Investor Presentation

April 2008

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Some of the statements contained in this presentation are “forward looking statements” within the meaning of Section 21E
of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933 that involve risks, uncertainties and
assumptions with respect to us, including some statements concerning the transactions described in this presentation,
future results, projected sector returns, plans, goals and other events which have not yet occurred. The forward looking
statements contained in this presentation involve risks and uncertainties, including statements as to:

§our future operating results;

§our business prospects;

§the general volatility of the securities markets in which we invest and the market price
of our common stock;

§changes in our business strategy;

§availability, terms and deployment of capital;

§changes in our industry, interest rates, the debt securities markets or the general economy;

§increased rates of default and/or decreased recovery rates on our investments;

§increased prepayments of mortgages and other loans underlying our mortgage-backed or other asset-backed
securities;

§our expected financings and investments;

§the adequacy of our cash resources and working capital;

§changes in government regulations, tax rates and similar matters;

§changes in generally accepted accounting principles by standard-setting bodies;

§future margin reductions and the availability of liquid assets to post additional collateral;

§availability of investment opportunities in real estate-related and other securities; and

§the degree and nature of our competition.

These forward looking statements are based on our current expectations, speak only as of the date of this presentation
and are susceptible to a number of risks, uncertainties and other factors. Our actual results, performance and
achievements may differ materially from any future results, performance or achievements expressed or implied by such
forward looking statements. Many important factors could affect our future results and could cause those results to differ
materially from those expressed in the forward looking statements contained in this presentation.

Forward Looking Statement

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(1) As of March 31, 2008

(2) As of December 31, 2007

At A Glance

•A specialty finance REIT that invests in assets that generate long-
term sustainable cash flows and that are funded with
long-term liabilities

•NYSE: CRZ

–market cap ~$220M (1)

–total assets: $2.5B (2)

•8% owned by parent company / management / directors

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* As of December 31, 2007

Brookfield Asset Management Expertise

Other Specialty
Funds

$7B

Real Estate
$40B

Power
$10B

Timber &
Infrastructure
$7B

Core
Fixed Income

$11B

MBS/ABS
Fixed Income

$11B

Other
$11B

Partnered with Leading Investment Managers

•Externally managed by subsidiaries of
Brookfield Asset Management (NYSE:
BAM)

–Approximately $95B AUM,
50 offices and 300 investment
professionals worldwide*

–superior track record

–$22B in CMBS, RMBS and ABS for
major pension plans, national banks
and insurance companies*

–decades of experience managing each
asset class in Crystal River portfolio

•Crystal River benefits from Brookfield’s
strong operating expertise, long-
standing relationships and financial
resources

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●High grade

● High leverage

●High yield

● Low leverage

Agency

MBS

Non-Agency

RMBS

CMBS

Commercial

Real Estate

Loans

Commercial

Real Estate
Equity

Dynamic, Flexible Investment Capabilities

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(1) During the first quarter of 2008 we sold our Agency MBS portfolio; some of these trades are expected to settle in late April

Q1 2008

Market Events

Company Responses

Asset values continued

to decline, especially on
CMBS

Initial financing margins on
Agency MBS increased from
3% to 7% on average

Reported in the 10-K:

Sold down $700 million of
Agency MBS

Liquidated remaining single-
name CMBS CDS

Sold investment in real estate
finance fund

Subsequent events:

Sold down remaining
$500 million of Agency MBS (1)

Results

Raised net cash of $45 million(1)

Freed up $52 million on funding
line capacity

Reduced repurchase debt
balance by $1.2 billion to $28
million after asset sales

$100 million of unencumbered
assets

First Quarter 2008 Update

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CRE debt & equity

20%

Continued focus

55%

Sold position during the first quarter of

2008 to deleverage balance sheet

CMBS

18%

Continued focus

Non-Agency RMBS

7%

Only $52.7M of sub-prime RMBS

Sector

Comment / Outlook

Current

Asset Allocation

445.2

$ 1,246.7

399.4

168.4

(1) During the first quarter of 2008 we sold our Agency MBS portfolio; some of these trades are expected to settle in late April

Agency MBS

(1)

Portfolio Snapshot As Of December 31, 2007

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(1) CDO debt has been allocated based upon the asset mix within the Company’s CDOs

(2) Excludes margin cash

(3) During the first quarter of 2008 we sold our Agency MBS portfolio; some of these trades are expected to settle in late April

(As of December 31, 2007)
($ in millions)

Asset

Carrying Value

CDO

Debt(1)

Funding

Facilities

Repurchase

Agreements

Other

Term Debt

(2)(3)

Our Assets Are Well Financed - Liability Side

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•Focus on attractive commercial real estate assets that provide long-term,
sustainable cash flows and that can be funded with long-term liabilities

•Opportunistically invest in Brookfield-sourced infrastructure and real estate assets
and funds

•Procure attractive long-term funding

•Near term:

•Continue to manage liquidity

•Opportunistically invest in:

»Agency MBS

»Single-A rated CMBS

»Triple-net lease buildings

Company Focus

Q&A

April 2008