Wasterlain Appointed Chief Executive Officer of ORIX Capital Markets

Business Wire, April 9, 2008

DALLAS -- ORIX USA today announced the appointment of Jean-Michel "Mitch" Wasterlain as Chief Executive Officer of ORIX Capital Markets, LLC.

Wasterlain was president of NS Advisors and executive vice president of NorthStar Realty Finance Corp. prior to joining ORIX USA in the Dallas headquarters. A leading expert in real estate securities and fund vehicles, Wasterlain will direct ORIX Capital Markets' investment of more than $750 million in commercial and residential mortgage securities, asset-backed securities, real estate loans, and subordinated debt over the next 12 months.

"ORIX has built an outstanding platform and had the good sense to scale back the business during the last few years, when credit and pricing were less attractive. At the same time, the special servicing platform is still robust and there is a base of experienced talent from which to grow the company," said Wasterlain. "I plan to expand this base to take advantage of the many opportunities available in the current market, and to build an integrated real estate finance and investment business."

Wasterlain will report to Jim Thompson, CEO of ORIX USA. Mr. Thompson welcomed Wasterlain to the firm, "Mitch has an outstanding background in the commercial real estate business. All of us at ORIX are pleased to have Mitch directing our activities in this market."

About Jean-Michel "Mitch" Wasterlain

Mr. Wasterlain is Chief Executive Officer of ORIX Capital Markets and operates from ORIX's Dallas office. He has been involved in capital markets throughout his career. He was president of NS Advisors and one of NorthStar's executive vice presidents since NorthStar's initial public offering in October 2004. Mr. Wasterlain had primary responsibility for the real estate securities business and managed a real estate securities opportunity fund as well as the structuring and issuance of CDOs and other securitization vehicles. NorthStar has been one of the dominant issuers of commercial real estate CDOs and NS Advisors manages nine commercial real estate CDOs, six of which are backed primarily by securities. From July 2002 until October 2004, Mr. Wasterlain served as a vice president of NorthStar Capital.

Prior to joining NorthStar Capital, Mr. Wasterlain co-founded and was a managing director of CGA Investment Management in November 1996 and was responsible for all of the firm's real estate business. Before joining CGA Investment Management, Mr. Wasterlain managed a real estate lending and securitization business at ING Barings and worked in real estate investment banking at Lehman Brothers.

Mr. Wasterlain graduated from Stanford University and holds an M.B.A. from the Wharton School of the University of Pennsylvania.

About ORIX Capital Markets

ORIX Capital Markets, LLC (OCM) is the proprietary trading/investment and asset management arm of ORIX USA Corporation. OCM has over $1 billion in assets. Headquartered in Dallas, Texas, OCM invests in below-investment-grade Commercial Mortgage Backed Securities and other Asset Backed Securities, CDOs/CLOs, high yield and distressed Municipal Securities, off-the-run structured real estate transactions, and other structured financing transactions, and synthetic credit products. OCM also provides project financing to municipalities and private corporations throughout the U.S. OCM is an active investor in high yield corporate and real estate debt including commercial mortgage backed securities and a highly rated servicer of performing and non-performing commercial real estate loans.