Crystal River Reports Fourth Quarter And Full Year 2008 Financial Results

Market Wire, February, 2009

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                     Assets                          Debt
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                      Carrying           CDO      Other Term        Funding
($ in millions)          Value        Debt(1)           Debt       Facility
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CMBS                    $ 58.1        $ 38.5             $ -          $ 2.0
Prime RMBS                 9.2           4.3               -              -
Subprime RMBS              5.6           2.6               -              -
Real estate loans         14.1             -               -           15.4
Commercial real
 estate                  228.3             -           219.4           15.5
Trust Preferred
 Securities                  -             -            51.6              -
Other                    133.0             -               -              -
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Total                  $ 448.3        $ 45.4         $ 271.0         $ 32.9
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(1) CDO debt has been allocated based upon the asset mix within the
    Company's CDOs.

CDO and Non-CDO Assets

The table below summarizes the breakdown of our available-for-sale securities between assets held by non-recourse securitization subsidiaries financed by CDO debt and assets held directly at December 31, 2008:

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                         Consolidated
($ in millions)        Carrying Value       CDO Assets       Non-CDO Assets
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CMBS                           $ 58.1           $ 43.5               $ 14.6
Prime RMBS                        9.2              4.6                  4.6
Subprime RMBS                     5.6              2.9                  2.7
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Total                          $ 72.9           $ 51.0               $ 21.9
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Our securitized assets are held by two non-recourse securitization subsidiaries financed by CDO debt. The table below details the assets and liabilities of these securitizations at December 31, 2008:

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                          Consolidated
                           Outstanding     Consolidated
($ in millions)            Face Amount    Carrying Value    CDO I    CDO II
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CMBS                           $ 523.8           $  43.5   $ 10.0   $  33.5
Prime RMBS                        88.5               4.6      4.6         -
Subprime RMBS                     62.3               2.9      2.9         -
Receivables, cash and
 other assets                        -               8.3      5.7       2.6
Collateralized debt
 obligations                    (467.0)            (45.4)   (16.2)    (29.2)
Derivative and other
 liabilities, net                    -             (38.8)    (4.8)    (34.0)
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Net Equity                     $ 207.6           $ (24.9)  $  2.2   $ (27.1)
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