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Caribbean Property Group and Affiliates of Perella Weinberg Partners Complete Acquisition of Non-Performing Loan Portfolio from



  Caribbean Property Group and Affiliates of Perella Weinberg Partners
  Complete Acquisition of Non-Performing Loan Portfolio from Popular

Business Wire

NEW YORK -- March 26, 2013

Caribbean Property Group, one of the leading real estate investors and asset
managers in the Caribbean and Central America, and affiliates of Perella
Weinberg Partners’ Asset Based Value Strategy, today announced that they have
completed the acquisition of a portfolio of non-performing commercial and
constructions loans, and commercial and single-family real estate from Banco
Popular de Puerto Rico (“Banco Popular”). The portfolio has a combined unpaid
principal balance on loans and appraised value of other real estate owned of
approximately $995 million and a book value of approximately $540 million.

Caribbean Property Group and affiliates of Perella Weinberg Partners’ Asset
Based Value Strategy purchased the portfolio as part of a joint venture
between the firms. This is the third transaction completed between the
parties.

Under the terms of the transaction, Banco Popular will provide an advance
facility of approximately $35 million. The facility will cover
cost-to-complete amounts and expenses of certain projects. Banco Popular will
also provide approximately $30 million in the form of a working capital line
to fund certain operating expenses of the asset-owning Borrower. Additionally,
Banco Popular will receive approximately $99 million in cash, a note for
approximately $182 million as seller financing and a 24.9% equity interest in
the Borrower.

David Schiff, Partner at Perella Weinberg Partners and Portfolio Manager of
the Asset Based Value Strategy, stated, “Identifying value-driven investment
opportunities is a critical focus of the Asset Based Value Strategy. We are
delighted to partner with Caribbean Property Group, which shares our approach
to investing in compelling real estate opportunities in Puerto Rico and the
Caribbean.”

Mark Lipschutz, Partner and CEO of Caribbean Property Group, stated, “This was
a very complex deal involving over 2,000 non-performing loans and just under
1,000 REO properties. We couldn't have completed the transaction within the
required time frame without the great working relationship we enjoy with both
Perella Weinberg Partners’ Asset Based Value Strategy and Banco Popular. This
transaction evidences that our commitment to Puerto Rico remains as strong as
ever.”

About Perella Weinberg Partners’ Asset Based Value Strategy:

Perella Weinberg Partners’ Asset Based Value Strategy is a leading
post-financial crisis provider of U.S. specialty finance solutions. Since
inception in 2008, the Strategy has grown to manage in excess of $2.1 billion
in equity capital through a number of different investment vehicles. Perella
Weinberg Partners’ Asset Based Value Strategy can deliver significant capital,
technical expertise and infrastructure in a wide range of asset classes and
structures, including both real and financial assets. Capital for the Strategy
is contributed by, among others, a diversified group of institutional
investors who seek to invest in compelling opportunities at favorable
valuations. For more information on Perella Weinberg Partners’ Asset Based
Value Strategy, please visit http://www.pwpartners.com.

About Perella Weinberg Partners:

Perella Weinberg Partners is a leading independent, client-focused financial
services firm providing advisory and asset management services to a broad,
global client base, including corporations, institutions and governments. The
Advisory business advises clients on mergers, acquisitions, defense advisory,
financial restructuring, private capital raising, and pension matters. The
Asset Management business includes a suite of hedge fund strategies, private
investment funds (including real estate) and outsourced CIO solutions.
Together with its affiliates, the Asset Management business has capital
commitments and managed assets of approximately $8.6 billion. With more than
400 employees, Perella Weinberg Partners maintains offices in New York,
London, Abu Dhabi, Austin, Beijing, Denver, Dubai, and San Francisco. For more
information on Perella Weinberg Partners, please visit
http://www.pwpartners.com.

About Caribbean Property Group:

Caribbean Property Group is one of the leading real estate investors, and
asset managers in the Caribbean and Central America. Since its founding in
1998, CPG has acquired, developed, or redeveloped approximately $2.2 billion
of real estate assets in the Caribbean and Central America. The firm maintains
offices in New York City, West Palm Beach and San Juan, Puerto Rico. For more
information on Caribbean Property Group, please visit
http://www.cpgroup-pr.com.

Contact:

Perella Weinberg Partners Media:
Kara Findlay
Perella Weinberg Partners
212-287-3197
or
Renée Soto/Marisa Bricca
Sard Verbinnen & Co
212-687-8080
or
Caribbean Property Group Media:
Barry Breeman
212-479-6812
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