BankUnited (BKU) $631 million IPO with a market capitalization of $2.3 billion at a price range mid-point of $24. Scheduled for January 28, 2011

OVERVIEW

. At September 30, 2010 was one of the most well-capitalized banks in the United States . Liquid: Post-IPO 25% of market cap in cash . 2.4% dividend could increase . Loan to deposit ratio is 57%, net interest margin is 5%, room for earnings growth, non-performing assets appear to be written off or covered

. 84% private equity owned pre-IPO

VALUATION

AT $24 BKU will sell at the low end of the P/E range, with room for dividend growth. The price to book value ratio appears high at 1.8, but it’s a clean go forward book value with minimal ‘contingent’ liabilities.

Valuation Ratios	IPO Mrkt	Div	Price /	Price /	Price /
annualizing Sept 9 mos	Cap (mm)		Earnings	BookValue	TangibleBV
Bankunited (BKU)	$2,328	2.3%	11	1.8	1.8
S&Ls
First Niagara (FNFG)	$2,960	4.2%	14	1.1	1.8
Northwest Banc (NWBI)	$1,320	3.4%	22	1.0	1.2
People's United (PBCT)	$5,150	4.4%	25	1.0	1.4
BANKS
PNC Financial (PNC)	$32,500	4.2%	9	1.1	1.7
M&T Bank (MTB)	$10,360	3.3%	15	1.3	2.3

See financials at end

BUSINESS

Savings and loan holding company with two wholly-owned subsidiaries:

. BankUnited, which is one of the largest independent depository institutions headquartered in Florida by assets, and . BankUnited Investment Services, Inc., or BankUnited Investment Services, a Florida insurance agency which provides comprehensive wealth management products and financial planning services

BACKGROUND

. BKU was purchased from the Federal Deposit Insurance Corp.in May of 2009 following the financial crisis . Private equity investors initially capitalized BKU with $945mm

STRENGTHS

Strong and reliable revenue

. A majority of BKUs revenue is currently derived from assets that are covered by FDIC Loss Sharing Agreements. . For the nine months ended September 30, 2010, the BKU earned 1.9% on its average assets and 17.7% on its average common stockholder's equity (pre-IPO), both of which were among the leading ratios in the U.S. banking industry.

Limited credit risk exposure for Covered Assets.

. At September 30, 2010, Covered Assets were being carried at a book value of $4.3 billion and total UPB (or, for investment securities, unamortized cost basis) of the Covered Assets was $8.9 billion. . Since BKU’s current estimate of cumulative losses on the Covered Assets of approximately $4.8 billion exceeds the $4.0 billion stated loss threshold in the Loss Sharing Agreements, 95% of any incremental credit losses above the current estimates attributable to the Covered Assets would be absorbed by the FDIC and 5% of the losses would be absorbed by BKU under the Loss Sharing Agreements.

Robust capital position.

. At September 30, 2010, BKU was one of the most well-capitalized banks in the United States, with financial flexibility to pursue growth opportunities and pay dividends. Had a 10.7% tangible common equity ratio, a 10.1% tier 1 leverage ratio and a 42.5% tier 1 risk-based ratio. . Declared quarterly dividends of $14.0 million on September 17 and December 9, 2010. In addition, on October 19, 2010, BKU declared a special one-time dividend of $6.0 million.

RISKS

• Failure to comply with the terms of the Loss Sharing Agreements with the FDIC may result in significant losses; • The geographic concentration of markets in the coastal regions of Florida makes the business highly susceptible to local economic conditions and natural disasters; • Delinquencies and defaults in residential mortgages have recently increased, creating a backlog in courts and an increase in the amount of legislative action that might restrict or delay BKU’s ability to foreclose and hence delay the collection of payments for single family residential loans under the Loss Sharing Agreements • The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 may have a material effect on operations.

PRIVATE EQUITY SELLING SHAREHOLDERS 83.6% private equity-owned pre-IPO

WL Ross & Co. LLC 22.1% Affiliated with The Carlyle Group, 22.1% Affiliated with Centerbridge Partners, L.P, 17.3% Affiliated with The Blackstone Group, 22.1%

DIVIDEND POLICY

. $.14 per quarter, $.56 annually . 2.3% payout based at $24, price range mid-point

COMPETITION

The largest banking competitors include Bank of America, BankAtlantic, BB&T, JPMorgan Chase, Regions Bank, SunTrust Banks, TD Bank and Wells Fargo.

USE OF PROCEEDS

$82mm from sale of 4mm shares. Shareholders intent to sell 22.25mm shares

Bankunited (BKU)	BKU, C+, 7					Post IPO shares: 97mm
S&L, Wealth Mgt			April 28 to	Sept9mos'10
Miami Lakes, Florida			Dec 31, '09	($mm)		IPO Mkt
Interest income			$335,524	$414,959		Cap (mm)
Interest expense			$83,856	$127,495		$2,328
Net interest income			$251,668	$287,464		@$24
Provision for loan losses			$22,621	$45,157
Net interest income (loss)			$229,047	$242,307
after provision for loan losses						206.28
Non-interest income (loss)			$252,828	$237,520
Non-interest expense			$282,454	$220,048
Pretax Income (loss)			$199,421	$259,779
Income tax (benefit)			$80,375	$102,857		0.31
Net income (loss)			$119,046	$156,922
Return on common eqty			19%	18%
pre IPO
Return on Ave assets			1.7%	1.9%
Net interest margin			5.6%	5.0%
Loan to deposit ratio			60%	57%
Allowance for loan			130%	206%
losses to non-performing loans
Net charge-offs to			0.0%	0.3%
average loans
Valuation Ratios	IPO Mrkt	Div	Price /	Price /	Price /	% offered
annualizing Sept 9 mos	Cap (mm)		Earnings	BookValue	TangibleBV	in IPO
Bankunited (BKU)	$2,328	2.3%	11	1.8	1.8	27%
SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
1-5, 5 is high			Growth	mination	tary	rating
20 is perfect		2	2	2	1	7
COMPARE
Valuation Ratios	IPO Mrkt	Div	Price /	Price /	Price /
annualizing Sept 9 mos	Cap (mm)		Earnings	BookValue	TangibleBV
Bankunited (BKU)	$2,328	2.3%	11	1.8	1.8
S&Ls
First Niagara (FNFG)	$2,960	4.2%	14	1.1	1.8
Northwest Banc (NWBI)	$1,320	3.4%	22	1.0	1.2
People's United (PBCT)	$5,150	4.4%	25	1.0	1.4
BANKS
PNC Financial (PNC)	$32,500	4.2%	9	1.1	1.7
M&T Bank (MTB)	$10,360	3.3%	15	1.3	2.3