Detailed Agenda

Industry trends and patterns in commercial real estate are fast and furious. Distressed debt is not only the flavor of the month, but likely to be the flavor of 2010, and quite possibly, the early part of this decade. In this opening presentation, find out how much debt is in distress in the key southwest markets of Los Angeles, San Diego, Phoenix and Las Vegas. Additionally, discover just where the buying opportunities will exist in the coming years as more and more debt become due in all of the property types.

Key Themes/Questions:
- What loan types are in play (whole loans, CMBS, RMBS)?
- Who will be the active sellers in 2010?
- What property types are most active today and what types will be active later in the year?

Eric Entringer, Senior Manager, Distressed Real Estate Group, ERNST & YOUNG

Sage real estate investors continue to discuss the expectation of a “tidal wave” of distressed debt buying opportunities due to years of excessive leverage and landlords’ inability to find replacement capital in today’s climate. However, this “tidal wave” has not arrived to the extent many had predicted in late 2008/early 2009. Why? Are banks and lenders simply extending loans? And, will they continue to extend in 2010? Have TARP, TALF I & II, PPIP and other government interventions made any difference for investors looking to buy? Have investors used these government tools in unique JVs to purchase distressed debt? In this panel, hear from a diverse group of prominent equity sources who will describe the state of the distressed market today, and get a sense of their appetites for acquisitions in 2010. Will the “tidal wave” truly arrive in 2010? Or, will the industry see continued market stagnation and a few smaller, perhaps, only all-cash deals?

Key Themes/Questions:
- Bridging the Bid-Ask Gap: Will sellers’ attitudes about value change in 2010? And, are owners expectations of steep discounts unrealistic?
- Capital Deployment: Who will be the first to deploy capital in 2010? Public/private REITs or other institutional players?
- Government Intervention: Have buyers utilized TARP, TALF, PPIP and other measures to buy distressed debt? What has been their experience?
- Value: Will values continue to drop in all property types despite recovery from recession?
- Distress by Geography: Are buyers more eager to buy in specific geographic areas, and why? (i.e. Southwest Urban vs. Northeast Suburban, etc.)
- Core vs. Value Add: Should opportunistic investors buy core, class A properties/debt, or value-add and less-desirable properties/debt, and why?

Moderator: Jeffrey Lenobel, Partner, SCHULTE ROTH & ZABEL LLP
Sean Dalfen, Managing Director, DALFEN AMERICA
Leslie Lundin, President and Managing Partner, LBG REALTY ADVISORS, LLC
Mark Oei, Managing Director, OAKTREE CAPITAL MANAGEMENT
Richard Pink, Managing Director, ING CLARION
Kev Zoryan, Executive Director, MORGAN STANLEY | MERCHANT BANKING

Due to the virtual disappearance of the securitized debt market, Fannie & Freddie, combined, accounted for 92% of real estate acquisition and development financing in 2009. Now, however, it appears CMBS could be returning, albeit very slowly. Will CMBS see its shadow in 2010, or will there be a gradual thawing of the securitized debt market? If not, where will real estate investors and developers turn for debt capital?

Key Themes/Questions:
-CMBS Predictions: Signs of life, or false hope?
-Fannie, Freddie & Government Intervention: Will the GSEs remain active in commercial and residential financing?
-Defining today’s lenders: The credit crunch has changed the landscape of lending. What’s alternative? What’s emerging? And, what’s traditional in a new lending environment?
-What will the debt market look like in 12 months from now?

Moderator: Erich Beringer, President, SOUTHBRIDGE CAPITAL
Gregory S. Davis, Vice President, Commercial & Small Business Lending, WELLS FARGO CALIFORNIA BUSINESS BANKING
Jeff Friedman, Co-Founder and Co-Chief Executive Officer, MESA WEST CAPITAL
Steven C. Orchard, Senior Vice President, GEORGE SMITH PARTNERS, INC.
Brian Shniderson, Managing Director, B&A CAPITAL PARTNERS
Mark Strauss, Director Capital Markets, COHEN FINANCIAL

Track A – Buying, Selling & Determining Value: Sharp and Fast Decline… But Equally Sharp Return? What’s the Future Hold for California Commercial Real Estate Values?

Commercial real estate values remain in flux, due to the lack of debt capital, and lack of cash flow in many property types, especially hospitality and retail. Now, industry experts are speculating a further decline may be likely as pension funds review asset allocations following events of the past 12-18 months. Wall Street’s gyrations, experts says, have resulted in losses across the board for pension funds with the end result of larger and unexpected real estate allocations. CalPERS, for example, increased its real estate allocation only months prior to a rapid descent in value of the stock market and real estate values. In this panel, learn about the factors that could impact real estate values going forward, and precisely how value is determined.
Key Themes/Questions:
- How are appraisers determining value today?
- Is a further decline in value likely, and in what property types?
- Could a re-allocation of pension funds, which are invested directly, or indirectly in billions of dollars of real estate, lead to additional declines in value?
- Has the market bottom arrived? And, is the market bottom likely to linger due to slow recovery from recession and limited debt capital?
- What are the factors that could lead to an increase in value in the various property types? And, what property type will recover first (and last)?

Moderator: W. Eric Paulsen, Vice President, LNR PROPERTY CORPORATION
G. Ryan Smith, Principal, PEREGRINE REALTY PARTNERS
Glenn Ezard, Senior Consultant, SEGAL ADVISORS
David Rosenthal, MAI, MRICS, President & CEO, CURTIS-ROSENTHAL, INC.
Matthew C. Sullivan, Founding Principal, LEE & ASSOCIATES
Burton Young, President, SPERRY VAN NESS EQUITIES

Track B – Investment, Development and Finance Case Studies

Investment, Development and Finance Case Studies
Emerging Debt and Equity Sources Yield Results: Creative Financing Backed By Urban Hotel Development
Richard Heyman, Founder and Managing Partner, FIVE CHAIRS DEVELOPMENT
Learn how one local developer is combining government debt (Recovery Zone Facility Bonds), New Markets Tax Credit, foreign investment, with his own equity to break ground on his next project.

Alternative Asian Debt Financing: A burgeoning source of mortgage capital for commercial and residential transactions; and Asian Institutional Equity Investments in REITs, Sponsors & Single-Assets Acquisitions
John F. Tsui, Adjunct Assistant Professor, COLUMBIA UNIVERSITY / Managing Principal, IDA, LLC
“Working with Debtors in Possession for Acquisition Opportunities”
Rick George, Principal, HREC INVESTMENT ADVISORS
Case study involves Radisson Hotel O’Hare,  467 Unit first class, full service hotel with approximately 30,000 square feet of function space, located in the Chicago suburb of Rosemont, adjacent to O’Hare International Airport.

Track A – Hotels, Hotels, and More Hotels: Should Investors Buy Now, or Wait for Additional Declines in Value?
According to recent reports, one in 10 franchised hotels in California is now in financial difficulty (default, delinquency, or foreclosure). The result of years of excessive building, combined with a deep recession is a severe weakening in hospitality fundamentals, especially in luxury brands. In some cases, hotel values have plummeted close to 80%. But, should investors buy now, or wait for additional declines in value? Will hospitality values continue to plummet in the next 12-18 months? Is the high-end or economy hotel the better investment? While the nation is apparently pulling out of recession, is there any guarantee of an uptick in occupancy rates and cash flow at the luxury hotels?

Key Themes/Questions:

- A look back at 2009: How did the luxury brands hold up in terms of vacancy rates and overall cash flow?
- Is the budget hotel “recession-proof?”
- Buying and selling hotels: What kind of deals are getting done in today’s environment?
- Financing for hotel acquisition and disposition: What’s required of sellers? (i.e. built-in financing) And, how are lenders approaching acquisitions in today’s climate?

Moderator: Robert B. Stiles, Executive Vice President & Principal, CUSHMAN & WAKEFIELD SONNENBLICK-GOLDMAN, LLC
Ken Cruse, Chief Financial Officer, SUNSTONE HOTEL INVESTORS
Dennis Gemberling, President, PERRY GROUP INTERNATIONAL
Bert Haboucha, Senior Vice President, ISTAR FINANCIAL
Joel W. Hiser, CEO, HORWATH
Alan Reay, President, ATLAS HOSPITALITY GROUP
Steve Van, President & CEO, PRISM HOTELS AND RESORTS

Track B – Opportunities in Broken Condo Deals: Disposition, Acquisition and Administration of For-Sale Housing Assets
Quickly joining the ranks of distressed assets in Southern California are broken condo deals, defined as either completed projects (but vacant), or incomplete with an uncertain future. In most cases, the values of the condos are less than that debt load incurred by developers. While many broken condo deals are not closing, the projects are increasingly rising on investors’ radars as the next wave of distressed buying opportunity. Will banks continue to hold onto properties? Will the properties continue to sit as idle as broken projects? Or, will the “dam finally break?”
Key Themes/Questions:
- Are broken condo deals high-risk investments?
- Should investors buy now, or wait for additional declines in value?
- Property Conversions: Once purchased, should investors convert broken projects to apartments or hotels? If not, what’s the best possible future use of the units?
- What are the banks planning to do?

Moderator: Terry Heller, Managing Member, Principal, HELLER HOLDINGS
Steve Bram, Principal, Senior Director, GEORGE SMITH PARTNERS, INC.
Scott Choppin, Founder and Chief Executive Officer, URBAN PACIFIC GROUP OF COMPANIES
Marc Brooks, Executive Vice President, MARA ESCROW COMPANY
David Wald, President | Receiver, WALD REALTY ADVISORS, INC.
Mark Weinstein, Developer, MJW INVESTMENTS

Spencer Levy is responsible for overseeing and coordinating the activities of more than 300 investment sales and debt/equity finance professionals in the Eastern region of the United States. Recently, Levy was named head of CBRE’s Restructuring Services Group, which will oversee note sales, asset sales and recapitalizations. Additionally, the Restructuring Services Group will provide advisory services either for lenders or for borrowers before a foreclosure or a bankruptcy, and assist in restructuring or bankruptcy for creditors or debtors.

Possible Talking Points:
-Future of securitized debt: Is the jury still out?
-Where’s the leverage?
-Capital markets imbalance: Will the cost of equity increase?
-Exploring the balance of distressed debt (traditional vs. CMBS), and likely outcome and structure of distressed deals going forward
-The complexities of the current cycle, compared to 1990-1991
-FDIC involvement: What’s working? What’s not?

Moderator: Fred B. Córdova, III, Senior Vice President / Investment Services Group, West Regional Manager, COLLIERS ASSET RESOLUTIONS TEAM
Michael S. Adler, President – MAI, CPM, ADLER REALTY INVESTMENTS, INC.
Mark Laderman, Managing Director — Los Angeles, TISHMAN SPEYER
Matthew May, President, MAY REALTY ADVISORS
Richard J. Plummer, Executive Vice President / Institutional Capital Markets, GRUBB & ELLIS COMPANY
Sam Rosenwald, Partner, BLACK EQUITIES GROUP, LTD.
Kevin Shannon, Vice Chairman, CB RICHARD ELLIS

Track B – Residential Real Estate Investor Power Panel
Key Themes/Questions:
-Bulk REOs: Who’s Buying?
-Exploring the role of Fannie & Freddie: In an emerging trend, are the GSEs holding onto single-family properties in financial difficulty, and why?
-Navigating short-sales and tax liens

Moderator: Richard M. Gollis, Co-Founder and Principal, THE CONCORD GROUP
Tom Eggleston, Principal, BENHAM REO
Phil Seymour, Executive Vice President, THE SEYMOUR GROUP/ELITE PROPERTIES
Dave Schumacher, President & Chief Underwriter, TAX TITLE SERVICES
Gregor Watson, Managing Partner, MCKINLEY PARTNERS

Key Themes/Questions:
–How are special servicers dealing with loans?
–There will be a flood of borrowers and maturing loans in December/January, based on early research. Will servicers be able to handle this increased demand, and what steps should borrowers take now? Is default imminent?
–Is the special servicer the only one who can change the loan?
-What loans will qualify for amend and pretend and which won’t and will there be a difference between the portfolio world and the securities world?
-Will owners step up with either additional cash or recouse for non recourse deals?
-Will actions taken by special servicers impact portfolio lenders and vica versa?
-Who is in better position to deal with distressed debt a regulated portfolio lender with or a comparatively unregulated special servicer?

Moderator: Glenn A. Fuller, Esq. Partner, JACKSON | DEMARCO | TIDUS | PECKENPAUGH
Matthew J. Coleman, Co-Head, D. E. SHAW REAL ESTATE ADVISORS, L.L.C.
Christopher Grey, Managing Partner, THIRD WAVE PARTNERS
Jonathan Grossman, Senior Vice President, GEORGE SMITH PARTNERS
Ginn Downing, Director, THE SITUS COMPANIES
Gregory T. Rickard, Managing Director, EQUASSURE

Track B – Value Add & Property Conversions: Will 2010 Herald the Beginning of a New Real Estate Chapter Involving Conversions of Under-Performing Assets?

Auto dealerships, former Mervyn’s and Linens & Things, are being repositioned in a distressed environment. Additionally, residential homes, and possible office buildings could be repositioned by owners who seek to raise value.
Key Questions/Themes:
-Conversion of property deals and repositioning of real estate assets; exploring exit strategy for those buying distressed properties.
-For sellers, learn how to get more for your distressed properties.
-Are conversions viewed favorably by debt and equity sources?

Moderator: John D Troughton, Senior Director – Brokerage, CUSHMAN & WAKEFIELD, INC.
Mark Hansen, Senior Vice President, Value Added Conversions, AMB PROPERTY CORPORATION
Jane F. Hoffner, Managing Director, BASCOM PORTFOLIO ADVISORS
Charles A. Long, Principal, CHARLES A. LONG PROPERTIES LLC
Yan Khamish, Managing Director, THE STG GROUP
Richard Gentilucci, MAR VENTURES

Hear From:
Moderator: Brian Klebash, Director of Events, GREENPEARL EVENTS
Robert Knakal, Chairman, MASSEY KNAKAL
Christopher Thornberg, Principal, BEACON ECONOMICS
Sam Chandan, President and Chief Economist, REAL ESTATE ECONOMETRICS LLC
R. Rand Sperry, Co-Founder, SPERRY VAN NESS INTERNATIONAL