ISLAND CAPITAL GROUP LLC 717 Fifth Avenue New York, NY 10022 PRIVATE & CONFIDENTIAI, March 31, 2015 VIA EMAIL Bryan Slotkin Goldman, Sachs & Co. 2121 Avenue of the Stars, Suite 2600 Los Angeles, CA 90067 Jim Collins Morgan Stanley & Co. LLC 1585 Broadway New York. NY 10036 Re: Indication of Interest -C&W Group, Inc. Gentlemen: Island Capital Group (Island" or "Island Capital"), on behalf of its controlled affiliate C-III Capital Partners LLC ("C-Ill'), is pleased to submit this indication of interest in leading and/or participating in a potential transaction (a "Potential Transaction") to acquire C&W Group, Inc. ("C&W' or the "Company"). Founded by Island Capital in 2010, C-III is a private, real estate finance, investment and services company that in 2014 generated net cash flow of approximately $147 million. C-Ill has liquidity of approximately $230 million and negligible outstanding obligations of only $86 million. C-III is owned primarily by a series of feeder vehicles (all of which are controlled by Island Capital) comprised of the following firms and/or principals or affiliates of these firms: Harvard Management Company (the manager of The Harvard University Endowment), Och-Ziff, York Capital, Pershing Square Capital Management, Wells Fargo, TIAA-CREF, CaISTRS, PSERS, New York Private Bank & Trust, Tinicum, Malkin Properties and Eminence Capital among others. These firms, family offices and other investors have provided approximately $1.6 billion of equity capital to C-III and its managed funds over the course of the past 5 years. This investor group continues to be available to finance C-Ill's corporate and investment management businesses as they grow and evolve in the future. C-Ill's Operating Platform C-Ill is engaged in a broad range of real estate related activities, including primary and special loan servicing, loan origination, commercial real estate services (brokerage, investment sales marketing and auction, multifa