Imn

GLOBAL ORGANIZERS OF INSTITUTIONAL FINANCE & INVESTMENT CONFERENCES

al u n n A h t n e v e S e ThUS REAL ESTATE

OPPORTUNITY & PRIVATE FUND INVESTING FORUM June 27-28, 2006 • Pier Sixty, Chelsea Piers New York, NY HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT REAL ESTATE, PRIVATE EQUITY & MERCHANT BANKING

NEARLY 1000 PEOPLE ATTENDED LAST YEAR’S EVENT! LEAD SPONSOR:

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a d n e g A 27, 2006

Day One: TUESDAY

JUNE 7:15

Registration… Deluxe Sponsored Continental Breakfast

8:00

OPENING REMARKS Chairman: Craig Medwick, Partner CLIFFORD CHANCE LLP

8:10

THE VIEW FROM 30,000 FEET: ACHIEVING ATTRACTIVE RETURNS IN A HIGHLY LIQUID MARKET • How is real estate performing vs. other investments? • Will the “bubble” ever burst? • Interest rate outlook & impact • Pricing vs. risk • What is going on in debt capital markets & how will it affect investments? • Mitigating the difficulties of investing in a highly liquid and low cap rate market • Economic growth and real estate demand materials pricing/construction costs • What’s next on the regulatory horizon? • Competition from private REITs and TICs Moderator: David Hodes, Managing Director CREDIT SUISSE Panelists: Jonathan D. Gray, Senior Managing Director BLACKSTONE REAL ESTATE ADVISORS Brian DiDonato, President CAPMARK INVESTMENTS LP (Formerly GMAC INSTITUTIONAL ADVISORS) Jay Mantz, Managing Director MORGAN STANLEY REAL ESTATE FUNDS Merrick Kleeman, Senior Managing Director STARWOOD CAPITAL GROUP LLC FUND SPONSORS' STRATEGY ROUNDTABLE • Where are you investing: Which sectors, locations, niches, markets, product types? • What trends have emerged in the past 12 months? • Where do you currently see

9:10

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opportunity? Where do you expect to see opportunity in the next three months? Six? Twelve? • How do you distinguish yourself in the crowded commercial real estate industry? • What is the next hot asset class? • Where do you find deals other than through the auction process? • What type of deals are you pursuing? Moderator: Dennis Yeskey, National Director, Real Estate Capital Markets DELOITTE LLP Panelists: Nicholas Chermayeff, Co-Chief Executive Officer BARROW STREET CAPITAL, LLC Charles F. Wu, Managing Director BAYNORTH CAPITAL LLC Jerry Rappaport, Jr., President/Chief Investment Officer NEW BOSTON FUND, INC. James-Keith Brown, Member and Head of Investor Relations OCH-ZIFF CAPITAL MANAGEMENT GROUP Russell Appel, President PRAEDIUM GROUP LLC David Brush, Managing Director & Global Head of Real Estate Opportunities Group RREEF Nicholas Bienstock, Managing Partner SAVANNA PARTNERS

10:10

SPECIAL PRESENTATION: REAL ESTATE FUND PERFORMANCE Nori Gerardo Lietz, Co-Founder & Managing Director of Pension Consulting Alliance, Inc. will formally unveil the results of PCA's latest comprehensive study of the investment structure of Opportunity Funds as well as their performance.

10:30

Refreshments

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FUND STRUCTURING FOR FIRST TIME FUNDS This panel will cover the market, legal, tax and accounting information you need to know before raising your first fund. Moderator: Roger Singer, Partner CLIFFORD CHANCE LLP Panelists: Richard Catalano, Partner CLIFFORD CHANCE LLP Andrew Oringer, Partner CLIFFORD CHANCE LLP Walter Stackler, Managing Director CREDIT SUISSE Lawrence Kestin, Managing Principal GLENMONT CAPITAL MANAGEMENT, LLC

URBAN REJUVENATION STRATEGIES: INVESTING IN INNER CITIES • Inner city redevelopment projects • How do urban deals differ from investing in the suburbs? What are the pitfalls? • What are your return expectations? • What is the outlook for New York City vs. other cities? • Which cities have the best opportunities? Moderator: Robert J. Ivanhoe, Chair, National Real Estate Practice GREENBERG TRAURIG, LLP Panelists: Alicia Glen, Managing Director, Urban Investment Group GOLDMAN, SACHS & CO. Sam Kirschner, Managing Director HYPO REAL ESTATE CAPITAL CORPORATION Peter Palandjian, Chief Executive Officer & Chairman INTERCONTINENTAL REAL ESTATE CORPORATION Charles Berman, Managing Principal MACFARLANE PARTNERS Kenneth Munkacy, Managing Director NEW BOSTON FUND, INC. Timothy Kemper, Managing Principal REZNICK GROUP, P.C. Richmond McCoy, Chief Executive Officer URBANAMERICA LP

OVERVIEW OF EMERGING MARKET OPPORTUNITIES • Which markets will have a break-out this year? • Which emerging markets will never actually emerge? • Outlook for Latin American real estate markets: Mexico, Brazil • Outlook for the new Asian markets: Who will emerge as the real estate tiger? • Which Western & international funds are already investing? • Local funds and investors Moderator: Kent R. Richey, Partner JONES DAY Panelists: M. Leanne Lachman, President LACHMAN ASSOCIATES Christopher J. Fiegen, Chief Financial Officer EQUITY INTERNATIONAL Parry Singh, Principal RED FORT CAPITAL Sam Chandan, Chief Economist & Senior Vice President for Economic Research REIS, INC. Chetan Dave, Managing Partner SUN APOLLO INDIA

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12:00 ADVANCED FUND STRUCTURING: STRATEGIES FOR SEASONED FUNDS • Structuring after your first fund: What have you learned from past experiences? • What are some common mistakes? • Fund structure options: What’s “en-vogue” right now? • What are the key legal and tax issues involved in creating a new fund? • Fund exit strategies Moderator: Mark V. Minton, Partner JONES DAY Panelists: A Representative of DEWEY BALLANTINE LLP Harold D. Garrison, Chairman & Chief Executive Officer HDG MANSUR CAPITAL GROUP, LLC Paul Ryan, Partner PRICEWATERHOUSECOOPERS LLP Thomas R. Hester, Chief Financial Officer SOMERA REALTY VALUE FUND, LP

1:00

12:00 OUTLOOK FOR OFFICE, INDUSTRIAL, RESIDENTIAL, RETAIL & ENTERTAINMENT PROPERTIES • Vacancy rates: On the decline? • Office condos • Condo conversions • Evaluating ground-up condo development • Regional outlooks • Outlook for single family residential • Outlook for the multifamily sector • Opportunities in affordable housing • Will the single family housing “bubble” burst? • New developments in senior housing • Military housing • Investing in movie theaters and other entertainment properties • Take private deals • M&A in retail: Impact for real estate Moderator: Thomas M. Little, Partner FOLEY & LARDNER LLP Panelists: Jeff Samuels, Founder & President BUILDING PROJECTS INTERNATIONAL ENTERPRISES, LLC Franz Colloredo-Mansfeld, Managing Partner CABOT PROPERTIES, INC. Bradley Muth, Partner CONCERT REALTY PARTNERS Atul Goel, Chief Executive Officer E-CITY ENTERTAINMENT (I) PVT LTD. Joshua A. Scoville, Research Strategist PROPERTY & PORTFOLIO RESEARCH Michael Katz, Co-Chief Executive Officer STERLING AMERICAN FUNDS Richard Brace, Senior Vice President, Director of Investment Strategy Services TORTO WHEATON RESEARCH

12:00 THE LONG AND SHORT OF REAL ESTATE HEDGE FUND STRATEGIES • What is your hedge strategy? • How do the hedge funds’ strategies differ from the traditional funds? • Are hedge funds competing with opportunity funds for the same investors? Moderator: Douglas M. Weill, Managing Director CREDIT SUISSE Panelists: Kevin Means, Managing Partner ALPHA EQUITY MANAGEMENT LLC Andre A. Hakkak, Managing Director ALPINE GLOBAL INVESTMENTS, INC. Additional Panelists TBA

Luncheon Courtesy Of: IMN Email: [email protected]

Tel: 212-768-2800

Fax: 212-768-2484

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DEAL STRUCTURING: LEGAL AND TAX EXPERTS DISCUSS THE TOOLS FOR GETTING THE BEST TERMS • What are the latest models for structuring deals? • Efficient tax, legal and accounting practices • What is your leverage (financing, interest rates, etc.) in structuring your deals? • Negotiations: What is on the table? Moderator: Andrew Levy, Partner GIBSON, DUNN & CRUTCHER, LLP Panelists: Kenneth Weissenberg, Partner EISNER LLP Stephen L. Rabinowitz, Shareholder GREENBERG TRAURIG, LLP Eugene J.M. Leone, Partner PIRCHER, NICHOLS & MEEKS

VALUE-ADDED PLAYS: REPOSITIONING, REDEVELOPING & TURNAROUND STRATEGIES • Which models work? • What is your turnaround timeframe? • How do the strategies differ for each asset class? • Which locations present the best turnaround opportunities? • Turning around tech properties • Distress: Is it coming and how does one capitalize? Where (in which markets, sectors & locations) will the best distressed opportunities arise? • Enviroinvestments: Is there money in turning around brownfields? Moderator: Scott Landress, Managing Partner & Chief Executive Officer LIQUID REALTY PARTNERS Panelists: Matthew Khoury, Managing Director ANGELO, GORDON & CO. Robert Greenhill, Co-Chief Executive Officer BARROW STREET CAPITAL, LLC Joseph M. Zuber, Chief Investment Officer CITY INVESTMENT FUND LP Stuart L. Miller, Director of Acquisitions EREALTY COMPANIES, INC. Elise N. Zoli, Partner & Co-Chair, Energy Practice GOODWIN PROCTER LLP Dean Macfarlan, Managing Partner MACFARLAN CAPITAL PARTNERS, L.P. David A. Brown, Chief Executive Officer SOMERA CAPITAL MANAGEMENT

COMPARING REAL ESTATE ROUTES TO MARKET: REITS VS. SECONDARIES VS. FUNDS-OF-FUNDS • Secondary & funds-of-funds approaches: Acquiring interests in funds & partnerships • Outlook for secondary market transactions • Investing in indirect real estate structures: What are the current options? What are the tax implications of each option? • Exit strategies Panelists: Jeffrey Hammer, Co-Head, Private Equity Advisors BEAR STEARNS ASSET MANAGEMENT, INC. Robert Dombi, Partner LANDMARK PARTNERS, INC. Jeffrey M. Giller, Managing Partner LIQUID REALTY PARTNERS Richard W. Maine, Managing Partner MADISON HARBOR CAPITAL, LLC

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STRUCTURING JOINT VENTURE PARTNERSHIPS The panel will explore current industry best practices for joint ventures between operating partners and real estate funds, including: • Waterfall structures and fees • Control shifts • Early warning systems • Access to JV data • Fund self-help remedies • Reporting • JV tax structures: Avoiding UBTI and unsuitable income for REIT blockers Moderator: Sanford Presant, National Co-Chairman, Real Estate Fund Services DLA PIPER RUDNICK GRAY CARY US LLP Panelists: Chris Matthews, Director of Real Estate BROE COMPANIES, INC. Timothy M. Shine, Managing Director COMMONFUND REALTY, INC. L. Bruce Fischer, Partner MORGAN, LEWIS & BOCKIUS LLP Jeffrey J.Temple, Partner MORRISON & FOERSTER LLP Tarak Patolia, Senior Vice President, Head of Acquisitions & Dispositions STERLING AMERICAN PROPERTY Stephen J. Duffy, Chief Operating Officer WESTERN NATIONAL REALTY ADVISORS

UPDATE ON THE GLOBAL REIT MARKET • General overview of REITs • Comparison of different tax and regulatory schemes in various jurisdictions • Impact of recent legislation • Potential of these vehicles as an exit strategy for equity funds • Global trends and updates Moderator: Larry Medvinsky, Partner CLIFFORD CHANCE LLP Panelists: Anthony Stewart, Partner CLIFFORD CHANCE LLP Jeffrey Horowitz, Managing Director MERRILL LYNCH Daniel Cohen, Chairman TABERNA CAPITAL MANAGEMENT

EMERGING MARKETS OF EUROPE: CENTRAL & EASTERN EUROPE/RUSSIA • How has the investment landscape changed in the last year? • What’s in store for the next year? • Do you need a local partner or can you go it alone? • The politics Moderator: Fredrik Elwing, Director CREDIT SUISSE Panelists: Miltos Kambourides, Managing Partner DOLPHIN CAPITAL PARTNERS Additional Panelists TBA

4:15

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Refreshments

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PRIVATE REIT STRUCTURES • Avoiding UBIT and other tax implications • What are the benefits compared to limited liability companies & other tax-driven structures: Portfolio diversification, increased liquidity? • What type of investor benefits from these structures? • Dealing with the promote • Compliance with the REIT rules • How do you handle the dividend payments? Moderator: Peter Fass, Partner PROSKAUER ROSE LLP Panelists: Christopher Roman, Counsel CLIFFORD CHANCE LLP David L. Brandon, Partner KPMG, LLP Additional Panelists TBA

HOTEL & LEISURE PROPERTIES • Short and long-term outlook for different product types: Full service, limited service, branded/un-branded • Resort properties: Outlook for destination clubs, timeshares and waterpark hotels • Which locations currently have the best value? • Distressed hotels:Where are you finding value • What is the next hot area in hospitality? • Exploding sector: How much longer can the condo hotel boom continue? • How are the funds taking advantage of the condo hotel boom? • Trends in spa & fitness amenities and the value they bring Moderator: Christopher B. Barker, Partner GOODWIN PROCTER LLP Panelists: Glenn Colarossi, President COLAROSSI SPA & HEALTH CLUB CONSULTING & MANAGEMENT Clark W. Hanrattie, Senior Vice President & Chief Investment Officer HEI HOSPITALITY LLC Robert M. Stern, Managing Director PERRY REAL ESTATE PARTNERS Michael Ryan, Owner & Developer THE RITZ-CARLTON, GRAND CAYMAN

WESTERN EUROPE PANEL:WHERE ARE THE OPPORTUNITIES? • Is it saturated? Are there any deals left? • Who are your main competitors? • Impact of KanAm on the German open-ended property funds • Outlook for UK and French property markets • How will expected changes relating to UK REITs and openended real estate funds impact the overall investment climate? Panelists: Cornelia Thaler, Partner CLIFFORD CHANCE LLP Melville Rodrigues, Partner MAYER, BROWN, ROWE & MAW LLP John Z. Kukral, President NORTHWOOD INVESTORS Michael Bickford, Partner ROUND HILL CAPITAL PARTNERS Peter J. Pereira Gray, Co-Head of Portfolio Management THE WELLCOME TRUST

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FUND RAISING: MAKING YOUR FUND ATTRACTIVE TO INVESTORS • How are you reaching investors? • What type of investors are you targeting? • Thirdparty fund raising: What are the benefits of using outside firms to raise equity? • How do you distinguish yourself when sponsoring a new fund? • Marketing to institutions/highnet-worth or both • How are you attracting investors? • What are the advantages and disadvantages of using third party marketers? Moderator: Nancy Lashine, Partner PARK MADISON PARTNERS Panelists: Gil Tenzer, Partner CONTRARIAN CAPITAL MANAGEMENT Michael Crawford, Partner C.P. EATON PARTNERS, LLC A Representative of DEWEY BALLANTINE LLP David Bourne, Chairman EQUASTONE Alan A. Pardee, Managing Director MERRILL LYNCH & CO., INC. Peter J. Finley, Executive Director, U.S. Real Estate, Lodging & Leisure Group UBS INVESTMENT BANK

NEW PERMANENT CAPITAL VEHICLES This session will cover how these newly emerging vehicles may allow traditional sponsors of private equity funds to access permanent investment capital from investors, as an adjunct to more traditional capital raising alternatives. Topics will include specific details on how these vehicles are organized, who is currently doing them and how they can complement your particular strategy. Moderator: Jay L. Bernstein, Partner CLIFFORD CHANCE LLP Panelists: Halle Benett, Managing Director UBS INVESTMENT BANK Additional Panelists TBA

STRUCTURING FOR OVERSEAS REAL ESTATE INVESTMENTS • What general issues need to be considered when structuring such funds? Which important issues are location-specific? • What fund structures are commonly used? • What investor specific issues will you face? • Offshore jurisdictions Moderator: Martin Edelman, Partner PAUL, HASTINGS, JANOFSKY & WALKER, LLP Panelists: Joëlle Hauser, Partner CLIFFORD CHANCE LLP A Representative of DEWEY BALLANTINE LLP Samuel E. Levinson, Director KPMG, LLP

6:30

Networking Cocktail Reception

7:30

Day One Concludes IMN Email: [email protected]

Tel: 212-768-2800

Fax: 212-768-2484

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WEDNESDAY JUNE 28, 2006

Day Two: 8:00

Deluxe Sponsored Continental Breakfast

8:30

INSTITUTIONAL INVESTOR OUTLOOK A panel of top investors in real estate will discuss their preferences (product type, sector, markets, etc.) and the advantages and disadvantages of investing in real estate. • What is your real estate exposure? Have you increased/decreased? • Balancing real estate products in your portfolio: What is your breakdown of debt, equity, REITs? • As an investor, what do you do differently today vs. two years ago? Have you changed portfolio strategies? • What are your return expectations? Are you seeing it? • How do you view real estate relative to other alternative asset classes? • Are you happy with the current information available on fund performance, transparency and monitoring? • What is your risk tolerance? Moderator: Charles R. Purse, Managing Principal PARK HILL REAL ESTATE GROUP LLC Panelists: Peter Madden, Senior Portfolio Manager ABP INVESTMENTS US, INC. Howard Fields, Portfolio Manager ALLSTATE INVESTMENTS, LLC Joanne Douvas, Vice President JPMORGAN ASSET MANAGEMENT

10:30

Refreshments

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GETTING PERCENT RETURNS: EVALUATING THE OUTLOOK FOR OPPORTUNISTIC INVESTING • How are you getting 20% returns? • What are the actual performance projections for your existing funds? • Impact of new funds entering the market • Are there still domestic opportunistic opportunities of a significant scale and how do these opportunities differ from years past? • Where can you get 20% returns outside of the US? • What are the keys to creating value? • 20% before or after fees? Moderator: Gary Koster, Partner ERNST & YOUNG LLP Panelists: Keith Barket, Managing Director ANGELO, GORDON & CO. John Jacobsson, Managing Partner APOLLO REAL ESTATE ADVISORS LP Joshua Pristaw, Managing Director GOLDENTREE INSITE PARTNERS William H. Glazer, President KEYSTONE PROPERTY GROUP Kurt Roeloffs, Managing Director, Asia & Americas; Head of Real Estate Opportunities Group RREEF Barry S. Sternlicht, Chairman & Chief Executive Officer STARWOOD CAPITAL GROUP LLC

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LENDERS’ ROUNDTABLE: LEADING FINANCE PROVIDERS’ PERSPECTIVE ON THE HIGHPERFORMANCE REAL ESTATE MARKET • Which types of financing are the funds using most? • CMBS vs. traditional finance • Fund perspective on dealing with lenders • Leverage in lending: Have we gone too far? • How do lenders view the real estate market? • Banking industry update • Fund perspective on dealing with lenders: Fund financing considerations & options • What types of financing are available? • International financing Moderator: Steven Lichtenfeld, Partner & Co-Chair PROSKAUER ROSE LLP Panelists: John B. Lamb, Managing Director BANK OF AMERICA SECURITIES LLC Skip Wells, Managing Director, Strategic Capital Group GE COMMERCIAL FINANCE REAL ESTATE Albert Tan, Partner HAYNES AND BOONE, LLP James J. Sullivan, Managing Director, Real Estate Investment Bank J.P. MORGAN SECURITIES, INC. Lisa Cunningham, Group Senior Vice President LASALLE BANK N.A. Robert L. Gilbert, Senior Vice President, Head of Funds and Insurance STANDARD CHARTERED BANK Jeffrey Baevsky, Senior Vice President WACHOVIA BANK, NA

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EVALUATING JOINT VENTURE OPTIONS • Joint ventures with REITs, pension funds and other institutional investors: What are the advantages and disadvantages of each? • Investor-fund JVs: Managing expectations from your institutional partners • Fund-fund JVs: What should your partner bring to the table? • JVs with non-traditional partners: What has been your experience when partnering with:TICs, private REITs, other funds, public companies, high-net-worth individuals and family offices, operators, etc.? Moderator: Alvin Katz, Partner MAYER, BROWN, ROWE & MAW LLP Panelists: James D. Kuhn, President NEWMARK & CO. REAL ESTATE William G. Murray, Jr., Partner ORRICK, HERRINGTON & SUTCLIFFE LLP Thomas G. Hotz, Director WEST GROUP DEVELOPMENT COMPANY

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PUBLIC COMPANY ACQUISITIONS WITH PRIVATE REAL ESTATE EQUITY CAPITAL: A CHANGING TIDE? This panel will explore the recent trend in the privatization of public real estate operating companies (REITs and REOCs) with private real estate equity capital.The panelists will address partnership terms, how these transactions are getting done and why they have become so popular Moderator: Gilbert Menna, Partner and Chair, REITs & Real Estate Capital Markets Group GOODWIN PROCTER LLP Panelists: Rick Solway, Partner ERNST & YOUNG LLP William Fryer, Senior Partner KING & SPALDING LLP Stephen Hentschel, Managing Director LEHMAN BROTHERS Guy Metcalfe, Managing Director MORGAN STANLEY & CO.

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Luncheon

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NEW & SMALL FUNDS: HOW ARE THEY COMPETING (OR NOT) WITH THE BIG BOYS? • Raising a fund from scratch: What issues are involved? • What have first time fund managers learned from their experience? • Operator-sponsored funds:The new trend in the business • Second time funds: What did you learn the second time around? • What is your unique selling point? Moderator: Scott Farb, Managing Principal, National Real Estate Practice GUMBINER SAVETT, INC. Panelists: Charles E.F. Millard, Managing Director BROADWAY REAL ESTATE PARTNERS LLC Margaret Blakey, Managing Director CAPMARK INVESTMENTS LP (Formely GMAC INSTITUTIONAL ADVISORS) Chad Carpenter, Chief Executive Officer EQUASTONE

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EXPLORING MEZZANINE FUNDS & REAL ESTATE CDOS • What structural issues are involved in mezzanine deals? • Who are the lenders? The borrowers? The investors? • Evaluating inter-creditor agreements • Preferred equity: When is it preferred? Common preferred equity structures • Leverage: Investing in mezzanine vs. equity • What is a real estate CDO? • Why use a CDO? • What are the risks? • What are the returns? • What are the associated legal and tax issues? • Property derivatives & synthetic CDOs Panelists: Bradford Wildauer, Partner APOLLO REAL ESTATE ADVISORS LP Stephen Alpart, Managing Director CAPMARK INVESTMENTS LP (Formely GMAC INSTITUTIONAL ADVISORS) David Moldenhauer, Partner CLIFFORD CHANCE LLP Mitchell Kahn, President TABERNA CAPITAL MANAGEMENT John Raggio, Managing Director TREMONT REALTY CAPITAL, LLC

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REAL ESTATE FUND PERFORMANCE MEASUREMENT • How are the funds really doing? • Has fund transparency improved? • What tools do prospective investors have? • What are investor consultants saying about the real estate industry? • Risk-adjusted returns Panelists: James D.Vincent, Managing Director REALFOUNDATIONS, INC. Steven J. Kurtz, Director of Valuation Services SCHONBRAUN MCCANN GROUP, LLC Additional Panelists TBA

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REAL ESTATE PRIVATE EQUITY • How does this investment strategy compare and contrast with traditional private equity? • Valuation and structuring in a real estate private equity transaction • Corporate governance, decision making and operating a real estate private equity platform • Liquidity and exit issues in a private equity platform Moderator: Derek Smith, Partner, Real Estate Department PAUL, HASTINGS, JANOFSKY & WALKER, LLP Panelists: Ronald M. Dickerman, President MADISON INTERNATIONAL REALTY LLC Robert V. Fitzsimmons, Partner MAYER, BROWN, ROWE & MAW LLP Additional Panelists TBA

3:00

REAL ESTATE DEBT STRATEGIES: RISK-ADJUSTED RETURN OPPORTUNITIES IN HIGH YIELD DEBT • Where are fund managers finding the strongest returns? • Distressed mortgages/debt: Will there be loan purchases at deep discount? • CMBS defaults: How will servicers deal with defaults? What opportunities will arise for the real estate funds? • Outlook for the refinancing of outstanding CMBS deals • Distressed mortgages/debt: Will there be loan purchases at deep discount? Moderator: Frank E. Schmitz, Managing Principal PARK HILL REAL ESTATE GROUP LLC Panelists: Peter S. Ginsberg, Managing Director CAPITAL TRUST, INC. Timothy G. Little, Partner KATTEN MUCHIN ZAVIS ROSENMAN Chip Stephens, President PRINCIPAL COMMERCIAL ACCEPTANCE Daniel Owen Mee, Executive Director TREMONT REALTY CAPITAL David Friedman, Executive Vice President, Fund Management WRIGHTWOOD CAPITAL

4:00

IMN’s Seventh Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes IMN Email: [email protected]

Tel: 212-768-2800

Fax: 212-768-2484

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Corporate Sponsors INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING SPONSORS FOR THEIR GENEROUS SUPPORT OF THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM

L EAD S PONSOR CLIFFORD CHANCE is a world leader in providing legal services to real estate opportunity funds. The firm is focused on delivering commercial solutions to complex transactions for investment banks, sponsors, managers and investors. Through our unique global network, we offer clients coordinated, full-service legal advice, no matter where their investment activities take them. We assist several of the most significant real estate investment funds in their formation, financing, investments and day-to-day operations as well as representing clients making investments in real estate funds. Our team of investment fund experts assists in structuring funds, investing domestically and internationally and in related tax and ERISA matters. The firm's real estate opportunity fund capabilities are complemented by our market leading REIT and real estate securities practice. Clifford Chance is a truly integrated global law firm which operates as one organization throughout the world. Unrivalled in international resources, Clifford Chance has 28 offices in 19 countries, including three US offices.We are committed to providing the highest quality professional advice, combining technical expertise with a deep understanding of the commercial environment in which our clients operate.

G OLD S PONSORS The Real Estate Private Fund Group (REPFG) of CREDIT SUISSE is a global advisor and placement agent for sponsors of high quality investment opportunities in real estate private equity.The Credit Suisse REPFG team of 21 professionals sources capital from public and private pension funds, foundations, endowments, insurance companies and other institutional and accredited investors worldwide. Transactions include real estate private equity funds, entity level transactions and asset-specified joint ventures across the risk/return spectrum on a global basis. Sponsors of these transactions include private investments firms, real estate operating companies and public REITs. As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 40,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CSR), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com. In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 69 locations across 33 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services. DEWEY BALLANTINE LLP has one of the preeminent real estate private equity fund formation and investment practices in the world. The Firm integrates fund formation, real estate, tax and ERISA specialists to provide seamless

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and comprehensive service to leading real estate fund sponsors, institutional investors and operating partners active throughout the United States, Europe, South America and Asia. Our expertise includes the organization of funds based in the United States and all major offshore jurisdictions, as well as private REITs and other specialized tax structures, the privatization of public REITs, domestic and international joint ventures, and emerging market investments. Our real estate private equity clients include DRA Advisors, GE Asset Management, GP Investimentos Imobiliários, Harbert Management Corporation, Hunter Chase & Co., The Praedium Group and Westport Capital Partners. Our other private equity clients include Coller Capital, DuPont Capital Management, the European Secondary Development Funds, Graham Partners, Morgan Stanley Asset Management, Royalton Partners, The Silverfern Group and the Venture Capital Funds of America. Dewey Ballantine LLP is a leading international law firm with over 550 attorneys, having offices in New York,Washington, D.C., Los Angeles, East Palo Alto, Houston, Austin, London,Warsaw, Frankfurt, Milan, Rome and Beijing. For additional information about our work in private equity, real estate and other alternative investments, please visit our website at www.deweyballantine.com or contact: Sanford W. Morhouse +1-212259-8400, Joseph A. Smith +1-212-259-7268. GOODWIN PROCTER LLP is a national leader in real estate capital formation and transactions. For the past 50 years, we have been helping clients raise capital and buy, sell and finance real estate. With over 100 lawyers focused on serving owners, investment managers, investors, lenders, investment bankers and developers, we participate in all aspects of the industry. In recent years, we have assisted in the formation of real estate funds with private equity capital in excess of $10 billion, structured and executed real estate investment transactions valued at over $20 billion and assisted in REIT and REIT M&A deals totaling more than $43 billion. Industry leaders and seasoned entrepreneurs seek our assistance in accessing and deploying capital for investment in real estate and the execution of a wide variety of growth, value-creation and core strategies. We are familiar with the specialized issues associated with a

G OLD S PONSORS wide variety of property types. Clients rely on us to identify conventional approaches where available or develop innovative new ones when necessary. Our cross-departmental Funds Formation, Real Estate Investment Management, and REITs and Real Estate Securities Practice Areas bring together lawyers with the focused expertise necessary to respond to client demands promptly and efficiently. GREENBERG TRAURIG represents a vast array of clients from entrepreneurs to institutional investors and with 28 offices in the Americas, Europe and Asia as well as strategic affiliations abroad, Greenberg Traurig provides extensive knowledge with personalized service. We have represented dozens of nationally and internationally known owners, developers, investors, and lenders in all aspects of real estate acquisition, development, operations and finance and are uniquely capable in the condominium sector. Our firm-wide real estate practice includes more than 200 real estate lawyers and our 1,500 lawyer firm has significant depth in the complementary areas of corporate and securities, tax, zoning and land use, environmental, ADA, ERISA, and litigation, enabling us to provide our clients with comprehensive, integrated legal services for all facets of their real estate businesses. We often add value to our client services through our broad contacts in the capital markets. MAYER, BROWN, ROWE & MAW LLP's Real Estate Group is large, varied and international in its capability. Each year, Mayer Brown real estate lawyers handle thousands of purchases, sales, leases, financings, securitization transactions and restructurings involving tens of billions of dollars and pounds around the

world. The Real Estate Group consists of lawyers throughout our international network of offices with the combined expertise and skills necessary to provide excellent service to clients in complex real estate transactions worldwide. Our real estate practice is enhanced by our extensive involvement and influence at various levels of the real estate industry. For more information, please visit our website at www.mayerbrownrowe.com. PARK HILL REAL ESTATE GROUP LLC is currently seeking approval for registration as a broker-dealer with the NASD. Until such time, all regulated services are performed through the Blackstone Group, L.P., an affiliate of PHREG and a NASD member firm and registered broker-dealer. TABERNA REALTY FINANCE TRUST currently manages more than $7.5 billion in real estate investments. With our capital markets expertise and extensive industry contacts, we are a leading source of financing for REIT’s and real estate operating companies through out the United States. Taberna Realty Finance Trust is a specialty finance REIT focused on providing flexible solutions to the capital needs of the real estate industry.Taberna Realty Finance Trust also makes investments in commercial and residential real estate-backed securities.

S ILVER S PONSORS APOLLO REAL ESTATE ADVISORS is a privately held, employee-owned, principal investment firm founded in 1993. Apollo serves as the General Partner of a series of diversified real estate investment funds other real estate investment partnerships. Apollo has invested $5 billion of clients' and partners' equity in more than 200 investments in portfolios and individual property assets, with a gross asset value in excess of $25 billion, in the United States, Europe and Japan. The Apollo team consists of 40 real estate professionals, located in New York, Los Angeles and London. Clients include domestic and international retirement systems, pension plans, endowments, foundations, banks, insurance companies and family offices. Apollo focuses on off-market deals and under-managed properties, often teaming with a strong local operating partner. DELOITTE’s national Real Estate, Hospitality & Construction Industry practice, one of the fastest growing industry groups, consists of more than 1,500 dedicated practitioners who provide audit, tax, consulting, and financial advisory services to nearly 800 clients. Clients include many of the industry’s giant real estate owners, service companies, investment advisors, developers, property management and leasing companies, REITs, mortgage brokers and bankers, pension funds, syndicators, and insurance companies, as well as five of the ten largest real estate investment advisors in the U.S. DLA PIPER RUDNICK GRAY CARY is an international business law firm with 1,500 lawyers in offices throughout the U.S., whose core practices are finance, corporate and securities, real estate, litigation, intellectual property, and

government affairs. Worldwide, DLA Piper has 3,100 lawyers in 58 offices in 22 countries, including the United Kingdom, Europe, and Asia, offering leading practices in real estate, commercial, corporate and finance, human resources, litigation, regulatory and legislative, and technology, media, and communications.The firm recently added several of the country’s leading attorney’s in the real estate capital markets field, expanding and diversifying our service offerings for both U.S. and international clients. We have in-depth experience in all legal disciplines relating to this area including fund formation, joint ventures, corporate finance, REITs, securities regulation, finance, leasing, federal, state, local and international taxation and employee benefits and ERISA. We are part of the world’s leading commercial real estate practice, and our real estate capital markets practice is international in scope, encompassing virtually all types of companies and transactions touching upon real estate capital markets. ERNST & YOUNG, a global leader in professional services, is committed to restoring the public’s trust in professional services firms and in the quality of financial reporting. Its 107,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centered on our core competencies of auditing, accounting, tax, and transactions. Ernst & Young has the largest integrated real estate, hospitality and construction practice of any Big Four firm, with 3,500 professionals serving more than 4,000 real estate owners, developers, lenders and users throughout the world. Our unique approach combines entrepreneurial thinking and working knowledge of real estate issues with broad real estate expertise, vast resources, and a diverse network of clients and contacts. Learn more about Ernst & Young Real Estate, Hospitality & Construction at www.ey.com/us/realestate. IMN Email: [email protected]

Tel: 212-768-2800

Fax: 212-768-2484

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GE REAL ESTATE (www.gerealestate.com) is one of the world’s leading resources for commercial real estate capital, through its capital markets, equity, fixed and floating rate financing products and services. Headquartered in Stamford, Connecticut, the business boasts assets over $35 billion with 44 offices throughout North America, Europe, Asia, and Australia/New Zealand. As a division of HYPO REAL ESTATE BANK INTERNATIONAL, one of the world’s leading commercial real estate lenders, Hypo Real Estate Capital Corporation (HRECC) continues to be one of the largest foreign owned commercial real estate lenders in the United States. Accordingly, we are the lender of choice for many of the most successful real estate owners, developers and investors worldwide doing business in the U.S. We continuously strive to be a leader in the real estate sector through the creation, development, implementation and delivery of an extensive array of real estate financing products and structures. In this regard, we provide innovative solutions to complex real estate transactions including construction and balance sheet loans, CMBS and subordinate debt lending across all asset classes throughout the Americas.This translates into tangible value realized by our substantial and diverse client base. HRECC provides a full range of services that combine unparalleled real estate and local market knowledge with capital markets expertise. We provide a single source for capital solutions for the real estate industry.We continue to distinguish ourselves by our unique ability to, on a stand alone basis, fully underwrite extremely large loans, our singular expertise in real estate lending and loan servicing, and our commitment to deliver to our clients a full complement of financial products along with the personal service beyond reproach. At HRECC, we are consistently recognized for our innovative financial products. Our core values and distinctive approach to our business, coupled with our professionalism, integrity, commitment to excellence, innovation and teamwork have allowed us to earn the trust and respect of our clients which is evidenced by the repeat business that we are awarded. JONES DAY is one of the world's largest law firms, with 14 U.S. and 16 non-U.S. offices and more than 2,300 lawyers. Our Real Estate Practice comprises more than 120 lawyers in the U.S., U.K., Europe and Asia. Jones Day was ranked #1 globally in Real Estate M&A transactions by deal count by Bloomberg from 2003 to 2005. Jones Day's Real Estate Funds practice represents market-leading sponsors and lead investors in real estate fund formations. Our Real Estate Capital Markets practice represents many of the largest and most active real estate private equity funds in their ongoing acquisition, disposition, financing and asset management activities in the U.S., U.K., Europe, Asia and Latin America, from initial investments to fund liquidation and exit. Our lawyers have closed real estate funds as U.S. and U.K. limited partnerships, limited liability companies, REITs, Dutch C.V.s, Jersey Unit Trusts, Jersey Limited Companies, registered and unregistered Luxembourg vehicles, and various other collective investment vehicles to provide maximum investment flexibility given the nature and location of the fund's investors, advisers, and proposed investments. We have negotiated direct real estate investments, equity joint ventures, public and private real estate company acquisitions, and the placement of secured, mezzanine, and participating debt on behalf of real estate funds in the U.S., U.K., Europe, Asia and Latin America. We also provide Investment Advisers Act, Investment Company Act, Financial Services and Markets Act, and other securities law and regulatory advice, and cross-border tax advice and ERISA advice in forming and maintaining VCOC and REOC structures, where made necessary as a result of the fund's investor base.

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For further information on our Real Estate Funds and Real Estate Capital Markets Practices, please visit us at our website, www.jonesday.com, or contact: Robert C. Lee - [email protected], David J. Lowery [email protected], Mark V. Minton - [email protected], Kent R. Richey - [email protected]. KING & SPALDING LLP is an international law firm with more than 800 lawyers in Atlanta, Houston, London, New York and Washington, D.C.The firm represents half of the Fortune 100, and in a Corporate Counsel survey in September 2005 was ranked one of the top ten firms representing Fortune 250 companies overall. For additional information, visit www.kslaw.com. KPMG’s Real Estate Practice is a leading provider of audit and accounting, tax, transaction advisory and risk advisory services to the real estate industry. KPMG’s Real Estate Practice provides services to clients globally, including real estate investments funds, institutional investors, domestic and foreign investors, publicly traded and private companies. KPMG’s Real Estate Practice is the result of a 30-year effort to forge one of the largest and strongest full service real estate practices. Our Real Estate Practice provided services on a national, as well as a global basis with a network of more than 1,000 dedicated professional in the United States. Key Service Offerings of KPMG’s Real Estate Practice: Audit and Accounting · Financial Statement Audit · Agreed Upon Procedures · Consultation on GAAP Matters · Local, International and Regulatory Reporting Matters.Tax: · Tax Return Preparation and Review Compliance · Consultation on Domestic and International Tax Matters · Transaction Structuring · State & Local Tax · Cost Segregation Analysis · Valuation Transaction Advisory: · Due Diligence · Financial Modeling · Portfolio/Asset Strategy. Risk and Advisory: · Internal Audit (Outsourced and Cosourced) · Corporate Real Estate Services · Business Risk Analysis · Performance Enhancement and Cost Management · Business and Repositioning Services For more Information on KPMG’s Real Estate Practice, please contact: Edward N. Constantino Partner in Charge Global Real Estate Funds Practice (212) 954-7820, [email protected]. For over 75 years, LASALLE BANK's Commercial Real Estate Group has been an industry leader, serving public and private real estate developers, Institutional investors and individuals. Headquartered in Chicago with nearly $110 billion in assets, LaSalle Bank corporation is an integral part of the Real Estate Marketplace. With real estate offices throughout the US, we are uniquely positioned to serve thousands of clients each year on a national platform. LaSalle's capabilities include: commercial property acquisition and construction financing; Fund level lines of credit; Real Estate Investment Trust financing; and a variety of short term and long term financing alternatives for office, industrial, retail, multi-family and For-sale residential property projects. LaSalle Bank is able to provide customized support to their varied client base. MORGAN LEWIS, with more than 1,200 lawyers in 20 offices around the world, offers clients seamless service across practice areas. Our Real Estate Practice includes more than 60 lawyers who represent major corporations, regional and national developers, REITs, private equity funds, institutional lenders, investors, pension funds and advisers, and special servicers in connection with their use, ownership and financing of real estate. We efficiently handle transactions of all sizes and degrees of complexity, both locally and internationally. We are experienced in acquisitions, dispositions, financing, workouts and restructurings, land assemblage, development, investments by foreign entities, sale-leasebacks, leasing, taxation, condemnation and land use.

PAUL, HASTINGS, JANOFSKY & WALKER LLP is an international law firm comprising more than 950 attorneys in ten domestic and seven overseas offices.The firm's real estate practice is one of the preeminent groups throughout the world, with more than 160 lawyers. Paul Hastings' real estate practice was named "International Real Estate Law Firm of the Year" by Chambers and Partners as well as being selected as the top real estate departments in both New York and California in 2004-2005 by Chambers and Partners and PracticalLaw.com.We offer an experienced investment funds practice which specializes in opportunity and other real estate funds, including the formation and operation of funds and creating structures to deal with tax, ERISA and other investor issues. With international offices serving three industrialized continents, Paul Hastings is uniquely poised to assist opportunity and private funds, developers, investors, and members of the real estate industry. Commitment to client objectives, unparalleled responsiveness to client needs and freedom to be creative, have established Paul Hastings as an international leader in legal services. For more information,visit us at our website:www.paulhastings.com or contact Phil Feder at [email protected] or Larry Hass at [email protected] or Robert Wertheimer at [email protected]. PRICEWATERHOUSECOOPERS (www.pwc.com) provides industryfocused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 130,000 people in 148 countries work collaboratively using Connected Thinking to develop fresh perspectives and practical advice. The PricewaterhouseCoopers real estate group is part of the firm's financial services group, one of the leading providers of integrated professional services to major financial services organizations. Our integrated approach to problem-solving involves an international network of real estate accounting, tax and business advisory professionals who can

quickly mobilize to form highly qualified teams to respond to a client’s opportunity or challenge. Our global real estate professionals offer in-depth experience in a wide range of financial accounting and reporting issues, global tax solutions, investment fund structuring, capital market transactions, securitization issues, technological applications, systems and operations; due diligence and transaction support, and valuation management. PROSKAUER ROSE LLP, established over one hundred twenty-five years ago, is a full service international law firm of over 715 attorneys, headquartered in New York City, and practicing in eight other key markets worldwide. Proskauer Rose is a law firm with an almost unparalleled depth of experience in, and long-standing commitment to, real estate capital markets. Proskauer Rose, which is a recognized leader in private equity and real estate capital markets, is uniquely qualified to assist issuers, underwriters, lenders and investors in evaluating opportunities and in structuring and executing capital and finance transactions involving real estate companies and funds. By last year, our team closed more than 60 private equity funds representing over $20.0 billion in committed capital. Proskauer Rose’s everexpanding real estate capital markets and finance clients include public real estate companies and REITs, underwriters of real estate securities, institutional lenders, real estate opportunity funds, pension advisors and hedge funds. We regularly represent our real estate capital markets clients in all different stages of investment – growth capital, mature private equity, public debt and equity, management buyouts, and other leveraged acquisitions and recapitalizations of successful and less successful companies, and other special situations. The Firm’s representations include fund formations; IPOs; public company mergers; roll-up transactions; equity and preferred equity offerings and placements; high-yield debt and convertible debt offerings and placements; senior and mezzanine financings; public and private tender offers; and joint ventures. For further information, please visit our website at www.proskauer.com or contact Peter Fass at [email protected] or Steven Lichtenfeld at [email protected].

B RONZE S PONSORS BANC OF AMERICA SECURITIES LLC, a subsidiary of Bank of America Corporation, is a full-service investment bank and brokerage firm with principal offices in New York, Charlotte, San Francisco, and London. The firm delivers capital raising, financial advisory and risk management solutions, bulge-bracket trading andg lobal distribution services, and objective research on global markets andg rowth sectors to corporations, institutional investors, financial institutions and government entities. Bank of America is one of the world's preeminent real estate financial partners. Together with its investment banking affiliate, Banc of America Securities LLC, the company delivers market insights and the full spectrum of capital raising and strategic advisory solutions. Clients range from residential and commercial developers, to investors, funds and operating companies, homebuilders, REITS and mortgage banking companies. Products and services include: Equity Subscription Financing, Construction Project Financing, REIT and Homebuilder Financing, Debt and Equity Capital Raising, and M&A Advisory, in addition to Treasury Management, Interest Rate Management, Portfolio Acquisitions, Credit Lease Financing, and Mortgage Backed Securities. For more information on Real Estate Investment Banking contact Ron Sturzenegger [email protected] (San Francisco). For additional information on Real Estate Finance contact Mark D. Monte [email protected] (San Francisco) or John B. Lamb [email protected]. Founded in 1997, BARROW STREET CAPITAL LLC is a middle-market opportunity fund manager with offices in New York and Los Angeles.The firm

targets 20%+ IRRs by making equity and mezzanine debt investments in redevelopments, developments and distressed assets in supplyconstrained markets primarily on the Atlantic and Pacific Coasts of the United States. Nicholas Chermayeff and Robert Greenhill, Jr. are the firm's Co-Chief Executive Officers. Barrow Street is currently investing the Barrow Street Real Estate Fund III, L.P., which has approximately $360 million of equity commitments. Barrow Street manages capital on behalf of domestic and foreign investors, including pension funds, financial institutions, foundations, and high net worth investors. BPI ENTERPRISES, LLC, (BPIE) a builder of working class homes in the state of Texas, is currently building in the Galveston County, Jefferson County and Harris County areas.There was an urgent need to provide working class homes in these Counties before hurricanes Katrina and Rita; now the need is even greater.The current need for new construction along the Gulf Coast Region is estimated to be 1 million homes over the next 5 years. BPIE has partnered with local contractors to assist in our endeavors. CBRE’s independent subsidiary, Torto Wheaton Research (TWR) is the premier provider of research services to owners and investors in U.S. and Canadian commercial real estate. Leveraging its 20 years of experience, TWR offers research products such as the TWR Outlook and TWR/Dodge Pipeline. Investment Strategy Services is aimed towards firms looking to apply superior market knowledge in a rigorous manor with the goal of maximizing investment returns.These fee based services are customized IMN Email: [email protected]

Tel: 212-768-2800

Fax: 212-768-2484

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to each client firm’s needs. The Investment Strategy Service runs the research gambit with TWR serving as the real estate research department for firms requiring customized research expertise, working with executive teams on strategic initiatives, executing market selection or targeting, designing investment strategies and providing on-going insight into the real estate investment environment for monitoring existing portfolios or in support of new funds. TWR’s rigorous approach to modeling, forecasting and investment strategy, combined with the transactional knowledge and local market expertise of CBRE, underscores an unmatched research platform for providing directional advice on market forces that impact decision making and ultimately investment performance. TWR’s client base includes institutional advisors, plan sponsors, opportunity fund managers, government agencies, banks, insurance companies, rating agencies and finance companies. EISNER is one of the premier accounting and advisory services firm in the nation, providing services in a number of major industries. Our Real Estate Services Group advises some of the largest real estate owners and operators in New York, and has successfully represented clients in transactions totaling billions of dollars. We are also one of the leading service providers to investment funds in the country. Our Financial Services Industry Group serves the needs of businesses ranging from start-ups to large global operations. Clients include REITs, Real Estate Opportunity Funds, Distressed Debt Funds, Hedge Funds, Fund of Funds, Private Equity Funds, Registered Investment Advisors, Mutual Funds and Broker-Dealers. EQUASTONE is a real estate investment firm based in San Diego, CA specializing in opportunistic, value-added and core-plus real estate investments. Equastone acquires, operates, repositions and sells commercial real estate on behalf of Equastone Real Estate Funds. Equastone Real Estate Funds offer qualified investors the opportunity to earn attractive, risk-adjusted returns through ownership of a diversified portfolio of high quality real estate. Equastone and its senior management team have extensive experience as investment managers and real estate operators. Equastone-sponsored investments have significantly outperformed REITs and real estate mutual funds due to our highly selective approach and proven ability to add value. Since 1993, Equastone has delivered over 30% net annual returns to investors. Since 2005, Equastone has invested $250 million on behalf of Equastone Value Fund and intends to invest $1 billion over the next two years on behalf of Equastone Value Fund II. For more than 160 years, FOLEY & LARDNER LLP has delivered legal services focused on meeting our clients’ business objectives with integrity, insight, and innovation. Our Real Estate attorneys provide counsel related to the acquisition, development, financing, and sale of properties across the United States and around the world. We have assisted airports, corporations, developers, health care providers, hotels, utilities, and many other organizations in achieving their growth plans. Services include syndication of equity and debt positions, as well as counseling in defaults and workouts. Please visit our web site at www.foley.com. GIBSON, DUNN & CRUTCHER is one of the world's pre-eminent international law firms. With practice groups including real estate, litigation, securities and M&A, corporate finance, private equity, antitrust, bankruptcy and restructuring, and labor law for which GDC's 800+ lawyers in over a dozen offices spanning the United States and Europe are recognized as leading practitioners. Our real

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estate practice is one of the most highly respected in the U.S. and in Europe. Gibson, Dunn & Crutcher represents many of the world's most sophisticated and active opportunity funds in real estate, corporate and financing transactions throughout the world. Gibson, Dunn & Crutcher's Real Estate Practice Group is reknowned for its sophisticated transactional work on behalf of its U.S. and foreign clients which include financial institutions, opportunity funds and other institutional and noninstitutional investors, REITs, hotel operators, and local, national and international real estate developers and builders. GUMBINER SAVETT INC. Established in 1950, Gumbiner Savett has grown into one of the most respected nationally recognized accounting firms in California with affiliated offices and clientele located throughout the United States and worldwide. We provide a full range of accounting, audit, tax and consulting services to numerous public and private companies. Headquartered in Los Angeles, we pride ourselves in our commitment to quality, unsurpassed technical expertise, client service and real estate industry experience. Our National Real Estate Practice represents numerous well known closely-held, private and institutional real estate companies throughout the United States and worldwide, including private equity, pension and opportunity funds investing in real estate. For more information about how our real estate group can assist you, please contact Scott Farb, Managing Principal, National Real Estate Practice, at (310) 828-9798 or [email protected]. HAYNES AND BOONE, LLP is an international corporate law firm with 10 offices throughout Texas, Mexico City, Moscow, New York, and Washington, D.C. With more than 450 attorneys, the firm provides a full spectrum of legal services to clients around the world. Haynes and Boone consistently is ranked among the top 100 law firms in the U.S. by National Law Journal. In 2005, it was named as one of the best corporate law firms in America in a survey by Corporate Board Member Magazine. Haynes and Boone is among the leading U.S. law firms representing agents and arrangers of subscription secured credit facilities for real estate opportunity funds; and is ranked No. 1 in Texas and 8th nationally in the representation of lead lenders and borrowers in syndicated loan transactions based on Loan Pricing Corporation year-end results for 2005. HDG MANSUR is an international real estate industry leader specializing in real estate advisory services for high net-worth individuals and select institutions worldwide. HDG Mansur has more than twenty years of international property expertise with particular knowledge of the mixed-use, commercial, retail, residential and leisure sectors. Since its inception in 1982, HDG Mansur has been involved in some $4.5 billion of real estate investments worldwide on behalf of its global clients. HFF SECURITIES L.P. ("HFFS") is the investment banking affiliate of Holliday Fenoglio Fowler, L.P. ("HFF"). HFFS' primary services include: • Raising discretionary equity capital for commingled real estate funds; • Accessing project-specific, entity-level and programmatic equity capital for real estate operating companies from pension funds and their advisors; and • Providing financial advisory services to real estate companies and institutional investors for various strategic assignments. By virtue of our integrated platform with HFF, we also arrange and structure all forms of secured and unsecured debt capital, conduct one-off and portfolio asset sales, engage in mortgage note sales and service loans. Our core expertise is an in-depth knowledge and understanding of the

institutional real estate marketplace and the tax-exempt investor community. The firm's professionals have an average of 20 years of experience within the institutional real estate industry, each with a unique background that enhances the services provided by HFFS. Senior management professionals have previous experience as real estate investment advisors and managers, pension fund trustees, Wall Street investment bankers and attorneys.

Since 1996, Landmark has confidentially provided real estate sellers with much-needed liquidity and real estate investors with a niche investment opportunity to supplement their more traditional programs. The benefits of investing in a Landmark secondary real estate fund include: enhanced diversification, identified assets, rapid return of capital, immediate distributions, an experienced team and a comprehensive approach to acquisition due diligence and pricing.

JPMORGAN's Real Estate & Lodging Investment Banking Group (REALIB) is a global, one-stop platform, focused on providing advisory and capital market solutions to the world's most significant real estate, gaming, lodging and real estate related companies. The group has 70 dedicated professionals in seven offices worldwide - New York, Chicago, Los Angeles, London, Tokyo, Hong Kong and Sydney - overseeing the firm's key client relationships including public and private REITs, real estate financial sponsors, as well as homebuilding, lodging and gaming companies. Over the course of 2005, the REALIB team advised on ground-breaking transactions in the multifamily, regional mall, office, homebuilding, lodging and gaming property sectors, with an aggregate transaction volume in excess of $13 billion.We were the leading provider of bank debt financing, syndicating over $46 billion in loans, and book-managed public and private equity transactions, raising in excess of $2 billion. Our CMBS platform lead managed more than $21 billion of securities in 2005, ranking as the #1 bookrunner in the U.S. and #2 globally. Finally, our unsecured debt platform is one of the world’s largest having book-managed public and private offerings (high yield and high grade), with aggregate volume in excess of $13 billion.

LIQUID REALTY PARTNERS, the real estate secondaries firm, is a San Francisco-based investment manager specializing in acquiring interests in private real estate funds, partnerships and trusts on a secondary basis. Founded in 2002, Liquid Realty’s three institutional funds comprise $900 million in assets under management. For investors considering a secondary sale, Liquid Realty follows a proven model for delivering optimal pricing, timely closings and courteous service. Liquid Realty’s principals, Scott Landress and Jeff Giller, are 20-year industry veterans supported by an experienced, professional team. The firm works regularly through intermediaries and alongside private equity investors, and has transacted with leading global investors of all types and sizes. Liquid Realty’s past investments range from $1,000 to several hundred million, span all global economies, accommodate unfunded commitments, and encompass core, value-added and opportunistic styles.

KATTEN MUCHIN ROSENMAN LLP's Real Estate Securities Practice represents some of the nation’s leading REITs, major real estate investors and developers, underwriters, lending institutions, insurance companies and pension plans in the acquisition, development, financing and sale of real estate assets and in structuring, issuing, underwriting and investing in real estate debt (of all types) and real estate securities. Our Fund Formation Group represents leading sponsors of and investors in venture capital, buyout and real estate funds. The two groups work closely together to provide an integrated service platform for real estate opportunity funds combining the strengths of extensive knowledge of real estate markets with first hand knowledge of the most recent fund formation developments and trends. For more information, contact Tim Little at [email protected]. KEYSTONE PROPERTY GROUP is a real estate investment and property development firm located in Conshohocken, PA. A vision for value has driven its success. What makes Keystone unique is the ability to see opportunity and the nimbleness to execute on it- whether redeveloping underperforming assets and developing new buildings or creating value through leasing, financing, property management, and asset management.This vision is the blueprint for Keystone’s success: adding value to its assets and creating wealth for its partners. LANDMARK is a private equity and real estate investment company specializing in secondary funds. Formed in 1989, the firm has one of the longest track records in the industry and is a leading source of liquidity to owners of real estate, venture, mezzanine and buyout limited partnership interests. In 1996, Landmark pioneered the secondary market for institutional real estate interests by forming a fund to acquire a portfolio of commingled fund interests from a state pension plan. Inclusive of the initial portfolio, Landmark has sponsored four real estate secondary funds acquiring over $1.0 billion of assets. Landmark has completed 44 transactions and has acquired more than 100 real estate partnership interests.

MACFARLAN CAPITAL PARTNERS is a national real estate investment management firm which has purchased over $1 billion in real estate investments on behalf of pension funds, Wall Street investment funds, family offices and individual investors.The company’s unique offerings include income and opportunistic investments. Macfarlan provides investment programs with superior returns through targeted strategy funds, single asset partnerships, and tenant-in-common ownership structures. The firm acquires and develops office, industrial, retail and luxury hospitality properties located across the United States and abroad. For more information please visit: www.macfarlan.com. MADISON HARBOR CAPITAL organizes and manages portfolios exclusively of private real estate funds on behalf of institutional and qualified high net worth clients. Through the creation of separate and diversified primary and secondary portfolios in a multi-manager format, we seek out top quartile managers. Our goal is to provide our investors with well-aligned investments and a proper balance of risk and return that results in consistent above average net investment performance. For more information please visit www.madison-harbor.com. MADISON INTERNATIONAL REALTY is a specialty real estate investment firm, which provides liquidity to institutional and individual investors in commercial real estate transactions. We acquire limited partnership, member, fund and joint venture interests, as principals in privately negotiated transactions. Madison purchases such interests from existing investors seeking an early exit as well as provides new equity capital to property owners seeking to restructure balance sheets, buy out partners, or monetize equity positions. Since 1996, Madison and its principals have acquired over $250 million of these interests charging no broker or transaction fees. Madison targets ownership interests in investment funds, private placements, joint ventures, syndications and direct investments that adhere to the following criteria: Product Type: Office | Retail | Multifamily | Industrial | Hospitality Property Location: United States | Continental Europe | United Kingdom Investment Size: $1.0 million to $30.0 million USD Expected Remaining Holding Period: 3- 5 years IMN Email: [email protected]

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The MERRILL LYNCH Private Equity Group is a leading placement agent that specializes in raising capital for managers of alternative investment strategies including leveraged buyouts, real estate, venture capital, hedge funds, restructuring, turnarounds, and distressed securities. The Private Equity Group’s experienced team of fund raising professionals, who originate, structure, and market private equity, real estate and hedge fund products, are located in New York, San Francisco, Los Angeles, London and Tokyo. Since 1981, the Private Equity Group has placed over $135 billion of capital representing more than 125 general partners globally. MORRISON & FOERSTER LLP is a preeminent international law firm with more than 1,000 attorneys and 19 offices worldwide. Its Real Estate and Fund Formation Groups are expert in all aspects of U.S. and international real estate opportunity funds and real estate transactions, and include lawyers resident in all of the principal U.S. and foreign offices. Its Fund Group consists of more than 40 attorneys and has represented fund sponsors or major institutional investors in the formation of funds having committed capital in excess of $65 billion. Its Real Estate Group is equally experienced in representing real estate clients in "one-off". transactions, and on a portfolio-wide, multi-jurisdictional basis. In Asia and Europe, Morrison & Foerster LLP complements U.S. lawyers with resident lawyers qualified to practice local law in these jurisdictions (including London, Shanghai, Beijing, Hong Kong, and Tokyo). A principal focus of the firm's Real Estate and Fund Formation Groups has been the formation and operation of real estate opportunity funds and the representation of their financing sources.The firm is an industry leader in the formation of opportunity funds as well as subscription line financings utilized by opportunity funds. It also represents opportunity funds in real estate investments and dispositions throughout the world, including the formation of joint ventures for acquisitions in Europe and Asia. For more information, please see www.mofo.com. MOURANT FUND SERVICES When it comes to advising, structuring and servicing real estate and private equity structures, Mourant offers the right support with a powerful mix of knowledge and experience. Mourant specializes in the administration of limited partnerships, unit trusts, special purpose vehicles, and other entities commonly used by the real estate and private equity industry. From offices in London, New York, Luxembourg, Jersey, Guernsey, and the Cayman Islands, Mourant coordinates the accounting, tax, and administrative needs of over $70 billion in fund assets. Mourant also offers top-rated offshore legal services from offices in Jersey, Guernsey and the Cayman Islands, advising on all aspects of law relating to investment funds. For more information, please contact Steven Davidson, T +1 212 796 8861 [email protected] Website: www.mourant.com. NEW BOSTON is a real estate investment and development firm based in Boston, MA that manages approximately $1 billion in private equity on behalf of high net worth and institutional investors. With nearly $2.5 billion in cumulative investment and development activity, New Boston’s value-added investment strategy focuses on equity, mezzanine and joint venture investment/development opportunities across all asset classes. Our new $200 million Urban Strategies America Fund targets acquisitions/developments in transitional inner city neighborhoods with a “double bottom line” impact, including strong investor returns and community benefits. THE OCH-ZIFF REAL ESTATE FUND, an affiliate of Och-Ziff Capital Management, is a limited partnership organized to invest in real estate and real estate related opportunities located primarily in the United

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States.The Fund pursues investments in the four major asset classes for real estate including office, industrial, retail and multifamily.The Fund also seeks to invest in certain specialized asset categories including senior housing, medical office, lodging and other asset classes. Investments on behalf of the Fund can be structured in various forms including equity, preferred equity, debt, participating debt and other financial structures. The Fund is managed by Och-Ziff Real Estate Advisors, a real estate investment and advisory firm co-founded by Stavros P. Galiotos and Steven E. Orbuch. O’CONNOR CAPITAL PARTNERS is a privately held, independent real estate investment firm focused on principal investing through private equity funds. O’Connor concentrates its efforts on making direct investments in high-quality assets in major metropolitan markets in North America and Europe. Over the past 20 years, the firm has acquired or developed more than $10 billion of property on behalf of various investment funds, institutional clients, and its own account encompassing all major property types. Since 1994 the firm has managed real estate private equity funds with almost $2.0 billion in capital commitments that have made investments with a gross value of over $5 billion. In 2004, O’Connor began investing for O’Connor North American Property Partners, a $528 million fund focused on direct investment in property in the U.S., Mexico and Canada. The firm is headquartered in New York with regional offices in Los Angeles, Mexico City, London, Milan and Luxembourg, staffed by over 50 employees. ORRICK, HERRINGTON & SUTCLIFFE LLP is a fullservice, 850 lawyer firm with 16 offices in the United States, Europe and Asia. Orrick's Global Real Estate Group, one of the leading real estate practices in the United States, Europe and Asia, represents diverse clients that are active throughout the world in all phases of real estate investment, financing, securitization, development, and operations. We represent a substantial number of U.S. pension funds and pension fund advisors, including CalPERS, RREEF, Deutsche Bank, Morgan Stanley, Lehman Brothers Japan, Hearthstone, BlackRock, Bristol Group, McMorgan, Cornerstone Real Estate Advisors, MacFarlane Partners, CBRE Investors, Wisconsin State Investment Board, LA County Employees Retirement Association, San Francisco Employees Retirement System, Oregon PERS and others. We are actively involved in representing both the sponsors of core, opportunity and other funds and investors in such funds, including such entities as Colony Capital, Legacy Partners, Westbrook Real Estate Partners and others. In addition, as the real estate industry has increasingly become an integral part of the national capital markets, Orrick has become one of the leading firms in the representation of parties involved in mortgage-backed security transactions, public and private REITs, and other real estate structured finance transactions. Founded in 1983, PIRCHER, NICHOLS & MEEKS (the "Firm") is perhaps the only substantial real estate law firm in the United States that has, throughout its existence, focused on representing equity capital sources in real estate transactions on a nationwide basis. The firm also represents a number of real estate lenders. With offices in both Los Angeles and Chicago, Pircher, Nichols & Meeks employs more than 65 attorneys who specialize in real estate-related matters. Over 55 of those attorneys are exclusively dedicated to real estate transactional matters. Pircher, Nichols & Meeks represents a number of real opportunity funds in transactions throughout the United States and abroad. The Firm is involved in single-asset transactions for real estate opportunity fund clients, as well as portfolio acquisitions. The Firm's work for real estate opportunity funds includes (1) joint venture transactions, (2) public to private REIT acquisitions, (3) purchases, sales, leasing and financing (origination and workouts for both borrowers and lenders) of real

property throughout the United States as well as abroad, and (4) transactions in which the seller is in bankruptcy.The Firm also represents private equity fund sponsors with formation matters. Pircher, Nichols & Meeks offers to work with each client to create forms of agreements that reflect the client's business objectives and practices. The Firm also offers a number of programs to its opportunity fund clients, including presentations on promote structures and exit strategies in joint ventures. The Los Angeles office is located at 1925 Century Park East, Suite 1700, Los Angeles, CA; Phone: (310) 201-8900, Fax: (310) 201-8922. The Chicago office is located at 900 North Michigan Avenue, Suite 1050, Chicago, IL; Phone: (312) 915-3112, Fax: (312) 915-3348. For additional information, please visit www.pircher.com. PROPERTY & PORTFOLIO RESEARCH, INC. (PPR) is an independent real estate research and portfolio strategy firm that provides leading global institutional real estate market participants with objective research on real estate cycles and their implications for investment strategy. We help clients apply our cutting-edge market research, analytics, and strategic thinking to stay ahead of market trends and maximize risk-adjusted returns. RBC CAPITAL MARKETS' real estate investment banking team provides a complete set of financing solutions tailored to the public and private real estate industry across North America. Since 2004, we have raised over $8 billion for our clients. RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada, one of the world's largest providers of financial services. Operating since 1869, RBC is a leading international bank with more than $378 billion in assets and one of the highest credit ratings of any financial institution (Moody's Aa2, Standard & Poor's AA). For more information please see www.rbccm.com/realestate. REAL CAPITAL ANALYTICS,INC. (RCA) monitors commercial and apartment real estate sales transactions in nearly real-time across all U.S. markets. Clients access a daily updated database of these property trades as well as timely, insightful investment market reports at the national and metro levels. Our client roster includes most life companies and large commercial banks as well as hundreds of investment firms, REITs, brokers and appraisers. RCA subscribers have access to the industry's most comprehensive reports and tools, including: Capital Trends Monthly • Containing fresh analysis and rotating content, Capital Trends Monthly identifies the trends and quantifies the forces at work in today's capital markets. Office, industrial, retail and apartment reports are issued near the 22nd of each month. Market Trends & Trades • Each quarter, over 200 one-page marketspecific reports are issued analyzing pricing, cap rate, volume trends as well as who are the most active buyers and sellers of office, industrial, retail and apartment properties. Property Trade Search • The most current online database of significant property transactions available to commercial real estate professionals. Subscribers can easily create custom reports that summarize the most recent investment activity in any market nationally, including prices, cap rates and terms, plus the buyers, sellers and brokers involved. REALFOUNDATIONS is a full-service management consultancy focused exclusively on comprehensive, creative solutions for corporate and commercial real estate. From homebuilders, owner/operators and construction to service providers and capital markets, RealFoundations offers innovative business intelligence, process analysis, improvement and solution implementation, strategic information, systems planning and integration, merger / acquisiton strategy and due diligence. is a fullservice management consultancy focused exclusively on comprehensive, creative solutions for corporate and commercial real

estate. From homebuilders, owner/operators and construction to service providers and capital markets, RealFoundations offers innovative business intelligence, process analysis, improvement and solution implementation, strategic information, systems planning and integration, merger / acquisiton strategy and due diligence. Trust, confidence, knowledge and experience are the foundation for credibility and accomplishment in business. REZNICK GROUP, formerly Reznick Fedder & Silverman, has more than 25 years of experience providing accounting, tax and business advisory services to real estate clients nationwide. Reznick Group professionals provide a full range of specialized services to real estate investment trusts (REITs), developers, owners, investors, lenders, syndicators, government agencies and nonprofit organizations. Our extensive experience enables us to provide strategic guidance to each of our clients while consistently meeting client expectations. Key services provided include Audit and Assurance,Tax Compliance and Consulting, including State and Local Tax, Due Diligence, Internal Audit and Sarbanes-Oxley Act Section 404 Compliance, Financial Advisory, Management Advisory,Transaction Structuring and Real Estate Advisory. Executives in public and private REITs also realize benefits from our comprehensive services designed specifically for their needs. Ranked among the top 20 public accounting firms in the nation-Reznick Group is on the move, continuing to grow nationally, expanding our services and building upon our leadership as real estate industry leaders. With offices in seven cities and approximately 900 professionals our national reputation allows us to attract and retain the best and brightest in the industry which means our clients benefit from industry best practices resulting in outstanding client service. For more information about Reznick Group services, seminars and conferences, or to view our insights on issues that impact your industry, visit www.reznickgroup.com. THE SCHONBRAUN MCCANN GROUP LLP is a national consulting firm dedicated 24/7 to real estate and finance. We offer an unsurpassed breadth of services to meet the increasingly complex needs of these industries. With some 175 professionals, it is the country’s largest dedicated real estate firm. We represent leading public and private real estate entities including more than 60 REITs, as well as financial institutions, investment banks, opportunity funds, pension advisors, developers and private owners. Public Accounting Report ranks SMG among the 100 largest firms in the U.S.; Crain’s ranked the firm among the NY area’s 25 largest firms. As of December 31, 2004, SOMERA has acquired a diversified portfolio consisting of 42 properties with an original cost of over $1 billion. Somera has a consistent history of making successful real estate investments using a value-added strategy, and will continue to build its real estate investment portfolio through a series of closed end private equity investment funds. STANDARD CHARTERED BANK offers customized solutions for Opportunity Funds for your international banking and commercial needs. With over 1,200 offices in more than 56 countries, we can customize sound, effective solutions for your banking needs. No matter what they are - Foreign Exchange, Options, Interest Rate Derivatives, Structured Solutions, Syndications, Cash Management, Custody - our expertise and over 150 years of experience will give your business the edge. Please contact Jim Conti (212 667 0644) or Robert Gilbert (212 667 0493) for further details.

IMN Email: [email protected]

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STARWOOD CAPITAL GROUP GLOBAL, LLC (together with its predecessor entities, "Starwood") is a privately held investment management firm that specializes in real estate related investments on behalf of select private and institutional investment partners. Founded in 1991, Starwood is one of the nation's most active and successful real estate investment firms, having acquired a highly diversified portfolio totaling more than $14.0 billion in real estate assets (excluding over $20 billion acquired through Starwood sponsored public entities). During the past fifteen years Starwood has closed and/or advised on over 300 transactions ranging in size from $1 million to $14.6 billion, and has acquired equity interests in residential lots, multifamily and condominium units, hotels, office, retail and industrial space, golf and leisure-related properties. Starwood has sponsored eight commingled opportunistic real estate funds with assets in the U.S., Europe and Asia. STERLING AMERICAN PROPERTY INC, a real estate investment affiliate of Sterling Equities and American Securities LP, has a 30-year history of national real estate development, acquisition and asset management. Since 1991, its four consecutive real estate funds have invested more than $3.0 billion in assets throughout 43 states, often in conjunction with strong regional joint venture partners. Sterling American has recently launched its fifth fund, Sterling American Property V. Fund V is a discretionary fund in excess of $450 million that will invest in all forms of real estate, with an emphasis on office and multifamily opportunities. As much as 25% of its capital may be deployed for capital development opportunities. Sterling American Property Inc. is recognized for its ability to respond quickly and with entrepreneurial agility to opportunities and market changes. TREMONT REALTY CAPITAL, LLC is a national real estate investment and advisory firm with offices in Boston, Chicago, New York, Annapolis, Hartford, Scottsdale and Sacramento. Tremont makes direct debt and equity investments and provides institutional advisory services for middle market clients.

Direct programs include high leverage bridge loans ranging from $3MM$50MM with 90% LTV with terms up to 5-years, short and long term mezzanine loans from $2MM-$30MM with terms up to 10-years and 90% LTV and $1MM-$20MM equity capital with 98% LTC and terms up to 18-months. The UBS INVESTMENT BANK's Global Real Estate, Lodging and Leisure team is a global market leader in real estate M&A, advisory, and equity and debt capital markets. With one of the industry's largest dedicated real estate teams with more than 65 professionals in New York, London, Sydney, Tokyo, Hong Kong and Singapore, UBS provides preeminent cross-border strategic advice and capital raising solutions for our corporate and institutional clients. As an integral part of the real estate team, UBS has a dedicated team of experienced professionals that exclusively raise equity capital for private equity real estate funds. UBS works with a select group of "blue chip" fund sponsors, including mezzanine debt, value-added funds and opportunity funds to raise capital from institutional investors around the world. WACHOVIA BANK's Real Estate Financial Services group delivers a broad array of products and services with a solutions-oriented approach provided through 100 experienced Relationship Managers housed in over 33 markets located across the United States. These Relationship Managers function as client advocates for more than 2,000 Commercial and Residential real estate clients providing traditional banking products and services such as construction financing, mini-perm financing and depository products, as well as a seamless delivery of the bank\'s Capital Markets, Wealth Management, and Capital Management capabilities. In 2005, the Real Estate Financial Services group will originate over $30 billion in debt commitments to its real estate clients, upholding its longstanding capital commitment to the real estate industry.Wachovia, the Charlotte, N.C.-based banking company, is one of the top two real estate lenders in the country with more than $50 billion in loan commitments.

DELUXE CONTINENTAL BREAKFASTS COURTESY OF:

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Media Partners

INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK THE FOLLOWING MEDIA PARTNERS FOR THEIR GENEROUS SUPPORT OF THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM

L EAD M EDIA PARTNERS THE INSTITUTIONAL REAL ESTATE LETTER is a monthly publication covering the $4.8 trillion institutional real estate market. Written for the plan sponsor community, The Letter gives pension fund advisers, consultants and others serving this industry inside information on investment patterns, trends and strategies.To subscribe, please call 925933-4040 and ask for client services.

IPE REAL ESTATE is the new quarterly property publication, bought to you by Investment & Pensions Europe. IPE Real Estate will explore key issues ranging from the differences in direct and indirect investment through to benchmarking, performance and fees.With regular investor interviews, regional focuses, news analysis, major surveys and international market results, IPE Real Estate aims to provide Europe’s institutional investors and pension funds with a comprehensive information source. For further information, please call +44 (0)20 7261 0666 or visit www.ipe.com - the free access internet site for Europe’s pensions industry. Register free for the daily news alert!

M EDIA PARTNERS ALBOURNE VILLAGE, a virtual hedge fund community with nearly 30,000 active residents, is a free and independent website for anyone interested in alternative investments. It incorporates a virtual pub and library to exchange news, views and IP, a job centre, conference centre and School.The Data Farm offers a daily update on key hedge fund indices alongside Albourne Partners’ ‘Weather Forecasts’, which estimate how conducive the prevailing underlying market environment is for a variety of hedge fund trading strategies. The Village is also home to a vast number of established industry contacts. Don't just join the Village, be the Village. www.village.albourne.com. SPOT NEW OPPORTUNITIES IN REAL ESTATE FINANCE Every week, COMMERCIAL MORTGAGE ALERT delivers hard-to-get, money-making leads to professionals in the global CMBS and REIT-debt markets. Start your FREE trial subscription to see how Commercial Mortgage Alert: * Tips you off to the latest developments in the booming CMBS market. * Covers conduits and other lenders battling for mortgage business. * Identifies REITs preparing to tap the market for unsecured bonds. To start your free-trial subscription, call 201-659-1700 or visit www.CMAlert.com. COMMERCIAL REAL ESTATE DIRECT is the leading source of up-to-the-minute news and information on the commercial real estate markets. We provide the information professionals need to make better decisions.We'll tell you who's lending, who's buying and selling and what they're paying and what the major CMBS players are doing. EUROWEEK is the only newspaper written specifically for the international capital markets. It delivers hard news on the deals, the people and the driving forces behind the world's toughest markets. Essential reading for all those involved in international finance.To see for yourself go to www.euroweek.com. FINANCIAL ADVISOR is the monthly magazine created exclusively for advisors by one of the

most experienced and respected financial publishing teams ever assembled. Recently ranked first among the most widely read publications for independent advisors in a comprehensive study by Tiburon Strategic Advisors, FA helps advisors manage and grow their practices while assisting clients in aligning their financial and personal life goals. For more information, call 732-450-8866, ext. 200 or visit www.fa-mag.com. GLOBAL MARKETING GROUP, LTD. GMG, NYC, established in 1971 provides innovative business and marketing solutions for financial institutions, developers, entrepreneurs, Fortune 500 Companies and governments. Global’s ability is to develop solutions where others are stymied. GMG utilizes their SOS Plan to quickly solve challenges. It defines the Situation, outlines Objectives and creates the Strategy. They publish SOLUTIONS, a monthly e-newsletter providing innovative ideas and opportunities. Global Marketing Group, Ltd.Tel. 212 247 6060 Email: [email protected] Website. SOSPlan.com. HEDGEWEEK is a web site of significant news and topical features on the hedge fund industry including updates on new fund launches, investment trends, regulatory news and distribution strategies, and a regular series of market surveys. Hedgeweek produces a weekly newsletter which is the most comprehensive executive weekly briefing covering essential news and features within the Hedge Fund industry. All quantitative data on products is sourced from Hedge Fund Research. Click here to access www.hedgeweek.com Click here to subscribe www.hedgemedia.com/HedgeWeek/subscribe.asp N AT I O N A L H OT E L E X E C U T I V E M AG A Z I N E is the internet's most recognized hotel trade publication, with a focus on hotel openings and acquisitions, executive appointments, hotel business news, and technology. We provide a weekly round-up of hotel industry events, and send out an email news broadcast each Monday. Our Hospitality Forum presents a select line-up of hotel analysts, spokespeople and industry leaders each month. Symposium attendees receive a 50% discount on subscriptions, available at www.hotelexecutive.com. IMN Email: [email protected]

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M EDIA PARTNERS

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INVESTMENT MANAGEMENT WEEKLY is a "must-read" for institutional money managers looking for new business leads as well as plan sponsors and consultants who want to stay abreast of the industry as a whole. Each weekly issue provides news briefs, feature stories and listings covering manager searches and selections, asset allocation strategies, personnel shifts, and general industry trends. For further information please visit us on our website at www.imweekly.com. INSTITUTIONAL REAL ESTATE NEWSLINE is a weekly electronic newsletter. IREN provides a digest of topical news and up-to-date information on institutional investment in real estate gleaned from a variety of news sources. Topics covered include manager searches, mergers, joint ventures, research, legislation, property transactions, development and industry conference updates.To subscribe, please call 925-933-4040 and ask for client services. IRETO is an international non-profit commercial real estate investment association that connects people, capital, markets and information around the globe. Our website and web magazine keeps professionals informed on industry-wide events. Quarterly, IRETO also publishes "The IRETO Report", a comprehensive guide to market and investment strategies. IRETO will publish a special European Sale-Lease-Back Issue for this event. MONEY MANAGEMENT EXECUTIVE, formerly Mutual Fund Market News, is a news publication covering the business of mutual funds, separately managed accounts, 529s, 401(k)s, and alternative investments.Through its weekly print newsletter, daily push email service, and website that’s updated daily, MME informs its readers about competitive strategies, sales and marketing, distribution, new products, compliance, regulations and back office operations and technology. For further information please visit us on our website at www.mmexecutive.com. MORTGAGE MAG is a series of web sites devoted exclusively to real estate lending. We offer extensive links in critical areas such as employment, commercial lending. computer services, news reporting, banking and finance. The index is free to both professionals and consumers.We receive 25,000 unique visitors a day. Plug In to Industry Secrets Every week, PRIVATE EQUITY INSIDER reports on developments you’re not supposed to know about -- behindthe-scenes squabbles, hush-hush plans of investors and inside moves of buyout and venture capital funds. See for yourself by signing up for a threeweek FREE trial subscription to Private Equity Insider.To start your no-risk trial, call 201-659-1700 or visit www.PEinsider.com.

GUARANTEE YOUR EDGE IN THE INVESTMENT COMMUNITY Every week, REAL ESTATE ALERT gives you the intelligence you need spot the latest investment opportunities and monitor the market's most successful dealmakers. See for yourself how Real Estate Alert: * Identifies big owners preparing to offer properties or mortgages. * Gives you an inside view of latest disputes, strategic shifts, successes and failures of key market players. * Tracks the "smart money," showing you the regions and property types that leading investors are pursuing. To start your free-trial subscription, call 201-659-1700 or visit www.REAlert.com. REAL ESTATE FINANCE & INVESTMENT (REFI) covers both real estate capital raising and real estate fund management. Every week, real estate bankers, investment bankers, REITs, developers and pension fund managers turn to Real Estate Finance & Investment for breaking news in the commercial property markets, real estate capital markets, the CMBS market. Additional coverage includes fund managers’ real estate investment strategies and analysis of trends both in the U.S. and international markets. For a Free Trial Subscription, visit us www.iirealestate.com or call Customers Services U.S.: 212-224-3800 8AM-6PM/ U.K. London: 44 (0) 207-779-8998. THE REIT INVESTOR brings readers a thorough weekly roundup of the latest deals, mergers, and large property transactions within the real estate investment trust marketplace. The REIT Investor gives readers the big picture every Monday by tracking important real estate indexes, trends and insider trading transactions. Our experienced Dow Jones editors keep readers in the loop while offering a fresh perspective as events unfold every week. VISIT http://reit.djnewsletters.com/Trial.aspx?s=REITBIMN6 or call 866291-1800 to request your FREE trial subscription today! STRUCTURED FINANCE INTERNATIONAL is the must read publication for anyone involved in the securitisation market. The magazine combines hard hitting, wellresearched and authoritative features with the depth of practical and reliable information and analysis that is simply unavailable anywhere else. SOLUTIONS is a monthly e-letter and SOURCE for developers, financial institutions and industry professionals to discover innovative ideas and credible companies involved in real estate, hospitality, timeshare and resorts development. It is an ideal marketplace to present products and services to the industry.View current issue at: sosplan.com/5192.htm. Published by Global Marketing Group, Ltd. Tel. 212 247 6060, Email. [email protected].

A SSOCIATION PARTNER The C H A RT E R E D A LT E R N AT I V E INVESTMENT ANALYST ASSOCIATION® is an independent, not-for-profit global organization committed to education and professionalism in the field of alternative investments.

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Founded in 2002, the Association is the sponsoring body for the C AIASM designation. Recognized globally, the designation cer tifies one’s master y of the concepts, tools and practices essential for under standing alternative investments and promotes adherence to high standards of professional conduct.

IMN’S THE SEVENTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM REGISTRATION FORM TUITION TABLE: REGISTRATION TYPE

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