EDITOR: [CALL IN PROGRESS]

ROB LEVY, CFO, CENTERLINE HOLDING COMPANY: -- credit risk products. We have capitalized an entity within our Company to be an AAA rated entity that we use to credit-enhance our affordable housing transactions. And then portfolio management, which is really kind of the key to our story and our ability to manage our real estate credit risk. Listed on the New York Stock Exchange, the ticker is CHC.

So, the business strategy -- as I said, Centerline Capital Group, we sit in between two customer bases. We are a real estate fund manager; today, with about $12 billion in assets under management. And on the right, we are a capital provider, where we are lending money to real estate developers/owners, providing equity capital to them, acquiring CNBC and other structure-financed securities that also provide capital to the real estate space.

In between, we sit; and one of our keys is that we view ourselves as a fully integrated platform. And what that means is we always joke that we're not four guys and a Bloomberg. We are 500 people around the country. We underwrite 100% of our product. We acquire 100% of our own product. We asset managed and service 100% of our product. So, we are a fully integrated platform. We do not use third parties to provide those services to us. And this is certainly key to our story.

We are a highly rated special servicer. So when we buy CMBS, or really any of the securities or investments that we acquire, we typically like to take a first loss position. We want to be in that position. We want to be in the risk position and we want to be -- because we want to be in the control position. We want to be able to be the manager of that asset if and when there is credit issues. That's really our business and how we get paid; to take that risk for our investors and to manage that risk throughout the life of the asset.

So it's really a powerful platform. We are -- as I said, we have the highest ratings from S&P and Fitch as a special servicer. Today, we special service a portfolio of over $115 billion of commercial loans. And it's a very powerful platform that we have developed, and we think it is the key to our ability to continue to raise funds from investors.

This is just a quick view of our Company structure. As I said, we have four primary businesses -- portfolio management, affordable housing, commercial real estate, credit risk products. I'll go into more detail on exactly what those businesses are. And that is supported by a corporate structure, which includes corporate communications; our risk policy group, which oversees all risk policy for the Company; finance and accounting, which I run as the Chief Financial Officer; legal and human resources.

So to dive a little bit further into our four businesses, the two core businesses within the Company are affordable housing and commercial real estate. The other two businesses are somewhat derivatives of those two core businesses. Affordable housing, as I said, is a business that we've been in since 1972 at the start of the Company.

There's really two primary businesses in affordable housing. The first is providing debt or loans to affordable housing developers throughout the country. We typically -- in a more typical environment, today is certainly not a typical environment, but in a more typical environment, we're typically investing or acquiring somewhere between $300 million and $400 million of loans or originating between $300 million and $400 million of loans per year. The capital is used by developers of affordable housing to develop projects around the country. We're in pretty much every state in the U.S.

So that is the debt side of the business. We hold those loans -- or historically, we've held those loans on balance sheet, and that has been a spread business for us. At the end of -- towards the end of last year, we had a $2.8 billion portfolio of those bonds. They're structured as bonds because these are tax-exempt pieces of paper, and through allocations by the government. But we hold -- at least we held a $2.8 billion bond portfolio on our balance sheet and we made a spread. The coupon on those bonds averaged 6.55%, and we had financed those primarily through the TOB market and the municipal finance market.

That portfolio, at the end of last year, on December 27 of last year, we announced a real seminal transaction for us, where we sold that bond portfolio to Freddie Mac. We kept the first loss position in that portfolio, $140 million quarter or 5% first loss position in that $2.8 billion portfolio. We retained the asset management of that portfolio and the servicing of that portfolio, as we are in the first loss position. And we improved the ROE on that business for us. The ROE on that portfolio, pre-Freddie Mac transaction, was in the 9% to 10% range. Today, it's in the high teens because of the amount of capital that we were able to pull out of that transaction.

Also, that transaction significantly reduced our interest rate risk on balance sheet. We were able to pull about $120 million of capital out of the transaction, use that to pay down corporate debt. And it significantly reduced our securitization exposure on balance sheet. And that has proved very, very helpful to us based on where the capital markets are today and the lack of liquidity in the securitization market.

So, as of today, the asset on balance sheet in that portfolio is not the $2.8 billion in bonds, but it's a first loss position of about $140 million, which you'll see on our balance sheet, it's actually marked to $212 million as of year-end.

So that's the debt side of the affordable housing business -- providing debt capital through bonds that we originate on balance sheet for affordable housing developers. We also provide equity capital to affordable housing developers in funds that we manage. We manage today about just under $9 billion of funds for institutional investors; invest for them in affordable housing developments around the country. And we get paid fees for that. We get paid origination fees and asset management fees and fund management fees, et cetera, to acquire and manage those funds for those investors.

Our largest investors are Fannie Mae, Freddie Mac, Banc of America, Citibank, JPMorgan Chase; some of the larger insurance companies, life companies are also some of our larger investors. And then as yields widen, as they have had over the past few months, you'll see some other kind of more non-banking-related investors enter the market. So we have sold funds to the likes of Home Depot and American Airlines and others who enter this market as spreads widen and who leave the market as spreads tighten.

As I said, we manage about $9 billion. We typically raise about $1 billion a year of new funds. And typically our spread on those is somewhere in the 4% to 4.5% range. So we get paid somewhere around 4% to 4.5% for every dollar that we raise. And it's about $1 billion a year that we're raising annually.

The market for that product this year is interesting. We'll have to see if we can continue to raise the $1 billion that we have in the past. There's opportunity there. Spreads have certainly widened. On the other hand, some of the banks and Fannie and Freddie are sitting on the sidelines and waiting to see if they're going to re-enter this market. So, some of the non-banking buyers are entering the market.

We have a $100 million -- we closed a fund in February -- actually, I'm sorry, late January, early February -- and we have $100 million fund in the market today. And so we're kind of trying to get a feel for where spreads are and whether we can continue to raise that $1 billion this year. But we're feeling actually relatively good about that today.

UNIDENTIFIED PARTICIPANT: January -- was that -- how long was that?

ROB LEVY: That was about $125 million. So that's the affordable housing business; providing debt and equity capital to developers of affordable housing through on-balance sheet investments and through funds that we manage.

Commercial real estate, you could also bifurcated into two businesses. One is a fund management business and one is an originations business.

On the Fund Management side, we manage a number of funds in commercial real estate. We manage three funds and invest in CMBS securities for institutional investors. These are primarily investing in the below-investment grade and non-rated tranches of CMBS transactions. We're one of the larger investors in that space. In 2007, we have raised our third CMBS fund. And that fund is fully invested as of today, and we would target towards the end of this year raising our fourth CMBS fund.

In those three funds, we have about $1.5 billion of total equity under management, although some of that equity has been returned. But as far as the gross equity that we had raised, it was about $1.5 billion. The institutional investors in those funds tend to be large pension funds and life companies.

Again, we're typically buying the below-investment grade and non-rated tranches for the first loss positions in those securities. Again, our goal and our view of our business is to take that first loss piece and to manage that risk throughout the life of those assets and act as the asset manager and special servicer of those assets.

Through those three CMBS funds and through the assets in those funds, I believe on that $1.5 billion of equity is about $4 billion of total assets. Behind those $4 billion of total assets is the $115 billion of loans that we are the special servicer on. So, there's $115 billion of first mortgages that if and when any of those have credit issues, we are the named special servicer and we get paid fees for that.

So, in the commercial real estate business on the fund management side, we get paid fees to -- asset management fees to manage the funds for those investors. And then we kept paid incentive management fees or promotes if the returns in those funds exceed stated hurdle rates.

We also manage an entity called CRESS, which stands for Centerline Real Estate Special Situations Fund. It's a high yield debt fund, investing primarily in mezzanine loans, B notes, bridge loans; also for [four] large institutional investors. Similar structure -- we get paid asset management fees and promotes on that fund. That's about a $530 million fund in equity. And then we manage a joint venture equity fund for CalPERS. It's about a $250 million fund.

And last, we manage a public company called American Mortgage, which is a small mortgage REIT that invests in CMBS, mezzanine loans, bridge loans, B notes, and we get paid asset management fees and promotes for managing that company.

So that is the Fund Management business in commercial real estate. We have one fund in the market today that we are raising. We are targeting to raise up to $1 billion in an opportunity fund. Based on our abilities and special servicing and asset management, we think it's a tremendous opportunity to raise money to invest in, kind of in two areas today. One is creditworthy securities that are trading at distressed levels, based on what's going on in the capital markets. So, buying BBB or so; CMBS, BBB and A rated CMBS that's trading at what we believe to be extremely distressed levels, even though the credit on those securities, we believe, could be sound.

Certainly, we would target the BBB's and the A's on securities that we own the first loss position on. So we know the assets. We're the special servicer. We've underwritten all of the underlying mortgages in those portfolios in those pools. And we can buy the BBB's at levels that had historic highs. So, that is one target within our opportunity fund.

And the second is to target actually credit impaired assets and credit impaired CMBS or real estate CDO assets that are having distress due to credit issues. And because of our strength in special servicing, we can take advantage of those and step in as a controlling party and work those out and create value for shareholders.

So we're in the market with that $1 billion opportunity fund. We're anticipating a first closing within the next 45 to 60 days of somewhere around $200 million or so, with the rest being raised throughout the year.

UNIDENTIFIED PARTICIPANT: So, hopefully, in credit impaired at risk -- you didn't originate that?

ROB LEVY: Correct. So this would be paper that we'd buy in the secondary market.

So, that's the first side of our commercial real estate business, the Fund Management side. And the other side, we are an originator of real estate product or structured real estate product. We originate mezzanine loans and bridge loans and B notes that we place into the funds that we manage. We are a large originator of loans for Fannie Mae and Freddie Mac. And that business is actually doing very well today, because Fannie and Freddie are two of the institutions that actually have capital to put to work. We, last year, originated about $1.5 billion of first mortgages for Fannie Mae, Freddie Mac. We also do originate some conduit paper for placement into CMBS. So we originate product and get paid origination fees and then servicing fees on those securities or on those loans after we originate them. We have a $9 billion servicing portfolio for Fannie Mae and for Freddie Mac. Those are loans that we originated for them and now service for them.

So, that's the commercial real estate business. On portfolio management, as I said, it's somewhat of a derivative of the affordable housing and commercial real estate businesses. We like to use the term, buy/watch/fix. It's kind of our moniker. You know, buy smart, watch the assets through their life, and fix them when there are -- when there're problems when they break.

The portfolio management side is really our watch and fix side. So we surveil all of the assets that we have under management. We asset-manage them; we special service them, and we get paid fees for doing that. So these are kind of very steady, ongoing servicing strips that we have on the assets that we manage. And then special servicing, we get paid fees when assets in our portfolios break and we're acting as a fiduciary for others. We get fees when we step in as a special servicer, and then when we resolve those issues, we get paid resolution fees.

So that's portfolio management. Credit risk products, we have an entity, a subsidiary of ours which is AAA rated by S&P. And we're also working with Moody's on an AAA rating. We've capitalized it as an AAA rated entity. It has its AAA, again, by S&P. And we use that AAA rating to support transactions in our affordable housing business. When we acquire bonds, taxes and multi-family housing bonds, for our balance sheet, we can securitize them through an AAA rated wrap by our own entity.

When we sell -- when we raise funds to invest in affordable housing, some of those funds have AAA rated wraps on them, guarantees on them. And we can wrap our own funds to sell to investors. So it's a derivative of our affordable housing business. We had used third party credit for that in the past. We found that to be inefficient. We found it to be more efficient to just create our own AAA and to use that to help drive our affordable housing business.

Those are our four primary businesses. As I said, our strategy is a buy/watch/fix strategy -- invest diligently; underwrite every asset that we invest in as a fiduciary for others; monitor the performance of those assets; and then rectify problems quickly, when they do occur.

On the buy side, as I said, we currently manage about -- just under $12 billion in assets. We have 130 funds that we manage in affordable housing, primarily for institutional investors, although we do have about 10 funds that we manage for retail investors. And then as I said, our six commercial real estate funds that we currently have in place.

We asset-manage or service a portfolio of about 19,000 properties. This is very powerful for us. First of all, from a revenue standpoint, we get paid fees for doing that. But secondly, it provides us with a database of information that we believe allows us to underwrite real estate transactions as well as anybody. We can drill down into property operations and market information on assets in pretty much every market in the country or sub-market in the country. So when we're underwriting real estate transactions, we have a very strong feel for the quality of those transactions.

We have a $30 billion primary loan servicing portfolio, as I mentioned before. About $9 billion of that is for Fannie Mae, Freddie Mac, and the remaining $21 billion is acting as a third party servicer for primarily banks. When banks originate loans, either for their balance sheet or pre-securitization, we provide servicing for that portfolio and get paid fees for that.

As I said, we're the named special servicer on $116 billion of loans in CMBS. And we get paid fees when we act as special servicer to resolve credit issues within that portfolio.

We have the highest special servicer ratings, as I mentioned, from Fitch and S&P. Our delinquency rate in our CMBS portfolio is incredibly low -- 30 basis points; which is, of course, very interesting for all of us, as we see CMBS spreads widen significantly over the past eight to nine months, and we're still seeing credit delinquency in default levels well below historic levels. Nobody -- certainly in our Company -- believes that we're going to hold steady at 30 basis points going forward. We all believe that certainly that those numbers will rise. But even if you see a tripling of credit defaults in the market, it's still under 100 basis points in our portfolio, which is still below historical averages for the industry. So therefore, the opportunity fund that we're raising -- we think there's tremendous opportunity out there to buy securities at very interesting levels.

And in our agency loan portfolio, our Fannie Mae and Freddie Mac portfolio, we have 16 basis points of delinquency in that $8.5 billion portfolio. So it's a very, very healthy credit portfolio.

This is just a little bit more detail on our assets under management. As I said, our equity funds in affordable housing we have about $9.5 billion, $9.7 billion of equity raised in affordable housing funds.

Our commercial real estate funds, as I said, our CMBS funds committed equity of just under $1.5 billion. Our high yield debt funds of about $0.5 billion and our joint venture equity funds of $225 million, giving us a total assets under management of $11.9 billion. We're the primary servicer on $30 billion of loans and the named special servicer on about $116 billion.

Obviously, one of the growth strategies for the Company is to continue to grow our assets under management. You will see that our tax credit funds, which is the -- what it says, LIHTC funds -- those are our affordable housing funds. That's the $9.5 or so billion of funds that we manage. And then our CMBS funds, high yield debt funds and joint venture equity -- as I said, we are targeting $1 billion of new tax credit funds this year or affordable housing funds and our $1 billion opportunity fund this year; so, for a growth of about $2 billion. We'll also -- targeting to raise another CMBS fund much later in the year.

Our investor profiles. In the affordable housing side, as I mentioned, Fannie Mae, Freddie Mac are our two largest investors and then the large banks and life companies. On the commercial real estate side, some insurance companies, banks, and then also some of the larger domestic pension funds. One of the opportunities for us on the commercial real estate side is to provide different types of assets, like our opportunity fund, but also to expand who we raise capital from. And we are -- we're looking to continue to [promote] not just domestically but internationally in how we raise capital and targeting international investors for our opportunity fund.

Our executive management team -- as I said, I am the Chief Financial Officer. I've been with the Company for over six years. I think that one of the keys to this executive team is our years in the industry. This is a very, very seasoned team who has been through various real estate cycles and economic cycles. And we're certainly not caught short by the issues that we're seeing in the credit markets today, although certainly they're more severe than probably most of us have ever seen. But this is a very seasoned team who has worked through these issues before and I feel very confident in our ability to continue to manage the Company through this very difficult credit cycle that we're in.

So what's our competitive advantages? As I said, we've been [in this] since 1972. We certainly have a very long track record through varied real estate and economic cycles. We are a self-originating company. And I mentioned this before as far as our platform goes. We do buy some securities through our relationships on Wall Street; it's primarily our CMBS securities that we buy and some mezzanine loans, et cetera. But most of what we originate and most of what we place into the funds that we manage, we self-originate.

On the affordable housing side, we self-originate all of our equity investments in all of the bonds that we originate, either for balance sheet or for funds that we manage. On the commercial real estate side, we originate, we self-originate all of the loans that we originate for Fannie Mae, Freddie Mac and for conduits. That is a powerful platform, especially in a marketplace that is as distressed as it is today, because we actually have longstanding relationships with real estate owners and developers who we can continue to provide capital for and execute strategies for them. We have direct relationships with close to 900 real estate developers and owners throughout the country for whom we provide that capital.

Also, on the strategic relationship side, with Wall Street banks, when we do buy CMBS securities from those banks, we do buy it in a slightly different method than some of our competitors. We act as what we call kind of a small-p partner with those CMBS originators. So we're not buying CMBS typically in the secondary market; we are sitting side-by-side with those banks as they originate loans and create the pools that we buy our first loss positions in. And so we're very active in those transactions and act as really a partner with them in creating those securities.

Certainly, we're an industry leader with a very strong market share in our affordable housing finance business. As I mentioned before, we target -- or we support life-of-loan relationship. We originate, underwrite, service, asset-manage, and then dispose of assets. We are providing that service throughout the life of the loans as opposed to using third parties to provide that for us.

Our proprietary technology, as I mentioned, with 19,000 commercial and multi-family properties in our database that we manage or provide servicing for; we have a tremendous amount of information. We have very strong technology, which allows us to drill down into the health of individual properties and markets in which we are targeting. And our special servicing rating and platform is second to none in our strength.

And that is Centerline Capital Group. I'd be happy to answer any questions anybody has.

UNIDENTIFIED AUDIENCE MEMBER: With your delinquencies at 30 basis points, is there a level whereby, should delinquencies exceed that level, you would be concerned of not meeting your target returns?

ROB LEVY: Well, certainly -- as a special servicer, we have somewhat of a hedge, right? Because as delinquencies rise, we get paid more as a special servicer on those loans. Now, certainly, we'd rather have 0 in credit loss, because it's not a perfect hedge and we'd rather drive returns to the funds that we manage and get paid promotes and incentive management fees.

There's no kind of simple way to say if credit loss exceeds 1.5% or 2%, that we would no longer be paid promotes, because there are other things that drive that return based on where we've acquired the assets. When we acquire assets, we are acquiring them assuming that there are quite to be losses, of course, in those portfolios. Where the goal for us when we buy CMBS, is to buy it at $0.40 on the dollar, $0.50 on the dollar, and then manage it through the life of that security. And at the end, hopefully, one day it's worth $0.60 or $0.70 on the dollar and we make the difference.

So, it's very hard to say that there is an exact clear line. Certainly, we buy with the assumption and the knowledge that those delinquency rates are not going to stay at current levels.

UNIDENTIFIED AUDIENCE MEMBER: Can you just tell us your observations on -- (Inaudible question - microphone inaccessible)

ROB LEVY: They continue to be extremely active on both the debt and the equity side. Well, actually, on the equity side, they're kind of sitting there silent. But on the debt side, they are extremely active. And our pipeline on the Fannie and Freddie side is very, very strong. And in fact, we have just negotiated a reduction in our capital requirements with Freddie because they're certainly targeting our ability to continue to grow originations for them.

So, on the Fannie and Freddie agency side and the debt side, our growth this year is very strong, and certainly, their focus on that is very healthy. On the equity side, they are sitting on the sideline right now. They, together, produced or combined were about 13% or 14% of our total sales last year -- or in the funds that we sold on the equity side. So it's a decent size chunk of our customer base there, but not to the level that it really worries us. There are other entrants into the marketplace on the equity side.

So, Fannie and Freddie on the debt side in affordable housing -- and not just affordable housing, but in market rate multi-family housing, they are the game today. And they realize that and certainly they've gotten a lot of support from Congress in lowering their capital requirements so they can be out in the market providing loans. So, we believe that's actually a significant growth opportunity for us this year.

UNIDENTIFIED AUDIENCE MEMBER: What are the types of joint venture equity transactions you're doing? Is that the one that CalPERS owns?

ROB LEVY: Yes. Right now, it's just CalPERS. And for them, we're doing primarily multi-family and primarily California, obviously for CalPERS. So we're looking to expand that. But this year, we are really more focused on the debt side because of the opportunities on the debt side, on the fixed income side. So, on our opportunity fund and our CMBS funds because of the inherent -- what we believe are the inherent opportunities within the credit markets today. But over time, we would anticipate growing our JV equity business also. But today it's just that one fund for CalPERS.

UNIDENTIFIED AUDIENCE MEMBER: Just talk about what you're seeing in your servicing book; any change in the performance of the loans yet?

ROB LEVY: We are seeing some slight upticks in our delinquency rates, but still at 30 basis points, it is very low. We're not seeing any real signs of stress beyond kind of the normal levels. Again, we all believe that these -- that certainly credit loss and default rates will rise. But we have not seen any really major issues or any major change in the credit quality of our portfolio over the last couple of months.

And in fact, one of our funds, the credit loss went down by a couple of basis points over the last quarter. So, it's really kind of holding steady in the low-30 to mid-30 levels in delinquency.

UNIDENTIFIED AUDIENCE MEMBER: Just talk about what the risk of -- the longer the capital markets stay shut as people need to refinance loans, and when does that really sort of start to come home?

ROB LEVY: Most of our loans in our -- certainly in our second and third CMBS funds, these are loans that still have a decent life to them, and the loans that originated at that time had -- were fully amortized type loans. So there's not a tremendous amount of risk there. In our high yield debt funds, in -- we have, in our CRESS fund, we acquired equity in two CDOs, in two real estate CDOs, which have about $1.6 billion of assets. In those two CDOs and that $1.6 billion of assets, most of those loans are bridge type loans, kind of three to four year pieces of paper or two to three year piece of paper. But they have extension options of another three years beyond that -- two to three years beyond that.

So I don't think, if there is any stress, that you're going to see that for another couple of years. But we tend -- as I said before, we tend to partner with originators of product that we believe, our view, are providing less leverage type products than what others might be in the marketplace. So we're not seeing or anticipating any major stress in those refinancings. Certainly some of them might be pushed out because of wanting to grow the operations of the real estate over time. But we don't see any major stress there right now.

UNIDENTIFIED AUDIENCE MEMBER: Is that something that you think that the opportunity fund could take advantage of in the market as a whole?

ROB LEVY: That is absolutely the target. As I said, it's kind of the two targets -- one is to just buy securities that are trading at distressed levels, and certainly others are what we're calling kind of control creep. So there are buyers out there who bought CRE, CDO paper or CMBS paper at, let's say, the BB level. And because of credit issues that could come down the pike, are now sitting in the control position. They don't have the platform to take advantage or to manage through that control position. And so we can be an opportune buyer of that paper.

UNIDENTIFIED PARTICIPANT: We have time for, perhaps, one more question, if there's one more? Yes.

UNIDENTIFIED AUDIENCE MEMBER: (Inaudible question - microphone inaccessible)

ROB LEVY: Correct. That was the target that we publicly stated at the beginning of the year.

UNIDENTIFIED AUDIENCE MEMBER: Is there some sort of earnings estimate position?

ROB LEVY: The publicly stated earnings estimate, which we stated at the beginning of the year, was $1 to $1.10 in adjusted EPS. And we'll certainly continue to revisit that target earnings as the year progresses. Certainly the capital markets have continued to see more stress over the last few months. One of the keys to our business, like I think most real estate finance businesses, is the need to raise capital to help drive the business.

For example, when we raise funds, we're typically a co-investor in those funds. So when we raise our opportunity fund, we will anticipate being about a 5% co-investor in that fund. So if we raise $1 billion fund, we need to raise $50 million of capital to do that. When we originate multi-family housing bonds or other product, there is a need to raise capital at our Company. And certainly with where the capital markets are today, that has become more difficult. And so that inability to raise capital at the levels that we could have a year ago is certainly putting pressure on our ability to grow earnings.

So, we will continue to revisit that, that earnings guidance, as the year progresses and as we see how the capital markets impact our ability to grow some of those platforms this year.

UNIDENTIFIED PARTICIPANT: Thank you. I think we ran out of time. Please join me in thanking Rob for his comments.

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