For more information, please visit ...Joseph Sitt,Chief Executive OfficerTHOR EQUITIES,LLC Jeffrey M. Kaplan,Managing PrincipalWESTBROOK PARTNERS 11:00 STATE OF THE REAL ESTATE FUND

For more information, please visit www.imn.org/usop/m

Lead Sponsor

PLATINUM SPONSORS

GOLD SPONSORS

CORPORATE LEAD SPONSOR

PLATINUM PLUS SPONSORS

IMN WOULD LIKE TO THANK THE FOLLOWING CORPORATEANNUAL US REAL ESTATE OPPORTUNITY

BRONZE SPONSOR

SILVER SPONSOR

SPONSORSSPONSORS FOR THEIR GENEROUS SUPPORT OF THE NINTH& PRIVATE FUND INVESTING FORUM

9:00 Registration & Breakfast Courtesy Of:

9:45 DAY ONE CHAIRMAN’S OPENING REMARKS &WELCOME FROM IMNCraig Medwick, Regional Managing Partner, AmericasCLIFFORD CHANCE LLP

10:00 IT’S THE ECONOMY, STUPID!Incredibly, only one year ago this session was titled: “Achievingattractive returns in a highly liquid market.”With macroeconomicfactors now wreaking havoc on commercial real estate markets, itseems everyone is focused on the big picture. How are the creditcrunch, residential market turmoil, retail sales, consumer spendingand job growth all impacting commercial real estate? How muchweaker will the economy get in the next 12 months? When will theeconomy get "normal" again? Be careful what you wish for :We'veall wanted the real estate capital markets linked to US and globalcapital markets and guess what, we just got our wish.We are nowseeing the ugly side of capital markets. How severe are the overallcapital markets and what are the impacts on commercial realestate? What do you see as the future for interest rates?

Session Leader:Dennis Yeskey, National Director, Real Estate Capital MarketsDELOITTE, LLPPanel Participants:John Jacobsson, Managing PartnerAPOLLO REAL ESTATE ADVISORS LPEthan Penner, Executive Managing DirectorCB RICHARD ELLIS INVESTORSRussell Appel, President PRAEDIUM GROUP, LLCMichael B. Cohen, Research StrategistPROPERTY & PORTFOLIO RESEARCH, INC.Joseph Sitt, Chief Executive Officer THOR EQUITIES, LLCJeffrey M. Kaplan, Managing Principal WESTBROOK PARTNERS

11:00 STATE OF THE REAL ESTATE FUND BUSINESSA discussion of the real estate fund management business frominvestor, sponsor and fund raiser perspectives

• How is the fund business changing? Are economic termsunder pressure? • How has the current market affected theFund business? • Has leverage begun to shift back toward LP'sfrom GP's on economic and other key terms? • Has thecurrent deal market affected the fund raising process? How?• How have operators responded to deal market conditions atthe fund operations level? • Have investor hot buttonschanged? • Which strategies are selling, which are not?

Session Leader:Stephen G.Tomlinson, Partner KIRKLAND & ELLIS LLP

Panel Participants:Steven Hason, Executive Director, Co-Head North AmericanReal Estate APG INVESTMENTS US INC.Charles F.Wu, Managing Director BAYNORTH CAPITAL, LLCPeter H. Schaff, North American Chief Executive OfficerLASALLE INVESTMENT MANAGEMENTCharles R. Purse, Managing PrincipalPARK HILL REAL ESTATE GROUP, LLCJeffrey B. Citrin, Managing PrincipalSQUARE MILE CAPITAL MANAGEMENT LLCJeffrey S. Quicksilver, PrincipalWALTON STREET CAPITAL, LLC

12:00 Refreshments Courtesy Of:

12:15 LARGE FUND SPONSORS’ STRATEGY PLENARY:NAVIGATING THE WORLD OF UNCERTAINTY• With such radical changes occurring and deal flow way down,can you be realistic without being too depressing about the yearahead? Are opportunities in distressed one reason to beoptimistic? • Where are the best opportunities in today'senvironment? • What/when was your last deal? • How has yourstrategy changed from last year at this time, and why? What is itlikely to be one year from now? • Are you investing in debt?• Where are you seeing distress? • What has been the role ofthe credit crunch in shaping opportunities? • Which propertytypes perform relatively better in periods of economic weakness?

Session Leader:Alvin Katz, Partner MAYER BROWN LLPPanel Participants:Keith F. Barket, Senior Managing Director ANGELO,GORDON & CO.William A. Scully, Managing DirectorCERBERUS REAL ESTATE CAPITAL MANAGEMENT LLCThomas M. Shapiro, President GOLDENTREE INSITE PARTNERSMichael D. Coster, Managing Director LAZARD FRÈRES & CO. LLCArnold de Haan, Principal MEYER BERGMAN GROUPSteven E. Orbuch, President OCH-ZIFF REAL ESTATEJ. Michael Fried, Founder & Chief Executive OfficerPHOENIX REALTY GROUP, LLC

1:15 LuncheonKeynote Speaker:Henry Cisneros, Chairman of CITYVIEW, former Secretary ofthe U.S. DEPARTMENT OF HOUSING & URBANDEVELOPMENT and four-term Mayor of SAN ANTONIO

4 l To Register For This Forum, Please Go To: www.imn.org/usop/m

DAY ONE: TUESDAY, MAY 27, 2008

2:30 A

INVESTMENT TRENDS WITHIN THEREAL ESTATE SECTORWhat should institutional advisors considerwhen evaluating new managers in adynamic marketplace?

Session Leader:

Sean Burton, President & ChiefOperating Officer CITYVIEW

Panel Participants:

Laurie Weir, Portfolio ManagerCALIFORNIA PUBLIC EMPLOYEES'RETIREMENT SYSTEM (Invited)Robert Insolia, PartnerGOODWIN PROCTER, LLPNancy Lashine, Co-Founder & ManagingPartner PARK MADISON PARTNERSDan Weinstein, Managing DirectorWETHERLY CAPITAL GROUP

2:30 BROUTES TO MARKET: PRIVATEEQUITY, SECONDARY MARKETSAND FUNDS-OF-FUNDS REALESTATE INVESTING

• Is there a strong secondary marketfor real estate now? • Investing inindirect real estate structures:What arethe current options? What are the taximplications of each? • Liquidity and exitissues in a private equity platform• Crossover between real estate andprivate equity • Buying retailers in JVwith private equity firms and monetizingthe real estate • Buying non-tradedREIT shares

Session Leader:

Joseph Smith, PartnerDEWEY & LEBOEUF LLP

Panel Participants:Stephen Smith, Principal & ChiefOperating Officer BRYANSTONREALTY PARTNERSHoward Fields, Managing Director, RealEstate Investments HRJ CAPITALRobert Dombi, PartnerLANDMARK PARTNERS, INC.Jeffrey Giller, Managing Principal &Chief Investment OfficerLIQUID REALTY PARTNERSRonald M. Dickerman, PresidentMADISON INTERNATIONALREALTY, LLCMatthew A. Casper, PrincipalPARK HILL REAL ESTATE GROUP, LLCAlan G. Bear, PrincipalPROBITAS PARTNERS

2:30 C

MY CEO TOLD ME TO RAISE AFUND: NOW WHAT? The mechanics and timing of raising afund -- what you need to know if you arean institution or a small managementteam looking to raise a fund.What arethe key issues and obstacles? How do Iset my terms? How do I choose astructure? How long will this take? How doI capitalize on the opportunity I see today(can anyone say distressed assets?) if Idon't have a fund yet?

Session Leader:

Roger Singer, PartnerCLIFFORD CHANCE LLP

Panel Participants:

Krista Miniutti, Associate CounselAIG GLOBAL REAL ESTATESteven Meise, Managing DirectorBLACKROCK REALTYRichard Catalano, PartnerCLIFFORD CHANCE LLPEd DeDomenico, Managing DirectorHFF, LPJon Halpern, Executive ManagingDirector MARATHON ASSETMANAGEMENTJuan Jimenez, Director MERRILLLYNCH & CO.

2:30 D

FUND LEVEL FINANCERS:GAUGING THE IMPACT THAT THECREDIT CRUNCH HAS HAD ONSUBSCRIPTION FACILITIES • What is the current market forsubscription facilities for real estatefunds? • How does the pricing comparewith one year ago? • What happenedto the conduit market? • What ishappening in the syndication market?• Has there been a change in riskanalysis of investor creditworthiness?

Session Leader:

Timothy E. Powers, PartnerHAYNES AND BOONE, LLP

Panel Participants:

Ananda Reynolds, Vice PresidentBANC OF AMERICA SECURITIES LLCKent R. Richey, Partner JONES DAYBrett M. Alexander, Senior Vice PresidentROCKBRIDGE CAPITAL, LLCRobert L. Gilbert, Managing DirectorSTANDARD CHARTERED BANKWilliam J. Jandrisits, Director of FinanceSTARWOOD CAPITAL GROUPDee Dee Sklar, Managing Director,Capital Markets WESTLB AG

3:30 A

CROSS-BORDER INVESTING FROMTHE LIMITED PARTNERPERSPECTIVE• The shifting focus from the U.S. toforeign markets: Is it follow the herdmentality, smart diversification, gutfeeling or something else?

Session Leader:

Joshua Sternoff, PartnerPAUL, HASTINGS, JANOFSKY &WALKER LLPPanel Participants:

Scott D. Brown, Principal,Head of Global Real EstateENNIS KNUPP + ASSOCIATESSusan Doyle, Real Estate InvestmentOfficer GE ASSET MANAGEMENTINCORPORATEDJennifer Morgan, PartnerKIRKLAND & ELLIS LLPDouglas Lee, Managing DirectorUBS INVESTMENT BANK

3:30 B

VALUE-ADDED STRATEGIES:REPOSITIONING ANDREDEVELOPING • What impact have the changing debtmarkets had on value added investing?• Have return expectations changed?• What adjustments in underwriting ortiming may be required? • How dostrategies differ for each asset class?• Which locations and asset classes presentthe best turnaround opportunities?

Session Leader:

David P. Seaman, PartnerPRICEWATERHOUSECOOPERS LLP

Panel Participants:Benjamin Friedman, PresidentABACUS CAPITAL GROUP LLCPhilip Blumberg, Chairman &Chief Executive OfficerBLUMBERG CAPITAL PARTNERSJonathan Philips, Senior DirectorCHEROKEE INVESTMENTPARTNERS, LLCChad Carpenter, Chief Executive OfficerEQUASTONERobert Savage, PresidentKTR CAPITAL PARTNERSKevin Staley, Principal & Co-FounderTHE MAGELLAN GROUP, INC.Richard B. Kimball, Executive VicePresident NAI GLOBAL

3:30 C

FAILING JOINT VENTURES:WHATARE YOUR OPTIONS? • Falling out of love: Dealing withdistressed partners, troubled deals andthe legal aspects of a partnership onthe rocks

Session Leader:

Andrew Levy, Partner & Co-Chair ofReal Estate Practice Group GIBSON,DUNN & CRUTCHER, LLP

Panel Participants:

Kevin Davis, PartnerAPOLLO REAL ESTATE ADVISORS LPDaniel Neidich, Chairman and Co-ChiefExecutive Officer DUNE CAPITALMANAGEMENT LPSean Reynolds, PartnerMORRIS, MANNING & MARTIN, LLPEric Remensperger, PartnerPROSKAUER ROSE, LLPRaymond C. Mikulich, ChairmanRIDGELINE CAPITAL GROUP LLCJoel D. Rubin, PartnerSEYFARTH SHAW, LLP

3:30 D

TRADITIONAL LENDERS:WHATARE YOU FINANCING?• What won’t you touch? • What areyou doing with underperformingproperties pre-foreclosure? • What isyour short-term outlook for real estate?• Seller financing • Which types offinancing are available in this tightmarket? • Leverage • Are hedge funds,insurance companies and other balancesheet/specialty lenders competing in thesame space?

Session Leader:

Steven Lichtenfeld, Partner & Co-ChairPROSKAUER ROSE, LLP

Panel Participants:

Patricia Goldstein, Senior ExecutiveVice President EMIGRANT REALTYFINANCE, INC.Skip Wells, Managing DirectorGE REAL ESTATEParry Gosling,WACHOVIA SECURITIESDan Hartman, Senior Director, InvestmentsWRIGHTWOOD CAPITAL

IMN Email: [email protected] Tel: +1-212-768-2800 Fax: +1-212-768-2484 l 5

CONCURRENT SESSIONS: CHOOSE A, B, C OR D



4:45 A

SOVEREIGN WEALTH FUNDS &GOVERNMENT ENTITIES AS REALESTATE INVESTORS: HOW ARETHEY IMPACTING THE MARKET?• Sovereigns investing in the US:Who are the main players and why?• Working with sovereign investors:What has been your experience?Session Leader:Timothy J.Trifilo, PartnerPRICEWATERHOUSECOOPERS LLPPanel Participants:Schecky Schechner, Managing DirectorLEHMAN BROTHERS, INC.Additional Panelists TBA

4:45 BNICHE, LOCAL & SMALL FUNDINVESTMENT STRATEGIES• Evaluating niche strategies: How doesfocusing on a very specialized segmentof the market give you an edge? • Whatis your strategy and your rationale forpursuing that strategy? • Have youfound fundraising for a small fund orhighly targeted strategy to be easier orharder than the larger? • Single projectfunds • Investing in specific alternativesectors • Outlook for nationalprograms concentrating on a particularsector or niche, such as apartmentdevelopment, apartment acquisitionrehab, workforce housing, etc.• Investing in infrastructure,transportation and core capital assetsSession Leader:Peter Fass, PartnerPROSKAUER ROSE, LLPPanel Participants:Vincent Pica, Managing Partner &President ARC GLOBAL PARTNERSMark Dunne, Managing DirectorBOSTON CAPITAL REAL ESTATEPARTNERS, LLCChuck Dragicevich, Partner CITYVIEWKenneth Nitzberg, Chairman &Chief Executive OfficerDEVON SELF STORAGEJeffrey Hawkins, Executive Vice PresidentEQUASTONEStuart J. Boesky, Chief Executive OfficerPEMBROOK GROUP LLCJonathan Thomas, PartnerSAYBROOK CAPITAL, LLC

4:45 CLEGAL & TAX ASPECTS OFPROJECT-LEVEL REAL ESTATEWORKOUTS, DEFAULTS &FORECLOSURES • Documentation • Acquiring distressedproperties/debt • Seller/buyer concerns• Use of REITs in private funds• Structuring issues • Disposition ofREITs • State taxation/captive REITissues • UBIT Exempt investors• Pension funds: UBIT due to acquisitionindebtedness • Operational issuesSession Leader:Lary S.Wolf, PartnerROBERTS & HOLLAND LLPPanel Participants:John A. Good, PartnerBASS, BERRY & SIMS PLCDavid Moldenhauer, PartnerCLIFFORD CHANCE US LLPMarshall Brozost, PartnerDEWEY & LEBOEUF LLPCharles Harrison, PresidentREIT FUNDING, LLCDonald Zief, Managing Director THESCHONBRAUN MCCANN GROUPJohn P. Napoli, PartnerSEYFARTH SHAW, LLPLester M. Bliwise, PartnerSUTHERLAND ASBILL &BRENNAN, LLP

4:45 DHEDGE FUNDS• How do you currently view the levelof distress and outlook for the overalleconomy, and real estate in particular?• Are you waiting for the collapse ofcommercial real estate industry or areyou already finding deals? Where?• Which types of distressed investmentsare you targeting? Are you investing indebt, equity or both? • Are you lending?For what? • Real estate dedicatedhedge fundsSession Leader:Timothy Kemper, Managing PrincipalREZNICK GROUP, PCPanel Participants:Jeffrey ‘TJ’ Heyman, Chief InvestmentOfficer WOODBOURNEINVESTMENT MANAGEMENTAdditional Panelists TBA

5:45 A

PENSION FUND ADVISORS• What are you telling your clients:Increase or decrease real estateallocation? Why? • How much are yousuggesting real estate vs. otherinvestments?Session Leader:David Kessler, PrincipalREZNICK GROUP, PC

5:45 BURBAN CORE:ALWAYS IN FASHION?• What kind of returns are investorsseeing from urban deals? • How bullishare investors? • Affordable, workforceand middle-market housing outlook• Land use entitlement political risks• Infill opportunities and regulatoryhurdles • Investor entitlement risks• Contamination: Due diligence,protection from liability, environmentalinsurance • Purchase sale agreementtrends and importance in urban deals• Which urban centers are performingbetter in the current environment?• How difficult is raising debt financingfor urban redevelopment projects?Session Leader:Carl F. Schwartz, Partner & Chair,Real Estate DepartmentHERRICK, FEINSTEIN LLPPanel Participants:Terry Wolfram, Senior Vice PresidentCHEROKEE INVESTMENTPARTNERS, LLCRichie Butler, Senior Vice President &Southwest Regional Manager CITYVIEWG. David Cheek, PresidentMERIDIAN GROUPKeith Rosenthal, Founder & PresidentPHOENIX REALTY GROUP, LLCFernando Villa, PartnerPIRCHER, NICHOLS & MEEKSNeil L. Rubler, President & Chief ExecutiveOfficer VANTAGE PROPERTIES, LLC

5:45 CENTITY-LEVEL WORKOUTS &BANKRUPTCY • Owners and operators withoutstanding mortgage loans:What arethe options? • Can maturing loans berecapitalized? Extended? • Distressedhomebuilding companies:What is theupside of acquiring troubledhomebuilders? • Public or privatecompanies? Panel Participants:Gerald D. Pietroforte, ManagingDirector ALVAREZ & MARSALJason Gross, Chief Executive OfficerTHE CCR COMPANIESLewis B. Freeman, PrincipalLEWIS B. FREEMAN & PARTNERS, INC.Dan Flanigan, Chair, Real Estate &Financial Services DepartmentPOLSINELLI SHALTON FLANIGANSUELTHAUS, PC

5:45 DREAL ESTATE INVESTMENTMANAGEMENT TECHNOLOGY• What is the technology industry doingtoday to provide tools and enable bestpractices in real estate investmentmanagement? • Examples of howtechnology is helping to overcome thechallenges of the current market• Web-based technology facilitating theability to manage investments effectivelyand efficiently across the globe in asingle database • Latest softwareadvances in both investmentmanagement as well as globalizationfunctionality • Enabling real estateinvestment managers and advisors tomanage portfolios with instant businessintelligence and real-time reportingSession Leader:Karen K. Gillen, Vice President, ProductManager JPMORGAN ALTERNATIVEINVESTMENT SERVICESPanel Participants:Kenneth M. Pierce, Managing Director& Executive Vice President DMLT, LLCShane Trigg, Commercial SolutionsTeam Leader INTUIT REAL ESTATESOLUTIONSRichard Malpica, Vice President &General Manager, Eastern RegionYARDI SYSTEMS, INC.

6:45 Networking Cocktail Reception Courtesy Of: 7:45 Day One Concludes



7:45 Closed-Door Limited Partner Investors’ Roundtable BreakfastAs the economy becomes increasingly turbulent, it is of greatimportance that Limited Partner Investors in Real Estate conveneconfidentially to evaluate their knowledge, skills and performance.Our Inaugural Breakfast Roundtable offers Limited Partner Investorsa rare occasion to get together with their colleagues in a stress-freeatmosphere to candidly discuss the most pressing issues they haveabout the current market as well as ideas for increasing thereturns of their programs in today’s challenging environment.

You must pre-register for this Roundtable.To do so, please emailClaire McKinlay at [email protected]

8:00 Main Forum Breakfast Courtesy Of:

8:35 Day Two Chairman’s Opening Remarks & Day One RecapCharles R. Purse, Managing PrincipalPARK HILL REAL ESTATE GROUP, LLC

8:45 INSTITUTIONAL INVESTORS’ PLENARY:WHAT ARE YOUREXPECTATIONS IN THE CHANGING ENVIRONMENT?• With the fall of the equity and bond markets are youconsidering increasing real estate exposure? Decreasing?• What is the impact of the current economy on yourinvestment decisions? • There is increased talk of investors notre-upping with fund managers:What is the impact on the LPand the GP when this occurs? • Which specific markets appealto institutional investors right now? • Will pension plan investorshave less risk tolerance going forward (in the current market)and if so, how will that impact investments? Are you looking atdistressed opportunities like condos? Apartments for rent?• Are you bullish on urban core investing? Why or why not?

Session Leader:

Charles R. Purse, Managing PrincipalPARK HILL REAL ESTATE GROUP, LLC

Panel Participants:

Marc Weidner, Managing DirectorFRANKLIN TEMPLETON/FIDUCIARY TRUST

Scott Landress, Managing Principal & Chief Executive OfficerLIQUID REALTY PARTNERSBrad Briner, PrincipalMORGAN CREEK CAPITAL MANAGEMENTPeter J. Pereira Gray, Head of Property InvestmentTHE WELLCOME TRUST

9:45 EVALUATING THE CURRENT LEVEL OF DISTRESS • Which product types are experiencing the most stress?• What is similar to the last down cycle? • What is not similarto the last down cycle? • Which investors and lenders areholding problem deals? • Is the denial over or not? • Are theredeals out there to be picked up? • How does a private equityplayer capitalize on the downturn? • How will the currentturmoil in the homebuilding industry resolve into workouts andrestructurings? • Preferred equity investments in distressmarkets • Valuing distressed properties • Re-pricing of risk in anegative growth environment: How has risk and your toleranceto it changed with the changing economy?

Session Leader:Gary Koster, Partner ERNST & YOUNG, LLPPanel Participants:Martin Zieff, Managing Partner ALCION VENTURESMatthew Khoury, Managing DirectorANGELO, GORDON & CO.Amachie K. Ackah, Managing PartnerCEDAR HILL REAL ESTATE PARTNERSRobert E. DeWitt, President & Chief Executive OfficerGID INVESTMENT ADVISERS, LLCP.J.Yeatman, Senior Managing PrincipalLUBERT-ADLER MANAGEMENT, INC.Robert Sheridan, ManagerROBERT SHERIDAN & PARTNERS, LLC


DAY TWO: WEDNESDAY, MAY 28, 2008


11:15 A

DISTRESSED DEBT: OPPORTUNITIESIN UNDER- AND NON-PERFORMING LOANS• Distressed plays in the debt space: Isthis the new opportunistic real estateinvestment? Is it value-added? Is it aseparate investment strategy? • Defaultsin CMBS and mezzanine loans: How canyou capitalize? • Is investing in distresseddebt worth the risk? • Is there presentlya secondary market for CMBS? CDOs?• Distressed mortgages: Evaluatingsubprime residential loans • Securitizedvs. non-securitized • Workouts & servicers

Session Leader:

Michael Fishman, ShareholderGREENBERG TRAURIG, LLP

Panel Participants:

Michael Nash, Senior Managing DirectorBLACKSTONE REAL ESTATEADVISORSBryan Carr, Managing Director, FinanceCENTERLINE CAPITAL GROUPGil Tenzer, Partner CONTRARIANCAPITAL MANAGEMENTSalman Khan, Head of MiddleMarket Loan PurchasesSILVER POINT CAPITAL, LPCraig Solomon, Managing PrincipalSQUARE MILE CAPITALMANAGEMENT, LLC

11:15 B

WITH EQUITY DEAL FLOWDOWN,ARE YOU INVESTING INMEZZANINE/DEBT NOW? With so little equity investing, opportunityfunds are increasingly considering raisingmezzanine and debt funds. Are debt fundsthe new opportunistic investment? Whyinvest in equity when debt is so cheap?But how much do the funds know aboutstructuring debt deals? • What do you want to look for indebt/mezzanine structures? • Duediligence and documentation inmezzanine investing • What structuralissues are involved in mezzanine deals?• What do you need to know aboutinter-creditor agreements? Session Leader:

Robert Wieser, Executive Director,Capital Markets WESTLB AG

Panel Participants:

Mark DePucchio, Managing DirectorGE REAL ESTATEMinta Kay, Partner GOODWINPROCTER, LLPWilliam P. Bowman, Senior VicePresident, Real EstateHARTFORD INVESTMENTMANAGEMENT COMPANYChristopher Sameth, PrincipalINVESTCORP REAL ESTATE GROUPJay Weaver, Principal WALTONSTREET CAPITAL, LLCMichael Ashner, Chairman &Chief Executive OfficerWINTHROP REALTY TRUST

11:15 C

INDUSTRY BEST PRACTICES FORFUND & INTERNAL GPSTRUCTURES This panel will focus on current industry bestpractices in structuring funds and internal GPentities that reduce risk, add GP flexibilityand increase the bottom line.This survey ofnew developments will include (i) GP andofficer compensation variations (includingcapital gain alternatives to fees and theproposed tax legislation taxing carriedinterests as ordinary income); (ii) emergingGP liability and officer exculpation standards;(iii) waterfall variations; (iv) current UBITstandards required by tax-exempt investors;and (v) expanded early warning and selfhelp mechanisms used in Fund JVs.Session Leader:

Sandy Presant, National Chairman,Real Estate Fund Practice GroupDLA PIPER US LLP

Panel Participants:Bradley Cohen, President & ChiefExecutive Officer COHEN ASSETMANAGEMENT, INC.Joseph Smith, PartnerDEWEY & LEBOEUF LLPStephen M. Gordon, Principal & GeneralCounsel HARRISON STREET REALESTATE CAPITAL, LLCAndrea J. Schwartzman, PartnerMAYER BROWN LLPGregory Nero, General CounselSTERLING AMERICAN PROPERTY, INC.Steve Jasa, Vice President, InvestmentManagement WESTERN NATIONALREALTY ADVISORS

11:15 D

EMERGING MARKETS • Impact of weak US economy onoverseas investing • How do you assessthe strength of local economies:Whatspecifically do you look for? • Whichmarkets do you still consider emerging?

Session Chair:

Kenneth Munkacy, Senior ManagingDirector GID INTERNATIONALGROUP/GID INVESTMENT ADVISERS

Panel Participants:

Howard J. Margolis, Managing DirectorBLACK CREEK CAPITALRoberto de Abreu Pereira, DirectorETOILEMark Huntley, Managing DirectorHERITAGE INTERNATIONAL FUNDMANAGERS LTD.Brian L. Newman, Managing DirectorMADISON DEARBORN PARTNERSJosef Preschel, Founder &Managing Director PENINSULAINVESTMENTS GROUP, INC.Michael Teich, PrincipalREAL ESTATE OPTIONS LLC

12:15 A

THE NON-TRADED REITPHENOMENONLearn why non-traded REITs raisedalmost $12 billion in 2007 and havecontinued to attract eye-popping levelsof capital despite the downturn in theeconomy and the real estate marketsgenerally. Should institutional and privatefund sponsors consider launching non-traded REITs? How are these retailproducts different from the traditionalprivate funds? Should institutionalinvestors buy into these funds? Whatdoes it take to raise capital from retailinvestors? How do sponsors makemoney in this channel?

Session Leader:

Rosemarie A.Thurston, Practice GroupLeader, REITs and Real Estate FundsALSTON & BIRD LLP

Panel Participants:

Gerald J. Reihsen, III, Executive VicePresident BEHRINGER HARVARDA Representative ofBMO CAPITAL MARKETS CORP.George A. Pandaleon, PresidentINLAND INSTITUTIONAL CAPITALPARTNERSKeith Allaire, Managing DirectorROBERT A. STANGER & CO., INC.

12:15 B

STRATEGIES FOR RAISING FUNDSIN THE CURRENT ENVIRONMENT• Best practices • What is the mostefficient use of your time? • How manynew funds are being raised? • What isthe projected size of new funds? • Arenew funds using placement agents toreach investors?

Session Leader:

Henrik Jones, Real Assets InvestingHALL CAPITAL PARTNERS LLC

Panel Participants:

Addison Braendel, PrincipalBAKER & MCKENZIE, LLPW. Michael Crawford, PartnerC.P. EATON PARTNERS LLCFranz Colloredo-Mansfeld, ManagingPartner CABOT PROPERTIES, INC.Stuart N. Goldstein, PartnerCADWALADER,WICKERSHAM& TAFT LLPAlan Pardee, Managing Director,Chief Operating OfficerMERRILL LYNCH & CO., INC.James-Keith Brown, Executive ManagingDirector & Head of Investor RelationsOCH-ZIFF CAPITAL MANAGEMENTGROUPJeffrey A. Scott, Head of Real EstatePrivate Equity WACHOVIA SECURITIES

12:15 C

STRUCTURING JOINT VENTUREPARTNERSHIPS • What should an investor look for inan operating partner and what shouldan operating partner look for in aninvestor? • Under what circumstancescan you replace the managing member?• What happens when a party can'tcome up with their share of capitalcontributions? • What are the basiceconomics of JV's in the market placetoday? • Joint ventures with REITs vs.pension funds:What are the advantagesand disadvantages of each? • What arethe various exit strategies and liquidityoptions for partners in JV structures?• Waterfall hurdles • Clawbacks

Session Leader:

Mark Minton, Partner JONES DAYPanel Participants:

Ness M. Cohen, PartnerCLIFFORD CHANCE LLPJesse A. Criz, Partner DLA PIPER LLPChristopher B. Price, PartnerGOODWIN PROCTER LLPJeffrey J.Temple, PartnerMORRISON & FOERSTER, LLPEugene J.M. Leone, PartnerPIRCHER, NICHOLS & MEEKSJim Lytle, Associate Vice PresidentRANCON GROUPDavid A. Rines, PartnerTHOMPSON HINE LLP

12:15 D

EUROPE PROPERTY UPDATE:WHERE IS THE DISTRESS?• Evaluating the current outlook for theeconomy:What has been the impact ofthe American credit-crunch on yourdeals? What do you see the impactbeing long-term? • Where (location,sector) are the best deals in Europetoday? • What type of deals are youpursuing?

Panel Participants:

Julian Newiss, ChairmanCATALYST CAPITAL, LLPAnthony Stewart, PartnerCLIFFORD CHANCE LLPChristian Schulte Eistrup, ManagingDirector CORESTATE CAPITAL AGI



2:15 A

RESIDENTIAL DISTRESS: HOW CANYOU CAPITALIZE ON A DOWNMARKET? Residential market turmoil, not only didit not straighten out (as some thought itwould), but is seeping into commercialmarkets • How much will values drop:15%? 20%? More? • Latest homeownerequity data: A good indication ofcontinued distress? • When will thehousing market hit bottom? • Whattypes of opportunities are beingcreated by weakness in the housingmarket? • Are you stuck with land?Session Leader:Scott Farb, Managing PrincipalREZNICK GROUP, PC Panel Participants:Karen Brunhofer, Managing DirectorJANKO GROUPJon Thielen, Managing DirectorNEW CONDOS ONLINEMartin C. Caverly, PrincipalO'CONNOR CAPITAL PARTNERSBarry Gross, PresidentSTRATEGIC LAND ADVISORSRicardo Koenigsberger, ManagingDirector, Real Estate XE CAPITALMANAGEMENT, LLC

2:15 BWHO HAS ACTUALLY SOLD ABUILDING IN THE LAST 3-4MONTHS? A closer look at current market trends innegotiating the purchase and sale ofproperties that weren’t pre-arrangedbefore the credit crunch• What were the debt ratios? • Size?• How conservative was the underwriting?• Are there any common threadsbetween the handful of deals thatactually got done? • Is it a buyer's orseller's market? • How is the liquiditycrunch affecting the purchase and saleof properties? • The top 10 issuesnegotiated in purchase and saletransactions • Strategies in negotiatingpurchase and sale transactions • Howdo you come out ahead of the pack inbidding for properties? Session Leader:Robert J. Ivanhoe, Chair, National RealEstate Practice GREENBERGTRAURIG, LLPPanel Participants:Jeffrey H.Title, Principal GUGGENHEIMREAL ESTATE LLCDavid R. Brown, President & ChiefExecutive Officer ORIX REAL ESTATECAPITAL, INC.Thomas J. Crocker, Chief Executive OfficerCROCKER PARTNERS LLCJeff H. Feinstein, President & Vice ChairmanTHE SCHUSTER GROUP, INC.

2:15 CWORKING OUT DEFAULTS INMEZZANINE LOANS• What are your basic options whenfaced with a mezzanine default? • Whatcould be done to avoid default? • Whatprotections are really provided by the"bad boy" guaranty? • When is it timeto call in a special servicer? • Whatremedies are available? • UCCforeclosure vs. a consensual turnover ofcontrol • Restructuring of loanstructure:What to ask for? Session Leader:Mark Fawer, Partner & Chairman of theReal Estate Department DREIER LLPPanel Participants:Debbie L. Miede, Senior Vice President,Levered Finance Group CAPMARKINVESTMENTS LPBrad Muth, Partner CONCERTREALTY PARTNERSKeith B. Stein, Managing DirectorHARBINGER CAPITAL PARTNERSREAL ESTATEFrank Small, Managing DirectorJER PARTNERSJoan N. Hayden, Vice President &Corporate Counsel PRUDENTIALREAL ESTATE INVESTORS

2:15 DASIA: EXAMINING REAL ESTATEMARKETS THAT ARE AWAKE WHILEYOU ARE ASLEEP• Update on Asian real estate markets:What’s new in the region? • New localregulations • India appears to beevolving quickly: How are you keepingup? • Is Asia feeling the gloom anddoom of the US? Why or why not?• What do local fund operators think ofthe prospects for the economy overthe next year?Session Leader:Nathaniel Marrs, PartnerKIRKLAND & ELLIS LLPPanel Participants:Husodo Angkosubroto, PresidentGUNUNG SEWU / FARPOINTVimal J. Singh, Executive Vice PresidentLEYLAND EQUITIES / GOLDEN TULIPParry Singh, Managing DirectorRED FORT CAPITAL, LLCSuchad Chiaranussati, ManagingDirector SCG CAPITAL PARTNERSLIMITED, REAL ESTATE CAPITALASIA PARTNERSChetan K. Dave, Chief Executive Officer& Managing Director SUN APOLLOREAL ESTATE ADVISORS

3:15 A

HOTEL & LEISURE PROPERTIES • Is there distress in the market yet?• Is mixed-use the way to go? • Whattypes of financing are available foracquisitions? • Evaluating internationalopportunities • Impact of the condo hotelmarket bust • Vegas: Recession proof?Session Leader:Jeffrey A. Horwitz, PartnerPROSKAUER ROSEPanel Participants:Matthew Gillio, DirectorGILLIO/WORLD HOTELS, GWHChris Woronka, Vice PresidentDEUTSCHE BANK EQUITYRESEARCHChristopher Barker, PartnerGOODWIN PROCTER, LLPEric R. Landau, Partner, Real EstateDepartment PAUL, HASTINGS,JANOFSKY & WALKER LLP

3:15 BASSESSING LOCAL MARKETSTRENGTHS & WEAKNESSES:WHATARE YOUR TEA LEAVES?What factors do you look at whendeciding the relative strength of a localmarket? Is the market bottoming out?Poised for an uptick? Or will it remainfairly constant and if so for how long?Panel Participants:Linda S. Koffman, PartnerBRYAN CAVE LLPJim Costello, Principal CBRE TORTOWHEATON RESEARCHLarry Souza, Managing Director,Index Services CHARLES SCHWABINVESTMENT MANAGEMENTMarcus Buerosse, Chief OperationsOfficer HEARTHSTONE ADVISORSBrad Hunter, Director METROSTUDYTarak Patolia, Chief Investment OfficerSTERLING AMERICAN PROPERTY, INC.

3:15 CDISTRESSED REAL ESTATE: HOWWILL CURRENT DEALSTRUCTURES AFFECTRESTRUCTURINGS? • Opportunity funds having equity anddebt positions in the same transactions• Impact of prevalence of mezzaninedebt • Conflicts between mezzaninedebt and senior debt • Impact ofmultiple tranches of debt • Areintercreditor agreements sufficient toallocate rights? • How is the borrowerin a different position during this cycle ascompared to prior cycles? • Applicablechanges in bankruptcy law • Restructuringof multi-national debt Session Leader:Jay Neveloff, PartnerKRAMER LEVIN NAFTALIS &FRANKEL, LLPPanel Participants:Sanford S. Herrick, Managing DirectorHUDSON REALTY CAPITAL LLCDerek Smith, PartnerPAUL, HASTINGS, JANOFSKY &WALKER LLP

3:15 DADOPTING IFRS: BENEFITS &CHALLENGES FOR REAL ESTATEFUNDS • Introduction and overview ofInternational Financial ReportingStandards (IFRS) • Current status ofIFRS globally and US developments• Benefits and challenges of adoptingIFRS • First-time adoption requirementsand timeline • Conversion impact• Assessment and planning • Comparisonof certain real estate US GenerallyAccepted Accounting Principles(GAAP) policies and IFRS • Next stepsSession Leader:Aamir Husain, Partner KPMG

1:15 Luncheon




4:45 Wine Tasting on Broadway Networking Reception Courtesy Of:

5:45 IMN’s Ninth Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes

4:00 A

BROKEN HIGH-RISE CONDODEALS • When is the right time to buy? Howto finance the acquisition • Workouts ofcondos with conveyed units • Can theproperty be converted to rental? • Bestpractices in work out programsSession Leader:Robert Sonnenblick, Chairman EmeritusSONNENBLICK-DEL RIODEVELOPMENT, INC.Panel Participants:John Bielefeldt, PrincipalCROWN REALTY ADVISORSPhilip J. Spiegelman, PrincipalINTERNATIONAL REALTYSERVICES LLCSue Hawkes, Chief Executive OfficerVELOCITY MARKETING

4:00 BGREEN INVESTMENT STRATEGIES:CAN THEY BE PROFITABLE?• LEED certification • Complying withnew standards • Trends in sustainablebuilding design • New EU zone regulations Panel Participants:Leanne Tobias, PrincipalMALACHITE LLCMark R. Schuster,Founder & Chief Executive OfficerTHE SCHUSTER GROUP

4:00 CSTRUCTURING-SPECIFIC ISSUESWHEN INVESTING ACROSSBORDERS• What general issues need to beconsidered when structuring suchfunds? Which issues are location-specific? • What fund structures arecommonly used? • Know your market:Gaining an intimate understanding oflocal laws, regulations and normsSession Leader:Raj Tanden, PartnerPROSKAUER ROSE, LLPPanel Participants:Sarah Harris, AssociateBAKER & MCKENZIE, LLPMarius de Groot, Vice President,Business Development CITCOPRIVATE EQUITY AND REAL ESTATESTRUCTURESBrad McPhail, Principal, International TaxKPMGAngela R. Lang, PartnerMAYER BROWN LLP

4:00 DNEW YORK CITY: INVULNERABLETO CURRENT ECONOMIC WOES?• With office and apartment rentscontinuing to steadily climb and dealflow still robust, is New York City thebest place to put your money rightnow? • Where are the signs ofslowdown? • East-side,West-side,Downtown or Up:Where are the bestinvestment opportunities in NYC rightnow? • Will the condo market survive? Session Leader:Stephen L. Rabinowitz, ShareholderGREENBERG TRAURIG, LLPPanel Participants:Joseph M. Zuber, Chief InvestmentOfficer CITY INVESTMENT FUND LPAdditional Panelists TBA


MEDIA PARTNERSIMN WOULD LIKE TO THANK THE FOLLOWING MEDIA PARTNERS FOR THEIR GENEROUS SUPPORT

OF THE NINTH ANNUAL US REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM

Please photocopy this form for additional delegates.

Name:

Nickname For Badge:

Department:

Company:

Address: City:

State: Zip: Country:

Telephone: Fax:

Email: Website:

Marketing Keycode (Code above your name on mailing label):

CONFIDENTIALITY:The information you provide will be safeguarded by the Euromoney Institutional Investor PLC group (the parent company of InformationManagement Network), whose subsidiaries may use it to keep you informed of relevant products and services. As an international group,we may transfer your data on a global basis for the purposes indicated above. If you object to contact by any of the following, please checkthe appropriate box: ❑ Telephone ❑ Fax ❑ Email ❑ Mail

We occasionally allow reputable companies outside the Euromoney Institutional Investor PLC group to contact you with details of productsthat may be of interest to you. If you do not want us to share your information with other reputable companies, please check this box ❑.

COMPLAINTS:Customer satisfaction is important to us. If you have a complaint, please contact our complaint hotline at (212) 768-2800, ext. 220.Your complaint will be addressed within 1 business day.

METHOD OF PAYMENT (Please check one)

❑ American Express ❑ Visa ❑ MasterCard ❑ Discover Card ❑ Diners Club ❑ Company Check ❑ Wire Transfer

Credit Card#:

Exp. Date:

Name Appearing On Credit Card:

Mailing Address For Credit Card:

Signature:

TRAVEL ARRANGEMENTS:Abington Travel is the official travel agent for IMN. Pleasecontact Ken Glickman ([email protected]) toobtain the lowest rates available, please call(570) 963-8747 or1(800) 634-0986 (US callers outsideof New York City) or fax (570) 207-2333.

VENUE/HOTEL INFORMATION:Grand Hyatt New YorkPark Avenue at Grand Central StationNew York, NY 10017

Phone: (212) 883-1234Fax: (212) 697-3772

Website: www.grandnewyork.hyatt.com

If you plan to stay at Grand Hyatt New York, you mustmake your (optional) reservations directly with thehotel by calling (212) 883-1234.

SPONSORSHIPS AND EXHIBITS:A limited amount of speaking and exhibitingoppor tunities and food & beverage eventsponsorships are still available. For moreinformation, please call (212) 901-0550 or [email protected]

TUITION TABLE:

REGISTRATION TYPE

Standard ❑ $2195

For groups of five or more, please email [email protected] for special rate consideration.

Information Management Networkis registered with the NationalAssociation of State Boards ofAccountancy (NASBA) as asponsor of continuing professional

education on the National Registry of CPE Sponsors.State boards of accountancy have final authority onthe acceptance of individual courses for CPE credit.Complaints regarding registered sponsors may beaddressed to the National Registry of CPE Sponsors,150 Fourth Avenue North, Nashville,TN, 37219-2417.Web site: www.nasba.org

EARN UP TO __ CPE CREDITS

Credits are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPEcredit increments (equal to 25 minutes) are permittedafter the first credit has been earned. Please be advisedthat state boards of accountancy have final authority onthe acceptance of individual courses for CPE credit andacceptance of one-half credits.

For more information on CPE credits, please visitwww.imn.org/usop/m

CANCELLATION POLICY:For cancellations received in writing:

Four weeks or more prior to the event:Full Refund or Full Credit Voucher

Between two and four weeks prior to the event:$200 Cancellation Fee or Full Credit Voucher

Two weeks or less prior to the event:No Refund; a Full Credit Voucher will be issued Credit vouchers may be applied toward any future IMNevent within one calendar year of the date of thecancellation. If IMN decides to cancel any part of this event,the Company is not responsible for covering airfare, hotelor any other costs. Speakers, agenda, networking andrecreational events are subject to change without notice.

For more information regarding refunds, please contact thecustomer service department at (212) 768-2800.

I Have Read And Accept The Cancellation, Substitution And Payment Policies Noted Above:

(Signature required to process registration) ______________________________________________________________________

SUBSTITUTION POLICY:Substitutions may be made up to the day of the event.

PAYMENT POLICY:Payments can be made by American Express, Visa, MasterCard, Diners Club,Discover Card, Company Check (USD checks must be drawn on a U.S. bank),or by wire transfer.

If registering 2 weeks or less prior to the start of the Forum, you mustsubmit your credit card information as a form of payment. If registeringmore than 2 weeks prior to the start of the Forum and payment is notreceived at the time of registration, a credit card hold will be required tomaintain your registration status. If payment is not received 2 business daysprior to the event date, the respective credit card will be utilized as theform of payment. Please make all checks payable to InformationManagement Network, LLC. In the memo area of the check please write thename(s) of the Ninth Annual US Real Estate Opportunity & Private FundInvesting Forum registrant(s) and the Code EEJ1053.

IMN’S NINTH ANNUAL US REAL ESTATE OPPORTUNITY& PRIVATE FUND INVESTING FORUM REGISTRATION FORM

IMN OFFERS SIX CONVENIENT WAYSTO REGISTER:

TELEPHONE: (212) 768-2800 8:00 a.m. - 6:00 p.m. US Eastern TimeMonday-Friday

AFTER HOURS: (212) 560-5132 6:00 p.m. - 8:00 a.m. US Eastern TimeMonday-Friday / All Day On Weekends

FAX: (212) 768-2484 24 Hours A Day

MAIL:Information Management Network, LLC230 Park Avenue South, 12th FloorNew York, NY 10003

EMAIL: [email protected](Please include your name, telephone number andthe code eej1053)

WORLD WIDE WEB: www.imn.org/usop/m

www.imn.org/usop/m(Agenda Is Updated Daily Online)

230 Park Avenue South, 12th FloorNew York, NY 10003

For m

ore info

rmatio

n,please visit ww

w.im

n.org/uso

p/m

Lead Sponsor

For more information, please visit ...Joseph Sitt,Chief Executive OfficerTHOR EQUITIES,LLC Jeffrey M. Kaplan,Managing PrincipalWESTBROOK PARTNERS 11:00 STATE OF THE REAL ESTATE FUND

Documents