition, we do not expect this competitive landscape to change with respect to the ACM Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_federal_and_state_regulation_o__fed02912"> </A>
<A NAME="toc_dk19201_11"> </A></FONT> <FONT SIZE=2><B>


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Federal and State Regulation of Commercial Real Estate Lending Activities    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM's multifamily and commercial real estate lending, servicing and asset management businesses are subject, in certain instances, to
supervision and regulation by federal and state governmental authorities in the United States. In addition, these businesses may be subject to various laws and judicial and administrative decisions
imposing various requirements and restrictions, which, among other things, regulate lending activities, regulate conduct with borrowers, establish maximum interest rates, finance charges and other
charges, require disclosures to borrowers and prohibit illegal discrimination. Although many states do not regulate commercial finance, certain states impose limitations on interest rates, as well as
other charges on certain collection practices and creditor remedies. Some states also require licensing of lenders, loan brokers and loan servicers and adequate disclosure of certain contract terms.
ACM is required to comply with certain provisions of, among other statutes and regulations, the USA PATRIOT Act, regulations promulgated by the U.S. Department of the Treasury's Office of Foreign
Asset Control and other federal and state securities laws and regulations. These legal and regulatory requirements that apply to ACM are subject to change from time to time and may become more
restrictive, making compliance with applicable requirements more difficult or expensive or otherwise restrict ACM's ability to conduct its business in the manner that it is </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>now
conducted. Changes in applicable regulatory requirements, including changes in their enforcement, could materially and adversely affect ACM. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_requirements_of_the_gses_and_hud"> </A>
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Requirements of the GSEs and HUD    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To maintain its status as an approved lender for Fannie Mae and Freddie Mac and as a HUD-approved mortgagee and issuer of Ginnie Mae
securities, ACM is required to meet and maintain various eligibility criteria from time to time established by these entities, such as minimum net worth, operational liquidity and collateral
requirements and compliance with reporting requirements. ACM is required to originate loans and perform its loan servicing functions in accordance with the applicable program requirements and
guidelines from time to time established by these agencies. If it fails to comply with the requirements of any of these programs, the agencies may terminate or withdraw its licenses and approvals to
participate in the GSE programs. In addition, the agencies have the authority under their guidelines to terminate a lender's authority to sell loans to it and service their loans. The loss of one or
more of these approvals would have a material adverse impact on ACM and could result in further disqualification with other counterparties. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dk19201_employees"> </A>
<A NAME="toc_dk19201_13"> </A></FONT> <FONT SIZE=2><B>


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Employees    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM currently employs approximately 230 full-time employees who dedicate all of their time to the ACM Agency Business, of which
approximately 100 are in the servicing and credit risk management functions. These employees are expected to become full-time employees of the Company upon consummation of the Proposed Acquisition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, there are approximately 90 other full-time employees of ACM who, through the Management Agreement, allocate a portion of their time to the Company. These employees also
allocate a portion of their time to the ACM Agency Business. These ACM employees provide accounting, taxation, treasury, human resources, information technology, marketing, compliance, facilities,
legal counsel and certain other administrative functions. Upon consummation of the Proposed Acquisition, we will reimburse ACM for the time these employees spend on the ACM Agency Business and the
Company pursuant to the Management Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of these employees is represented by a union or subject to a collective bargaining agreement, and ACM has never experienced a work stoppage. ACM believes that its employee relations
are good. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm19201_introductory_note_to_the_acquisition_proposal"> </A>
<A NAME="toc_dm19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INTRODUCTORY NOTE TO THE ACQUISITION PROPOSAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement, the Company has prepared this proxy statement with input from ACM under the direction of the
Special Committee, which is comprised of independent and disinterested directors who are not affiliated with ACM. Our Board recommends, based on the recommendation of the Special Committee and a
unanimous vote of the Independent Directors, that you vote to approve the Acquisition Proposal. If the Acquisition Proposal is not approved by stockholders, the Proposed Acquisition will not be
consummated. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm19201_proposal_1__the_acquisition_proposal"> </A>
<A NAME="toc_dm19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL 1: THE ACQUISITION PROPOSAL    <BR>    </B></FONT></P>

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<A NAME="gen"></A>General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is asking its stockholders to approve (a)&nbsp;the Proposed Acquisition, which is the acquisition, pursuant to the
Purchase Agreement, of the ACM Agency Business in exchange for $125&nbsp;million in cash (up to $50&nbsp;million of which the Company has, at the discretion of the Special Committee, the option to
satisfy with seller financing) and 19,230,769 OP Units, in each case subject to adjustment as described herein, and (b)&nbsp;the issuance to ACM of (i)&nbsp;19,230,769 OP Units and, if applicable,
any additional OP Units to be issued pursuant to such adjustment (together, "</FONT><FONT SIZE=2><I>Acquisition OP Units</I></FONT><FONT SIZE=2>"), (ii)&nbsp;a number of shares of the Company's
newly-designated Special Voting Preferred Stock, equivalent to the number of Acquisition OP Units and paired with such OP Units, and (iii)&nbsp;an equivalent number of shares of the Company's common
stock that may be issued upon redemption of such Acquisition OP Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed below, after careful consideration, the approval by the Board of the Purchase Agreement, the Proposed Acquisition and the other transactions expressly contemplated by the
Purchase Agreement was unanimously recommended by the Special Committee consisting of four Independent Directors, which retained its own legal and financial advisors. Upon recommendation by the
Special Committee, the Board, by a unanimous vote of the Independent Directors, approved the Purchase Agreement, the Proposed Acquisition and the other transactions expressly contemplated by the
Purchase Agreement. The Company's non-independent directors abstained from the vote, because they are not entitled to vote on matters related to ACM under our charter. The approval by the stockholders
of the Acquisition Proposal is a condition precedent to the closing of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms not otherwise defined in this section will have the meanings ascribed to them in the Purchase Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dm19201_reasons_for_the_proposed_acquisition"> </A>
<A NAME="toc_dm19201_3"> </A></FONT> <FONT SIZE=2><B>


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Reasons for the Proposed Acquisition    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The Special Committee  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board established a Special Committee consisting of four Independent Directors to review, evaluate and make recommendations to the
Board with respect to the Proposed Acquisition. The Special Committee retained J.P. Morgan as its independent financial advisor and retained Willkie Farr&nbsp;&amp; Gallagher&nbsp;LLP
("</FONT><FONT SIZE=2><I>Willkie Farr</I></FONT><FONT SIZE=2>") as its independent legal counsel. The Special Committee oversaw the performance of financial and legal due diligence by its advisors,
conducted an extensive review and evaluation of the Proposed Acquisition and conducted negotiations with the Sellers and their representatives with respect to the Purchase Agreement and the various
other agreements related to the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee, by a unanimous vote at a meeting held on February&nbsp;25, 2016, determined that the Purchase Agreement and the Proposed Acquisition contemplated thereby are
advisable and fair to, and in the best interests of, the Company. In addition, at the February&nbsp;25, 2016 meeting, the Special Committee recommended that the Board approve, authorize and adopt
the Purchase </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Agreement
and the Proposed Acquisition contemplated thereby and recommend that the stockholders of the Company vote in favor of the adoption and approval of the Purchase Agreement and the Proposed
Acquisition contemplated thereby. In reaching its determination, the Special Committee consulted with its legal, financial and other advisors and considered a number of factors, including the
following material factors which the Special Committee viewed as supporting its decisions with respect to the Purchase Agreement and the Proposed Acquisition contemplated by thereby, including the
issuance of the OP Units:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the belief that the Proposed Acquisition will provide diversification and predictability of earnings streams through the acquisition
of a servicing portfolio that is expected to result in a consistent and recurring cash flow stream in a diversified stable annuity of servicing income; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the creation of a fully integrated franchise that is expected to add significant new origination and servicing verticals to the
Company that complement the Company's commercial real estate lending products; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential for additional scale through the acquisition of new business lines that are expected to provide the Company with a
stronger foothold in the multifamily sector that currently has high barriers to entry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the belief that the Proposed Acquisition will significantly add to the Company's current business profile by introducing additional
product capabilities, origination relationships and market knowledge in new and existing products, geographies and industries; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expectation that, following the consummation of the Proposed Acquisition, the Company will be able to meet the multiple needs of
its clients through a comprehensive product offering, including products for short-term and long-term commercial real estate financing needs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expectation that the Proposed Acquisition will be immediately accretive to the Company's earnings and dividends; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fact that the Proposed Acquisition will provide the Company a larger platform with the expectation of more efficient access to
capital markets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the belief that increased ownership of the Company by certain members of the Company's management team will further align the
interests of the management team with those of current stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms and conditions of the Purchase Agreement and related agreements, including the type and amount of consideration to be paid
and the representations, warranties, covenants, conditions to the Closing and indemnification obligations set forth therein, together with the material terms of the ancillary agreements entered into
or to be entered into in connection with the Proposed Acquisition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms and conditions of the Option Agreement entered into between the Company and ACM, which provides the Company with the option,
exercisable by the Special Committee at any time during the two year period following the closing, to buy out the Management Agreement between the Company and ACM and thereby fully internalize the
management and operations of the Company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the terms and conditions of the Voting and Standstill Agreement entered into by Mr.&nbsp;Kaufman and ACM; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the fact that the approval of the Purchase Agreement, including the issuance of the OP Units, is subject to the affirmative vote of a
majority of the outstanding shares of the Company's common stock entitled to vote thereon not held by the Sellers or their respective affiliates; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the right of the Special Committee to withhold, amend, withdraw or modify its recommendation in favor of the Purchase Agreement,
subject to the standards, procedures and termination and expense reimbursement provisions of the Purchase Agreement; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the written opinion of J.P. Morgan that, as of February&nbsp;25, 2016, and based upon and subject to the assumptions, matters and
limitations set forth in the written opinion, the consideration to be paid by the Buyer in the Proposed Acquisition was fair, from a financial point of view, to the Company, as more fully described in
"&#151;Opinion of the Special Committee's Financial Advisor." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee also took into account the following material factors. Although the Special Committee viewed these as potentially negative factors with respect to the Proposed
Acquisition, the Special Committee believed these factors were outweighed by the positive factors set forth above:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the significant costs involved in connection with completing the Proposed Acquisition, the substantial management time and effort
required to complete the Proposed Acquisition and the related disruption to operations of the Company; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential liabilities associated with the direct employment of personnel of the ACM Agency Business following the closing of the
Proposed Acquisition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the potential liabilities that the Company may inherit from ACM as a result of the Proposed Acquisition that would not be covered by
the indemnities in the Purchase Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the risk that the anticipated benefits of the Proposed Acquisition may not be realized as a result of integrating the ACM Agency
Business; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the matters described under the heading "Forward-Looking Statements" beginning on page&nbsp;12. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the factors considered by the Special Committee is not intended to be exhaustive and is not provided in any specific order or ranking, but rather includes
material factors considered by the Special Committee. In reaching its decision regarding the Purchase Agreement and the Proposed Acquisition contemplated by the Purchase Agreement, including, the
issuance of the OP Units, the Special Committee did not quantify or assign any relative weights to the factors considered and individuals may have given different weights to different factors. The
Special Committee conducted an overall review of the factors considered and determined that, in the aggregate, the potential benefits considered outweighed the potential risks or possible negative
consequences of approving the Purchase Agreement and the Proposed Acquisition contemplated by the Purchase Agreement, including, the issuance of the OP Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee believes that the process it followed in making its determination and recommendation with respect to the Proposed Acquisition was fair
because:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Special Committee consists solely of directors who are not officers of the Company, and are not affiliated with ACM or any member
of ACM including Mr.&nbsp;Kaufman, and who do not otherwise have a conflict of interest or lack independence with respect to the Proposed Acquisition; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the members of the Special Committee will not personally benefit from the completion of the Proposed Acquisition in a manner different
from the Company's unaffiliated stockholders; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Special Committee retained and was advised by Willkie Farr, its independent legal counsel; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Special Committee retained and was advised by J.P. Morgan, its independent financial advisor; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the resolutions establishing the Special Committee provided that the Company's Board would not approve any Proposed Acquisition
involving the acquisition of the ACM Agency Business without a prior favorable recommendation of the Special Committee; </FONT></DD></DL>
</UL>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the approval of the Proposed Acquisition, including the issuance of the OP Units, requires the affirmative vote of a majority of the
outstanding shares of the Company's common stock entitled to vote thereon not held by the Sellers or their respective affiliates; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Special Committee was involved in extensive deliberations since the time it first discussed the Proposed Acquisition with ACM in
May 2013 until the execution of the Purchase Agreement in February 2016. </FONT></DD></DL>
</UL>

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The Board  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, the Board met to consider the report and recommendation of the Special Committee. On the basis of the
Special Committee's recommendation and the other factors described below, the Board, by a unanimous vote of the Independent Directors,
determined that the Purchase Agreement and the other Proposed Acquisition contemplated by thereby were advisable and fair to, and in the best interests of, the Company and recommended that the
stockholders of the Company vote for the approval of the Purchase Agreement, including the issuance of the OP Units, and the Proposed Acquisition contemplated thereby. In accordance with our charter,
which does not entitle non-independent directors to vote on matters related to ACM, Messrs.&nbsp;Kaufman and Martello abstained from the vote on these matters. In making its determination, the Board
considered:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the factors considered by and the recommendation of the Special Committee; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the extensive negotiations of the Special Committee with ACM and its advisors. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the factors considered by the Board is not intended to be exhaustive and is not provided in any specific order or ranking, but rather includes material
factors considered by the Board. In reaching its decision regarding the Purchase Agreement and the Proposed Acquisition contemplated by thereby, including, the issuance of the OP Units, the Board did
not quantify or assign any relative weights to the factors considered and individuals may have given different weights to different factors. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Background of the Proposed Acquisition    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initiated discussions regarding the Proposed Acquisition in May 2013. Discussions, due diligence review and negotiations
continued until February&nbsp;25, 2016, when the Special Committee unanimously approved the entry into the Purchase Agreement and the transactions contemplated thereby and recommended that the Board
approve the same. Immediately following the Special Committee meeting, the Board, by a unanimous vote of the Independent Directors, also resolved to approve the entry into the Purchase Agreement and
the transactions contemplated thereby. Following these resolutions, the Company entered into the Purchase Agreement on February&nbsp;25, 2016. </FONT></P>

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2013 Proposals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2013, the Independent Directors met telephonically, with Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom&nbsp;LLP,
counsel to the Company ("</FONT><FONT SIZE=2><I>Skadden</I></FONT><FONT SIZE=2>"), and Wells Fargo Securities,&nbsp;LLC, financial advisor to ACM ("</FONT><FONT SIZE=2><I>Wells
Fargo</I></FONT><FONT SIZE=2>"), attending, to discuss a potential Proposed Acquisition between ACM and the Company, in which the Company would acquire ACM's Fannie Mae, DUS, FHA and CMBS platforms
and internalize the management function currently performed by ACM. At the meeting, Wells Fargo provided an overview of ACM's business and an analysis of a potential Proposed Acquisition, including
material terms consisting of an aggregate purchase price of $250&nbsp;million, less a $25&nbsp;million holdback amount, and the issuance of shares of common stock of the Company to finance the
acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;23, 2013, the Independent Directors met telephonically to initially discuss the formation of a Special Committee in connection with the evaluation of a potential Proposed
Acquisition with </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>ACM.
On May&nbsp;29, 2013, Independent Directors discussed the designation of a subset of the independent members of the Board, which would be comprised of four of the then-current independent
directors of the Board (William C. Green, Melvin F. Lazar, Karen K. Edwards and C. Michael Kojaian), to take exploratory steps in consideration of the Proposed Acquisition. The Independent Directors
discussed the need to retain financial, legal and other advisors, and acknowledged that the designated subset of the Independent Directors would begin the process of engaging advisors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;13, 2013, the Independent Directors held an in-person meeting that was attended by Skadden, Wells Fargo and certain representatives of ACM to discuss the materials
provided by ACM that were previously provided to the Independent Directors. The Independent Directors also discussed the qualifications, past engagements and initial presentations from potential
financial advisors (including J.P. Morgan and certain other investment banks), Ernst&nbsp;&amp; Young&nbsp;LLP ("</FONT><FONT SIZE=2><I>EY</I></FONT><FONT SIZE=2>") with respect to tax matters and
financial due diligence related to the Proposed Acquisition and Situs Real&nbsp;LLC ("</FONT><FONT SIZE=2><I>Situs</I></FONT><FONT SIZE=2>") with respect to due diligence of ACM's loan portfolio.
EY's work related to the Proposed Acquisition was preapproved by the Board's audit committee. On June&nbsp;19, 2013, Messrs.&nbsp;Green, Lazar and Kojaian and Ms.&nbsp;Edwards met telephonically
to discuss the expertise and fee structures for J.P.&nbsp;Morgan, EY and Situs and the potential retention of each as an advisor in connection with the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;24, 2013, the Independent Directors met telephonically to discuss the process and current proposal related to the Proposed Acquisition received from ACM. With the
assistance of Skadden, the
Independent Directors considered the independence of William C. Green, Melvin F. Lazar, Karen K. Edwards and C. Michael Kojaian, each of whom was an independent director of the Company, with respect
to their potential service on a Special Committee of the Independent Directors to review and consider the Proposed Acquisition. The Independent Directors determined that there were no relationships
with the Company, ACM, Mr.&nbsp;Kaufman or any of their respective representatives that would interfere with the independence of Messrs.&nbsp;Green, Lazar or Kojaian or Ms.&nbsp;Edwards in
connection with considering the Proposed Acquisition and appointed each of them to the Special Committee, the formation of which was approved and ratified by the Board. The Independent Directors then
discussed such Special Committee having the power to retain its own legal counsel, financial and other advisors and to have other powers typical of an independent Special Committee. The Independent
Directors also agreed not to recommend, authorize, approve, or otherwise endorse the Proposed Acquisition unless such Proposed Acquisition had been recommended by the Special Committee, which was also
agreed to and ratified by the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skadden
and Dechert&nbsp;LLP, counsel to ACM ("</FONT><FONT SIZE=2><I>Dechert</I></FONT><FONT SIZE=2>"), exchanged drafts of a confidentiality agreement governing the exchange of
information in connection with the Proposed Acquisition. Following negotiations, the confidentiality agreement was executed on June&nbsp;27, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or around June&nbsp;11, 2013, after extensive discussion regarding the qualifications of J.P.&nbsp;Morgan, the Special Committee unanimously selected J.P.&nbsp;Morgan to serve
as its financial advisor. J.P.&nbsp;Morgan was engaged effective as of June&nbsp;25, 2013, and the written engagement letter was entered into on August&nbsp;3, 2013. Among the reasons for the
selection of J.P.&nbsp;Morgan were its recent experience in evaluating companies in the same industry, its experience in advising special committees, its reputation as a leading investment bank, the
Special Committee's assessment of J.P.&nbsp;Morgan's independence from the Company, ACM and Mr.&nbsp;Kaufman, and the Special Committee's confidence in the capabilities of the members of the
J.P.&nbsp;Morgan team. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
late June and early July, the Special Committee met telephonically, with its advisors attending, to discuss the proposed process and the due diligence review of ACM and the business
to be acquired. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;5, 2013, ACM made a presentation to the Special Committee with respect to the Proposed Acquisition. At the meeting, ACM and Wells Fargo provided additional information
regarding the proposed structure of the Proposed Acquisition, including assets and personnel proposed to be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>purchased
and excluded, the strategic rationale for the Proposed Acquisition, and certain assumptions underlying ACM's valuation of the Proposed Acquisition. Following this meeting, representatives of
J.P.&nbsp;Morgan, on behalf of the Special Committee, sent Wells Fargo a list of due diligence requests in connection with the Proposed Acquisition. On July&nbsp;9, 2013, the financial, tax and
legal advisors of the
Special Committee and ACM, as well as various members of management, met in person to discuss the due diligence questions. The Special Committee's advisors provided the Special Committee with an
update on the diligence meeting and status of critical data requests on July&nbsp;10, 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;12, 2013, Wells Fargo, on behalf of ACM, sent the Special Committee a process letter inviting the Special Committee to submit a non-binding indication of interest. After
negotiation and discussion, on July&nbsp;17, 2013, the Special Committee and ACM entered into a letter agreement addressing potential or actual conflicts of interest related to the consideration of
the Proposed Acquisition and setting forth certain understandings between the Board, the Special Committee and ACM with respect to the conduct of the Company's management in connection with the
evaluation and due diligence review of the Proposed Acquisition, including providing information and analyses to the Special Committee (the "</FONT><FONT SIZE=2><I>Rules of the
Road</I></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Throughout
July 2013, the Special Committee met telephonically, with its advisors attending, to discuss the status of the due diligence review and J.P.&nbsp;Morgan's preliminary review
and analysis of the financial information received from ACM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;5, 2013, the Special Committee submitted a non-binding indication of interest to ACM with respect to the Proposed Acquisition, including a preliminary aggregate purchase
price range of $170&nbsp;million to $200&nbsp;million to acquire certain businesses of ACM and to internalize the management function, with a $50&nbsp;million holdback applied to any future
credit losses and subject to certain performance earn out metrics. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
August&nbsp;5 to 9, 2013, representatives of J.P.&nbsp;Morgan and Wells Fargo discussed the terms of the Special Committee's August&nbsp;5 letter and certain conversations had
between Wells Fargo and ACM relating to the Special Committee's August&nbsp;5 letter. On August&nbsp;12, 2013, ACM submitted a response to the Special Committee's August&nbsp;5 letter that
included an aggregate purchase price range of $210&nbsp;million to $230&nbsp;million to acquire certain businesses of ACM and to internalize the management function, a $50&nbsp;million holdback,
comprised of $30&nbsp;million for certain credit losses, and $20&nbsp;million subject to performance earn out metrics. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over
the next three days, the Special Committee met telephonically, with its advisors attending, to discuss the status of the Proposed Acquisition and the possible responses to ACM's
August&nbsp;12 counter-proposal. On August&nbsp;16, 2013, the Special Committee submitted a revised non-binding indication of interest to ACM with respect to the Proposed Acquisition, including a
preliminary aggregate purchase price range of $185&nbsp;million to $210&nbsp;million and a $50&nbsp;million holdback for certain credit losses and subject to performance earn out metrics. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;26, 2013, the Special Committee, ACM and their respective advisors met in person to discuss the terms of the Proposed Acquisition, including, among others, the range of
aggregate consideration to be paid by the Company and the amount of the holdback, the compensation of the Chief Executive Officer and the continued use of the "Arbor" trademark. The Special Committee
and ACM also
discussed the possibility of entering into an exclusivity arrangement. At the meeting, ACM proposed an aggregate purchase price of $210&nbsp;million with a $50&nbsp;million holdback for certain
credit losses only. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the August&nbsp;26 meeting, the Special Committee met with representatives of Willkie Farr to discuss the retention of Willkie Farr as special outside counsel to the Special
Committee. At the meeting, the Special Committee determined to retain Willkie Farr as its special outside counsel based on a variety of factors, including the reputation and experience of Willkie Farr
in mergers and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>acquisitions,
its experience in representing special committees considering similar proposals and the absence of relationships creating a potential conflict. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;27 and 28, 2013, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the proposal received at the
August&nbsp;26 in-person meeting and the Special Committee's potential response. At the meeting, representatives of Willkie Farr also reviewed with the Special Committee their fiduciary duties and
responsibilities, as well as the process to be expected in connection with the proposal. On August&nbsp;29, 2013, the Special Committee submitted a revised non-binding indication of interest to ACM
with respect to the Proposed Acquisition, including a preliminary aggregate purchase price of $210&nbsp;million to acquire certain businesses of ACM and to internalize the management function and a
$50&nbsp;million holdback for certain credit losses and subject to performance earn out metrics. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;30, 2013, ACM submitted a letter to the Special Committee that highlighted three elements of the Proposed Acquisition that ACM wished to agree on prior to entering into
any exclusivity agreement: the compensation of the Chief Executive Officer of the Company, the aggregate purchase price and the amount of the holdback. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
early September, 2013, members of the Special Committee discussed the Proposed Acquisition with representatives of ACM, and the Special Committee met telephonically, with
representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the preliminary financial analysis of the Proposed Acquisition based on updated financial information provided by ACM. On
September&nbsp;6, 2013, representatives of J.P.&nbsp;Morgan, on behalf of the Special Committee, telephonically presented Wells Fargo with updates to the Special Committee's proposal relating to
the Proposed Acquisition, including an aggregate purchase price of $190&nbsp;million and a $50&nbsp;million holdback for certain credit losses and subject to performance earn out metrics. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;9, 2013, ACM submitted a letter to the Special Committee that indicated that ACM was prepared to move forward with the Proposed Acquisition on certain terms,
including an aggregate purchase price of $195&nbsp;million, a holdback of $35&nbsp;million for certain credit losses and a market-based compensation plan for the Chief Executive Officer of the
Company. On September&nbsp;9 and 11, 2013, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the Proposed Acquisition and
the current proposal from ACM and potential counter-offers. On September&nbsp;11, 2013, representatives of J.P.&nbsp;Morgan, on behalf of the Special Committee, telephonically discussed with Wells
Fargo a revised proposal that included a preliminary aggregate purchase price of $195&nbsp;million to acquire certain businesses of ACM and to internalize the management function and a
$50&nbsp;million holdback for certain credit losses. As part of that conversation, Wells Fargo indicated to J.P.&nbsp;Morgan that ACM would not be willing to proceed with the Proposed Acquisition
on the most recent terms proposed. Later on September&nbsp;11, 2013, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the
communications between J.P.&nbsp;Morgan and Wells Fargo. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;12, 2013, ACM submitted a letter to the Special Committee regarding ACM's desire to terminate negotiations relating to the Proposed Acquisition at that time. During
September and October 2013, the Special Committee, ACM and their respective advisors continued to discuss the Proposed Acquisition, but ultimately decided to potentially re-visit it in 2014. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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2014 Proposals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;14, 2014, the Special Committee and the other Independent Directors met telephonically, with representatives of
J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the potential re-engagement of the review and consideration of the Proposed Acquisition. In addition, after determining that
Mr.&nbsp;Stanley Kreitman, an independent member of the Board, had no relationships with the Company, ACM, Mr.&nbsp;Kaufman or any of the respective representatives that would interfere with his
independence </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>in
connection with the Proposed Acquisition, the Special Committee discussed and resolved to add Mr.&nbsp;Kreitman as a member of the Special Committee to fill the vacancy of Mr.&nbsp;Kojaian, who
was no longer a member of the Board. At such time, Mr.&nbsp;Kreitman's appointment was approved and ratified by the Board. With the assistance of Willkie Farr, the Special Committee also confirmed
the continuing independence of each of the members of the Special Committee and the Special Committee's financial and legal advisors in connection with the Proposed Acquisition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2014, the Special Committee and ACM re-engaged in discussions related to the potential Proposed Acquisition. During such discussions, ACM provided an update on the significant
growth of ACM's loan portfolio since the parties last engaged and indicated its interest in moving forward with the Proposed Acquisition at an aggregate purchase price range of $225&nbsp;million to
$250&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;3, 2014, the Special Committee met in person, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss a potential response to the proposal.
From September&nbsp;9 to 17, 2014, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the Proposed Acquisition. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;18, 2014, the Special Committee submitted an indication of interest to ACM with respect to the Proposed Acquisition that included a preliminary aggregate purchase
price of $225&nbsp;million to acquire certain businesses of ACM and to internalize the management function. On September&nbsp;19, 2014, ACM submitted to the Special Committee a response to the
Special Committee's September&nbsp;18 letter that highlighted certain items to be discussed in person, including a purchase price of $235&nbsp;million, pre-closing originated mortgage servicing
rights ("</FONT><FONT SIZE=2><I>OMSR</I></FONT><FONT SIZE=2>"), expenses of the purchased businesses, the Management Agreement and the compensation of the Chief Executive Officer of the Company.
After delivery of the response, the Company, ACM and members of the Special Committee decided that the Company should focus on negotiating a revised compensation arrangement for the Chief Executive
Officer of the Company at that time. During the remainder of 2014, the Company's compensation committee, its compensation consultants and ACM negotiated the revised compensation arrangement for the
Chief Executive Officer of the Company. On March&nbsp;10, 2015, the Company announced that it had entered into an annual incentive agreement with Mr.&nbsp;Kaufman. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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2015 Proposals  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In late March 2015, ACM provided the Special Committee and J.P.&nbsp;Morgan with updated financial information regarding ACM's
business. On April&nbsp;10, 2015, the Special Committee met telephonically, with Willkie Farr attending, to discuss the potential Proposed Acquisition and process related thereto. On
April&nbsp;17, 2015, Independent Directors held a telephonic meeting, with Willkie Farr attending, to discuss the re-initiation of the process related to the potential Proposed Acquisition and next
steps in connection therewith. The Special Committee then requested that J.P.&nbsp;Morgan update its preliminary financial analyses based on more recent financial information provided by ACM and the
Company. With the assistance of Willkie Farr, the Special Committee also confirmed the continuing independence of each of the members of the Special Committee and the Special Committee's financial and
legal advisors in connection with the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2015, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the Proposed Acquisition. After this meeting, in
May and June 2015, members of the Special Committee discussed the terms of the Proposed Acquisition telephonically with
Messrs.&nbsp;Kaufman and Elenio. During such discussions, Messrs.&nbsp;Kaufman and Elenio, on behalf of ACM, proposed an aggregate purchase price of $275&nbsp;million based on updated financial
information, including an increase in the OMSR portfolio of ACM. Following such discussions, the Special Committee, with the assistance of its advisors, reviewed and discussed the Proposed
Acquisition. The Special Committee requested that J.P.&nbsp;Morgan review and consider the updated financial information </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>provided
by ACM. During May 2015, members of the Special Committee reviewed and discussed J.P.&nbsp;Morgan's updated review and analyses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;15, 2015, the Special Committee met telephonically, with Willkie Farr attending, and indicated that based on conversations between members of the Special Committee and
Messrs.&nbsp;Kaufman and Elenio, and after conversations with representatives of J.P.&nbsp;Morgan, ACM and the Special Committee had agreed to move forward to explore a Proposed Acquisition at a
preliminary aggregate purchase price of $275&nbsp;million to acquire certain businesses of ACM and to internalize the management function, subject to certain assumptions and terms, due diligence and
the negotiation of a definitive agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
late June 2015, members of the Special Committee and representatives of ACM met in-person to discuss the terms of the Proposed Acquisition and thereafter in late June and early July,
the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the terms of the Proposed Acquisition, certain tax matters and structural
considerations and J.P.&nbsp;Morgan's updated preliminary financial analysis based on the financial information provided by ACM and the Company, both of which were previously reviewed by the Special
Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;9, 2015, the Independent Directors met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending. The Special Committee provided the other
Independent Directors with an update regarding the discussions related to the Proposed Acquisition and the current proposed terms. The Independent Directors, based on the recommendation of the Special
Committee, approved the execution of a non-binding indication of interest with ACM that included, among others, proposed terms consisting of an aggregate purchase price of $275&nbsp;million to
acquire certain businesses of ACM and to internalize the management function, a purchase price adjustment based on ACM's servicing portfolio, a working capital adjustment based on a target working
capital of $5&nbsp;million and consideration split equally between cash and equity securities of the Company. Later on July&nbsp;9, 2015, the Special Committee and ACM entered into a non-binding
indication of interest with respect to the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;15, 2015, the Special Committee and ACM entered into an updated Rules of the Road letter and a confidentiality agreement, as the prior agreements had expired. From July
through October 2015, the advisors of the Special Committee performed due diligence reviews of ACM, including meetings
with members of management and Pricewaterhouse Coopers&nbsp;LLP, an advisor to ACM. Throughout this time, the Special Committee met telephonically to discuss the diligence findings with its
advisors, including the financial due diligence of EY, as well as the due diligence review of ACM's loan portfolio of Situs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2015, Dechert provided Willkie Farr with the first draft version of the Purchase Agreement. Drafts of additional ancillary Proposed Acquisition documents were
provided over the next six to eight weeks. On October&nbsp;8, 2015, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan, Situs, EY and Willkie Farr attending, to
discuss among other things and diligence findings to-date, the strategic rationale of the Proposed Acquisition and structural considerations. On October&nbsp;14, 2015, the Special Committee met
telephonically with representatives of J.P.&nbsp;Morgan and Willkie Farr. At that meeting, Willkie Farr reviewed certain material terms contained in the draft Purchase Agreement, including but not
limited to, the definitions of "Included Business" and "Excluded Business," the purchase price adjustment provision, the mechanics relating to pricing the equity securities that would be part of the
consideration, the scope of the representations and warranties and the indemnity obligations. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;4, 2015, the Special Committee met in person, with representatives of J.P.&nbsp;Morgan, EY and Willkie Farr attending, to discuss EY's tax
due diligence review and the related analysis. During November, Willkie Farr discussed the draft Purchase Agreement with Dechert telephonically. On November&nbsp;12, 2015, the Special Committee met
telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the revised draft of the Purchase Agreement prepared by Willkie Farr. Later on November&nbsp;12,
2015, Willkie Farr provided Dechert with a revised draft of the Purchase Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;1, 2015, representatives of ACM, J.P.&nbsp;Morgan, Wells Fargo, Willkie Farr and Dechert met in person to discuss the material terms of the draft Purchase Agreement,
including, but not limited to, the scope and limitations contained in the indemnification provision, the purchased assets and assumed liabilities, the purchase price adjustment and the termination
provision and related fee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;4, 2015, Dechert provided Willkie Farr with a revised draft of the Purchase Agreement and on December&nbsp;7, 2015, Dechert, Willkie Farr and representatives of ACM,
met in person to discuss the revisions to the Purchase Agreement. Over the next two months, Willkie Farr and Dechert
exchanged drafts of the Purchase Agreement and ancillary Proposed Acquisition documents, including the Voting and Standstill Agreement and the Non-Competition Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;11, 2015, the Special Committee and representatives of J.P.&nbsp;Morgan, Willkie Farr and management of the Company met telephonically to discuss capital raising
alternatives to fund the cash portion of the consideration for the Proposed Acquisition. On December&nbsp;17, 2015, the Special Committee and ACM entered into a letter agreement with respect to the
conduct and process related to evaluating potential financing arrangements in connection with the Proposed Acquisition, including that the Special Committee had the responsibility for recommending any
financing related to the potential Proposed Acquisition to the Board and that the management team would provide the Special Committee with assistance in its review, consideration and evaluation of any
financing arrangement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January and early February 2016, the Special Committee met telephonically with representatives of J.P.&nbsp;Morgan and Willkie Farr to discuss the open items in the draft Purchase
Agreement, including the definition of the Included Business, the pricing mechanics for the OP Units and the calculation of net working capital. The Special Committee discussed the terms of the
Non-Competition Agreement to be entered into at the closing of the Proposed Acquisition and the terms and limitations contained in the Voting and Standstill Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;18, 2016, the Special Committee met telephonically with representatives of J.P.&nbsp;Morgan and Willkie Farr to discuss, among others, the Excluded Assets
definition, the number of the OP Units to be issued as part of the consideration, J.P.&nbsp;Morgan's preliminary financial analysis with respect to the Proposed Acquisition and the excess servicing
analysis performed by EY. From February&nbsp;19 through February&nbsp;21, 2016, the Special Committee met telephonically, with its advisors attending, and members of the Special Committee
discussed the terms of the Proposed Acquisition with Messrs.&nbsp;Kaufman and Elenio, including the aggregate purchase price and structure of the Proposed Acquisition. After such discussions, ACM
and the Special Committee agreed to work to finalize a Proposed Acquisition at an aggregate purchase price of $250&nbsp;million to acquire certain businesses of ACM and to provide the Company the
option, at the discretion of the Special Committee, to internalize the management function during the two years following the consummation of the Proposed Acquisition for $25&nbsp;million in the
first year and increasing to $27&nbsp;million in the following year. The Proposed Acquisition would also give the Special Committee the option to finance up to $50&nbsp;million of the cash
consideration in the form of seller financing. On February&nbsp;22, 2016, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to review
and discuss J.P.&nbsp;Morgan's preliminary financial analysis, the mix of cash and equity consideration in the Proposed Acquisition and the trademark license related to the "Arbor" trademark. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;24, 2016, the Special Committee met in-person, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending, to discuss the Proposed Acquisition. Willkie Farr
reviewed the terms of the
Proposed Acquisition for the Special Committee and discussed certain other Proposed Acquisition considerations. J.P.&nbsp;Morgan then presented its preliminary financial analysis of the Proposed
Acquisition. After the Special Committee meeting, the other Independent Directors joined the discussion and were provided with an overview of the Proposed Acquisition and update on the negotiations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2016, the Special Committee met telephonically, with representatives of J.P.&nbsp;Morgan and Willkie Farr attending. Willkie Farr provided the Special Committee
with an overview of the terms of the Proposed Acquisition and discussed certain other considerations relating to the Proposed Acquisition. J.P.&nbsp;Morgan reviewed with the Special Committee its
financial analysis of the Proposed Acquisition and delivered to the Special Committee an oral opinion (which was subsequently confirmed in writing by delivery of J.P.&nbsp;Morgan's written opinion
dated the same date) to the effect that, as of that date and based upon and subject to the assumptions, matters and limitations set forth in its written opinion, the Consideration to be paid by the
Buyer in the Proposed Acquisition was fair, from a financial point of view, to the Company. The Special Committee then unanimously resolved that the entry into and performance of the Purchase
Agreement and the consummation of the Proposed Acquisition contemplated thereby were advisable and fair to, and in the best interests of, the Company. The Special Committee recommended that the Board
approve the Company's execution, delivery and performance of the Purchase Agreement and the consummation of the Proposed Acquisition contemplated thereby and recommend that the stockholders of the
Company vote in favor of the adoption and approval of the Purchase Agreement and the Proposed Acquisition contemplated thereby. Immediately following the Special Committee meeting, the Board held a
telephonic meeting. Following a report of the Special Committee as to its recommendation and the factors taken into account by the Special Committee, the Board (other than Messrs.&nbsp;Kaufman and
Martello who were not entitled to vote on the matter and abstained from the vote) also resolved that the entry into and performance of the Purchase Agreement and the consummation of the Proposed
Acquisition contemplated thereby were advisable and fair to, and in the best interests of, the Company and approved the Company's execution, delivery and performance of the Proposed Acquisition
documents and the consummation of the Proposed Acquisition contemplated thereby. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
these meetings, Dechert and Willkie Farr finalized the Proposed Acquisition documents in preparation for signing. Later on February&nbsp;25, 2016, the parties signed the
Purchase Agreement and the Voting and Standstill Agreement and the Company released a press statement announcing entry into the Purchase Agreement. </FONT></P>

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Recommendation of the Board    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration and upon the unanimous recommendation of the Special Committee, our Board, by a unanimous vote of the
Independent Directors, has approved the Purchase Agreement and the Proposed Acquisition contemplated thereby, including the issuance of the OP Units, and has determined that they are advisable and
fair to, and in the best interests of, the Company and its stockholders. Based on the recommendation of the Special Committee, our Board, by
a unanimous vote of the Independent Directors, recommends that you vote "FOR" the Acquisition Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Opinion of the Special Committee's Financial Advisor    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an engagement letter dated July&nbsp;9, 2015, the Special Committee retained J.P.&nbsp;Morgan as financial advisor to
the Special Committee in connection with the potential Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the meeting of the Special Committee on February&nbsp;25, 2016, J.P.&nbsp;Morgan rendered its oral opinion to the Special Committee (which was subsequently confirmed in writing by
delivery of </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>J.P.&nbsp;Morgan's
written opinion dated the same date) that, as of such date and based upon and subject to the assumptions, matters and limitations set forth in its written opinion, the
consideration to be paid by the Buyer in the Proposed Acquisition was fair, from a financial point of view, to the Company. The J.P.&nbsp;Morgan written opinion, dated February&nbsp;25, 2016, is
sometimes referred to herein as the "</FONT><FONT SIZE=2><I>J.P.&nbsp;Morgan Opinion</I></FONT><FONT SIZE=2>." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
full text of the J.P.&nbsp;Morgan Opinion, which sets forth assumptions made, matters considered and limitations on the opinion and the review undertaken by J.P.&nbsp;Morgan in
connection with rendering its opinion, is attached as Annex&nbsp;B to this proxy statement and is incorporated herein by reference. The summary of the opinion of J.P.&nbsp;Morgan set forth in this
proxy statement is qualified in its entirety by reference to the full text of such opinion. The Company's stockholders are urged to read the J.P.&nbsp;Morgan Opinion in its entirety. The
J.P.&nbsp;Morgan Opinion was addressed to the Special Committee (in its capacity as such) in connection with and for the purposes of its evaluation of the Proposed Acquisition, was directed only to
the consideration to be paid in the Proposed Acquisition and did not address any other aspect of the Proposed Acquisition. J.P.&nbsp;Morgan expressed no opinion as to the fairness of the
consideration to the holders of any class of securities, creditors or other constituencies of the Company or as to the underlying decision by the Company to engage in the Proposed Acquisition. The
issuance of J.P.&nbsp;Morgan Opinion was approved by a fairness committee of J.P.&nbsp;Morgan. The J.P.&nbsp;Morgan Opinion does not constitute a recommendation to any stockholder of the Company
as to how such stockholder should vote with respect to the Proposed Acquisition or any other matter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, J.P.&nbsp;Morgan, among other things:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed the Purchase Agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed certain publicly available business and financial information concerning the Company, the ACM Agency Business as a whole and
the industries in which they operate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compared the proposed financial terms of the Proposed Acquisition with the publicly available financial terms of certain transactions
involving companies J.P.&nbsp;Morgan deemed relevant and the consideration received for such companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compared the financial and operating performance of the Company and the ACM Agency Business with publicly available information
concerning certain other companies J.P.&nbsp;Morgan deemed relevant and reviewed the current and historical market prices of the shares of the Company's common stock and certain publicly traded
securities of such other companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reviewed and discussed with the Special Committee certain internal financial analyses and forecasts prepared by the managements of the
Seller and the Company (as adjusted and/or extrapolated and approved by the Special Committee) relating to the ACM Agency Business and the Company's business, respectively, as well as the estimated
amount and timing of the synergies expected to result from the Proposed Acquisition (the "</FONT><FONT SIZE=2><I>Synergies</I></FONT><FONT SIZE=2>"); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> performed such other financial studies and analyses and considered such other information as J.P.&nbsp;Morgan deemed appropriate for
the purposes of its opinion. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, J.P.&nbsp;Morgan held discussions with the Special Committee and certain members of the management of the Seller and the Company with respect to certain aspects of the
Proposed Acquisition, the past and current business operations of the ACM Agency Business and the Company, the financial condition and future prospects and operations of the ACM Agency Business and
the Company, the effects of the Proposed Acquisition on the financial condition and future prospects of the Company, and certain other matters J.P.&nbsp;Morgan believed necessary or appropriate to
its inquiry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
giving its opinion, J.P.&nbsp;Morgan relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with
J.P.&nbsp;Morgan by the Special </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Committee,
the Seller and the Company or otherwise reviewed by or for J.P.&nbsp;Morgan, and J.P.&nbsp;Morgan did not independently verify (and did not assume responsibility or liability for
independently verifying) any such information or its accuracy or completeness. J.P.&nbsp;Morgan did not conduct and was not provided with any valuation or appraisal of any assets or liabilities, nor
did J.P.&nbsp;Morgan evaluate the solvency of the Seller, the ACM Agency Business or the Company under any state or federal laws relating to bankruptcy, insolvency or similar matters. In relying on
financial analyses and forecasts provided to J.P.&nbsp;Morgan or derived therefrom, including the Synergies, J.P.&nbsp;Morgan assumed that they were reasonably prepared based on assumptions
reflecting the best currently available estimates and judgments by management and the Special Committee as to the expected future results of operations and financial condition of the ACM Agency
Business and the Company to which such analyses or forecasts relate. J.P.&nbsp;Morgan expressed no view as to such analyses or forecasts (including the Synergies) or the assumptions on which they
were based. J.P.&nbsp;Morgan also assumed that the Proposed Acquisition and the other transactions contemplated by the Purchase Agreement will have the tax consequences described in discussions
with, and materials furnished to J.P.&nbsp;Morgan by, representatives of the Company, and will be consummated as described in the Purchase Agreement and this proxy statement. J.P.&nbsp;Morgan also
assumed that the representations and warranties made by the Company, the Buyer and the Seller in the Purchase Agreement and the related agreements were and will be true and correct in all respects
material to its analysis and that adjustments to the purchase price set forth in the Purchase Agreement will not result in any adjustment to the consideration that is material to its analysis.
J.P.&nbsp;Morgan is not a legal, regulatory or tax expert and relied on the assessments made by advisors to the Company with respect to such issues. J.P.&nbsp;Morgan further assumed that all
material governmental, regulatory or other consents and approvals necessary for the consummation of the Proposed Acquisition will be obtained without any adverse effect on the ACM Agency Business or
the Company or on the contemplated benefits of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
J.P.&nbsp;Morgan Opinion was necessarily based on economic, market and other conditions as in effect on, and the information made available to J.P.&nbsp;Morgan as of, the date of
such opinion. The J.P.&nbsp;Morgan Opinion noted that subsequent developments may affect the J.P.&nbsp;Morgan Opinion and that J.P.&nbsp;Morgan does not have any obligation to update, revise, or
reaffirm such opinion. The J.P.&nbsp;Morgan Opinion is
limited to the fairness, from a financial point of view, to the Company of the consideration to be paid by the Buyer in the Proposed Acquisition, and J.P.&nbsp;Morgan has expressed no opinion as to
the fairness of any consideration to the holders of any class of securities, creditors or other constituencies of the Company or as to the underlying decision by the Company to engage in the Proposed
Acquisition. Furthermore, J.P.&nbsp;Morgan expressed no opinion with respect to the amount or nature of any compensation to any officers, directors, or employees of any party to the Proposed
Acquisition, or any class of such persons relative to the consideration to be paid by the Buyer in the Proposed Acquisition or with respect to the fairness of any such compensation. J.P.&nbsp;Morgan
expressed no opinion as to the price at which the OP Units or the Preferred Equity Interests will trade at any future time. Furthermore, J.P.&nbsp;Morgan expressed no opinion as to (i)&nbsp;the
allocation between the Partnership and the TRS of the Purchased Assets (as defined below), the Assumed Liabilities or the payment of the consideration and (ii)&nbsp;the terms of, or the value (if
any) to the Company of, the Option Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of the Purchase Agreement, including the consideration paid by the Buyer, were determined through arm's length negotiations between the Special Committee and the Seller, and
the decision to recommend the Company's entry into the Purchase Agreement was solely that of the Special Committee. The J.P.&nbsp;Morgan Opinion and financial analyses were only one of the many
factors considered by the Special Committee in its evaluation of the Proposed Acquisition and should not be viewed as determinative of the views of the Special Committee, the Board or the Company's
management with respect to the Proposed Acquisition or the consideration. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with customary investment banking practice, J.P.&nbsp;Morgan employed generally accepted valuation methodology in rendering its opinion. The following is a summary of the
material analyses utilized by J.P.&nbsp;Morgan in connection with providing its opinion and does not purport to be a complete description of the analyses or data presented. Some of the summaries of
the financial analyses include information presented in tabular format. The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by
J.P.&nbsp;Morgan, the tables must be read together with the full text of each summary. Considering the data set forth below without considering the full narrative description of the financial
analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P.&nbsp;Morgan's analyses. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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The ACM Agency Business  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public Trading Multiples Analysis</U>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Using publicly available information, J.P.&nbsp;Morgan compared selected financial
data of the ACM Agency Business with similar data for selected publicly traded companies in the mortgage origination and servicing business. Of these companies, J.P.&nbsp;Morgan, in its professional
opinion, selected Walker&nbsp;&amp; Dunlop,&nbsp;Inc. as the only company sufficiently analogous to the ACM Agency Business for comparative purposes because, among other reasons, it represented a
publicly traded company with operations and business that, for the purposes of J.P.&nbsp;Morgan's analysis, may be considered similar to those of the ACM Agency Business based on the nature of its
assets and operations and because it represented the only public focused, independent multifamily commercial mortgage originator and servicer with a DUS license. J.P.&nbsp;Morgan also considered
similar data from the other selected publicly traded companies for reference purposes only, as J.P.&nbsp;Morgan judged, in its professional opinion, that these other publicly traded companies were
not sufficiently analogous to the ACM Agency Business for comparative purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
reviewed the equity value of the selected publicly traded companies based on market data as of February&nbsp;24, 2016 (the trading day prior to the public
announcement of the Proposed Acquisition), as a multiple of estimated net income, commonly referred to as a price to earnings ratio ("</FONT><FONT SIZE=2><I>P/E</I></FONT><FONT SIZE=2>") for each of
calendar years 2016 and 2017. Estimated financial data of the selected publicly traded companies was based on publicly available research analysts' estimates. Based on these results and its knowledge
of the ACM Agency Business and the selected publicly traded companies, J.P.&nbsp;Morgan derived P/E multiple ranges of 7.25x to 8.75x for calendar year 2016 and 7.0x to 8.5x for calendar year 2017.
J.P.&nbsp;Morgan applied these P/E multiple ranges to the ACM Agency Business's calendar year 2016 and calendar year 2017 estimated net income (based on forecasts provided by the Seller's management
and adjusted by the Special Committee). See "&#151;Certain Projections." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied equity value reference ranges, rounded to the nearest $5&nbsp;million, for the ACM Agency Business: </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="148pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity Reference Range<BR>
(in millions) </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2016E P/E</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$200 - $245</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2017E P/E</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$220 - $265</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selected Proposed Acquisition Analysis</U>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Using publicly available information, J.P.&nbsp;Morgan compared selected
financial data of the ACM Agency Business with similar data for selected precedent transactions. J.P.&nbsp;Morgan, in its professional opinion, selected the following two transactions as the only
transactions sufficiently analogous to the ACM Agency Business and the Proposed Acquisition for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>comparative
purposes because, among other reasons, they involved a target company that was a multifamily mortgage originator with nationwide operations focused on commercial properties: </FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:71pt;"><FONT SIZE=1><B>Announcement Date

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Acquiror </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target </B></FONT></TH>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>May&nbsp;14, 2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ares Commercial Real Estate<BR>
Corporation</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Alliant Capital&nbsp;LLC</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;8, 2012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Walker&nbsp;&amp; Dunlop,&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>CWCapital&nbsp;LLC</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
considered other selected precedent transactions, but judged, in its professional opinion, that these other precedent transactions occurred too long ago, did not have
sufficient publicly available information and/or were not otherwise sufficiently analogous to the ACM Agency Business and the Proposed Acquisition for comparative purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
reviewed the transaction values, calculated as the equity value implied for the target company based on the consideration payable in the selected transaction, as a
multiple of the target company's net income for the twelve months prior to the announcement of the selected transaction, commonly referred to as last twelve months
("</FONT><FONT SIZE=2><I>LTM</I></FONT><FONT SIZE=2>") P/E. Financial data of the selected precedent transactions were based on publicly available information. Based on these results and its
knowledge of the ACM Agency Business and the target companies in selected precedent transactions, J.P.&nbsp;Morgan derived a LTM P/E multiple range of 8.8x to 9.1x. J.P.&nbsp;Morgan applied the
LTM P/E multiple range to the ACM Agency Business's estimated 2015 net income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied equity value reference range, rounded to the nearest $5&nbsp;million, for the ACM Agency Business: </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity Reference Range<BR>
(in millions) </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LTM P/E</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$270 - $280</FONT></TD>
</TR>
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 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Discount Analysis</U>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan performed a dividend discount analysis for the purpose of determining the
implied equity value of the ACM Agency Business. A dividend discount analysis is a method of evaluating the equity value of a business or company using estimates of future dividends to stockholders
generated by the business or company, taking into consideration the time value of money with respect to those future dividends by calculating their "present value." "Present value" refers to the
current value of the future dividends by discounting such dividends back to the present using a discount rate that takes into account macro-economic assumptions, estimates of risk, the opportunity
cost of capital and other appropriate factors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its dividend discount analysis with respect to the ACM Agency Business, J.P.&nbsp;Morgan calculated the estimated dividends the ACM Agency Business was forecasted to
generate through calendar year 2025. J.P.&nbsp;Morgan calculated terminal values for the ACM Agency Business by applying a range of terminal multiples of 7.25x to 8.75x (derived from the
"</FONT><FONT SIZE=2><I>Public Trading Multiples Analysis</I></FONT><FONT SIZE=2>" above) to the ACM Agency Business's estimated calendar year 2026 net income. J.P.&nbsp;Morgan discounted the
estimated dividends and the terminal value to present value (as of February&nbsp;24, 2016, the trading day prior to the public announcement of the Proposed Acquisition) using a range of discount
rates of 8.5% to 9.5%, which were based on an estimate of the ACM Agency Business's cost of equity derived using the capital asset pricing model. Estimated financial data were based on the projections
for the ACM Agency Business (as adjusted and extrapolated at the direction of the Special Committee) set forth in "&#151;Certain Projections." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied equity value reference range, rounded to the nearest $5&nbsp;million, for the ACM Agency Business: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:60%;margin-left:20%;">
<p style="font-family:times;"></FONT></P>

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(in millions) </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$290 -$340</FONT></TD>
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The Company  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public Trading Multiples Analysis</U>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Using publicly available information, J.P.&nbsp;Morgan compared selected financial
data of the Company with similar data for the following four selected publicly traded externally managed commercial mortgage REITs, which J.P.&nbsp;Morgan judged, in its professional opinion, to be
sufficiently analogous to the Company for comparative purposes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Apollo Commercial Real Estate Finance,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Ares Commercial Real Estate Corporation </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Blackstone Mortgage Trust,&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Starwood Property Trust,&nbsp;Inc. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
selected these companies because, among other reasons, they represent publicly traded companies with operations and business that, for the purposes of
J.P.&nbsp;Morgan's analysis, may be considered similar to those of the Company based on the nature of their corporate structure, assets and operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
reviewed the estimated dividend yield of the selected publicly traded companies, based on market data as of February&nbsp;24, 2016 (the trading day prior to the
public announcement of the Proposed Acquisition), for each of calendar years 2016 and 2017. Estimated financial data of the selected publicly traded companies were based on publicly available research
analysts' estimates. Based on these results and its knowledge of the Company and the selected publicly traded companies, J.P.&nbsp;Morgan derived dividend yield ranges of 9.5% to 11.0% for calendar
year 2016 and 10.25% to 11.50% for calendar year 2017. J.P.&nbsp;Morgan applied these dividend yield ranges to the Company's calendar year 2016 and calendar year 2017 estimated dividend per share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied aggregate and per share equity value reference ranges, rounded to the nearest $5&nbsp;million and $0.05, respectively, for the
Company, as compared to the equity market capitalization and per share closing price, respectively, for the Company as of February&nbsp;24, 2016 (the trading day prior to the public announcement of
the Proposed Acquisition): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="117pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity Reference Range<BR>
(in millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Per Share Implied Equity<BR>
Reference Range </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2016E Dividend Yield</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$295 - $345</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$5.80 - $6.75</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2017E Dividend Yield</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$320 - $360</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$6.25 - $7.05</FONT></TD>
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 <P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Discount Analysis</U>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan performed a dividend discount analysis for the purpose of determining the
implied equity value of the Company. A dividend discount analysis is a method of evaluating the equity value of a business or company using estimates of future dividends to stockholders generated by
the business or company, taking into consideration the time value of money with respect to those future dividends by calculating their "present value." "Present value" refers to the current value of
the future dividends by discounting such dividends back to the present using a discount rate that takes into account macro-economic assumptions, estimates of risk, the opportunity cost of capital and
other appropriate factors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its dividend discount analysis with respect to the Company, J.P.&nbsp;Morgan calculated the estimated dividends the Company was forecasted to generate through calendar
year 2025. J.P.&nbsp;Morgan calculated terminal values for the Company by applying a range of terminal dividend yields of 9.5% to 11.0% (derived from the "</FONT><FONT SIZE=2><I>Public Trading
Multiples Analysis</I></FONT><FONT SIZE=2>" above) to the Company's estimated calendar year 2026 dividend per share. J.P.&nbsp;Morgan discounted the estimated dividends and the terminal value to
present value (as of February&nbsp;24, 2016, the trading day prior to the public announcement of the Proposed Acquisition) using a range of discount rates of 9.75% to 11.75%, which were based on an
estimate of the Company's cost of equity derived using the capital asset pricing model. Estimated financial data were based on the projections for the Company (extrapolated at the direction of the
Special Committee). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied aggregate and per share equity value reference ranges, rounded to the nearest $5&nbsp;million and $0.05, respectively, for the
Company, as compared to the equity market capitalization and per share closing price, respectively, for the Company as of February&nbsp;24, 2016 (the trading day prior to the public announcement of
the Proposed Acquisition): </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Equity Reference Range<BR>
(in millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Per Share Implied Equity<BR>
Reference Range </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$440 - $530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$8.65 - $10.40</FONT></TD>
</TR>
</TABLE></DIV>
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 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Illustrative Relative Ownership Analysis  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on comparing the upper and lower limits of the implied equity reference ranges derived from the public trading multiples analyses
and dividend discount analyses for the ACM Agency Business and the Company described above, J.P.&nbsp;Morgan calculated the illustrative implied ownership of the Company's stockholders in the
combined company after the consummation of the Proposed Acquisition. For purposes of this analysis, J.P.&nbsp;Morgan assumed that the consideration in the Proposed Acquisition will consist of
$125&nbsp;million in cash and seller financing and approximately 19.2&nbsp;million OP Units at an issuance price of $6.50 per OP Unit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
analysis indicated the following approximate implied ownership of the Company's stockholders in the combined company after the consummation of the Proposed Acquisition: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="125pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Implied Ownership of the<BR>
Company's Stockholders in<BR>
the Combined Company </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public Trading Multiples Analyses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2016E</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>71.1% - 82.1%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CY2017E</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>69.6% - 79.1%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend Discount Analyses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>67.2% - 76.3%</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.&nbsp;Morgan
then compared the respective ranges of implied ownership above to the implied ownership of the Company's stockholders in the combined company after the consummation of
the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Miscellaneous  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing summary of certain material financial analyses does not purport to be a complete description of the analyses or data
presented by J.P.&nbsp;Morgan. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. J.P.&nbsp;Morgan believes
that the foregoing summary and its analyses must be considered as a whole and that selecting portions of the foregoing summary and these analyses, without considering all of its analyses as a whole,
could create an incomplete view of the processes underlying the analyses and its </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>opinion.
As a result, the ranges of valuations resulting from any particular analysis or combination of analyses described above were merely utilized to create points of reference for analytical
purposes and should not be taken to be the view of J.P.&nbsp;Morgan with respect to the actual value of the Company or the ACM Agency Business. The order of analyses described does not represent the
relative importance or weight given to those analyses by J.P.&nbsp;Morgan. In arriving at its opinion, J.P.&nbsp;Morgan did not attribute any particular weight to any analyses or factors
considered by it and did not form an opinion as to whether any individual analysis or factor (positive or negative), considered in isolation, supported or failed to support its opinion. Rather,
J.P.&nbsp;Morgan considered the totality of the factors and analyses performed in determining its opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyses
based upon forecasts of future results are inherently uncertain, as they are subject to numerous factors or events beyond the control of the parties and their advisors.
Accordingly, forecasts and analyses used or made by J.P.&nbsp;Morgan are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by
those analyses. Moreover, J.P.&nbsp;Morgan's analyses are not and do not purport to be appraisals or otherwise reflective of the prices at which businesses actually could be acquired or sold. None
of the selected companies reviewed as described in the above summary is identical to the Company or the ACM Agency Business, and none of the selected transactions reviewed was identical to the
Proposed Acquisition. However, the companies selected were chosen because they are publicly traded companies with corporate structure, operations and businesses that, for purposes of
J.P.&nbsp;Morgan's analysis, may be considered similar to those of the Company and the ACM Agency Business. The transactions selected were similarly chosen because their participants, size and other
factors, for purposes of J.P.&nbsp;Morgan's analysis, may be considered similar to the Proposed Acquisition. The analyses necessarily involve complex considerations and judgments concerning
differences in financial and operational characteristics of the companies involved and other factors that could affect the companies compared to the Company and the ACM Agency Business and the
transactions compared to the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a part of its investment banking business, J.P.&nbsp;Morgan and its affiliates are continually engaged in the valuation of businesses and their securities in connection with mergers
and acquisitions, investments for passive and control purposes, negotiated underwritings, secondary distributions of listed and unlisted securities, private placements, and valuations for corporate
and other purposes. J.P.&nbsp;Morgan was selected to advise the Special Committee with respect to possible Proposed Acquisition and, if requested by the Special Committee, to deliver an opinion to
the Special Committee with respect to the Proposed Acquisition on the basis of, among other things, such experience and its qualifications and reputation in connection with such matters and its
familiarity with the Company, the Seller and the industries in which they operate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
services rendered in connection with the Proposed Acquisition, the Company has agreed to pay J.P.&nbsp;Morgan a fee of $5,000,000, a portion of which became payable upon the
delivery of its opinion and a material portion of which will become payable only if the Proposed Acquisition is consummated. In addition, the Company has agreed to reimburse J.P.&nbsp;Morgan for
certain of its expenses incurred in connection with its services, including the fees and disbursements of counsel, and will indemnify J.P.&nbsp;Morgan against certain liabilities arising out of
J.P.&nbsp;Morgan's engagement. During the two years preceding the date of the J.P.&nbsp;Morgan Opinion, neither J.P.&nbsp;Morgan nor any of its affiliates have had any material financial
advisory or other material commercial or investment banking relationships with the Seller. During the two years preceding the date of the J.P.&nbsp;Morgan Opinion, J.P.&nbsp;Morgan and its
affiliates have had commercial or investment banking relationships with the Company for which J.P.&nbsp;Morgan and such affiliates have received customary compensation. Such services during such
period have included acting as Co-Lead Placement Agent and Joint Bookrunner on the private placement of a notes offering by the Company's subsidiaries, Arbor Realty Commercial Real Estate
Notes&nbsp;2015-FL1,&nbsp;LTD and Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL1&nbsp;LLC in February 2015 and Lead Placement Agent and Bookrunner on the private placement of a notes </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>offering
by the Company's subsidiaries, Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL2,&nbsp;LTD and Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL2&nbsp;LLC in August 2015,
in addition to providing a warehouse repurchase agreement to the Company to finance its loans and investments. During the two year period preceding delivery of its opinion ending on
February&nbsp;25, 2016, the aggregate fees received by J.P.&nbsp;Morgan from the Company were approximately $4,196,000 and no fees were received from the Seller. In the ordinary course of their
businesses, J.P.&nbsp;Morgan and its affiliates may actively trade the debt and equity securities of the Company or the Seller for their own accounts or for the accounts of customers and,
accordingly, they may at any time hold long or short positions in such securities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="do19201_certain_projections"> </A>
<A NAME="toc_do19201_3"> </A></FONT> <FONT SIZE=2><B>


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Certain Projections    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither ACM nor the Company discloses long-term projections as to future revenues, earnings or other results due to, among other
reasons, the uncertainty and subjectivity of the underlying assumptions and estimates. As a result, the Company does not endorse the projections below as a reliable indication of future results. The
Company is including these projections in this proxy statement solely because these projections were among the financial information made available to the Special Committee and J.P.&nbsp;Morgan in
connection with their respective evaluations of the Proposed Acquisition. Moreover, we have been informed that these projections were based on estimates and assumptions made by ACM (in certain cases,
as adjusted by the Special Committee as described below) at the time of their preparation and speak only as of such time. Except to the extent required by applicable law, neither ACM nor the Company
has any obligation to update projections included in this proxy statement and, except as provided below, has not done so and does not intend to do so. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inclusion of this information should not be regarded as an indication that any of ACM, the Company, the Board, the Special Committee, J.P.&nbsp;Morgan or any other recipient of
this information considered, or now considers, it to be necessarily predictive of actual future results. There can be no assurance that the prospective results will be realized or that actual results
will not be significantly higher or lower than estimated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the projections below cover multiple years, such information by its nature becomes less predictive with each successive year. The Company's stockholders are urged to review the
risk factors and other factors described in "Risk Factors" and "Forward-Looking Statements" beginning on pages&nbsp;14 and 12, respectively, and in the periodic reports filed by the Company with the
SEC, which reports can be found under the heading "Where You Can Find More Information" beginning on page&nbsp;111. The projections were not prepared with a view toward public disclosure, nor was it
prepared with a view toward compliance with published guidelines of the SEC, the guidelines established by the American
Institute of Certified Public Accountants for preparation and presentation of prospective financial information, or GAAP. Neither of the independent registered public accounting firms of the Company
and of the ACM Agency Business have audited, reviewed, compiled or performed any procedures with respect to the accompanying projections for the purpose of its inclusion herein, and accordingly,
neither of the independent registered public accounting firms of the Company or the ACM Agency Business express an opinion or provide any form of assurance with respect thereto for the purpose of this
proxy statement/prospectus. Furthermore, the projections do not take into account any circumstances or events occurring after the date it was prepared. The projections, except where noted, do not give
effect to the Proposed Acquisition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
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</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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ACM Agency Business Estimated Net Income (dollars in millions)  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Committee made certain adjustments to the forecasts provided by the management of ACM to reflect the Special Committee's
view of the prospects of the ACM Agency Business. Both the ACM financial forecasts and these adjusted forecasts were presented to the Special Committee and to J.P. Morgan. The Special Committee
extrapolated from the adjusted forecast of estimated net income for 2016 to 2018 in order to present forecasts through 2026. The adjusted and extrapolated forecasts presented below represent the
projections for the ACM Agency Business referred to under "&#151;Opinion of the Special Committee's Financial Advisor." </FONT></P>
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<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2016 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2017 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2018 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2019 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2020 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2021 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2022 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2023 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2024 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2025 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2026 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27.8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>32.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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NAME="dq19201_no_appraisal_or_approval_rights"> </A>
<A NAME="toc_dq19201_1"> </A></FONT> <FONT SIZE=2><B>


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No Appraisal or Approval Rights    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Maryland law, stockholders will not have appraisal rights in connection with the Proposed Acquisition or the right to vote to
approve the Proposed Acquisition. However, under the NYSE Listed Company Manual, stockholder approval is required to approve the issuance of OP Units contemplated by the Purchase Agreement and the
Acquisition Proposal. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also requires the affirmative vote of the holders of at least a majority of the
outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or beneficially by ACM or its affiliates, assuming a quorum is present. None
of the NYSE Listed Company Manual, the Purchase Agreement or the Board grants stockholders appraisal rights in connection with the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="dq19201_the_purchase_agreement"> </A>
<A NAME="toc_dq19201_2"> </A></FONT> <FONT SIZE=2><B>



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The Purchase Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section summarizes material provisions of the Purchase Agreement, which is included in this proxy statement as
Annex&nbsp;A and is incorporated herein by reference in its entirety. This summary does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement. The
summary description has been included in this proxy statement to provide you with information regarding the terms of the Purchase Agreement and is not intended to modify or supplement any factual
disclosures about us, the Buyer, the Seller or our respective affiliates. The representations, warranties and covenants contained in the Purchase Agreement were made only for the purposes of the
Purchase Agreement, were made as of specific dates, were made solely for the benefit of the parties to the Purchase Agreement and may not have been intended to be statements of fact, but rather, as a
method of allocating risk and governing the contractual rights and relationships among the parties to the Purchase Agreement. In addition, such representations, warranties and covenants may have been
qualified by certain disclosures not reflected in the text of the Purchase Agreement and may apply standards of materiality and other qualifications and limitations in a way that is different from
what may be viewed as material by our stockholders. In reviewing the representations, warranties and covenants contained in the Purchase Agreement or any descriptions thereof in this summary, it is
important to bear in mind that such representations, warranties and covenants or any descriptions were not intended by the parties to the Purchase Agreement to be characterizations of the actual state
of facts or conditions of us, the Buyer, the Seller or our respective affiliates. Moreover, information concerning the subject matter of the representations and warranties may have changed or may
change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in public disclosures. For the foregoing reasons, the representations, warranties and
covenants or any descriptions of those provisions should not be read alone and should instead be read in conjunction with the other information contained in
the reports, statements and filings that we publicly file with the SEC. Capitalized terms not otherwise defined in this section will have the meanings ascribed to them in the Purchase Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

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The Purchase and Sale  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that, on the terms and subject to the conditions of the Purchase Agreement and the Ancillary
Agreements, the Seller will sell, assign, transfer, convey and deliver to the Buyer, and the Buyer will purchase from the Seller, all of the Seller's right, title and interest, direct or indirect, in
and to all assets, properties and rights used or held for use primarily in connection with the Included Business (the "</FONT><FONT SIZE=2><I>Purchased Assets</I></FONT><FONT SIZE=2>"), other than
the Excluded Assets. The Purchase Agreement provides that the "Included Business" consists of the Agency Business of the Seller relating to (i)&nbsp;underwriting, originating, selling and servicing
multifamily mortgages at various locations in the United States under the Fannie Mae DUS program and the FHA, Ginnie Mae and Freddie Mac programs and (ii)&nbsp;underwriting, originating and selling
multifamily mortgages at various locations in the United States under conduit programs. Within the Included Business are the Seller's mortgage servicing rights, all mortgage loans held for sale as of
the closing date, the licenses and other authorities that the Seller maintains to engage in the Included Business, all contracts, leases and other agreements relating thereto, all employees of the
Seller who are directly engaged in the Included Business and all other personal property, intellectual property and other rights relating thereto. The Purchase Agreement provides that in connection
with the purchase and sale of the Purchased Assets, the Buyer will assume certain liabilities and obligations of the Seller related to the Purchased Assets, including all credit facilities related to
the Included Business, all liabilities under the agency agreements with Fannie Mae, Freddie Mac and FHA, all lease and contractual obligations relating thereto and all applicable employee related
obligations (the "</FONT><FONT SIZE=2><I>Assumed Liabilities</I></FONT><FONT SIZE=2>"). The Purchase Agreement further provides that the Buyer will not assume or be obligated to pay, perform or
otherwise discharge any liabilities other than the Assumed Liabilities (the "</FONT><FONT SIZE=2><I>Excluded Liabilities</I></FONT><FONT SIZE=2>"). </FONT></P>

<UL>

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Consideration; Adjustment of Closing Purchase Price  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that at the Closing, in accordance with the terms of the Purchase Agreement and the Ancillary
Agreements, the Buyer will pay to the Seller an amount equal to $250.0&nbsp;million (the "</FONT><FONT SIZE=2><I>Base Purchase Price</I></FONT><FONT SIZE=2>"), as adjusted pursuant to the terms of
the Purchase Agreement and will assume the Assumed Liabilities. At the Closing and subject to the
provisions of the Purchase Agreement, the Buyer will pay the Closing Purchase Price as follows: (i)&nbsp;50% in cash (and, if applicable, as described below, Preferred Equity Interests) and
(ii)&nbsp;50% through the issuance of OP Units. The number of OP Units issuable at the Closing will be that number of OP Units that are convertible into the number of shares of common stock
calculated by dividing 50% of the Closing Purchase Price by $6.50. Without giving effect to any adjustment to the Base Purchase Price, 19,230,769 OP Units would be issued to the Seller at the Closing.
In addition, each of these OP Units will be paired with a share of the Company's newly-designated Special Voting Preferred Stock which will entitle the Seller to one vote per share on any matter
submitted to a vote of our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Purchase Agreement, the Base Purchase Price (both the cash and Buyer OP Consideration) is subject to potential adjustments in accordance with the exhibits to the Purchase
Agreement relating to changes in the value of the Acquired Servicing Portfolio, the Weighted Average Servicing Fee and Net Working Capital (which exhibits are attached to the Purchase Agreement as
filed as an exhibit to our Form&nbsp;8-K with the Securities and Exchange Commission on March&nbsp;2, 2016, which exhibits are incorporated herein by reference in their entirety. See "Where You
Can Find More Information."). The Acquired Servicing Portfolio consists of approximately $11.5&nbsp;billion of unpaid principal balance as of March&nbsp;31, 2016 and the Weighted Average Servicing
Fee is approximately 47&nbsp;basis points as of March&nbsp;31, 2016. Based on the value of the Acquired Servicing Portfolio and the Weighted Average Servicing Fee as of March&nbsp;31, 2016, if
the Closing were to occur on March&nbsp;31, 2016, the Base Purchase Price would be subject to adjustment by an increase of approximately $15&nbsp;million. With respect to Net Working Capital, the
Purchase Agreement provides that it is the intent of the parties that the Net Working Capital as of the Closing be as close as possible to the Target Net </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Working
Capital of $5&nbsp;million (which may be accomplished by a distribution of excess cash by ACM immediately prior to the Closing) and thus we currently expect that any adjustment to the Base
Purchase Price based on the Net Working Capital as of the Closing will be immaterial. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides that the Special Committee may elect, in its sole and absolute discretion, to require the Seller to accept, in lieu of up to $50&nbsp;million of the
cash consideration (such amount, the "</FONT><FONT SIZE=2><I>Preferred Equity Amount</I></FONT><FONT SIZE=2>"), Preferred Equity Interests having an aggregate liquidation preference equal to the
Preferred Equity Amount. As of the date of this proxy statement, the Special Committee has not yet made a determination as to whether to elect to use the Preferred Equity Interests as part of the
consideration. A term sheet setting forth the material terms of the Preferred Equity Interests is attached to the Purchase Agreement as filed with our Form&nbsp;8-K with the Securities and Exchange
Commission on March&nbsp;2, 2016, which is incorporated herein by reference in its entirety. See "Where You Can Find More Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the employees directly related to the ACM Agency Business will become employees of the Company following the consummation of the transaction. </FONT></P>

<UL>

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Representations and Warranties  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement contains certain representations and warranties made by the Seller and Parent (as used in the Purchase Agreement
and this section of the proxy statement, "</FONT><FONT SIZE=2><I>Parent</I></FONT><FONT SIZE=2>" means the Company) and the Buyer. The Seller has made representations and warranties regarding, among
other things, the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, qualification and good standing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> power and authority to execute the Transaction Agreements and to consummate the transactions contemplated by the Transaction
Agreements (the "</FONT><FONT SIZE=2><I>Transactions</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> non-contravention of organizational documents, Law, and contracts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> required filings with a Governmental Authority; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> broker and other fees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the information in this proxy statement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> title to assets and sufficiency of assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> financial statements and absence of undisclosed liabilities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> absence of certain changes or events; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compliance with Law, permits and customer information; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> litigation; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> employees and employee benefit plans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> labor and employment matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> real property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> intellectual property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receivables; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> taxes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> environmental matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Seller Contracts; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conduct of the business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> mortgage loans and acquired servicing portfolio; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> affiliate interests and transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> insurance; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capital structure of the Seller; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> transferred employee non-competition agreements. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement also contains representations and warranties of us and the Buyer relating to, among other things, the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> due organization, qualification and good standing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> power and authority to execute the Transaction Agreements and to consummate the Transactions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> non-contravention of organizational documents, Law, and contracts; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> required filings with a Governmental Authority; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> financing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> broker and other fees; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> voting requirements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the information in this proxy statement; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> capitalization. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of the representations and warranties in the Purchase Agreement are qualified by "materiality" or "material adverse effect" standard (that is, they will not be deemed to be untrue
or incorrect unless their failure to be true or correct, individually or in the aggregate, would, as the case may be, be material or have a material adverse effect). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the Purchase Agreement "Seller Material Adverse Effect" means (A)&nbsp;any event, change, circumstance, occurrence, effect or state of facts (collectively, a
"</FONT><FONT SIZE=2><I>State of Facts</I></FONT><FONT SIZE=2>") that, individually or in the aggregate (i)&nbsp;is or would reasonably be expected to be materially adverse to the financial
condition, assets, business or results of operations of the Included Business, the Purchased Assets and/or the Assumed Liabilities taken as a whole, other than: (a)&nbsp;any failure by the Seller to
meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (collectively,
"</FONT><FONT SIZE=2><I>Financial Projections</I></FONT><FONT SIZE=2>"); (b)&nbsp;any adverse change, effect, event, occurrence, state of facts or development (collectively, an
"</FONT><FONT SIZE=2><I>Adverse
Change</I></FONT><FONT SIZE=2>") to the extent attributable to the announcement, pendency or consummation of the Transactions (including any disruption in supplier, partner or similar relationships or
any loss of employees); (c)&nbsp;any Adverse Change attributable to conditions affecting (1)&nbsp;the industries in which the Included Business participates (including fluctuating conditions
resulting from cyclicality, seasonality or weather patterns affecting the Included Business, including their respective customers and suppliers) or (2)&nbsp;national, regional, local, international
or global economies; (d)&nbsp;any Adverse Change resulting from any action expressly required or permitted by the Transaction Agreements; (e)&nbsp;any Adverse Change relating to any change in
accounting requirements, principles or laws (other than certain tax laws and excluding any change contemplated by clause&nbsp;(B) below); (f)&nbsp;any Adverse Change arising in connection with
natural disasters or acts of nature, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or
terrorism or military actions existing or underway as of the date hereof (collectively, "</FONT><FONT SIZE=2><I>Acts of Nature or War</I></FONT><FONT SIZE=2>"); or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>(g)&nbsp;any
change in political regimes, political conditions or climate whether in the U.S. or any other country or jurisdiction (collectively, "</FONT><FONT SIZE=2><I>Political
Conditions</I></FONT><FONT SIZE=2>") except in the cases of clauses&nbsp;(c), (e), (f)&nbsp;and, (g)&nbsp;to the extent that any State of Facts described therein disproportionately impacts or
affects the Included Business compared to other businesses of similar size operating in the same industries in which the Included Business participates; or (ii)&nbsp;materially impairs the ability
of the Seller to consummate, or prevents or materially delays, any of the Transactions or would reasonably be expected to do so; or (B)&nbsp;the enactment of any bill or other legislation or federal
action that will or would reasonably be expected to materially change the current charter, operations or business functions of any of the Agencies in a manner that would be reasonably likely,
individually or in the aggregate, to materially and adversely impact the Purchased Assets and the Included Business, taken as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Material Adverse Effect</I></FONT><FONT SIZE=2>" is defined in the Purchase Agreement to mean any State of Facts that, individually or in the aggregate
(i)&nbsp;is or would reasonably be expected to be materially adverse to the financial condition, assets, business or results of operations of us and our subsidiaries, taken as a whole, other than:
(a)&nbsp;any failure, in and of itself, by us to meet any Financial Projections; (b)&nbsp;any Adverse Change to the extent attributable to the announcement, pendency or consummation of the
Transactions (including any disruption in supplier, partner or similar relationships or any loss of employees); (c)&nbsp;any Adverse Change attributable to conditions affecting (1)&nbsp;the
industries in which we and our subsidiaries participate (including fluctuating conditions resulting from cyclicality, seasonality or weather patterns affecting us and our subsidiaries, including our
respective customers and suppliers) or (2)&nbsp;national, regional, local, international or global economies; (d)&nbsp;any Adverse Change resulting from any action expressly required or permitted
by the Transaction Agreements or the consummation of any Parent Offering; (e)&nbsp;any Adverse Change relating to any change in accounting requirements, principles or laws (other than tax laws);
(f)&nbsp;any Adverse Change arising in connection with Acts of Nature or War; or (g)&nbsp;any change in Political Conditions except in the cases of clauses&nbsp;(c), (e), (f)&nbsp;and
(g)&nbsp;to the extent that any State of Facts described therein disproportionately impacts or affects our business and our subsidiaries compared to other businesses of similar size operating in the
same industries in which we and our subsidiaries participate; or (ii)&nbsp;materially impairs our ability to consummate, or prevents or materially delays, any of the Transactions or would reasonably
be expected to do so. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described directly under "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement" beginning on page&nbsp;55 above, the parties to the Purchase Agreement made the
representations and warranties contained therein solely for purposes of the contract between the parties, and those representations and warranties are intended to be and should not be relied upon by
any other person. Further, the assertions embodied in those representations and warranties are subject to important qualifications and limitations agreed to by the parties in connection with
negotiating the Purchase Agreement, and you should not rely upon the representations and warranties as accurate or complete or characterizations of the actual state of facts as of any specified date. </FONT></P>

<UL>

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Conduct of Business Prior to the Closing  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Seller and us has agreed to certain covenants in the Purchase Agreement restricting the conduct of our respective business
between the date of the Purchase Agreement and the date of the Closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, the Seller agreed to (subject in each case to exceptions specified in the Purchase Agreement or previously consented to in writing by
the Buyer as provided in the Purchase Agreement):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conduct the Included Business in the ordinary course of business consistent with past practice; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preserve substantially intact the Included Business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> keep available the services of its employees and consultants; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preserve the current relationships with customers, suppliers and other persons with which it has significant business relationships; </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Seller agreed not to, among other things, (subject in each case to exceptions specified in the Purchase Agreement or previously consented to in writing by the Buyer as
provided in the Purchase Agreement):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> issue, sell, pledge, exclusively license, transfer, abandon, dispose of or encumber any Purchased Assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into, amend or terminate any material contract or waive or modify any material right under any material contract; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make certain employee-related changes, including increasing the compensation and benefits paid to employees, accelerating the vesting
or payment of certain compensation or benefits due to employees, or adopting or making changes in employee benefit plans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into, negotiate or make changes in any collective bargaining agreement or agreement with a works council or other union; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make changes to tax elections or settle material tax liability with respect to the Purchased Assets; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cancel or compromise material rights or claims relating to the Purchased Assets or pay claims or obligations relating to the Included
Business or the Purchased Assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> permit the lapse of any insurance policy relating to the Included Business or Purchased Assets that is not replaced with a
substantially similar insurance policy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cause any representation or warranty or covenant made by the Seller to be untrue or breached, or that has or would reasonably be
expected to have a Seller Material Adverse Effect. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except in connection with the origination, sale and servicing of mortgage loans in the ordinary course of business consistent with
past practice, incur, assume or guarantee any indebtedness for borrowed money or issue any debt securities or otherwise become responsible for, the obligations of any person or entity, or make any
loans or advances; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorize or commit to any capital expenditures for the Included Business in excess of $100,000 individually or $250,000 in the
aggregate; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> authorize or commit with respect to any single contract for the Purchased Assets to any liability or receivable that is in excess
$100,000 over any 12-month period, other than commitments that can be terminated with payment of less than $50,000 or notice of ninety (90)&nbsp;days or less; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into any contract with any related party of the Seller relating to the Purchased Assets or the Included Business; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> fail to make any payment necessary to maintain the effectiveness of its intellectual property or otherwise abandon any of its
intellectual property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> permit the lapse of any right relating to its material intellectual property or any other material intangible asset used or held for
use in connection with the Included Business; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> commence or settle any action, investigation or other proceeding relating to the Purchased Assets, Included Business or Assumed
Liabilities in excess of $100,000 individually or $250,000 in the aggregate or that could reasonably be expected to result in a material restriction on the Included Business; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> enter into or renew any lease of real or personal property in connection with the Included Business involving a term of more than one
year or rental obligation exceeding $100,000 per year in any single case; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> make changes in accounting methods, practices or policies, except as required by GAAP; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> acquire or enter into any contract or arrangement with any entity that is engaged in a similar business to the Included Business; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> pay out or otherwise remove any cash or cash equivalents from the Freddie Mac Cash Collateral Account; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> agree or commit to do any of the foregoing. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, without limiting the generality of the foregoing, we have agreed to various specific restrictions on the conduct of our business between the date of the Purchase Agreement
and the date of the Closing, including, among other things, to do the following (subject in each case to exceptions specified in the Purchase Agreement or previously consented to in writing by the
Seller as provided in the Purchase Agreement):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conduct our business in the ordinary course of business consistent with past practice; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preserve substantially intact our business organization; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> keep available the services of our employees and consultants; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> preserve the current relationships with customers, suppliers and other persons with which we have significant business relationships; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> acquire any entity or material business thereof that, to our knowledge, would likely prevent the Closing; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> amend our organizational documents, the partnership agreement of the Partnership or the limited liability agreement of the TRS; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> declare or pay any dividend or distribution, other than regular quarterly cash dividends on our common stock or dividends or
distributions with a record date after the Closing Date; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> take any action, or intentionally fail to take any action that would cause any representation or warranty or covenant made by us or
the Buyer to be untrue or breached such that certain closing conditions would not be fulfilled or a Parent Material Adverse Effect has or would reasonably be expected to have occurred. </FONT></DD></DL>
</UL>
<UL>

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Exclusivity  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that until the earlier of the termination thereof and the Closing, the Seller will not, and will ensure
that none of their respective affiliates or representatives, (i)&nbsp;solicit, initiate, consider, encourage or accept any other proposals or offers relating to any direct or indirect acquisition of
any portion of the Purchased Assets or the Included Business, or (ii)&nbsp;participate in any communications regarding, or furnish any information with respect to, or otherwise cooperate in any way,
or encourage any effort by any other person or entity to seek to do any of the foregoing. In addition, the Seller and its respective affiliates were required to immediately cease all communications
conducted prior to the execution of the Purchase Agreement with respect to any of the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement further provides that the Seller will notify the Buyer within one business day, orally and in writing if any such proposal or offer is made, or any inquiry or
other contact with any person or entity with respect thereto. In addition, any such notice to the Buyer will indicate in reasonable detail the identity of the person or entity making such proposal,
offer, inquiry or other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>contact
and its terms and conditions. Pursuant to the Purchase Agreement, the Seller will not release any person or entity from, or waive any provision of, any confidentiality or standstill agreement
to which the Seller is a party, without the prior written consent of the Buyer. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Employee Matters  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that as of the Closing the employees that work for the Included Business will commence working for the
Buyer or its affiliate. The Purchase Agreement also provides that as of the Closing the Buyer or its affiliate will assume certain employee benefit plans of the Seller and must provide COBRA
continuation coverage to certain employees of the Seller at such employee's expense. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Parent Stockholder Approval  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the following sentence, the Board and the Special Committee will recommend that our stockholders vote in favor of the
issuance of our common stock issuable upon conversion of the OP Units and the other transactions contemplated by the Purchase Agreement and the Ancillary Agreements at the Stockholders Meeting, and we
will use reasonable best efforts to solicit proxies from our stockholders in favor of such approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, at any time prior to Parent Stockholder Approval, (i)&nbsp;the Special Committee or the Board may withhold, amend, withdraw or modify its recommendation
if, but only if, the Special Committee or the Board determines in good faith, based on such matters as it deems
relevant and based on the advice of its outside legal counsel, that failure to do so would be inconsistent with their duties as directors under applicable Law (a "</FONT><FONT SIZE=2><I>Change in
Recommendation</I></FONT><FONT SIZE=2>"); provided that in the case of a Change in Recommendation by the Special Committee, the Seller receives written notice from us confirming that the Special
Committee has determined to change its recommendation at least two (2)&nbsp;business days prior to a Change in Recommendation. </FONT></P>

<UL>

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Consents and Filings  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that the Seller and the Buyer will use all commercially reasonable efforts to take all actions
necessary to consummate and make effective the Transactions, including to (i)&nbsp;obtain the necessary consents of Governmental Authorities, FHA, Fannie Mae and Freddie Mac, including all third
party consents required under any Seller Contract, (ii)&nbsp;make all necessary filings under the HSR Act and (iii)&nbsp;have vacated, lifted, reversed or overturned any action that restricts or
prohibits the consummation of the Transactions. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Other Covenants  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement contains certain other covenants and agreements, including covenants, relating
to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the provision of certain information relating to the Purchased Assets, the Included Business and the Assumed Liabilities; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cooperation between the parties to negotiate in good faith certain of the Ancillary Agreements; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> written notification by each party to the other party in respect of certain matters; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Buyer's agreement to waive compliance by the Seller with any applicable bulk sale or bulk transfer laws in connection with the
sale of the Purchased Assets to the Buyer; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> confidentiality pursuant to the Confidentiality Agreement during the period prior to the Closing Date, and for a period of three years
thereafter in respect of certain information relating to the Purchased Assets, the Included Business and the Assumed Liabilities; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cooperation between the parties in connection with public announcements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the approval of certain matters by the Special Committee; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cooperation between the parties in respect of Parent Offerings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Seller's agreement that we and the Buyer, at the direction of the Special Committee, may elect to require the Seller to accept
Preferred Equity Interests as part of the aggregate consideration, and in lieu of up to $50&nbsp;million of the cash consideration; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> remitting to the other party certain post-closing payments; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the use of all commercially reasonable efforts by the Seller to promptly forward to the Buyer any correspondence in respect of the
Included Business; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Seller's agreement to provide commercially reasonable assistance to the Buyer in connection with the maintenance, defense,
prosecution and/or enforcement of the Marks included in the Seller Intellectual Property. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Conditions to the Closing  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of each party to the Purchase Agreement to effect the Closing are subject to the satisfaction or waiver of the
following conditions (collectively, the "</FONT><FONT SIZE=2><I>General Closing Conditions</I></FONT><FONT SIZE=2>"):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no Governmental Authority will have enacted any Law that is then in effect and that enjoins, restrains, conditions, makes illegal or
otherwise prohibits the consummation of the Transactions; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the expiration or termination of the waiting period under the HSR Act with respect to the transactions contemplated by the Purchase
Agreement; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> receiving the requisite stockholder approval on the Acquisition Proposal from at least (i)&nbsp;a majority of the votes cast by our
stockholders entitled to vote on the matter and (ii)&nbsp;the holders of a majority of our outstanding shares entitled to be voted on the matter other than the shares owned of record or beneficially
by the Seller or their respective affiliates (collectively, "</FONT><FONT SIZE=2><I>Parent Stockholder Approval</I></FONT><FONT SIZE=2>"). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the obligations of the Buyer and Parent to effect the Closing are subject to the satisfaction or waiver of the following additional conditions (collectively, the
"</FONT><FONT SIZE=2><I>Buyer Closing Conditions</I></FONT><FONT SIZE=2>"):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain fundamental representations and warranties of the Seller relating to organization, authority, title to assets, certain
liabilities in respect of the Signature Bank Loan and no brokers being true and correct in all respects as of the date of the Purchase Agreement and as of the Closing Date; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the representations and warranties of the Seller that are qualified as to materiality or relate to the absence of a Seller Material
Adverse Effect being true and correct in all respects as of the date of the Purchase Agreement and as of the Closing Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all other representations and warranties of the Seller being true and correct in all material respects as of the date of the Purchase
Agreement and as of the Closing Date (other than those representations and warranties that were made only as of a specified date, which need only be true and correct as of such date); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the performance and compliance by the Seller in all materials respects with each agreement, obligation, covenant and condition
required under the Transaction Agreements on or before the Closing; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all consents and approvals of all Governmental Authorities and third party consents and/or waivers required to sell and assign certain
Seller Contracts have been received and do not impose a Burdensome Condition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no action will have been commenced or threatened by or before any Governmental Authority, that is reasonably likely to
(i)&nbsp;require divestiture of any material assets of us, the Buyer or our respective affiliates as a result of the transactions contemplated by the Purchase Agreement or the divestiture of any
Purchased Assets, (ii)&nbsp;prohibit or impose limitations on the Buyer's or our ownership or operation of all or a material portion of the Included Business or the Purchased Assets or any of the
Buyer's or our other businesses or material assets (or those of any of our respective subsidiaries or affiliates) or (iii)&nbsp;impose limitations on the ability of us effectively to control the
Included Business or the Purchased Assets in any material respect; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the delivery of each of the documents required to be delivered to the Buyer pursuant to the Purchase Agreement; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> two business day prior to the Closing, the Included Business will have under application pipeline loans having at least
$200&nbsp;million in unpaid principal balance, of which approximately $100&nbsp;million will be rate locked or will be expected to close within thirty (30)&nbsp;days from the Closing Date; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no change, event or development will have occurred that, individually or in the aggregate, has had or is reasonably likely to have a
Seller Material Adverse Effect. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Seller to effect the Closing are subject to the satisfaction or waiver of the following additional conditions (collectively, the "Seller Closing
Conditions"):</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> certain fundamental representations and warranties of the Buyer and us relating to organization, authority and no brokers being true
and correct in all respects as of the date of the Purchase Agreement and as of the Closing Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the representations and warranties of the Buyer and us that are qualified as to materiality or relate to the absence of a Parent
Material Adverse Effect being true and correct in all respects as of the date of the Purchase Agreement and as of the Closing Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all other representations and warranties of the Buyer and us being true and correct in all material respects as of the date of the
Purchase Agreement and as of the Closing Date (other than those representations and warranties that were made only as of a specified date, which need only be true and correct as of such date); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the performance and compliance by us and the Buyer in all materials respects with each agreement, obligation, covenant and condition
required under the Transaction Agreements on or before the Closing; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the delivery of each of the documents required to be delivered to the Seller pursuant to the Purchase Agreement; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no change, event or development will have occurred that, individually or in the aggregate, has had or is reasonably likely to have a
Parent Material Adverse Effect. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

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Survival; Indemnification  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that all representations and warranties contained in the Purchase Agreement will survive the Closing
for fifteen (15)&nbsp;months, except that certain fundamental representations (i.e.&nbsp;organization, authority, title to assets, certain liabilities in respect of the Signature Bank Loan, taxes
and no brokers) will survive the Closing until sixty (60)&nbsp;days following the expiration of the respective statute of limitations. None of the pre-Closing covenants will survive the Closing and
any post-Closing covenants will survive the Closing in accordance with their respective terms until performed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Seller has agreed to severally and jointly indemnify and hold harmless us, the Buyer and our respective affiliates (including the Included Business from and after the Closing Date)
and, if applicable, our respective officers, directors, agents, representatives and employees, and our respective
assigns (the "</FONT><FONT SIZE=2><I>Buyer Indemnified Persons</I></FONT><FONT SIZE=2>") in respect of claims, actions, causes of action, judgments, awards, liabilities, out-of-pocket costs, expenses
or damages (collectively, "</FONT><FONT SIZE=2><I>Indemnifiable Damages</I></FONT><FONT SIZE=2>") arising out of or resulting from (i)&nbsp;any breach of a representation or warranty,
(ii)&nbsp;any breach of a covenant by the Seller, (iii)&nbsp;any loss, claim or cause of action in connection with any Excluded Asset or any Excluded Liability, and (iv)&nbsp;liabilities of the
Seller (other than Assumed Liabilities) that become liabilities of us or the Buyer by reason of, among other things, operations of law. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the Buyer have agreed to severally and jointly indemnify and hold harmless each Seller, and their respective affiliates (including the Excluded Business from and after the Closing
Date) and, if applicable, their respective officers, directors, agents, representatives and employees, and their respective assigns (the "</FONT><FONT SIZE=2><I>Seller Indemnified
Persons</I></FONT><FONT SIZE=2>") in respect of claims, actions, causes of action, judgments, awards, liabilities, out-of-pocket costs, expenses or damages arising out of or resulting from any and all
Indemnifiable Damages arising out of or resulting from any loss, claim or cause of action in connection with the Included Business, any Purchased Asset or any Assumed Liability. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the Buyer may not recover any indemnifiable loss in connection with a breach of a representation or warranty (other than certain fundamental representations or other than in the
case of fraud or intentional misrepresentation) by the Seller arising under the Purchase Agreement until the amount of such loss exceeds $1.5&nbsp;million (the
"</FONT><FONT SIZE=2><I>Deductible</I></FONT><FONT SIZE=2>"), in which case we and the Buyer may recover losses above the Deductible, provided, that there cannot be any indemnifiable loss with
respect to any particular breach or series of related breaches unless and until the claimed losses exceeds $50,000. In addition, we and the Buyer may not recover any indemnifiable loss in connection
with a breach of a representation or warranty (other than certain fundamental representations or other than in the case of fraud or intentional misrepresentation) or a covenant (other than covenants
related to consents and post-closing payments or other than in the case of fraud or intentional misrepresentation) by the Seller in excess of $30.0&nbsp;million. Additionally, no party will recover
any indemnifiable loss (other than fraud or intentional misrepresentation) arising under the Purchase Agreement in excess of the Purchase Price. </FONT></P>

<UL>

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Termination  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement and the transactions contemplated thereby may be terminated at any time prior to the Closing in certain
circumstances, including by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> mutual consent of us, the Buyer and the Seller; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> either us, the Buyer or the Seller, if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Closing has not occurred by August&nbsp;15, 2016 (the "</FONT><FONT SIZE=2><I>Initial End
Date</I></FONT><FONT SIZE=2>") or, if the Initial End Date has been extended by three (3)&nbsp;months in accordance with the Purchase Agreement, November&nbsp;15, 2016 (the
"</FONT><FONT SIZE=2><I>Extended End Date</I></FONT><FONT SIZE=2>", and together with the Initial </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>End
Date, the "</FONT><FONT SIZE=2><I>End Date</I></FONT><FONT SIZE=2>"). (provided that the terminating party will not have been the cause of the Closing not occurring by such date); </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any Governmental Authority issues an order, decree or ruling or takes any other action restraining, enjoining or
prohibiting the transactions contemplated by the Purchase Agreement (provided that that the terminating party uses commercially reasonable efforts to have such order, decree, rule or other action
vacated); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> us or the Buyer, if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is any breach of any representations or covenants of the Seller that would result in the failure to satisfy any of
the Seller Closing Conditions and such breach is incapable of being cured within thirty (30)&nbsp;days (a "</FONT><FONT SIZE=2><I>Seller Terminable Breach</I></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any of the General Closing Conditions or the Seller Closing Conditions are incapable of fulfillment prior to the End Date
(provided that we or the Buyer will not have been the cause of such condition not being fulfilled);  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is a Change in Recommendation by the Special Committee;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to Closing, an event or condition occurs that has had or is reasonably likely to have a Seller Material Adverse
Effect; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior to Closing, the issuance of any of our common stock or the OP Units would be deemed too dilutive to us or the
capital markets are unreceptive to a Parent Offering, in each case as determined by the Special Committee in its sole and absolute discretion. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Seller, if: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> there is any breach of any representations or covenants of us or the Buyer that would result in the failure to satisfy
any of the Buyer Closing Conditions and such breach is incapable of being cured within thirty (30)&nbsp;days (a "</FONT><FONT SIZE=2><I>Buyer Terminable Breach</I></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any of the General Closing Conditions or the Buyer Closing Conditions are incapable of fulfillment prior to the End Date
(provided that the Seller will not have been the cause of such condition not being fulfilled); </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
validly terminated pursuant to one of the termination events described above and after giving written notice, the Purchase Agreement will become void and there will be no liability on
the part of any party except for (i)&nbsp;representations related to broker's fees and finder's fees, covenants related to confidentiality and public announcements, general provisions related to
fees and expenses, notices, third-party beneficiaries, governing law and submission to jurisdiction, (ii)&nbsp;liability for any intentional
breach of the Purchase Agreement or any agreement made pursuant thereto and (iii)&nbsp;liability for the Termination Fee (as defined below). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides that a termination fee of $3.0&nbsp;million (the "</FONT><FONT SIZE=2><I>Termination Fee</I></FONT><FONT SIZE=2>") will be paid
by:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> us or the Buyer to the Seller, if the Purchase Agreement is terminated: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by the Seller, pursuant to a Buyer Terminable Breach; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by us or the Buyer, pursuant to (i)&nbsp;a Change in Recommendation by the Special Committee or (ii)&nbsp;a
determination by the Special Committee in its sole and absolute discretion that the issuance of any of our common stock or the OP Units would be deemed too dilutive to us or the capital markets are
unreceptive to a Parent Offering. </FONT></DD></DL>
</DD></DL>
</UL>
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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Seller to the Buyer, if the Purchase Agreement is terminated: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by us or the Buyer, pursuant to a Seller Terminable Breach. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>

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Amendment; Waiver  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement may be amended, modified or supplemented by an instrument in writing specifically designated as an amendment to
the Purchase Agreement, signed on behalf of each party. The parties may waive any right or remedy under the Purchase Agreement so long as such waiver is set forth in a written instrument executed and
delivered by a duly authorized officer on behalf of such party. </FONT></P>

<UL>

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No Third Party Beneficiaries  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that, except with respect to the provisions regarding indemnification discussed above under
"&#151;the Purchase Agreement&#151;Survival; Indemnification," the Purchase Agreement is not intended to confer upon any person or entity other than the parties thereto and their
respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Specific Performance  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that the parties will be entitled to specific performance of the terms thereof, including an injunction
or injunctions to prevent breaches of the Purchase Agreement and to enforce specifically the terms and provisions of the Agreement. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Expenses  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that the Buyer will pay any transfer fee in respect of the transfer agreements with the Agencies and
any other costs or fees, including attorney's fees, imposed by an Agency in connection with its review and approval of the transactions contemplated by the Purchase Agreement. Except as otherwise
provided for under the Purchase Agreement, all of the parties will bear its own fees and expenses incurred in connection with the Transaction Agreements and the Transactions. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Special Committee  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that the approval of the Special Committee is required for various actions to be taken by us or the
Buyer under the Purchase Agreement, including with respect to amendments or terminations of the Purchase Agreement or in connection with the exercise or waiver of any of our or the Buyer's rights
under the Purchase Agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Ancillary Agreements    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section summarizes material provisions of certain ancillary agreements that have been or will be entered into pursuant to
the Purchase Agreement. These ancillary agreements are attached as exhibits to the Purchase Agreement as filed with our Current Report on form&nbsp;8-K with the SEC on March&nbsp;2, 2016, which
exhibits are incorporated herein by reference in their entirety. The summary of the ancillary agreements set forth below does not purport to be complete and is qualified in its entirety by reference
to the full text of the ancillary agreements. See "Where You Can Find More Information." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Option Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement, at the Closing, Parent, the Partnership, Arbor Realty SR,&nbsp;Inc. and ACM will enter into an
option agreement substantially in the form of Exhibit&nbsp;E to the Purchase Agreement (the "</FONT><FONT SIZE=2><I>Option Agreement</I></FONT><FONT SIZE=2>"). Under the Option Agreement, the
Partnership will have an irrevocable, non-transferable right (the "</FONT><FONT SIZE=2><I>Option</I></FONT><FONT SIZE=2>") from ACM to purchase the Management Agreement, and, as a result, fully
internalize the management of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option is exercisable by the Partnership, upon the approval of the Special Committee, or if the Special Committee no longer exists, by the Audit Committee of the Board, at any time
for two years after the Closing Date (the "</FONT><FONT SIZE=2><I>Option Period</I></FONT><FONT SIZE=2>"). The exercise price for the Option (the "</FONT><FONT SIZE=2><I>Option
Price</I></FONT><FONT SIZE=2>") is (i)&nbsp;$25.0&nbsp;million if exercised on or before the date that is one year after the Closing Date or (ii)&nbsp;$27.0&nbsp;million if exercised
thereafter. The Option Price is payable 50% in cash and 50% through the issuance of OP Units. The number of OP Units to be issued will be calculated by dividing 50% of the Option Price by the
reference market value of a share of the Company's common stock. The "reference market value" is the volume-weighted average closing sale price, as published in the Eastern Edition of The Wall Street
Journal, of a share of the Company's common stock on the NYSE for the 30 consecutive trading day period ending on the close of business on the trading day that is three days prior to the closing date
of the Option. Pursuant to the NYSE rules, the issuance of OP Units upon the exercise of the Option may require the prior approval of our stockholders, which we would need to obtain prior to the
Option closing. Stockholders are not being asked to vote on the issuance of the OP Units in connection with the potential Option exercise at this time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Option Agreement provides that three (3)&nbsp;days before the closing date of the Option, ACM must deliver to us a statement that includes its good faith estimate of accrued and
unpaid compensation and reimbursable expenses to which ACM is entitled under the Management Agreement. After the closing of the Option and ACM has received the exercise price and such accrued amounts,
the Management Agreement shall terminate in all respects except for (i)&nbsp;provisions thereof which by their terms survive such termination and (ii)&nbsp;provisions related to confidentiality,
limits of manager responsibility and indemnification by ACM or us. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option Agreement provides that the Option will expire after the final day of the Option Period. After expiration of the Option
Period,
neither party will have any further obligations under the Option Agreement. </FONT></P>

<UL>

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Amended and Restated Management Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the consummation of the Proposed Acquisition, the Management Agreement will continue to apply with respect to the services
provided by the remaining ACM employees. In connection with the Proposed Acquisition, the ACM employees whose responsibilities are directly related to the ACM Agency Business will become our
employees. However, certain ACM employees who are not directly related to the ACM Agency Business, but who provide management and administrative services under the Management Agreement will remain ACM
employees, and we will continue to have access to their services pursuant thereto. These ACM employees include Mr.&nbsp;Bishar, our Secretary, who is General Counsel to our Manager, and
Mr.&nbsp;Elenio, our Chief Financial Officer, who is the Chief Financial Officer of our Manager. Following the Proposed Acquisition, we will
remain dependent upon ACM to provide services to us that are vital to our operations, including significant management and administrative functions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the incentive fee formula will remain in effect. Upon any termination of the Management Agreement in connection with the exercise by the Company of its option under the
Option Agreement, the termination fee will not apply but the option exercise price described above will be payable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

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<UL>

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Limited Partnership Agreement of the Partnership  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the issuance to ACM of the OP Units in the Acquisition Proposal, the Limited Partnership Agreement of the
Partnership will be amended to add ACM as a limited partner and to amend certain other provisions, including that the Company subsidiary that is a limited partner will not have a vote on certain
matters requiring consent of a majority in interest of the limited partners of the Partnership and (ii)&nbsp;the Company's ability to engage in a termination transaction will be restricted in
certain respects. </FONT></P>

<UL>

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Voting and Standstill Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Voting and Standstill Agreement, dated February&nbsp;25, 2016, ACM, Mr.&nbsp;Kaufman and certain affiliated parties
( collectively, the "</FONT><FONT SIZE=2><I>Restricted Stockholders</I></FONT><FONT SIZE=2>") have agreed to certain restrictions in respect of their ownership of our common stock, preferred stock or
OP Units or any securities convertible into or otherwise exercisable to acquire such common stock, preferred stock or OP Units, or any other securities having the ordinary power to vote in the
election of the Board, or any right to acquire within 60&nbsp;days any of the foregoing (collectively, the "</FONT><FONT SIZE=2><I>Voting Stock</I></FONT><FONT SIZE=2>"). As of March&nbsp;31,
2016, the Restricted Stockholders collectively beneficially own 6,018,773 shares of the Company's common stock, representing approximately 11.7% of the voting power of our common stock on a fully
diluted basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Voting Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Voting and Standstill Agreement provides that until the earlier of the Closing or the termination of
the Purchase
Agreement (the "</FONT><FONT SIZE=2><I>Voting Expiration Time</I></FONT><FONT SIZE=2>"), the Restricted Stockholders will refrain from (w)&nbsp;transferring the Voting Stock, (x)&nbsp;engaging in
any forward sale, hedging or similar transaction involving any Voting Stock, (y)&nbsp;depositing any Voting Stock into a voting trust, entering into a voting agreement with respect to Voting Stock
or granting a proxy, consent or power of attorney with respect thereto, or (z)&nbsp;acquiring beneficial ownership of any Voting Stock (but excluding any Excluded Acquisitions (as defined in the
Voting and Standstill Agreement)), except that a Restricted Stockholder may transfer the Voting Stock to any other Restricted Stockholder or any affiliate provided the transferee enters into a joinder
agreement. Notwithstanding the foregoing, the Restricted Stockholders may make any transfer that receives the prior written consent of the Special Committee. For purposes of the Voting and Standstill
Agreement, "Excluded Acquisitions" are defined as any acquisition resulting from (a)&nbsp;a stock dividend, stock split or subdivision of Voting Stock, (b)&nbsp;with respect to any Restricted
Stockholder who is serving as one of our officers or directors, any acquisition pursuant to any grant or issuance of Voting Stock pursuant to a compensatory or incentive arrangement that has been
approved by the Board (including without limitation upon the exercise of any stock option award), (c)&nbsp;any equity consideration issued pursuant to the Purchase Agreement or as an adjustment to
the purchase price under the Purchase Agreement or (d)&nbsp;any equity consideration issued as part of the exercise price under the Option Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement to Approve.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Until the Voting Expiration Time, no Restricted Stockholder may enter into a voting agreement or any other
agreement that would
interfere with its performance of obligations under the Voting Agreement. At any meeting of our stockholders called to seek the affirmative vote thereof to adopt or approve the Purchase Agreement, the
issuance of OP Units or other transactions contemplated by the Purchase Agreement, each Restricted Stockholder must vote in favor of such adoption or approval. The Restricted Stockholders further
agree to vote against or withhold consent from (i)&nbsp;actions or agreements that would or are reasonably likely to result in any conditions to our obligation to close under the Purchase Agreement
not being fulfilled, (ii)&nbsp;amendments to our organizational documents that would reasonably be expected to prevent or delay the Closing, or (iii)&nbsp;any other action that is intended or
could reasonably be expected to interfere with the transactions contemplated by the Purchase Agreement or change the voting right of any class of our stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standstill.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From the Closing until such time as the Restricted Stockholders no longer beneficially own 12% of the Voting Stock (the
"</FONT><FONT SIZE=2><I>Standstill Period</I></FONT><FONT SIZE=2>"), each Restricted Stockholder agrees, without the prior written consent of the Special Committee, and subject to certain exceptions
as set forth in the Voting Agreement, to refrain from (i)&nbsp;acquiring Voting Stock if such acquisition would cause it to own more than 35% of the then outstanding shares of the Voting Stock,
(ii)&nbsp;participating in a solicitation of proxies, (iii)&nbsp;submitting to our stockholders a proposal for an extraordinary transaction in which it
participates as a principal, partner or otherwise, (iv)&nbsp;forming or joining any group of persons formed for the purpose of acquiring, holding, voting or disposing of Voting Stock that would be
required to file&nbsp;a statement on Schedule&nbsp;13D or Schedule&nbsp;13G if such group beneficially owned Voting Stock representing more than 5% of any class of Voting Stock then outstanding,
(v)&nbsp;presenting at a meeting of our stockholders any proposal for stockholder consideration or nomination of a number of Board members in excess of the lower of (A)&nbsp;one-third of the Board
or (B)&nbsp;the product of the Restricted Stockholders' ownership percentage and the total number of Board members, (vi)&nbsp;granting any proxy, consent or other authority to vote with respect to
any matters or deposit any of the Voting Stock held by such Restricted Stockholder in a voting trust or subject them to a voting agreement, (vii)&nbsp;making a public statement or disclosure in
support of or against a solicitation of proxies, (viii)&nbsp;disclosing, unless required by law, if such Restricted Stockholder voted contrary to the recommendation of the Board on any matter and
(ix)&nbsp;requesting that we amend or waive any of the standstill provisions herein or (x)&nbsp;direct, instruct, assist or encourage any other person to take any such action. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing Lock-Up Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Voting and Standstill Agreement provides that from the Closing Date until one day past the
eighteen
(18)&nbsp;month anniversary of such date, the Restricted Stockholders must refrain from transferring, hedging or acquiring beneficial ownership of Voting Stock, unless (i)&nbsp;the Special
Committee gives its prior written consent, (ii)&nbsp;the transferee is another Restricted Stockholder or an affiliate thereof who has executed a joinder agreement, or (iii)&nbsp;the transferor is
a charitable organization and the transfer of Voting Stock does not exceed $2.0&nbsp;million in fair market value. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Voting and Standstill Agreement will remain in effect until the end of the Standstill Period, provided that if the Closing
does not occur,
the Voting Agreement will terminate upon termination of the Purchase Agreement. </FONT></P>

<UL>

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Non-Competition Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement, at the Closing, Parent, the Partnership, ACM and Mr.&nbsp;Kaufman will enter into a
non-competition agreement substantially in the form of Exhibit&nbsp;F to the Purchase Agreement (the "</FONT><FONT SIZE=2><I>Non-Competition Agreement</I></FONT><FONT SIZE=2>"). Under the
Non-Competition Agreement, each of Mr.&nbsp;Kaufman and the businesses he controls, ACM and its subsidiaries, and us will agree to restrict our ability to compete in certain businesses for a
specified period of time as summarized below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Competition.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of Mr.&nbsp;Kaufman, ACM, its subsidiaries or any other business in which
Mr.&nbsp;Kaufman owns equity interests sufficient to control such business (a "</FONT><FONT SIZE=2><I>Kaufman Business</I></FONT><FONT SIZE=2>") will be permitted to (i)&nbsp;solicit any of our
employees or employees of our subsidiaries (including any Transferred Employee) to cease their relationship with us, (ii)&nbsp;solicit (A)&nbsp;an investment in the Included Business and
commercial mortgage backed securities and permanent and bridge multifamily and commercial real estate mortgage loans, mezzanine loans on multifamily and commercial real estate, and preferred equity
investments in multifamily and commercial real estate, whether by purchase or origination (a "</FONT><FONT SIZE=2><I>Company Target Investment</I></FONT><FONT SIZE=2>") or (B)&nbsp;any of our
customers or customers of our subsidiaries for an investment which is a Company Target Investment, (iii)&nbsp;refer Company Target Investments from any customer to any person or entity or be paid
commissions based on Company Target Investment sales received from any customer by any person or entity, or (iv)&nbsp;among other things, render financial assistance to, receive any economic benefit
from, exert any influence upon or otherwise </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>assist
any person or entity which is engaged in a business that is in competition with our business, including with respect to Company Target Investments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we will not be permitted to (i)&nbsp;solicit any employee of the Excluded Business, ACM or its subsidiaries, or any Kaufman Business to cease such employee's relationship
with such business, (ii)&nbsp;solicit (A)&nbsp;the Excluded Business and all other investments of any kind other than Company Target Investments (collectively, a "</FONT><FONT SIZE=2><I>Seller
Target Investment</I></FONT><FONT SIZE=2>") or (B)&nbsp;a customer of the Excluded Business, ACM or its subsidiaries or Mr.&nbsp;Kaufman or any Kaufman Business (collectively, the
"</FONT><FONT SIZE=2><I>Seller Businesses</I></FONT><FONT SIZE=2>") for a Seller Target Investment, (iii)&nbsp;refer Seller Target Investments from any customer or be paid commissions based on
Seller Target Investment sales received from any customer by any person or entity, or (iv)&nbsp;among other things, render financial assistance to, receive any economic benefit from, exert any
influence upon or otherwise assist any person or entity which is engaged in a business that is in competition with any of the Seller Businesses with respect to Seller Target Investments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Non-Competition Agreement will not preclude Mr.&nbsp;Kaufman from serving as a member of the Board or as an officer of our company or our subsidiaries. It further provides that the
Kaufman Businesses and Seller Target Investments will be outside of our sphere of influence and will not to be deemed a corporate opportunity available to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Non-Competition Agreement is to remain in effect until two (2)&nbsp;years after the date that both (a)&nbsp;Mr.&nbsp;Kaufman
is no
longer our chief executive officer and (b)&nbsp;the fully diluted beneficial ownership of our common stock collectively held by ACM, Mr.&nbsp;Kaufman and their respective affiliates falls below
10%. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds19201_the_proposed_issuances_of_equity_securities_to_acm"> </A>
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The Proposed Issuances of Equity Securities to ACM    <BR>    </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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OP Units and Underlying Common Stock  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The equity component of the consideration payable to ACM in exchange for the ACM Agency Business consists of 19,230,769 OP Units,
subject to certain adjustments as described above in "&#151;The Purchase Agreement." The number of Acquisition OP Units issuable to ACM at the closing of the Proposed Acquisition will be
equivalent to the number of shares of the Company's common stock calculated by dividing 50% of the Closing Purchase Price by $6.50. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
such OP Unit is redeemable for cash or, at the Company's option, for shares of the Company's common stock on a one-for-one basis. The underlying shares of common stock are entitled
to certain registration rights pursuant to the existing Registration Rights Agreement between the Company and ACM. </FONT></P>

<UL>

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Special Voting Preferred Stock  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the Partnership and ACM have entered into a pairing agreement pursuant to which each Acquisition OP Unit, and any additional OP
Units issued to ACM in connection with any exercise of our option under the Option Agreement, will be paired with one share of our newly-designated Special Voting Preferred Stock. Upon any redemption
of an OP Unit that is paired with a share of Special Voting Preferred Stock in accordance with the redemption provisions of the Partnership Agreement, the share will be redeemed by us and cancelled. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of Special Voting Preferred Stock entitles the holder to one vote on all matters submitted to a vote of our stockholders, but these holders have no separate class voting
rights, except as specifically provided by our charter. A holder of Special Voting Preferred Stock is not entitled to any regular or special dividend payments or other distributions and is only
entitled to receive a $0.01
distribution per share in the event of our liquidation, dissolution or redemption of the Special Voting Preferred Stock. If we complete a merger transaction in connection with which the holders of
operating partnership units either continue to hold interests in our operating partnership or receive partnership </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>interests
or other securities of another operating partnership in an "umbrella partnership" REIT structure, then the holders of special voting preferred stock are generally entitled to vote separately
as a class on such a merger transaction, unless they receive a voting security comparable to the special voting preferred stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
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Interests of Certain Persons in the Proposed Acquisition    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the Board to vote for the proposals described in this proxy statement, you should be aware that
certain of our current directors and executive officers have interests in those transactions that may be different from, or in addition to, the interests of our unaffiliated stockholders generally and
may create potential conflicts of interest. These interests are described in more detail below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Special Committee was aware of each of these interests in reviewing, considering and negotiating the terms of the Proposed Acquisition and in recommending to the entire Board to
pursue the Proposed Acquisition. The Board was also aware of these interests in approving the Purchase Agreement, the Voting and Standstill Agreement, the Option Agreement, the Non-Competition
Agreement and the transactions described in this proxy statement and in recommending the approval of the Purchase Agreement, the Voting and Standstill, the Option Agreement and the Non-Competition
Agreement and those transactions to our stockholders. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Relationships with ACM  </I></B></FONT></P>

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ACM's Current Ownership Interest in the Company and Related Registration Rights  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM currently owns 5,349,053 shares of our common stock, representing approximately 10.4% of the voting power of our common stock. We
have granted ACM shelf registration rights, or, if such rights are not available, demand registration rights with respect to the 5,349,053 shares currently owned by it. ACM is also entitled to
participate in primary or secondary offerings of our common stock with respect to these shares. We have also agreed to certain restrictions on the registration rights that we may grant to any other
holder or prospective holder of our securities without the prior written consent of ACM so long as we are still obligated to register any of the shares currently owned by ACM pursuant to the
registration rights agreement. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Common Management  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ivan Kaufman, our Chairman and Chief Executive Officer, is also the Chief Executive Officer of ACM. Mr.&nbsp;Kaufman and
entities controlled by Mr.&nbsp;Kaufman collectively own 92% of the outstanding membership interests in ACM. Mr.&nbsp;Joseph Martello, one of our directors, currently serves as the Chief Operating
Officer of Arbor Management,&nbsp;LLC, the managing member of ACM. Mr.&nbsp;Martello owns a 1.3% interest in ACM and is also the sole trustee of the Ivan and Lisa Kaufman Family Trust for the
benefit of Mr.&nbsp;Kaufman's family, which owns a 35.3% interest in ACM, and a co-trustee, along with Mr.&nbsp;Kaufman, of the Ivan Kaufman Grantor Retained Annuity Trust, which also owns an
equity interest in ACM. Mr.&nbsp;John Bishar, who was one of our directors until his resignation in January 2012, currently serves as our Corporate Secretary and the General Counsel to ACM.
Mr.&nbsp;Bishar owns a 0.4% interest in ACM. Mr.&nbsp;Paul Elenio, our Chief Financial Officer and Treasurer, currently serves as the Chief Financial Officer of ACM. Mr.&nbsp;Elenio owns a 0.4%
interest in ACM. Mr.&nbsp;Fred Weber, our Executive Vice President of Structured Finance, was responsible for overseeing ACM's structured finance and principal transactions group from 1999 until
July&nbsp;1, 2003. Mr.&nbsp;Weber owns a 0.9% interest in ACM. Mr.&nbsp;Gene Kilgore, our Executive Vice President&#151;Structured Securitization, owns a 0.7% interest in ACM.
Mr.&nbsp;Andrew Guziewicz, our Chief Credit Officer, owns a 0.1% interest in ACM. Each of Messrs.&nbsp;Kaufman, Martello, Bishar, Elenio, Weber and Kilgore is a member of ACM's executive
committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

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Payment of Purchase Agreement Consideration to ACM  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Agreement provides that ACM will receive as consideration in respect of the Proposed Acquisition $250&nbsp;million,
subject to potential adjustments as described above in "&#151;The Purchase Agreement." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
aggregate potential consideration consists of (i)&nbsp;$125&nbsp;million in cash (up to $50&nbsp;million of which the Company has the option to satisfy with seller financing)
and (ii)&nbsp;19,230,769 OP Units, which are redeemable for cash or, at the Company's option, for shares of common stock of the Company on a one-for-one basis, in each case subject to adjustment as
described herein. The number of OP Units issuable upon the closing of the Proposed Acquisition will be the number of OP Units that are convertible into the number of shares of the common stock of the
Company calculated by dividing 50% of the Closing Purchase Price (as defined in the Purchase Agreement) by $6.50. See "&#151;The Purchase Agreement&#151;Consideration; Adjustment of
Closing Purchase Price." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the closing of the Proposed Acquisition, Ivan Kaufman will have approximately 36% of the total voting power of our common stock based on his beneficial ownership of 11% of our
common stock and 19,230,769 shares of Special Voting Preferred Stock to be paired with the Acquisition OP Units, which issuance of shares is subject to certain adjustment as described herein. If ACM
elects to redeem the Acquisition OP Units and the Company elects to issue to ACM an equivalent number of shares of our common stock, Mr.&nbsp;Kaufman would retain approximately 36% of the total
voting power of our common stock through his assumed beneficial ownership of 25,249,542 shares of our common stock after giving effect to such redemption. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Kaufman,
Martello, Bishar, Elenio, Weber, Kilgore and Guziewicz, the Ivan and Lisa Kaufman Family Trust and the Ivan Kaufman Grantor Retained Annuity Trust have direct
interests in ACM and therefore have indirect interests in the OP Units and cash consideration that are received by ACM as consideration in the Proposed Acquisition. Adjustments to the consideration
payable to ACM in the Proposed Acquisition are as described in "Proposal 1: The Acquisition Proposal&#151;The Purchase Agreement&#151;Consideration; Adjustment of Closing Purchase
Price." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Payment of Option Agreement Consideration to ACM  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Option Agreement provides that if the Option is exercised in accordance with the terms thereof, ACM will receive as consideration
(i)&nbsp;$25&nbsp;million if the Option is
exercised one year after the closing date of the Proposed Acquisition or (ii)&nbsp;$27&nbsp;million if exercised thereafter prior to the second anniversary of the Closing. Such exercise price is
payable 50% in cash and 50% through the issuance of OP Units. The number of OP Units issuable upon the Option's exercise will be calculated by dividing 50% of the exercise price by the reference
market value of a share of the Company's common stock. The "reference market value" is the volume-weighted average closing sale price, as published in the Eastern Edition of The Wall Street Journal,
of a share of the Company's common stock on the NYSE for the 30 consecutive trading day period ending on the close of business on the trading day that is three days prior to the closing date of the
Option. See "&#151;Ancillary Agreements&#151;Option Agreement." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Option is exercised in the first year of closing of the Proposed Acquisition, assuming that the "reference market value" at the time of exercise is $6.65 (which is based on a
measurement as of the close of business on March&nbsp;31, 2016) and that the total number of shares of common stock outstanding immediately prior to the exercise consists of the 51,381,405 shares of
our common stock outstanding as of March&nbsp;31, 2016, plus 19,230,769 shares of common stock issuable upon redemption of the Acquisition OP Units (assuming no adjustments to the initial number of
Acquisition OP Units), immediately following the exercise Ivan Kaufman would beneficially own 27,129,241 shares of our common stock on a fully diluted basis (i.e.,&nbsp;assuming redemption of all
Option OP Units for shares of our common stock), or approximately 37.4% of the voting power of our common stock. If the Option is exercised in the second year following of closing of the Proposed
Acquisition, based on the same </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>assumptions
described above, immediately following the exercise Ivan Kaufman would beneficially own 27,279,617 shares of our common stock on a fully diluted basis, or approximately 37.6% of the voting
power of our common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this proxy statement guarantees, or is meant to imply, that the Option will be exercised. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Kaufman,
Martello, Bishar, Elenio, Weber, Kilgore and Guziewicz, the Ivan and Lisa Kaufman Family Trust and the Ivan Kaufman Grantor Retained Annuity Trust have direct
interests in ACM and therefore have indirect interests in the OP Units and cash consideration that are received by ACM as consideration under the Option Agreement. The requirements to exercise the
option underlying the Option Agreement and any adjustments to the consideration payable thereunder are as described in "Proposal 1: The Acquisition Proposal&#151;Ancillary
Agreements&#151;Option Agreement." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Voting and Standstill Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Purchase Agreement, we have entered into the Voting and Standstill Agreement with ACM, Mr.&nbsp;Kaufman and
certain affiliated parties (the "</FONT><FONT SIZE=2><I>Restricted Stockholders</I></FONT><FONT SIZE=2>") pursuant to which they have agreed to certain restrictions in respect of their ownership of
common stock, preferred stock or OP Units, any securities convertible into or otherwise exercisable to acquire such common stock, preferred stock or OP Units, any securities having the ordinary power
to vote in the election of the Board or any right to acquire within 60&nbsp;days any of the forgoing, in each case subject to the terms of the agreement. As of March&nbsp;31, 2016, the Restricted
Stockholders collectively beneficially own 6,018,773 shares of the Company's common stock, representing approximately 11.7% of the voting power of our common stock on a fully diluted basis. See
"Proposal 1: The Acquisition Proposal&#151;Ancillary Agreements&#151;Voting and Standstill Agreement." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



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Chief Executive Officer Compensation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Incentive Agreement, dated March&nbsp;5, 2015, between the Company and Mr.&nbsp;Kaufman sets forth the agreement of the
parties thereto with respect to Mr.&nbsp;Kaufman's annual base salary and incentive compensation as the Company's Chief Executive Officer. Under the terms of this agreement, Mr.&nbsp;Kaufman's
annual cash and equity incentive awards increase by 10% for each increase of 25% in the Company's GAAP equity capitalization, measured year over year. The Proposed Acquisition may result in such
adjustments being made. Further, the Compensation Committee of the Company's Board will give consideration to the annual compensation paid by ACM to Mr.&nbsp;Kaufman in determining whether any
change should be made to his compensation payable by the Company following the closing of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Non-Competition Agreement  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the closing of the transactions contemplated by the Purchase Agreement, we will enter into the Non-Competition
Agreement with the Partnership, ACM and Mr.&nbsp;Kaufman pursuant to which we, Mr.&nbsp;Kaufman and the businesses he controls and ACM and its subsidiaries will agree to restrict our ability to
compete in certain businesses pursuant to the terms thereof. See "Proposal 1: The Acquisition Proposal&#151;Ancillary Agreements&#151;Non-Competition Agreement." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds19201_regulatory_approval_required_f__reg03636"> </A>
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Regulatory Approval Required for the Proposed Acquisition and Other Regulatory Matters    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>



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Federal Hart Scott Rodino Act (the "HSR Act")  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expiration or termination of the waiting period under the HSR Act is a condition to each party's obligation to complete the
Proposed Acquisition. Each of the parties to the Purchase Agreement has pledged to use its reasonable best efforts to cause the waiting period under the HSR Act to expire or terminate. The parties
filed the requisite HSR Notification and Report Form and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>related
materials with the U.S. Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice on March&nbsp;16, 2016. The applicable waiting period under the HSR Act will
expire, if not terminated early, on April&nbsp;15, 2016. </FONT></P>

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Consents of the GSEs and HUD  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the Proposed Acquisition is conditioned on receipt of consents and/or approvals from each of the GSEs (Fannie Mae,
Freddie Mac and Ginnie Mae) and the approval of HUD, each of such approvals must be reasonably satisfactory to the Buyer and the Seller. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fannie Mae approval must (i)&nbsp;permit the assignment to and assumption by the Buyer, or one of its affiliates, of the Seller's rights, obligations and liabilities relating to
the various agreements it has with
Fannie Mae that allow the Seller to underwrite, originate and sell loans to, and service loans for, Fannie Mae and (ii)&nbsp;acknowledge and permit the transfer to another affiliate of the Buyer, of
that portion of the Excess Servicing Strip related to the Fannie Mae servicing portfolio. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Freddie Mac approval must (i)&nbsp;permit the assignment to and assumption by the Buyer, or one of its affiliates, of the Seller's rights, obligations and liabilities relating to
the various agreements it has with Freddie Mac that allow the Seller to originate and sell loans to, and service loans for, Freddie Mac and (ii)&nbsp;acknowledge and permit the transfer to another
affiliate of the Buyer, of that portion of the Excess Servicing Strip related to the Freddie Mac servicing portfolio and the Freddie Mac I/O Strip. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ginnie Mae and HUD approvals must (i)&nbsp;permit the assignment to and assumption by the Buyer, or one of its affiliates, of the Seller's rights, obligations and liabilities
relating to the various agreements it has with Ginnie Mae and HUD that allow the Seller to originate and sell loans to, and service loans for, Ginnie Mae and HUD and (ii)&nbsp;acknowledge and permit
the transfer to another affiliate of the Buyer, of that portion of the Excess Servicing Strip related to the Ginnie Mae/HUD servicing portfolio. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds19201_vote_required"> </A>
<A NAME="toc_ds19201_5"> </A></FONT> <FONT SIZE=2><B>


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Vote Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Purchase Agreement and the rules of the NYSE, the approval of the Acquisition Proposal requires the affirmative vote of
at least a majority of the votes cast by the Company stockholders entitled to vote on the matter. In addition, pursuant to the Purchase Agreement, the approval of the Acquisition Proposal also
requires the affirmative vote of the holders of at least a majority of the outstanding shares of the Company's common stock entitled to be voted on the matter other than the shares owned of record or
beneficially by ACM or its affiliates. This is the only vote of holders of any securities of the Company or its subsidiaries necessary to approve the Acquisition Proposal. If you "Abstain" from
voting, it will have the same effect as an "Against" vote on the Acquisition Proposal. Failure to vote, including broker non-votes, will have no effect with respect to the requirement under the
Purchase Agreement and NYSE rules that the Acquisition Proposal be approved by the affirmative vote of at least a majority of the votes cast by stockholders entitled to vote on the matter, but will
have the same effect as an "Against" vote with respect to the requirement under the Purchase Agreement that the Acquisition Proposal be approved by a majority of the outstanding shares owned by
stockholders other than ACM or its respective affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to applicable Maryland law, contracts or other transactions in which directors have a material financial interest are not void or voidable solely because of such fact if, among
other things, a majority of a company's disinterested directors approve or ratify such transaction, the majority of a company's stockholders approve or ratify such transaction (excluding the votes of
shares owned by interested directors or corporations) or the contract or transaction is otherwise fair and reasonable to the corporation. The approval by the Board of the Purchase Agreement, the
Proposed Acquisition and the other transactions expressly contemplated by the Purchase Agreement was unanimously </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>recommended
by the Special Committee consisting of four Independent Directors, which retained its own legal and financial advisors. Upon recommendation by the Special Committee, the Independent
Directors of the Board approved the Purchase Agreement, the Proposed Acquisition and the other transactions expressly contemplated by the Purchase Agreement. Because the Proposed Acquisition involves
a transaction in which some of the Company's directors and officers have a material financial interest, the Board has determined that it wishes to solicit stockholder approval of the Proposed
Acquisition in addition to the approval of its disinterested directors. The Company's interested directors, officers and their affiliates own approximately 15.3% of the outstanding common stock of the
Company as of March&nbsp;31, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the OP Units to be issued to "related parties" in the Proposed Acquisition will be redeemable for cash or, at the Company's option, shares of the Company's common stock, which in
the aggregate would total more than 1% of the Company's outstanding common stock, Section&nbsp;312.03(b) of the NYSE Listed Company Manual requires the approval by a majority of votes cast on the
Proposed Acquisition at the Special Meeting, assuming that a quorum is present. If such approval is not received, then the Proposed Acquisition will not be completed. Accordingly, the results of the
vote will be analyzed for compliance with the NYSE voting requirements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds19201_federal_securities_laws_consequences"> </A>
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Federal Securities Laws Consequences    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the shares of OP Units to be issued in the Proposed Acquisition will be offered and sold pursuant to an exemption from the
registration provisions of the Securities Act of 1933, as amended, and, therefore, will be subject to restrictions on their transferability. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ds19201_recommendation_of_the_board"> </A>
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Recommendation of the Board    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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<A NAME="ourboard"></A>OUR BOARD, BY A UNANIMOUS VOTE OF THE INDEPENDENT DIRECTORS,
RECOMMENDS YOU VOTE "FOR" APPROVING THE ACQUISITION PROPOSAL.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

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</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du19201_proposal_2__the_adjournment_proposal"> </A>
<A NAME="toc_du19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROPOSAL 2: THE ADJOURNMENT PROPOSAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal 2 is to consider and vote upon the proposal to approve adjourning the Special Meeting, if necessary or appropriate in the
discretion of the Chairman of the Special Meeting, to solicit additional proxies in the event that there are not sufficient votes at the time of the Special Meeting to approve the Acquisition
Proposal. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du19201_general"> </A>
<A NAME="toc_du19201_2"> </A></FONT> <FONT SIZE=2><B>


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General    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Special Meeting may be adjourned to another time or place, if necessary or appropriate in the discretion of the Chairman of the
Special Meeting, to permit further solicitation of proxies to obtain additional votes in favor of the Acquisition Proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at the Special Meeting, the number of shares of common stock present or represented and voting in favor of the proposal to approve the Acquisition Proposal is insufficient to approve
such proposal, the Company intends to move to adjourn the Special Meeting in order to enable the Board to solicit additional proxies for approval of such proposal. In addition, as permitted by the
Maryland General Corporation Law, prior to the Special Meeting being convened, the meeting may be postponed by the Board to a date not more than 120&nbsp;days after the record date for the Special
Meeting. Moreover, pursuant to the Company's bylaws, the Chairman of the Special Meeting may adjourn the meeting without any action by the stockholders and without regard to whether a quorum is
present. We are asking our stockholders to approve this adjournment if necessary or appropriate in the discretion of the Chairman of the Special Meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du19201_vote_required"> </A>
<A NAME="toc_du19201_3"> </A></FONT> <FONT SIZE=2><B>


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Vote Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adjournment Proposal requires the affirmative vote of a majority of the votes cast by the stockholders entitled to vote on the
matter. For the purpose of the vote on this proposal, abstentions, broker non-votes and other shares not voted will not be counted as votes cast and will have no effect on the result of the vote,
although all shares for which proxies have been given will be considered present for the purpose of determining the presence of a quorum. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="du19201_recommendation_of_the_board"> </A>
<A NAME="toc_du19201_4"> </A></FONT> <FONT SIZE=2><B>


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Recommendation of the Board    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>OUR BOARD, BY A UNANIMOUS VOTE OF THE INDEPENDENT DIRECTORS, RECOMMENDS YOU VOTE "FOR" APPROVING THE ADJOURNMENT PROPOSAL.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du19201_u.s._federal_income_ta__du102169"> </A>
<A NAME="toc_du19201_5"> </A>
<BR></FONT><FONT SIZE=2><B>  U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of U.S. federal income tax consequences of the Proposed Acquisition generally applicable to us and holders
of shares of our common stock . The discussion is based upon the Internal Revenue Code of 1986, as amended (the "</FONT><FONT SIZE=2><I>Code</I></FONT><FONT SIZE=2>"), treasury regulations, court
decisions, published positions of the Internal Revenue Service (the "</FONT><FONT SIZE=2><I>IRS</I></FONT><FONT SIZE=2>") and other applicable authorities, all as in effect on the date hereof and all
of which are subject to change or differing interpretations (possibly with retroactive effect). This summary does not address all of the U.S. federal income tax consequences that may be relevant to
the Company or to particular stockholders. No ruling has been or will be obtained from the IRS regarding any matter relating to the Proposed Acquisition. No assurance can be given that the IRS would
not assert, or that a court would not sustain, a position contrary to any of the tax aspects described below. This summary of U.S. federal income tax consequences is for general information only. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Stockholders are urged to consult their tax advisers regarding the U.S. federal income tax consequences of the Proposed Acquisition, as well as the effects of
state, local and non-U.S. tax laws, including possible changes in tax law.</B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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In General  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proposed Acquisition is intended to constitute, for U.S. federal income tax purposes, a part sale and a part tax-deferred
contribution by Sellers to the Partnership, and any subsequent contribution of the acquired assets and operations to Arbor Realty SR,&nbsp;Inc. is intended to constitute a tax-deferred contribution
to Arbor Realty SR,&nbsp;Inc. As a result, neither we nor holders of our common stock, in respect of those common stock holdings, are expected to recognize gain or loss for U.S. federal income tax
purposes as a result of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
as REITs, the Company and Arbor Realty SR,&nbsp;Inc. generally will be unable to hold directly certain of the acquired assets and operations in connection with the Proposed
Acquisition. We therefore intend to hold those assets and operations through one or more TRSs of Arbor Realty SR,&nbsp;Inc. A TRS is subject to regular corporate income tax on its net income. As a
result, the net income generated by those operations generally will be subject to regular corporate income tax. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
under the REIT asset tests (i)&nbsp;no more than 25% of our total gross assets may consist of nonqualifying assets, including the stock or other securities of one or more
TRSs and other nonqualifying assets (such as goodwill and similar assets we are acquiring as a result of the Proposed Acquisition), and (ii)&nbsp;for 2018 and subsequent taxable years, no more than
20% of our total gross assets may consist of the stock or other securities of one or more TRSs. In addition, although dividends payable by TRSs constitute qualifying income for purposes of the 95%
REIT gross income test, they are nonqualifying income for purposes of the 75% REIT gross income test. Accordingly, if the value of the business we are acquiring in connection with the Proposed
Acquisition or the income generated thereby increases relative to the value of our other, REIT-compliant assets and income, the Company or Arbor Realty SR,&nbsp;Inc. may fail to satisfy one or more
of the requirements applicable to REITs. Although the Proposed Acquisition is not expected to adversely affect the ability of the Company or Arbor Realty SR,&nbsp;Inc. to continue to qualify as a
REIT immediately following the acquisition or in the future, no assurances can be given in that regard. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Tax Aspects of Participation Interests in Excess Servicing Fees  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Proposed Acquisition, Hunton&nbsp;&amp; Williams&nbsp;LLP will be delivering an opinion to us to the effect that
the participation interests in excess servicing fees that will be transferred by Seller and acquired by Arbor Realty SR,&nbsp;Inc. will: (i)&nbsp;be classified as "stripped coupons" within the
meaning of Section&nbsp;1286(e)(3) of the Code; (ii)&nbsp;be classified as "interests in mortgages on real property" and therefore "real estate assets" for purposes of the REIT asset tests set
forth in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=85,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=777976,FOLIO='78',FILE='DISK129:[16ZAW1.16ZAW19201]DU19201A.;15',USER='NDEWIND',CD='19-APR-2016;17:35' -->
<A NAME="page_du19201_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Sections&nbsp;856(c)(4)
and (c)(5)(B) of the Code; and (iii)&nbsp;generate qualifying income for purposes of the REIT income tests set forth in Sections&nbsp;856(c)(2) and (c)(3) of the Code. It
must be emphasized that the opinion of Hunton&nbsp;&amp; Williams&nbsp;LLP is expressed as of the date given, is based on various assumptions, and is conditioned upon representations and covenants
made by the management of Arbor Realty SR,&nbsp;Inc. and affiliated entities. You should be aware that opinions of counsel are not binding on the IRS, and no assurance can be given that the IRS will
not challenge the conclusions set
forth in such opinions. If the IRS were to successfully challenge the opinion of Hunton&nbsp;&amp; Williams&nbsp;LLP, then the Company or Arbor Realty SR,&nbsp;Inc. could fail to qualify as a REIT. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du19201_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_du19201_6"> </A>
<BR></FONT><FONT SIZE=2><B>  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table indicates how many shares of our common stock are beneficially owned by (i)&nbsp;each of our directors and each
nominee for director; (ii)&nbsp;each of our executive officers; and (iii)&nbsp;all of our directors and executive officers as a group. The following table also indicates how many shares of our
common stock are beneficially owned by each person known to the Company to be the beneficial owner of more than five percent of the outstanding shares of our common stock, in each case, based solely
on, and as of the date of, such person's filing of a Schedule&nbsp;13D or Schedule&nbsp;13G with the SEC. Unless otherwise indicated, the persons named in the following table have sole voting and
investment power with respect to all shares of common stock shown as beneficially owned by them. In accordance with SEC beneficial ownership rules, the following table attributes to ACM (and to
Mr.&nbsp;Kaufman, as the controlling owner of ACM) beneficial ownership of the 5,349,053 shares of common stock currently held by ACM. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares of Common Stock<BR>
Beneficially Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percentage(3) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Name and Address(1):</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ivan Kaufman(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,018,773</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Arbor Commercial Mortgage,&nbsp;LLC(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,349,053</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leon G. Cooperman(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,899,134</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Wellington Management Company,&nbsp;LLP(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,544,711</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BlackRock,&nbsp;Inc.(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,885,268</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FMR&nbsp;LLC(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,357,675</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>John J. Bishar, Jr.(9).&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>92,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Archie R. Dykes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>103,760</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Karen K. Edwards</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,510</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William C. Green</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,155</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Helmreich</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>196,110</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stanley Kreitman</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46,510</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Melvin F. Lazar</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>157,590</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Joseph Martello(10)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>108,940</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Paul Elenio(11)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>258,140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Andrew Guziewicz(12)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,975</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gene Kilgore(13)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>318,250</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fred Weber(14)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>395,540</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All directors and executive officers as a group (13 persons)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,880,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than one percent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unless
otherwise indicated in the following footnotes, the address for each person or entity listed in the table above is 333 Earle Ovington Boulevard,
Suite&nbsp;900, Uniondale, New York, 11553.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Beneficial
ownership is determined in accordance with the rules of the SEC and generally includes securities over which a person has voting or investment
power and securities that a person has the right to acquire within 60&nbsp;days of the date hereof.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
51,381,405 shares of our common stock outstanding at March&nbsp;31, 2016 are considered the total number of shares of our common stock outstanding for
the purpose of calculating each person's percentage of beneficial ownership of shares of our common stock. </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_du19201_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Kaufman,
together with (i)&nbsp;the Ivan and Lisa Kaufman Family Trust, (ii)&nbsp;the Ivan Kaufman Grantor Retained Trust and
(iii)&nbsp;Arbor Management,&nbsp;LLC, the managing member of ACM and an entity owned wholly by Mr.&nbsp;Kaufman and his wife, beneficially own approximately 92% of the outstanding membership
interests of ACM. All of the shares beneficially owned by ACM are included in Mr.&nbsp;Kaufman's beneficial ownership.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information included in the Schedule&nbsp;13G filed by Leon G. Cooperman, an investor, on February&nbsp;4, 2016, which includes 2,100,000
shares owned by the Leon and Toby Cooperman Family Foundation for which Mr.&nbsp;Cooperman is a trustee. The address of the principal business office of Mr.&nbsp;Cooperman is 11431 W. Palmetto
Park Road, Boca Raton, FL 33428.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information included in the Schedule&nbsp;13G filed by Wellington Management Company,&nbsp;LLP on February&nbsp;11, 2016. Wellington
Management Company has sole dispositive power over all such shares and sole voting power over 3,488,875 of these shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information included in the Schedule&nbsp;13G filed by Black Rock&nbsp;Inc. on January&nbsp;28, 2016. BlackRock&nbsp;Inc. has sole
dispositive power over all such shares and sole voting power over 3,723,544 of these shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information included in the Schedule&nbsp;13G filed by FMR&nbsp;LLC on February&nbsp;12, 2016.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Bishar
holds a 0.4% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM are
not deemed to be beneficially owned by Mr.&nbsp;Bishar.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Martello
holds a 1.3% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM
are not deemed to be beneficially owned by Mr.&nbsp;Martello.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Elenio
holds a 0.4% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM are
not deemed to be beneficially owned by Mr.&nbsp;Elenio.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Guziewicz
holds a 0.1% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM
are not deemed to be beneficially owned by Mr.&nbsp;Guziewicz.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Kilgore
holds a 0.7% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM are
not deemed to be beneficially owned by Mr.&nbsp;Kilgore.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Weber
holds a 0.9% Class&nbsp;B membership interest in ACM. For purposes of the SEC's beneficial ownership rules, the shares held by ACM are
not deemed to be beneficially owned by Mr.&nbsp;Weber.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du19201_selected_historical_per_share___sel02689"> </A>
<A NAME="toc_du19201_7"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED HISTORICAL PER SHARE MARKET PRICE AND DIVIDEND INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the NYSE under the symbol "ABR." The following table illustrates the high, low and closing prices as
reported on the NYSE and cash dividends declared by quarter during 2014, 2015 and the first quarter of 2016. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:53pt;"><FONT SIZE=1><B>Quarter Ended

<!-- COMMAND=ADD_SCROPPEDRULE,53pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Close </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Cash Dividends<BR>
Declared Per<BR>
Share of<BR>
Common Stock </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;31, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.26</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.61</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.92</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;30, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.95</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;30, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.30</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.601</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;31, 2014</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.32</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;31, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.98</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.13</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;30, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.21</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.55</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.76</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>September&nbsp;30, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.94</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.03</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>December&nbsp;31, 2015</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.25</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>March&nbsp;31, 2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.35</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.01</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (1)<BR></FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
be declared at a later date.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;31, 2016, there were 8,990 holders of record of our common stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of our common stock are entitled to receive distributions if and when the Board authorizes and we declare distributions. The Board has not established any minimum distribution
level. In order to maintain our qualification as a REIT, we intend to pay dividends to our stockholders that, on an annual basis, will represent at least 90% of our taxable income, which may not
necessarily equal net income as calculated in accordance with GAAP, determined without regard to the deduction for dividends paid and excluding any net capital gains. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw19201_selected_consolidated_financia__sel03447"> </A>
<A NAME="toc_dw19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED CONSOLIDATED FINANCIAL INFORMATION OF ARBOR REALTY TRUST,&nbsp;INC. AND SUBSIDIARIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables present selected historical consolidated financial information of the Company and should be read in conjunction
with "Management's Discussion and Analysis of Financial Condition and Results of Operations of the ACM Agency Business" and our historical consolidated financial statements, including the related
notes, included on our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015, filed on February&nbsp;26, 2016 (incorporated by reference). Prior period amounts have been
reclassified to conform to current period presentation. </FONT></P>
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<p style="font-family:times;"></FONT></P>

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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating Data</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>106,768,542</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>106,716,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>99,031,623</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>79,998,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>73,867,556</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other interest income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,884,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>49,720,132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,903,458</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>42,065,151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>40,866,832</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>51,651,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64,932,754</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,812,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,966,472</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,131,930</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,215,623</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,936,612</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,286,714</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,417,974</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31,454,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,125,735</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loan losses (net of recoveries)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,466,886</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(308,511</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,287,652</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,946,396</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>38,542,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management fee&#151;related party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,900,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9,900,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,900,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,300,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on acceleration of deferred income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,171,882</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of real estate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,784,021</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,603,763</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,953,455</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of equity interests, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>66,745,517</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on extinguishment of debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,930,772</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,459,023</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,878,218</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from equity affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,300,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>248,658</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(204,475</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(697,856</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,671,386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,428,814</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,048,490</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,298,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,388,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(37,096,165</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53,428,814</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93,048,490</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,298,737</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,716,455</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,096,057</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,553,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,256,255</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4,506,583</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income (loss) attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,875,094</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>85,792,235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,667,955</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,500,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(40,311,713</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Share Data</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations per share, basic(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) per share, basic(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.80</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) from continuing operations per share, diluted(1)(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income (loss) per share, diluted(1)(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.79</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends declared per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans and investments, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,450,334,341</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,459,475,650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,523,699,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,325,667,053</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,302,440,660</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,827,391,944</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,866,494,039</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,868,383,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,694,025,602</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,769,130,645</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,173,188,920</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,246,080,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,269,701,365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,286,734,643</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,430,796,888</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redeemable preferred stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>89,295,905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>89,295,905</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,654,655</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>565,090,775</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>535,455,471</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>437,596,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>231,261,122</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>173,060,533</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=90,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=666497,FOLIO='83',FILE='DISK129:[16ZAW1.16ZAW19201]DW19201A.;9',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_dw19201_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2012 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Data</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New loan originations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>828,217,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>900,666,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>591,537,200</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>274,516,550</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>206,477,919</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loan payoffs / paydowns</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>828,699,556</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>972,311,886</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>402,162,170</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,904,723</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>189,521,473</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Excluding
the impact of a $58.1&nbsp;million non-cash net gain on the sale of an equity interest in 2014, basic and diluted income per share for the year
ended December&nbsp;31, 2014 would have each been $0.55.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
2009, we issued one million warrants as part of a debt restructuring which had a dilutive effect for the years ended December&nbsp;31, 2013 and 2012.
In 2014, we acquired and cancelled all of the warrants. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=91,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=84020,FOLIO='84',FILE='DISK129:[16ZAW1.16ZAW19201]DW19201A.;9',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_dw19201_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw19201_selected_combined_financial_in__sel04113"> </A>
<A NAME="toc_dw19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED COMBINED FINANCIAL INFORMATION OF THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables present selected historical combined financial information of the ACM Agency Business and should be read in
conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations of the ACM Agency Business" and historical combined financial statements, including the related
notes of the ACM Agency Business, included elsewhere in this report. Prior period amounts have been reclassified to conform to current period presentation. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Operating Data</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest earned</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,126,362</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,604,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,661,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fee-based services, including gain on sales, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,317,161</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,966,590</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,660,933</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Originated mortgage servicing rights</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,613,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,591,436</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,562,283</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing revenue, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,821,577</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,444,850</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,906,111</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,069,803</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,591,556</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,508,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee compensation and benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,616,324</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,822,993</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,336,822</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,626,542</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,256,941</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,959,107</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loss sharing</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,784,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,616,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,630,969</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,781,610</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,319,861</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,355,837</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance Sheet Data</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>268,918,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,843,672</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalized mortgage servicing rights, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>155,749,764</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,430,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>498,343,153</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>433,547,269</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,258,783</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,978,379</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for loss-sharing obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,564,318</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,747,435</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>339,031,932</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>297,985,375</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Invested equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>159,311,221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>135,561,894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other Data</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total originations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,092,061,046</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,355,703,544</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,815,255,739</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing portfolio UPB (Fee based)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,925,465,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,009,808,507</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,734,773,131</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy19201_pro_forma_selected_financial_data"> </A>
<A NAME="toc_dy19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PRO FORMA SELECTED FINANCIAL DATA    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following pro forma selected financial information as of and for the year ended December&nbsp;31, 2015 are presented to show the
pro forma effect of the Proposed Acquisition. See "Unaudited Pro Forma Consolidated Financial Information" beginning on page&nbsp;102 for additional details. The pro forma selected financial
information is not necessarily indicative of the consolidated results of operations or financial position that might have been achieved by the consolidated company for the dates or periods indicated,
nor is it necessarily indicative of the results of operations or financial position of the consolidated company that may occur in the future. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(In thousands, except per share data)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pro Forma Operating Data:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from operations, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,167</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>88,494</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to noncontrolling interest</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,208</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to common stockholders</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>58,732</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic earnings per common share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted earnings per common share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31,<BR>
2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Pro Forma Balance Sheet Data:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans and investments, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,450,334</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,334,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total debt</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,511,879</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,651,764</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest in Operating Partnership</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>124,807</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>557,767</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,334,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dy19201_1_87"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy19201_historical_and_pro_forma_per_share_data"> </A>
<A NAME="toc_dy19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  HISTORICAL AND PRO FORMA PER SHARE DATA    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents selected historical and pro forma per share data. The selected pro forma per share data have been derived
from our unaudited pro forma consolidated financial information, beginning on page&nbsp;102. The selected pro forma per share data are not necessarily indicative of the consolidated results of
operations or financial position that might have been achieved by the consolidated company for the dates or periods indicated, nor is it necessarily indicative of the results of operations or
financial position of the consolidated company that may occur in the future. The information set forth below should be read in conjunction with our consolidated financial statements and notes thereto,
and our "Management's Discussion and Analysis of Financial Condition and Results of Operations," incorporated by reference in this proxy statement, and our unaudited pro forma financial statements,
beginning on page&nbsp;102. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash distributions declared per common share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic earnings per common share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
1.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
0.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted earnings per common share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Book value per outstanding share</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.45</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.34</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pro
forma to give effect to the Proposed Acquisition as if it had occurred on January&nbsp;1, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pro
forma to give effect to the Proposed Acquisition as if it had occurred on December&nbsp;31, 2015. Based on pro forma common stockholders' equity
(including the equity component of the consideration for the Proposed Acquisition) as of December&nbsp;31, 2015, presented elsewhere in this proxy statement, and approximately 70.19&nbsp;million
aggregate shares of pro forma outstanding shares of common stock which include approximately 19.23&nbsp;million aggregate shares to be issued to ACM as the equity component of the consideration for
the Proposed Acquisition.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea19201_management_s_discussion_and_an__man04532"> </A>
<A NAME="toc_ea19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF THE ACM AGENCY BUSINESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following discussion should be read in conjunction with "Selected Combined Financial Information of the
Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC" and the historical financial statements and the related notes thereto for the years ended December&nbsp;31, 2015, 2014 and 2013,
as included in this proxy statement beginning on page&nbsp;85. The following discussion contains, in addition to historical information, forward-looking statements that include risks and
uncertainties. The ACM Agency Business's actual results may differ materially from those expressed or contemplated in those forward-looking statements as a result of certain
factors.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_business"> </A>
<A NAME="toc_ea19201_2"> </A></FONT> <FONT SIZE=2><B>


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Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM is a national commercial real estate finance company, with a primary focus on multifamily lending. ACM's focus is primarily on
small balance loans with an average loan size of approximately $5.0&nbsp;million. ACM's clients are owners and developers of commercial real estate across the United States. ACM originates and sells
multifamily mortgage loans pursuant to the programs of Fannie Mae, Freddie Mac and the FHA, a division of HUD, with which ACM has long-established relationships. ACM is approved as a Fannie Mae DUS
lender nationally, a Freddie Mac Program Plus lender in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan lender,
seller/servicer, nationally, a HUD MAP and Lean senior housing/healthcare lender nationally, and a Ginnie Mae issuer. ACM also originates and sells loans through CMBS conduit programs. ACM retains
servicing rights and asset management responsibilities on substantially all the loans they originate for the GSE and HUD programs and is rated both a primary and special servicer with both Standard
and Poor's and Fitch Ratings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of ACM's primary sources of revenue is the gains and fees it recognizes from the origination and sale of mortgage loans. These gains and fess reflect commitment fees, broker fees,
loan origination fees and gains on the sale of loans, net of any direct loan origination costs incurred. ACM also records as revenue the fair value of the expected net future cash flows associated
with the servicing of loans originated. Additionally, ACM also generates revenue from net warehouse interest income it earns while the loan is held for sale in one of its warehouse facilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
funds loans that it originates related to GSE and HUD programs through warehouse facility financings and subsequently pays off the warehouse facility financings upon the sale to the
investor. The sale of the loan is typically completed within 60&nbsp;days after the loan is closed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
retains servicing rights on substantially all of the loans it originates, and generates revenues from the fees it receives for servicing the loans and on escrow deposits held on
behalf of borrowers, late charges and other ancillary fees. Servicing fees are set at the time an investor agrees to purchase the loan and are generally paid monthly for the duration of the loan. Most
of ACM's Fannie Mae servicing engagements provide for make-whole payments in the event of a voluntary prepayment prior to the stated lock out period. ACM's servicing portfolio had an unpaid principal
balance ("</FONT><FONT SIZE=2><I>UPB</I></FONT><FONT SIZE=2>") of $10.9&nbsp;billion as of December&nbsp;31, 2015, that includes a portfolio of Fannie Mae DUS loans with a UPB of
$9.6&nbsp;billion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is currently not exposed to interest rate risk during the loan commitment, closing and delivery process. The sale or placement of each loan to an investor is negotiated prior to
establishing the coupon rate for the loan. In the event a loan fails to close after a negotiated sale or placement to an
investor, ACM's exposure is generally capped at an amount equal to or less than the good faith deposit collected from the borrower. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
has risk-sharing obligations on substantially all the loans it originates under the Fannie Mae DUS program. When a Fannie Mae DUS loan is subject to full risk-sharing, ACM absorbs
the first 5% </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

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<A NAME="page_ea19201_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>of
any losses on the UPB of a loan at default, and above 5% it shares a percentage of the loss with Fannie Mae, with its maximum loss capped at 20% of the original principal balance
("</FONT><FONT SIZE=2><I>OPB</I></FONT><FONT SIZE=2>") of a loan (the first loss percentage is subject to doubling or tripling and the maximum loss cap can increase to 30% or 40% if the loan does not
meet specific underwriting criteria or if the loan defaults within 12&nbsp;months of its sale to Fannie Mae). ACM may request modified risk-sharing at the time of origination, which reduces its
potential risk-sharing losses from the levels described above. In accordance with Fannie Mae requirements, ACM retains modified risk-sharing on loans in excess of $23.0&nbsp;million and therefore,
these loans are originated with less retained loss exposure and a reduced servicing fee. ACM has risk on 2,005 Fannie Mae DUS transactions with a UPB of approximately $9.6&nbsp;billion and a maximum
loss exposure of $1.7&nbsp;billion as of December&nbsp;31, 2015. ACM has a restricted cash requirement of $34.4&nbsp;million related to this risk, in addition to a risk-share liability on its
balance sheet as further described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
refer to "Selected Combined Financial Information of the Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC" and the table below, which provides supplemental data
regarding its financial performance (dollars in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Origination Data:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Origination Volumes by Investor</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,856,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,650,333</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,334,144</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>869,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72,727</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ginnie Mae&#151;HUD</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>90,290</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>121,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>107,362</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CMBS/Conduit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>276,445</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>511,475</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>373,750 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,092,061</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,355,704</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,815,256 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Key Servicing Metrics (end of period)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted-average servicing fee rate (bps)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing Portfolio UPB by Investor:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,594,720</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,553,437</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,422,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>940,565</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68,703</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ginnie Mae&#151;HUD</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>377,064</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>336,286</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>222,976</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,117</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,383</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>89,380 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,925,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,009,809</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,734,773 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_summary_of_significant_accounting_policies"> </A>
<A NAME="toc_ea19201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Summary of Significant Accounting Policies    <BR>    </B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Basis of Presentation  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The combined financial statements of the ACM Agency Business was presented on a carve-out basis and has been prepared from the
historical consolidated financial information attributable to the ACM Agency Business and in accordance with principles generally acceptable in the United States of America
("</FONT><FONT SIZE=2><I>GAAP</I></FONT><FONT SIZE=2>"). The combined financial statements of the ACM Agency Business reflect the assets, liabilities, revenue and expenses directly attributable to
the ACM Agency Business, as well as allocations deemed reasonable by management, to present the combined financial position, results of operations, changes in equity and cash flows of the ACM Agency
Business on a stand-alone basis. The allocation methodologies are described below and within the notes to the combined financial statements where appropriate, and management considers the allocations
to be reasonable. The historical financial information included herein may not necessarily reflect the combined financial position, results of operations, changes in equity and cash flows of the ACM
Agency Business in the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=96,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=171051,FOLIO='89',FILE='DISK129:[16ZAW1.16ZAW19201]EA19201A.;6',USER='CHE106206',CD='16-APR-2016;09:09' -->
<A NAME="page_ea19201_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>future
or what they would have been had the ACM Agency Business been a separate, stand-alone entity during the periods presented. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the ACM Agency Business. For items not specifically
identifiable, expenses have been allocated to the ACM Agency Business from ACM including compensation and employee related expenses, selling and administrative expenses (i.e.,&nbsp;telephone, office
equipment rental and maintenance, office supplies and marketing) and other expenses directly associated with the revenue-generating activities of the ACM Agency Business. Allocation of expenses to the
ACM Agency Business from ACM were made using the most meaningful allocation methodologies, which were primarily based on proportionate direct labor costs (i.e.,&nbsp;time spent working on the ACM
Agency Business) or geographic location. Costs related to marketing, treasury, information technology, accounting and finance, facilities, human resources, administration and certain senior executives
were allocated based on their proportionate direct labor costs. All of these allocations are based on assumptions that management believes are reasonable under the circumstances. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Critical Accounting Policies  </I></B></FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Use of Estimates  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts reported in the combined financial statements and accompanying notes. Significant estimates include the allowance for possible loan losses, guaranty obligations, mortgage servicing rights and
the allocations associated with these combined financial statements. Actual results could differ from these estimates. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restricted Cash  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash is required as collateral for possible losses resulting from loans originated under the Fannie Mae DUS program in
accordance with the terms of loss sharing agreements between Fannie Mae and ACM. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an approved designated seller/servicer of Freddie Mac's Small Balance Loan Program ("</FONT><FONT SIZE=2><I>SBL Program</I></FONT><FONT SIZE=2>"), ACM is required to post collateral
to ensure that it is able to meet certain purchase and loss obligations required by this program. Under the SBL Program, ACM was required, until recently (see below), to post cash collateral equal to
9% of the UPB for each loan purchased by Freddie Mac. The Collateral is held during the period of time when Freddie Mac is aggregating loans that were sold by ACM to pool into a securitization. ACM
utilizes a financing facility to fund a portion of this cash collateral requirement. At December&nbsp;31, 2015, ACM posted cash collateral of $20.6&nbsp;million in satisfaction of its requirements
under this program. ACM borrowed $15.7&nbsp;million from a financing facility to fund the majority of the cash collateral posted. Effective March 2016, the cash collateral requirements were changed
from 9% of UPB for each loan to a flat $5.0&nbsp;million per securitization. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Loans Held-for-Sale  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale are collateralized commercial real estate loans and are reported at the lower of cost or market, on an aggregate
basis. The loans held for sale represent originated loans that are generally transferred or sold within 60&nbsp;days from the date that a mortgage loan is funded. During the period prior to its
sale, interest income on a loan held for sale is calculated in accordance with the terms of the individual loan. Loan origination fees and direct loan origination costs are deferred until the related
loans are sold. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=97,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=653539,FOLIO='90',FILE='DISK129:[16ZAW1.16ZAW19201]EA19201A.;6',USER='CHE106206',CD='16-APR-2016;09:09' -->
<A NAME="page_ea19201_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Investments Available-for-Sale  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM acquires agency commercial interest-only securities ("</FONT><FONT SIZE=2><I>Agency IOs</I></FONT><FONT SIZE=2>") under the SBL
Program that are classified as available-for-sale and carried at fair value. The Agency IOs refer to an interest-only component of the cash flows from a pool of commercial mortgage loans issued by the
Freddie Mac securitizations under the SBL Program. ACM has elected the fair value option for its Agency IOs, which requires changes in fair value recognized as unrealized gains and losses through
earnings in ACM's statements of income. ACM determines the fair value by obtaining valuations from an independent source. Interest income on these investment securities is accrued based on the
outstanding principal balance and their contractual terms. </FONT></P>

<UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Mortgage Servicing Rights  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM recognizes, as separate assets, rights to service mortgage loans for others. Accounting guidance requires that an asset be
recognized for the rights to service mortgage loans, including those rights that are created by the origination of mortgage loans that are sold with the servicing rights retained by the originator.
The recognition of the asset results in an increase in the gains recognized upon the sale of the mortgage loans sold. For these mortgage servicing rights
("</FONT><FONT SIZE=2><I>MSRs</I></FONT><FONT SIZE=2>"), the initial capitalized valuation of the MSRs is based on the estimated fair value of the expected net cash flows associated with the
servicing rights. ACM amortizes MSRs using the amortization method, which requires that MSRs be amortized in proportion to and over the period of net servicing income or net servicing loss and that
the servicing assets or liabilities be assessed for impairment or increased obligation based on fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing
revenues. The following assumptions were used in calculating each loan's MSR for the periods presented: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key
rates: ACM used discount rates ranging from 9% to 15% based on management's best estimate of market discount rates to determine the present value of MSRs. The inflation rate used for
adequate compensation was 3%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing
Cost: The estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
Life: ACM estimates the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and may be reduced by 6 to
12&nbsp;months based upon
the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
assesses MSRs for impairment based on the fair value of those rights. Fair values are estimated considering market prices for similar MSRs, when available, and by estimating the
present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. ACM
estimates the term of commercial servicing for each loan by assuming that servicing would not end prior to the yield maintenance date, if applicable, at which point the prepayment penalty expires.
MSRs are amortized in proportion to, and over the period of estimated net servicing income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
measures the impairment of MSRs based on the difference between the aggregate carrying amount of the MSRs and their fair value. For purposes of impairment evaluation and measurement,
the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the
carrying value of the MSRs exceeds fair value, a valuation allowance is established. As of December&nbsp;31, 2015 and 2014, ACM had no valuation allowance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
records write-offs of MSRs related to loans that were repaid prior to the expected maturity and loans that defaulted and are determined to be unrecoverable. When this occurs, the
write-off is </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>recorded
as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net on the statements of income. This direct write-down permanently reduces the
carrying value of the MSRs, precluding recognition of subsequent recoveries. During 2015, 2014 and 2013, ACM recorded $7.4&nbsp;million, $2.6&nbsp;million and $0.2&nbsp;million, respectively, of
such write-offs relating to specific MSRs, primarily due to prepayments of certain loans. Prepayment fees totaling $6.5&nbsp;million, $2.9&nbsp;million, and $0.5&nbsp;million were collected for
2015, 2014, and 2013, respectively, and are included as a component of servicing revenue, net on the statements of income. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Allowance for Loss-sharing Obligations  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a loan is sold under the Fannie Mae DUS program, ACM undertakes an obligation to partially guarantee the performance of the loan.
Generally, ACM is
responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In
addition, under the terms of the master loss sharing agreement with Fannie Mae, ACM is responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes,
insurance and foreclosure costs) until the amounts advanced exceeds 5% of the UPB at the date of default. Thereafter, ACM may request interim loss sharing adjustments which allow ACM to fund 25% of
such advances until final settlement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, ACM considers
the risk profile of the collateral and the historical loss experience in its portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
evaluates the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions which may signal a potential default.
Historically, initial loss recognition occurs at or before a loan becomes 60&nbsp;days delinquent. In instances where payment under the guaranty on a specific loan is determined to be probable and
estimable (as the loan is probable of foreclosure or in foreclosure), ACM records a liability for the estimated allowance for loss-sharing (a "</FONT><FONT SIZE=2><I>specific
reserve</I></FONT><FONT SIZE=2>") by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for
loss-sharing obligations in the statements of income, along with a write-off of the associated loan-specific MSR. The amount of the allowance considers ACM's assessment of the likelihood of repayment
by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition
value of the underlying collateral, and the level of risk sharing. ACM regularly monitor the specific reserves on all applicable loans and update loss estimates as current information is received. </FONT></P>

<UL>

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Revenue Recognition  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM records revenue from the origination and sales of originated loans. Such revenues include commitment fees, broker fees, loan
assumption fees, loan origination fees and gain on sale of loans. In some instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any
direct loan origination costs incurred, which is recognized upon sale of the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for
the sale of loans, when all the incidence of ownership passes to the buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_overview_of_current_business_environment"> </A>
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Overview of Current Business Environment    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fundamentals of the commercial and multifamily real estate market are strong. Multifamily occupancy rates and effective rents
continue to increase based upon strengthening rental market </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>demand
while delinquency rates remain at historic lows, all of which aid loan performance due to their importance to the cash flows of the underlying properties. Most other commercial real estate
asset classes have experienced similar performance in underlying fundamentals. The positive performance has boosted the value of many commercial and multifamily properties towards the high end of
historical ranges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the improved property fundamentals, for the last several years, the U.S. commercial and multifamily mortgage market has experienced historically low interest rates,
leading many borrowers to seek refinancing prior to the scheduled maturity date of their loans. As borrowers have sought to take advantage of the interest rate environment and improved property
fundamentals, the number of lenders and amount of capital available to lend has increased dramatically. According to the Mortgage Bankers Association, commercial and multifamily loan maturities were
expected to increase dramatically from 2015 through the end of 2017, as the loans originated at the height of the CMBS market begin maturing a decade later. All of these factors have benefited
ACMs&nbsp;origination volumes over the past few years and, in particular, in 2015, as evidenced by a 31% year-over-year growth in loan origination volume from 2014 to 2015. Competition among banks,
life insurance companies, and the GSEs remains fierce. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fourth quarter of 2015, the Federal Reserve raised its targeted Fed Funds Rate by 25 basis points. ACM does not anticipate a significant decline in origination volume or
profitability as a result of the increase as interest rates remain at historically low levels. However, ACM cannot be certain that such a trend will continue as the number, timing, and magnitude of
additional increases by the Federal Reserve, combined with other macroeconomic factors, may have a different effect on the commercial real estate market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is a national originator with Fannie Mae and Freddie Mac, and the GSEs remain the most significant providers of capital to the multifamily market. The Federal Housing Finance Agency
("</FONT><FONT SIZE=2><I>FHFA</I></FONT><FONT SIZE=2>") 2016 GSE Scorecard ("</FONT><FONT SIZE=2><I>2016 Scorecard</I></FONT><FONT SIZE=2>") established Fannie Mae's and Freddie Mac's loan
origination caps at $31.0&nbsp;billion each for market- rate apartments, ("</FONT><FONT SIZE=2><I>2016 Caps</I></FONT><FONT SIZE=2>"), an increase of $1.0&nbsp;billion each from the 2015 loan
origination caps. Affordable housing loans, loans to small multifamily properties, and manufactured housing rental community loans continue to be excluded from the 2016 Caps. Additionally, the
definition of the affordable loan exclusion continues to encompass affordable housing in high- and very-high cost markets and to allow for an exclusion from the 2016 Caps for the pro-rata portion of
any loan on a multifamily property that includes affordable units. The 2016 Scorecard provides the FHFA the flexibility to review the estimated size of the multifamily loan origination market on a
quarterly basis and proactively adjust the 2016 Caps upward should the market be larger than expected in 2016. The 2016 Scorecard also provides exclusions for loans to properties located in
underserved markets including rural, small multifamily and senior assisted living and for loans to finance energy or water efficiency improvements. The expanded liquidity should enable the GSEs to
maintain their historical market share in a multifamily market that is projected by the Mortgage Bankers Association to be in excess of $225.0&nbsp;billion in 2016. ACM's originations with the GSEs
are highly profitable executions as they provide significant non-cash gains from mortgage servicing rights. A decline in ACM's GSE originations would negatively impact ACM's financial results as
non-cash revenues would decrease disproportionately with loan origination volume and future servicing fee revenue would be constrained or decline. We do not know whether the FHFA will impose stricter
limitations on GSE multifamily production volume beyond 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to banks and life insurance companies, there has been a recent increase in CMBS financing for loans to commercial and multifamily properties. The peak of the CMBS market was
between 2005 and 2007, and after its collapse in 2008, CMBS originations were close to zero. However, in recent years, the demand for commercial and multifamily bonds has increased and ACM has
experienced increased competition from an ever-growing CMBS mortgage origination market. According to Wells Fargo Securities, non-agency CMBS issuance totaled $94.6&nbsp;billion in 2015, up 6.3% </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>from
2014 as the first wave of CMBS refinancing began. ACM originated $511&nbsp;million and $276&nbsp;million in CMBS/Conduit volumes in 2015 and 2014, respectively. Recent volatility in the
capital markets resulted in spreads widening and lower demand for CMBS investments in the fourth quarter of 2015. This volatility has continued into early 2016 and could impact overall volumes of CMBS
lending in 2016. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_factors_that_may_impact_the_ac__fac02750"> </A>
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Factors That May Impact the ACM Agency Business's Operating Results    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM believes that the ACM Agency Business's results may be affected by a number of factors, including the items discussed below. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Performance of Multifamily and Other Commercial Real Estate Related Markets. The ACM Agency Business is dependent on the general
demand for, and value of, commercial real estate&#151;particularly multifamily&#151;and related services, which are sensitive to economic conditions. Demand for multifamily and other
commercial real estate generally increases during stronger economic environments, resulting in increased property values, transaction volumes and loan origination volumes. During weaker economic
environments, multifamily and other commercial real estate may experience higher property vacancies, lower demand and reduced values. These conditions can result in lower property transaction volumes
and loan originations, as well as an increased level of servicer advances and losses from ACM's risk-sharing obligations. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Level of Losses from Risk-Sharing Obligations. Under the Fannie Mae DUS program, ACM shares risk of loss on nearly all the loans
it sells. In the majority of cases, ACM absorbs the first 5% of any losses on the UPB of a loan at the time of default, and above 5% it shares a percentage of the loss with Fannie Mae, with its
maximum loss capped at 20% of the OPB of a loan (the first loss percentage is subject to doubling or tripling and the maximum loss cap can increase to 30% or 40% if the loan does not meet specific
underwriting criteria or if the loan defaults within 12&nbsp;months of its sale to Fannie Mae). As a result, a continuing rise in delinquencies could have an adverse effect on the ACM Agency
Business. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Price of Loans in the Secondary Market. The ACM Agency Business's profitability is determined in part by the fees received to
originate a loan and the premium it recognizes on the sale of a loan. Stronger investor demand typically results in larger premiums while weaker demand results in little to no premium. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Market for Servicing Commercial Real Estate Loans. Servicing fee rates for new loans are set at the time of loan sale commitments and
are based on origination volumes, competition, prepayment rates and any risk-sharing obligations undertaken. Changes in future servicing fee rates impact the value of future MSRs and future servicing
revenues, which could impact the ACM Agency Business's profit margins and operating results over time. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Human Resources. The ACM Agency Business's profitability can be affected based on its ability to hire and retain quality staff. In
particular the hiring or loss of an established loan originator can have an impact on operating results. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Interest Rates. Rising interest rates can reduce loan origination volume but increase the value of MSRs due to the expected benefit of
higher earnings on escrow balances. A drop in interest rates has the opposite effect. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Percentage of Adjustable Rate Loans Originated. The adjustable rate mortgage loans
("</FONT><FONT SIZE=2><I>ARMs</I></FONT><FONT SIZE=2>") ACM originates typically have less stringent prepayment protection features than fixed rate mortgage loans
("</FONT><FONT SIZE=2><I>FRMs</I></FONT><FONT SIZE=2>"), resulting in a shorter expected life for ARMs&nbsp;than FRMs.&nbsp;The shorter expected life for ARMs&nbsp;results in smaller MSRs
recorded than for FRMs.&nbsp;Absent an increase in originations, an increase in the proportion of ACM's loans </FONT></DD></DL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>originated
that are ARMs&nbsp;could adversely impact the gains from mortgage banking activities ACM records. </FONT></P>

</UL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_results_of_operations"> </A>
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Results of Operations    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following is a discussion of the ACM Agency Business's results of operation for the years ended December&nbsp;31, 2015, 2014 and
2013. The ACM Agency Business's historical financial results are not necessarily indicative of future results. The ACM Agency Business is not typically subject to seasonal trends. However, the ACM
Agency Business's results have fluctuated in the past and are expected to fluctuate in the future, reflecting the interest rate environment, the volume of transactions and general economic conditions. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Year Ended December&nbsp;31, 2015 Compared to Year Ended December&nbsp;31, 2014  </I></B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_revenues"> </A>
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Revenues    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earned increased $3.5&nbsp;million, or 53%, for 2015 as compared 2014, primarily due to an increase in the average daily
balance of ACM's loans held-for-sale, as a result of a 53% increase in its agency origination volume during 2015 as compared to 2014. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee-based
services, including gain on sales, net increased $10.4&nbsp;million, or 25% for 2015 as compared to 2014, primarily due to a 35% increase in loan sales from
$2.3&nbsp;billion in 2014 to $3.1&nbsp;billion in 2015, partially offset by a 7% decrease in fee-based services as a percentage of loan sales volume ("</FONT><FONT SIZE=2><I>sales
margin</I></FONT><FONT SIZE=2>") from 181 basis points in 2014 to 168 basis points in 2015. The decrease in the sales margin was largely attributable to ACM's Fannie Mae volume in 2015 as a result of
an increase in average loan size, modified risk-sharing loans as well as adjustable-rate loans, all of which ACM receives lower fees from. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originated
mortgage servicing rights increased $8.0&nbsp;million, or 20% for 2015 as compared to 2014, primarily due to the significant increase in agency loan sales in 2015 compared
to 2014, partially offset by a decrease in OMSR income as a percentage of loan sales volume ("</FONT><FONT SIZE=2><I>OMSR rate</I></FONT><FONT SIZE=2>"). The OMSR rate
declined 19 basis points in 2015 as compared to 2014, as a result of a significant increase in Freddie Mac loan volume in 2015, which have lower servicing fees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing
revenue, net increased $4.4&nbsp;million, or 19%, for 2015 as compared to 2014, primarily due to a 21% increase in ACM's servicing portfolio from $9.0&nbsp;billion at
December&nbsp;31, 2014 to $10.9&nbsp;billion at December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_expenses"> </A>
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Expenses    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense increased by $3.5&nbsp;million, or 97%, for 2015 as compared to 2014, primarily due to a higher average warehouse
balance in 2015 as compared to 2014 due to the aforementioned increase in agency loan origination volume combined with an increase in financing of ACM's GSE collateral funding requirements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
compensation and benefits expense increased $6.8&nbsp;million, or 14%, for 2015 as compared to 2014, primarily due to higher originator commission costs and increased
operations related staffing costs due to a significant increase in originations in 2015 compared to 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
and administrative expense increased $3.4&nbsp;million, or 30%, for 2015 as compared to 2014, primarily attributable to increases in professional fees of $1.0&nbsp;million,
computer software and maintenance of $0.7&nbsp;million, rent expense of $0.5&nbsp;million, travel related expenses of $0.5&nbsp;million as well as marketing related expenses of
$0.4&nbsp;million. The increase in professional fees was due to underwriting services associated with increased originations in 2015 compared to 2014. The increase in computer software and
maintenance primarily related to a servicing system software upgrade. The increases in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>rent,
travel and marketing are associated with the growth of ACM's origination volume and servicing portfolio in 2015. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for loss sharing increased by $1.2&nbsp;million, or 45%, for 2015 as compared to 2014, due to an increase in the provision related to Fannie Mae loss sharing obligations
primarily resulting from an
increase in the Fannie Mae servicing loan portfolio from loan sales of $1.9&nbsp;billion in 2015 as compared to $1.6&nbsp;billion in 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Year Ended December&nbsp;31, 2014 Compared to Year Ended December&nbsp;31, 2013  </I></B></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_revenues_1"> </A>
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Revenues    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest earned increased $1.9&nbsp;million, or 42%, for 2014 as compared 2013, primarily due to an increase in the average daily
balance of ACM's loans held-for-sale, as a result of a 28% increase in its agency origination volume during 2014 as compared to 2013, as well as an increase in rates on new originations in 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee-based
services, including gain on sales, net increased $9.3&nbsp;million, or 29% for 2014 as compared to 2013, primarily due to a 21% increase in loan sales from
$1.9&nbsp;billion in 2013 to $2.3&nbsp;billion in 2014, combined with a 6% increase in sales margin from 170 basis points in 2013 to 181 basis points in 2014. The increase was primarily due to
increased sales margins on ACM's Fannie Mae and conduit loan sales in 2014 as compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originated
mortgage servicing rights increased $1.0&nbsp;million, or 3% for 2014 as compared to 2013, primarily due to a 15% increase in Fannie Mae loan sales in 2014, partially offset
by a decrease in OMSR rate on Fannie Mae loans in 2014, as compared to 2013. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing
revenue, net increased $4.5&nbsp;million, or 24%, for 2014 as compared to 2013, primarily due to a 17% increase in ACM's servicing portfolio from $7.7&nbsp;billion at
December&nbsp;31, 2013 to $9.0&nbsp;billion at December&nbsp;31, 2014. Additionally, ACM's servicing portfolio's weighted average servicing fee increased from 47 basis points at
December&nbsp;21, 2013 to 48 basis points at December&nbsp;31, 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_expenses_1"> </A>
<A NAME="toc_ea19201_10"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Expenses    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits expense increased $5.5&nbsp;million, or 13%, for 2014 as compared to 2013, primarily due to higher
originator commission costs and increased operations related staffing costs due to a significant increase in originations in 2014 compared to 2013. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ea19201_liquidity_and_capital_resources"> </A>
<A NAME="toc_ea19201_11"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidity and Capital Resources    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sources and Uses of Liquidity  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity is a measure of the ACM Agency Business's ability to meet potential cash requirements, including ongoing commitments to repay
borrowings, fund and maintain its assets and operations, make distributions and other general business needs. The ACM Agency Business's primary sources of cash generally consist of unused borrowing
capacity under its credit facilities, servicing fees from its MSR portfolio, fee income from loan sales and other cash generated from its operating activities. The ACM Agency Business's cash flow
needs consist of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Liquidity necessary to fund mortgage loans, primarily funded by short-term warehouse financing; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Day-to-day operating cash flows, including operating expenses of the business, debt service payments and servicing advances related to
its agency loans; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Satisfaction of collateral requirements under the Fannie Mae DUS risk-sharing agreement and as an approved designated seller/servicer
of Freddie Mac's SBL Program; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=103,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=121217,FOLIO='96',FILE='DISK129:[16ZAW1.16ZAW19201]EA19201A.;6',USER='CHE106206',CD='16-APR-2016;09:09' -->
<A NAME="page_ea19201_1_97"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Working capital to meet the operational liquidity requirements of the GSE agencies and warehouse facility lenders; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Risk-sharing obligations on loans originated under the Fannie Mae DUS program. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
the ACM Agency Business's cash flows from operations and warehouse facilities have been sufficient to enable it to meet its short-term liquidity needs and other funding
requirements. ACM believes its existing sources of funds will be adequate for meeting its short-term and long-term liquidity needs for the foreseeable future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth changes in cash and cash equivalents: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="50pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Change </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Years Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 vs.<BR>
2014 </B></FONT></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 vs.<BR>
2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>(in thousands)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by / (used in) operating activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(60,093</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,964</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>83,836</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(131,057</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) / provided by investing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(25,099</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,135</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,775</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(45,234</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,910</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by / (used in) financing activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,525</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59,169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(59,243</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(55,644</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>118,412 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase (decrease) in cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,168</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,211</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,947</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(17,043</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of year</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,849</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,211</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,947 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at end of year</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,228</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,849</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,168</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,211 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in cash flows from operations were driven primarily by the timing of loans held-for-sale acquired and sold. Such loans are held for short periods of time, generally less than
60&nbsp;days, and impact cash flows presented as of a point in time. Excluding cash flows from the origination and sale of loans, the change in cash flows provided by operations was
$14.9&nbsp;million from 2014 to 2015 and $16.9&nbsp;million from 2013 to 2014, primarily due to an increase in profitability. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in cash flows from investing activities from 2014 to 2015 was primarily attributable to cash flows used in and provided by the ACM Agency Business's restricted cash GSE
agency requirements. In 2015, cash used for restricted cash funding increased primarily due to cash collateral of $20.6&nbsp;million posted in satisfaction of the SBL Program requirements. In 2014,
ACM replaced cash collateral posted to satisfy its Fannie Mae restricted cash requirements with a $30.0&nbsp;million letter of credit. The increase in cash flows from investing activities from 2013
to 2014 was primarily attributable to the aforementioned replacement of its restricted cash collateral with a letter of credit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
decrease in cash flows from financing activities from 2014 to 2015 was due in part to the timing of credit facility financings of the ACM Agency Business's loans held-for-sale
acquired and sold and the impact on cash flows presented as of a point in time as well as the partial financing of the SBL Program cash collateral requirements totaling $15.7&nbsp;million at
December&nbsp;31, 2015. Excluding cash flows from these credit facilities, the change in cash flows used in financing activities was $11.0&nbsp;million from 2014 to 2015, primarily due to an
increase in distributions year over year. The increase in cash flows from financing activities from 2013 to 2014 was also due in part to the timing of credit facility financings of ACM's loans
held-for-sale combined with repayment of a $5.0&nbsp;million term loan in 2014 which was used to finance a portion of ACM's Fannie Mae restricted cash requirement. Excluding cash flows from these
credit facilities, the change in cash flows used in financing activities was $25.6&nbsp;million from 2013 to 2014, primarily due to an increase in net distributions year over year. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ec19201_1_98"> </A>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


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Restricted Cash and Agency Requirements  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature of the ACM Agency Business's mortgage banking activities, it is subject to supervision by certain regulatory
agencies. Among other things, these agencies require the business to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with
reporting requirements. ACM's adjusted net worth and liquidity required by the agencies at December&nbsp;31, 2015 and 2014 exceeded these requirements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program, and as such, ACM is required to secure this obligation by assigning
cash collateral and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk
level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier&nbsp;2
loans of 75 basis points, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. As of December&nbsp;31, 2015, ACM met the restricted liquidity requirement with
a $33.5&nbsp;million letter of credit and $0.9&nbsp;million of cash collateral. Additionally, substantially all of the loans for which ACM has risk sharing are Tier&nbsp;2 loans. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, restricted liquidity requirements for the December&nbsp;31, 2015 Fannie Mae DUS loan portfolio will require ACM to fund $19.0&nbsp;million in
additional restricted liquidity over the next 48&nbsp;months, assuming no further principal paydowns, prepayments, or defaults within ACM's at risk portfolio. Fannie Mae periodically reassesses
these collateral requirements and may make changes to these requirements in the future. ACM generates sufficient cash flow from its operations to meet these capital standards and does not expect any
changes to have a material impact on its future operations; however, future changes to collateral requirements may adversely impact ACM's available cash. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, the ACM Agency Business's cash and cash equivalents balance exceeded the requirement to maintain at least $9.6&nbsp;million of liquid assets to meet its
operational liquidity requirements for Fannie Mae. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is subject to various capital requirements in connection with seller/servicer agreements that ACM has entered into with secondary market investors. Failure to maintain minimum
capital requirements could result in ACM's inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on the ACM Agency Business's
combined financial statements. As of December&nbsp;31, 2015, ACM met all capital amounts required for capital adequacy purposes. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Credit Facilities  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM funds loans that it originates related to the GSE and HUD programs through several committed and uncommitted warehouse lines of
credit and are primarily secured by ACM's loans held </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ec19201_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>for
sale. Additionally, ACM has other credit arrangements it has entered into to meet various operational liquidity needs. These credit facilities consist of the following: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=10 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:56pt;"><FONT SIZE=1><B>Credit Facilities

<!-- COMMAND=ADD_SCROPPEDRULE,56pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Principal<BR>
Balance </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Carrying<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Note Rate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maturity<BR>
Dates </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$150&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,582,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,358,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Nov. 2016</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$150&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,716,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,527,212</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Aug. 2016</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$200&nbsp;million multifamily as soon as pooled plus agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,621,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,621,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Uncommitted</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$100&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,944,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,943,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Jun. 2016 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Warehouse lines&#151;GSE</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>269,864,553</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>269,449,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Facility agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,720,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,703,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>May 2017</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$3.1&nbsp;million master security agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Jun./Oct. 2020 </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,690,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,258,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
has three warehouse lines of credit with three different financial institutions to finance GSE loan originations prior to sale. As of December&nbsp;31, 2015, these three facilities
had a combined commitment of $400&nbsp;million, interest at a variable rate based on LIBOR, maturities ranging from June to November of 2016 and as collateral, the financial institutions have a
security interest in the underlying mortgage notes. The warehouse lines are generally one-year commitments that renew annually and are subject to various financial covenants and restrictions under the
terms of each facility. ACM's ability to originate mortgage loans depends upon its ability to secure and maintain these types of short-term financing on acceptable terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
2008, ACM has continued use of a $200&nbsp;million Multifamily As Soon as Pooled Plus ("</FONT><FONT SIZE=2><I>MASAP</I></FONT><FONT SIZE=2>") agreement with Fannie Mae. The
agreement has no commitment amount or expiration date and interest is based on a spread over LIBOR (with a LIBOR Floor of 0.35%). The MASAP provides ACM with another warehousing credit facility for
mortgage loans that are to be sold and serviced under the Fannie Mae DUS program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an approved designated seller/servicer of Freddie Mac's SBL Program, ACM is required to post collateral to ensure that it is able to meet certain purchase and loss obligations
required by this program. ACM has a facility agreement with a third party investor for the purpose of funding a portion of this SBL Program collateral requirement. In addition, as part of this
agreement, the third party investor has agreed to meet certain purchase obligations under the SBL Program. The facility bears interest at a fixed rate and matures in May 2017. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
has a master security agreement with a financial institution to finance up to $3.3&nbsp;million for the renovation of its corporate office. The facility bears interest at a fixed
rate, requires monthly amortization payments and matures in 2020. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
has a letter of credit of up to $35.0&nbsp;million which is used to satisfy its restricted cash requirements in accordance with the terms of the loss sharing agreement with Fannie
Mae. The letter of credit bears interest at a fixed rate, matures in December 2017, has two one-year extension options and is collateralized by ACM's servicing revenue as approved by Fannie Mae. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the credit facilities contains various financial covenants and restrictions, including minimum tangible net worth, debt to equity ratio, debt service coverage ratio and a minimum
servicing portfolio. ACM was in compliance with all financial covenants and restrictions at December&nbsp;31, 2015 and 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=106,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=728095,FOLIO='99',FILE='DISK129:[16ZAW1.16ZAW19201]EC19201A.;5',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_ec19201_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec19201_financial_instruments_with_off-balance-sheet_risk"> </A>
<A NAME="toc_ec19201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financial Instruments with Off-Balance-Sheet Risk    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM enters into financial instruments with off-balance-sheet risk in the normal course of business through the origination and sale of
mortgage loans and the management of potential loss exposure caused by fluctuations of interest rates. Financial instruments with off-balance-sheet risk include commitments to extend credit and
mandatory forward commitments. These instruments involve, to varying degrees, elements of credit and interest rate risk. ACM manages credit risk by entering into agreements only with Wall Street
investment bankers having primary dealer status and with permanent investors meeting our standards. At any time, ACM's risk, in the event of default by the purchaser, is the difference between the
contract price and current market price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
a locked interest rate commitment is extended by ACM to a borrower, ACM has no interest rate risk. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simultaneous
to a locked interest rate commitment being extended, ACM enters into mandatory forward commitments used to minimize interest rate exposure on loans held-for-sale and loan
commitments which have been rated locked. As of December&nbsp;31, 2015, there were ten commitments outstanding to borrowers that had a locked interest rate and corresponding mandatory forward
commitments totaling approximately $46.9&nbsp;million. As of December&nbsp;31, 2014, there were four commitments outstanding to borrowers that had a locked interest rate and corresponding
mandatory forward commitments totaling approximately $53.3&nbsp;million. At both December&nbsp;31, 2015 and 2014, the values of these commitments were de minimus. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec19201_contractual_obligations"> </A>
<A NAME="toc_ec19201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Contractual Obligations    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ACM Agency Business has contractual obligations to make future payments on credit facilities and lease agreements. Maturities of
credit facilities as well as minimum annual operating lease payments under leases with a term in excess of one year in effect as of December&nbsp;31, 2015 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:16pt;"><FONT SIZE=1><B>Year

<!-- COMMAND=ADD_SCROPPEDRULE,16pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Credit<BR>
Facility<BR>
Maturities </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Minimum Annual<BR>
Operating Lease<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,864,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,184,986</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>273,049,539</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,720,403</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,097,858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,818,261</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,543,485</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,543,485</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,214,504</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,214,504</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,727,385</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,832,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,962,397</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,962,397 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,690,412</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,730,615</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>311,421,027 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec19201_new/recent_accounting_pronouncements"> </A>
<A NAME="toc_ec19201_3"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New/Recent Accounting Pronouncements    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no accounting standards that were issued and required to be implemented that were not implemented that would have or are
expected to have a material impact on the financial position or results of the ACM Agency Business as of December&nbsp;31, 2015. See Combined Financial Statements of the Carve-Out Agency Business of
Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries included herein for a description of recent accounting pronouncements that are effective for us in future periods. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="ec19201_quantitative_and_quali__ec102463"> </A>
<A NAME="toc_ec19201_4"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Quantitative and Qualitative Disclosures About Market Risk    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM is not currently exposed to interest rate risk during the loan commitment, closing and delivery process. The sale or placement of
each loan to an investor is negotiated prior to closing on the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=107,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=974449,FOLIO='100',FILE='DISK129:[16ZAW1.16ZAW19201]EC19201A.;5',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_ec19201_1_101"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>loan
with the borrower, and the sale or placement is effectuated within 60&nbsp;days of closing. The coupon rate for the loan is set after ACM has established the interest rate with the investor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of ACM's assets and liabilities are subject to changes in interest rates. The borrowing cost of ACM's warehouse facilities are based on LIBOR. ACM's loans held sale are
predominately fixed rate loans. Therefore, a 100 basis point increase in 30-day LIBOR would decrease the ACM Agency Business's annual net interest income by approximately $2.7&nbsp;million based on
outstanding warehouse balances as of December&nbsp;31, 2015, compared to $2.3&nbsp;million as of December&nbsp;31, 2014. A decrease in 30-day LIBOR to zero would increase the ACM Agency
Business's annual net interest income by approximately $1.0&nbsp;million based on outstanding warehouse balances as of December&nbsp;31, 2015, compared to $0.2&nbsp;million as of
December&nbsp;31, 2014 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings
on escrow balances are generally based on a negotiated fixed rate that may be indirectly associated with interest rate benchmarks such as LIBOR. Therefore, while changes in
benchmark rates such as LIBOR may increase or decrease the ACM Agency Business's annual earnings in the future, the changes may not necessarily move in direct correlation with such interest rate
benchmarks. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of ACM's MSRs is subject to market risk. A 100 basis point increase or decrease in the weighted average discount rate would decrease or increase, respectively, the fair
value of ACM's MSRs by approximately $6.7&nbsp;million as of December&nbsp;31, 2015 compared to approximately $5.0&nbsp;million as of December&nbsp;31, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee19201_unaudited_pro_forma_co__ee102224"> </A>
<A NAME="toc_ee19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma consolidated balance sheet is presented as if the Proposed Acquisition had occurred on
December&nbsp;31, 2015. The unaudited pro forma consolidated statement of income for the year ended December&nbsp;31, 2015 is presented as if the Proposed Acquisition had occurred on
January&nbsp;1, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying unaudited pro forma consolidated financial statements are based on the historical financial statements of the Company after giving pro forma effect to the Company's
acquisition of the ACM Agency Business and related assets, liabilities and personnel. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma consolidated financial statements have been prepared using the historical consolidated financial statements of the Company and the ACM Agency Business. The
unaudited pro forma consolidated financial information, including the notes thereto, should be read in conjunction with the following historical financial statements and accompanying notes for the
applicable periods, which are incorporated by reference or included in this proxy statement:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The Company's audited consolidated financial statements for the year ended December&nbsp;31, 2015 included in our Annual Report on
Form&nbsp;10-K which we filed with the SEC on February&nbsp;26, 2016 (incorporated by reference); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> The audited carve-out financial statements of the ACM Agency Business for the year ended December&nbsp;31, 2015 included herein. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma consolidated financial information has been prepared by management and is based upon available information, preliminary estimates and certain assumptions that
management believes are reasonable and factually supportable to reflect the effects of the Proposed Acquisition. The unaudited pro forma consolidated financial information is preliminary and is being
furnished solely for informational purposes and, therefore, is not necessarily indicative of the consolidated results of operations or financial position that might have been achieved by the
consolidated company for the dates or periods indicated, nor is it necessarily indicative of the results of operations or financial position of the consolidated company that may occur in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma consolidated financial statements have been prepared using the acquisition method of accounting for business combinations under accounting principles generally
acceptable in the United States, or GAAP. The unaudited pro forma adjustments related to the Proposed Acquisition are preliminary and do not reflect the final purchase price or final debt and equity
components of the Proposed Acquisition. The completion of the valuation, accounting for the Proposed Acquisition, the allocation of the purchase price and the impact of ongoing integration activities
could cause significant differences in the purchase price, debt and equity components and allocation of the purchase price, which may affect the value assigned to the tangible or intangible assets and
amount of depreciation and amortization expense recorded in the consolidated statement of income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited pro forma consolidated financial statements do not reflect any non-recurring revenues or charges related to integration activity that may be incurred by the Company or the
ACM Agency Business with respect to the Proposed Acquisition. The unaudited pro forma consolidated financial statements also does not reflect any cost savings or synergies that we may realize after
the consummation of the Proposed Acquisition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="eg19201_arbor_realty_trust,_inc._unaud__arb04993"> </A>
<A NAME="toc_eg19201_1"> </A></FONT> <FONT SIZE=2><B><BR>  ARBOR REALTY TRUST,&nbsp;INC.    <BR>    <BR>    UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET    <BR>    <BR>    As of December&nbsp;31, 2015    <BR>    <BR>    (In thousands, except share
and per share data)    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="16pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical<BR>
ART </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical<BR>
Agency<BR>
Business </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>188,709</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,228</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(109,162</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> A</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>120,775</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 48,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 21,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (857</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> B</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 68,928</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held-for-sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 268,918</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,158</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> C</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 272,076</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans and investments, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,450,334</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,450,334</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Available-for-sale securities, at fair value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,022</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,022</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments available-for-sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 2,676</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments in equity affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 30,870</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 30,870</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real estate owned, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 60,846</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 60,846</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real estate held-for-sale, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,669</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due from related party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,082</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,082</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalized mortgage servicing rights, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 155,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 52,771</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> D</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 208,521</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> E</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intangible assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 45,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> F</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 45,030</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,801</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 29,559</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,486</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 33,045 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,827,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>498,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,334,338 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities and Equity:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facilities and repurchase agreements</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>136,252</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,259</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> G</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>424,942</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related party financing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 50,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> H</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 50,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Collateralized loan obligations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 758,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 758,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior unsecured notes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 93,765</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 93,765</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Junior subordinated notes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 157,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 157,117</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgage note payable&#151;real estate owned</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,155</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,155</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 22,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 22,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to related party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,428</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,428</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due to borrowers</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 34,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 34,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for loss-sharing obligations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 28,564</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 28,564</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,054</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,054 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,262,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 339,032</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 50,431</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 1,651,764 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncontrolling interest in Operating Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 124,807</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> I</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 124,807</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Equity:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-top:11pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 89,296</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 192</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> I</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 89,488</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Common stock, $0.01 par value</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 510</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 510</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional paid-in capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 616,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 616,244</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated deficit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (136,118</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7,516</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> J</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (143,634</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated other comprehensive loss</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (4,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (4,841</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Invested equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 159,311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (159,311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> K</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 565,091</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 159,311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (166,635</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 557,767 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,827,392</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>498,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,334,338 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
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<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei19201_arbor_realty_trust,_inc._unaud__arb05793"> </A>
<A NAME="toc_ei19201_1"> </A></FONT> <FONT SIZE=2><B><BR>  ARBOR REALTY TRUST,&nbsp;INC.    <BR>    <BR>    UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF INCOME    <BR>    <BR>    For the year ended December&nbsp;31, 2015    <BR>    <BR>    (In
thousands, except share and per share data)    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="14pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical<BR>
ART </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Historical<BR>
Agency<BR>
Business </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Adjustments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Pro Forma<BR>
Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>106,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,126</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>116,895</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other interest income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,884</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,884</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 49,720</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,070</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> L</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 60,540 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net interest income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 64,933</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,056</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 64,239 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other revenue:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property operating income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,666</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fee-based services, including gain on sales, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,317</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,317</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Originated mortgage servicing rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 47,614</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 47,614</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing revenue, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,822</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7,229</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> M</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 20,593</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other income, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 270</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 270 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 27,936</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 126,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (7,229</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 147,460 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Other expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee compensation and benefits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 17,500</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 54,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (5,835</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> N</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 66,281</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 12,526</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 14,626</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (3,515</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> O</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 23,637</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property operating expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 23,238</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 23,238</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 5,436</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 8,445</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> P</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 13,881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loss sharing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,785</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 3,785</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loan losses (net of recoveries)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,467</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management fee&#151;related party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 10,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 5,343</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Q</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 16,243 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total other expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 74,067</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 73,027</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 4,438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 151,532 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from operations, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 18,802</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 56,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (15,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 60,167</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on acceleration of deferred income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 19,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 19,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loss on termination of swaps</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (4,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (4,630</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on sale of real estate</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,784</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,784</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Income from equity affiliates</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 12,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 12,301</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for income taxes</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> R</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (6,300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 53,429</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 56,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> (21,717</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 88,494</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred stock dividends</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,554</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 7,554</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to noncontrolling interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 22,208</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 22,208 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income attributable to common stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,875</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(43,925</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58,732 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic earnings per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.15 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted earnings per common share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.15 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Weighted average number of shares of common stock outstanding:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Basic</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 50,857,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> &#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 50,857,750 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 51,007,328</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 19,230,769</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> S</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2> 70,238,097 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2> </font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2> </font>&#8203;


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B> </b></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2><B></b></font>&#8203;<font></FONT></TD>
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&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

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<!-- ZEQ.=1,SEQ=111,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=427999,FOLIO='104',FILE='DISK129:[16ZAW1.16ZAW19201]EI19201A.;6',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ek19201_1_105"> </A>

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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ek19201_notes_to_unaudited_pro_forma_c__not02579"> </A>
<A NAME="toc_ek19201_1"> </A></FONT> <FONT SIZE=2><B><BR>  NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Note&nbsp;1&#151;Description of Transaction  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, the Company, along with its operating partnership, Arbor Realty Limited Partnership (the "Partnership"), and its taxable REIT subsidiary, entered into an
asset purchase agreement (the "Purchase Agreement") to acquire the ACM Agency Business (as described below) for $250.0&nbsp;million. Arbor Commercial Mortgage ("ACM") is the Company's external
manager and a related party to the Company. The purchase price is to be paid 50% in cash and 50% in units of limited partnership interest in the Partnership which are redeemable for cash, or at the
Company's option, for shares of the Company's common stock on a one-for-one basis ("OP Units"). The equity component of the purchase price consists of 19.23&nbsp;million OP Units which was based on
a stock price of $6.50 per share. Each of the OP Units will be paired with a share of the Company's newly-designated Special Voting Preferred Stock which will entitle ACM to one vote per share on any
matter submitted to a vote of the Company's stockholders. The OP Units are entitled to receive distributions if and when the Company's Board of Directors authorizes and declares common stock
distributions. The purchase price is subject to potential adjustment based on changes in the value of ACM's servicing portfolio being acquired on the closing date. ACM has offered the option, at the
discretion of the Special Committee of the Company's board of directors, to provide for up to $50.0&nbsp;million of financing to satisfy a portion of the cash consideration to be paid by the
Company. All ACM employees directly related to the ACM Agency Business (approximately 230 employees) will become employees of the Company following the consummation of the Proposed Acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"ACM Agency Business" is comprised of its (i)&nbsp;underwriting, originating, selling and servicing multifamily mortgages under the Federal National Mortgage Association ("Fannie
Mae") delegated underwriting and servicing ("DUS"), U.S. Department of Housing and Urban Development ("HUD")/Federal Housing Administration ("FHA"), Government National Mortgage Association ("GNMA"),
Federal Home Loan Mortgage Corporation ("Freddie Mac") and conduit/commercial mortgage-backed securities ("CMBS") programs, and (ii)&nbsp;certain assets and liabilities primarily consisting of the
mortgage servicing rights related to the agency servicing portfolio, agency loans held for sale, warehouse financing of agency loans held for sale and other assets and liabilities directly related to
the ACM Agency Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, pursuant to the Purchase Agreement, ACM has provided a two year option for the Company to purchase the existing Management Agreement and fully internalize the Company's
management structure for $25.0&nbsp;million (increasing to $27.0&nbsp;million in the second year). The exercise of this option is at the discretion of the special committee of the Company's board
of directors, which has no obligation to exercise its option, and as such, this option is not included in the pro forma consolidated financial information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transactions contemplated pursuant to the Purchase Agreement will require certain government and GSE approvals as well as a vote of the stockholders of ART and other third party
approvals. These transactions are expected to close during the third quarter of 2016; however, there can be no assurances that these transactions will be completed during this period or at all. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expected sources for the purchase price of the Proposed Acquisition are as follows (in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Issuance of 19,230,769 OP Units at $6.50 per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash on hand</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>75,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Borrowings from seller financing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Sources</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>250,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</TR>

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<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=112,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=119559,FOLIO='105',FILE='DISK129:[16ZAW1.16ZAW19201]EK19201A.;9',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_ek19201_1_106"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Note&nbsp;2&#151;Fair Value of Assets Acquired, Liabilities Assumed and Calculation of Goodwill  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total purchase price has been allocated in the accompanying unaudited pro forma consolidated financial statements based upon (i)&nbsp;the amounts reported in the historical
carve-out financial statements of the ACM Agency Business for any assets that are reported at fair value in accordance with ACM's historical accounting policies, or (ii)&nbsp;management's
preliminary estimates of fair value. The allocation of the ACM Agency Business's tangible and intangible assets and liabilities under this methodology as if the Proposed Acquisition occurred on
December&nbsp;31, 2015, is as follows (in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:56pt;"><FONT SIZE=1><B>Assets Acquired

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41,228</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Working capital adjustment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(26,645</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,484</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Less: Fannie Mae restricted cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(857</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>272,076</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments available-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,676</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalized mortgage servicing rights, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>208,521</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Finite-lived intangible assets(a)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,861</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Infinite-lived intangible assets(a)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,801</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,486</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities Assumed</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facilities and repurchase agreements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(288,690</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(22,209</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for loss-sharing obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(28,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net assets acquired</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>232,337 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
following table summarizes the estimated fair values of the Company's identifiable intangible assets and their estimated useful lives and uses a
straight line method of amortization (dollars in thousands), if applicable: </FONT></DD></DL>
 </DIV>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
Useful Life<BR>
in Years </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Annual 2015<BR>
Amortization<BR>
Expense </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Finite-lived intangible assets:</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Broker relationships</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>33,737</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,747</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Borrower relationships</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,124</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>825 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>37,861</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,572 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Infinite-lived intangible assets:</B></FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae DUS license</FONT></TD>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,061</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac Program Plus license</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>554</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FHA license</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>554</FONT></TD>
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$</FONT></TD>
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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
preliminary estimates of fair value and estimated useful lives will likely differ from final amounts that will be calculated after completing a detailed valuation analysis, and the
difference could </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=113,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=500478,FOLIO='106',FILE='DISK129:[16ZAW1.16ZAW19201]EK19201A.;9',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_ek19201_1_107"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Note&nbsp;2&#151;Fair Value of Assets Acquired, Liabilities Assumed and Calculation of Goodwill (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>have
a material impact on the accompanying unaudited pro forma consolidated financial statements. A 10% change in the valuation of intangible assets would cause a corresponding increase or decrease in
the balance of goodwill of approximately $4.5&nbsp;million and annual amortization expense of approximately $0.8&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
represents the excess of the purchase price over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed. This
determination of goodwill is preliminary, and is subject to change when the evaluation is complete. A preliminary determination of the goodwill is as follows (in thousands): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="56pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total purchase price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>250,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preliminary estimate of the fair value of net assets acquired</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(232,337</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Goodwill</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17,663 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
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Note&nbsp;3&#151;Pro Forma Adjustments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma adjustments included in the accompanying information do not reflect the final purchase price, or final components of debt and equity contemplated in the Proposed
Acquisition. The allocation of consideration transferred to the various tangible and intangible assets acquired and liabilities assumed is preliminary and is subject to change. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Unaudited Pro Forma Consolidated Balance Sheet as of December&nbsp;31, 2015:  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>A)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the planned cash consideration payment of $75.0&nbsp;million upon consummation of the Proposed
Acquisition. Adjustment also reflects a $26.6&nbsp;million reduction to the ACM cash balance pursuant to the terms of the excess working capital adjustment outlined in the Purchase Agreement.
Additionally, adjustment reflects a $7.5&nbsp;million reduction representing the estimated remaining transaction costs related to the Proposed Acquisition.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>B)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect $0.9&nbsp;million of cash posted as collateral under the Fannie Mae DUS program refunded to ACM.
As per the Purchase Agreement, ACM is entitled to any Fannie Mae restricted cash less than or equal to $2.5&nbsp;million.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>C)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the preliminary fair value adjustment necessary to write-up Loans held-for-sale to equal the
independent third party estimated fair value of $272.1&nbsp;million at December&nbsp;31, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>D)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the preliminary fair value adjustment necessary to write-up capitalized mortgage servicing rights,
net to equal the independent third party estimated fair value of $208.5&nbsp;million at December&nbsp;31, 2015. The fair value adjustment includes estimated capitalized mortgage servicing rights
of $5.5&nbsp;million related to the ACM Agency Business's loans held-for-sale at December&nbsp;31, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>E)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the establishment of goodwill of $17.7&nbsp;million estimated as a result of the preliminary
purchase price allocation detailed above.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>F)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the preliminary purchase price allocation recognition of certain intangible assets including
broker and borrower relationships and all GSE licenses (see Note&nbsp;2 above). </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Note&nbsp;3&#151;Pro Forma Adjustments (Continued) </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>G)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the fair value adjustment necessary to write-up credit facilities and repurchase agreements to
equal the independent third party estimated fair value of $288.7&nbsp;million at December&nbsp;31, 2015.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>H)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the planned financing and cash consideration payment of $50.0&nbsp;million upon consummation of
the Proposed Acquisition. In connection with the closing of the Proposed Acquisition, a subsidiary of the Company anticipates entering into a $50.0&nbsp;million preferred equity interest financing
with ACM, which will be used to satisfy a portion of the cash component of the purchase price. This debt will have a five year maturity with an expected interest pay rate of 7% for the first six
months, 8% for the next year, and increasing by 1% per annum thereafter. Additionally, after 18&nbsp;months, the principal balance due is scheduled to increase over time with $62.5&nbsp;million
due if the debt remained outstanding until the end of the five-year term.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>I)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the value of the approximately 19.23&nbsp;million OP Units to be issued at an offering price of
$6.50 to satisfy the stock portion of the total consideration ($250.0&nbsp;million purchase price of which $125.0&nbsp;million is in cash and $125.0&nbsp;million is in stock). Each of these OP
Units are paired with one share of the Company's Special Voting Preferred Stock having a par value of $0.01 per share and entitling ACM to one vote on any matter submitted to the Company's
stockholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>J)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect $7.5&nbsp;million of estimated remaining transaction costs related to the Proposed Acquisition
(see Note&nbsp;A).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>K)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the elimination of the ACM Agency Business of ACM's Members' capital balance in combination. </FONT></DD></DL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><I>


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Unaudited Pro Forma Consolidated Statement of Income for the Year Ended December&nbsp;31,
2015:  </I></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>L)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the additional interest expense associated with the planned financing of $50.0&nbsp;million upon
consummation of the Proposed Acquisition (see Note&nbsp;H above). The debt is expected to have an interest rate of 7.00% for the first six months and 8.00% for the following year. The adjustment of
$3.8&nbsp;million is based on the $50.0&nbsp;million principal balance and an average interest rate of 7.50%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>M)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect an increase in amortization of originated mortgage servicing rights based on a projected fair
value adjustment to capitalized mortgage servicing rights, net on the balance sheet over the estimated life of approximately 7.3&nbsp;years.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>N)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the reallocation of compensation related to certain employees based on the portion of their
allocable time spent working on the ACM Agency Business, which was previously recorded in employee compensation and benefits on the historical financial statements of the ACM Agency Business. As a
result of the Proposed Acquisition, these employees will be retained by ACM and their allocable portion of time spent working on the ACM Agency Business will be charged through the management fee (see
Note&nbsp;Q below).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>O)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect a $3.1&nbsp;million decrease for one-time transaction costs recorded in 2015 related to the
Proposed Acquisition. Additionally, the adjustment includes a $0.9&nbsp;million decrease related to the reclassification of depreciation (see Note&nbsp;P below). These decreases were partially
offset by a $0.5&nbsp;million reallocation of the selling and administrative portion of the management fee (see Note&nbsp;Q below). The pro forma adjustment represents the increase in selling and
administrative </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION (Continued) </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Note&nbsp;3&#151;Pro Forma Adjustments (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>expenses
related to non-compensation costs (i.e.&nbsp;rent, utilities) that are captured within the management fee.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>P)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect a $7.5&nbsp;million increase in amortization of intangibles calculated as the pro forma
adjustment to certain intangible assets on the balance sheet (see Note&nbsp;F above) divided by the useful life of those assets in years. The useful life is estimated as five years for both broker
and borrower relationships. All other intangible assets, such as all GSE licenses and goodwill are considered to have an indefinite life and are not subject to amortization. Additionally, adjustment
reflects $0.9&nbsp;million related to the reclassification of depreciation from selling and administrative expenses. Depreciation was originally recorded as part of selling and administrative
expenses on the ACM Agency Business's historical financial statements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>Q)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the reallocation of compensation and selling and administrative expenses (see
Notes&nbsp;N&nbsp;&amp; O above), resulting in a net increase to the management fee upon consolidation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>R)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the estimated income tax provision of $6.3&nbsp;million related to the ACM Agency Business's
historical net income for 2015, which represents an estimated effective tax rate for the ACM Agency Business of approximately 11%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>S)</B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To reflect the issuance of approximately 19.23&nbsp;million OP Units in connection with the Proposed
Acquisition (see Note&nbsp;I above). </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

<HR NOSHADE>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="el19201_stockholder_proposals_for_2017"> </A>
<A NAME="toc_el19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  STOCKHOLDER PROPOSALS FOR 2017    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals received from stockholders in accordance with Rule&nbsp;14a-8 under the Exchange Act are given careful consideration by our
Nominating/Corporate Governance Committee and the Board. If a stockholder intends to present a proposal at the Company's 2017 annual meeting of stockholders pursuant to Rule&nbsp;14a-8 under the
Exchange Act, in order for such stockholder proposal to be included in the Company's proxy statement for that meeting, the stockholder proposal must be received by the Company at its corporate
headquarters, located at 333 Earle Ovington Boulevard, Suite&nbsp;900, Uniondale, New York 11553, Attention: Secretary, on or before December&nbsp;13, 2016. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for a stockholder to nominate directors or propose other business at the Company's 2017 annual meeting of stockholders outside of Rule&nbsp;14a-8, such nominations or proposal
must contain the information required by the Company's bylaws and be received by the Company in accordance with the Company's bylaws. Pursuant to the Company's current bylaws, stockholder nominations
or proposals must be submitted not later than January&nbsp;12, 2017 and not earlier than December&nbsp;13, 2016; provided,
however, in the event that mailing of the notice for the 2017 annual meeting of stockholders is advanced more than 30&nbsp;days prior to or delayed more than 30&nbsp;days after April&nbsp;12,
2017, a proposal by a stockholder to be timely must be delivered not earlier than the 120th&nbsp;day prior to the date of mailing of the notice for such meeting and not later than the close of
business on the later of (1)&nbsp;the 90th&nbsp;day prior to the date of mailing of the notice for such meeting and (2)&nbsp;the tenth day following the date on which public announcement of the
date of such meeting is first made. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="el19201_other_matters"> </A>
<A NAME="toc_el19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  OTHER MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board does not know of any other matters to be presented for action at the Special Meeting other than those listed and referred to
herein. Under Maryland law and our Bylaws, no matter may be properly presented at the Special Meeting except as specifically designated in the Notice of Special Meeting of Stockholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="el19201_other_information"> </A>
<A NAME="toc_el19201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  OTHER INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="el19201_householding_of_proxy_materials"> </A>
<A NAME="toc_el19201_4"> </A></FONT> <FONT SIZE=2><B>


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Householding of Proxy Materials    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you and other residents at your mailing address own common stock in street name, your broker or bank may have sent you a notice that
your household will receive only one annual report and proxy statement for each company in which you hold shares through that broker or bank. This practice of sending only one copy of proxy materials
is known as "householding." If you did not respond that you did not want to participate in householding, you were deemed to have consented to the process. If the foregoing procedures apply to you,
your broker has sent one copy of our annual report and proxy to your address. You may revoke your consent to householding at any time by sending your name, the name of your brokerage firm and your
account number to the Corporate Secretary, Arbor Realty Trust, Inc., 333 Earle Ovington Boulevard, Suite 900, Uniondale, New York, 11553, or by calling (516)&nbsp;506-4200. In any event, if you did
not receive an individual copy of this proxy statement or our annual report, we will send a copy to you if you address your written request to Arbor Realty Trust,&nbsp;Inc., 333 Earle Ovington
Boulevard, Suite&nbsp;900, Uniondale, New York, 11553, Attention: Investor Relations, or by calling (516)&nbsp;506-4200. If you are receiving multiple copies of our annual report and proxy
statement, you can request householding by contacting us in the same manner. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="el19201_additional_copies_of_materials"> </A>
<A NAME="toc_el19201_5"> </A></FONT> <FONT SIZE=2><B>


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Additional Copies of Materials    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional copies of this proxy statement, our annual report to stockholders or our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2015 will be furnished without charge upon written request to: Arbor Realty Trust,&nbsp;Inc., 333 Earle Ovington Boulevard, Suite&nbsp;900, Uniondale, New
York,&nbsp;11553, Attn: Investor Relations. If requested by eligible stockholders, we will provide copies of exhibits to our annual report on Form&nbsp;10-K for the year ended December&nbsp;31,
2015 for a reasonable fee. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="el19201_where_you_can_find_more_information"> </A>
<A NAME="toc_el19201_6"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important
information to you by referring you to other documents. Information incorporated by reference is part of this proxy statement. Later information filed with the SEC will update and supersede this
information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement incorporates by reference the documents listed below, all of which have been previously filed with the SEC:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2015, filed on February&nbsp;26, 2016; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Definitive Proxy Statement filed with the SEC on April&nbsp;12, 2016 (but only with respect to information required by
Part&nbsp;III of our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2015); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Current Reports on Form&nbsp;8-K filed with the SEC on February&nbsp;13, 2015, March&nbsp;2, 2015, March&nbsp;6, 2015,
May&nbsp;1, 2015, May&nbsp;21, 2015, July&nbsp;31, 2015, August&nbsp;20, 2015, November&nbsp;6, 2015, February&nbsp;25, 2016, February&nbsp;26, 2016, March&nbsp;1, 2016 and
March&nbsp;2, 2016; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the description of our common stock included in our Registration Statement on Form&nbsp;S-3 filed with the SEC on June&nbsp;21,
2013. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also incorporate by reference into this proxy statement additional documents that we may file with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the
date of this proxy statement and up to the date of the Special Meeting. These documents may include, among others, Annual Reports on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q and Current
Reports on Form&nbsp;8-K, as well as proxy statements. We are not, however, incorporating any information furnished under either Item&nbsp;2.02 or Item&nbsp;7.01 of any Current Report on
Form&nbsp;8-K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain copies of any of these filings by contacting us as described below, or you may read and copy any materials we file with the SEC at the SEC's Public Reference Room at
100&nbsp;F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also available to
you on the SEC's website (http://www.sec.gov), which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Documents
incorporated by reference are available without charge, excluding all exhibits unless an exhibit has been specifically incorporated by reference into those documents, by requesting them in writing, by
telephone or via the internet at: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Arbor
Realty Trust,&nbsp;Inc.<BR>
333 Earle Ovington Boulevard, Suite&nbsp;900<BR>
Uniondale, New York, 11553<BR>
(516)&nbsp;506-4200<BR>
Attn: Investor Relations<BR>
Website: http://www.arborrealtytrust.com </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE INFORMATION CONTAINED ON OUR WEBSITE IS NOT A PART OF THIS PROXY STATEMENT.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>111</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fa19201_index_to_combined_financial_st__ind04780"> </A>
<BR></FONT><FONT SIZE=2><B>  INDEX TO COMBINED FINANCIAL STATEMENTS OF THE CARVE-OUT AGENCY BUSINESS OF<BR>  ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND SUBSIDIARIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="FA19201_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#report"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Report of Independent Certified Public Accountants</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#report"><FONT SIZE=2>F-2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#balsheet"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries Combined Balance
Sheets</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#balsheet"><FONT SIZE=2>F-3</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#income"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries Combined Statements of
Income</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#income"><FONT SIZE=2>F-4</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#equity"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries Combined Statements of Changes in
Invested Equity</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#equity"><FONT SIZE=2>F-5</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#cashflow"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries Combined Statements of Cash
Flows</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cashflow"><FONT SIZE=2>F-6</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#notes"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries Notes to Combined Financial
Statements December&nbsp;31, 2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#notes"><FONT SIZE=2>F-7</FONT></A></TD>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="report"></A>REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fc19201_to_the_members_of_arbor_commer__to_02531"> </A>
<A NAME="toc_fc19201_1"> </A></FONT> <FONT SIZE=2><B>


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To the Members of Arbor Commercial Mortgage,&nbsp;LLC and Subsidiaries    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying combined balance sheets of the Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and
subsidiaries, as of December&nbsp;31, 2015 and 2014, and the related combined statements of income, changes in invested equity, and cash
flows for each of the three years ended December&nbsp;31, 2015, and the related notes to the combined financial statements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fc19201_management_s_responsib__fc102340"> </A>
<A NAME="toc_fc19201_2"> </A></FONT> <FONT SIZE=2><B>


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Management's responsibility for the financial statements    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the preparation and fair presentation of these combined financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of combined financial statements that are free from material misstatement, whether due to fraud or error. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fc19201_auditor_s_responsibility"> </A>
<A NAME="toc_fc19201_3"> </A></FONT> <FONT SIZE=2><B>


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Auditor's responsibility    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our responsibility is to express an opinion on these combined financial statements based on our audits. We conducted our audits in
accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
combined financial statements are free from material misstatement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the combined financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fc19201_opinion"> </A>
<A NAME="toc_fc19201_4"> </A></FONT> <FONT SIZE=2><B>



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Opinion    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, based on our audits, the combined carve out financial statements referred to above present fairly, in all material
respects, the financial position of the Carve-Out Agency Business of Arbor Commercial Mortgage,&nbsp;LLC and subsidiaries as of December&nbsp;31, 2015 and 2014, and the results of their operations
and their cash flows for the three years ended December&nbsp;31, 2015 in accordance with accounting principles generally accepted in the United States of America. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>/s/
Grant Thornton&nbsp;LLP </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>New
York, New York </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>March&nbsp;31,
2016 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-2</FONT></P>

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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="balsheet"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> COMBINED BALANCE SHEETS  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>ASSETS</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>41,227,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,059,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,484,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>268,918,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,843,672</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments available-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,675,992</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalized mortgage servicing rights, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>155,749,764</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,430,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,485,820</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,287,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,800,797</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,926,138 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>498,343,153</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>433,547,269 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>LIABILITIES AND INVESTED EQUITY</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,258,783</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,978,379</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,208,831</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,259,561</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for loss-sharing obligations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,564,318</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,747,435 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>339,031,932</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>297,985,375</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Invested equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>159,311,221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>135,561,894 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total liabilities and invested equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>498,343,153</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>433,547,269 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=121,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=937601,FOLIO='F-3',FILE='DISK129:[16ZAW1.16ZAW19201]FE19201A.;6',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fg19201_1_4"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="income"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> COMBINED STATEMENTS OF INCOME  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>REVENUES</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest earned</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,126,362</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,604,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,661,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fee-based services, including gain on sales, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,317,161</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,966,590</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>31,660,933</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Originated mortgage servicing rights</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,613,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,591,436</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>38,562,283</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing revenue, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>27,821,577</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,444,850</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,906,111 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total revenue</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>136,878,784</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>110,607,676</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>93,790,889 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EXPENSES</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest expense</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,069,803</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,591,556</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,508,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee compensation and benefits</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54,616,324</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,822,993</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,336,822</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling and administrative</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,626,542</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,256,941</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,959,107</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loss sharing</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,784,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,616,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,630,969 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



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 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>80,097,174</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>65,287,815</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59,435,052 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,781,610</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,319,861</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>34,355,837 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
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<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=122,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=666588,FOLIO='F-4',FILE='DISK129:[16ZAW1.16ZAW19201]FG19201A.;6',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
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NAME="page_fi19201_1_5"> </A>

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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="equity"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> COMBINED STATEMENTS OF CHANGES IN INVESTED EQUITY  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Invested Equity </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance&#151;December&nbsp;31, 2013</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>112,093,332</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withdrawals and distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(21,851,299</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>45,319,861 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance&#151;December&nbsp;31, 2014</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>135,561,894</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Withdrawals and distributions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(33,032,283</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>56,781,610 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance&#151;December&nbsp;31, 2015</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>159,311,221 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=123,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=371349,FOLIO='F-5',FILE='DISK129:[16ZAW1.16ZAW19201]FI19201A.;6',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="cashflow"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> COMBINED STATEMENTS OF CASH FLOWS  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2013 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CASH FLOWS FROM OPERATING ACTIVITIES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,781,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>45,319,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34,355,837</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net income to net cash provided by (used in) operating activities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>740,202</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>731,024</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>732,890</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of deferred financing costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,112,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,734</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>802,061</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization of capitalized mortgage servicing rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,940,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,485,482</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,093,527</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalization of mortgage servicing rights</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(47,613,684</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(39,591,436</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(38,562,283</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Write-off of capitalized mortgage servicing rights from servicing sales and payoffs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,354,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,631,466</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>173,924</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gain on retained investments available-for-sale&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(2,675,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Provision for loss sharing</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,784,505</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,616,325</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,630,969</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes in operating assets and liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held for sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,074,743</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(87,005,852</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60,946,785</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allowance for loss-sharing&#151;chargeoffs, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,967,622</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,515,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(8,180,724</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>412,469</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,907,138</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>684,615</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounts payable and accrued expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,949,270</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(357,952</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,286,631 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) operating activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>23,742,797</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(60,093,478</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,964,232 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CASH FLOWS FROM INVESTING ACTIVITIES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of property and equipment, net</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(3,614,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(219,183</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(718,175</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,484,553</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,354,060</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,056,732</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash (used in) provided by investing activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(25,099,414</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20,134,877</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,774,907</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CASH FLOWS FROM FINANCING ACTIVITIES</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase (decrease) in credit facilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37,370,284</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82,049,286</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(61,972,956</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payment of deferred financing costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(813,102</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,028,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(480,918</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Withdrawals and distributions)/contributions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(33,032,283</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(21,851,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,211,249 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net cash provided by (used in) financing activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,524,899</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>59,169,232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(59,242,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:40pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase in cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,168,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,210,631</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,946,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of year</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,059,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,848,899</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12,902,199 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at end of year</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>41,227,812</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>39,059,530</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,848,899 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Supplemental disclosures of cash flow information:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash paid during the year for:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interest</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,405,507</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,972,423</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,945,912</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Noncash investing and financing activities:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Retained investments available-for-sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,675,992</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:30pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reclassification of deferred financing costs from other assets to credit facilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>431,629</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>341,749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>523,831</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=2>
The accompanying notes are an integral part of these combined financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=124,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=529672,FOLIO='F-6',FILE='DISK129:[16ZAW1.16ZAW19201]FK19201A.;7',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fm19201_1_7"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




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</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="notes"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


1. Description of Business and Summary of Significant Accounting Policies  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_description_of_business"> </A>
<A NAME="toc_fm19201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Description of Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agency business ("</FONT><FONT SIZE=2><I>Agency Business</I></FONT><FONT SIZE=2>") of Arbor Commercial Mortgage,&nbsp;LLC and
Subsidiaries ("</FONT><FONT SIZE=2><I>ACM</I></FONT><FONT SIZE=2>") is comprised of its (i)&nbsp;underwriting, originating, selling and servicing multifamily mortgages under the Federal National
Mortgage Association ("</FONT><FONT SIZE=2><I>Fannie Mae</I></FONT><FONT SIZE=2>") delegated underwriting and servicing ("</FONT><FONT SIZE=2><I>DUS</I></FONT><FONT SIZE=2>"), U.S. Department of
Housing and Urban Development ("</FONT><FONT SIZE=2><I>HUD</I></FONT><FONT SIZE=2>")/Federal Housing Administration ("</FONT><FONT SIZE=2><I>FHA</I></FONT><FONT SIZE=2>"), Government National
Mortgage Association ("</FONT><FONT SIZE=2><I>GNMA</I></FONT><FONT SIZE=2>"), Freddie Mac and conduit/commercial mortgage-backed securities ("</FONT><FONT SIZE=2><I>CMBS</I></FONT><FONT SIZE=2>")
programs, and (ii)&nbsp;certain assets and liabilities related to the Agency Business primarily consisting of the mortgage servicing rights related to the agency servicing portfolio, agency loans
held for sale, warehouse financing of agency loans held for sale and other assets and liabilities directly related to the Agency Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agency Business of ACM is not a separate legal entity and has never operated as a separate, stand-alone entity of ACM but rather as a component in multiple legal entities within
ACM's consolidated operations. Within these combined financial statements, "we," "us" and "our" refers to the Agency Business. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_agreement_to_sell_agency_business"> </A>
<A NAME="toc_fm19201_2"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Agreement to Sell Agency Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;25, 2016, ACM entered into an Asset Purchase Agreement (the "</FONT><FONT SIZE=2><I>Purchase
Agreement</I></FONT><FONT SIZE=2>") to sell its Agency Business to Arbor Realty Trust,&nbsp;Inc. ("</FONT><FONT SIZE=2><I>ART</I></FONT><FONT SIZE=2>") for $250.0&nbsp;million. ACM is the
external manager of ART, a publicly traded real estate investment trust (NYSE: ABR) and a related party to ACM. The purchase price is to be received 50% in cash and 50% in operating partnership units
which are redeemable for cash, or at ART's option, for shares of ART common stock on a one-for-one basis ("</FONT><FONT SIZE=2><I>OP Units</I></FONT><FONT SIZE=2>"). The equity component of the
purchase price consists of 19.23&nbsp;million OP Units which was based on a stock price of $6.50 per share. Each of the OP Units will be paired with a share of newly-designated special voting
preferred stock of ART which will entitle ACM to one vote per share on any matter submitted to a vote of ART's stockholders. The purchase price is subject to potential adjustment based on changes in
the value of ACM's servicing portfolio being sold on the closing date. ACM has offered the option, at the discretion of the special committee of ART's board of directors, to provide for up to
$50.0&nbsp;million of financing to satisfy a portion of the cash consideration to be paid by ART. All of the ACM employees directly related to the Agency Business (approximately 230 employees) will
become employees of ART following the consummation of the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, pursuant to the Purchase Agreement, ACM has provided a two year option to ART to purchase the existing Management Agreement and fully internalize the management structure of
ART for $25.0&nbsp;million (increasing to $27.0&nbsp;million in the second year). The option period will begin at the closing date of the sale of the Agency Business to ART and will expire two
years thereafter. The exercise of this option is at the discretion of the special committee of ART's board of directors, which has no obligation to exercise its option. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
transactions contemplated pursuant to the Purchase Agreement will require certain government and GSE approvals as well as a vote of the stockholders of ART and other third party </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=125,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=71827,FOLIO='F-7',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fm19201_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>approvals.
These transactions are expected to close during the third quarter of 2016; however, there can be no assurances that these transactions will be completed during this period or at all. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides that (i)&nbsp;either ACM or ART may terminate the Purchase Agreement if, among certain other circumstances, the conditions to the transactions have
become incapable of
fulfillment prior to August&nbsp;15, 2016 (which may be extended by a period of three months if required antitrust approvals have not been received by August&nbsp;15, 2016), (ii)&nbsp;ART may
terminate the Purchase Agreement if (a)&nbsp;their special committee withdraws or adversely changes its approval or recommendation with respect to the transaction or (b)&nbsp;if the issuance of
ART common stock or the OP Units would be deemed too dilutive to ART or the capital markets are unreceptive to any offering of ART common stock (as determined by ART's special committee). The Purchase
Agreement also provides that upon termination under specified circumstances, including, among others, termination by ART pursuant to the items described in clause&nbsp;(ii) above, ART will pay ACM a
termination fee of $3.0&nbsp;million. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_basis_of_presentation"> </A>
<A NAME="toc_fm19201_3"> </A></FONT> <FONT SIZE=2><B>


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Basis of Presentation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying combined financial statements are presented on a carve-out basis and have been prepared from the historical
consolidated balance sheets, statements of income and cash flows attributable to the Agency Business of ACM and in accordance with principles generally acceptable in the United States of America
("</FONT><FONT SIZE=2><I>GAAP</I></FONT><FONT SIZE=2>"). The combined financial statements of the Agency Business reflect the assets, liabilities, revenue and expenses directly attributable to the
Agency Business, as well as allocations deemed reasonable by management, to present the combined financial position, results of operations, changes in equity and cash flows of the Agency Business on a
stand-alone basis. The allocation methodologies are described below and within the notes to the combined financial statements where appropriate, and management considers the allocations to be
reasonable. The historical financial information included herein may not necessarily reflect the combined financial position, results of operations, changes in equity and cash flows of the Agency
Business in the future or what they would have been had the Agency Business been a separate, stand-alone entity during the periods presented. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
combined financial statements include the assets, liabilities, revenues and expenses that are specifically identifiable to the Agency Business. For items not specifically
identifiable, expenses have been allocated to the Agency Business from ACM including compensation and employee related expenses, selling and administrative expenses (i.e.,&nbsp;telephone, office
equipment rental and maintenance, office supplies and marketing) and other expenses directly associated with the revenue-generating activities of the Agency Business. Allocation of expenses to the
Agency Business from ACM were made using the most meaningful allocation methodologies, which were primarily based on proportionate direct labor costs (i.e.,&nbsp;time spent working on the Agency
Business) or geographic location. Costs related to marketing, treasury, information technology, accounting and finance, facilities, human resources, administration and certain senior executives were
allocated based on their proportionate direct labor costs. Substantially all operating leases and property and equipment will be acquired by ART in connection with the sale of the Agency Business.
Income taxes have been accounted for in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>these
financial statements as described below. All of these allocations are based on assumptions that management believes are reasonable under the circumstances. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_use_of_estimates"> </A>
<A NAME="toc_fm19201_4"> </A></FONT> <FONT SIZE=2><B>


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Use of Estimates    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
amounts reported in the combined financial statements and accompanying notes. Significant estimates include the allowance for possible credit losses, guaranty obligations, mortgage servicing rights
and the allocations associated with these combined financial statements. Actual results could differ from these estimates. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_cash_and_cash_equivalents"> </A>
<A NAME="toc_fm19201_5"> </A></FONT> <FONT SIZE=2><B>


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Cash and Cash Equivalents    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash
and cash equivalents in major financial institutions. The consolidated account balances at each institution exceeds Federal Deposit Insurance Corporation
("</FONT><FONT SIZE=2><I>FDIC</I></FONT><FONT SIZE=2>") insurance coverage and we believe that this risk is not significant. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_restricted_cash"> </A>
<A NAME="toc_fm19201_6"> </A></FONT> <FONT SIZE=2><B>


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Restricted Cash    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash is required as collateral for possible losses resulting from loans originated under the Fannie Mae DUS program in
accordance with the terms of loss sharing agreements between Fannie Mae and ACM. In December 2014, we replaced the cash collateral posted to satisfy our restricted cash requirements with a major
financial institution letter of credit of up to $35.0&nbsp;million which is collateralized by our servicing revenue as approved by Fannie Mae. At
December&nbsp;31, 2015, our $34.4&nbsp;million restricted cash requirement was satisfied with a $33.5&nbsp;million letter of credit and $0.9&nbsp;million of cash collateral. At
December&nbsp;31, 2014, our $30.0&nbsp;million restricted cash requirement was fully satisfied with this letter of credit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an approved designated seller/servicer of Freddie Mac's Small Balance Loan Program ("</FONT><FONT SIZE=2><I>SBL Program</I></FONT><FONT SIZE=2>"), we are required to post collateral
to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL Program, we were, until recently (see below), required to post cash collateral equal to
9% of the unpaid principal balance ("</FONT><FONT SIZE=2><I>UPB</I></FONT><FONT SIZE=2>") for each loan purchased by Freddie Mac. The Collateral is held during the period of time when Freddie Mac is
aggregating loans that were sold by us to pool into a securitization. We utilize a financing facility to fund a portion of this cash collateral requirement, see Note&nbsp;7&#151;Credit
Facilities for further details. At December&nbsp;31, 2015, we posted cash collateral of $20.6&nbsp;million in satisfaction of our requirements under this program. We borrowed $15.7&nbsp;million
from a financing facility to fund the majority of the cash collateral posted. Effective March 2016, the cash collateral requirements were changed from 9% of UPB for each loan to a flat
$5.0&nbsp;million per securitization. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_loans_held-for-sale"> </A>
<A NAME="toc_fm19201_7"> </A></FONT> <FONT SIZE=2><B>


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Loans Held-for-Sale    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale are collateralized commercial real estate loans and are reported at the lower of cost or market, on an aggregate
basis. The loans held for sale represent originated loans that are </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-9</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>generally
transferred or sold within 60&nbsp;days from the date that a mortgage loan is funded. During the period prior to its sale, interest income on a loan held for sale is calculated in
accordance with the terms of the individual loan. Loan origination fees and direct loan origination costs are deferred until the related loans are sold. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_investments_available-for-sale"> </A>
<A NAME="toc_fm19201_8"> </A></FONT> <FONT SIZE=2><B>


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Investments Available-for-Sale    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acquire agency commercial interest-only securities ("</FONT><FONT SIZE=2><I>Agency IOs</I></FONT><FONT SIZE=2>") under the SBL
Program that are classified as available-for-sale and carried at fair value on our combined balance sheet. The Agency IOs refer to an interest-only component of the cash flows from a pool of
commercial mortgage loans issued by the Freddie Mac securitizations under the SBL Program. We have elected the fair value option for our Agency IOs, which requires changes in fair value recognized as
unrealized gains and losses through earnings in our combined statements of income. We determine the fair value by obtaining valuations from an independent source. Interest income on these investment
securities is accrued based on the outstanding principal balance and their contractual terms. See Note&nbsp;3&#151;Investments Available-for-Sale for further details. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_mortgage_servicing_rights"> </A>
<A NAME="toc_fm19201_9"> </A></FONT> <FONT SIZE=2><B>


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Mortgage Servicing Rights    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize, as separate assets, rights to service mortgage loans for others. Accounting guidance requires that an asset be recognized
for the rights to service mortgage loans, including those rights that are created by the origination of mortgage loans that are sold with the servicing rights retained by the originator. The
recognition of the asset results in an increase in the gains recognized upon the sale of the mortgage loans sold. For these mortgage servicing rights
("</FONT><FONT SIZE=2><I>MSRs</I></FONT><FONT SIZE=2>"), the initial capitalized valuation of the MSRs is equal to the estimated fair value of the expected net cash flows associated with the
servicing rights. We amortize MSRs using the amortization method, which requires that MSRs be amortized in proportion to and over the period of estimated net servicing income or net servicing loss and
that the servicing assets or liabilities be assessed for impairment or increased obligation based on fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing
revenues. The following assumptions were used in calculating each loan's MSR for the periods presented: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key rates:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We used discount rates ranging from 9% to 15% based on management's best estimate of market discount rates to determine the
present value
of MSRs. The inflation rate used for adequate compensation was 3%. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Cost:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future
cash flows. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Life:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the
underlying loan and
may be reduced by 6 to 12&nbsp;months based upon the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
assess MSRs for impairment based on the fair value of those rights. Fair values are estimated considering market prices for similar MSRs, when available, and by estimating the present
value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. We estimate
the terms of commercial servicing for each loan by assuming that servicing would not end prior to the yield maintenance date, if applicable, at which point the prepayment penalty expires. MSRs are
amortized in proportion to and over the period of estimated net servicing income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
measure the impairment of MSRs based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. For purposes of impairment evaluation, the
MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the
carrying value of the MSRs exceeds fair value, a valuation allowance is established. As of December&nbsp;31, 2015 and 2014, we had no valuation allowance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
record write-offs of MSRs related to loans that were repaid prior to the expected maturity and loans that defaulted and are determined to be unrecoverable. When this occurs, the
write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net on the combined statements of income. This direct write-down
permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. During 2015, 2014 and 2013, we recorded $7.4&nbsp;million, $2.6&nbsp;million and
$0.2&nbsp;million, respectively, of such write-offs relating to specific MSRs, primarily due to prepayments of certain loans. Prepayment fees totaling $6.5&nbsp;million, $2.9&nbsp;million, and
$0.5&nbsp;million were collected for 2015, 2014, and 2013, respectively, and are included as a component of servicing revenue, net on the combined statements of income. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_property_and_equipment,_net"> </A>
<A NAME="toc_fm19201_10"> </A></FONT> <FONT SIZE=2><B>


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Property and Equipment, Net    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation is provided using the
straight-line method over the estimated useful life of the furniture and equipment ranging from three to seven years. Leasehold improvements are amortized over the lesser of the useful life of the
asset or the remaining lease period. Construction in progress relates to a renovation project on our corporate headquarters that has not yet been placed into service for our intended use. Construction
in progress costs will be transferred to furniture and equipment or leasehold improvements, as applicable, and depreciation will begin once these items are placed into service. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_allowance_for_loss-sharing_obligations"> </A>
<A NAME="toc_fm19201_11"> </A></FONT> <FONT SIZE=2><B>


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Allowance for Loss-Sharing Obligations    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan.
Generally, we are responsible for losses equal to the first 5% of the </FONT><FONT SIZE=2><I>UPB</I></FONT><FONT SIZE=2> and a portion of any additional losses to an overall maximum of 20% of the
original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage
delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceeds 5% of the UPB at the date of default. Thereafter, we may
request interim loss sharing adjustments which allow us to fund 25% of such advances until final settlement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the
risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions which may signal a potential default.
Historically, initial loss recognition occurs at or before a loan becomes 60&nbsp;days delinquent. In instances where payment under the guaranty on a specific loan is determined to be probable and
estimable (as the loan is probable of foreclosure or in foreclosure), we record a liability for the estimated allowance for loss-sharing (a&nbsp;"</FONT><FONT SIZE=2><I>specific
reserve</I></FONT><FONT SIZE=2>") by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for
loss-sharing obligations in the statements of income, along with a write-off of the associated loan-specific MSR. The amount of the allowance considers our assessment of the likelihood of repayment by
the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition
value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves on all applicable loans and update loss estimates as current information is received. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_revenue_recognition"> </A>
<A NAME="toc_fm19201_12"> </A></FONT> <FONT SIZE=2><B>


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Revenue Recognition    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee-based services include commitment fees, broker fees, loan assumption fees, loan origination fees and gain on sale of loans. In some
instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any direct loan origination costs incurred, which is recognized upon sale of
the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for the sale of loans, when all the incidence of ownership passes to the
buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_transfers_and_servicing_of_financial_assets"> </A>
<A NAME="toc_fm19201_13"> </A></FONT> <FONT SIZE=2><B>


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Transfers and Servicing of Financial Assets    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred
assets is deemed to be surrendered when (1)&nbsp;the assets have been isolated from the Agency Business, put presumptively beyond the reach of the entity, even in bankruptcy, (2)&nbsp;the
transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party
holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3)&nbsp;the Agency Business or its agents does not maintain effective control over the
transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_financial_instruments"> </A>
<A NAME="toc_fm19201_14"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financial Instruments    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use financial instruments having off-balance-sheet risk in the normal course of business in order to reduce our exposure to
fluctuations in interest rates and market prices. Included in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=130,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=641151,FOLIO='F-12',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fm19201_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Note&nbsp;9&#151;Commitments
and Contingencies are disclosures relating to financial instruments having off-balance-sheet risk. These disclosures indicate the magnitude of our involvement in
such activities and reflect the instruments at their face, contract or notional amounts, which do not necessarily represent the credit risk of such instruments. In connection with our hedging and loan
sale programs, we have credit risk exposure to the extent purchasers are unable to meet the terms of their forward purchase contracts. None of the forward payment obligations of any of our
counterparties is secured or subject to margin requirements. We enter into mandatory forward delivery contracts for the purpose of minimizing our exposure to movements of interest rates on rate-locked
loan commitments and loans held-for-sale. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_variable_interest_entities"> </A>
<A NAME="toc_fm19201_15"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Variable Interest Entities    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to consolidate a variable interest entity ("</FONT><FONT SIZE=2><I>VIE</I></FONT><FONT SIZE=2>") if we are deemed to
be the VIE's primary beneficiary. A VIE is defined as an entity in which equity investors (i)&nbsp;do not have the characteristics of a controlling financial interest, and/or (ii)&nbsp;do not have
sufficient equity at risk for the entity to finance its activities without additional financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is
defined as the party that (i)&nbsp;has the power to control the activities that impact the VIE's economic performance and (ii)&nbsp;has the right to receive the majority of expected returns or the
obligation to absorb the majority of expected losses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
evaluate our investments to determine if they qualify as VIEs or as variable interests in VIEs. There were no entities determined to be VIEs at December&nbsp;31, 2015 and 2014. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_income_taxes"> </A>
<A NAME="toc_fm19201_16"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Taxes    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of operations have historically been included in the consolidated federal and state income tax returns of ACM, a
partnership for US tax purposes. Because a partnership is not a tax paying entity for federal and state income tax purposes, we have neither allocated nor accrued for income taxes in connection with
the Agency Business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fm19201_new_accounting_pronouncements"> </A>
<A NAME="toc_fm19201_17"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


New Accounting Pronouncements    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2016, the Financial Accounting Standards Board ("</FONT><FONT SIZE=2><I>FASB</I></FONT><FONT SIZE=2>") issued updated
guidance that requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. The guidance is effective
for us beginning in the first quarter of 2020 with early adoption permitted. A modified retrospective approach is required. We are currently evaluating the impact this guidance may have on our
consolidated financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2016, the FASB amended its guidance on the recognition and measurement of financial assets and liabilities. The guidance is effective for the first quarter of 2018 and we are
currently evaluating the impact it may have on our financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2015, the FASB amended its guidance on measurement-period adjustments arising from business combinations. The guidance is effective for the first quarter of 2016 and we are
still evaluating the impact it may have on our financial statements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=131,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=667375,FOLIO='F-13',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fm19201_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


1. Description of Business and Summary of Significant Accounting Policies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2015, the FASB amended its guidance on the balance sheet presentation of debt issuance costs. The guidance is effective for the first quarter of 2016. We early adopted this new
guidance in the fourth quarter of 2015 and it did not have a material effect on our financial statements. As a result of adopting this new guidance, we reclassified deferred financing costs totaling
$0.4&nbsp;million and $0.3&nbsp;million from other assets to credit facilities for the years ended December&nbsp;31, 2015 and 2014, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2015, the FASB amended its guidance on the consolidation analysis of variable interest entities. The guidance is effective for the first quarter of 2016 and we are currently
evaluating the impact it may have on our financial statements. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


2. Loans Held-For-Sale  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale consists of: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>178,212,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>214,401,523</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72,699,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>16,350,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FHA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,953,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20,591,908 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,864,564</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>251,343,431</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unearned discount</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(946,149</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(499,759</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held for sale, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>268,918,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,843,672 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially
all of our loans held-for-sale are commercial mortgages originated through the Fannie Mae, Freddie Mac and FHA programs. These loans are typically sold within
60&nbsp;days of the origination date. At December&nbsp;31, 2015 and 2014, there were no loans that were 90&nbsp;days or more past due, and there were no loans that were placed on non-accrual
status. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


3. Investments Available-For-Sale  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an approved SBL Program seller/servicer, we originate and sell loans to Freddie Mac, which are then pooled and securitized. Upon securitization, we receive interest-only securities,
or Agency IOs, under the SBL Program that are accounted for as available-for-sale at fair value. The Agency IOs have a coupon of 15 basis points of the outstanding UPB of the securitized loans. During
2015, we received Agency IOs upon the completion of three securitizations with a total UPB of $496.6&nbsp;million. We recorded these securities at fair value totaling $2.7&nbsp;million with a
corresponding gain to fee-based services, including gain on sales, net on the combined statements of income. Interest income recorded on these investments totaled $0.1&nbsp;million for the year
ended December&nbsp;31, 2015. Our investments available-for-sale had a fair value of $2.7&nbsp;million at December&nbsp;31, 2015. We had no investments available-for-sale at December&nbsp;31,
2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
as part of the SBL Program securitizations, we are required to purchase the bottom tranche bond, generally referred to as "the B Piece," that represents the bottom 10%, or
highest risk of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=132,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=766000,FOLIO='F-14',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fm19201_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


3. Investments Available-For-Sale (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
securitization. In January 2015, we entered into an agreement whereby a third party investor agreed to purchase the B Piece from the SBL Program securitization, at par, upon issuance of all
securitizations related to us, resulting in the transfer of the risk to the purchaser of the bond. During 2015, the third party investor acquired B Piece bonds from three securitizations with a face
value totaling $49.7&nbsp;million. We did not securitize any loans under the SBL Program during 2014. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


4. Capitalized Mortgage Servicing Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized MSRs are assessed for impairment based on the fair value of those rights. Fair values are estimated considering market prices for similar MSRs, when available, and by
estimating the discounted future net cash flows of the capitalized MSRs. Our capitalized MSRs presented below reflect commercial real estate MSRs that are predominantly all from Fannie Mae DUS loans
as of December&nbsp;31, 2015 and 2014. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
weighted average estimated life remaining of our MSRs was 6.0&nbsp;years and 6.6&nbsp;years for the years ended December&nbsp;31, 2015 and 2014, respectively. A summary of our
capitalized MSR activity is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at beginning of year</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,430,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>118,956,272</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additions</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47,613,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>39,591,436</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(21,940,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(18,485,482</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Write-downs and payoffs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,354,398</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2,631,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Balance at end of year</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>155,749,764</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,430,760 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expected amortization of capitalized MSR balances recorded as of December&nbsp;31, 2015 is shown in the table below. Actual amortization may vary from these estimates. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:16pt;"><FONT SIZE=1><B>Year

<!-- COMMAND=ADD_SCROPPEDRULE,16pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Annual<BR>
Amortization </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,041,669</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>24,687,683</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,539,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,044,425</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>19,581,017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40,855,926 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>155,749,764 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


5. Mortgage Servicing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2015 and 2014, we were servicing, for a fee, commercial loans with an aggregate UPB of approximately $10.9&nbsp;billion and $9.0&nbsp;billion, respectively.
Cash held in escrow by us for these </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=133,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=908230,FOLIO='F-15',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fm19201_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


5. Mortgage Servicing (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>loans
at December&nbsp;31, 2015 and 2014, was $349.3&nbsp;million and $388.4&nbsp;million, respectively. These cash balances and related escrow liabilities are not reflected in the accompanying
combined balance sheets. These escrows are maintained in separate accounts at two federally insured depository institutions, which can exceed FDIC insured limits. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
analysis of the product concentrations and geographic dispersion that impact our servicing revenue is shown in the following tables. The UPB of loans in our fee-based servicing
portfolio, by product, is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,594,720,067</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,553,437,476</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>940,565,139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>68,702,727</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FHA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>377,063,073</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>336,286,022</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,117,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,382,282 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,925,465,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,009,808,507 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
percentage of UPB of properties collateralizing the loans in our fee-based servicing portfolio by geographical area is shown in the following table. No other state accounted for more
than 5% of UPB and related servicing revenues in any of the years presented. We do not have any operations outside of the United States. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Texas</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>New York</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>California</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>North Carolina</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Florida</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All other states</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>44</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=134,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=840092,FOLIO='F-16',FILE='DISK129:[16ZAW1.16ZAW19201]FM19201A.;8',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_fo19201_1_17"> </A>

<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





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</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


6. Property and Equipment  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment consists of: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Furniture and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,471,089</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,027,101</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leasehold improvements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,974,785</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,537,618</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Construction in progress</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,899,599</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>165,893 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,345,473</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,730,612</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accumulated depreciation and amortization</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5,544,676</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4,804,474</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Property and equipment, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,800,797</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,926,138 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the fourth quarter of 2014, we began a renovation project of our corporate offices. Through December&nbsp;31, 2015, we have spent $3.0&nbsp;million related to the project of which
$1.1&nbsp;million has been put into use and $1.9&nbsp;million is currently accounted for as construction in progress which will be depreciated when the project is complete. We funded these
improvements by utilizing a line of credit as described in Note&nbsp;7&#151;Credit Facilities. During 2015 and 2014, we did not dispose of any fixed assets. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


7. Credit Facilities  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We utilize warehouse facilities and other debt agreements to finance our lending and investing activities. Borrowings underlying these arrangements are secured by substantially all of
our loans held-for-sale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
financing agreements consist of: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=17 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Principal<BR>
Balance </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Carrying<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Note Rate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Principal<BR>
Balance </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Debt<BR>
Carrying<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighted<BR>
Average<BR>
Note Rate </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$150&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,582,653</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>128,358,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61,082,898</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60,939,133</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$150&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,716,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,527,212</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,946,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,756,411</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$200&nbsp;million multifamily as soon as pooled plus agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,621,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56,621,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124,081,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>124,081,330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.45</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$100&nbsp;million warehouse line of credit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,944,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>21,943,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,209,900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,201,505</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.67</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Facility agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,720,403</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,703,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.44</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>$3.1&nbsp;million master security agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3.18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151; </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


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<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,690,412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>288,258,783</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>

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$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>251,320,128</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>250,978,379</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=135,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=600020,FOLIO='F-17',FILE='DISK129:[16ZAW1.16ZAW19201]FO19201A.;13',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fo19201_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


7. Credit Facilities (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2015, a $100&nbsp;million warehouse line of credit with a financial institution was amended to extend the maturity to November 2016 and increase the committed amount to
$150&nbsp;million. In addition, the amendment provided for a temporary increase of the committed amount to $250&nbsp;million until February 2016. The credit agreement bears interest at a variable
rate based on LIBOR and is used to finance agency loan product, and as collateral, the financial institution has a security interest in the underlying mortgage notes. At December&nbsp;31, 2015, the
outstanding principal balance was $128.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2015, a $150&nbsp;million warehouse line of credit with a financial institution was amended to extend the maturity to August 2016. The line of credit bears interest at a
variable rate based on LIBOR and is used to warehouse agency loans, and as collateral, the financial institution has a security interest in the underlying mortgage notes. At December&nbsp;31, 2015,
the outstanding principal balance was $62.7&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
2008, we have continued use of a Multifamily As Soon as Pooled Plus ("</FONT><FONT SIZE=2><I>MASAP</I></FONT><FONT SIZE=2>") agreement with Fannie Mae. The agreement has no
commitment amount or expiration date and interest is based on a spread over LIBOR (with a LIBOR Floor of 0.35%). The MASAP provides us with a warehousing credit facility for mortgage loans that are to
be sold and serviced under the Fannie Mae DUS program. At December&nbsp;31, 2015, the uncommitted amount was $200&nbsp;million and the outstanding principal balance was $56.6&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2015, a $100&nbsp;million warehouse line of credit with a financial institution was amended to extend the maturity to June 2016. This warehouse line of credit bears interest
at a variable rate based on LIBOR and is used to finance the flow loan product, and as collateral, the financial institution has a security interest in the underlying mortgage notes. At
December&nbsp;31, 2015, the outstanding principal balance was $21.9&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2015, we entered into an agreement whereby a third party investor agreed to purchase the B Piece of the SBL Program securitizations. In May 2015, we entered into a facility
agreement with this third party investor for the purpose of funding a portion of the cash collateral required as part of the
purchase obligation of the B Piece under the SBL Program. The facility bears interest at a fixed rate and matures in May 2017. At December&nbsp;31, 2015, the outstanding principal balance was
$15.7&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June 2015, we entered into a master security agreement with a financial institution to finance $1.5&nbsp;million for the renovation of our corporate office. In October 2015, we
financed an additional $1.8&nbsp;million under this agreement. The two notes bear interest at a fixed rate, require monthly amortization payments and mature in 2020. At December&nbsp;31, 2015, the
total outstanding principal balance was $3.1&nbsp;million. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2014, our $5.0&nbsp;million term loan with a financial institution was terminated and repaid in full. The term loan was used in partial satisfaction of its restricted cash
requirements in accordance with the terms of the loss sharing agreements with Fannie Mae. In December 2014, we replaced the term loan with a letter of credit of up to $35.0&nbsp;million which bears
interest at a fixed rate of 3.00%, matures in December 2017, has two one-year extension options and is collateralized by our </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=136,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=402182,FOLIO='F-18',FILE='DISK129:[16ZAW1.16ZAW19201]FO19201A.;13',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fo19201_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


7. Credit Facilities (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>servicing
revenue as approved by Fannie Mae. At December&nbsp;31, 2015 and 2014, the letter of credit designated for our restricted cash requirement was $33.5&nbsp;million and
$30.0&nbsp;million, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the credit facilities contains various financial covenants and restrictions, including minimum tangible net worth, debt to equity ratio, debt service coverage ratio and a minimum
servicing portfolio. We were in compliance with all financial covenants and restrictions at December&nbsp;31, 2015 and 2014. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


8. Allowance For Loss-Sharing Obligations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a loan is sold under the Fannie Mae DUS program, we typically agree to guarantee a portion of the ultimate loss incurred on the loan should the borrower fail to perform. The
compensation for this risk is a component of the servicing fee on the loan. No guaranty is provided for loans sold under the Freddie Mac, GNMA or HUD loan programs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
summary of our allowance for loss-sharing obligation is as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year Ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Beginning balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,747,435</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,647,107</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Current Period provisions for loss sharing</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,784,505</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,616,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Charge offs, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,967,622</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(1,515,997</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>) </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ending balance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>28,564,318</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>26,747,435 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
evaluate the allowance for risk-sharing obligations by monitoring the performance of each loan for triggering events or conditions that may signal a potential default. In situations
where payment under the guaranty is probable and estimable on a specific loan, we record an allowance for the estimated loss-sharing obligation (a specific reserve) by transferring the guarantee
obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss-sharing obligations in the statements of income, along with a
write-off of the loan-specific MSR. The amount of the provision reflects our assessment of the likelihood of payment by the borrower, the estimated disposition value of the underlying collateral, the
level of risk sharing, and any remaining balance of the guaranty obligation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we settle a loss under the DUS Loss sharing model, the net loss is charged off against the previously recorded loss-sharing obligation. The settled loss is often net of any
previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At December&nbsp;31, 2015 and 2014,
we had outstanding advances of $0.2&nbsp;million and $1.1&nbsp;million, respectively, which were netted against the allowance for loss-sharing obligations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
December&nbsp;31, 2015 and 2014, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $1.7&nbsp;billion and
$1.6&nbsp;billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service
for Fannie Mae, for which we retain some risk of loss, were </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=137,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=1011650,FOLIO='F-19',FILE='DISK129:[16ZAW1.16ZAW19201]FO19201A.;13',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fo19201_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


8. Allowance For Loss-Sharing Obligations (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
default and all of the collateral underlying these loans was determined to be without value at the time of settlement. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


9. Commitments and Contingencies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of credit facilities as well as minimum annual operating lease payments under leases with a term in excess of one year in effect as of December&nbsp;31, 2015 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:16pt;"><FONT SIZE=1><B>Year

<!-- COMMAND=ADD_SCROPPEDRULE,16pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Credit Facility<BR>
Maturities </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Minimum Annual<BR>
Operating Lease<BR>
Payments </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2016</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>269,864,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,184,986</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>273,049,539</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,720,403</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,097,858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>18,818,261</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,543,485</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,543,485</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,214,504</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,214,504</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2020</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,105,456</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,727,385</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,832,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thereafter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,962,397</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6,962,397 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




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</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>

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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,690,412</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22,730,615</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>311,421,027 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
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<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


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</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
lease office space and equipment for our corporate headquarters and loan origination, support and servicing offices located throughout the United States. Certain of the office leases
have escalation clauses. Total rent expense in 2015, 2014 and 2013 was $3.9&nbsp;million, $3.4&nbsp;million and $3.2&nbsp;million, respectively. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fo19201_financial_instruments_with_off-balance-sheet_risk"> </A>
<A NAME="toc_fo19201_1"> </A></FONT> <FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Financial Instruments with Off-Balance-Sheet Risk    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We enter into financial instruments with off-balance-sheet risk in the normal course of business through the origination and sale of
mortgage loans and the management of
potential loss exposure caused by fluctuations of interest rates. Financial instruments with off-balance-sheet risk include commitments to extend credit and mandatory forward commitments. These
instruments involve, to varying degrees, elements of credit and interest rate risk. We manage credit risk by entering into agreements only with Wall Street investment bankers having primary dealer
status and with permanent investors meeting our standards. At any time, our risk, in the event of default by the purchaser, is the difference between the contract price and current market price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
a locked interest rate commitment is extended by us to a borrower, we have no interest rate risk. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simultaneous
to a locked interest rate commitment being extended, we enter into mandatory forward commitments used to minimize interest rate exposure on loans held-for-sale and loan
commitments which have been rated locked. As of December&nbsp;31, 2015, there were ten commitments outstanding to borrowers which had a locked interest rate and corresponding mandatory forward
commitments totaling approximately $46.9&nbsp;million. As of December&nbsp;31, 2014, there were four commitments outstanding to borrowers which had a locked interest rate and corresponding
mandatory </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=138,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=845629,FOLIO='F-20',FILE='DISK129:[16ZAW1.16ZAW19201]FO19201A.;13',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fo19201_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


9. Commitments and Contingencies (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>forward
commitments totaling approximately $53.3&nbsp;million. At both December&nbsp;31, 2015 and 2014, the values of these commitments were de minimus. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fo19201_litigation"> </A>
<A NAME="toc_fo19201_2"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Litigation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, we are subject to various legal proceedings and claims, the resolution of which, in management's
opinion, will not have a material adverse effect on our financial position or the results of our operations. In addition, we currently are neither subject to any material litigation nor, to
management's knowledge, is any material litigation currently threatened against us. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


10. Fair Value of Financial Instruments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the carrying values and the estimated fair values of our financial instruments. Fair value estimates are dependent upon subjective assumptions and involve
significant uncertainties resulting in variability in estimates with changes in assumptions. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:73%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"110%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="110%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2015 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>December&nbsp;31, 2014 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Carrying<BR>
Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated<BR>
Fair Value </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>FINANCIAL ASSETS</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
41,227,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
41,227,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
39,059,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
39,059,530</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restricted cash</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,484,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>21,484,553</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loans held-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>268,918,415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>272,075,856</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,980,258</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>254,755,459</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Investments available-for-sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,675,992</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,675,992</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalized mortgage servicing rights, net</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>155,749,764</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>203,005,289</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>137,430,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>164,270,145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>FINANCIAL LIABILITIES</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit facilities(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>

<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
288,258,783</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
288,690,412</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
250,978,379</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
251,320,128</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As
of December&nbsp;31, 2015 and 2014, the carrying value reflects the principal balance of our debt net of deferred financing costs totaling
$0.4&nbsp;million and $0.3&nbsp;million, respectively  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the
measurement date. There are three levels of inputs that may be used to measure fair value, see below. A financial </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=139,EFW="2228315",CP="ARBOR REALTY TRUST, INC.",DN="1",CHK=69441,FOLIO='F-21',FILE='DISK129:[16ZAW1.16ZAW19201]FO19201A.;13',USER='JTAYLORA',CD=';6-APR-2016;13:53' -->
<A NAME="page_fo19201_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


10. Fair Value of Financial Instruments (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>instrument's
level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<p style="font-family:times;"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Level&nbsp;1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Level&nbsp;2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Observable inputs other than Level&nbsp;1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices in markets that are not active for identical or similar assets or liabilities;
or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Level&nbsp;3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Unobservable inputs that are supported by little or no market activity and significant to the fair value of the assets or liabilities that are developed using the reporting entities' estimates and assumptions, which
reflect those that market participants would use.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following methods and assumptions were used in estimating the fair value of each class of financial instrument: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents and restricted cash:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Fair value approximates the carrying value reported in the balance sheets based upon the
short term
nature of the assets. Fair values are estimated at Level&nbsp;1 based on current market quotes received from active markets. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consists of originated loans that are generally transferred or sold within 60&nbsp;days from the date that a
mortgage loan is
funded, and are valued using pricing models that incorporate observable inputs from current market assumptions (Level&nbsp;2). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments available-for-sale:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The fair value of Agency IOs were approximated using level&nbsp;3 inputs and are derived from third
party
proprietary models using discounted cash flows based on the underlying contractual cash flows and requires significant judgements, including assumptions on discount rates and constant prepayment
rates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized mortgage servicing rights, net:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Fair values are estimated using Level&nbsp;3 inputs based on discounted future net cash flow
methodology. The fair value of MSRs carried at amortized cost are estimated using a process that involves the use of independent third-party valuation experts, supported by commercially available
discounted cash flow models and analysis of current market data to arrive at an estimate of fair value. The key inputs used in estimating fair value of MSRs include the contractually specified
servicing fees, prepayment speed of the underlying loans, discount rate, annual per loan cost to service loans, delinquency rates, late charges and other economic factors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit facilities:</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The majority of our facilities bear interest at rates that are similar to those available in the market currently
(Level&nbsp;2). For these facilities, fair values approximate the carrying values reported in the balance sheets. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


11. Invested Equity  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invested equity presented on the combined balance sheet represents the invested equity allocated to the Agency Business based on the assets, liabilities and results of operations
directly related to the Agency Business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-22</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_fo19201_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


12. Related-Party Transactions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2015 and 2014, we serviced loans for ART and its related affiliates totaling approximately $1.9&nbsp;billion and $2.0&nbsp;billion, respectively. The servicing
of these loans does not generate a service fee as they are covered by the management agreement between ACM and ART. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><A
NAME="fo19201_management_agreement"> </A>
<A NAME="toc_fo19201_3"> </A></FONT> <FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Management Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM has a management agreement with ART and its subsidiaries under which ACM has agreed to provide ART with structured finance
investment opportunities and loan servicing as well as other services necessary to operate its business. The Agency Business is not a party to the management agreement between ACM and ART. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Note&nbsp;1&#151;Organization and Summary of Significant Accounting Policies, ACM has provided a two year option to ART to purchase the existing Management
Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
contemplated by the Asset Purchase Agreement, certain ACM employees will be retained by ACM. To the extent such employees devote time to the Agency Business or ART subsequent to the
consummation of the transactions contemplated under the Purchase Agreement, ART will pay an additional management fee for the reimbursement of costs associated with the performance of duties. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


13. Employee Benefits  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM maintains a 401(k) profit sharing plan (the "</FONT><FONT SIZE=2><I>401(k) Plan</I></FONT><FONT SIZE=2>") through an affiliate for all employees who have completed six months of
continuous service. The 401(k) Plan matches 25% of the first 6% of each employee's contribution. ACM has the option to increase the employer match based on its operating results. Our allocated portion
of the 401(k) Plan expense was $0.5&nbsp;million, $0.4&nbsp;million and $0.4&nbsp;million for 2015, 2014 and 2013, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
maintains a non-qualified deferred compensation plan ("</FONT><FONT SIZE=2><I>the Plan</I></FONT><FONT SIZE=2>") which is offered to certain of our full-time employees. The Plan is
subject to the rules of section&nbsp;409(a) of the Internal Revenue Code. Under the Plan, which can be modified or discontinued at any time, participating employees may defer a portion of their
compensation and we are contractually obligated to match the contribution, as specified in the Plan, and fund such amounts upon vesting and an election by participants to redeem their interests. All
employee deferrals vest immediately and our matching contributions vest over a nine year period beginning after year five. For the year ended December&nbsp;31, 2015, 2014 and 2013, there were
$0.6&nbsp;million, $0.4&nbsp;million and $0.5&nbsp;million, respectively, of employee deferrals that were related to the Agency Business and were included as deferred compensation expense. As of
December&nbsp;31, 2015, we had recorded liabilities totaling $3.1&nbsp;million and other assets of $2.0&nbsp;million related to the Plan. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


14. Agency Requirements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the nature of our mortgage banking activities, ACM (comprising of the Agency Business) is subject to supervision by certain regulatory agencies. Among other things, these agencies
require the business to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Upon consummation of the
transactions contemplated by the Asset Purchase Agreement, these requirements would be the responsibility of ART. ACM's adjusted net worth and liquidity required by the agencies at December&nbsp;31,
2015 and 2014 exceeded these requirements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_fo19201_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
THE CARVE-OUT AGENCY BUSINESS OF ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC AND<BR>
SUBSIDIARIES </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO COMBINED FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> DECEMBER&nbsp;31, 2015 </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


14. Agency Requirements (Continued) </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, ACM was required to maintain at least $9.6&nbsp;million of liquid assets to meet its operational liquidity requirements for Fannie Mae. As of
December&nbsp;31, 2015, ACM had operational liquidity in excess of this requirement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program. ACM is required to secure this obligation by assigning restricted
cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level and considers the balance of the loan, the risk
level of the loan, the age of the loan, and the level of risk-sharing. Fannie Mae requires restricted liquidity for Tier&nbsp;2 loans of 75 basis points, which is funded over a 48-month period that
begins upon delivery of the loan to Fannie Mae. As of December&nbsp;31, 2015, ACM met the restricted liquidity requirement with a $33.5&nbsp;million letter of credit and $0.9&nbsp;million of
cash collateral. Additionally, substantially all of the loans for which ACM has risk sharing are Tier&nbsp;2 loans. See Note&nbsp;1&#151;Organization and Summary of Significant Accounting
Policies for further details. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACM
is in compliance with the December&nbsp;31, 2015 liquidity collateral requirements as outlined above. As of December&nbsp;31, 2015, reserve requirements for the
December&nbsp;31, 2015 Fannie Mae DUS loan portfolio will require ACM to fund $19.0&nbsp;million in additional restricted liquidity over the next 48&nbsp;months, assuming no further principal
paydowns, prepayments, or defaults within our at risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate
sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral
requirements may adversely impact our available cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum
capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our combined financial statements.
As of December&nbsp;31, 2015, ACM met all capital amounts required for capital adequacy purposes, by investor, as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"></FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Required<BR>
Net Worth </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Actual<BR>
Net Worth </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fannie Mae</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>51,648,449</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>143,652,813</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>GNMA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,171,154</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>237,132,701</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>FHA Recertification</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>237,132,701</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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15. Subsequent Events  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated events and transactions that occurred during the period from the balance sheet date through March&nbsp;31, 2016, the date our financial statements are available to be
issued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;25, 2016, ACM entered into an Purchase Agreement to sell its Agency Business to ART for $250.0&nbsp;million (see Note&nbsp;1&#151;Organization and Summary
of Significant Accounting Policies). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la19201_annex_a"> </A>
<A NAME="toc_la19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Annex&nbsp;A    <BR>    </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la19201_execution_version"> </A>
<A NAME="toc_la19201_2"> </A></FONT> <FONT SIZE=2><B>  EXECUTION VERSION    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>ASSET PURCHASE AGREEMENT  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> among  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARBOR REALTY LIMITED PARTNERSHIP,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARBOR REALTY TRUST,&nbsp;INC.,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARSR ACQUISITION COMPANY,&nbsp;LLC,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> and  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ARBOR COMMERCIAL FUNDING,&nbsp;LLC,  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Dated as of February&nbsp;25, 2016  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<BR>  </B></FONT></P>

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NAME="page_lc19201_1_1"> </A>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lc19201_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="LC19201_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="30pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#le19201_article_i._definitions"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B> ARTICLE I.</B></FONT><FONT SIZE=2> DEFINITIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#le19201_article_i._definitions"><FONT SIZE=2>A-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le19201_section_1.1._certain_defined_terms_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;1.1.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#le19201_section_1.1._certain_defined_terms_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Defined Terms</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#le19201_section_1.1._certain_defined_terms_."><FONT SIZE=2><BR>
A-1</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_1.2._table_of_definitions_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;1.2.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_1.2._table_of_definitions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Table of Definitions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_1.2._table_of_definitions_."><FONT SIZE=2>A-12</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_article_ii._purchase_and_sale"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE II.</B></FONT><FONT SIZE=2> PURCHASE AND SALE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_article_ii._purchase_and_sale"><BR><FONT SIZE=2>A-14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.1._purchase_and_sale_of_assets_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.1.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.1._purchase_and_sale_of_assets_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase and Sale of Assets</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.1._purchase_and_sale_of_assets_."><FONT SIZE=2><BR>
A-14</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.2._excluded_assets_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.2.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.2._excluded_assets_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Excluded Assets</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.2._excluded_assets_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.3._assumed_liabilities_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.3.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.3._assumed_liabilities_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumed Liabilities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.3._assumed_liabilities_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.4._excluded_liabilities_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.4.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.4._excluded_liabilities_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Excluded Liabilities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.4._excluded_liabilities_."><FONT SIZE=2>A-15</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.5._consents___li101989"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.5.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.5._consents___li101989"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consents and Waivers; Further Assurances</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.5._consents___li101989"><FONT SIZE=2>A-16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.6._consideration;_form_of_consideration_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.6.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#li19201_section_2.6._consideration;_form_of_consideration_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consideration; Form of Consideration</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#li19201_section_2.6._consideration;_form_of_consideration_."><FONT SIZE=2>A-16</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk19201_section_2.7._closing_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.7.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk19201_section_2.7._closing_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk19201_section_2.7._closing_."><FONT SIZE=2>A-17</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk19201_section_2.8._adjustment_of_closing_purchase_price_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.8.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lk19201_section_2.8._adjustment_of_closing_purchase_price_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustment of Closing Purchase Price</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lk19201_section_2.8._adjustment_of_closing_purchase_price_."><FONT SIZE=2>A-21</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_2.9._purchase_price_allocation_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;2.9.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_2.9._purchase_price_allocation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase Price Allocation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_2.9._purchase_price_allocation_."><FONT SIZE=2>A-25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_article_iii._represent__lm102320"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE III.</B></FONT><FONT SIZE=2> REPRESENTATIONS AND WARRANTIES OF THE SELLER</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_article_iii._represent__lm102320"><BR><FONT SIZE=2>A-25</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.1._organization_and_qualification_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.1.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.1._organization_and_qualification_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organization and Qualification</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.1._organization_and_qualification_."><FONT SIZE=2><BR>
A-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.2._authority_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.2.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.2._authority_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authority</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.2._authority_."><FONT SIZE=2>A-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.3._no_confli__lm102024"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.3.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.3._no_confli__lm102024"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Conflict; Required Filings and Consents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.3._no_confli__lm102024"><FONT SIZE=2>A-26</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.4._title_to___lm101897"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.4.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.4._title_to___lm101897"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Title to Assets; Sufficiency of Assets</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.4._title_to___lm101897"><FONT SIZE=2>A-27</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.5._financial_stateme__sec02222"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.5.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.5._financial_stateme__sec02222"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Statements; No Undisclosed Liabilities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.5._financial_stateme__sec02222"><FONT SIZE=2>A-28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.6._absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.6.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.6._absence_of_certain_changes_or_events_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Absence of Certain Changes or Events</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.6._absence_of_certain_changes_or_events_."><FONT SIZE=2>A-28</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.7._compliance_with_l__sec02317"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.7.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.7._compliance_with_l__sec02317"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compliance with Law; Permits; Customer Information</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.7._compliance_with_l__sec02317"><FONT SIZE=2>A-29</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.8._litigation_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.8.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.8._litigation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Litigation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.8._litigation_."><FONT SIZE=2>A-30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.9._employees;_seller_benefit_plans_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.9.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.9._employees;_seller_benefit_plans_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employees; Seller Benefit Plans</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.9._employees;_seller_benefit_plans_."><FONT SIZE=2>A-30</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.10._labor_and_employment_matters_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.10.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lm19201_section_3.10._labor_and_employment_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Labor and Employment Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lm19201_section_3.10._labor_and_employment_matters_."><FONT SIZE=2>A-32</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.11._real_property."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.11.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.11._real_property."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real Property</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.11._real_property."><FONT SIZE=2>A-33</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.12._intellectual_property."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.12.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.12._intellectual_property."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intellectual Property</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.12._intellectual_property."><FONT SIZE=2>A-33</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.13._receivables."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.13.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.13._receivables."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Receivables</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.13._receivables."><FONT SIZE=2>A-34</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.14._taxes."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.14.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.14._taxes."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxes</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.14._taxes."><FONT SIZE=2>A-34</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.15._environmental_matters."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.15.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.15._environmental_matters."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental Matters</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.15._environmental_matters."><FONT SIZE=2>A-35</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.16._seller_contracts."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.16.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.16._seller_contracts."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Contracts</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.16._seller_contracts."><FONT SIZE=2>A-36</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.17._conduct_of_business."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.17.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.17._conduct_of_business."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.17._conduct_of_business."><FONT SIZE=2>A-38</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.18._mortgage_loans_a__sec02194"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.18.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.18._mortgage_loans_a__sec02194"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mortgage Loans and Acquired Servicing Portfolio</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.18._mortgage_loans_a__sec02194"><FONT SIZE=2>A-38</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.19._information_supplied."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.19.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.19._information_supplied."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Supplied</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.19._information_supplied."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.20._brokers."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.20.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.20._brokers."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brokers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.20._brokers."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.21._affiliate_interests_and_transactions_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.21.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.21._affiliate_interests_and_transactions_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Affiliate Interests and Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.21._affiliate_interests_and_transactions_."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.22._insurance."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.22.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lo19201_section_3.22._insurance."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Insurance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lo19201_section_3.22._insurance."><FONT SIZE=2>A-41</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_3.23._capital_structure_of_seller."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.23.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_3.23._capital_structure_of_seller."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital Structure of Seller</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_3.23._capital_structure_of_seller."><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_3.24._transferred_empl__sec02179"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;3.24.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_3.24._transferred_empl__sec02179"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transferred Employee Non-Competition Agreements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_3.24._transferred_empl__sec02179"><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_article_iv._representations_an__art02649"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE IV.</B></FONT><FONT SIZE=2> REPRESENTATIONS AND WARRANTIES OF PARENT AND THE BUYER</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_article_iv._representations_an__art02649"><BR><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.1._organization_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.1.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.1._organization_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organization</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_4.1._organization_."><FONT SIZE=2><BR>
A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.2._authority_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.2.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.2._authority_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authority</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_4.2._authority_."><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.3._no_confli__lq102029"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.3.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.3._no_confli__lq102029"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Conflict; Required Filings and Consents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_4.3._no_confli__lq102029"><FONT SIZE=2>A-42</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.4._financing_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.4.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.4._financing_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_4.4._financing_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.5._brokers_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.5.</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#lq19201_section_4.5._brokers_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Brokers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#lq19201_section_4.5._brokers_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_4.6._voting_requirements_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_4.6._voting_requirements_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting Requirements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_4.6._voting_requirements_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_4.7._information_supplied_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_4.7._information_supplied_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information Supplied</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_4.7._information_supplied_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_4.8._capitalization_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;4.8.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_4.8._capitalization_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalization</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_4.8._capitalization_."><FONT SIZE=2>A-43</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#lq19201_article_v._covenants"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE V.</B></FONT><FONT SIZE=2> COVENANTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_article_v._covenants"><BR><FONT SIZE=2>A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_5.1._conduct_o__lq102022"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.1._conduct_o__lq102022"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conduct of Business Prior to the Closing</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.1._conduct_o__lq102022"><FONT SIZE=2><BR>
A-44</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_5.2._covenants_regarding_information_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.2._covenants_regarding_information_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Covenants Regarding Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.2._covenants_regarding_information_."><FONT SIZE=2>A-47</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_5.3._exclusivity_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.3._exclusivity_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exclusivity</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.3._exclusivity_."><FONT SIZE=2>A-47</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_5.4._ancillary_agreements_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.4._ancillary_agreements_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ancillary Agreements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.4._ancillary_agreements_."><FONT SIZE=2>A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lq19201_section_5.5._notification_of_certain_matters_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.5._notification_of_certain_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notification of Certain Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.5._notification_of_certain_matters_."><FONT SIZE=2>A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lq19201_section_5.6._bulk_transfer_laws_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lq19201_section_5.6._bulk_transfer_laws_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bulk Transfer Laws</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lq19201_section_5.6._bulk_transfer_laws_."><FONT SIZE=2>A-48</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.7._employee_matters_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.7._employee_matters_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employee Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.7._employee_matters_."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.8._confidentiality_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.8.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.8._confidentiality_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Confidentiality</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.8._confidentiality_."><FONT SIZE=2>A-49</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.9._consents_and_filings_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.9.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.9._consents_and_filings_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consents and Filings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.9._consents_and_filings_."><FONT SIZE=2>A-50</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.10._public_announcements."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.10.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.10._public_announcements."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Public Announcements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.10._public_announcements."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.11._parent_stockholder_approval_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.11.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.11._parent_stockholder_approval_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Stockholder Approval</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.11._parent_stockholder_approval_."><FONT SIZE=2>A-51</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.12._approvals_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.12.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.12._approvals_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Approvals</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.12._approvals_."><FONT SIZE=2>A-52</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.13._cooperation_in_parent_offerings_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.13.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.13._cooperation_in_parent_offerings_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cooperation in Parent Offerings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.13._cooperation_in_parent_offerings_."><FONT SIZE=2>A-53</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.14._preferred_equity_interests_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.14.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.14._preferred_equity_interests_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred Equity Interests</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.14._preferred_equity_interests_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.15._post-closing_payments_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.15.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.15._post-closing_payments_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Post-Closing Payments</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.15._post-closing_payments_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.16._correspondence_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.16.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.16._correspondence_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Correspondence</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.16._correspondence_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_5.17._seller_intellectual_property_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;5.17.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_5.17._seller_intellectual_property_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Intellectual Property</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_5.17._seller_intellectual_property_."><FONT SIZE=2>A-54</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ls19201_article_vi._tax_matters"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE VI.</B></FONT><FONT SIZE=2> TAX MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_article_vi._tax_matters"><BR><FONT SIZE=2>A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_6.1._pre-closing_period_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_6.1._pre-closing_period_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pre-Closing Period</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_6.1._pre-closing_period_."><FONT SIZE=2><BR>
A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_6.2._tax_indemnification_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_6.2._tax_indemnification_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Indemnification</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_6.2._tax_indemnification_."><FONT SIZE=2>A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_6.3._periodic_taxes_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;6.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_6.3._periodic_taxes_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Periodic Taxes</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_6.3._periodic_taxes_."><FONT SIZE=2>A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#ls19201_article_vii._conditions_to_closing"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE VII.</B></FONT><FONT SIZE=2> CONDITIONS TO CLOSING</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_article_vii._conditions_to_closing"><BR><FONT SIZE=2>A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_7.1._general_conditions_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_7.1._general_conditions_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General Conditions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_7.1._general_conditions_."><FONT SIZE=2><BR>
A-55</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_7.2._condition__ls101970"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_7.2._condition__ls101970"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Obligations of the Seller</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_7.2._condition__ls101970"><FONT SIZE=2>A-56</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#ls19201_section_7.3._conditions_to_obl__sec02321"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;7.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#ls19201_section_7.3._conditions_to_obl__sec02321"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Obligations of Parent and the Buyer</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ls19201_section_7.3._conditions_to_obl__sec02321"><FONT SIZE=2>A-56</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#lu19201_article_viii._survival;_indemnification"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE VIII.</B></FONT><FONT SIZE=2> SURVIVAL; INDEMNIFICATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_article_viii._survival;_indemnification"><BR><FONT SIZE=2>A-57</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.1._survival___lu102151"><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.1._survival___lu102151"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Survival of Representations and Warranties</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.1._survival___lu102151"><FONT SIZE=2><BR>
A-57</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.2._indemnification_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.2._indemnification_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnification</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.2._indemnification_."><FONT SIZE=2>A-58</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.3._indemnifiable_dam__sec02247"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.3._indemnifiable_dam__sec02247"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnifiable Damage Deductible; Other Limitations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.3._indemnifiable_dam__sec02247"><FONT SIZE=2>A-58</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.4._notice_of_claims_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.4._notice_of_claims_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notice of Claims</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.4._notice_of_claims_."><FONT SIZE=2>A-59</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.5._third-party_claims_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.5._third-party_claims_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third-Party Claims</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.5._third-party_claims_."><FONT SIZE=2>A-60</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.6._determina__lu101864"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.6._determina__lu101864"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Determination of Indemnifiable Damages</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.6._determina__lu101864"><FONT SIZE=2>A-60</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_8.7._buyer_acknowledgment_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;8.7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_8.7._buyer_acknowledgment_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buyer Acknowledgment</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_8.7._buyer_acknowledgment_."><FONT SIZE=2>A-60</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#lu19201_article_ix._termination"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE IX.</B></FONT><FONT SIZE=2> TERMINATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_article_ix._termination"><BR><FONT SIZE=2>A-61</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lu19201_section_9.1._termination_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lu19201_section_9.1._termination_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lu19201_section_9.1._termination_."><FONT SIZE=2><BR>
A-61</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_9.2._effect_of__lw101862"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_9.2._effect_of__lw101862"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effect of Termination; Termination Fee</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_9.2._effect_of__lw101862"><FONT SIZE=2>A-62</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_9.3._election_to_extend_end_date_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;9.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_9.3._election_to_extend_end_date_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Election to Extend End Date</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_9.3._election_to_extend_end_date_."><FONT SIZE=2>A-62</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#lw19201_article_x._general_provisions"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2><BR>
 </FONT><FONT SIZE=2><B>ARTICLE X.</B></FONT><FONT SIZE=2> GENERAL PROVISIONS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_article_x._general_provisions"><BR><FONT SIZE=2>A-62</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.1._fees_and_expenses_."><p style="font-family:times;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.1.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.1._fees_and_expenses_."><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fees and Expenses</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.1._fees_and_expenses_."><FONT SIZE=2><BR>
A-62</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.2._amendment_and_modification_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.2.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.2._amendment_and_modification_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amendment and Modification</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.2._amendment_and_modification_."><FONT SIZE=2>A-63</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.3._waiver_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.3.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.3._waiver_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Waiver</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.3._waiver_."><FONT SIZE=2>A-63</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.4._notices_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.4.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.4._notices_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Notices</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.4._notices_."><FONT SIZE=2>A-63</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.5._interpretation_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.5.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.5._interpretation_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Interpretation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.5._interpretation_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.6._entire_agreement_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.6.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.6._entire_agreement_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entire Agreement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.6._entire_agreement_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.7._no_third-party_beneficiaries_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.7.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.7._no_third-party_beneficiaries_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Third-Party Beneficiaries</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.7._no_third-party_beneficiaries_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lw19201_section_10.8._governing_law_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.8.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.8._governing_law_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Governing Law</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.8._governing_law_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.9._submission_to_jurisdiction_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.9.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.9._submission_to_jurisdiction_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Submission to Jurisdiction</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.9._submission_to_jurisdiction_."><FONT SIZE=2>A-64</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.10._assignment;_successors_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.10.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.10._assignment;_successors_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assignment; Successors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.10._assignment;_successors_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><A HREF="#lw19201_section_10.11._enforcement_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.11.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.11._enforcement_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enforcement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.11._enforcement_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.12._currency_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.12.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.12._currency_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.12._currency_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.13._severability_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.13.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.13._severability_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Severability</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.13._severability_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.14._waiver_of_jury_trial_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.14.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.14._waiver_of_jury_trial_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Waiver of Jury Trial</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.14._waiver_of_jury_trial_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.15._counterparts_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.15.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.15._counterparts_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Counterparts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.15._counterparts_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.16._facsimile_signature_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.16.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.16._facsimile_signature_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Facsimile Signature</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.16._facsimile_signature_."><FONT SIZE=2>A-65</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.17._no_pres__lw101899"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.17.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.17._no_pres__lw101899"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Presumption Against Drafting Party</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.17._no_pres__lw101899"><FONT SIZE=2>A-66</FONT></A></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><A HREF="#lw19201_section_10.18._parent_covenant_."><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;10.18.</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#lw19201_section_10.18._parent_covenant_."><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Covenant</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#lw19201_section_10.18._parent_covenant_."><FONT SIZE=2>A-66</FONT></A></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Exhibits:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;A</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net Working Capital, Current Assumed Liabilities and Current Purchased Assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;B</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Bill of Sale</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;C</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Assignment and Assumption Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;D</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Support Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;E</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Option Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;F</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Non-Compete Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;G</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Tax Opinion</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;H</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Acquired Servicing Portfolio, Weighted Average Servicing Fee and Related Calculations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;I</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>[Reserved]</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;J</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Voting and Standstill Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;K</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Covenant Support Letter</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;L</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Trademark License Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;M</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Master Participation Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;N</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Intellectual Property Assignment Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Exhibit&nbsp;O</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Term Sheet for Preferred Equity Interests</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le19201_asset_purchase_agreement"> </A>
<A NAME="toc_le19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ASSET PURCHASE AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET PURCHASE AGREEMENT, dated as of February&nbsp;25, 2016 (this "</FONT><FONT SIZE=2><I>Agreement</I></FONT><FONT SIZE=2>"),
among Arbor Realty Limited Partnership, a Delaware limited partnership (the "</FONT><FONT SIZE=2><I>Partnership</I></FONT><FONT SIZE=2>"), ARSR Acquisition Company,&nbsp;LLC, a Delaware limited
liability company (the "</FONT><FONT SIZE=2><I>TRS</I></FONT><FONT SIZE=2>" and together with the Partnership, the "</FONT><FONT SIZE=2><I>Buyer</I></FONT><FONT SIZE=2>"), Arbor Realty
Trust,&nbsp;Inc., a Maryland corporation, ("</FONT><FONT SIZE=2><I>Parent</I></FONT><FONT SIZE=2>"), Arbor Commercial Funding,&nbsp;LLC, a New York limited liability company
("</FONT><FONT SIZE=2><I>ACF</I></FONT><FONT SIZE=2>"), and Arbor Commercial Mortgage,&nbsp;LLC, a New York limited liability company ("</FONT><FONT SIZE=2><I>ACM</I></FONT><FONT SIZE=2>" and
together with ACF, the "</FONT><FONT SIZE=2><I>Seller</I></FONT><FONT SIZE=2>"). Parent, Buyer, ACF and ACM are referred to herein individually as a
"</FONT><FONT SIZE=2><I>Party</I></FONT><FONT SIZE=2>" and collectively as the "</FONT><FONT SIZE=2><I>Parties</I></FONT><FONT SIZE=2>." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le19201_recitals"> </A>
<A NAME="toc_le19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  RECITALS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;ACF
is engaged in the business of underwriting, originating, selling and servicing multifamily mortgages at various locations in the United States under the Fannie Mae
DUS program; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;ACM
is engaged in the business of underwriting, originating, selling and servicing multifamily mortgages at various locations in the United States, including under FHA,
Ginnie Mae, Freddie Mac and conduit programs; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The
Seller wishes to sell to the Buyer, and the Buyer wishes to purchase from the Seller certain assets of the Seller comprising the Included Business (as defined
herein), and in connection therewith the Buyer will assume certain liabilities and obligations of the Seller, all upon the terms and subject to the conditions set forth herein; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;A
special committee of independent members of Parent's Board of Directors has negotiated the terms of this Agreement, submitted the terms of this Agreement to Parent's
Board of Directors (the "</FONT><FONT SIZE=2><I>Board</I></FONT><FONT SIZE=2>") and recommended its approval by the Board; and the disinterested members of the Board unanimously determined that such
transactions, including without limitation the issuance of Buyer OP Units contemplated hereby, and the entering into by Parent of this Agreement, are fair to, advisable and in the best interests of
Parent; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;Concurrently
with the execution and delivery of this Agreement, the Seller and Ivan Kaufman are entering into a voting and standstill agreement with Parent, in the form
of </FONT><FONT SIZE=2><I>Exhibit&nbsp;J</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Voting and Standstill Agreement</I></FONT><FONT SIZE=2>"), pursuant to which, among other things,
(i)&nbsp;the Seller and Mr.&nbsp;Kaufman have agreed, subject to the terms and conditions set forth therein, to vote the shares of Parent Common Stock owned by them in favor of the transactions
contemplated by this Agreement, including the issuance of the Buyer OP Units contemplated hereby and (ii)&nbsp;the Seller and Mr.&nbsp;Kaufman have agreed, subject to the terms and conditions set
forth therein, not to acquire shares of Parent Common Stock (or securities convertible or exchangeable for share of Parent Common Stock) above the thresholds specified therein and during the time
periods specified therein, other than in connection with the transactions contemplated by this Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le19201_agreement"> </A>
<A NAME="toc_le19201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
the Parties agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="le19201_article_i._definitions"> </A>
<A NAME="toc_le19201_4"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE I.    <BR>    <BR>    DEFINITIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="le19201_section_1.1._certain_defined_terms_."> </A>
<A NAME="toc_le19201_5"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certain Defined Terms</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Accounting Principles</I></FONT><FONT SIZE=2>" means (i)&nbsp;GAAP, applied using the accounting principles, practices and methodologies used in the
preparation of the Carve-Out Financial Statements and (ii)&nbsp;the form and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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<A NAME="page_le19201_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>manner
in which the sample calculation attached as </FONT><FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2> was prepared (which calculates Net Working Capital as of December&nbsp;31, 2015); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that
in the event of a conflict between (i)&nbsp;and (ii), the parties acknowledge that clause&nbsp;(ii) shall control. The Accounting
Principles shall follow the defined terms contained in this Agreement. The Accounting Principles shall provide that Mortgage Loans Held For Sale shall be recorded in the Estimated Closing Net Working
Capital based on Estimated Net Sale Price as of the Closing Date and shall be recorded in the Final Net Working Capital based on the Final Net Sale Price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Action</I></FONT><FONT SIZE=2>" means any claim, action, suit, inquiry, proceeding, audit or investigation by or before any Governmental Authority, or any other
arbitration, mediation or similar proceeding. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Acquired Servicing Portfolio</I></FONT><FONT SIZE=2>" means the servicing portfolio of the Seller comprised of the Acquired Servicing Portfolio Loans, for which
the Seller services Mortgage Loans for the Agencies and other third party investors (other than the mortgage loans and other assets held or owned by Parent or any of its Subsidiaries being serviced by
the Seller for the Buyer and its Affiliates pursuant to the Management Agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Acquired Servicing Portfolio Loans</I></FONT><FONT SIZE=2>" means the mortgage loans identified on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Acquired Servicing Portfolio</I></FONT><FONT
SIZE=2>" (or originated by the Seller between the
date of such Schedule and the Closing Date in compliance with </FONT><FONT SIZE=2><I>Section&nbsp;5.1(a)</I></FONT><FONT SIZE=2>) which, as of the Closing Date, are being serviced by the Seller
(other than the mortgage loans and other assets held or owned by Parent or any of its Subsidiaries being serviced by the Seller for the Buyer and its Affiliates pursuant to the Management Agreement)
for which the Mortgage Servicing Rights related thereto will be transferred to the Buyer pursuant to this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Advances</I></FONT><FONT SIZE=2>" means with respect to the Mortgage Loans, the aggregate amount that, as of the Closing Date, has been advanced directly by the
Seller from its own funds or funds borrowed by the Seller in connection with servicing the Mortgage Loans in accordance with the terms of the Agency Agreements or other applicable servicing
agreements, including principal, interest, real estate taxes, and insurance premiums. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Affiliate</I></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such first Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agency</I></FONT><FONT SIZE=2>" or "</FONT><FONT SIZE=2><I>Agencies</I></FONT><FONT SIZE=2>" means one or more, individually or collectively, of Fannie Mae,
Freddie Mac or FHA, as the context may require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agency Agreements</I></FONT><FONT SIZE=2>" means, one or more, individually or collectively, of the Fannie Mae Agreements, the Freddie Mac Agreements or the FHA
Agreements, as the context may require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agency Loans</I></FONT><FONT SIZE=2>" means, one or more, individually or collectively, of the Fannie Mae Loans, the Freddie Mac Loans or the FHA Loan, as the
context may require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Agency Transfer Agreements</I></FONT><FONT SIZE=2>" means, one or more, individually or collectively, of the Fannie Mae Transfer Agreement, the Freddie Mac
Transfer Agreement or the FHA Transfer Agreement, as the context may require. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Ancillary Agreements</I></FONT><FONT SIZE=2>" means the Bill of Sale, the Assignment and Assumption Agreement, the Support Agreement, the Option Agreement, the
Non-Compete Agreement, the Agency Transfer Agreements, the Voting and Standstill Agreement, the Covenant Support Letter, the Trademark License Agreement, the Intellectual Property Assignment
Agreement, the Master Participation Agreement, the Freddie Mac I/O Strip Assignment Agreement and all other agreements, documents and instruments required to be delivered by any party pursuant to this
Agreement, and any other agreements, documents or instruments entered into at or prior to the Closing in connection with this Agreement or the transactions contemplated hereby. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Applicable Requirements</I></FONT><FONT SIZE=2>" means and includes, with respect to the origination, purchase, sale and servicing of Mortgage Loans or the
performance of obligations under the Servicing Agreements, all of the following: (i)&nbsp;all contractual obligations of the Seller including under any Servicing Agreements (and the applicable
"servicing standard" thereunder) or any other documents related to the Mortgage Loans or any commitment or other contractual obligation related to any Mortgage Loan; (ii)&nbsp;all applicable
underwriting, servicing and other guidelines of the Seller or as required by any Agency; (iii)&nbsp;all Laws applicable to the Seller or the Included Business; and (iv)&nbsp;all other applicable
requirements and guidelines of any Governmental Authority or Agency. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Assumed Credit Agreements</I></FONT><FONT SIZE=2>" means those credit facilities and loan agreements listed on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Assumed Credit
Agreements</I></FONT><FONT SIZE=2>" and any other similar credit facilities and
agreements with respect to the Included Business and to which the Seller is a party, entered into between the date of this Agreement and Closing Date in compliance with </FONT> <FONT SIZE=2><I>Section&nbsp;5.1(a)</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Balance Sheet Date</I></FONT><FONT SIZE=2>" means December&nbsp;31, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Base Purchase Price</I></FONT><FONT SIZE=2>" means $250,000,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Burdensome Condition</I></FONT><FONT SIZE=2>" means, in connection with any regulatory approval of any Governmental Authority contemplated by this Agreement, a
requirement to: (i)&nbsp;sell or hold separate or agree to sell, divest or discontinue, before or after the Closing Date, any properties, assets, businesses or licenses of Parent, the Buyer, their
respective Subsidiaries or the Included Business; or (ii)&nbsp;agree to any conditions relating to, or changes, limitations or restrictions in, Parent's or the Buyer's capital position or any such
properties, assets, business or licenses of Parent, the Buyer, their respective Subsidiaries or the Included Business which, in the case of either clause&nbsp;(i) or (ii)&nbsp;is reasonably
likely, individually or in the aggregate, to materially and adversely impact the aggregate economic or business benefits, taken as a whole, to Parent and the Buyer of the acquisition of the Purchased
Assets and the Included Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Business Day</I></FONT><FONT SIZE=2>" means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed
in the City of New York. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Business Records</I></FONT><FONT SIZE=2>" means all books, records, ledgers and files or other similar information or data of the Seller (in any form or medium)
primarily related to, used or primarily held for use in connection with the Included Business, the Purchased Assets or the Assumed Liabilities, including all client lists, vendor lists,
correspondence, mailing lists, revenue records, invoices, advertising materials, brochures, records of operation, standard forms of documents, manuals of operations or business procedures,
photographs, blueprints, research files and materials, data books, Intellectual Property disclosures and information, media materials and plates, accounting records, Loan Files, Servicing and
Underwriting Files and litigation files (but excluding the organization documents, minute and stock record books and corporate seal of the Seller). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Buyer OP Units</I></FONT><FONT SIZE=2>" means partnership units of the Partnership which shall be convertible into shares of Parent Common Stock in accordance
with the terms of the Partnership Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Carve-Out Financial Statements</I></FONT><FONT SIZE=2>" means the management prepared financial statements for the Included Business for the years ended
December&nbsp;31, 2013, December&nbsp;31, 2014 and December&nbsp;31, 2015 and which are as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.5</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>CMBS Loans</I></FONT><FONT SIZE=2>" means those Mortgage Loans which are part of the Purchased Assets and originated by the Seller and are to be sold to a third
party which intends to transfer such Mortgage Loans into a collateralized mortgage backed securitization. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Code</I></FONT><FONT SIZE=2>" means the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of
similar import, and the rules and regulations thereunder, as on the Closing Date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Contract</I></FONT><FONT SIZE=2>" means any contract, agreement, arrangement or understanding, whether written or oral and whether express or implied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>control</I></FONT><FONT SIZE=2>," including the terms "controlled by" and "under common control with," means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, as general partner or managing member, by
Contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such
Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Current Assumed Liabilities</I></FONT><FONT SIZE=2>" means those liabilities of the Seller relating to the Included Business as of the Reference Time that are
included within those categories identified as such in the sample calculation of Net Working Capital on </FONT><FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2>. For the avoidance of doubt,
(i)&nbsp;any letters of credit (solely to the extent drawn but unpaid as of the Reference Time) shall be included within Current Assumed Liabilities and (ii)&nbsp;any tax distributions payable
shall be excluded from Current Assumed Liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Current Purchased Assets</I></FONT><FONT SIZE=2>" means those assets of the Seller relating to the Included Business as of the Reference Time that are included
within those categories identified as such in the sample calculation of Net Working Capital on </FONT><FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2>. For the avoidance of doubt, any
security deposits, deferred financing costs and cash in the Fannie Mae Restricted Liquidity Account shall be excluded from Current Purchased Assets and Tax Distribution Cash shall be included in
Current Purchased Assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Disclosure Schedules</I></FONT><FONT SIZE=2>" means the disclosure schedules attached hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Encumbrance</I></FONT><FONT SIZE=2>" means any charge, claim, limitation, condition, equitable interest, mortgage, lien, option, pledge, security interest,
easement, encroachment, right of first refusal, adverse claim or restriction of any kind, including any restriction on or transfer or other assignment, as security or otherwise, of or relating to use,
quiet enjoyment, voting, transfer, receipt of income or exercise of any other attribute of ownership. "Encumbrance" shall not mean the rights of Fannie Mae, Ginnie Mae, Freddie Mac, FHA, master
servicers of CMBS Loans and holders or contract purchasers of securities issued or to be issued in connection with Mortgage Loans, in each case to the extent arising in the ordinary course of business
consistent with past practice. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>ERISA</I></FONT><FONT SIZE=2>" means the Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>ERISA Affiliate</I></FONT><FONT SIZE=2>" means any corporation, trade, business or entity, whether or not incorporated, which together with the Seller or any of
its Subsidiaries would be deemed to be a "single employer" within the meaning of Section&nbsp;414 of the Code or Section&nbsp;4001 of ERISA. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Estimated Net Sale Price</I></FONT><FONT SIZE=2>" means, with respect to Mortgage Loans Held for Sale as of the Closing Date, the estimated price at which such
Mortgage Loans will be sold, less commissions payable with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Excess Servicing Strip</I></FONT><FONT SIZE=2>" means that portion of the servicing fee paid to the Seller to service the Acquired Servicing Portfolio which is
in excess of the reasonable compensation for such servicing duties and obligations, as determined in accordance with the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Exchange Act</I></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Excluded Business</I></FONT><FONT SIZE=2>" means all businesses that the Seller and Ivan Kaufman are entitled to undertake pursuant to the terms of the
Non-Compete Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae</I></FONT><FONT SIZE=2>" means Fannie Mae, a corporation organized and existing under the Laws of the United States of America, formerly known as the
Federal National Mortgage Association. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Agreements</I></FONT><FONT SIZE=2>" means the agreements, contracts, licenses, guides and all other related documents, all as amended, supplemented or
supplanted, with respect to the origination, sale, servicing or loss sharing of Fannie Mae Loans, as set forth in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Fannie Mae Agreements</I></FONT><FONT
SIZE=2>." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Loans</I></FONT><FONT SIZE=2>" means those Mortgage Loans (i)&nbsp;in the case of Acquired Servicing Portfolio Loans, such loans that are being
serviced for Fannie Mae and (ii)&nbsp;in the case of Mortgage Loans Held for Sale, those loans that will be sold to Fannie Mae. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Restricted Liquidity Account</I></FONT><FONT SIZE=2>" means the account maintained by the Seller at U.S. Bank, N.A. which holds cash and cash
equivalents reserved for Seller's Fannie Mae restricted liquidity requirement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Restricted Liquidity Amount</I></FONT><FONT SIZE=2>" means the amount, in cash and cash equivalents, held in the Fannie Mae Restricted Liquidity
Account as of the Closing Date, that is not in excess of $2,500,000. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Servicing Rights</I></FONT><FONT SIZE=2>" means the Seller's rights under the Fannie Mae Agreements to service Fannie Mae Loans in the Acquired
Servicing Portfolio as the servicer thereunder including the right to receive Servicing Fees and any rights with respect to any escrow or other accounts established in connection therewith. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Fannie Mae Transfer Agreement</I></FONT><FONT SIZE=2>" means a transfer agreement or agreements by and among Fannie Mae, the Seller and the Buyer, in form and
substance reasonably satisfactory to the Buyer, relating to (i)&nbsp;the assignment to and assumption by the TRS or an Affiliate of the TRS of the Seller's rights, obligations and liabilities
relating to the Fannie Mae Agreements with respect to the Fannie Mae Loans in the Acquired Servicing Portfolio and the Fannie Mae Loans that are Mortgage Loans Held for Sale, (ii)&nbsp;the approval
of the TRS or an Affiliate of the TRS as a lender under the Fannie Mae Agreements and (iii)&nbsp;the approval and acknowledgement by Fannie Mae of the transfer to the Partnership, or a Subsidiary of
the Partnership, of that portion of the Excess Servicing Strip related to the Fannie Mae Servicing Rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FHA</I></FONT><FONT SIZE=2>" means the Federal Housing Administration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FHA Agreements</I></FONT><FONT SIZE=2>" means the agreements, contracts, licenses, guides and all other related documents, all as amended, supplemented or
supplanted, with respect to the origination, sale, insurance or servicing of FHA Loans, as set forth in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>FHA Agreements</I></FONT><FONT SIZE=2>."
</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FHA Loans</I></FONT><FONT SIZE=2>" means those Mortgage Loans (i)&nbsp;in the case of Acquired Servicing Portfolio Loans, such loans that are being serviced
for FHA/Ginnie Mae and (ii)&nbsp;in the case of Mortgage Loans Held for Sale, those loans that have been insured by FHA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FHA Servicing Rights</I></FONT><FONT SIZE=2>" means the Seller's rights under the FHA Agreements to service FHA Loans in the Acquired Servicing Portfolio as the
servicer thereunder including the right to receive Servicing Fees and any rights with respect to any escrow or other accounts established in connection therewith. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>FHA Transfer Agreement</I></FONT><FONT SIZE=2>" means a transfer agreement or agreements by and among Ginnie Mae, FHA, the Seller and the Buyer, in form and
substance reasonably satisfactory to the Buyer, relating to (i)&nbsp;the assignment to and assumption by the TRS or an Affiliate of the TRS of the Seller's rights, obligations and liabilities
relating to the FHA Agreements with respect to the FHA Loans in the Acquired Servicing Portfolio and the FHA Loans that are Mortgage Loans Held for Sale, (ii)&nbsp;the approval of the TRS or an
Affiliate of the TRS as a lender under the FHA Agreements and (iii)&nbsp;the approval and acknowledgement by Ginnie Mae and/or FHA of the transfer to the Partnership, or a Subsidiary of the
Partnership, of that portion of the Excess Servicing Strip related to the FHA Servicing Rights. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Final Net Sale Price</I></FONT><FONT SIZE=2>" means, with respect to Mortgage Loans Held for Sale as of the Closing Date, the actual price at which such Mortgage
Loans will be sold, less commissions payable with respect thereto. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac</I></FONT><FONT SIZE=2>" means the Federal Home Loan Mortgage Corporation, a corporation organized and existing under the Laws of the United States
of America and doing business as Freddie Mac. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac Agreements</I></FONT><FONT SIZE=2>" means the agreements, contracts, licenses, guides and all other related documents, all as amended, supplemented
or supplanted, with respect to the origination, sale, servicing or loss sharing of Freddie Mac Loans, as set forth in </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Freddie Mac
Agreements</I></FONT><FONT SIZE=2>." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac Cash Collateral Account</I></FONT><FONT SIZE=2>" means the account maintained by the Seller at U.S. Bank, N.A. which holds cash and cash equivalents
reserved for Seller's obligations to purchase B Bonds under the Freddie Mac Small Balance Loan Program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac I/O Strip</I></FONT><FONT SIZE=2>" means an interest only bond issued as part of a securitization of mortgage loans made under Freddie Mac Small
Balance Loan program. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac Loans</I></FONT><FONT SIZE=2>" means those Mortgage Loans (i)&nbsp;in the case of Acquired Servicing Portfolio Loans, such loans that are being
serviced for Freddie Mac and (ii)&nbsp;in the case of Mortgage Loans Held for Sale, those loans that will be sold to Freddie Mac. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac Servicing Rights</I></FONT><FONT SIZE=2>" means the Seller's rights under the Freddie Mac Agreements to service Freddie Mac Loans in the Acquired
Servicing Portfolio as the servicer thereunder including the right to receive Servicing Fees and any rights with respect to any escrow or other accounts established in connection therewith. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Freddie Mac Transfer Agreement</I></FONT><FONT SIZE=2>" means a transfer agreement or agreements by and among Freddie Mac, the Seller and the Buyer, in form and
substance reasonably satisfactory to the Buyer, relating to (i)&nbsp;the assignment to and assumption by the TRS or an Affiliate of the TRS of the Seller's rights, obligations and liabilities
relating to the Freddie Mac Agreements with respect to the Freddie Mac Loans in the Acquired Servicing Portfolio and the Freddie Mac Loans that are Mortgage Loans Held
for Sale, (ii)&nbsp;the approval of the TRS or an Affiliate of the TRS as a lender under the Freddie Mac Agreements and (iii)&nbsp;the approval and acknowledgement by Freddie Mac of the transfer
to the Partnership, or a Subsidiary of the Partnership, of that portion of the Excess Servicing Strip related to the Freddie Mac Servicing Rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>GAAP</I></FONT><FONT SIZE=2>" means United States generally accepted accounting principles and practices as in effect on the date hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Ginnie Mae</I></FONT><FONT SIZE=2>" means the Government National Mortgage Association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Governmental Authority</I></FONT><FONT SIZE=2>" means any United States or non-United States federal, national, supranational, state, provincial, local or
similar government, governmental, regulatory or administrative authority, branch, agency or commission or any court, tribunal, or arbitral or judicial body (including any grand jury), including,
without limitation, the Agencies. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Included Business</I></FONT><FONT SIZE=2>" means the Agency businesses of the Seller relating to (i)&nbsp;underwriting, originating, selling and servicing
multifamily mortgages at various locations in the United States under the Fannie Mae DUS program and the FHA, Ginnie Mae and Freddie Mac programs and (ii)&nbsp;underwriting, originating and selling
multifamily mortgages at various locations in the United States under conduit programs. For the avoidance of doubt, the Included Business shall include all of the Seller's businesses related to
commercial real estate lending, other than those investments set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;2.2</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Excluded
Assets</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Seller Target Investments</I></FONT><FONT SIZE=2>" as defined in the Non-Compete Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT SIZE=2><I>Immediate Family Member</I></FONT><FONT SIZE=2>" means with respect to a Person, such Person's spouse, parents, children and siblings,
including adoptive relationships and relationships through marriage, or any other relative of such Person that shares such Person's home. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Intellectual Property</I></FONT><FONT SIZE=2>" means all of the following, whether protected, created or arising under the laws of the United States or any other
jurisdiction: (i)&nbsp;trade names, trademarks and service marks (registered and unregistered), domain names and other Internet addresses or identifiers, trade dress, logos, other source identifiers
and similar rights and applications (including intent to use applications) to register any of the foregoing (collectively, "</FONT><FONT SIZE=2><I>Marks</I></FONT><FONT SIZE=2>"); (ii)&nbsp;patents
and patent applications (collectively, "</FONT><FONT SIZE=2><I>Patents</I></FONT><FONT SIZE=2>"); (iii)&nbsp;copyrights (registered and unregistered) and applications for registration
(collectively, "</FONT><FONT SIZE=2><I>Copyrights</I></FONT><FONT SIZE=2>"); (iv)&nbsp;know-how, inventions, methods, processes, proprietary data and information, databases, specifications,
drawings, prototypes, designs, design rights, formulae, research and development information, marketing and business plans, computer software programs, applications and systems, technology, product
roadmaps, and customer and supplier lists; and (v)&nbsp;similar proprietary rights. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>knowledge</I></FONT><FONT SIZE=2>" means the actual knowledge of an individual, or any senior vice president, President or similar senior officer or director, in
the case of an entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Law</I></FONT><FONT SIZE=2>" means any statute, law, ordinance, regulation, rule, code, executive order, injunction, decision, writ, judgment, decree or order of
any Governmental Authority. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Leased Real Property</I></FONT><FONT SIZE=2>" means the real property leased, subleased or licensed to the Seller used in connection with the operating of the
Included Business, as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.11</I></FONT><FONT SIZE=2> of the Disclosure Schedules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Management Agreement</I></FONT><FONT SIZE=2>" means the Second Amended and Restated Management Agreement, dated August&nbsp;6, 2009, by and among Parent, ACM,
Arbor Realty Limited Partnership and Arbor Realty SR,&nbsp;Inc., as amended by Amendment Number&nbsp;1 thereto, dated as of January&nbsp;1, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Mortgage Loans</I></FONT><FONT SIZE=2>" means (i)&nbsp;the Acquired Servicing Portfolio Loans and (ii)&nbsp;the Mortgage Loans Held for Sale. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Mortgage Loans Held for Sale</I></FONT><FONT SIZE=2>" means those multi-family mortgage loans identified on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Mortgage Loans Held for
Sale</I></FONT><FONT SIZE=2>" (or originated by the Seller between the
date of such Schedule and the Closing Date in compliance with </FONT><FONT SIZE=2><I>Section&nbsp;5.1(a)</I></FONT><FONT SIZE=2>) and which, as of the Closing Date, are held by the Seller for sale
to one of the Agencies or a conduit lender, or, as to FHA Loans, have been insured by FHA. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Mortgage Servicing Rights</I></FONT><FONT SIZE=2>" means, collectively, the Fannie Mae Servicing Rights, the FHA Servicing Rights, the Freddie Mac Servicing
Rights and any other Rights of the Seller to service Mortgage Loans for other owners of Mortgage Loans (including, for the avoidance of doubt, the Non-Agency Mortgage Loans). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Net Working Capital</I></FONT><FONT SIZE=2>" means the difference (positive or negative) between Current Purchased Assets and Current Assumed Liabilities as of
the Reference Time determined in accordance with the Accounting Principles; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that any excess cash (including Tax Distribution Cash) that the
Seller elects to distribute or pay after the Reference Time but immediately prior to the Closing shall reduce the Net Working Capital. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Neutral Arbitrator</I></FONT><FONT SIZE=2>" means PricewaterhouseCoopers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Non-Agency Mortgage Loans</I></FONT><FONT SIZE=2>" means Mortgage Loans that are being serviced for, or which are expected to be sold to, investors other than
one of the Agencies and other than loans or other assets being serviced for Parent and its Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Common Stock</I></FONT><FONT SIZE=2>" means the common stock, par value $0.01 per share, of Parent. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-7</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Parent Material Adverse Effect</I></FONT><FONT SIZE=2>" means any event, change, circumstance, occurrence, effect or state of facts that, individually or
together with any other event, change, circumstance, occurrence, effect or state of facts (i)&nbsp;is or would reasonably be expected to be materially adverse to the financial condition, assets,
business or results of operations of Parent and its Subsidiaries, taken as a whole; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been, will be, would
or could be, or could or would reasonably be expected to have or result in, a Parent Material Adverse Effect: (a)&nbsp;any failure, in and of itself, by Parent to meet any internal or published
projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the facts or occurrences giving rise
to or contributing to such failure may be deemed to constitute, or be taken into account in determining whether there has been or will be, a Parent Material Adverse Effect); (b)&nbsp;any adverse
change, effect, event, occurrence, state of facts or development to the extent attributable to the announcement, pendency or consummation of the transactions contemplated by this Agreement or any of
the Ancillary Agreements (including any disruption in supplier, partner or similar relationships or any loss of employees); (c)&nbsp;any adverse change, effect, event, occurrence, state of facts or
development attributable to conditions affecting (1)&nbsp;the industries in which Parent and its Subsidiaries participate (including fluctuating conditions resulting from cyclicality, seasonality or
weather patterns affecting Parent and its Subsidiaries, including their respective customers and suppliers) or (2)&nbsp;national, regional, local, international or global economies; (d)&nbsp;any
adverse change, effect, event, occurrence, state of facts or development resulting from or relating to the taking of any action expressly required or permitted by this Agreement or any of the
Ancillary Agreements or the consummation of any Parent Offering; (e)&nbsp;any adverse change, effect, event, occurrence, state of facts or development arising from or relating to any change in
accounting requirements or principles or any change in any Laws (other than Tax laws); (f)&nbsp;any adverse change, effect, event, occurrence, state of facts or development arising in connection
with natural disasters or acts of nature, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or
terrorism or military actions existing or underway as of the date hereof; or (g)&nbsp;any change in political regimes, political conditions or climate whether in the U.S. or any other country or
jurisdiction except in the cases of clauses&nbsp;(c), (e), (f)&nbsp;and (g)&nbsp;to the extent that any event, change, circumstance, occurrence, effect or state of facts described therein
disproportionately impacts or affects the business of Parent and its Subsidiaries compared to other businesses of similar size operating in the same industries in which Parent and its Subsidiaries
participate; or (ii)&nbsp;materially impairs the ability of Parent to consummate, or prevents or materially delays, any of the transactions contemplated by this Agreement or the Ancillary Agreements
or would reasonably be expected to do so. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Partnership Agreement</I></FONT><FONT SIZE=2>" means the Second Amended and Restated Agreement of Limited Partnership of the Partnership dated as of
January&nbsp;18, 2015, by and among Arbor Realty&nbsp;GPOP,&nbsp;Inc., Arbor Realty&nbsp;LPOP,&nbsp;Inc., ACM and Parent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Permits</I></FONT><FONT SIZE=2>" means all permits, licenses, franchises, approvals, certificates, consents, waivers, concessions, exemptions, orders,
registrations, notices or other authorizations issued to, or required to be obtained or maintained by, the Seller by a Governmental Authority with respect to the origination and/or servicing of the
Mortgage Loans or otherwise necessary for the conduct or operation of the Included Business as currently conducted or the ownership or use of the Purchased Assets and the Included Business, and all
pending applications therefor and amendments, modifications and renewals thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Person</I></FONT><FONT SIZE=2>" means an individual, corporation, partnership, limited liability company, limited liability partnership, syndicate, person,
trust, association, organization or other entity, including any Governmental Authority, and including any successor, by merger or otherwise, of any of the foregoing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Personal Information</I></FONT><FONT SIZE=2>" has the same meaning as any such term or like terms set forth in the applicable Privacy Laws that identifies or can
be used to identify individuals, including, but not limited to, "personally identifiable financial information" as defined by the Gramm-Leach-Bliley Act of 1999, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Personal Property</I></FONT><FONT SIZE=2>" means all machinery, equipment, furniture, furnishings, rolling stock, tools, office supplies, vehicles, computer
hardware and other tangible personal property owned or leased by the Seller including without limitation those items more particularly identified on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT
SIZE=2><I>Personal Property</I></FONT><FONT SIZE=2>" of the Disclosure Schedules, used or held for use
primarily in connection with the Included Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Pipeline Loans</I></FONT><FONT SIZE=2>" means the potential mortgage loans and loan commitments for which the Seller has received signed applications and
deposits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Preferred Equity Interests</I></FONT><FONT SIZE=2>" means preferred equity interests having an initial aggregate liquidation preference equal to the Preferred
Equity Amount to be issued by a subsidiary of the TRS and having terms and conditions substantially in accordance with the terms and conditions set forth in </FONT> <FONT SIZE=2><I>Exhibit&nbsp;O</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Prepaid Items</I></FONT><FONT SIZE=2>" means all credits, cash reserves, prepaid expenses, advance payments, security deposits, escrows and other prepaid items
of the Seller arising from the Included Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Privacy Laws</I></FONT><FONT SIZE=2>" means all applicable privacy, data security, data protection, data breach, workplace privacy, or other similar laws, rules,
and regulations of any applicable jurisdiction, including, but not limited to, the Gramm-Leach-Bliley Act of 1999, as amended, as well as any and all then-current industry standards, guidelines, and
practices with respect to the collection, use, sharing, disclosure, transfer, and protection of Personal Information. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Purchase Price</I></FONT><FONT SIZE=2>" means the Closing Purchase Price as adjusted pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Receivables</I></FONT><FONT SIZE=2>" means all receivables (including accounts receivable, loans receivable and advances) arising from the Included Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Reference Time</I></FONT><FONT SIZE=2>" means 11:59&nbsp;p.m. on the day prior to the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Related Party</I></FONT><FONT SIZE=2>," with respect to any specified Person, means: (i)&nbsp;any Affiliate of such specified Person, or any director,
executive officer holding the rank of senior vice president or higher, general partner or managing member of such Affiliate; (ii)&nbsp;any Person who serves or within the past five years has served
as a director, executive officer, partner, member or in a similar capacity of such specified Person; (iii)&nbsp;any Immediate Family Member or (iv)&nbsp;any other Person who holds, individually or
together with any Affiliate of such other Person and any of such Person's Immediate Family Member(s), more than 5% of the outstanding voting equity or ownership interests of such specified Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Representatives</I></FONT><FONT SIZE=2>" means the officers, directors, principals, employees, advisors, auditors, agents, counsel, bankers and other
representatives of the Buyer or the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Rights</I></FONT><FONT SIZE=2>" means all claims, causes of action, rights of recovery and rights of set-off against any Person arising from the Included
Business or related to the Purchased Assets or the Assumed Liabilities, including: (i)&nbsp;all rights under any Seller Contract, including all rights to receive payment for products sold and
services rendered thereunder, to receive goods and/or services thereunder, to assert claims and to take other rightful actions in respect of breaches, defaults and other violations thereof;
(ii)&nbsp;all rights under or in respect of any Seller Intellectual Property, including all rights to sue and recover damages for past, present and future infringement, dilution, misappropriation,
violation, unlawful imitation or breach thereof, and all rights of priority and protection of interests therein under the laws of any jurisdiction and (iii)&nbsp;all rights under all guarantees,
warranties, indemnities and insurance policies arising from or related to the Included Business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Seller Contract</I></FONT><FONT SIZE=2>" means any Contract arising from or related to the Included Business to which the Seller is a party, under which the
Seller may have any Rights or by which the Seller, or any of the Purchased Assets or Assumed Liabilities may be bound. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Seller Intellectual Property</I></FONT><FONT SIZE=2>" means all Intellectual Property owned, used or held for use by the Seller primarily in the Included
Business including, without limitation, the ARBOR trade name and mark and the Intellectual Property set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.12</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Seller Material Adverse Effect</I></FONT><FONT SIZE=2>" means (A)&nbsp;any event, change, circumstance, occurrence, effect or state of facts that, individually
or together with any other event, change, circumstance, occurrence, effect or state of facts (i)&nbsp;is or would reasonably be expected to be materially adverse to the financial condition, assets,
business or results of operations of the Included Business, the Purchased Assets and/or the Assumed Liabilities taken as a whole; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that
none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into
account in determining whether there has been, will be, would or could be, or could or would reasonably be expected to have or result in, a Seller Material Adverse Effect: (a)&nbsp;any failure, in
and of itself, by the Seller to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period
(it being understood that the facts or occurrences giving rise to or contributing to such failure may be deemed to constitute, or be taken into account in determining whether there has been or will
be, a Seller Material Adverse Effect); (b)&nbsp;any adverse change, effect, event, occurrence, state of facts or development to the extent attributable to the announcement, pendency or consummation
of the transactions contemplated by this Agreement or any of the Ancillary Agreements (including any disruption in supplier, partner or similar relationships or any loss of employees); (c)&nbsp;any
adverse change, effect, event, occurrence, state of facts or development attributable to conditions affecting (1)&nbsp;the industries in which the Included Business participates (including
fluctuating conditions resulting from cyclicality, seasonality or weather patterns affecting the Included Business, including their respective customers and suppliers) or (2)&nbsp;national,
regional, local, international or global economies; (d)&nbsp;any adverse change, effect, event, occurrence, state of facts or development resulting from or relating to the taking of any action
expressly required or permitted by this Agreement or any of the Ancillary Agreements; (e)&nbsp;any adverse change, effect, event, occurrence, state of facts or development arising from or relating
to any change in accounting requirements or principles or any change in any Laws (other than Tax Laws disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2> and excluding any
change contemplated by clause&nbsp;(B) below); (f)&nbsp;any adverse change, effect, event, occurrence, state of facts or development arising in connection with natural disasters or acts of nature,
hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing or
underway as of the date hereof; or (g)&nbsp;any change in political regimes, political conditions or climate whether in the U.S. or any other country or jurisdiction except in the cases of
clauses&nbsp;(c), (e), (f)&nbsp;and, (g)&nbsp;to the extent
that any event, change, circumstance, occurrence, effect or state of facts described therein disproportionately impacts or affects the Included Business compared to other businesses of similar size
operating in the same industries in which the Included Business participates; or (ii)&nbsp;materially impairs the ability of the Seller to consummate, or prevents or materially delays, any of the
transactions contemplated by this Agreement or the Ancillary Agreements or would reasonably be expected to do so; or (B)&nbsp;the enactment of any bill or other legislation or federal action that
will or would reasonably be expected to materially change the current charter, operations or business functions of any of the Agencies in a manner that would be reasonably likely, individually or in
the aggregate, to materially and adversely impact the Purchased Assets and the Included Business, taken as a whole. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Servicing Agreements</I></FONT><FONT SIZE=2>" means all servicing agreements of the Seller related to the Mortgage Loans, all as amended, supplemented or
supplanted, including without limitation the Agency Agreements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Servicing and Underwriting Files</I></FONT><FONT SIZE=2>" means all files, books, records, reports, correspondence and documents (other than Loan Documents)
relating to the origination, underwriting and/or servicing of any Mortgage Loan, including (i)&nbsp;correspondence between the Seller and any obligor or applicant, (ii)&nbsp;correspondence with
any Governmental Authority, Fannie Mae, Freddie Mac, FHA or any other investor, (iii)&nbsp;any materials reasonably necessary to service in accordance with the Agency Agreements or such other
governing servicing documents as may be applicable, and (iv)&nbsp;any servicing, origination or underwriting-related information reflected on the Seller's systems in any electronic or other medium. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Servicing Fees</I></FONT><FONT SIZE=2>" means the servicing fees payable to the Seller with respect to each Mortgage Loan and all other revenue or income that
the Seller is authorized or entitled to receive in connection with servicing the Mortgage Loans, including any and all (i)&nbsp;assumption fee income, (ii)&nbsp;principal and interest float on
accounts transferred by the Seller to the Buyer at the Closing, (iii)&nbsp;escrow account float on escrow accounts, (iv)&nbsp;defeasance fees, (v)&nbsp;rights to reimbursement for Advances,
(vi)&nbsp;late charges, (vii)&nbsp;default interest and (viii)&nbsp;all other ancillary fees, charges and other amounts customarily included in servicer income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Signature Bank Loan</I></FONT><FONT SIZE=2>" has the meaning set forth in the Disclosure Schedules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Special Committee</I></FONT><FONT SIZE=2>" means the special committee of independent members of Parent's Board of Directors who has acted in connection with the
transactions contemplated by this Agreement, or if such special committee is no longer in existence after the Closing, the Audit Committee of the Board of Directors of Parent. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Subsidiary</I></FONT><FONT SIZE=2>" means, with respect to any Person, any other Person controlled by such first Person, directly or indirectly, through one or
more intermediaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Target Net Working Capital</I></FONT><FONT SIZE=2>" means $5,000,000.00, minus the Fannie Mae Restricted Liquidity Amount. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tax Distribution Cash</I></FONT><FONT SIZE=2>" means any cash of the Seller that the Seller designates as "Tax Distribution Cash" to the Buyer in writing at
least three (3)&nbsp;Business Days prior to the Closing Date, which the Seller intends to use to make tax distributions to the members of the Seller. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Tax Return</I></FONT><FONT SIZE=2>" means any federal, state, provincial, district, municipal, county, local and foreign return, declaration, report, statement,
information statement and other document required to be made or filed with respect to Taxes (including any claim for a refund of Taxes), along with any attachments, amendments or supplements to any of
the foregoing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Taxes</I></FONT><FONT SIZE=2>" means (i)&nbsp;all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem,
transfer, franchise, profits, registration, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs,
duties or other taxes, fees, assessments or charges of any kind whatsoever (including any amounts resulting from the failure to file any Tax Return) together with any interest and any penalties,
additions to tax or additional amounts with respect thereto; (ii)&nbsp;any liability for payment of amounts described in clause&nbsp;(i) whether as a result of transferee liability, of being a
member of an affiliated, consolidated, combined or unitary group for any period or otherwise through operation of law and (iii)&nbsp;any liability for the payment of amounts described in
clauses&nbsp;(i) or (ii)&nbsp;as a result of any tax sharing, tax indemnity or tax allocation agreement or any other express or implied agreement to indemnify any other Person the principal
purpose of which is Taxes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Transfer Taxes</I></FONT><FONT SIZE=2>" means any and all excise, sales, use, stamp, transfer, documentary, filing, recordation, value added Taxes and other
similar Taxes and fees, if any, that are incurred as a result of the purchase and sale of the Purchased Assets, together with any interest additions or penalties with respect thereto and interest
thereon which by Law are the exclusive obligation of the Seller. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT SIZE=2><I>Transferred Employee</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Transferred Employees</I></FONT><FONT SIZE=2>" means the
persons set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.9(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, and any other person employed by the Seller with respect to the Included
Business between the date of this Agreement and the Closing Date, who commences working for the Buyer (or its Affiliate) on the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Warehouse Lines</I></FONT><FONT SIZE=2>" means indebtedness of the Seller used in the ordinary course of business of the Included Business to fund lending
activities, including those Assumed Credit Agreements identified under the heading "Warehouse Lines" on </FONT> <FONT SIZE=2><I>Schedule&nbsp;1.1</I></FONT><FONT SIZE=2>&#151;"</FONT><FONT SIZE=2><I>Assumed Credit Agreements</I></FONT><FONT SIZE=2>".
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>WARN</I></FONT><FONT SIZE=2>" shall mean the Worker Adjustment and Retraining Notification Act of 1988, as amended, and any similar provision under other
applicable Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Weighted Average Servicing Fee</I></FONT><FONT SIZE=2>" means the annual servicing fee on the Acquired Servicing Portfolio Loans, divided by the unpaid principal
balance of the Acquired Servicing Portfolio Loans. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_1.2._table_of_definitions_."> </A>
<A NAME="toc_li19201_1"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Table of Definitions</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The following terms have the meanings set forth in the Sections referenced below: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Location </B></FONT></TH>
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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ACF</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ACM</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Agency Transfer Costs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Asset Acquisition Statement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.9</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assignment and Assumption Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumed Benefit Plans</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.7(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assumed Liabilities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.3</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>A&amp;R Management Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(xv)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bankruptcy and Equity Exception</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bill of Sale</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(i)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buyer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buyer Fundamental Representations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.2(a)</FONT></TD>
</TR>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Buyer Indemnified Person</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.2(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CERCLA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15(f)(iii)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change in Recommendation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.11(c)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Claim Notice</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.4(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Claimed Amount</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.4(a)(ii)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing Acquired Servicing Portfolio</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing Date</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing Purchase Price</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing Statement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(b)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Collateral Source</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.3(b)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conclusive Closing Statement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(d)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Confidential Information</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.8(b)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Confidentiality Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.8(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Covenant Support Letter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(x)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Copyrights</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Deductible</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.3(a)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Disputed Items</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(c)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>End Date</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.1(c)</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental Claim</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15(f)(i)</FONT></TD>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:35pt;"><FONT SIZE=1><B>Definition

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Location </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Environmental Laws</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.15(f)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Closing Acquired Servicing Portfolio</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Closing Excess Servicing Strip and Freddie Mac I/O Strip</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Closing Net Working Capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Closing Weighted Average Servicing Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Deficit Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.6(c)(i)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Excess Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.6(c)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Net Working Capital Excess Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Net Working Capital Deficiency Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Excluded Assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.2</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Excluded Liabilities</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Closing Acquired Servicing Portfolio</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(E)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Closing Excess Servicing Strip and Freddie Mac I/O Strip</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(G)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Closing Weighted Average Servicing Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(F)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Deficit Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(h)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Excess Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(h)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Net Working Capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(B)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Net Working Capital Deficiency Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(D)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Net Working Capital Excess Amount</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(C)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Final Purchase Price</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)(A)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Freddie Mac I/O Strip Assignment Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(xiv)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fundamental Representations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hazardous Substances</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.15(f)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>HSR Act</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.3(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hunton</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(xxiv)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnifiable Damages</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>8.2(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnified Persons</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>8.2(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnity Termination Date</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Intellectual Property Assignment Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(xiii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Leased Property Assignments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(xxiii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loan Documents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.18(f)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Loan Files</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.18(f)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Marks</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Master Participation Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(xii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material Contracts</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>3.16(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mini-Basket</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>8.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Compete Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(v)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Dispute Notice</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.8(f)(i)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Unit Consideration</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.6(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Obligations</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Article&nbsp;III</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Option Agreement</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>2.7(b)(iv)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Offering Documents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>5.13(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Offering</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>5.13(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Preferred Stock</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>4.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Stockholders</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>5.11(c)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parent Stockholder Approval</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>4.6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Partnership</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Party</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Patents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
</TR>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:35pt;"><FONT SIZE=1><B>Definition

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Location </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PCBs</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pension Plan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.9(e)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Permitted Encumbrances</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.4(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pre-Closing Period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred Equity Amount</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Preferred Equity Documentation</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proprietary Software</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.12(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proxy Statement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.11(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase Price Adjustment Amount</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(e)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchased Assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Real Property Leases</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.11(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Reference Market Value</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.6(b)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Release</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.15(f)(iv)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Required Information</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.13(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Resolution Period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Revised Statements</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SEC</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.11(a)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Benefit Plans</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.9(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Closing Statement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Dispute Notice</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.8(c)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Fundamental Representations</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.3(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Indemnified Person</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.2(b)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seller Registered IP</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.12(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Servicing Advance Schedule</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.18(r)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholders Meeting</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.11(c)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Straddle Period</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Support Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(iii)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.2(c)(i)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Party Claim</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.5(a)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Trademark License Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7(b)(xi)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TRS</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Preamble</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unit Consideration</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.6(b)(ii)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting and Standstill Agreement</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Recitals</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_article_ii._purchase_and_sale"> </A>
<A NAME="toc_li19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE II.<BR>  <BR>    PURCHASE AND SALE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.1._purchase_and_sale_of_assets_."> </A>
<A NAME="toc_li19201_3"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Assets</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of this Agreement, at the Closing, and subject to the terms and conditions of the Bill of Sale and the Master Participation Agreement and the
Freddie Mac I/O Strip Assignment Agreement which set forth the Purchased Assets being sold to the TRS and the Partnership, respectively, the Seller shall sell, assign, transfer, convey and deliver to
the Buyer, and the Buyer, in reliance on the representations, warranties and covenants of the Seller contained herein, shall purchase from the Seller, all of the Seller's right, title and interest,
direct or indirect, in and to all assets, properties and rights of every nature, kind and description, whether tangible or intangible, real, personal or mixed, accrued or contingent (including
goodwill), wherever located and whether now existing or hereafter acquired prior to the Closing Date, used or held for use primarily in connection with the Included Business as the same shall exist on
the Closing Date, whether or not carried or reflected on or specifically referred to in the Seller's books or financial statements or in the Disclosure Schedules hereto, and, for the avoidance of
doubt, other than </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
Excluded Assets (collectively, the "</FONT><FONT SIZE=2><I>Purchased Assets</I></FONT><FONT SIZE=2>"), in each case free and clear of any Encumbrances other than Permitted Encumbrances, including
without limitation all of the Seller's right, title and interest in and to the assets set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;2.1</I></FONT><FONT SIZE=2> of the Disclosure Schedules. For
the avoidance of doubt, the Excess Servicing Strip and the Freddie Mac I/O Strip are being sold, conveyed, transferred, assigned and delivered solely to the Partnership (and not the TRS) pursuant to
this Agreement and the Master Participation Agreement with respect to the Excess Servicing Strip and the Freddie Mac I/O Strip Assignment Agreement with respect to the Freddie Mac I/O Strip. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.2._excluded_assets_."> </A>
<A NAME="toc_li19201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Excluded Assets</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller is not selling, and the Buyer is not buying, any of the assets of the Seller set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;2.2</I></FONT><FONT SIZE=2> of the Disclosure
Schedule (the "</FONT><FONT SIZE=2><I>Excluded Assets</I></FONT><FONT SIZE=2>"). The Seller shall retain all rights to the Excluded Assets and the Buyer shall have no right to any part of the
Excluded Assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.3._assumed_liabilities_."> </A>
<A NAME="toc_li19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assumed Liabilities</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;In connection with purchase and sale of the Purchased Assets pursuant to this Agreement, at the Closing, and subject to the terms and conditions of the Assignment and Assumption
Agreement, the Master Participation Agreement and the Freddie Mac I/O Strip Assignment Agreement which set forth the Assumed Liabilities being assumed by the TRS and the Partnership, respectively, the
Buyer shall assume only the following liabilities and obligations of the Seller related to the Purchased Assets (the "</FONT><FONT SIZE=2><I>Assumed Liabilities</I></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;all
liabilities and obligations recorded on the Carve-Out Financial Statements and in the footnotes thereto (other than as set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;2.4(a) - (e))</I></FONT><FONT SIZE=2>; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;all
liabilities and obligations related to the Mortgage Loans incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;all
liabilities and obligations under the Assumed Credit Agreements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;all
liabilities and obligations of the Seller under the Seller Contracts that are transferred to the Buyer hereunder or for which the Buyer is receiving the benefits
thereof pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.5(a)</I></FONT><FONT SIZE=2>; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;all
liabilities and obligations under the Agency Agreements that are transferred to the Buyer hereunder or for which the Buyer is receiving the benefits thereof pursuant
to </FONT><FONT SIZE=2><I>Section&nbsp;2.5(a)</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all
liabilities and obligations related to the Transferred Employees, including any liabilities and obligations under any Seller Benefit Plans; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;all
liabilities and obligations of the Seller under leases for the Leased Real Property that are transferred to the Buyer hereunder or for which the Buyer is receiving
the benefits thereof pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.5(a)</I></FONT><FONT SIZE=2>; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;all
liabilities and obligations set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;2.3(h)</I></FONT><FONT SIZE=2> of the Disclosure Schedule. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.4._excluded_liabilities_."> </A>
<A NAME="toc_li19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Excluded Liabilities</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of </FONT><FONT SIZE=2><I>Section&nbsp;2.3</I></FONT><FONT SIZE=2> or any other provision of this Agreement, any Schedule or Exhibit hereto or any
Ancillary Agreement to the contrary, and regardless of any disclosure to the Buyer, except for the Assumed Liabilities, the Buyer shall not assume or be obligated to pay, perform or otherwise
discharge (and the Seller shall retain, pay, perform or otherwise discharge without recourse to the Buyer) any liabilities or obligations of the Seller of any kind, character or description
whatsoever, whether direct or indirect, known or unknown, absolute or contingent, matured or unmatured, and currently existing or hereinafter arising (the "</FONT><FONT SIZE=2><I>Excluded
Liabilities</I></FONT><FONT SIZE=2>"), including the following: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;all
Taxes described in </FONT><FONT SIZE=2><I>Section&nbsp;6.2</I></FONT><FONT SIZE=2> and all Transfer Taxes imposed by Law upon the Seller; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;any
liabilities for tax distributions to the members of the Seller; </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_li19201_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;any
indebtedness for borrowed money or guarantees thereof outstanding as of the Closing Date, except pursuant to the Assumed Credit Agreements as set forth in the
Carve-Out Financial Statements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;any
liability or obligation of the Seller arising from or relating to an Excluded Asset, whether arising prior to or after the Closing Date; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;any
liability or obligation incurred by the Seller or any Person other than the Buyer, Parent or any of Parent's Subsidiaries arising out of or relating to the
negotiation and preparation of this Agreement and the Ancillary Agreements (including fees and expenses payable to all attorneys and accountants, other professional fees and expenses and bankers',
brokers' or finders' fees for persons not engaged by the Buyer). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.5._consents___li101989"> </A>
<A NAME="toc_li19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consents and Waivers; Further Assurances</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Nothing
in this Agreement or the Ancillary Agreements shall be construed as an agreement to assign any Seller Contract, Permit, Right or other Purchased Asset that by
its terms or pursuant to applicable Law is not capable of being sold, assigned, transferred or delivered without the consent or waiver of a third party or Governmental Authority unless and until such
consent or waiver shall be given. The Seller shall use its commercially reasonable efforts, and the Buyer and Parent shall cooperate reasonably with the Seller, to obtain such consents and waivers and
to resolve the impediments to the sale, assignment, transfer or delivery contemplated by this Agreement or the Ancillary Agreements and to obtain any other consents and waivers necessary to convey to
the Buyer all of the Purchased Assets. In the event any such consents or waivers are not obtained prior to the Closing Date, the Seller shall continue to use its commercially reasonable efforts to
obtain the relevant consents or waivers until such consents or waivers are obtained, and the Seller will cooperate with the Buyer in any lawful and economically feasible arrangement to provide that
the Buyer shall receive the interest of the Seller in the benefits under any such Seller Contract, Permit, Right or other Purchased Asset, including performance by the Seller, if economically
feasible, as agent; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the Buyer shall undertake to pay or satisfy the corresponding liabilities for the enjoyment of such benefit to the
extent the Buyer would have been responsible therefor hereunder if such consents or waivers had been obtained. Nothing in this </FONT><FONT SIZE=2><I>Section&nbsp;2.5(a)</I></FONT><FONT SIZE=2>
shall affect the Parties' right to terminate this Agreement under </FONT><FONT SIZE=2><I>Section&nbsp;9.1</I></FONT><FONT SIZE=2> in the event that any consent or waiver as described herein is not
obtained. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;From
time to time, whether before, at or following the Closing, the Seller and the Buyer shall execute, acknowledge and deliver all such further conveyances, notices,
assumptions and releases and such other instruments, and shall take such further actions, as may be necessary or appropriate to assure fully to the Buyer all of the properties, rights, titles,
interests, estates, remedies, powers and privileges intended to be conveyed to the Buyer under this Agreement and the Ancillary Agreements and to assure fully to the Seller the assumption of the
liabilities and obligations intended to be assumed by the Buyer pursuant to this Agreement and the Ancillary Agreements, and to otherwise make effective as promptly as practicable the transactions
contemplated hereby and thereby. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="li19201_section_2.6._consideration;_form_of_consideration_."> </A>
<A NAME="toc_li19201_8"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consideration; Form of Consideration</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consideration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In full consideration for the sale, assignment, transfer, conveyance and delivery of the
Purchased Assets to the Buyer in accordance with the terms of this Agreement and the Ancillary Agreements, the Buyer shall, (i)&nbsp;pay to the Seller an amount equal to the Closing Purchase Price,
which shall be subject to adjustment pursuant to this </FONT><FONT SIZE=2><I>Article&nbsp;II</I></FONT><FONT SIZE=2> and subject to such allocation between the TRS and the Partnership set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;2.6(c)
</I></FONT><FONT SIZE=2> (as adjusted following the Closing pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8(h)</I></FONT><FONT SIZE=2>), and
(ii)&nbsp;assume the Assumed Liabilities in accordance with the terms of this Agreement and the Ancillary Agreements. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-16</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Form of Consideration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, and subject to </FONT> <FONT
SIZE=2><I>Section&nbsp;2.6(c)</I></FONT><FONT SIZE=2>, the Buyer shall pay the Closing Purchase Price to the Seller as follows: (i)&nbsp;50% of the Closing Purchase Price in cash
and, if applicable pursuant to and in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;5.14</I></FONT><FONT SIZE=2>, Preferred Equity Interests (collectively, the
"</FONT><FONT SIZE=2><I>Non-Unit Consideration</I></FONT><FONT SIZE=2>") via, in the case of cash, a wire transfer of immediately available funds, to the account specified by the Seller at least 3
Business Days prior to Closing and (ii)&nbsp;50% of the Closing Purchase Price through the issuance of Buyer OP Units (the "</FONT><FONT SIZE=2><I>Unit Consideration</I></FONT><FONT SIZE=2>"), to
be allocated between ACM and ACF as designated by the Seller, as set forth in this </FONT><FONT SIZE=2><I>Section&nbsp;2.6(b)</I></FONT><FONT SIZE=2>. The number of Buyer OP Units issuable at the
Closing shall be that number of Buyer OP Units which shall be convertible in accordance with the terms of the Partnership Agreement as of the Closing Date into the number of shares of Parent Common
Stock calculated by dividing (X)&nbsp;50% of the Closing Purchase Price and (Y)&nbsp;the Reference Market Value of Parent Common Stock. "</FONT><FONT SIZE=2><I>Reference Market
Value</I></FONT><FONT SIZE=2>" means $6.50. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Consideration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, Unit Consideration shall be paid for the Excess Servicing Strip
and the Freddie Mac I/O Strip, and Non-Unit Consideration shall be paid for the Purchased Assets (other than the Excess Servicing Strip and the Freddie Mac I/O Strip), subject to the following
adjustments (and subject to adjustment following the Closing pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8(h)</I></FONT><FONT SIZE=2>): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
the value of the Estimated Closing Excess Servicing Strip and Freddie Mac I/O Strip is less than fifty percent (50%) of the Closing Purchase Price (such deficit, the
"</FONT><FONT SIZE=2><I>Estimated Deficit Amount</I></FONT><FONT SIZE=2>"), the Partnership shall issue and contribute to the TRS Buyer OP Units having a value (based on the Reference Market Value)
equal to the Estimated Deficit Amount and the TRS shall pay such Buyer OP Units (together with the Non-Unit Consideration) to the Seller in exchange for the Purchased Assets (other than the Excess
Servicing Strip and the Freddie Mac I/O Strip); and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
the value of the Estimated Closing Excess Servicing Strip and Freddie Mac I/O Strip is greater than fifty percent (50%) of the Closing Purchase Price (such excess,
the "</FONT><FONT SIZE=2><I>Estimated Excess Amount</I></FONT><FONT SIZE=2>"), the Partnership shall pay a portion of the Non-Unit Consideration equal to the Estimated Excess Amount (together with
the Unit Consideration) to the Seller in exchange for the Excess Servicing Strip and the Freddie Mac I/O Strip, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that such Estimated
Excess Amount shall be paid in cash and not Preferred Equity Interests. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;If
between the date hereof and prior to the Closing Date, Parent should split, subdivide, consolidate, combine or otherwise reclassify Parent Common Stock, or pay a
stock dividend or other stock distribution in Parent Common Stock, or otherwise change Parent Common Stock into any other securities, or make any other such stock dividend or distribution in capital
stock of Parent in respect of Parent Common Stock, then any number or amount contained herein which is based upon the price of Parent Common Stock or the number of fraction of shares of Parent Common
Stock will be appropriately adjusted to reflect such split, combination, dividend or other distribution or change. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk19201_section_2.7._closing_."> </A>
<A NAME="toc_lk19201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Closing</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
sale and purchase of the Purchased Assets and the assumption of the Assumed Liabilities contemplated by this Agreement shall take place at a closing (the
"</FONT><FONT SIZE=2><I>Closing</I></FONT><FONT SIZE=2>") to be held at the offices of Dechert&nbsp;LLP 1095 Avenue of the Americas, New York, New York 10036 at 10:00&nbsp;a.m. New York City
time, on the third Business Day following the date on which each of the conditions set forth in </FONT><FONT SIZE=2><I>Article&nbsp;VII</I></FONT><FONT SIZE=2> (other than those conditions that by
their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions) is satisfied or waived in writing by the appropriate party, or at such other place or at
such other time or on such </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-17</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>other
date as the Seller and the Buyer mutually may agree in writing. The day on which the Closing takes place is referred to as the "</FONT><FONT SIZE=2><I>Closing Date</I></FONT><FONT SIZE=2>." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;At
the Closing, the Seller shall deliver or cause to be delivered to the Buyer the following documents: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;a
bill of sale for the Purchased Assets, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;B</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Bill of
Sale</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;a
counterpart of the Assignment and Assumption Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;C</I></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><I>Assignment and Assumption Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;a
counterpart of the Support Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;D</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Support
Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;a
counterpart of the Option Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;E</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Option
Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;a
counterpart to the Non-Compete Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;F</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Non-Compete
Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;a
counterpart to the Voting and Standstill Agreement, duly executed by the Seller and Ivan Kaufman; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;a
counterpart of the Fannie Mae Transfer Agreement, duly executed by the Seller and Fannie Mae; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;a
counterpart of the FHA Transfer Agreement, duly executed by the Seller, Ginnie Mae and FHA; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;a
counterpart of the Freddie Mac Transfer Agreement, duly executed by the Seller and Freddie Mac; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;a
counterpart of the Covenant Support Letter, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;K</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Covenant
Support Letter</I></FONT><FONT SIZE=2>"), duly executed by ACM and Ivan Kaufman; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;a
counterpart of the Trademark License Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;L</I></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><I>Trademark License Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;a
counterpart of the Master Participation Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;M</I></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><I>Master Participation Agreement</I></FONT><FONT SIZE=2>"), duly executed by the appropriate parties thereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;a
counterpart of the Intellectual Property Assignment Agreement, in the form of </FONT><FONT SIZE=2><I>Exhibit&nbsp;N</I></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><I>Intellectual Property Assignment Agreement</I></FONT><FONT SIZE=2>"), duly executed by the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;a
counterpart to the Freddie Mac I/O Strip Assignment Agreement, in a form reasonably agreed by the Parties (the "</FONT><FONT SIZE=2><I>Freddie Mac I/O Strip
Assignment Agreement</I></FONT><FONT SIZE=2>"), duly executed by the appropriate parties thereto; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;a
counterpart to the Third Amended and Restated Management and Advisory Agreement, in a form reasonably agreed by the Parties (the "</FONT><FONT SIZE=2><I>A&amp;R
Management Agreement</I></FONT><FONT SIZE=2>"), duly executed by the appropriate parties thereto; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;to
the extent applicable, in the event Parent and the Buyer make the election pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;5.14</I></FONT><FONT SIZE=2>,
counterparts of the applicable Preferred Equity Documentation duly executed by the Seller; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;evidence,
reasonably satisfactory to the Buyer, that, prior to the Closing, the Seller has obtained the third party consents and/or waivers required to sell and
assign pursuant to </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-18</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>this
Agreement the Seller Contracts listed on </FONT><FONT SIZE=2><I>Schedule&nbsp;7.3</I></FONT><FONT SIZE=2> (including, for the avoidance of doubt, the letter of credit under the Assumed Credit
Agreement with Bank of America, N.A.); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;certified
resolutions of the Manager of the Seller authorizing the transactions contemplated by this Agreement and the Ancillary Agreements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;a
duly executed certificate of the secretary of the Seller as to incumbency and specimen signatures of officers of the Seller executing this Agreement and the
Ancillary Agreements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;a
duly executed certificate of an executive officer of the Seller certifying the fulfillment of the conditions set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;7.3(a)</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>Section&nbsp;7.3(e)</I></FONT><FONT
SIZE=2> and </FONT> <FONT SIZE=2><I>Section&nbsp;7.3(f)</I></FONT><FONT SIZE=2>; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;a
certificate of non-foreign status from the Seller in compliance with Treasury Regulations section&nbsp;1.1445-2; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;an
update to </FONT><FONT SIZE=2><I>Schedules&nbsp;3.18(e)</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>3.18(m)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>3.18(n)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, made as of the Closing
Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;a
counterpart of such other assignments, in form and substance reasonably satisfactory to the Buyer, required for the assignment of the Leased Real Property from the
Seller to the Buyer (the "</FONT><FONT SIZE=2><I>Leased Property Assignments</I></FONT><FONT SIZE=2>"), duly executed by the Seller and any necessary third party; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;an
opinion of Hunton&nbsp;&amp; Williams&nbsp;LLP ("</FONT><FONT SIZE=2><I>Hunton</I></FONT><FONT SIZE=2>"), special counsel to the Seller, in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;G,</I></FONT><FONT SIZE=2> that the Excess Servicing Strip to
be transferred or sold to the Buyer or an Affiliate of the Buyer will (i)&nbsp;be classified as
"stripped coupons" within the meaning of Section&nbsp;1286(e)(3) of the Code; (ii)&nbsp;be classified as "interests in mortgages on real property" and therefore as "real estate assets" for
purposes of the real estate investment trust ("REIT") asset tests under section&nbsp;856(c)(4) of the Code; and (iii)&nbsp;generate qualifying income for purposes of the REIT income tests set
forth in sections&nbsp;856(c)(2) and (c)(3) of the Code; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;all
Business Records and other deliverables pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;5.2(c)</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;consent
from the Seller's auditor, whereby such auditor permits Parent to include such auditor's report on the financial statements of the Included Business in
filings made by Parent with the SEC, to the extent required by applicable Law; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;evidence
reasonably satisfactory to Parent that the transactions contemplated by this Agreement will not cause Parent to lose its status as a real estate investment
trust under Section&nbsp;856(m) of the Code; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;(xxviii)&nbsp;&nbsp;such
other documents and instruments, in form and substance reasonably satisfactory to the Buyer, as the Buyer may reasonably request or as may be otherwise
necessary or desirable to evidence and effect the sale, assignment, transfer, conveyance and delivery of the Purchased Assets to the Buyer and to put the Buyer in actual possession or control of the
Purchased Assets, duly executed by the Seller. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;At
the Closing, the Buyer shall deliver or cause to be delivered to the Seller the following documents: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;a
counterpart of the Assignment and Assumption Agreement, duly executed by the TRS; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;a
counterpart to the Support Agreement, duly executed by Parent and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;a
counterpart to the Option Agreement, duly executed by Parent and the Buyer; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-19</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;a
counterpart to the Non-Compete Agreement, duly executed by Parent and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;a
counterpart to the Voting and Standstill Agreement, duly executed by Parent and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;a
counterpart to the Fannie Mae Transfer Agreement, duly executed by the Buyer, if required; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;a
counterpart to the FHA Transfer Agreement, duly executed by the Buyer, if required; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;a
counterpart to the Freddie Mac Transfer Agreement, duly executed by the Buyer, if required; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;a
counterpart of the Covenant Support Letter, duly executed by Parent and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;a
counterpart of the Trademark License Agreement, duly executed by Parent and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;a
counterpart of the Intellectual Property Assignment Agreement, duly executed by the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;a
counterpart of the Master Participation Agreement, duly executed by the Partnership; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;a
counterpart to the Freddie Mac I/O Strip Assignment Agreement, duly executed by the Partnership; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;a
counterpart to the A&amp;R Management Agreement, duly executed by the appropriate parties thereto; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;to
the extent applicable, in the event Parent and the Buyer make the election pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;5.14</I></FONT><FONT SIZE=2>,
counterparts of the applicable Preferred Equity Documentation duly executed by the TRS or the applicable subsidiary thereof, together with stock certificates evidencing the Preferred Equity Interests; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;certified
resolutions of the Board of Directors of Parent and the Buyer authorizing the transactions contemplated by this Agreement and the Ancillary Agreements; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;duly
executed certificates of the secretary of Parent and the Buyer, respectively, as to incumbency and specimen signatures of officers of Parent and the Buyer
executing this Agreement and the Ancillary Agreements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;a
duly executed certificate of an executive officer of each of Parent and the Buyer certifying the fulfillment of the conditions set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;7.2(a)</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;a
counterpart of the Leased Property Assignments; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;a
copy of an amendment to the incentive compensation arrangement for the chief executive officer of Parent, as approved by the Compensation Committee of the Board; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;such
other documents and instruments, in form and substance reasonably satisfactory to the Seller, as the Seller may reasonably request or as may be otherwise
necessary or desirable to evidence and effect the assumption by the Buyer of the Assumed Liabilities, duly executed by the Buyer. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-20</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lk19201_section_2.8._adjustment_of_closing_purchase_price_."> </A>
<A NAME="toc_lk19201_2"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of Closing Purchase Price</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Pre-Closing Adjustment to Closing Purchase Price</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of this</FONT><FONT SIZE=2><I> Section&nbsp;2.8 </I></FONT><FONT SIZE=2>the "</FONT><FONT
SIZE=2><I>Closing Purchase Price</I></FONT><FONT SIZE=2>" shall be calculated as follows: (i)&nbsp;the Base Purchase Price, plus or
minus (ii)&nbsp;any adjustment necessary with respect to the Acquired Servicing Portfolio on the date of Closing (the "</FONT><FONT SIZE=2><I>Closing Acquired Servicing
Portfolio</I></FONT><FONT SIZE=2>") in accordance with Exhibit&nbsp;H, plus or minus (iii)&nbsp;any adjustment necessary with respect to the Weighted Average Servicing Fee in accordance with
Exhibit&nbsp;H, plus (v)&nbsp;the Estimated Net Working Capital Excess Amount, if any, minus (vi)&nbsp;the Estimated Net Working Capital Deficiency Amount, if any. On or prior to the third
Business Day prior to the Closing Date, the Seller shall prepare and deliver to the Buyer a statement (the "</FONT><FONT SIZE=2><I>Seller Closing Statement</I></FONT><FONT SIZE=2>") setting forth the
Seller's good faith estimate, which shall be prepared and calculated in the manner and on a basis consistent with the applicable definitions thereof, of (i)&nbsp;the Net Working Capital and any
required adjustments to the Base Purchase Price, calculated in accordance with</FONT><FONT SIZE=2><I> Exhibit&nbsp;A </I></FONT><FONT SIZE=2>(the "</FONT><FONT SIZE=2><I>Estimated Closing Net
Working Capital</I></FONT><FONT SIZE=2>"), (ii)&nbsp;the Closing Acquired Servicing Portfolio and any required adjustments to the Base Purchase Price, calculated in accordance
with</FONT><FONT SIZE=2><I> Exhibit&nbsp;H </I></FONT><FONT SIZE=2>(the "</FONT><FONT SIZE=2><I>Estimated Closing Acquired Servicing Portfolio</I></FONT><FONT SIZE=2>"), (iii)&nbsp;the Weighted
Average Servicing Fee and any required adjustments to the Base Purchase Price, calculated in accordance with</FONT><FONT SIZE=2><I> Exhibit&nbsp;H </I></FONT><FONT SIZE=2>(the
"</FONT><FONT SIZE=2><I>Estimated Closing Weighted Average Servicing Fee</I></FONT><FONT SIZE=2>") and (iv)&nbsp;the Excess Servicing Strip and the Freddie Mac I/O Strip (the
"</FONT><FONT SIZE=2><I>Estimated Closing Excess
Servicing Strip and Freddie Mac I/O Strip</I></FONT><FONT SIZE=2>"), and the components thereof. If the Estimated Closing Net Working Capital is greater than the Target Net Working Capital, such
excess amount shall be the "</FONT><FONT SIZE=2><I>Estimated Net Working Capital Excess Amount</I></FONT><FONT SIZE=2>." If the Estimated Closing Net Working Capital is less than the Target Net
Working Capital, the difference shall be the "</FONT><FONT SIZE=2><I>Estimated Net Working Capital Deficiency Amount</I></FONT><FONT SIZE=2>." The Parties acknowledge and agree that it is the
Parties' intent and expectation that the Net Working Capital as of the Closing Date be as close as possible to the Target Net Working Capital. During the period from and including the date hereof, and
prior to the Closing, the Seller shall, and shall cause each of its Subsidiaries to, provide to the Buyer and its Representatives reasonable access to the books and records of the Seller and its
Subsidiaries and to any other information of the Seller and its Subsidiaries (to the extent permitted by applicable Law), including work papers of their respective accountants (to the extent permitted
by such accountants), and to any of the Seller's or its Subsidiaries' premises during regular business hours and on reasonable advance notice, to the extent necessary for the Buyer to verify the
amounts set forth in the Seller Closing Statement, in each case to the extent provided in</FONT><FONT SIZE=2><I> Section&nbsp;5.2</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing Adjustment to Closing Purchase Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Within ninety (90)&nbsp;calendar days after the Closing
Date, the Buyer (under the direction and supervision of the Special Committee) shall cause to be prepared and delivered to the Seller a statement (the "</FONT><FONT SIZE=2><I>Closing
Statement</I></FONT><FONT SIZE=2>") setting forth, as of the Reference Time, the Net Working Capital, the Closing Acquired Servicing Portfolio, the Weighted Average Servicing Fee, the Excess Servicing
Strip and the Freddie Mac I/O Strip, and the components thereof. The Closing Statement and the Net Working Capital, the Closing Acquired Servicing Portfolio, the Weighted Average Servicing Fee, the
Excess Servicing Strip and the Freddie Mac I/O Strip set forth therein shall be prepared and calculated in good faith, and, as applicable, in the manner and on a basis consistent with the applicable
definitions thereof and </FONT><FONT SIZE=2><I>Exhibits&nbsp;A</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>H</I></FONT><FONT SIZE=2>, and shall be in the same form and include the same line
items as the Estimated Closing Net Working Capital calculation, the Estimated Closing Acquired Servicing Portfolio calculation, the Estimated Closing Weighted Average Servicing Fee calculation and the
Estimated Closing Excess Servicing Strip and Freddie Mac I/O Strip calculation. If the Closing Statement is not so timely delivered, the Estimated Closing Net Working Capital, the Estimated Closing
Acquired Servicing Portfolio, the Estimated Closing Weighted Average Servicing Fee and Estimated Closing Excess Servicing Strip and Freddie Mac I/O Strip will be deemed Final Net Working Capital,
Final Closing Acquired Servicing Portfolio, the Final Closing Weighted Average </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-21</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>Servicing
Fee and the Final Closing Excess Servicing Strip and Freddie Mac I/O Strip, respectively, absent manifest error or fraud. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;After
receipt of the Closing Statement, the Seller will have sixty (60)&nbsp;calendar days to review the Closing Statement. Unless the Seller delivers written notice
(which notice shall include the items and
amounts in dispute and supporting documentation related thereto; such notice, a "</FONT><FONT SIZE=2><I>Seller Dispute Notice</I></FONT><FONT SIZE=2>") to the Buyer setting forth in reasonable detail
the specific items disputed by the Seller in good faith with respect thereto, and the specific basis for each such objection, on or prior to the sixtieth (60th) calendar day after the Seller's receipt
of the Closing Statement, the Seller will be deemed to have accepted and agreed to the Closing Statement and such statement (and the calculations contained therein) will be final, binding and
conclusive, absent manifest error or fraud. If the Seller delivers to the Buyer a Seller Dispute Notice within such sixty (60)&nbsp;calendar day period, the Buyer (under the direction and
supervision of the Special Committee) and the Seller shall, during the thirty (30)&nbsp;calendar days following delivery of such Seller Dispute Notice by the Seller to the Buyer (or such longer
period as they may mutually agree in writing) (the "</FONT><FONT SIZE=2><I>Resolution Period</I></FONT><FONT SIZE=2>"), attempt in good faith to resolve their differences with respect to the disputed
items (or calculations) in such Seller Dispute Notice (the "</FONT><FONT SIZE=2><I>Disputed Items</I></FONT><FONT SIZE=2>"), and all other items (and all calculations relating thereto) will be final,
binding and conclusive, absent manifest error or fraud. Any resolution by the Buyer (with the approval of the Special Committee) and the Seller during the Resolution Period as to any Disputed Item
shall be set forth in writing and will be final, binding and conclusive, absent manifest error or fraud. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;If
the Buyer and the Seller do not resolve all Disputed Items by the end of the Resolution Period, then all Disputed Items remaining in dispute will be submitted to the
Neutral Arbitrator pursuant to an engagement letter reasonably acceptable to the Seller and the Buyer. The Neutral Arbitrator shall act as an arbitrator to determine only those Disputed Items
remaining in dispute, consistent with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>, and shall request a statement from the Buyer and the Seller regarding such Disputed
Items. The scope of the disputes to be arbitrated by the Neutral Arbitrator is limited to those items or calculations specifically in dispute between the Buyer and the Seller; and the Neutral
Arbitrator is not to make any other determination, including not making any determination as to whether the Closing Statement or Net Working Capital was prepared in accordance with the Accounting
Principles or whether the agreed upon dollar amount of the Target Net Working Capital is correct or appropriate or in accordance with the Accounting Principles or the definition of Net Working
Capital. In resolving each Disputed Item, the Neutral Arbitrator shall be bound by the principles set forth in this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> and may not
assign a value to any Disputed Item greater than the greatest value for such Disputed Item claimed by any party or less than the lowest value for such Disputed Item claimed by any party. The parties
further agree that the adjustment contemplated by this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> is intended to show the change between the Estimated Closing Net Working
Capital and the Final Net Working Capital, the change between the Estimated Closing Acquired Servicing Portfolio and the Final Closing Acquired Servicing Portfolio, and the change between the
Estimated Closing Weighted Average Servicing Fee and the Final Closing Weighted Average Servicing Fee, and that such changes can only be measured if each calculation is done in a manner consistent
with the applicable definitions thereof. All fees and expenses relating to the work, if any, to be performed by the Neutral Arbitrator will be allocated between the Buyer and the Seller in the same
proportion that the aggregate amount of the Disputed Items so submitted to the Neutral Arbitrator that is unsuccessfully disputed by the Seller (as finally determined by the Neutral Arbitrator) bears
to the total amount of such Disputed Items so submitted. The Buyer and the Seller and their respective agents will cooperate with the Neutral Arbitrator during its engagement. The Neutral Arbitrator
will deliver to the Buyer and the Seller a written determination (such determination to include a work sheet setting forth all material calculations used in arriving at such determination and to be
based solely on information provided to the Neutral Arbitrator by the Seller and the Buyer, and a written explanation in </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-22</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>reasonable
detail of each such determination) of the Disputed Items submitted to the Neutral Arbitrator within thirty (30)&nbsp;calendar days, or such longer period as may be required by the Neutral
Arbitrator, of receipt of such Disputed Items, which determination will be final, binding and conclusive, absent manifest error or fraud. The final, binding and conclusive Closing Statement based
either upon agreement by the parties, or deemed agreement by the Buyer and the Seller in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>, or the written
determination delivered by the Neutral Arbitrator in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2> will be the "</FONT><FONT SIZE=2><I>Conclusive Closing
Statement</I></FONT><FONT SIZE=2>." All negotiations pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2> shall be treated as compromise and settlement negotiations
for purposes of Rule&nbsp;408 of the Federal Rules of Evidence and comparable other laws including state rules of evidence, and all negotiations, submissions to the Neutral Arbitrator, and dispute
resolution proceedings under this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2> shall be treated as such. The Neutral Arbitrator shall be bound by a mutually agreeable
confidentiality confidential information agreement. The procedures of this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2> are exclusive and, except as set forth below, the
determination of the Neutral Arbitrator shall be final and binding on the parties. The decision rendered pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2> may be
filed as a judgment in any court of competent jurisdiction. Either party may seek specific enforcement or take other necessary legal action to enforce any decision under this </FONT> <FONT SIZE=2><I>Section&nbsp;2.8(d)</I></FONT><FONT SIZE=2>. The
other party's only defense to such a request for specific enforcement or other legal action shall be manifest error or fraud
by or upon the Neutral Arbitrator. Absent such manifest error or fraud, such other party shall reimburse the party seeking enforcement for its expenses related to such enforcement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Subject
to </FONT><FONT SIZE=2><I>Section&nbsp;2.8(f)</I></FONT><FONT SIZE=2>: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
the Closing Purchase Price is greater than the Final Purchase Price, then, in accordance with </FONT> <FONT SIZE=2><I>Section&nbsp;2.8(f)(iii)</I></FONT><FONT SIZE=2>, the Seller shall pay to the Buyer an amount equal to the amount by which the
Closing Purchase Price is greater than the
Final Purchase Price; such amount shall be paid (A)&nbsp;50% in cash by wire transfer of immediately available funds and (B)&nbsp;by surrender of Buyer OP Units owned by Seller to the Buyer having
a value (based on the Reference Market Value of Parent Common Stock into which such Buyer OP Units are convertible in accordance with the terms of the Partnership Agreement) equal to 50% of such
amount; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
the Closing Purchase Price is less than the Final Purchase Price, the Buyer shall pay to the Seller an amount equal to the amount by which the Closing Purchase Price
is less than the Final Purchase Price by wire transfer of immediately available funds; such amount shall be paid (A)&nbsp;50% in cash by wire transfer of immediately available funds and
(B)&nbsp;by issuance of Buyer OP Units having a value (based on the Reference Market Value of Parent Common Stock into which such Buyer OP Units are convertible in accordance with the terms of the
Partnership Agreement) equal to 50% of such amount (the amount payable to the Buyer pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8(e)(i)</I></FONT><FONT SIZE=2> and the amount payable to the
Seller pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8(e)(i)</I></FONT><FONT SIZE=2> are referred to herein as the "</FONT><FONT SIZE=2><I>Purchase Price Adjustment
Amount</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the any portion of the Purchase Price
Adjustment Amount that is due to the
difference between Final Net Working Capital and Target Net Working Capital shall be paid solely in cash. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Purchase Price</I></FONT><FONT SIZE=2>" shall be an amount in Dollars equal to (i)&nbsp;the Base Purchase Price, </FONT> <FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2> (ii)&nbsp;the Final Net Working Capital Excess Amount,
if any, </FONT><FONT SIZE=2><I>minus</I></FONT><FONT SIZE=2> (iii)&nbsp;the Final Net
Working Capital Deficiency Amount, if any, </FONT><FONT SIZE=2><I>plus or minus</I></FONT><FONT SIZE=2> (iv)&nbsp;the adjustment for the Final Closing Acquired Servicing Portfolio, </FONT> <FONT SIZE=2><I>plus or minus</I></FONT><FONT SIZE=2>
(v)&nbsp;the adjustment for the Final Closing Weighted Average Servicing Fee; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-23</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Net Working Capital</I></FONT><FONT SIZE=2>" shall be the Net Working Capital as finally determined pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Net Working Capital Excess Amount</I></FONT><FONT SIZE=2>" shall be the amount, if any, by which Net Working Capital as finally
determined pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> is greater than the Target Net Working Capital; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Net Working Capital Deficiency Amount</I></FONT><FONT SIZE=2>" shall be the amount, if any, by which Net Working Capital as finally
determined pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> is less than the Target Net Working Capital; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Closing Acquired Servicing Portfolio</I></FONT><FONT SIZE=2>" shall be the Closing Acquired Servicing Portfolio as finally determined
pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Closing Weighted Average Servicing Fee</I></FONT><FONT SIZE=2>" shall be the Weighted Average Servicing Fee as finally determined
pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;the
"</FONT><FONT SIZE=2><I>Final Closing Excess Servicing Strip and Freddie Mac I/O Strip</I></FONT><FONT SIZE=2>" shall be the Excess Servicing Strip and Freddie Mac
I/O Strip as finally determined pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If,
after receipt of the Closing Statement pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8(b)</I></FONT><FONT SIZE=2>: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
Seller does not deliver a Seller Dispute Notice as described in </FONT><FONT SIZE=2><I>Section&nbsp;2.8(c)</I></FONT><FONT SIZE=2> within the sixty
(60)&nbsp;day period following the Seller's receipt of the Closing Statement or if within such period the Seller delivers a notice to the Buyer stating that the Seller does not dispute any item in
the Closing Statement (such notice, a "</FONT><FONT SIZE=2><I>Non-Dispute Notice</I></FONT><FONT SIZE=2>"), then on the fifth (5th) Business Day following the earlier of the last day of such sixty
(60)&nbsp;day period or on the fifth (5th) Business Day following the date on which the Buyer receives such Non-Dispute Notice, as applicable, the payments set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;2.8(e)</I></FONT><FONT SIZE=2> shall be
made; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Seller delivers a Seller Dispute Notice as described in </FONT><FONT SIZE=2><I>Section&nbsp;2.8(c)</I></FONT><FONT SIZE=2> within the sixty (60)&nbsp;day
period following the Seller's receipt of the Closing Statement, then on the fifth&nbsp;(5th) Business Day following the date on which the Buyer receives such notice of dispute, the payments set
forth in </FONT><FONT SIZE=2><I>Section&nbsp;2.8(e)</I></FONT><FONT SIZE=2> shall be made, if any, in respect of such Closing Statement that is not subject to dispute; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;with
respect to any Disputed Item, within five (5)&nbsp;Business Days after resolution or deemed resolution of such Disputed Item in accordance with </FONT> <FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> (whether by mutual agreement between the
Buyer and the Seller, or by decision of the Neutral Arbitrator), the Buyer or the Seller, as
applicable, shall pay, as applicable, the other party such Disputed Item (or portion thereof) pursuant to the resolution of such Disputed Item (or portion thereof) in favor of such other party, as
applicable, in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;After
the Closing and until the Final Purchase Price has been determined in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>, the
Buyer shall provide to the Seller and its Representatives reasonable access to the books and records of the Buyer and its Subsidiaries and to any other information related to the Included Business (to
the extent permitted by applicable Law), including work papers of their respective accountants (to the extent permitted by such accountants), and to any of the Buyer's or its Subsidiaries' premises
during regular business hours and on reasonable advance notice, to the extent necessary for the Seller to review all or any part of the Closing Statement, and to prepare materials for presentation to
the Neutral Arbitrator in connection with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Final Payment of Consideration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After the Final Purchase Price has been determined
in accordance with this </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>, Unit Consideration shall have been paid for the Excess Servicing Strip and the Freddie Mac I/O Strip, and
Non-Unit Consideration shall have been paid for the Purchased Assets (other than the Excess Servicing Strip and the Freddie Mac I/O Strip), subject to the following adjustments: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
the Final Closing Excess Servicing Strip and Freddie Mac I/O Strip is less than fifty percent (50%) of the Final Purchase Price (such deficit, the
"</FONT><FONT SIZE=2><I>Final Deficit Amount</I></FONT><FONT SIZE=2>"), the Partnership shall have issued and contributed to the TRS Buyer OP Units having a value (based on the Reference Market
Value) equal to the Final Deficit Amount and the TRS shall have paid such Buyer OP Units (together with the Non-Unit Consideration) to the Seller in exchange for the Purchased Assets (other than the
Excess Servicing Strip and the Freddie Mac I/O Strip); and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
the Final Closing Excess Servicing Strip and Freddie Mac I/O Strip is greater than fifty percent (50%) of the Final Purchase Price (such excess, the
"</FONT><FONT SIZE=2><I>Final Excess Amount</I></FONT><FONT SIZE=2>"), the Partnership shall have paid a portion of the Non-Unit Consideration equal to the Estimated Excess Amount (together with
the Unit Consideration) to the Seller in exchange for the Excess Servicing Strip and Freddie Mac I/O Strip. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_2.9._purchase_price_allocation_."> </A>
<A NAME="toc_lm19201_1"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price Allocation</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller and the Buyer agree that the Purchase Price (and any assumed liabilities, as determined for Tax purposes) will be allocated among the Purchased Assets and any non-competition
and non-solicitation agreements entered into in connection with the transactions contemplated by this Agreement for all Tax purposes in a manner consistent with section&nbsp;1060 of the Code and the
Treasury Regulations promulgated thereunder. No later than 90&nbsp;days after the Closing Date, the Buyer shall prepare and deliver to the Seller for the Seller's review and approval, a copy of the
Form&nbsp;8594 and any required exhibits thereto (the "</FONT><FONT SIZE=2><I>Asset Acquisition Statement</I></FONT><FONT SIZE=2>") allocating the Purchase Price (and any assumed liabilities, as
determined for Tax purposes) among the Purchased Assets. The Buyer shall prepare and deliver to the Seller, for the Seller's review and approval, revised copies of the Asset Acquisition Statement (the
"</FONT><FONT SIZE=2><I>Revised Statements</I></FONT><FONT SIZE=2>") so as to reflect any matters on the Asset Acquisition Statement that need updating (including any adjustments to the Purchase
Price pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>). Within 30&nbsp;days of delivery of the Asset Acquisition Statement or the Revised Statements, as the case may
be, the Seller shall review such statements; and if the Seller agrees on the allocation of the Purchase Price, as adjusted by </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2> (and
any assumed liabilities, as determined for Tax purposes) (which shall be evidenced by an Asset Acquisition Statement or the Revised Statements signed by each of the Buyer and the Seller), the Seller,
the Buyer and their respective Affiliates, shall file all Tax Returns and information reports in a manner consistent with such agreed allocation and shall take no position inconsistent therewith. In
the event that the Seller and the Buyer are unable to agree on such allocation within 30&nbsp;days after the delivery of the Asset Acquisition Statement or the Revised Statements, as the case may
be, the parties shall negotiate in good faith to reach agreement. In the event that the parties cannot agree on the allocation as set forth in such Asset Acquisition Statement or Revised Statements
then none of the Buyer, the Seller or any of their Affiliates shall be required pursuant hereto to file any Tax Returns or information reports or otherwise take any positions consistent with such
allocation. In the event that the Buyer and the Seller are unable to agree on the allocation of the Purchase Price (as adjusted by </FONT><FONT SIZE=2><I>Section&nbsp;2.8</I></FONT><FONT SIZE=2>),
then each party will in any event file&nbsp;a Form&nbsp;8594. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_article_iii._represent__lm102320"> </A>
<A NAME="toc_lm19201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE III.    <BR>    <BR>    REPRESENTATIONS AND WARRANTIES OF THE SELLER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations, warranties, undertakings and other obligations (collectively
"</FONT><FONT SIZE=2><I>Obligations</I></FONT><FONT SIZE=2>") of ACF and ACM under this Agreement are several and not joint. The Obligations of ACF shall only </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>apply
to those Purchased Assets, including without limitation, the Mortgage Loans and the Mortgage Servicing Rights, and to those Assumed Liabilities which directly relate to Mortgage Loans made,
serviced or to be made under the Fannie Mae Agreements. The Obligations of ACM apply to all of the Obligations of the Seller under this Agreement. The Obligations of either ACM or ACF, as the case may
be (other than the Obligations contained in </FONT><FONT SIZE=2><I>Sections&nbsp;3.1</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>3.2</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>3.3</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>3.4</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>3.19</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>3.20</I></FONT><FONT SIZE=2>, and </FONT><FONT SIZE=2><I>3.23</I></FONT><FONT SIZE=2>), are limited to those which relate directly to
the Included Business, the Purchased
Assets and Assumed Liabilities and shall not apply to any activities of Seller or Seller's employees conducted pursuant to and as contemplated by the Management Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, the defined term "Seller" as used in this </FONT><FONT SIZE=2><I>Article&nbsp;III</I></FONT><FONT SIZE=2> shall only refer to ACF and/or ACM, as applicable
and in accordance with the preceding paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the Disclosure Schedules attached hereto, the Seller hereby represents and warrants to Parent and the Buyer as follows: </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.1._organization_and_qualification_."> </A>
<A NAME="toc_lm19201_3"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization and Qualification</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Each Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of New York and has full corporate or entity power and
authority to own, lease and operate the Purchased Assets and to carry on the Included Business as it is now being conducted and as currently proposed to be conducted. The Seller is duly qualified or
licensed as a foreign company to do business, and is in good standing, in each jurisdiction where the ownership or operation of the Purchased Assets or the conduct of the Included Business makes such
qualification or licensing necessary, each as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.1</I></FONT><FONT SIZE=2> of the Disclosure Schedules, except for any such failures to be so
qualified or licensed and in good standing that, individually or in the aggregate, have not had and would not reasonably be expected to have a Seller Material Adverse Effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.2._authority_."> </A>
<A NAME="toc_lm19201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Each Seller has full limited liability company power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it will be a party, to perform its
obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Seller of this Agreement and each of the
Ancillary Agreements to which it will be a party and the consummation by the Seller of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary limited
liability company action, and no other entity proceedings on the part of the Seller or its members are necessary to approve this Agreement and each of the Ancillary Agreements to which it will be a
party or to consummate the transactions contemplated hereby or thereby. This Agreement has been, and upon their execution each of the Ancillary Agreements to which the Seller will be a party will have
been, duly executed and delivered by the Seller. This Agreement constitutes, and upon their execution each of the Ancillary Agreements to which the Seller will be a party will constitute, the legal,
valid and binding obligations of the Seller, enforceable against the Seller in accordance with their respective terms, except that such enforceability (a)&nbsp;may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting or relating to creditors' rights generally and (b)&nbsp;is subject to general principles of equity, whether considered in
a proceeding at Law or in equity (collectively, the "</FONT><FONT SIZE=2><I>Bankruptcy and Equity Exception</I></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.3._no_confli__lm102024"> </A>
<A NAME="toc_lm19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Conflict; Required Filings and Consents</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
execution, delivery and performance by the Seller of this Agreement and each of the Ancillary Agreements to which the Seller will be a party, and the consummation of
the transactions contemplated hereby and thereby, do not: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;conflict
with or violate the limited liability company agreement or other organizational documents of the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;assuming
receipt of all consents and approvals described on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.3(b)</I></FONT><FONT SIZE=2>, conflict with or violate any Law
applicable to the Seller, the Included Business or any of the </FONT></P>

</UL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Purchased
Assets or by which the Seller, the Included Business or any of the Purchased Assets may be bound or affected; or </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.3(a)(iii)</I></FONT><FONT SIZE=2>, result in any breach of, constitute a default (or an event that,
with notice or lapse of time or both, would become a default) under, require any consent of or notice to any Person pursuant to, give to others any right of termination, amendment, modification,
acceleration or cancellation of, allow the imposition of any fees or penalties, require the offering or making of any payment or redemption, give rise to any increased, guaranteed, accelerated or
additional rights or entitlements of any Person or otherwise adversely affect any rights of the Seller or the Included Business under, or result in the creation of any Encumbrance on any of the
Purchased Assets pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument, obligation or other Contract to which the Seller is a party or by which the
Seller, the Included Business or the Purchased Assets may be bound or affected; </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>other
than, in the case of clauses&nbsp;(ii) and (iii)&nbsp;above, conflicts, breaches, defaults, terminations, cancellations, accelerations, losses, violations or Encumbrances that would not,
individually or in the aggregate, be material to the Included Business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.3(b)</I></FONT><FONT SIZE=2> of the Disclosure Schedules and except for any filings required to be made
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "</FONT><FONT SIZE=2><I>HSR Act</I></FONT><FONT SIZE=2>"), the Seller is not required to file, seek or obtain any
notice, authorization, approval, order, permit or consent of or with any Governmental Authority in connection with the execution, delivery and performance by the Seller of this Agreement and each of
the Ancillary Agreements to which they will be a party or the consummation of the transactions contemplated hereby or thereby or in order to prevent the termination of any right, privilege, license or
qualification of or affecting the Included Business or the Purchased Assets. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.4._title_to___lm101897"> </A>
<A NAME="toc_lm19201_6"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Title to Assets; Sufficiency of Assets</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.4</I></FONT><FONT SIZE=2>, the Seller has good and valid title to or a valid leasehold interest in all
of the Purchased Assets, free and clear of any Encumbrance, other than (i)&nbsp;liens for current taxes and assessments not yet due and payable and for which adequate reserves have been established
in accordance with GAAP and (ii)&nbsp;any such matters of record, Encumbrances and other imperfections of title that do not, individually or in the aggregate, materially impair the continued
ownership, use and
operation of the assets to which they relate in the conduct of the Included Business as currently conducted (collectively, "</FONT><FONT SIZE=2><I>Permitted Encumbrances</I></FONT><FONT SIZE=2>").
The delivery to the Buyer of the Bill of Sale and other instruments of assignment, conveyance and transfer pursuant to this Agreement and the Ancillary Agreements will transfer to the Buyer good and
valid title to or a valid leasehold interest in all of the Purchased Assets, free and clear of any Encumbrance other than Permitted Encumbrances. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
item of the Personal Property is in all material respects in good operating condition and repair, ordinary wear and tear excepted, and is adequate for the uses to
which it is being put. Each item of the Personal Property has been maintained in all material respects in accordance with past practice. All leased Personal Property is in all material respects in the
condition required of such property by the terms of the lease applicable thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Purchased Assets constitute all of the assets, properties and rights necessary and sufficient to permit the Buyer to conduct the Included Business immediately
following the Closing in the same manner as the Included Business is being conducted as of the date hereof. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-27</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.5._financial_stateme__sec02222"> </A>
<A NAME="toc_lm19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements; No Undisclosed Liabilities</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.5</I></FONT><FONT SIZE=2>, the Carve-Out Financial Statements, as set forth on </FONT> <FONT SIZE=2><I>Schedule&nbsp;3.5</I></FONT><FONT SIZE=2>, and any updates to the Carve-Out Financial
Statements delivered pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;5.2(e)</I></FONT><FONT SIZE=2>, (i)&nbsp;are correct and complete in all material respects, (ii)&nbsp;have been or will be prepared in accordance with the
books and records of the Seller, and can be reconciled with the financial records maintained with, and the accounting methods applied by, the Seller for federal income Tax purposes,
(iii)&nbsp;comply as to form in all material respects with the published rules and regulations of the SEC applicable to the presentation of acquired company financial statements, (iv)&nbsp;have
been or will be prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be indicated in the notes thereto as applicable), and (v)&nbsp;fairly
present, in all material respects, the Purchased Assets and the Assumed Liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
for the Mortgage Servicing Rights and the Mortgage Loans Held for Sale, there are no material differences between the fair value and the book value of the
Purchased Assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
books of account and financial records of the Seller pertaining to the Purchased Assets, the Assumed Liabilities and the Included Business are true and correct in
all material respects and have
been prepared and are maintained in accordance with GAAP consistently applied and consistent with past practices. Each Seller maintains internal accounting controls which provide reasonable assurance
that (i)&nbsp;transactions are executed with management's general or specific authorization, (ii)&nbsp;transactions are recorded as necessary to permit preparation of the financial statements of
the Included Business (including the Carve-Out Financial Statements) and to maintain accountability for the Seller's assets, and (iii)&nbsp;access to the Seller's assets is permitted only in
accordance with management's general or specific authorization. To the knowledge of the Seller and except as such books, records or other documents are provided to Buyer at the Closing pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;5.2(c)
</I></FONT><FONT SIZE=2>, the Seller has possession of all books, records and other material documents (whether in paper or electronic form) pertaining to
the Purchased Assets, the Assumed Liabilities and the Included Business (including business plans, financial statements, work papers, Tax Returns and all documents (or copies thereof) in possession of
the Seller or an Affiliate evidencing the underwriting and origination of Mortgage Loans and files relating to each such Mortgage Loan). The Seller has not received any advice or notification from its
independent accountants that the Seller has used any improper accounting practices that would have the effect of not reflecting or incorrectly reflecting in the books and records of the Seller, any
properties, assets, liabilities, revenues, expenses, equity accounts or other accounts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.5(d)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, each Seller does not have any material
liabilities as of the date of this Agreement that are related to the Included Business that would be required by GAAP to be reflected on or reserved on a balance sheet or reflected in a note thereto
except for each of the following: (i)&nbsp;performance obligations under Seller Contracts, (ii)&nbsp;liabilities to the extent reflected or reserved against in the Carve-Out Financial Statements,
(iii)&nbsp;liabilities incurred subsequent to the Balance Sheet Date (A)&nbsp;of the type set forth on the Carve-Out Financial Statements in the ordinary course of business consistent with past
practice or (B)&nbsp;those categories of liabilities incurred as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.5(d)</I></FONT><FONT SIZE=2> of the Disclosure Schedule and
(iv)&nbsp;liabilities incurred in connection with the consummation of the transactions contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;All
of the liabilities under the Assumed Credit Agreements are included as Current Assumed Liabilities except for those liabilities arising under the Signature Bank
Loan. All of the proceeds under the Signature Bank Loan have been or will be used to finance the development of property that is included within the Purchased Assets. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.6._absence_of_certain_changes_or_events_."> </A>
<A NAME="toc_lm19201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Absence of Certain Changes or Events</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Since the Balance Sheet Date: (a)&nbsp;the Seller has conducted the Seller's business only in the ordinary course consistent with past practice; (b)&nbsp;there </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>has
not been any change, event or development or prospective change, event or development that, individually or in the aggregate, has had or is reasonably likely to have a Seller Material Adverse
Effect; (c)&nbsp;neither the Included Business nor the Purchased Assets have suffered any material loss,
damage, destruction or other material casualty affecting any material properties or assets thereof or included therein, whether or not covered by insurance; and (d)&nbsp;the Seller has not taken any
action that, if taken after the date of this Agreement, would constitute a breach of any of the covenants set forth in </FONT><FONT SIZE=2><I>Section&nbsp;5.1</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.7._compliance_with_l__sec02317"> </A>
<A NAME="toc_lm19201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Law; Permits; Customer Information</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Seller is and has been since January&nbsp;1, 2013 in compliance in all material respects with all Laws applicable to the Seller in connection with the conduct or
operation of the Included Business and the ownership or use of the Purchased Assets (including without limitation the Foreign Corrupt Practices Act of 1977, as amended, and rules and regulations
promulgated by the Office of Foreign Assets Control). Neither the Seller nor any of its executive officers has received, nor, to the knowledge of the Seller, is there any reasonable basis for, any
unresolved notice, order, complaint or other communication from any Governmental Authority or any other Person that the Seller is not in compliance with any such Laws in all material respects, other
than with respect to Laws pertaining to excess servicing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.7</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a true and complete list of all material Permits required by
applicable Law for the Seller to own, lease and operate the Purchased Assets and to carry on the Included Business as currently conducted. The Seller is and has been since January&nbsp;1, 2013 in
compliance in all material respects with all such material Permits. No suspension, cancellation, modification, revocation or nonrenewal of any material Permit is pending or, to the knowledge of the
Seller, threatened. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Seller is and has been, with respect to the Included Business, in compliance in all material respects with all applicable Privacy Laws, the Seller's internal and
external privacy policies, and all privacy and data security commitments and obligations of the Seller pursuant to any written agreement between the Seller and any party with respect to the privacy or
security of customer or Personal Information related to the Purchased Assets, including any customer loan information or other customer information. Neither the Seller nor any of its executive
officers has received during the past three (3)&nbsp;years, any notice, order, complaint, or other communication from any Governmental Authority or any other Person alleging that the Seller is not
in compliance with any Privacy Laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
the Seller's knowledge, the Seller has not experienced any security breaches of customer or Personal Information with respect to the Included Business that would
require the notification of any customer, employee, other individual, or law enforcement or government entity, or any remedial action under any applicable Privacy Law. To the Seller's knowledge, there
are no pending or threatened complaints, actions, fines, or other penalties facing the Seller in connection with any such data security breaches. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Seller has established and at all times maintained commercially reasonable safeguards against the destruction, loss, or alteration of customer data or Personal
Information in the possession or control of the Seller, which safeguards comply with all applicable Privacy Laws and any applicable contractual requirements. The Seller has implemented and maintained
commercially reasonable systems, security measures, and procedures to guard against the unauthorized access, alteration, or destruction of customer data or Personal Information, including the use of
software which: (i)&nbsp;requires all users to enter a user identification and password prior to gaining access to the information systems; (ii)&nbsp;controls and tracks the addition and deletion
of users authorized to access customer data or Personal Information; and (iii)&nbsp;controls and tracks user access to areas and features of the information systems. Without limiting the generality
of the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-29</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>foregoing,
the Seller has implemented and maintained administrative, technical, and physical safeguards (x)&nbsp;to provide reasonable security and confidentiality of customer records and Personal
Information, (y)&nbsp;to reasonably protect against any anticipated threats or hazards to the security or integrity of such records and information, and (z)&nbsp;to reasonably protect against
unauthorized access to or use of such records or information by any party, including the Seller's employees and contractors. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.8._litigation_."> </A>
<A NAME="toc_lm19201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Litigation</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.8</I></FONT><FONT SIZE=2> of the Disclosure Schedules, and except for any Actions commenced by Persons other than
Governmental Authorities that would not reasonably be expected to result in a liability or loss in respect of the Included Business or the Purchased Assets of more than $150,000 individually or
$500,000 in the aggregate, there is no Action pending or, to the knowledge of the Seller, threatened in connection with the Included Business or the Purchased Assets or the Seller's ownership or
operation thereof. There is no Action pending or, to the knowledge of the Seller, threatened seeking to prevent, hinder, modify, delay or challenge the transactions contemplated by this Agreement or
the Ancillary Agreements. There is no outstanding order, writ, judgment, injunction, decree, determination or award of, or pending or, to the knowledge of the Seller, threatened investigation by, any
Governmental Authority relating to the Included Business, the Purchased Assets, the Seller's ownership or operation thereof or the transactions contemplated by this Agreement or Ancillary Agreements.
There is no Action by the Seller pending, or which the Seller has commenced preparations to initiate, against any other Person in connection with the Included Business or the Purchased Assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.9._employees;_seller_benefit_plans_."> </A>
<A NAME="toc_lm19201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Employees; Seller Benefit Plans</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.9(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a complete and accurate list of the names of all employee
of the Seller and its Subsidiaries, specifying job titles and departments to which they are assigned. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.9(b)</I></FONT><FONT SIZE=2> sets forth a complete and accurate list of each "employee benefit plan" (within the meaning of
Section&nbsp;3(3) of ERISA), whether or not subject to ERISA, and each other material profit-sharing, bonus, compensation, severance, savings, fringe benefit, insurance, post-retirement health or
welfare benefit, health, tuition refund, service award, company car, scholarship, relocation, accident, sick pay, sick leave, accrued leave, vacation, holiday, termination, unemployment, stock option,
stock purchase, restricted stock, stock ownership, equity compensation, pension, retirement, deferred compensation, individual employment, consulting, executive compensation, welfare, incentive,
commission, payroll practices, short- or long-term disability, retention, non-competition, salary continuation, change in control or life insurance plan, program, policy, trust fund, contract or
arrangement (whether written or unwritten, insured or self-insured), in any case, established, maintained, sponsored or contributed to (or with respect to which any obligation to contribute has been
undertaken) by the Seller or any of its Subsidiaries for the benefit of any current or former employee, officer, director, independent contractor, stockholder or other service provider of the Seller
or any of its Subsidiaries or their dependents, spouses, or beneficiaries or with respect to which the Seller or any of its Subsidiaries has any liability, contingent or otherwise (collectively, the
"</FONT><FONT SIZE=2><I>Seller Benefit Plans</I></FONT><FONT SIZE=2>"), in each case, in effect on the date hereof. As applicable with respect to each Seller Benefit Plan, the Seller has made
available to the Buyer true and complete copies of (i)&nbsp;each Seller Benefit Plan, including all amendments thereto, (ii)&nbsp;all current trust documents, investment management contracts,
custodial agreements and insurance contracts relating thereto, (iii)&nbsp;the current summary plan description and each summary of material modifications thereto, (iv)&nbsp;the most recently filed
annual report (Form&nbsp;5500 and all schedules thereto) and (v)&nbsp;the most recent determination or opinion letter received from the IRS. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-30</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;With
respect to each Seller Benefit Plan, except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.9(c)</I></FONT><FONT SIZE=2>, (i)&nbsp;each Seller Benefit
Plan, has been established, maintained and administered in all material respects in accordance with its terms and in accordance with applicable Law, including, but not limited to, ERISA and the Code,
as applicable; (ii)&nbsp;no Seller Benefit Plan, is under audit or, to the Seller's knowledge, investigation by any governmental entity or regulatory authority; (iii)&nbsp;all material payments
required to be made by the Seller or any of its Subsidiaries under any Seller Benefit Plan, any Contract, or by Law (including all contributions (including all employer contributions and employee
salary reduction contributions), insurance premiums or intercompany charges) with respect to all prior periods have been timely made or properly accrued and reflected in the most recent consolidated
balance sheet prior to the date hereof, in accordance with the provisions of each of the Seller Benefit Plans, applicable Law and GAAP; (iv)&nbsp;there has been no amendment to or announcement by
the Seller or any Subsidiary relating to, any Seller Benefit Plan which, at the time thereof, would reasonably be expected to increase materially the expense of maintaining such plan above the level
of the expense incurred therefor for the most recent fiscal year; (v)&nbsp;the Seller or its Subsidiary, as applicable, may amend or terminate such Seller Benefit Plan at any time without incurring
any liability thereunder other than in respect of claims incurred prior to such amendment or termination; (vi)&nbsp;no such Seller Benefit Plan is a self-insured
arrangement. As of the date hereof, there are no Actions pending, or to the knowledge of the Seller, threatened in writing, with respect to any Seller Benefit Plan (other than routine claims for
benefits in the ordinary course of business); and (vii)&nbsp;to the Seller's knowledge, there are no facts or circumstances that would be reasonably likely to subject the Seller or any of its
Subsidiaries to any assessable payment under Section&nbsp;4980H of the Code with respect to any period prior to the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;At
no time during the past completed six years, has the Seller or any of its Subsidiaries or any ERISA Affiliate (i)&nbsp;sponsored, maintained, contributed to or
otherwise participated in or in any way had any liability, directly or indirectly, with respect to an "employee pension benefit plan" (within the meaning of Section&nbsp;3(2) of ERISA) that is
subject to Section&nbsp;302, Title IV of ERISA or Section&nbsp;412, 430 or 4971 of the Code, or a plan maintained in connection with any trust described in Section&nbsp;501(c)(9) of the Code or
(ii)&nbsp;been required to contribute to, or incurred any "withdrawal liability" (within the meaning of Section&nbsp;4201 of ERISA) with respect to, any "multiemployer plan" (within the meaning of
Section&nbsp;3(37) of ERISA). No event has occurred and no condition exists that would subject the Seller or any of its Subsidiaries by reason of its affiliation with any current or former ERISA
Affiliate to any material (i)&nbsp;Tax, penalty, fine, (ii)&nbsp;Encumbrance or (iii)&nbsp;other liability imposed by ERISA, the Code or other applicable Laws. None of the Seller Benefit Plans
provide retiree health or life insurance benefits except as may be required by Section&nbsp;4980B of the Code and Section&nbsp;601 of ERISA, any other applicable Law or at the expense of the
participant or the participant's beneficiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Each
Seller Benefit Plan that is an "employee pension benefit plan" (within the meaning of Section&nbsp;3(2) of ERISA) and that is intended to meet the qualification
requirements of Section&nbsp;401(a) of the Code (each, a "</FONT><FONT SIZE=2><I>Pension Plan</I></FONT><FONT SIZE=2>") has received a favorable determination, opinion or advisory letter from the
IRS to the effect that such Pension Plan and any related trust are qualified and exempt from U.S. federal income taxes under Sections&nbsp;401(a) and 501(a) of the Code, respectively (or such
Pension Plan or related trust has remaining a period of time under the Code or pronouncements of the IRS in which to apply for such a letter and make any amendments necessary to obtain a favorable
letter as to the qualified status of each such Pension Plan or related trust) and nothing has occurred since the date of such determination, opinion or advisory letter that could reasonably be
expected to affect the qualified status of the Seller Benefit Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each
Seller Benefit Plan that is a "nonqualified deferred compensation plan" (within the meaning of Section&nbsp;409A of the Code) is, in all material respects, in
documentary compliance with, </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>and
since January&nbsp;1, 2009 has been operated and administered in all material respects in compliance with, Section&nbsp;409A of the Code and the guidance issued by the IRS provided thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Neither
the execution, delivery and performance of this Agreement nor the consummation of the transactions contemplated hereby will (either alone or in combination with
another event) (i)&nbsp;result in any severance or other payment becoming due, or increase the amount of any compensation or benefits due, to any current or former employee of the Seller or any of
its Subsidiaries; (ii)&nbsp;limit or restrict the right of the Seller or any Subsidiary to merge, amend or terminate any Seller Benefit Plan; (iii)&nbsp;result in the acceleration of the time of
payment or vesting, or result in any payment or funding (through a grantor trust or otherwise) of any such compensation or benefits under, or increase the amount of compensation or benefits due under,
any Seller Benefit Plan to any current or former employee of the Seller or any of its Subsidiaries; or (iv)&nbsp;result in any "parachute payment" as defined in Section&nbsp;280G(b)(2) of the Code
(whether or not such payment is considered to be reasonable compensation for services rendered). No current or former employee of the Seller or any of its Subsidiaries is entitled to receive any
additional payment (including any tax gross-up or other payment) from the Seller or any of its Subsidiaries as a result of the imposition of the excise taxes required by Section&nbsp;4999 of the
Code or any taxes required by Section&nbsp;409A of the Code. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lm19201_section_3.10._labor_and_employment_matters_."> </A>
<A NAME="toc_lm19201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Labor and Employment Matters</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Neither
the Seller nor any of its Subsidiaries is a party to any labor or collective bargaining contract that pertains to any employees. To the knowledge of the Seller,
(a)&nbsp;there are no organizing activities or collective bargaining arrangements that could affect the Purchased Assets or Assumed Liabilities pending with respect to any employees, and
(b)&nbsp;there are no lockouts, strikes, slowdowns or work stoppages pending or, to the knowledge of the Seller, threatened by or with respect to any employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller and each of its Subsidiaries has complied in all material respects with all Laws relating to the hiring and employment of employees, including provisions
thereof relating to wages, hours, collective bargaining, employment discrimination, civil rights, safety and health, workers' compensation, pay equity, classification of employees, and the collection
and payment of withholding and/or social security Taxes. With respect to each employee of the Seller and its Subsidiaries, the Seller and each of its Subsidiaries has met in all material respects all
requirements required by Law or regulation relating to the employment of foreign citizens, including all requirements of I-9, and neither the Seller nor any of its Subsidiaries currently employs any
Person who was not permitted to work in the jurisdiction in which such Person was employed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;There
is no unfair labor practice complaint against the Seller or any of its Subsidiaries pending before the National Labor Relations Board or any other governmental
entity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Seller is not aware that (i)&nbsp;any employee of the Seller or any of its Subsidiaries has received an offer to join a business that is competitive with Parent's
and the Buyer's business, or (ii)&nbsp;any employee of the Seller or any of its Subsidiaries is a party to or is bound by any confidentiality agreement, noncompetition agreement or other contract
(with any Person) that would materially interfere with:
(A)&nbsp;the performance by such employee of any of his duties or responsibilities as an officer or employee of the Seller or any of its Subsidiaries; or (B)&nbsp;Parent's and the Buyer's business
or operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Any
individual who performs or performed services for the Seller or any of its Subsidiaries and who is not treated as an employee for federal income tax purposes by the
Seller is not an employee under applicable Laws or for any purpose, including, without limitation, for Tax withholding purposes or Seller Benefit Plan purposes. Each of the employees of the Seller or
any of its Subsidiaries has been properly classified by the Seller as "exempt" or "non-exempt" under applicable Law. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Seller nor any of its Subsidiaries is delinquent in payments to any of its current or former employees for any wages, salaries, commissions, bonuses or other
direct compensation for any services performed by them or amounts required to be reimbursed to such employees or in payments owed upon any termination of the employment of any such employees. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.11._real_property."> </A>
<A NAME="toc_lo19201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Real Property. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as disclosed on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.11</I></FONT><FONT SIZE=2> of the Disclosure Schedules, the Seller does not own or lease any real
property related to, used or held for use in connection with the Purchased Assets. The Leased Real Property constitutes all interests in real property related to, used or held for use in connection
with the Purchased Assets and which are necessary for the continued operation of the Included Business as the Included Business is currently conducted. The Seller has made available to the Buyer true
and complete copies of underlying Contracts for the Leased Real Property (the "</FONT><FONT SIZE=2><I>Real Property Leases</I></FONT><FONT SIZE=2>"), together with all amendments, modifications or
supplements, if any, thereto. None of the
Contracts related to the Leased Real Property have been modified in any material respect, except as described on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.11</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.11(b)</I></FONT><FONT SIZE=2>, with respect to the Real Property Leases (i)&nbsp;to the knowledge of
the Seller, there are no unresolved material disputes under any Real Property Lease that are reasonably likely to result in a Parent Material Adverse Effect, (ii)&nbsp;the Seller is not obligated to
pay any brokerage commission in connection any Real Property Lease, and (iii)&nbsp;the Seller has not subleased, licensed or otherwise granted any Person the right to use or occupy any portion of
any Leased Real Property. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Except
as described on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.11(c)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, there are no contractual or legal
restrictions that preclude or restrict the ability to use any Leased Real Property by the Seller for the current or contemplated use of such real property. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;To
the knowledge of the Seller, there are no material defects or material adverse physical conditions affecting the Leased Real Property. The Leased Real Property,
including, without limitation, all structures and other buildings located thereon, (i)&nbsp;is in good repair, ordinary wear and tear excepted, has been properly maintained and is suitable for the
purposes for which it is used, and (ii)&nbsp;is equipped with all utilities reasonably required to permit the Seller or its applicable Subsidiary to operate its activities in the ordinary course of
business in all material respects. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.12._intellectual_property."> </A>
<A NAME="toc_lo19201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Intellectual Property. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.12</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a true and complete list of all: (i)&nbsp;registered Marks,
Patents and registered Copyrights included in the Seller Intellectual Property owned by the Seller, including any pending applications to register any of the foregoing ("</FONT><FONT SIZE=2><I>Seller
Registered IP</I></FONT><FONT SIZE=2>"), identifying for each the jurisdiction in which such item has been registered or filed and the applicable application, registration, or other similar
identification number; (ii)&nbsp;material computer software programs, applications, systems and databases owned or purported to be owned by the Seller included in the Seller Intellectual Property
("</FONT><FONT SIZE=2><I>Proprietary Software</I></FONT><FONT SIZE=2>"); and (iii)&nbsp;Seller Intellectual Property exclusively licensed to the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;All
Seller Registered IP is subsisting and, to the knowledge of the Seller, valid and enforceable, and the Seller has not received any notice or claim challenging the
validity or enforceability of any Seller Registered IP or alleging any misuse of such Seller Registered IP. None of the Seller Registered IP is involved in any interference, reissue, reexamination,
opposition, cancellation or similar proceeding and, to the knowledge of the Seller, no such action is or has been threatened. To the knowledge of the Seller, Seller has not taken any action or failed
to take any action that could reasonably be expected to result in the abandonment, cancellation, forfeiture, relinquishment, invalidation or unenforceability of any of the Seller Registered IP. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Seller exclusively owns, free and clear of any and all Encumbrances, all Seller Intellectual Property owned or purported to be owned by the Seller, and has the right
to use all other material Seller Intellectual Property. The Seller has not received any notice or claim challenging its ownership of any of the Seller Intellectual Property owned or purported to be
owned by the Seller. To the knowledge of the Seller, neither the Seller Intellectual Property nor the conduct of the Included Business as currently conducted infringes, misappropriates or otherwise
violates, or has infringed, misappropriated or otherwise violated, the Intellectual Property of any third party. To the knowledge of the Seller, no third party is infringing, misappropriating or
otherwise violating any material Seller Intellectual Property. The Seller has not received in the three (3)&nbsp;years prior to the date hereof any written communication relating to any actual,
alleged, or suspected infringement, misappropriation, or other violation of any third-party Intellectual Property by the Seller pertaining to any Seller Intellectual Property. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;No
source code for any Proprietary Software has been delivered, licensed, disclosed or made available to any escrow agent or other Person who is not an employee of the
Seller bound by written and enforceable confidentiality obligations. To the knowledge of Seller, no Proprietary Software is subject to any "copyleft" or other obligation or condition (including any
obligation or condition under any "open source" license such as the GNU Public License, Lesser GNU Public License or Mozilla Public License) that requires or conditions the use or distribution of such
Proprietary Software on the disclosure, licensing or distribution of any source code for any portion of such Proprietary Software that is not itself open source. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Seller has used and currently uses commercially reasonable efforts to maintain the confidentiality of its material trade secrets, and maintains reasonable and
appropriate security and data privacy procedures intended to safeguard such material trade secrets. The operation of the Included Business, including the collection and dissemination of personal
customer information, has been conducted in all material respects in accordance with all applicable laws relating to privacy, data security and data protection, and all applicable privacy policies
adopted by any Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Seller has not transferred ownership of, or granted any exclusive license with respect to, any Seller Intellectual Property which is part of the Purchased Assets. No
loss or expiration of any of the Seller Intellectual Property which constitutes part of the Purchased Assets is pending or, to the knowledge of the Seller, threatened. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.13._receivables."> </A>
<A NAME="toc_lo19201_3"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.13.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Receivables. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All Receivables reflected on the balance sheets contained in the
Carve-Out Financial Statements represent bona fide and valid obligations arising from sales
actually made or services actually performed in the ordinary course of business. To the Seller's knowledge, all Receivables are current net of the respective reserves shown on the balance sheet in the
Carve-Out Financial Statements (which reserves are adequate and calculated consistent with past practice). To the knowledge of the Seller, (a)&nbsp;there is no contest, claim or right of recourse,
defense, deduction, return of goods, counterclaim, offset or set-off under any Contract with any obligor of any Receivables related to the amount or validity of such Receivable, and (b)&nbsp;no
bankruptcy, insolvency or similar proceedings have been commenced by or against any such obligor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.14._taxes."> </A>
<A NAME="toc_lo19201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.14.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Taxes. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Seller (i)&nbsp;is, and has been since inception, an entity that is a partnership for US federal and applicable state income Tax purposes, (ii)&nbsp;has not made
any filing with any Governmental Authority, including Form&nbsp;8832 with the IRS, to be treated as an association taxable as a corporation for US federal income tax purposes, (iii)&nbsp;has not
been, nor has any predecessor entity for which it is a successor been, treated as a corporation for US federal income tax purposes, and (iv)&nbsp;has not acquired assets of an entity taxable as a
corporation for US federal income tax purposes by merger or liquidation of that entity. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-34</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller and its Subsidiaries have timely filed (or have had timely filed on their behalf) with the appropriate Governmental Authorities all income Tax Returns and
other material Tax Returns required to be filed with respect to the Included Business and the Purchased Assets (taking into account for this purpose any extensions), and such Tax Returns are complete
and accurate in all material respects. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Seller and its Subsidiaries have paid, or shall pay (by the due date, or the extended due date of the required filing), all material Taxes of or due with respect to
the Purchased Assets or the Included Business that have or may have become due for all taxable periods ending on or before the Closing Date. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.15._environmental_matters."> </A>
<A NAME="toc_lo19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.15.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Environmental Matters. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed on </FONT><FONT
SIZE=2><I>Schedule&nbsp;3.15</I></FONT><FONT SIZE=2> in connection with the Included Business, Purchased Assets and Assumed
Liabilities: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Seller is and, since January&nbsp;1, 2013, has been in compliance with all applicable Environmental Laws (which compliance includes, but is not limited to, the
possession by the Seller of all permits and other governmental authorizations required under applicable Environmental Laws, and compliance with the terms and conditions thereof) and applicable
guidelines of Fannie Mae, in each case in connection with the ownership or use of the Purchased Assets. Without in any way limiting the generality of the foregoing, to Seller's knowledge:
(i)&nbsp;there are no underground storage tanks located at, on, in or under any Leased Real Property that are not in compliance in all material respects with applicable Environmental Laws,
(ii)&nbsp;there is no friable asbestos contained in or forming part of any Leased Real Property requiring remediation by Seller pursuant to applicable Environmental Law, and (iii)&nbsp;no
polychlorinated biphenyls ("</FONT><FONT SIZE=2><I>PCBs</I></FONT><FONT SIZE=2>") or PCB-containing items are used or stored by the Seller at any Leased Real Property in violation of applicable
Environmental Law. The Seller has not received any written notice of liability pursuant to Environmental Laws for any on-site or off-site locations where it has stored, disposed or arranged for the
disposal of Hazardous Substances, which is unresolved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;There
is no Environmental Claim pending or, to the Seller's knowledge, threatened against the Seller or, to the knowledge of the Seller, against any person or entity
whose liability for any Environmental Claim the Seller has retained or assumed either contractually or by operation of law, in each case in connection with the Included Business or Purchased Assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;There
are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the Release, threatened Release or
presence of any Hazardous Substance, which would reasonably be expected to form the basis of any Environmental Claim against the Seller or, to the knowledge of the Seller, against any person or entity
whose liability for any Environmental Claim the Seller has retained or assumed either contractually or by operation of law, in each case in connection with the Included Business or Purchased Asset. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
Seller does not undertake responsibility for, and has not undertaken responsibility for, the Hazardous Substance handling or disposal practices related to, or
participated in the management of (as that phrase is defined in CERCLA), or exercised day-to-day decision-making control over environmental compliance related to, or exercised control at a level
comparable to that of a manager of, any of the real properties securing the Mortgage Loans while such real properties were in the possession or control of a borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Seller has delivered or otherwise made available to the Buyer complete and correct copies of all material studies, audits, assessments, reports, data, memoranda and
results of investigations in its possession or control relating to Hazardous Substances or environmental matters in connection with the Included Business, other than in connection with Mortgage Loans. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-35</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Environmental Claim</I></FONT><FONT SIZE=2>" means any claim, action, cause of action, announced investigation or written notice by any Person
or entity alleging potential liability (including, without limitation, potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property
damages, personal injuries, or penalties) arising out of, based on or resulting from (a)&nbsp;the presence, Release or threatened Release of any Hazardous Substances at any location, whether or not
owned or operated by the Seller, or (b)&nbsp;circumstances forming the basis of any violation or alleged violation of any Environmental Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Environmental Laws</I></FONT><FONT SIZE=2>" means any Laws of any Governmental Authority relating to pollution or protection of the
environment, natural resources, or human health and safety, including the release or threatened release, manufacture, handling, transport, use, treatment, storage or disposal of Hazardous Substances
or materials containing Hazardous Substances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Hazardous Substances</I></FONT><FONT SIZE=2>" means (A)&nbsp;those substances defined in or regulated under the Hazardous Materials
Transportation Act, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act ("</FONT><FONT SIZE=2><I>CERCLA</I></FONT><FONT SIZE=2>"), the
Clean Water Act, the Safe Drinking Water Act, the Atomic Energy Act, the Toxic Substances Control Act, the Federal Insecticide, Fungicide, and Rodenticide Act and the Clean Air Act, and their relevant
and applicable state counterparts, as each may be amended from time to time, and all regulations thereunder; (B)&nbsp;petroleum and petroleum products, including crude oil and any fractions thereof;
(C)&nbsp;natural gas, synthetic gas, and any mixtures thereof; (D)&nbsp;lead or lead-based paint, polychlorinated biphenyls, asbestos or asbestos-containing materials, and radioactive materials;
(E)&nbsp;any other pollutant or contaminant; and (F)&nbsp;any hazardous or toxic chemical, substance, material or waste regulated by any Governmental Authority pursuant to any Environmental Law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;"</FONT><FONT
SIZE=2><I>Release</I></FONT><FONT SIZE=2>" has the meaning set forth in section&nbsp;101(22) of CERCLA. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.16._seller_contracts."> </A>
<A NAME="toc_lo19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.16.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Seller Contracts. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.16</I></FONT><FONT SIZE=2> of the Disclosure Schedules, there are no Seller Contracts of the following
nature applicable to or affecting the Included Business (the Seller Contracts, set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.16</I></FONT><FONT SIZE=2> are hereby defined as the
"</FONT><FONT SIZE=2><I>Material Contracts</I></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;any
broker, distributor, dealer, agency, sales promotion, market research, marketing, consulting or advertising Contract involving payments to or by the Seller in
excess of $100,000 on an annual basis; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
Contract for the purchase by the Seller of goods or services involving total annual payments in excess of $100,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;any
Contract relating to or evidencing indebtedness of the Seller in connection with Purchased Assets or the Included Business, including the Assumed Credit
Agreements, mortgages, other grants of security interests, guarantees or notes; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;any
Contract with FHA, Freddie Mac, Ginnie Mae or other Governmental Authority or with Fannie Mae; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;any
Contract with any Related Party of the Seller; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;any
Contract involving payments to or by the Seller in excess of $100,000 annually that requires a consent to or otherwise contains a provision relating to a "change of
control," an "assignment" or "deemed assignment," or that requires a consent to assignment or change </FONT></P>

</UL>
</UL>
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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>of
control, or that would prohibit or delay the consummation of the transactions contemplated by this Agreement or the Ancillary Agreements; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;any
Contract that limits, or purports to limit, the ability of the Seller or the Included Business to compete in any line of business or with any Person or in any
geographic area or during any period of
time, or that restricts the right of the Seller or the Included Business to sell to or purchase from any Person or to hire any Person, or that grants the other party or any third person "most favored
nation" status or any type of special discount rights; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;any
Contract pursuant to which the Seller is the lessee or lessor of, or holds, uses, or makes available for use to any Person, (A)&nbsp;any real property,
including the Real Property Leases or (B)&nbsp;any tangible personal property and, in the case of clause&nbsp;(B), that involves an aggregate future or potential liability or receivable, as the
case may be, in excess of $100,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;any
Contract for the sale or purchase of any real property, or for the sale or purchase of any tangible personal property in an amount in excess of $100,000; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;any
Contract relating in whole or in part to any Seller Intellectual Property; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;any
joint venture or partnership, merger, asset or stock purchase or divestiture Contract; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;any
Contract relating to settlement of any administrative or judicial proceedings within the past five years under which there are any material ongoing obligations
with respect to the Included Business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;any
Contract for capital expenditures or the acquisition or construction of fixed assets for the benefit and use of the Included Business, requiring payments by the
Included Business in excess of $100,000 per annum; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;any
Contract to buy or sell Mortgage Loans or any Servicing Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;any
Contract that provides for an increased payment or benefit, or accelerated vesting, upon the execution of this Agreement or the Closing or in connection with the
transactions contemplated hereby; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;any
hedging, futures, options or other derivative Contract; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;any
other Contract, whether or not made in the ordinary course of business that (A)&nbsp;involves a future or potential liability or receivable, as the case may be,
in excess of $100,000 over the current Contract term, (B)&nbsp;has a term greater than one year and cannot be cancelled by the Seller without penalty or further payment and without more than
30&nbsp;days' notice or (C)&nbsp;is material to the Purchased
Assets or the Assumed Liabilities or business, operations, assets, financial condition, results of operations or prospects of the Included Business, taken as a whole. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
Material Contract is a legal, valid, binding and, assuming the due execution and delivery by the other parties thereto, enforceable agreement and is in full force
and effect, except as such enforceability may be limited by the Bankruptcy and Equity Exception. Neither the Seller nor, to the knowledge of the Seller, any other party is in breach or violation of,
or (with or without notice or lapse of time or both) default under, any of the Seller Contracts, nor has the Seller received any written claim of any such breach, violation or default. The Seller has
delivered of made available to the Buyer true and complete copies of all Material Contracts that are Seller Contracts, including any amendments thereto. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.17._conduct_of_business."> </A>
<A NAME="toc_lo19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.17.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Business. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on </FONT><FONT
SIZE=2><I>Schedule&nbsp;3.17</I></FONT><FONT SIZE=2>, the Seller has conducted and operated the Included Business with
respect to the Purchased Assets only through the Seller and not through any direct or indirect Subsidiary or Affiliate of the Seller or other entity or organization. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.18._mortgage_loans_a__sec02194"> </A>
<A NAME="toc_lo19201_8"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.18.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loans and Acquired Servicing Portfolio. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(a)</I></FONT><FONT SIZE=2>, the Seller is not now, and has not been since January&nbsp;1, 2013,
subject to any fine, penalty, compensatory fee, suspension, settlement or other agreement, settlement or other administrative agreement or sanction by, or any cancellation or reduction in any loan
purchase commitment or increase in loss sharing from HUD, Fannie Mae, Freddie Mac, or any other federal or state agency relating to the origination, underwriting, sale or servicing of mortgage or
consumer loans with respect to the Purchased Assets. Except as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, the Seller has not
received any notice, nor does it have any reason to believe, that Fannie Mae will propose to limit, place on pre-review or terminate the underwriting authority of the Seller or to increase the
guarantee fees payable to Fannie Mae or reduce the servicing fee to the Seller with respect to the Purchased Assets to the extent applicable to the Purchased Assets. Since January&nbsp;1, 2013,
there has been no written demand made to the Seller or any of their Affiliates for the repurchase of a Mortgage Loan due to the alleged breach of any representation, warranty or covenant with respect
to the mortgage applicable to such Mortgage Loan, or due to alleged fraud relating to such Mortgage Loan. The Seller is in compliance in all material respects with all applicable federal, state and
local Laws, including to the extent applicable, the Truth-In-Lending Act and Regulation&nbsp;Z, the Equal Credit Opportunity Act and Regulation&nbsp;B, the Real Estate Settlement Procedures Act
and Regulation&nbsp;X, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, USA Patriot Act of 2001, Bank
Secrecy Act, the Flood Disaster Protection Act and all HUD, Fannie Mae, Freddie Mac, other investor and mortgage insurance company requirements relating to the origination, underwriting, sale and
servicing of mortgage and consumer loans. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller has complied in all material respects with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers as applicable to each Mortgage Loan. With respect to the Agency Loans, the Seller has complied in all material respects with origination and servicing
standards promulgated by the Agencies and set forth in the applicable Agency Agreements. With respect to the Non-Agency Mortgage Loans, the Seller has complied in all material respects with the
origination and servicing standards mandated under each of the applicable Servicing Agreements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Seller has not engaged any subservicers, subcontractors or other agents to perform any of its duties under any of the Servicing Agreements, other than engagements
that are permitted by, and are in compliance in all material respects with the requirements of, the applicable Servicing Agreements, and all fees and expenses due and payable to any such subservicer,
subcontractor or agent as of the Closing Date have been paid, or will be paid before overdue, by the Seller. No portion of the servicing fee payable under a Servicing Agreement has been sold,
transferred, assigned or pledged by the Seller to any third party other than to the Seller's lenders under the Assumed Credit Agreements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;All
of the Agency Loans originated by the Seller meet in all material respects the underwriting requirements and otherwise conform in all material respects to all of the
Applicable Requirements and all waivers, including those related to underwriting, servicing and loan documentation, have been duly documented in the appropriate Agency systems, accepted by the
applicable Agency to the extent required, delivered to the applicable Agency to the extent required and the Seller is in compliance in all material respects with such waivers and conditions thereto.
The Seller has not received any notice from an Agency that it has terminated or intends to terminate the Seller's license or any of the Agency Agreements. </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.18(e)</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a true and complete list of all Mortgage Loans, excluding
Pipeline Loans, included in the Acquired Servicing Portfolio as of the date of such Schedule (which shall not be more than three Business Days prior to the date of this Agreement) and shall be updated
by the Seller and provided to the Buyer on the date five Business Days prior to the Closing and the information contained on such updates to </FONT> <FONT SIZE=2><I>Schedule&nbsp;3.18(e)</I></FONT><FONT SIZE=2> of the Disclosure Schedules shall be
complete, true and correct in all material respects as of its date. All of the Mortgage
Loans have been made and maintained (including the risk rating of the Mortgage Loans) in the ordinary course of business, in accordance with the Seller's customary lending standards and written loan
policies and in compliance in all material respects with all applicable Law, and to the extent originated pursuant to an Agency Agreement, such applicable Agency Agreement. With respect to the
Mortgage
Loans, the Seller has complied in all material respects with any applicable federal or state Laws including applicable Laws on consumer credit, equal credit opportunity and truth-in-lending. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Seller's loan files for the Mortgage Loans (the "</FONT><FONT SIZE=2><I>Loan Files</I></FONT><FONT SIZE=2>"), contain copies of all originally executed notes,
leases and other evidences of any indebtedness, including copies of all originally executed loan agreements, loan participation agreements and certificates, control agreements, security agreements,
mortgages, guarantees, UCC financing statements and similar documents evidencing collateral or other financial accommodations relating to the Mortgage Loans (such originally executed documents, the
"</FONT><FONT SIZE=2><I>Loan Documents</I></FONT><FONT SIZE=2>"). The Seller has delivered the required Loan Documents relating to each Agency Loan to the applicable Agency, or its custodian in
accordance with the applicable Agency Agreement, and maintains copies of such Loan Documents in its Loan Files. The Loan Files (both electronic and physical) and all related Servicing and Underwriting
Files are complete and accurate in all material respects and accurately reflect the payment history through the applicable date thereof, the outstanding balance of the Mortgage Loan, as of the date
indicated therein, and all receipts and any default notices pertaining to the Mortgage Loan, from the obligors thereof and all credits to which such obligors are entitled as of the date indicated
therein. The Seller has previously furnished the Buyer a loan data tape dated as of June&nbsp;30, 2015 containing information regarding the loans owned or serviced by the Seller as of the date
thereof. The information contained on such loan data tape is complete, true and correct in all material respects as of the date thereof and shall be updated by the Seller (i)&nbsp;from time to time
prior to Closing as reasonably requested by the Buyer and (ii)&nbsp;on the date five Business Days prior to the Closing and the information contained on such updates to the loan data tape shall be
complete, true and correct in all material respects as of the date of each such update. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;No
taxes or other liability of the Seller shall accrue against or be collected from the Buyer out of any Mortgage Loan by reason of the transactions contemplated hereby.
The Seller has paid or caused to be paid, or will pay, or cause to be paid, by the due date, including extensions, any and all license, franchise, intangible, stamp, transfer, doing business or
mortgage tax or other tax or fee due and owing to any state where a Mortgage Loan originated, or any political subdivision thereof, arising from or relating to any Mortgage Loan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Neither
the Seller nor any of its Representatives has been guilty of any civil or criminal fraud with respect to the creation of any Mortgage Loan or with respect to the
transactions contemplated hereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(i)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, no Mortgage Loan is 30&nbsp;days or more
past due as of the date of such Schedule (which shall not be more than one Business Day prior to the date of this Agreement) in the payment of any required principal or interest or on non-accrual
status, or to the Seller's knowledge is otherwise subject to any default or event of default that, with the passage of time or giving of notice, would permit acceleration of the full principal due
thereon. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-39</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The
servicing practices of the Seller used with respect to the Mortgage Loans have been prudent, safe and sound servicing practices and consistent with commercially
reasonable practices in the industry and have been in compliance in all material respects with all applicable Law, and in the case of Agency Loans, with the applicable Agency Agreement, and in the
case of the Non-Agency Mortgage Loans, with the applicable Servicing Agreement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;No
borrower, customer or other party in connection with the Mortgage Loans has notified the Seller, or has asserted against the Seller, in each case in writing, any
"lender liability" or similar claim. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The
Seller has made no commitment to make or modify the terms and conditions of any Mortgage Loan other than as set forth in the Loan Files. Except as disclosed in </FONT> <FONT SIZE=2><I>Schedule&nbsp;3.18(l)</I></FONT><FONT SIZE=2> of the Disclosure
Schedules, no obligor under any Mortgage Loan is entitled to any further advances of loan proceeds. No
Mortgage Loan is cross-collateralized with any other loan except as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(l)</I></FONT><FONT SIZE=2> of the Disclosure Schedules. To the Seller's
knowledge, any insurance with respect to, or required to be maintained by the terms of, any Mortgage Loan is in full force and effect and the Seller has complied with all applicable provisions of any
insurance contract or applicable Law with respect to such insurance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;As
of the date hereof, the Seller has received signed applications and deposits for each of the Pipeline Loans. </FONT> <FONT SIZE=2><I>Schedule&nbsp;3.18(m)</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a true and complete list of
Pipeline Loans as of the date as of the date of such Schedule
(which shall not be more than five Business Days prior to the date of this Agreement). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;All
Mortgage Loans Held for Sale owned by the Seller which have been "rate locked", originated and for which the Seller has entered into a mandatory commitment with
Fannie Mae, FHA, Freddie Mac or other investor are, to the Seller's knowledge, in full compliance with all terms and conditions of such commitments, and, to the Seller's knowledge, all data set forth
in such commitments and related documents are true and correct. </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(n)</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth a true and complete list
of such Mortgage Loans Held for Sale. Except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;3.18(n)</I></FONT><FONT SIZE=2>, no Mortgage Loan Held for Sale is (i)&nbsp;past due with respect
to any scheduled payment of principal or interest for a period of time that is outside the requirements of any applicable Warehouse Line, (ii)&nbsp;subject to a foreclosure action or other mortgage
default legal proceeding by the Seller or any Agency or (iii)&nbsp;subject to bankruptcy proceedings commenced by or in respect of the borrower. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;To
the Seller's knowledge, there are no facts or circumstances that would delay or prevent any Mortgage Loan to be duly purchased by Fannie Mae, FHA, Freddie Mac or any
other party in compliance with their respective commitments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;All
escrow accounts and custodial accounts held by or subject to control of the Seller are being and have been maintained in compliance in all material respects with
applicable Law and the applicable Servicing Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;The
Seller maintains accounts in respect of amounts of cash and cash equivalents required to be pledged for the benefit of Fannie Mae to secure the Seller's obligations
under its Fannie Mae DUS program, including under the letter of credit under the Assumed Credit Agreement with Bank of America, N.A. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Schedule&nbsp;3.18(r)</I></FONT><FONT SIZE=2> of the Disclosure Schedules sets forth the amount of each Advance as of the date hereof (the
"</FONT><FONT SIZE=2><I>Servicing Advance Schedule</I></FONT><FONT SIZE=2>"), except with respect to any Advance made in connection with a Servicing Agreement between the Seller and Fannie Mae. Each
Advance is a valid and subsisting amount owing to the Seller, made in accordance with and payable at the times and in accordance with the provisions of the applicable Servicing Agreement or other
agreement between lender and servicer, and is a legal, valid and binding reimbursement right, and is </FONT></P>

</UL>
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<P style="font-family:times;"><FONT SIZE=2>enforceable
in accordance with its terms (except as such enforceability may be limited by the Bankruptcy and Equity Exception), and is not subject to any claims, right to payment or equitable remedy
defenses or set-off arising from acts or omissions of the Seller. The information set forth in the Servicing Advance Schedule is true, complete and correct in all material respects as of the date
thereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.19._information_supplied."> </A>
<A NAME="toc_lo19201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.19.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Information Supplied. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to be supplied by the
Seller specifically for inclusion or incorporation by reference in the Proxy Statement will, at the time
the Proxy Statement is filed with the SEC, at any time it is amended or supplemented or at the time it becomes effective under the Securities Act, contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.20._brokers."> </A>
<A NAME="toc_lo19201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.20.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Brokers. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except for Wells Fargo Securities,&nbsp;LLC, the fees of which will be
paid by the Seller, no broker, finder or investment banker is entitled to any brokerage,
finder's or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.21._affiliate_interests_and_transactions_."> </A>
<A NAME="toc_lo19201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.21.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Affiliate Interests and Transactions</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.21(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, no Related Party of the Seller:
(i)&nbsp;owns, directly or indirectly, any equity or other financial or voting interest in any competitor of the Included Business, excluding (A)&nbsp;investments in mutual funds and
(B)&nbsp;passive ownership of less than 2% of the equity securities of any such competitor; (ii)&nbsp;owns, directly or indirectly, or has any financial interest in any property (real or personal,
tangible or intangible) used in the Included Business; or (iii)&nbsp;has any business dealings or a financial interest in any transaction with the Included Business or with the Seller involving the
Included Business or any of the Purchased Assets (including Contract related to billing, financial, tax, accounting, data processing, human resources, administration, legal services, information
technology and other corporate overhead matters), "other than business dealings or transactions conducted in the ordinary course of business at prevailing market prices and on prevailing market terms.
Except as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.21(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, there are no outstanding notes payable to, accounts receivable from or
advances by the Included Business or by the Seller in connection with the Included Business or involving any assets thereof to any Related Party of the Seller, and neither the Included Business nor
the Seller in connection with the Included Business is otherwise a debtor or creditor of, or has any liability or other obligation of any nature to, any Related Party of the Seller. Since the Balance
Sheet Date, neither the Included Business nor the Seller in connection with the Included Business has incurred any obligation or liability to, or entered into or agreed to enter into any transaction
with or for the benefit of, any Related Party of the Seller, other than the transactions contemplated by this Agreement and the Ancillary Agreements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
for the Management Agreement or as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;3.21(b)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, there are no
Contracts between Parent, the Buyer or any of their respective Subsidiaries and the Seller or any Related Party of the Seller related to the Purchased Assets or the Included Business. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lo19201_section_3.22._insurance."> </A>
<A NAME="toc_lo19201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.22.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Insurance. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Schedule&nbsp;3.22</I></FONT><FONT SIZE=2> of
the Disclosure Schedules sets forth a true and complete list of all casualty, general
liability, product liability and all other types of insurance maintained with respect to the Included Business and the Purchased Assets, together with the carriers and liability limits for each such
policy. All such policies are in full force and effect and no application therefor included a material misstatement or omission. All premiums with respect thereto have been paid to the extent due. The
Seller has not received notice of, nor to the knowledge of the Seller is there, any threatened, cancellation, termination, reduction of coverage or material premium increases with respect to any such
policy. No claim currently is pending under any such policy involving an amount in excess of $100,000. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_3.23._capital_structure_of_seller."> </A>
<A NAME="toc_lq19201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.23.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Structure of Seller. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, Ivan Kaufman
beneficially owns or controls all of the voting power and more than a majority of the economic rights represented by the
membership interests of the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_3.24._transferred_empl__sec02179"> </A>
<A NAME="toc_lq19201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.24.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferred Employee Non-Competition Agreements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on
</FONT><FONT SIZE=2><I>Schedule&nbsp;3.24</I></FONT><FONT SIZE=2>, there are no non-competition agreements or other similar agreements
or arrangements or any non-competition or similar provisions of any Contract between each Transferred Employee and the Seller. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_article_iv._representations_an__art02649"> </A>
<A NAME="toc_lq19201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE IV.<BR>  <BR>    REPRESENTATIONS AND WARRANTIES OF PARENT AND THE BUYER    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in the Disclosure Schedules of Parent and the Buyer attached hereto, each of Parent and the Buyer hereby jointly
and severally represents and warrants to the Seller as of the date hereof and as of the Closing Date as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.1._organization_."> </A>
<A NAME="toc_lq19201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Organization</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, and has full corporate power and authority to own, lease and
operate its properties and to carry on its business as it is now being conducted. As of the date hereof, Parent is organized to qualify as a real estate investment trust for United States federal
income tax purposes. The Buyer is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full power and authority to own, lease
and operate its properties and to carry on its business as it is now being conducted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.2._authority_."> </A>
<A NAME="toc_lq19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authority</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and the Buyer has full corporate power and authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it will be a party, to perform its
obligations hereunder and thereunder and, subject to obtaining Parent Stockholder Approval, to consummate the transactions contemplated hereby and thereby. Other than Parent Stockholder Approval, the
execution, delivery and performance by each of Parent and the Buyer of this Agreement and each of the Ancillary Agreements to which it will be a party and the consummation by Parent and the Buyer of
the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action or partnership action, as applicable. This Agreement has been, and upon their
execution each of the Ancillary Agreements to which Parent and the Buyer will be a party will have been, duly and validly executed and delivered by each of Parent and the Buyer. This Agreement
constitutes, and upon their execution each of the Ancillary Agreements to which Parent or the Buyer will be a party will constitute, the legal, valid and binding obligations of Parent or the Buyer,
respectively, enforceable against Parent and the Buyer, in accordance with their respective terms, except as such enforceability may be limited by the Bankruptcy and Equity Exception. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.3._no_confli__lq102029"> </A>
<A NAME="toc_lq19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Conflict; Required Filings and Consents</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Except
as set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;4.3(a)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, the execution, delivery and performance by the
Buyer of this Agreement and each of the Ancillary Agreements to which the Buyer
will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;conflict
with or violate the charter or bylaws or other equivalent documents of Parent or the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;conflict
with or violate any Law applicable to Parent or the Buyer; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;result
in any breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) under or require any consent of any
Person pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument, obligation or other Contract to which Parent or the Buyer is a party, </FONT></P>

</UL>
</UL>
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<P style="font-family:times;"><FONT SIZE=2>except,
in the case of clauses&nbsp;(ii) and (iii)&nbsp;above, for any such conflicts, violations, breaches, defaults or other occurrences that do not, individually or in the aggregate, have a
Parent Material Adverse Effect or would reasonably be expected to do so. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Except
as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;4.3(b)</I></FONT><FONT SIZE=2> of the Buyer Disclosure Schedules and except for the filing with the SEC of
(i)&nbsp;the Proxy Statement and (ii)&nbsp;such reports under Section&nbsp;13(a) or 15(d) of the Exchange Act, the Buyer is not required to file, seek or obtain any notice, authorization,
approval, order, permit or consent of or with any Governmental Authority in connection with the execution, delivery and performance by Parent or the Buyer of this Agreement and each of the Ancillary
Agreements to which it will be party or the consummation of the transactions contemplated hereby or thereby, except for any filings required to be made under the HSR Act. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.4._financing_."> </A>
<A NAME="toc_lq19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Financing</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Subject to the consummation of Parent Offering (if applicable), as of the Closing Date, the Buyer will have, sufficient funds to permit the Buyer to consummate the transactions
contemplated by this Agreement and the Ancillary Agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.5._brokers_."> </A>
<A NAME="toc_lq19201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Brokers</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Except for J.P. Morgan Securities&nbsp;LLC, the fees of which will be paid by the Buyer, no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or
commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of Parent or the Buyer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.6._voting_requirements_."> </A>
<A NAME="toc_lq19201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Voting Requirements</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote at Parent Stockholders Meeting (the "</FONT><FONT SIZE=2><I>Parent Stockholder Approval</I></FONT><FONT SIZE=2>") by (i)&nbsp;the affirmative vote of at least a
majority of the votes cast by the stockholders entitled to vote on the matter and (ii)&nbsp;the affirmative vote of at least a majority of the outstanding shares of Parent entitled to vote on the
matter other than the votes of shares owned of record or beneficially by the Seller or their respective Affiliates, is necessary to approve the transactions contemplated hereby, including the issuance
of Buyer OP Units contemplated by this Agreement. Parent Stockholder Approval is the only vote of holders of any securities of the Buyer or its Subsidiaries necessary to approve the transactions
contemplated by this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.7._information_supplied_."> </A>
<A NAME="toc_lq19201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Information Supplied</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to be supplied by the Buyer specifically for inclusion or incorporation by reference in the Proxy Statement will, at the time the Proxy Statement is
filed with the SEC, at any time it is amended or supplemented or at the time it becomes effective under the Securities Act, contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading. The Proxy Statement shall
comply as to form in all material respects with the requirements of the Exchange Act and the rules and regulations thereunder, except that no representation or warranty is made by the Buyer respect to
statements made or incorporated by reference therein based on information supplied by the Seller specifically for inclusion or incorporation by reference in the Proxy Statement included therein. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_4.8._capitalization_."> </A>
<A NAME="toc_lq19201_11"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capitalization</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
of December&nbsp;31, 2015, the authorized capital stock of Parent consisted of 600,000,000 shares of stock, of which 500,000,000 were designated Parent Common Stock
and 100,000,000 were designated preferred stock, par value $0.01 ("</FONT><FONT SIZE=2><I>Parent Preferred Stock</I></FONT><FONT SIZE=2>"). As of February&nbsp;24, 2016, 50,962,516 shares of Parent
Common Stock were issued and outstanding, all of which were duly authorized, validly issued, fully paid, non-assessable and free of preemptive rights. As of February&nbsp;24, 2016,
(i)&nbsp;1,551,500 shares of Parent Preferred Stock designated as 8.25% Series&nbsp;A were issued and outstanding, (ii)&nbsp;1,260,000 shares of Parent Preferred Stock designated as 7.75%
Series&nbsp;B were issued and outstanding and (iii)&nbsp;900,000 shares of Parent Preferred Stock designated </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>as
8.50% Series&nbsp;C were issued and outstanding and all such shares of Parent Preferred Stock were duly authorized, validly issued, fully paid, non-assessable and free of preemptive rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Buyer OP Units to be issued pursuant to this Agreement, together with the shares of Parent Common Stock issuable upon the conversion of such Buyer OP Units pursuant
to the terms of such Buyer OP Units, when issued as contemplated herein or therein, will be duly authorized, validly issued, fully paid, non-assessable, and free of preemptive rights and Encumbrances,
except for restrictions on transfer imposed under applicable securities Laws. The issuance of such shares of Parent Common Stock issuable upon conversion of the Buyer OP Units when issued will not
contravene any Law or the rules and regulations of The New York Stock Exchange. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_article_v._covenants"> </A>
<A NAME="toc_lq19201_12"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE V.<BR>  <BR>    COVENANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.1._conduct_o__lq102022"> </A>
<A NAME="toc_lq19201_13"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Business Prior to the Closing</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of the Seller</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, unless the Buyer shall
otherwise agree in writing, the Seller shall cause the Included Business, including the servicing of the Acquired Servicing Portfolio and the Mortgage Loans Held for Sale, to be conducted only in the
ordinary course of business consistent with past practice, and shall use commercially reasonable efforts to preserve substantially intact the Included Business, use commercially reasonable efforts to
keep available the services of the employees of the Seller or any of its Subsidiaries and consultants of the Seller and use commercially reasonable efforts to preserve the current relationships of the
Seller with customers, suppliers and other persons with which the Seller has significant business relations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>By
way of clarification and not limitation, between the date of this Agreement and the Closing Date, except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;5.1(a)</I></FONT><FONT SIZE=2> of
the Disclosure Schedules, the Seller shall not do or propose to do, directly or indirectly, unless with respect to Sections </FONT><FONT SIZE=2><I>5.1(a)(iii)</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>(v)</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>(x)</I></FONT><FONT SIZE=2>&nbsp;and </FONT><FONT SIZE=2><I>(xv)</I></FONT><FONT SIZE=2> such action is in the
ordinary course of the Seller's business and consistent with past practice, any of the following in connection with the Included Business, the Purchased Assets or Assumed Liabilities without the prior
written consent of the Buyer, which consent shall not be unreasonably withheld or delayed: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;issue,
sell, pledge, exclusively license, transfer, abandon, dispose of or otherwise subject to any Encumbrance any Purchased Assets, other than (i)&nbsp;pledges of
Mortgage Loans Held for Sale pursuant to the Assumed Credit Agreements, and (ii)&nbsp;sales of Mortgage Loans to Fannie Mae, FHA/Ginnie Mae, Freddie Mac or a conduit lender, in each case in the
ordinary course of business consistent with past practice; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;(x)
amend, waive or modify in any material respect or consent to the termination of any Material Contract, or amend, waive or modify in any material respect or consent
to the termination of the Seller's rights thereunder, or (y)&nbsp;enter into any Contract that would qualify as a Material Contract under clause&nbsp;(iii), (v), (vi), (vii), (xii),
(xvi)&nbsp;or (xviii)&nbsp;of the definition of "Material Contract" or (z)&nbsp;enter into any other Contract in connection with the Purchased Assets other than in the ordinary course of
business consistent with past practice; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;(A)(x)
grant or announce any increase in the compensation, salaries, bonuses, severance, termination, retention or change-in-control pay or other benefits payable or
to become payable or the benefits provided to its employees or (y)&nbsp;accelerate the vesting or payment of the compensation or benefits payable or available to any employee, other than as required
by applicable law, pursuant to any plans, programs or agreements existing on the date hereof or other increases made in the ordinary course of business consistent with the past practices of the Seller
or any of its Subsidiaries, as applicable; (B)&nbsp;adopt, establish, amend or </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>terminate
any Seller Benefit Plan, or any agreement, plan, policy or arrangement that would constitute a Seller Benefit Plan if it were in existence on the date hereof, in each case, other than as
required by applicable law or the terms of a Seller Benefit Plan in effect on the date hereof; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;enter
(or commit to enter) into, amend, terminate or extend any collective bargaining agreement or agreement with a works council or other union (or enter into
negotiations to do any of the foregoing); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;make,
revoke or modify any material Tax election, settle or compromise any material Tax liability with respect to the Purchased Assets; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;cancel,
compromise, waive or release any material right or claim relating to the Purchased Assets, pay, discharge or satisfy any claim, liability or obligation
(absolute, accrued, asserted or unasserted, contingent or otherwise) relating to the Included Business or the Purchased Assets, other than the payment, discharge or satisfaction in the ordinary course
of business consistent with past practice; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;permit
the lapse of any existing policy of insurance relating to the Included Business or Purchased Assets that is not replaced with a substantially similar insurance
policy; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;take
any action, or intentionally fail to take any action, that would cause any representation or warranty made by the Seller in this Agreement or any Ancillary
Agreement to be untrue in any material manner or result in a breach of any covenant made by the Seller in this Agreement or any Ancillary Agreement, or that has or would reasonably be expected to have
a Seller Material Adverse Effect; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;except
in connection with the origination, sale and servicing of Mortgage Loans in the ordinary course of business consistent with past practice, including, without
limitation, entering into additional Warehouse Lines having terms and conditions consistent with past practice, incur, assume or guarantee any indebtedness for borrowed money for any Person or issue
any debt securities or otherwise become responsible for, the obligations of any Person, or make any loans or advances; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;authorize
or make any commitment with respect to any single capital expenditure for the Included Business that is in excess of $100,000 or capital expenditures which
are, in the aggregate in excess of $250,000 for the Included Business, taken as a whole; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;authorize
or make any commitment with respect to, any single Contract for the Purchased Assets that involves a future or potential liability or receivable, as the case
may be, in excess of $100,000 over any 12-month period, other than commitments that can be terminated by the Seller on not more than ninety (90)&nbsp;days' notice with payment of less than $50,000; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;enter
into any Contract with any Related Party of the Seller (other than Parent or any of its Subsidiaries) relating to the Purchased Assets or the Included Business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;fail
to pay or file when due any payment necessary to maintain the effectiveness of the Seller Intellectual Property or otherwise abandon any Seller Intellectual
Property; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;permit
the lapse of any right relating to material Seller Intellectual Property or any other material intangible asset used or held for use in connection with the
Included Business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;commence
or settle any Action relating to the Purchased Assets, Included Business or Assumed Liabilities in excess of $100,000 individually or $250,000 in the aggregate
or that could reasonably be expected to result in a material restriction on the Included Business; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;enter
into any lease of real or person property or any renewals thereof in connection with the Included Business involving a term of more than one (1)&nbsp;year or
rental obligation exceeding $100,000 per year in any single case; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;make
any change in any method of accounting or accounting practice or policy affecting the financial statements of the Included Business, except as required by GAAP; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;acquire
(by merger or stock or asset purchase or otherwise) any corporation, partnership, other business organization that is engaged in a business similar to the
Included Business or any material business or division thereof or enter into any joint venture, strategic alliance, exclusive dealing, noncompetition or similar contract or arrangement with any entity
that is engaged in a business similar to the Included Business; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;pay
out or otherwise remove any cash or cash equivalents from the Freddie Mac Cash Collateral Account; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;agree
or commit to do any of the foregoing. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conduct of Parent</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Between the date of this Agreement and the Closing Date, unless the Seller shall
otherwise agree in writing, Parent shall, and shall cause its Subsidiaries to, cause its business to be conducted only in the ordinary course consistent with past practice, and shall use commercially
reasonable efforts to preserve substantially intact the organization of Parent, use commercially reasonable efforts to keep available the services of employees and consultants of Parent and use
commercially reasonable efforts to preserve the current relationships of Parent with customers, suppliers and other persons with which Parent has significant business relations; provided, that in no
event shall Parent be deemed to breach this </FONT><FONT SIZE=2><I>Section&nbsp;5.1(b)</I></FONT><FONT SIZE=2> in the event of any action taken, or caused to be taken, by ACM or any of its
employees or agents on behalf of Parent or its Subsidiaries pursuant to the Management Agreement to the extent not previously approved by the Special Committee. Between the date of this Agreement and
the Closing Date, except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;5.1(b)</I></FONT><FONT SIZE=2> of the Disclosure Schedules, Parent shall not do or propose to do, directly or
indirectly, unless such action is contemplated by the terms of this Agreement or the Ancillary Agreements or in the ordinary course of the business of Parent and its Subsidiaries, any of the following
without the prior written consent of the Seller, which consent shall not be unreasonably withheld or delayed: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;acquire
(by merger or stock or asset purchase or otherwise) any corporation, partnership, other business organization or any material business or division thereof that,
at the time such action is taken, to the knowledge of Parent, would be likely to prevent the Closing; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;amend
the charter or bylaws of Parent, the partnership agreement of the Partnership or the limited liability company agreement of the TRS in any manner that would
prohibit or hinder, impede or delay in any material respect the consummation of the transactions contemplated hereby or have a material and adverse impact on the value of Parent Common Stock; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;declare,
set aside or pay any dividend or distribution payable in cash, stock or property in respect of any capital stock, other than regular quarterly cash dividends
on Parent Common Stock as described </FONT><FONT SIZE=2><I>Schedule&nbsp;5.1(b)</I></FONT><FONT SIZE=2> of the Disclosure Schedules and other than dividends or distributions with a record date
after the Closing Date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;take
any action, or intentionally fail to take any action, that would cause any representation or warranty made by Parent or the Buyer in this Agreement or any
Ancillary Agreement to be untrue or result in a breach of any covenant made by the Buyer in this Agreement or any Ancillary Agreement and in each case such breach or failure to perform would give rise
to the failure of a condition in </FONT><FONT SIZE=2><I>Section&nbsp;7.2(a)</I></FONT><FONT SIZE=2> or has or would reasonably be expected to have a Parent Material Adverse Effect. </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-46</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.2._covenants_regarding_information_."> </A>
<A NAME="toc_lq19201_14"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Covenants Regarding Information</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;From
the date hereof until the Closing Date, upon reasonable notice, except as otherwise prohibited by applicable Law or as would reasonably be expected to breach the
confidentiality provisions of any contract (it being understood that the parties hereto shall use commercially reasonable efforts to cause such information to be provided in a manner that does not
result in such breach), the Seller shall afford the Buyer and its Representatives reasonable access to the properties, offices and other facilities, employees, and books and records, and shall furnish
the Buyer with such financial, operating and other data and information to the extent relating primarily to the Purchased Assets, the Included Business and Assumed Liabilities as the Buyer may
reasonably request; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any such access or furnishing of information shall be
conducted during normal business hours, under the supervision of the Seller's personnel and in such a manner as not unreasonably to interfere with the normal operations of the Seller. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller shall provide the Buyer such information as the Buyer reasonably requests in order for it to take advantage of its status as a "successor employer" under
Sections&nbsp;3121(a)(1) and 3306(b)(1) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;On
the Closing Date, the Seller will deliver or cause to be delivered to the Buyer all original agreements, documents, books and records and files stored on computer
disks or tapes or any other storage medium in the possession of the Seller relating to the Purchased Assets, the Included Business or the Assumed Liabilities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
order to facilitate the resolution of any claims made by or against or incurred by the Buyer, the Seller shall (i)&nbsp;retain the books and records of the Seller
that do not constitute Business Records but may nevertheless relate to a claim or other proceeding under this Agreement, (ii)&nbsp;upon reasonable notice, afford the Buyer and its Representatives
reasonable access (including for inspection and copying, at the Buyer's expense), during normal business hours, to such books and records and (iii)&nbsp;furnish the Buyer and its Representatives
reasonable assistance (at the Buyer's expense), including access to personnel, in connection with such claims and other proceedings; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that such
access shall be granted until the later of five years following the Closing and the expiration date of the applicable statute of limitations with respect to Tax matters. The Seller shall not destroy
any such books and records without providing the Buyer with written notice detailing the contents of such books and records, and providing the Buyer with the opportunity to obtain such books and
records at least 60&nbsp;days prior to the destruction thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;From
the date hereof until the Closing Date, the Seller shall deliver to the Buyer quarterly updates to the balance sheet and statement of income and cash flows
contained in the Carve-Out Financial Statements within 45&nbsp;days of the end of each calendar quarter. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.3._exclusivity_."> </A>
<A NAME="toc_lq19201_15"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exclusivity</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller agrees that between the date of this Agreement and the earlier of the Closing and the termination of this Agreement, they shall not, and shall take all action necessary to
ensure that none of their respective Affiliates or any of its respective Representatives shall: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;solicit,
initiate, consider, encourage or accept any other proposals or offers from any Person relating to any direct or indirect acquisition or purchase of all or any
portion of the Purchased Assets or the Included Business, whether effected by sale of assets, sale of stock, merger or otherwise; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;participate
in any discussions, conversations, negotiations or other communications regarding, or furnish to any other Person any information with respect to, or
otherwise cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any other Person to seek to do any of the foregoing. The Seller and its respective Affiliates
immediately shall cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any Persons conducted heretofore with respect to any of the
foregoing. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-47</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller shall notify the Buyer promptly, but in any event within one Business Day, orally and in writing if any such proposal or offer, or any inquiry or other contact with any Person
with respect thereto, is made. Any such notice to the Buyer shall indicate in reasonable detail the identity of the Person making such proposal, offer, inquiry or other contact and the terms and
conditions of such proposal, offer, inquiry or other contact. The Seller shall not release any Person from, or waive any provision of, any confidentiality or standstill agreement to which the Seller
is a party, without the prior written consent of the Buyer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.4._ancillary_agreements_."> </A>
<A NAME="toc_lq19201_16"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ancillary Agreements</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller, Buyer and Parent agree to negotiate in good faith, prior to Closing, the terms of (i)&nbsp;the Freddie Mac I/O Strip Assignment Agreement under which the Freddie Mac I/O
Strip and the Assumed Liabilities related thereto shall be transferred to the Partnership and (ii)&nbsp;the A&amp;R Management Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.5._notification_of_certain_matters_."> </A>
<A NAME="toc_lq19201_17"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notification of Certain Matters</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Closing Date, each party hereto shall give prompt written notice to the other party of (i)&nbsp;the occurrence or non-occurrence of any change, condition or event, the
occurrence or non-occurrence of which would render any representation or warranty of such party contained in this Agreement or any Ancillary Agreement, if made on or immediately following the date of
such event, untrue or inaccurate, (ii)&nbsp;the occurrence of any change, condition or event that has had or is reasonably likely to have a Seller Material Adverse Effect or Parent Material Adverse
Effect, (iii)&nbsp;any failure of any party hereto or any of its Affiliates to comply with or satisfy any covenant or agreement to be complied with or satisfied by it hereunder or any event or
condition that would otherwise result in the nonfulfillment of any of the conditions to the other party's obligations hereunder, (iv)&nbsp;any notice or other communication from any Person alleging
that the consent of such Person is or may be required in connection with the consummation of the transactions contemplated by this Agreement or the Ancillary Agreements or (v)&nbsp;any Action
pending or, to the party's knowledge, threatened against a party or the parties relating to the transactions contemplated by this Agreement or the Ancillary Agreements or that would have been required
to be disclosed pursuant to </FONT><FONT SIZE=2><I>Section&nbsp;3.8</I></FONT><FONT SIZE=2> if it had been pending on the date of this Agreement. If any event requires any change to the Schedules
to this Agreement, then the Seller shall promptly deliver to the Buyer a supplement to the Schedules specifying such change. If such updated Schedule reflects any event occurring or arising at any
time after the date of this Agreement and prior to the date on which each of the conditions set forth in </FONT><FONT SIZE=2><I>Article&nbsp;VII</I></FONT><FONT SIZE=2> (other than those conditions
that by their terms are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions) is satisfied or waived in writing by the appropriate party, as applicable, then
the specified representations and warranties made by the Seller will be deemed automatically modified to reflect such event as of the date that such event occurs or arises and the delivery of any such
updated Schedules will be deemed to have cured any misrepresentation or breach of warranty that otherwise might have existed hereunder by reason of such event. The Buyer will not have the right to
terminate this Agreement on account of any such update of the Schedules unless the event giving rise to such updated disclosure would cause any of the conditions in </FONT> <FONT SIZE=2><I>Section&nbsp;7.3(a)</I></FONT><FONT SIZE=2> to not be
satisfied assuming such event existed as of the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lq19201_section_5.6._bulk_transfer_laws_."> </A>
<A NAME="toc_lq19201_18"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Bulk Transfer Laws</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Buyer hereby waives compliance by the Seller with any applicable bulk sale or bulk transfer laws of any jurisdiction in connection with the sale of the Purchased Assets to the Buyer
(other than any obligations with respect to the application of the proceeds therefrom). Pursuant to the provisions of this Agreement, the Seller has agreed to indemnify the Buyer against any and all
liabilities that may be asserted by third parties against the Buyer as a result of the Seller's noncompliance with any such law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-48</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.7._employee_matters_."> </A>
<A NAME="toc_ls19201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Employee Matters</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Effective
as of the Closing, the Buyer (or its Affiliate) shall assume the Seller Benefit Plans specifically identified on </FONT> <FONT SIZE=2><I>Schedule&nbsp;5.7(a)</I></FONT><FONT SIZE=2> (all such Seller Benefit Plans, the "</FONT><FONT SIZE=2><I>Assumed
Benefit Plans</I></FONT><FONT SIZE=2>"); provided, however,
that notwithstanding the foregoing, the Buyer (or its Affiliate) may, in its sole discretion, amend, suspend or terminate any such plan at any time in accordance with its terms. The Buyer (or its
Affiliate) and the Seller shall take such actions and execute and deliver all documents and furnish all notices with respect to the Assumed Benefit Plans as are necessary and reasonably requested by
the other parties to cause the Assumed Benefit Plans to be assigned to and assumed by the Buyer (or its Affiliate) effective as of the Closing. At least thirty (30)&nbsp;days prior to the Closing,
the Seller will supply the Buyer (or its Affiliate) with (i)&nbsp;all records concerning participation, vesting, accrual of benefits, payment of benefits, and election forms of benefits under each
Assumed Benefit Plan and (ii)&nbsp;any other information reasonably requested by the Buyer (or its Affiliate) as necessary or appropriate for the administration of each Assumed Benefit Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Buyer and the Seller agree to use the "alternate procedure" set forth in Section&nbsp;5 of Revenue Procedure 2004-53 with respect to wage reporting for the
Transferred Employees on Forms&nbsp;W-2 for the calendar year in which the Closing occurs. Seller will provide promptly (and in no event later than ten (10)&nbsp;days) following the Closing such
documents and other information to Buyer as are necessary in order to enable Buyer to timely satisfy its obligations under this subsection, including providing to Buyer all IRS Forms&nbsp;W-4 and
W-5 on file with respect to each Transferred Employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Effective
as of the Closing, the Buyer or its affiliates shall provide COBRA continuation coverage to the employees of the Seller who are "M&amp;A Qualified Beneficiaries"
(as defined in Treasury Regulation Section&nbsp;54.4980B-9 Q&amp;A-4(a)) in connection with the transactions contemplated by this Agreement at such employee's expense. Seller will provide promptly (and
in no event later than ten (10)&nbsp;days) following the Closing such documents and other information to Buyer as are necessary in order to enable Buyer to timely satisfy its obligations under this
subsection. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;This
</FONT><FONT SIZE=2><I>Section&nbsp;5.7</I></FONT><FONT SIZE=2> shall be binding upon and inure solely to the benefit of each of the parties to this Agreement,
and nothing in this </FONT><FONT SIZE=2><I>Section&nbsp;5.7</I></FONT><FONT SIZE=2>, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or
by reason of this </FONT><FONT SIZE=2><I>Section&nbsp;5.7</I></FONT><FONT SIZE=2>. Nothing contained herein, express or implied, is intended to confer upon any employee of the Seller or any of its
Subsidiaries or any Transferred Employee any right to continued employment for any period or continued receipt of any specific employee benefit, shall constitute an amendment to or any other
modification of any Seller Benefit Plan, or create any right to compensation or benefits of any nature or kind whatsoever. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.8._confidentiality_."> </A>
<A NAME="toc_ls19201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Each
of the parties shall hold, and shall cause its Representatives to hold, in confidence all documents and information furnished to it by or on behalf of the other
party in connection with the transactions contemplated hereby pursuant to the terms of the confidentiality agreement dated July&nbsp;15, 2015 between Parent and the Seller (the
"</FONT><FONT SIZE=2><I>Confidentiality Agreement</I></FONT><FONT SIZE=2>"), which shall continue in full force and effect until the Closing Date, at which time such Confidentiality Agreement and the
obligations of the parties under this </FONT><FONT SIZE=2><I>Section&nbsp;5.8(a)</I></FONT><FONT SIZE=2> shall terminate. If for any reason this Agreement is terminated prior to the Closing Date,
the Confidentiality Agreement shall nonetheless continue in full force and effect in accordance with its terms. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;For
a period of three years following the Closing Date, the Seller shall not, and the Seller shall cause its Affiliates and the respective Representatives of the Seller
and its Affiliates not to, </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>use
for its or their own benefit or divulge or convey to any third party, any Confidential Information; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the Seller or its Affiliates
may furnish such portion (and only such portion) of the Confidential Information as the Seller or such
Affiliate reasonably determines it is legally obligated to disclose (based on the advice of legal counsel) if (i)&nbsp;it is required to disclose all or any part of the Confidential Information
under the terms of a subpoena, civil investigative demand or order issued by a Governmental Authority; (ii)&nbsp;to the extent not inconsistent with such request, it notifies the Buyer of the
existence, terms and circumstances surrounding such requirement and consults with the Buyer on the advisability of taking steps available under applicable Law to resist or narrow such request; and
(iii)&nbsp;it exercises its commercially reasonable efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to the disclosed Confidential Information. For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Confidential Information</I></FONT><FONT SIZE=2>" consists of all information and data relating to the Purchased Assets, the Included Business or
Assumed Liabilities (including Intellectual Property, customer and supplier lists, pricing information, marketing plans, market studies, client development plans, business acquisition plans and all
other information or data), or the transactions contemplated hereby, except for data or information that is or becomes available to the public other than as a result of a breach by the Seller of this </FONT> <FONT
SIZE=2><I>Section&nbsp;5.8</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Effective
as of the Closing, the Seller hereby assigns to the Buyer all of the Seller's right, title and interest in and to any confidentiality agreements entered into
by the Seller (or its Affiliates or Representatives) and each Person (other than the Buyer and its Affiliates and Representatives) who entered into any such agreement or to whom Confidential
Information was provided in connection with any transaction involving the acquisition or purchase of all or any portion of the Purchased Assets. From and after the Closing, the Seller will take all
actions reasonably requested by the Buyer in order to assist in enforcing the rights so assigned. The Seller shall use its commercially reasonable efforts to cause any such Person to return to the
Seller any documents, files, data or other materials constituting Confidential Information that was provided to such Person in connection with the consideration of any such transaction. Effective as
of the Closing, the Seller agrees to use commercially reasonable efforts, at the Buyer's sole cost, to enforce the confidentiality covenants in any retained confidentiality agreement that relates to
the Purchased Assets or the Included Business, if reasonably requested by the Buyer to do so in connection with an actual or threatened breach of the confidentiality covenants by the other party to
the agreement that relates to the trade secrets or other confidential information transferred to the Buyer. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.9._consents_and_filings_."> </A>
<A NAME="toc_ls19201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consents and Filings</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Seller and the Buyer shall use all commercially reasonable efforts to take, or cause to be taken, all appropriate action to do, or cause to be done, all things
necessary, proper or advisable under applicable Law or otherwise to consummate and make effective the transactions contemplated by this
Agreement and the Ancillary Agreements as promptly as practicable, including to (i)&nbsp;obtain from Governmental Authorities, FHA, Fannie Mae, Freddie Mac and other Persons all consents, approvals,
authorizations, qualifications and orders as are necessary for the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements, including all third-party consents
required under any Seller Contract, (ii)&nbsp;promptly, and in no event more than 20&nbsp;days following the date hereof, make all necessary filings, and thereafter make any other required
submissions, with respect to this Agreement required under the HSR Act or any other applicable Law and (iii)&nbsp;have vacated, lifted, reversed or overturned any order, decree, ruling, judgment,
injunction or other action (whether temporary, preliminary or permanent) that is then in effect and that enjoins, restrains, conditions, makes illegal or otherwise restricts or prohibits the
consummation of the transactions contemplated by this Agreement and the Ancillary Agreements. Notwithstanding anything herein to the contrary, neither the Buyer, Parent nor any of </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-50</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>their
respective Affiliates shall be required by this Agreement (A)&nbsp;to take or agree to undertake any action, including entering into any consent decree, hold separate order or other
arrangement, that would (i)&nbsp;require the divestiture of any assets of Parent, the Buyer or any of their respective Affiliates or any portion of the Purchased Assets or the Included Business or
(ii)&nbsp;limit Parent's or the Buyer's freedom of action with respect to, or its ability to consolidate and control, the Purchased Assets, the Included Business or any of Parent's, the Buyer's or
their respective Affiliates' other assets or businesses or (B)&nbsp;to take or refrain from taking, or to agree to it, its Affiliates or the Included Business taking or refraining from any action,
or to suffer to exist any condition, limitation, restriction or requirement that, individually or in the aggregate with any other actions, conditions, limitations, restrictions or requirements,
constitutes or would reasonably be expected to result in a Burdensome Condition. The Seller and the Buyer each will cooperate with the reasonable request of the other in promptly seeking to obtain all
such authorizations, consents, orders and approvals. The Seller and the Buyer each agree to supply promptly any additional information and documentary material that may be requested pursuant to the
HSR Act. Each party to this Agreement shall promptly notify the other parties of any written communication it receives from any Governmental Authority relating to the matters that are the subject of
this Agreement and permit the other parties to review in advance any proposed written communication by such party to any Governmental Authority and shall provide each other with copies of all written
correspondence, filings or communications between them or any of their Representatives, on the one hand, and any Governmental Authority or members of its staff, on the other hand. No Party to this
Agreement shall participate in any meeting with any Governmental Authority in respect of any filings, investigation or other inquiry unless it consults with the other parties in advance and, to the
extent permitted by such Governmental Authority, gives the other parties the opportunity to attend and participate at such meeting. Subject to the Confidentiality Agreement and </FONT> <FONT SIZE=2><I>Section&nbsp;5.8</I></FONT><FONT SIZE=2>, the
Parties to this Agreement will coordinate and cooperate fully with each other in exchanging such information and providing such
assistance as the other parties may reasonably request in connection with the foregoing and in seeking early termination of any applicable waiting periods under the HSR Act. Notwithstanding any other
provision of this Agreement, the Buyer, on the one hand, and the Seller, on the other hand, shall each be solely responsible for one half of the fees in connection with the filings and submissions
required under the HSR Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller shall use all commercially reasonable efforts to obtain the agreement of Fannie Mae, FHA and Freddie Mac for the transactions contemplated hereby. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.10._public_announcements."> </A>
<A NAME="toc_ls19201_4"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.10.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Public Announcements. </I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Parties hereto shall consult with each other before
issuing, and provide each other the opportunity to review and comment upon, any press release or other
public statement with respect to the transactions contemplated hereby, and shall not issue any such press release or make any such public statement without the prior consent of the other party (such
consent not to be unreasonably withheld or delayed), except as may be required by applicable Law or stock exchange rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.11._parent_stockholder_approval_."> </A>
<A NAME="toc_ls19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.11.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Parent Stockholder Approval</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;As
soon as practicable following the date hereof, Parent and the Seller shall cooperate in preparing and cause to be filed with the Securities and Exchange Commission
("</FONT><FONT SIZE=2><I>SEC</I></FONT><FONT SIZE=2>") a proxy statement for a special meeting of Parent's stockholders (as amended or supplemented, the "</FONT><FONT SIZE=2><I>Proxy
Statement</I></FONT><FONT SIZE=2>"). Parent shall include in the Proxy Statement a proposal or proposals for or relating to the approval of the transactions contemplated by this Agreement and the
Ancillary Agreements, and including the issuance of Parent Common Stock issuable upon conversion of the Buyer OP Units if required under Rule&nbsp;312.03 of the New York Stock Exchange Listed
Manual, which proposal(s) shall be approved at a meeting by Parent Stockholder Approval. Each of Parent and the Seller shall furnish all information (including financial statements and, subject to
such auditor's approval, auditor's consent) concerning itself, its Subsidiaries and the respective equity holders to </FONT></P>

</UL>
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<UL>

<P style="font-family:times;"><FONT SIZE=2>the
other and provide such other assistance as may be reasonably requested by the other in connection with the preparation, filing and distribution of the Proxy Statement. Parent and the Seller shall
use commercially reasonable efforts to have the Proxy Statement cleared by the SEC (unless the SEC elects not to review the Proxy Statement) as promptly as practicable after such filing. Parent and
the Seller shall cause the Proxy Statement to comply as to form and substance in all material respects with the applicable requirements of the federal securities Laws (including the SEC's proxy rules)
and of Maryland law. Prior to filing the Proxy Statement or any amendment or supplement thereto, Parent shall provide the Seller with reasonable opportunity to review and comment on such proposed
filing. Parent shall, as promptly as practicable after receipt thereof, provide the Seller copies of any written
comments and advise the Seller of any oral comments, with respect to the Proxy Statement received from the SEC. Parent shall provide the Seller with a reasonable opportunity to review and comment on
any amendment or supplement to the Proxy Statement prior to filing with the SEC, and with a copy of all such filings made with the SEC. If at any time prior to the Closing Date, any information should
be discovered by either Party hereto that should be set forth in an amendment or supplement to the Proxy Statement so that the Proxy Statement would not include any misstatement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Party that
discovers such information shall promptly notify the other Party and, to the extent required by applicable Law, an appropriate amendment or supplement describing such information shall be promptly
filed by Parent with the SEC and, to the extent required by applicable Law, disseminated by Parent to the stockholders of Parent. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Parent
shall mail the Proxy Statement to the holders of Parent Common Stock in accordance with customary practice after the SEC's review of the Proxy Statement is
completed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Parent
shall, in accordance with customary practice, duly call, give notice of, convene and hold a special meeting of its stockholders (the
"</FONT><FONT SIZE=2><I>Stockholders Meeting</I></FONT><FONT SIZE=2>"). One matter presented to the stockholders of Parent ("</FONT><FONT SIZE=2><I>Parent Stockholders</I></FONT><FONT SIZE=2>") at
the Stockholders Meeting for approval shall be Parent Stockholder Approval. Subject to the following sentence, the Board and the Special Committee will recommend that Parent Stockholders vote in favor
of the issuance of Parent Common Stock issuable upon conversion of the Buyer OP Units and the other transactions contemplated by this Agreement and the Ancillary Agreements at the Stockholders
Meeting, and Parent will use reasonable best efforts to solicit from its stockholders proxies in favor of such approval. Notwithstanding anything to the contrary contained herein, at any time prior to
Parent Stockholder Approval, (i)&nbsp;the Special Committee may withhold, amend, withdraw or modify the recommendation of the Special Committee in a manner adverse to the Seller if, but only if, the
Special Committee determines in good faith, based on such matters as it deems relevant and based on the advice of its outside legal counsel, that the failure to withhold, amend, withdraw or modify
such recommendation would be inconsistent with their duties as directors under applicable law (a "</FONT><FONT SIZE=2><I>Change in Recommendation</I></FONT><FONT SIZE=2>"); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the Seller
receives written notice from Parent confirming that the Special Committee has determined to change its recommendation at least
two Business Days in advance of the recommendation being so withdrawn, withheld or modified in a manner adverse to the Seller and (ii)&nbsp;the Board may withhold, amend, withdraw or modify the
recommendation of the Board in a manner adverse to the Seller if, but only if, the Board determines in good faith, based on such matters as it deems relevant and based on the advice of its outside
legal counsel, that the failure to withhold, amend, withdraw or modify such recommendation would be inconsistent with their duties as directors under applicable law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.12._approvals_."> </A>
<A NAME="toc_ls19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.12.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Approvals</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;In addition to any approval of the Board or Parent Stockholder Approval as may be required under applicable law, and without limiting the other requirements set forth herein, the
approval of the Special Committee shall be required (a)&nbsp;for Parent or the Buyer to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-52</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>terminate
this Agreement or amend this Agreement, (b)&nbsp;for Parent or the Buyer to exercise or waive any of Parent's or the Buyer's benefits, rights or remedies under this Agreement (including,
for the avoidance of doubt, under </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> after the Closing), (c)&nbsp;for Parent or the Buyer to take any action that would breach in any
material respect Parent's or the Buyer's obligations under this Agreement and/or prevent or materially delay the consummation of the transactions contemplated hereby or (d)&nbsp;for Parent or the
Buyer to settle, compromise or take any action with respect to any claim for indemnification brought by any Seller Indemnified Persons under </FONT> <FONT SIZE=2><I>Section&nbsp;8.2(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.13._cooperation_in_parent_offerings_."> </A>
<A NAME="toc_ls19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.13.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cooperation in Parent Offerings</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary herein, prior to the Closing Date, the Seller shall provide, and shall use their reasonable best efforts to cause their
Representatives to provide, to Parent such cooperation reasonably requested by Parent in connection with the arrangement, syndication (including marketing efforts in connection therewith and
consummation of any financing (including any permitted replacement, amended, modified or alternative financing), or sale or distribution of any equity or debt securities (whether registered or
otherwise) made by Parent or any of its Affiliates (any such transaction, a "</FONT><FONT SIZE=2><I>Parent Offering</I></FONT><FONT SIZE=2>"), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>
that such requested cooperation does not unreasonably interfere with the ongoing operations of the Seller; and </FONT><FONT SIZE=2><I>further provided</I></FONT><FONT SIZE=2> that Parent shall be
responsible for and shall pay all reasonable and documented out-of-pocket fees and expenses incurred by the Seller and its Affiliates (including fees and expenses of accountants, attorneys and any
other representatives) in connection with such Parent Offering. Such cooperation shall include commercially reasonable efforts to: (i)&nbsp;make available to Parent or its Representatives such
financial statements (including, subject to such auditor's approval, auditor's consent), pro forma financial statements and business and other financial data and information of the Seller necessary
for, or a condition of, any such Parent Offering (the "</FONT><FONT SIZE=2><I>Required Information</I></FONT><FONT SIZE=2>") and other pertinent and customary information (including projections)
regarding the Seller as may be reasonably requested by Parent to consummate any Parent Offering, to the extent reasonably available to the Seller, as applicable. as promptly as reasonably practicable
following Parent's request; (ii)&nbsp;participate, upon reasonable notice, in meetings, presentations, road shows, due diligence sessions, drafting sessions and sessions with rating agencies in
connection with a Parent Offering and otherwise cooperating in any marketing efforts; (iii)&nbsp;assist with the preparation of customary materials for rating agency presentations, marketing
materials, bank information memoranda, offering documents, registration statements, credit or other loan documents (including schedules thereto), security agreements or documents (including schedules
thereto), perfection certificates or similar documents, and other documents necessary for or that are a condition of any Parent Offering ("</FONT><FONT SIZE=2><I>Offering
Documents</I></FONT><FONT SIZE=2>"); (iv)&nbsp;assist Parent in obtaining accountant's comfort letters (including customary negative assurances), legal opinions, "10b-5" representation letters,
surveys, appraisals, title insurance and corporate and facility ratings, in each case, as reasonably requested by Parent; (v)&nbsp;assist Parent in obtaining customary accountants' consents to the
use of their reports in any material relating to any Parent Offering as reasonably requested by Parent; (vi)&nbsp;cooperate reasonably with any Parent Offering sources' due diligence; and
(vii)&nbsp;take all corporate actions reasonably requested by Parent to permit it the consummation of any Parent Offering; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that no obligation
of the Seller, or any Encumbrance on any of their respective assets, in connection with any Parent Offering shall be effective until the Closing Date (other than any customary authorization letters)
and none of the Seller or their Representatives shall be required to pay any commitment or other fee or
incur any other liability in connection with any Parent Offering prior to the Closing Date; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>further</I></FONT><FONT SIZE=2>, that Parent shall reimburse the Seller for
any reasonable, documented out-of-pocket costs and expenses, and shall provide customary
indemnification to the Seller in connection with their compliance with the obligations set forth in this </FONT><FONT SIZE=2><I>Section&nbsp;5.13</I></FONT><FONT SIZE=2>. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-53</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Seller will use its commercially reasonable efforts to provide Parent with updates to the Required Information so that, to the knowledge of the Seller, the Offering
Documents used in any Parent Offering (including any permitted replacement, amended, modified or alternative financing) do not contain any untrue statement of a material fact or omit to state a fact
necessary to make the statements contained therein not misleading, with respect to information supplied by or on behalf of the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Nothing
in this </FONT><FONT SIZE=2><I>Section&nbsp;5.13</I></FONT><FONT SIZE=2> shall require such cooperation to the extent it would require the Seller to take any
action that will conflict with or violate the Seller's organizational documents or any Laws or result in the contravention of, or would reasonably be expected to result in a material violation of or
material default under, any Contract to which the Seller is a party on the date of this Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.14._preferred_equity_interests_."> </A>
<A NAME="toc_ls19201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.14.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Preferred Equity Interests</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;If between the date hereof and the Closing, the Special Committee determines, in its sole and absolute discretion, that the issuance of any Parent Common Stock or the Buyer OP Units
would be deemed too dilutive to Parent or the capital markets are unreceptive to any Parent Offering, and the Special Committee elects not to terminate this Agreement pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;9.1(h)</I></FONT><FONT SIZE=2>,
Parent and the Buyer, acting at the direction of the Special Committee, may elect, by written notice to the Seller not later than
ten (10)&nbsp;Business Days prior to the Closing Date, to require the Seller to accept as part of the aggregate Non-Unit Consideration, and in lieu of up to $50,000,000 in cash (such dollar amount
not greater than $50,000,000 to be specified in such notice, the "</FONT><FONT SIZE=2><I>Preferred Equity Amount</I></FONT><FONT SIZE=2>"), Preferred Equity Interests having an aggregate liquidation
preference equal to the Preferred Equity Amount. In the event Parent and the Buyer make the election pursuant to the preceding sentence, the Parties shall negotiate in good faith to finalize as soon
as possible the documentation for the Preferred Equity Interests (collectively, the "</FONT><FONT SIZE=2><I>Preferred Equity Documentation</I></FONT><FONT SIZE=2>") in accordance with the terms and
conditions set forth in the term sheet attached hereto as </FONT><FONT SIZE=2><I>Exhibit&nbsp;O</I></FONT><FONT SIZE=2>. In the event that Parent determines to pursue any capital raising
transaction a purpose of which is to finance a purchase, redemption or repayment or similar transaction of all or a portion of the outstanding Preferred Equity Interests, such capital raising
transaction shall require the prior written consent of the Special Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.15._post-closing_payments_."> </A>
<A NAME="toc_ls19201_9"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.15.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Post-Closing Payments</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;After the Closing, (a)&nbsp;if the Seller or any of its Affiliates receives any amount from a third party that is a Purchased Asset, the Seller promptly shall remit, or cause to be
remitted, such amount to the Buyer and (b)&nbsp;if the Buyer or any of its Affiliates receives any amount that is an Excluded Asset, the Buyer promptly shall remit, or shall cause to be remitted,
such amount to the Seller. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.16._correspondence_."> </A>
<A NAME="toc_ls19201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.16.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Correspondence</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller covenants and agrees that it shall use all commercially reasonable efforts to promptly forward to the Buyer any mail (physical, electronic or otherwise), facsimile or
telephone inquiries of actual or potential clients, customers, suppliers and vendors of or relating to the Included Business, including customer orders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_5.17._seller_intellectual_property_."> </A>
<A NAME="toc_ls19201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.17.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Seller Intellectual Property</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;At the Buyer's request and expense, the Seller will provide commercially reasonable assistance to the Buyer in connection with the maintenance, defense, prosecution and/or enforcement of
the Marks included in the Seller Intellectual Property. The Seller agrees that the commercially reasonable assistance that it will provide hereunder at the request of the Buyer will include the full
disclosure to the Buyer of all pertinent factual or other information and data reasonably available to the Seller relating to the Marks included in the Seller Intellectual Property; the execution of
all applications, specifications, oaths, declarations, affidavits, assignments and all other instruments which the Buyer reasonably requests with respect to such Marks; making factual witnesses
available upon the reasonable request of the Buyer and participation in any litigation defenses, including the giving of testimony in any suit, legal action, hearing, investigation, or other Action
relating to such Marks. Within thirty (30)&nbsp;calendar days after the Closing Date, the Seller will transfer </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-54</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>to
the Buyer all of the Seller's files relating to the Marks included in the Seller Intellectual Property, including all trademark registration prosecution files, a list of the names and addresses of
each trademark counsel or agent who prosecuted or is prosecuting any trademark application or registration included in the Seller Intellectual Property and any files relating to the enforcement of
such Marks (including any correspondence or other materials relating to any suspected infringement, dilution or other violation thereof). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_article_vi._tax_matters"> </A>
<A NAME="toc_ls19201_12"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VI.<BR>  <BR>    TAX MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_6.1._pre-closing_period_."> </A>
<A NAME="toc_ls19201_13"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Pre-Closing Period</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Seller and its representatives shall prepare and timely file or cause to be prepared and timely filed (after giving effect to all applicable extensions) all Tax Returns of the Seller
and its subsidiaries required to be filed with respect to the Included Business and the Purchased Assets. With respect to any such Tax Return for any taxable period (or portion thereof) ending on or
before the Closing Date (a "</FONT><FONT SIZE=2><I>Pre-Closing Period</I></FONT><FONT SIZE=2>"), such Tax Returns shall be prepared in a manner consistent with past practice. The Seller shall timely
pay or cause to be paid (after giving effect to all applicable extensions) all Taxes due and payable with respect to the Included Business and the Purchased Assets by to the Seller and its
Subsidiaries for all Pre-Closing Periods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_6.2._tax_indemnification_."> </A>
<A NAME="toc_ls19201_14"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Indemnification</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;From and after the Closing Date, the Seller shall indemnify the Buyer and its Affiliates, and hold them harmless from and against all losses imposed on, sustained, incurred or suffered
by the Buyer or its Affiliates, directly or indirectly, by reason of or resulting from any and all Taxes imposed upon the Purchased Assets with respect or pursuant to (1)&nbsp;any Pre-Closing Period
or (2)&nbsp;any taxable period beginning before the Closing Date and ending after the Closing Date (a "</FONT><FONT SIZE=2><I>Straddle Period</I></FONT><FONT SIZE=2>"), but only with respect to the
portion of such Straddle Period ending on and including the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_6.3._periodic_taxes_."> </A>
<A NAME="toc_ls19201_15"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Periodic Taxes</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this </FONT><FONT SIZE=2><I>Article&nbsp;VI</I></FONT><FONT SIZE=2>, in the case of any Taxes that are imposed on a periodic basis and are payable for the Straddle
Period, the portion of such Tax which relates to the Pre-Closing Period shall (A)&nbsp;in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the
amount of such Tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator of which is
the number of days in the entire taxable period, and (B)&nbsp;in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount which would be payable if the relevant
taxable period ended on the Closing Date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_article_vii._conditions_to_closing"> </A>
<A NAME="toc_ls19201_16"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VII.<BR>  <BR>    CONDITIONS TO CLOSING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_7.1._general_conditions_."> </A>
<A NAME="toc_ls19201_17"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General Conditions</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of Parent, the Buyer and the Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the
Closing, of each of the following conditions, any of which (other than clause&nbsp;(c)) may, to the extent permitted by applicable Law, be waived in writing by Parent or the Buyer, on the one hand,
or the Seller, on the other hand, in its sole discretion (</FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that such waiver shall only be effective as to the obligations of such other Party): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Injunction or Prohibition</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No Governmental Authority shall have enacted, issued, promulgated, enforced or
entered any Law (whether temporary, preliminary or permanent), that is then in effect and that enjoins, restrains, conditions, makes illegal or otherwise prohibits the consummation of the transactions
contemplated by this Agreement or the Ancillary Agreements. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-55</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;HSR Act</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any waiting period (and any extension thereof) under the HSR Act applicable to the transactions
contemplated by this Agreement and the Ancillary Agreements shall have expired or shall have been terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Parent Stockholder Approval</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Parent Stockholder Approval shall have been obtained. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_7.2._condition__ls101970"> </A>
<A NAME="toc_ls19201_18"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Obligations of the Seller</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following
conditions, any of which may be waived in writing by the Seller in its sole discretion: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations, Warranties and Covenants</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of Parent and the Buyer
contained in this Agreement or any Ancillary Agreement or any schedule, certificate or other document delivered pursuant hereto or thereto or in connection with the transactions contemplated hereby or
thereby shall be true and correct in all material respects (other than the representations and warranties set forth in </FONT><FONT SIZE=2><I>Sections&nbsp;4.1</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>4.2</I></FONT><FONT SIZE=2> and
</FONT><FONT SIZE=2><I>4.5</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Buyer Fundamental Representations</I></FONT><FONT SIZE=2>")
and representations and warranties that are qualified as to materiality or Parent Material Adverse Effect, in each case which representations and warranties shall be true and correct in all respects)
both when made on the date hereof and as of the Closing Date, or in the case of representations and warranties that are made as of a specified date, such representations and warranties shall be true
and correct, to the extent set forth above, as of such specified date. Parent and the Buyer shall have performed in all material respects all obligations and agreements and complied in all material
respects with all covenants and conditions required by this Agreement or any Ancillary Agreement to be performed or complied with by it prior to or at the Closing. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Deliveries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall have received an executed copy of each of the documents listed in </FONT> <FONT SIZE=2><I>Section&nbsp;2.7(c)</I></FONT><FONT SIZE=2>.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Parent Material Adverse Effect</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any change, event or development that,
individually or in the aggregate, has had or is reasonably likely to have a Parent Material Adverse Effect </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ls19201_section_7.3._conditions_to_obl__sec02321"> </A>
<A NAME="toc_ls19201_19"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Obligations of Parent and the Buyer</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The obligations of Parent and the Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the
following conditions, any of which may be waived in writing by Parent or the Buyer in its sole discretion: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations, Warranties and Covenants</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Seller contained in
this Agreement or any Ancillary Agreement or any schedule, certificate or other document delivered pursuant hereto or thereto or in connection with the transactions contemplated hereby or thereby
shall be true and correct in all material respects (other than the representations and warranties set forth in </FONT><FONT SIZE=2><I>Sections&nbsp;3.1</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>3.2</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>3.4(a)</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>3.5(e)</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>3.20</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>Seller Fundamental Representations</I></FONT><FONT SIZE=2>") and
representations and warranties that are qualified as
to materiality or Seller Material Adverse Effect, in each case which representations and warranties shall be true and correct in all respects) both when made on the date hereof and as of the Closing
Date, or in the case of representations and warranties that are made as of a specified date, such representations and warranties shall be true and correct, to the extent set forth above, as of such
specified date. The Seller shall have performed in all material respects all obligations and agreements and complied in all material respects with all covenants and conditions required by this
Agreement or any Ancillary Agreement to be performed or complied with by it prior to or at the Closing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consents and Approvals</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;All authorizations, consents, orders, approvals of all Governmental Authorities, and
third party consents and/or waivers required to sell and assign the Seller Contracts, in
each case that are set forth in </FONT><FONT SIZE=2><I>Schedule&nbsp;7.3</I></FONT><FONT SIZE=2> of the Disclosure Schedules shall have been received, are in full force and effect without the
imposition of a Burdensome Condition and shall be reasonably satisfactory in form and substance to the Buyer. </FONT></P>

</UL>
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</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Litigation</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No Action shall have been commenced or threatened by or before any
Governmental Authority or Agency that, in the reasonable, good faith determination of the Buyer, is reasonably likely to (i)&nbsp;require divestiture of any material assets of Parent, the Buyer or
their respective Affiliates as a result of the transactions contemplated by this Agreement or the divestiture of any Purchased Assets, (ii)&nbsp;prohibit or impose limitations on Parent's or the
Buyer's ownership or operation of all or a material portion of the Included Business or the Purchased Assets or any of Parent's or the Buyer's other businesses or material assets (or those of any of
their respective Subsidiaries or Affiliates) or (iii)&nbsp;impose limitations on the ability of Parent, Buyer or their respective Affiliates, or render Parent, the Buyer or their respective
Affiliates unable, effectively to control the Included Business or the Purchased Assets in any material respect. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Deliveries</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Buyer shall have received an executed copy of each of the documents listed
in</FONT><FONT SIZE=2><I> Section&nbsp;2.7(b)</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Pipeline</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Two Business Days prior to Closing, the Included Business will have under application Pipeline
Loans having not less than $200&nbsp;million in unpaid principal balance, of which, approximately $100&nbsp;million will be "rate locked" or will be expected to close within 30&nbsp;days from
the Closing Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Seller Material Adverse Effect</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any change, event or development that,
individually or in the aggregate, has had or is reasonably likely to have a Seller Material Adverse Effect. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_article_viii._survival;_indemnification"> </A>
<A NAME="toc_lu19201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VIII.    <BR>    <BR>    SURVIVAL; INDEMNIFICATION    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.1._survival___lu102151"> </A>
<A NAME="toc_lu19201_2"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Survival of Representations and Warranties</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;If the transactions contemplated by this Agreement are consummated, the representations and warranties of the Seller, Parent and the Buyer contained in this Agreement and the Ancillary
Agreements and any schedule, certificate or other document delivered pursuant hereto or thereto or in connection with the transactions contemplated hereby or thereby shall survive the Closing and
remain in full force and effect for 15&nbsp;months after the Closing Date and then shall terminate (the "</FONT><FONT SIZE=2><I>Indemnity Termination Date</I></FONT><FONT SIZE=2>"), </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the
representations and warranties set forth in </FONT><FONT SIZE=2><I>Section&nbsp;3.14</I></FONT><FONT SIZE=2>, the Seller
Fundamental Representations and the Buyer Fundamental Representations (collectively, the "</FONT><FONT SIZE=2><I>Fundamental Representations</I></FONT><FONT SIZE=2>") shall survive the Closing and
remain in full force and effect until 60&nbsp;days following the expiration of the respective statute of limitations. The covenants and agreements herein or hereunder that are required to be
performed by any Person prior to the Closing shall not survive the Closing. The covenants and agreements herein or hereunder that are required to be performed by any Person after the Closing shall
survive the Closing in accordance with their respective terms until performed. No claim for breach or inaccuracy of any representation, warranty or covenant herein or hereunder may be made after the
applicable end of the survival period therefor. Notwithstanding anything to the contrary herein, if an Indemnified Person shall have notified in writing its applicable indemnifying party of any
alleged breach, claim or potential claim (whether or not formal legal action shall have been commenced on such claim) prior to the applicable time period set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2>, then the
representation, warranty or covenant in respect thereof shall survive for purposes of such alleged breach, claim or
potential claim, as the case may be, and no such claim or claim in respect thereof shall be barred as an application of this </FONT><FONT SIZE=2><I>Section&nbsp;8.1</I></FONT><FONT SIZE=2>, until
the final resolution and satisfaction thereof. If the transactions contemplated by this Agreement are consummated, </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> shall be the sole
remedy available to the Indemnified Persons for all claims other than (a)&nbsp;claims based upon fraud, intentional misrepresentation or intentional breach or (b)&nbsp;claims seeking specific
performance. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-57</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.2._indemnification_."> </A>
<A NAME="toc_lu19201_3"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification by Seller.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After the Closing, and subject to the limitations set forth in this </FONT> <FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>, each
Seller shall severally and jointly, indemnify and hold harmless Parent, the Buyer, their respective Affiliates (including the
Included Business from and after the Closing Date) and, if applicable, their respective officers, directors, agents, representatives and employees, and their respective assigns (each of the foregoing
being referred to individually as an "</FONT><FONT SIZE=2><I>Buyer Indemnified Person</I></FONT><FONT SIZE=2>" and collectively as "</FONT><FONT SIZE=2><I>Buyer Indemnified
Persons</I></FONT><FONT SIZE=2>") from and against any and all claims, actions, causes of action, judgments, awards, liabilities, out-of-pocket costs, expenses or damages (collectively,
"</FONT><FONT SIZE=2><I>Indemnifiable Damages</I></FONT><FONT SIZE=2>"), arising out of or resulting from: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
failure of any of the representations or warranties of the Seller contained in this Agreement or in any certificate delivered hereunder to the Buyer by the Seller
to be true and correct at and as of the date of this Agreement and as of the Closing Date (except in the case of representations and warranties which by their terms speak only as of a specific date or
dates, which representations and warranties shall be true and correct as of such date or dates); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;any
breach or nonfulfillment of any covenant made by or to be performed by the Seller in this Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;any
loss of, or any claim or cause of action by any party against, any Buyer Indemnified Person, in each case, with respect to or resulting from any Excluded Asset or
any Excluded Liability; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;liabilities
of the Seller (other than the Assumed Liabilities) that become liabilities of Parent or the Buyer by reason of successor liability, de facto merger or
similar principles or operation of law that impose liability in the absence of the assumption of such liability under this Agreement or the Assignment and Assumption Agreement. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification by Parent and the Buyer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;After the Closing, and subject to the limitations set forth in this </FONT> <FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT
SIZE=2>, Parent and the Buyer shall severally and jointly, indemnify and hold harmless each Seller, and their respective Affiliates
(including the Excluded Business from and after the Closing Date) and, if applicable, their respective officers, directors, agents, representatives and employees, and their respective assigns (each of
the foregoing being referred to individually as an "</FONT><FONT SIZE=2><I>Seller Indemnified Person</I></FONT><FONT SIZE=2>"
and collectively as "</FONT><FONT SIZE=2><I>Seller Indemnified Persons</I></FONT><FONT SIZE=2>" and, collectively with the Buyer Indemnified Persons, the "</FONT><FONT SIZE=2><I>Indemnified
Persons</I></FONT><FONT SIZE=2>") from and against any and all Indemnifiable Damages, arising out of or resulting from any loss of, or any claim or cause of action by any party against, any Seller
Indemnified Person, in each case, with respect to or resulting from the Included Business, or any Purchased Asset or any Assumed Liability. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.3._indemnifiable_dam__sec02247"> </A>
<A NAME="toc_lu19201_4"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnifiable Damage Deductible; Other Limitations</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained herein to the contrary, no indemnification shall be available under </FONT> <FONT SIZE=2><I>Section&nbsp;8.2(a)(i)</I></FONT><FONT SIZE=2> (other than any Indemnifiable Damages arising out of the failure of any Seller Fundamental
Representation or the
representations and warranties in </FONT><FONT SIZE=2><I>Section&nbsp;3.14</I></FONT><FONT SIZE=2> to be true and correct or other than in the case of fraud or intentional misrepresentation) unless
and until all Indemnifiable Damages suffered by the Buyer Indemnified Persons, as the case may be, exceed in the aggregate $1,500,000 (the "</FONT><FONT SIZE=2><I>Deductible</I></FONT><FONT SIZE=2>")
and then the Indemnifiable Damages under </FONT><FONT SIZE=2><I>Section&nbsp;8.2(a)(i)</I></FONT><FONT SIZE=2>, as the case may be, shall be limited to those that exceed the Deductible; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that there shall be no Indemnifiable Damages with respect to any particular breach or
series of related breaches unless and until the claimed losses with respect to such breach or series of related breaches exceed $50,000 (the
"</FONT><FONT SIZE=2><I>Mini-Basket</I></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>further</I></FONT><FONT SIZE=2>, that with respect to
indemnification by the Seller under </FONT><FONT SIZE=2><I>Section&nbsp;8.2(a)(i)</I></FONT><FONT SIZE=2> (other than any Indemnifiable Damages arising out of the failure of any Seller Fundamental
Representation or the representations and warranties in </FONT><FONT SIZE=2><I>Section&nbsp;3.14</I></FONT><FONT SIZE=2> to be true and correct or other than in the case of fraud or intentional </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-58</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>misrepresentation)
and </FONT><FONT SIZE=2><I>Section&nbsp;8.2(a)(ii)</I></FONT><FONT SIZE=2> (other than </FONT><FONT SIZE=2><I>Sections&nbsp;2.5</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>5.15</I></FONT><FONT SIZE=2> or other than fraud or intentional
misrepresentation) the Seller's maximum liability shall not exceed $30,000,000. Subject to the foregoing, in
connection with any Indemnifiable Damages arising out of </FONT><FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2>, other than fraud or intentional misrepresentation, the maximum liability of
the Seller, on the one hand, or Parent and the Buyer, on the other hand, shall not exceed the Purchase Price. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Indemnifiable
Damages that may be recovered pursuant to this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> shall take account of and be reduced by
(i)&nbsp;any amounts actually recovered by the Indemnified Persons pursuant to any indemnification by or indemnification agreement with any third party (net of the cost of recovery of such amounts,
including any increase in premium) and (ii)&nbsp;the amount of any insurance proceeds, contribution payments or reimbursements actually received by the Indemnified Person in respect thereof (net of
the cost of recovery of such amounts) (each Person named and source identified in clauses&nbsp;(i) and (ii), a "</FONT><FONT SIZE=2><I>Collateral Source</I></FONT><FONT SIZE=2>"). If the amount
from Collateral Sources to be netted hereunder
from any payment required under </FONT><FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2> is received by an Indemnified Person after payment by the Seller, or Parent or the Buyer, as the case
may be, of any amount otherwise required to be paid to an Indemnified Person under this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>, the Indemnified Persons shall repay to the
Seller or Parent, as the case may be,, promptly after such receipt, any amount that the Seller or Parent or the Buyer, as the case may be, would not have had to pay pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;8.3(b)</I></FONT><FONT SIZE=2>
had such receipt been made at the time of such payment (net of the cost of recovery of such amounts from Collateral Sources). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained herein, upon any Indemnified Person becoming aware of any claim as to which indemnification may be sought by such
Indemnified Person pursuant to this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>, such Indemnified Person shall utilize commercially reasonable efforts, consistent with normal
practices and policies and good commercial practice, to mitigate such Indemnifiable Damages; provided that any failure to comply with this </FONT> <FONT SIZE=2><I>Section&nbsp;8.3(c)</I></FONT><FONT SIZE=2> shall not limit the Indemnifiable Damages
recoverable by such Indemnified Person from the Seller hereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Neither
Seller, Parent nor the Buyer, shall be liable for any Indemnifiable Damages in respect of any liability or Indemnifiable Damage which is contingent unless and
until such contingent liability or Indemnifiable Damage becomes an actual liability or loss and is due and payable. Neither Seller, Parent nor the Buyer shall be liable to pay any amount in discharge
of a claim under this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> unless and until the liability or Indemnifiable Damage in respect of which the claim is made has become due
and payable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Seller, Parent and the Buyer agree to treat any indemnity payment made pursuant to this Agreement as an adjustment to the consideration payable to the Seller under
this Agreement for all income Tax purposes. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.4._notice_of_claims_."> </A>
<A NAME="toc_lu19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice of Claims</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;In
order to seek indemnification under </FONT><FONT SIZE=2><I>Section&nbsp;8.2</I></FONT><FONT SIZE=2>, the Indemnified Person shall deliver to the Seller or Parent
or the Buyer, as the case may be, written notice thereof (a "</FONT><FONT SIZE=2><I>Claim Notice</I></FONT><FONT SIZE=2>") promptly after the Indemnified Person has knowledge of a claim for
indemnification pursuant to this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that any delay in providing such notice
shall not result in the Indemnified Person losing its rights under this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> except to the extent that the Seller or Parent or the Buyer,
as the case may be, is materially prejudiced thereby: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;stating
that the Indemnified Person has a claim for Indemnifiable Damages; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;stating
the amount of such Indemnifiable Damages that have been incurred, paid, reserved or accrued, in each case to the extent then known to the Indemnified Person
(the "</FONT><FONT SIZE=2><I>Claimed Amount</I></FONT><FONT SIZE=2>"); and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-59</FONT></P>

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<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;specifying
in reasonable detail (to the extent then known to, and based upon the information then possessed by, the Indemnified Person) the individual items of such
Indemnifiable Damages included in the amount so stated and the nature of the claim to which such Indemnifiable Damages are related and the provision of the Agreement which gives rise to the claim. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Each
of Parent and the Buyer, on the one hand, and Seller, on the other hand, shall give the other Party reasonable access to the books, records and assets of such Party
which evidence or support such claim or the act, omission or occurrence giving rise to such claim and the right, upon reasonable prior notice during normal business hours, to interview any appropriate
personnel of such Party related thereto. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.5._third-party_claims_."> </A>
<A NAME="toc_lu19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Third-Party Claims</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;If
the Seller or Parent and the Buyer object to a Claim Notice with respect to a third party claim (a "</FONT><FONT SIZE=2><I>Third Party
Claim</I></FONT><FONT SIZE=2>"), the Seller, on the one hand, or Parent and the Buyer, on the other hand, may appoint counsel of such person's choice at the expense of such person to represent the
Indemnified Person and any others the Indemnified Person may reasonably designate in connection with such Third Party Claim (in which case the fees and expenses of any separate counsel retained by any
Indemnified Person shall not be Indemnifiable Damages); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that (i)&nbsp;such Third Party Claim seeks monetary damages only and does not seek
injunctive or other equitable relief, (ii)&nbsp;there are no allegations of criminal wrongdoing alleged or asserted in such Third Party Claim, and (iii)&nbsp;the applicable indemnifying Party
acknowledges in writing its obligation to indemnify, defend and hold harmless the Indemnified Person from and against Indemnifiable Damages arising out of or relating to such Third Party Claim on the
terms and subject to the conditions set forth in this </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>. Neither Seller, Parent nor the Buyer, as the case may be, shall consent to
the entry of any judgment or enter into any settlement without the written consent of the Indemnified Person, such consent not to be unreasonably withheld, conditioned or delayed. The Indemnified
Person shall have the right to participate at its own expense in the defense of such asserted liability, but shall not be entitled to settle or compromise such asserted liability without the prior
written consent of the Seller, or Parent or the Buyer, as the case may be, such consent not to be unreasonably withheld, conditioned or delayed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
the Seller, Parent or the Buyer, as the case may be, elects to defend any Third Party Claim, the Seller, Parent or the Buyer, as the case may be, shall
(i)&nbsp;promptly submit to the Indemnified Person copies of all pleadings, responsive pleadings, motions and other similar legal documents and papers received or filed in connection therewith,
(ii)&nbsp;permit the Indemnified Person and its counsel to confer on the conduct of the defense and any settlement thereof and (iii)&nbsp;permit the Indemnified Person and
its counsel an opportunity to review all legal papers to be submitted prior to their submission. The Parties hereto agree to reasonably cooperate with each other in connection with the defense,
negotiation or settlement of any Third Party Claim, including by providing access to each other's relevant business records and other documents and employees. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.6._determina__lu101864"> </A>
<A NAME="toc_lu19201_7"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Determination of Indemnifiable Damages</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;In all cases in determining whether there has been a failure or breach of a representation or warranty by for purposes of this </FONT> <FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2> (other than for determining
whether there has been a failure or breach of </FONT> <FONT SIZE=2><I>Section&nbsp;3.6(b)</I></FONT><FONT SIZE=2>), or in determining any amount of any Indemnifiable Damages with respect to such failure or breach, such representations and
warranties shall be read without regard to any materiality qualifier (including any reference to Seller Material Adverse Effect or Parent Material Adverse Effect) contained therein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_8.7._buyer_acknowledgment_."> </A>
<A NAME="toc_lu19201_8"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Buyer Acknowledgment</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Buyer acknowledges and agrees, on behalf of itself and each of its Affiliates, that the Seller has not made any representations or warranties as to the Seller, the Purchased Assets
or the Included Business of any kind or character whatsoever except as (and solely to the extent) set forth in </FONT><FONT SIZE=2><I>Article&nbsp;III</I></FONT><FONT SIZE=2> of this Agreement and
any certificate delivered hereunder. </FONT></P>

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<A NAME="page_lu19201_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_article_ix._termination"> </A>
<A NAME="toc_lu19201_9"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE IX.    <BR>    <BR>    TERMINATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lu19201_section_9.1._termination_."> </A>
<A NAME="toc_lu19201_10"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at any time prior to the Closing: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;by
mutual written consent of Parent, the Buyer and the Seller; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;(i)
by the Seller, if Parent or the Buyer breaches or fails to perform in any respect any of its representations, warranties or covenants contained in this Agreement or
any Ancillary Agreement and such breach or failure to perform (A)&nbsp;would give rise to the failure of a condition set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.2</I></FONT><FONT SIZE=2>,
(B)&nbsp;cannot be or has not been cured within 30&nbsp;days following delivery to Parent and the Buyer of written notice of such breach or failure to perform and (C)&nbsp;has not been waived by
the Seller or (ii)&nbsp;by Parent or the Buyer, if the Seller breaches or fails to perform in any respect any of its representations, warranties or covenants contained in this Agreement or any
Ancillary Agreement and such breach or failure to perform (A)&nbsp;would give rise to the failure of a condition set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.3</I></FONT><FONT SIZE=2>,
(B)&nbsp;cannot be or has not been cured within 30&nbsp;days following delivery to the Seller of written notice of such breach or failure to perform and (C)&nbsp;has not been waived by Parent
and the Buyer; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;(i)
by the Seller, if any of the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.1</I></FONT><FONT SIZE=2> or </FONT> <FONT SIZE=2><I>Section&nbsp;7.2</I></FONT><FONT SIZE=2> shall have become incapable of fulfillment prior to
August&nbsp;15, 2016, as may be extended by the Buyer pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;9.3</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><I>End Date</I></FONT><FONT SIZE=2>") or (ii)&nbsp;by Parent or the Buyer, if any of the
conditions set
forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.1</I></FONT><FONT SIZE=2> or </FONT><FONT SIZE=2><I>Section&nbsp;7.3</I></FONT><FONT SIZE=2> shall have become incapable of fulfillment prior to
the End Date; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the right to terminate this Agreement pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;9.1(c)</I></FONT><FONT SIZE=2>
shall not be available if the failure of the Party so requesting termination to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of such
condition to be satisfied on or prior to such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;by
either the Seller, Parent or the Buyer if the Closing shall not have occurred by the End Date; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the right
to terminate this Agreement under this </FONT><FONT SIZE=2><I>Section&nbsp;9.1(d)</I></FONT><FONT SIZE=2> shall not be available if the failure of the party so requesting termination to fulfill any
obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on or prior to such date; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;by
either the Seller, Parent or the Buyer if any Governmental Authority shall have issued an order, decree or ruling or taking any other action restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement and such order, decree, ruling or other action shall have become final and nonappealable; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the party so requesting
termination shall have used its commercially reasonable efforts to have such order, decree, rule or other action
vacated; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;by
Parent or the Buyer, in the event of a Change in Recommendation; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;by
Parent or the Buyer, if between the date hereof and the Closing, an event or condition occurs that has had or is reasonably likely to have a Seller Material Adverse
Effect; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;by
Parent or the Buyer, if between the date hereof and the Closing the issuance of any Parent Common Stock or the Buyer OP Units would be deemed too dilutive to Parent
or the capital markets are unreceptive to any Parent Offering, in each case as determined by the Special Committee in its sole and absolute discretion, </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that, at the same time as Parent or the
Buyer sends a notice of
termination pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;9.1(h)</I></FONT><FONT SIZE=2>, Parent or the Buyer pays to the Seller the Termination Fee described in </FONT> <FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2> below.
</FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
party seeking to terminate this Agreement pursuant to this </FONT><FONT SIZE=2><I>Section&nbsp;9.1</I></FONT><FONT SIZE=2> (other than </FONT> <FONT SIZE=2><I>Section&nbsp;9.1(a)</I></FONT><FONT SIZE=2>) shall give prompt written notice of such
termination to the other party and such notice shall describe the circumstances and
reasons for such termination and cite which section of this Agreement such termination is under. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-61</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_9.2._effect_of__lw101862"> </A>
<A NAME="toc_lw19201_1"> </A>
<BR></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effect of Termination; Termination Fee</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;In the event of termination of this Agreement as provided in </FONT><FONT SIZE=2><I>Section&nbsp;9.1</I></FONT><FONT SIZE=2>, this Agreement shall forthwith become void and there
shall be no liability on the part of either party except (a)&nbsp;for the provisions of </FONT><FONT SIZE=2><I>Sections&nbsp;3.20</I></FONT><FONT SIZE=2> and </FONT> <FONT SIZE=2><I>4.5</I></FONT><FONT SIZE=2> relating to broker's fees and finder's
fees, </FONT><FONT SIZE=2><I>Section&nbsp;5.8</I></FONT><FONT SIZE=2> relating to confidentiality, </FONT> <FONT SIZE=2><I>Section&nbsp;5.10</I></FONT><FONT SIZE=2> relating to public announcements, </FONT><FONT
SIZE=2><I>Section&nbsp;10.1</I></FONT><FONT SIZE=2> relating to fees and expenses,
</FONT><FONT SIZE=2><I>Section&nbsp;10.4</I></FONT><FONT SIZE=2> relating to notices, </FONT><FONT SIZE=2><I>Section&nbsp;10.7</I></FONT><FONT SIZE=2> relating to third-party beneficiaries, </FONT> <FONT SIZE=2><I>Section&nbsp;10.8</I></FONT><FONT
SIZE=2> relating to governing law, </FONT><FONT SIZE=2><I>Section&nbsp;10.9</I></FONT><FONT SIZE=2> relating to submission to
jurisdiction and this </FONT><FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2>, (b)&nbsp;that nothing herein shall relieve either party from liability for any intentional breach of this
Agreement or any agreement made as of the date hereof or subsequent thereto pursuant to this Agreement and (c)&nbsp;for the provisions of the next sentence of this </FONT> <FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2>. Notwithstanding the
foregoing, in the event of: (i)&nbsp;termination of this Agreement by the Seller pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;9.1(b)(i)</I></FONT><FONT SIZE=2> or termination of this Agreement by Parent or the Buyer pursuant to </FONT><FONT
SIZE=2><I>Section&nbsp;9.1(f) or
9.1(h)</I></FONT><FONT SIZE=2>, Parent or the Buyer shall pay to the Seller a fee of $3,000,000 (the "</FONT><FONT SIZE=2><I>Termination Fee</I></FONT><FONT SIZE=2>") or (ii)&nbsp;termination of
this Agreement by Parent or the Buyer pursuant </FONT><FONT SIZE=2><I>Section&nbsp;9.1(b)(ii)</I></FONT><FONT SIZE=2>, the Seller shall pay to the Buyer the Termination Fee. Notwithstanding
anything to the contrary in this Agreement, the Seller's or the Buyer's respective right to receive payment of the Termination Fee pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2> shall be the sole and exclusive
remedy of the Seller, Parent or the Buyer, as the case may be, or any of their respective Affiliates
against Parent, the Buyer or the Seller or any of their respective Affiliates or any of their respective stockholders, partners, members or representatives for any and all losses that may be suffered
based upon, resulting from or arising out of the circumstances giving rise to such termination, and upon payment of the Termination Fee in accordance with this </FONT> <FONT SIZE=2><I>Section&nbsp;9.2</I></FONT><FONT SIZE=2>, none of Parent, the
Buyer or the Seller, as applicable, or any of their respective Affiliates or any of their respective
stockholders, partners, members or representatives shall have any further liability or obligation relating to or arising out of this Agreement or any Ancillary Agreement or the transactions
contemplated by this Agreement or any of the Ancillary Agreements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_9.3._election_to_extend_end_date_."> </A>
<A NAME="toc_lw19201_2"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Election to Extend End Date</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;If at least one of the conditions set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7.1(a)</I></FONT><FONT SIZE=2> (as a result of an Order or Law under the HSR Act), </FONT> <FONT SIZE=2><I>Section&nbsp;7.1(b)</I></FONT><FONT
SIZE=2> or </FONT><FONT SIZE=2><I>Section&nbsp;7.3(c)</I></FONT><FONT SIZE=2> (as a result of any Action relating to the HSR Act or any
other Law relating to antitrust or regulation of competition) shall not have been satisfied, then, at the written election of Parent or the Buyer, the End Date may be extended by a period of three
months (and in the case of such extension, any reference to the End Date in any other provision of this Agreement shall be a reference to the End Date, as extended pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;9.3</I></FONT><FONT SIZE=2>);
provided, that the End Date shall under no circumstance be extended beyond November&nbsp;15, 2016. In the event Parent or the
Buyer elects to extend the End Date, Parent or the Buyer shall give written notice of such election to the Seller in accordance with </FONT> <FONT SIZE=2><I>Section&nbsp;10.4</I></FONT><FONT SIZE=2>. In the absence of an election, Parent and the
Buyer shall be deemed to have elected to not extend the End Date. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_article_x._general_provisions"> </A>
<A NAME="toc_lw19201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE X.    <BR>    <BR>    GENERAL PROVISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.1._fees_and_expenses_."> </A>
<A NAME="toc_lw19201_4"> </A>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The Buyer shall pay any transfer fee in respect of the Agency Transfer Agreements and any other costs or fees imposed by an Agency in connection with its review and approval of the
transaction contemplated by this Agreement, including attorney's fees (all such fees and costs, the "</FONT><FONT SIZE=2><I>Agency Transfer Costs</I></FONT><FONT SIZE=2>"). Except as otherwise
provided herein, all fees and expenses incurred in connection with or related to this Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby shall be paid by the
party incurring such fees or expenses, whether or not such transactions are consummated; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that, no such fees and expenses payable by the Seller
shall be paid from any assets otherwise transferable to the Buyer pursuant hereto. In the event of termination of this Agreement, the obligation of each party to pay its own expenses will be subject
to any rights of such party arising from a breach of this Agreement by the other. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-62</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.2._amendment_and_modification_."> </A>
<A NAME="toc_lw19201_5"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Modification</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an
amendment hereto, signed on behalf of each party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.3._waiver_."> </A>
<A NAME="toc_lw19201_6"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Waiver</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of either party to any
such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.4._notices_."> </A>
<A NAME="toc_lw19201_7"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications hereunder shall be in writing and shall be deemed duly given (a)&nbsp;on the date of delivery if delivered personally, (b)&nbsp;on the first
Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c)&nbsp;on the earlier of confirmed receipt or the fifth Business Day
following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or
pursuant to such other instructions as may be designated in writing by the party to receive such notice: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
to the Seller, to: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Arbor
Commercial Mortgage,&nbsp;LLC<BR>
333 Earle Ovington Boulevard<BR>
Suite&nbsp;900<BR>
Uniondale, NY 11553<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivan Kaufman, CEO </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>with
a copy (which shall not constitute notice) to: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Arbor
Commercial Mortgage,&nbsp;LLC<BR>
333 Earle Ovington Boulevard<BR>
Suite&nbsp;900<BR>
Uniondale, NY 11553<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bishar, Esq. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>and
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dechert&nbsp;LLP<BR>
1095 Avenue of the Americas<BR>
New York, NY 10036<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Nussbaum </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
to Parent or the Buyer, to: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Arbor
Realty Trust,&nbsp;Inc.<BR>
c/o The Special Committee of the Board of Directors<BR>
333 Earle Ovington Boulevard<BR>
Suite&nbsp;900<BR>
Uniondale, NY 11553<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William C. Green<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melvin F. Lazar<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karen K. Edwards<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Kreitman </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-63</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>with
a copy (which shall not constitute notice) to: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Willkie
Farr&nbsp;&amp; Gallagher&nbsp;LLP<BR>
787 Seventh Avenue<BR>
New York, NY 10019-6099<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven A. Seidman, Esq.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sean M. Ewen, Esq. </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.5._interpretation_."> </A>
<A NAME="toc_lw19201_8"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;When a reference is made in this Agreement to a Section, Article or Exhibit such reference shall be to a Section, Article or Exhibit of this Agreement unless otherwise indicated. The
table of contents and headings contained in this Agreement or in any Exhibit are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit but not otherwise defined therein
shall have the meaning as defined in this Agreement. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word
"including" and words of similar import when used in this Agreement will mean "including, without limitation," unless otherwise specified. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.6._entire_agreement_."> </A>
<A NAME="toc_lw19201_9"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (including the Exhibits and Schedules hereto), the Ancillary Agreements and the Confidentiality Agreement constitute the entire agreement, and supersede all prior written
agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the
subject matter hereof and thereof. Notwithstanding any oral agreement or course of action of the parties or their Representatives to the contrary, no party to this Agreement shall be under any legal
obligation to enter into or complete the transactions contemplated hereby unless and until this Agreement shall have been executed and delivered by each of the parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.7._no_third-party_beneficiaries_."> </A>
<A NAME="toc_lw19201_10"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Third-Party Beneficiaries</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in </FONT><FONT SIZE=2><I>Article&nbsp;VIII</I></FONT><FONT SIZE=2>, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person
other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.8._governing_law_."> </A>
<A NAME="toc_lw19201_11"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of New York (other
than section&nbsp;5 1401 of the New York General Obligations Law). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.9._submission_to_jurisdiction_."> </A>
<A NAME="toc_lw19201_12"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by the other party or its successors or assigns shall be
brought and determined in any New York State or federal court sitting in the Borough of Manhattan in The City of New York (or, if such court lacks subject matter jurisdiction, in any appropriate New
York State or federal court), and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and
unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any
action, suit or proceeding relating thereto except in the courts described above in New York, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award
rendered by any such court in New York as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further
waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or
otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-64</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>(a)&nbsp;any
claim that it is not personally subject to the jurisdiction of the courts in New York as described herein for any reason, (b)&nbsp;that it or its property is exempt or immune from
jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment,
execution of judgment or otherwise) and (c)&nbsp;that (i)&nbsp;the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii)&nbsp;the venue of such suit, action or
proceeding is improper or (iii)&nbsp;this Agreement, or the subject matter hereof, may not be enforced in or by such courts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.10._assignment;_successors_."> </A>
<A NAME="toc_lw19201_13"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.10.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assignment; Successors</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either
party without the prior written consent of the other party, and any such assignment without such prior written consent shall be null and void; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT
SIZE=2>, that Parent or the Buyer may assign this Agreement to any Affiliate of Parent without the prior consent of the Seller; </FONT> <FONT SIZE=2><I>provided further</I></FONT><FONT SIZE=2> that no assignment shall limit the assignor's obligations
hereunder. Subject to the preceding sentence, this Agreement will be binding
upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.11._enforcement_."> </A>
<A NAME="toc_lw19201_14"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.11.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Enforcement</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were
otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement in any New York State or federal court sitting in the Borough of Manhattan in the City of New York (or, if such court lacks subject
matter jurisdiction, in any appropriate New York State or federal court), this being in addition to any other remedy to which such party is entitled at law or in equity. Each of the parties hereby
further waives (a)&nbsp;any defense in any action for specific performance that a remedy at law would be adequate and (b)&nbsp;any requirement under any law to post security as a prerequisite to
obtaining equitable relief. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.12._currency_."> </A>
<A NAME="toc_lw19201_15"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.12.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Currency</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;All references to "dollars" or "$" or "US$" in this Agreement or any Ancillary Agreement refer to United States dollars, which is the currency used for all purposes in this Agreement and
any Ancillary Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.13._severability_."> </A>
<A NAME="toc_lw19201_16"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.13.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Severability</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions
hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable, (a)&nbsp;a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision; and (b)&nbsp;the remainder of this Agreement
and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity
or enforceability of such provision, or the application thereof, in any other jurisdiction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.14._waiver_of_jury_trial_."> </A>
<A NAME="toc_lw19201_17"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.14.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.15._counterparts_."> </A>
<A NAME="toc_lw19201_18"> </A>
<BR>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.15.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other party. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.16._facsimile_signature_."> </A>
<A NAME="toc_lw19201_19"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.16.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Facsimile Signature</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed by facsimile signature or other electronic signature and such signature shall constitute an original for all purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-65</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.17._no_pres__lw101899"> </A>
<A NAME="toc_lw19201_20"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.17.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Presumption Against Drafting Party</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent, the Buyer and the Seller acknowledges that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions
contemplated by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no
application and is expressly waived. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="lw19201_section_10.18._parent_covenant_."> </A>
<A NAME="toc_lw19201_21"> </A>
<BR>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.18.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Parent Covenant</I></FONT><FONT SIZE=2>.
&nbsp;&nbsp;&nbsp;&nbsp;Parent hereby agrees to take all actions necessary to cause the Buyer to perform and comply with its obligations under this Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>[</B></FONT><FONT SIZE=2>The remainder of this page is intentionally left blank.</FONT><FONT SIZE=2><B>]</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-66</FONT></P>

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</FONT> <FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Parent, the Buyer and the Seller have caused this Agreement to be executed as of the date first written above by their respective officers
thereunto duly authorized. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TD WIDTH="39%" style="font-family:times;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>ARBOR REALTY TRUST,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;WILLIAM C. GREEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William C. Green</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Member of the Special Committee of the Board of Directors</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MELVIN F. LAZAR<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Melvin F. Lazar</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Member of the Special Committee of the Board of Directors</I></FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Asset Purchase Agreement]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>ARBOR REALTY LIMITED PARTNERSHIP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Arbor Realty&nbsp;GPOP,&nbsp;Inc., its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;WILLIAM C. GREEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William C. Green</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Authorized Signatory</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2>ARSR ACQUISITION COMPANY,&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;WILLIAM C. GREEN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>William C. Green</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Authorized Signatory</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Asset Purchase Agreement]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg19201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>ARBOR COMMERCIAL MORTGAGE,&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;IVAN KAUFMAN<BR>


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</FONT>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ivan Kaufman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><BR><FONT SIZE=2>ARBOR COMMERCIAL FUNDING,&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;IVAN KAUFMAN<BR>



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</FONT>
 </TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ivan Kaufman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Chief Executive Officer</I></FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>[Signature Page to Asset Purchase Agreement]</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-69</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  Annex B    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[J.P.
Morgan letterhead] </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>February&nbsp;25,
2016 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Special
Committee of the Board of Directors<BR>
Arbor Realty Trust,&nbsp;Inc.<BR>
333 Earle Ovington Boulevard, Suite&nbsp;900<BR>
Uniondale NY 11553 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Members
of the Special Committee: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have requested our opinion as to the fairness, from a financial point of view, to Arbor Realty Trust,&nbsp;Inc. (the "Company") of the consideration to be paid by Arbor Realty
Limited Partnership, an indirect subsidiary of the Company (the "Partnership"), and ARSR Acquisition Company,&nbsp;LLC, an indirect subsidiary of the Company (the "TRS" and, together with the
Partnership, the "Buyer"), in connection with the transactions contemplated by the Asset Purchase Agreement, dated as of February&nbsp;25, 2016 (the "Agreement"), among the Buyer, the Company, Arbor
Commercial Funding,&nbsp;LLC ("ACF") and Arbor Commercial Mortgage,&nbsp;LLC ("ACM" and, together with ACF, the "Seller"). Pursuant to the Agreement, the Seller will sell to the Buyer certain
assets (the "Purchased Assets") related to the Seller's multifamily mortgage business in exchange for $250&nbsp;million (the "Base Purchase Price"), subject to certain purchase price adjustments set
forth in the Agreement (the "Purchase Price Adjustments") (as to which Purchase Price Adjustments we express no opinion), and the assumption of the Assumed Liabilities (as defined in the Agreement
and, together with the Purchased Assets, the "Purchased Business") by the Buyer (collectively, the "Transaction"). In accordance with the terms of the Agreement, the Base Purchase Price will be paid
as follows: (i)&nbsp;50% of the Base Purchase Price will be paid in cash (the "Non-Unit Consideration"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, in certain circumstances set forth
in the Agreement, the Company and Buyer may elect to require the Seller to accept, as part of the aggregate Non-Unit Consideration, and in lieu of up to $50&nbsp;million in cash (such dollar amount
not greater than $50&nbsp;million, the "Preferred Equity Amount"), preferred equity interests of a subsidiary of the TRS (the "Preferred Equity Interests") having an aggregate liquidation preference
equal to the Preferred Equity Amount and (ii)&nbsp;50% of the Base Purchase Price will be paid in a number of partnership units of the Partnership ("Buyer OP Units") that are convertible into a
number of shares of common stock, par value $0.01 per share, of the Company ("Company Common Stock") equal to the quotient of (x)&nbsp;50% of the Base Purchase Price divided by (y)&nbsp;$6.50
(clauses&nbsp;(i) and (ii), collectively, the "Consideration"), all as more fully set forth in the Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with preparing our opinion, we have (i)&nbsp;reviewed the Agreement; (ii)&nbsp;reviewed certain publicly available business and financial information concerning the
Company, the Purchased Business and the industries in which they operate; (iii)&nbsp;compared the proposed financial terms of the Transaction with the publicly available financial terms of certain
transactions involving companies we deemed relevant and the consideration received for such companies; (iv)&nbsp;compared the financial and operating performance of the Company and the Purchased
Business with publicly available information concerning certain other companies we deemed relevant and reviewed the current and historical market prices of the shares of Company Common Stock and
certain publicly traded securities of such other companies; (v)&nbsp;reviewed and discussed with the Special Committee certain internal financial analyses
and forecasts prepared by the managements of the Seller and the Company (as adjusted and approved by the Special Committee) relating to the Purchased Business and the Company's business, respectively,
as well as the estimated amount and timing of the synergies expected to result from the Transaction </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>(the
"Synergies"); and (vi)&nbsp;performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of this opinion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we have held discussions with the Special Committee and certain members of the management of the Seller and the Company with respect to certain aspects of the Transaction,
and the past and current business operations of the Purchased Business and the Company, the financial condition and future prospects and operations of the Purchased Business and the Company, the
effects of the Transaction on the financial condition and future prospects of the Company, and certain other matters we believed necessary or appropriate to our inquiry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
giving our opinion, we have relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with us by the
Special Committee, the Seller and the Company or otherwise reviewed by or for us, and we have not independently verified (nor have we assumed responsibility or liability for independently verifying)
any such information or its accuracy or completeness. We have not conducted or been provided with any valuation or appraisal of any assets or liabilities, nor have we evaluated the solvency of the
Seller, the Purchased Business or the Company under any state or federal laws relating to bankruptcy, insolvency or similar matters. In relying on financial analyses and forecasts provided to us or
derived therefrom, including the Synergies, we have assumed that they have been reasonably prepared based on assumptions reflecting the best currently available estimates and judgments by management
and the Special Committee as to the expected future results of operations and financial condition of the Purchased Business and the Company to which such analyses or forecasts relate. We express no
view as to such analyses or forecasts (including the Synergies) or the assumptions on which they were based. We have also assumed that the Transaction and the other transactions contemplated by the
Agreement will have the tax consequences described in discussions with, and materials furnished to us by, representatives of the Company, and will be consummated as described in the Agreement. We have
also assumed that the representations and warranties made by the Company, the Buyer and the Seller in the Agreement and the related agreements are and will be true and correct in all respects material
to our analysis, and that the Purchase Price Adjustments will not result in any adjustment to the Consideration that is material to our analysis. We are not legal, regulatory or tax experts and have
relied on the assessments made by advisors to the Company with respect to such issues. We have further assumed that all material governmental, regulatory or other consents and approvals necessary for
the consummation of the Transaction will be obtained without any adverse effect on the Purchased Business or the Company or on the contemplated benefits of the Transaction. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It should be understood that
subsequent developments may affect this opinion and that we do not have any obligation to update, revise, or reaffirm this opinion. Our opinion is limited to the fairness to the Company, from a
financial point of view, of the Consideration to be paid by the Buyer in the proposed Transaction, and we express no opinion as to the fairness of the Consideration to the holders of any class of
securities, creditors or other constituencies of the Company or as to the underlying decision by the Company to engage in the Transaction. Furthermore, we express no opinion with respect to the amount
or nature of any compensation to any officers, directors, or employees of any party to the Transaction, or any class of such persons relative to the Consideration to be paid by the Buyer in the
Transaction or with respect to the fairness of any such compensation. We are expressing no opinion herein as to the price at which the Company Common Stock, the Buyer OP Units or the Preferred Equity
Interests will trade at any future time. Furthermore, we are expressing no opinion as to (i)&nbsp;the allocation between the Partnership and the TRS of the Purchased Assets, the Assumed Liabilities
or the payment of the Consideration and (ii)&nbsp;the terms of, or the value (if any) to the Company of, the Option Agreement (as defined in the Agreement). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-2</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as financial advisor to the Special Committee of the Board of Directors with respect to the proposed Transaction and will receive a fee from the Company for our services, a
portion of which will become payable upon the delivery of this opinion and a material portion of which will become payable only if the proposed Transaction is consummated. In addition, the Company has
agreed to indemnify us for certain liabilities arising out of our engagement. Please be advised that during the two years preceding the date of this letter, neither we nor our affiliates have had any
other material financial advisory or other material commercial or investment banking relationships with the Seller. During the two years preceding the date of this letter, we and our affiliates have
had commercial or investment banking relationships with the Company for which we and such affiliates have received customary compensation. Such services during such period have included acting as
Co-Lead Placement Agent and Joint Bookrunner on the private placement of a notes offering by the Company's subsidiaries, Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL1,&nbsp;LTD and Arbor
Realty Commercial Real Estate Notes&nbsp;2015-FL1&nbsp;LLC in February 2015 and Lead Placement Agent and Bookrunner on the private placement of a notes offering by the Company's subsidiaries,
Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL2,&nbsp;LTD and Arbor Realty Commercial Real Estate Notes&nbsp;2015-FL2&nbsp;LLC in August 2015. In the ordinary course of our businesses,
we and our affiliates may actively trade the debt and equity securities of the Company for our own account or for the accounts of customers and, accordingly, we may at any time hold long or short
positions in such securities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of and subject to the foregoing, it is our opinion as of the date hereof that the Consideration to be paid by the Buyer in the proposed Transaction is fair, from a financial
point of view, to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of this opinion has been approved by a fairness opinion committee of J.P. Morgan Securities&nbsp;LLC. This letter is provided to the Special Committee of the Board of
Directors of the Company (in its capacity as such) in connection with and for the purposes of their evaluation of the Transaction. This opinion does not constitute a recommendation to any shareholder
of the Company as to how such shareholder should vote with respect to the Transaction or any other matter. This opinion may not be disclosed, referred to, or communicated (in whole or in part) to any
third party for any purpose whatsoever except with our prior written approval. This opinion may be reproduced in full in any proxy or information statement mailed to shareholders of the Company but
may not otherwise be disclosed publicly in any manner without our prior written approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Very
truly yours,<BR>
J.P. MORGAN SECURITIES&nbsp;LLC </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-3</FONT></P>

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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">SPECIAL MEETING   OF STOCKHOLDERS OF ARBOR REALTY TRUST, INC. June 1, 2016 GO GREEN e-Consent   makes it easy to go paperless. With e-Consent, you can quickly access your   proxy material, statements and other eligible documents online, while   reducing costs, clutter and paper waste. Enroll today via www.amstock.com to   enjoy online access. NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The   notice of meeting, proxy statement and proxy card are available at   http://www.arborrealtytrust.com Please sign, date and mail your proxy card in   the envelope provided as soon as possible. Please detach along perforated   line and mail in the envelope provided. 00003000000000030000 1 060116 changes   to the registered name(s) on the account may not be submitted via Note: Please   sign exactly as your name or names appear on this Proxy. When shares are held   jointly, each holder should sign. When signing as executor, administrator,   attorney, trustee or guardian, please give full title as such. If the signer   is a corporation, please sign full corporate name by duly authorized officer,   giving full title as such. If signer is a partnership, please sign in   partnership name by authorized person. THE BOARD OF DIRECTORS RECOMMENDS, BY   A UNANIMOUS VOTE OF THE INDEPENDENT DIRECTORS, A VOTE &#147;FOR&#148; PROPOSAL 1: THE   ACQUISITION PROPOSAL AND A VOTE &#147;FOR&#148; PROPOSAL 2: THE ADJOURNMENT PROPOSAL.   PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK   YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x The Board of Directors   recommends, by a unanimous vote of the Independent Directors, a vote FOR   Proposal 1: The Acquisition Proposal. FOR AGAINST ABSTAIN Proposal 1. To   approve (a) the acquisition, pursuant to the Asset Purchase Agreement, dated   as of February 25, 2016 (the &#147;Purchase Agreement&#148;), by and among Arbor Realty   Trust, Inc., a Maryland corporation (the &#147;Company&#148;), Arbor Realty Limited   Partnership, a Delaware limited partnership (the &#147;Partnership&#148;), ARSR   Acquisition Company, LLC, a Delaware limited liability company, Arbor   Commercial Funding, LLC, a New York limited liability company, and Arbor   Commercial Mortgage, LLC, a New York limited liability company (&#147;ACM&#148;), of   ACM&#146;s government-sponsored agency multifamily mortgage business in exchange   for $125 million in cash (up to $50 million of which the Company has, at the   discretion of a special committee of the independent and disinterested   directors of the Company&#146;s Board of Directors, the option to satisfy with   seller financing) and 19,230,769 units of limited partnership interest in the   Partnership, each of which is redeemable for cash or, at the Company&#146;s   option, one share of the Company&#146;s common stock (&#147;OP Units&#148;), in each case   subject to certain potential adjustment as described therein, and (b) the   issuance to ACM of (i) 19,230,769 OP Units and, if applicable, any additional   OP Units to be issued pursuant to such adjustment (together, &#147;Acquisition OP   Units&#148;), (ii) a number of shares of the Company&#146;s newly-designated special   voting preferred stock, par value $0.01 per share (the &#147;Special Voting   Preferred Stock&#148;), equiv-alent to the number of Acquisition OP Units and   paired with such OP Units, each of which will entitle ACM to one vote on any   matter submitted to a vote of the Company&#146;s stockholders, and (iii) an   equivalent number of shares of the Company&#146;s common stock that may be issued   upon redemption of the Acquisition OP Units (collectively, the &#147;Acquisition   Proposal&#148;). The Board of Directors recommends, by a unanimous vote of the   Independent Directors, a vote FOR Proposal 2: The Adjournment Proposal. FOR   AGAINST ABSTAIN Proposal 2. To approve the adjournment of the Special   Meeting, if necessary or appropriate in the discretion of the Chairman of the   Special Meeting, to solicit additional proxies if there are not sufficient   votes at the time of the Special Meeting to approve the Acquisition Proposal   (the &#147;Adjournment Proposal&#148;). To change the address on your account, please   check the box at right and indicate your new address in the address space   above. Please note that this method. Signature of Stockholder Date: Signature   of StockholderDate: </font></p>
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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">- 0 ARBOR   REALTY TRUST, INC. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF   DIRECTORS FOR THE SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 1, 2016   The undersigned stockholder of Arbor Realty Trust, Inc., a Maryland   corporation (the &quot;Company&quot;), hereby appoints Paul Elenio and John   J. Bishar, and each of them, the proxy or proxies of the undersigned, with   full power of substitution in each of them, to attend the Special Meeting of   Stockholders of the Company to be held on June 1, 2016 at 11:00 a.m., local   time, at The Teleconference Center on the lower level of 333 Earle Ovington   Boulevard, Uniondale, New York 11553 and any postponements or adjournments   thereof, to cast on behalf of the undersigned all votes that the undersigned   is entitled to cast at such meeting and otherwise to represent the   undersigned at the meeting with all proxies possessed by the undersigned if   personally present at the meeting. This proxy, when properly executed, will   be voted in the manner directed on the reverse side. If this proxy is   executed but no instruction is given, this proxy will be voted   &quot;FOR&quot; Proposals 1 and 2. The proxies are hereby authorized to vote   in their discretion upon such other matters as may properly come before the   meeting or any adjournment or postponement thereof. (Continued and to be   signed on the reverse side) 14475 1.1 </font></p>
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<p style="margin:0in 0in .0001pt;height:1px;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">SPECIAL MEETING   OF STOCKHOLDERS OF ARBOR REALTY TRUST, June 1, 2016 INC. INTERNET - Access   &#147;www.voteproxy.com&#148; and follow the on-screen instructions or scan the QR code   with your smartphone. Have your proxy card available when you access the web   page. TELEPHONE - Call toll-free 1-800-PROXIES (1-800-776-9437) in the United   States or 1-718-921-8500 from foreign countries from any touch-tone telephone   and follow the instructions. Have your proxy card available when you call.   Vote online/phone until 11:59 PM EST the day before the meeting. MAIL - Sign,   date and mail your proxy card in the envelope provided as soon as possible.   IN PERSON - You may vote your shares in person by attending the Special   Meeting. GO GREEN - e-Consent makes it easy to go paperless. With e-Consent,   you can quickly access your proxy material, statements and other eligible   documents online, while reducing costs, clutter and paper waste. Enroll today   via www.amstock.com to enjoy online access. Please detach along perforated   line and mail in the envelope provided IF you are not voting via telephone or   the Internet. 00003000000000030000 1 060116 changes to the registered name(s)   on the account may not be submitted via Note: Please sign exactly as your   name or names appear on this Proxy. When shares are held jointly, each holder   should sign. When signing as executor, administrator, attorney, trustee or   guardian, please give full title as such. If the signer is a corporation,   please sign full corporate name by duly authorized officer, giving full title   as such. If signer is a partnership, please sign in partnership name by   authorized person. THE BOARD OF DIRECTORS RECOMMENDS, BY A UNANIMOUS VOTE OF   THE INDEPENDENT DIRECTORS, A VOTE &#147;FOR&#148; PROPOSAL 1: THE ACQUISITION PROPOSAL   AND A VOTE &#147;FOR&#148; PROPOSAL 2: THE ADJOURNMENT PROPOSAL. PLEASE SIGN, DATE AND   RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR   BLACK INK AS SHOWN HERE x The Board of Directors recommends, by a unanimous   vote of the Independent Directors, a vote FOR Proposal 1: The Acquisition   Proposal. FOR AGAINST ABSTAIN Proposal 1. To approve (a) the acquisition,   pursuant to the Asset Purchase Agreement, dated as of February 25, 2016 (the   &#147;Purchase Agreement&#148;), by and among Arbor Realty Trust, Inc., a Maryland corporation   (the &#147;Company&#148;), Arbor Realty Limited Partnership, a Delaware limited   partnership (the &#147;Partnership&#148;), ARSR Acquisition Company, LLC, a Delaware   limited liability company, Arbor Commercial Funding, LLC, a New York limited   liability company, and Arbor Commercial Mortgage, LLC, a New York limited   liability company (&#147;ACM&#148;), of ACM&#146;s government-sponsored agency multifamily   mortgage business in exchange for $125 million in cash (up to $50 million of   which the Company has, at the discretion of a special committee of the   independent and disinterested directors of the Company&#146;s Board of Directors,   the option to satisfy with seller financing) and 19,230,769 units of limited   partnership interest in the Partnership, each of which is redeemable for cash   or, at the Company&#146;s option, one share of the Company&#146;s common stock (&#147;OP   Units&#148;), in each case subject to certain potential adjustment as described   therein, and (b) the issuance to ACM of (i) 19,230,769 OP Units and, if   applicable, any additional OP Units to be issued pursuant to such adjustment   (together, &#147;Acquisition OP Units&#148;), (ii) a number of shares of the Company&#146;s   newly-designated special voting preferred stock, par value $0.01 per share   (the &#147;Special Voting Preferred Stock&#148;), equivalent to the number of Acquisition   OP Units and paired with such OP Units, each of which will entitle ACM to one   vote on any matter submitted to a vote of the Company&#146;s stockholders, and   (iii) an equivalent number of shares of the Company&#146;s common stock that may   be issued upon redemption of the Acquisition OP Units (collectively, the   &#147;Acquisition Proposal&#148;). The Board of Directors recommends, by a unanimous   vote of the Independent Directors, a vote FOR Proposal 2: The Adjournment   Proposal. FOR AGAINST ABSTAIN Proposal 2. To approve the adjournment of the   Special Meeting, if necessary or appropriate in the discretion of the   Chairman of the Special Meeting, to solicit additional proxies if there are   not sufficient votes at the time of the Special Meeting to approve the   Acquisition Proposal (the &#147;Adjournment Proposal&#148;). To change the address on   your account, please check the box at right and indicate your new address in   the address space above. Please note that this method. Signature of   Stockholder Date: Signature of StockholderDate: NOTICE OF INTERNET   AVAILABILITY OF PROXY MATERIAL: The notice of meeting, proxy statement and   proxy card are available at http://www.arborrealtytrust.com COMPANY NUMBER   ACCOUNT NUMBER PROXY VOTING INSTRUCTIONS </font></p>
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end
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</DOCUMENT>
</SEC-DOCUMENT>
