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									     CRE Finance Council

     January Conference
     South Beach, Miami, Florida
     January 9-11, 2012
Monday




                                                                                                                                                             Monday
                              Monday,
                              January 9th
                              8:30 am – 5:00 pm     Registration
                              Americana Foyer

                              8:30 am – 9:30 am     Continental Networking Breakfast
                              Americana Foyer

                              9:00 am – 10:00 am    IRP Committee Meeting
                              Americana Salon 4     Co-chairs: Kathleen Olin, CWCapital
                                                    Grace Holst, Berkadia
                                                    Lisa LaBelle, TIAA-CREF

                              9:00 am – 10:00 am    PSA Task Force Meeting
                              Poinciana 3           Co-chairs: Perry Gershon, Jefferies LoanCore
                                                    Stephen McCarter, Midland Loan Services
                                                    Mark Rogers, Sidley Austin

                              9:00 am – 10:00 am    CRE Finance World Editorial Board Meeting
                              Poinciana 4           Editor-in-Chief : Brian P. Lancaster, Royal Bank of Scotland
                                                    Publisher: Joseph Philip Forte, Alston & Bird LLP
                                                    Co-Managing Editors: Paul Fiorilla, Prudential Real Estate Investors, and Julia Tcherkassova, Barclays

                              10:00 am – 11:00 am   Policy Committee Meeting (Closed Meeting)
                              Americana Salon 4     Chair: Anna Glick, Cadwalader, Wickersham & Taft LLP

                              11:00 am – 1:00 pm    B-Piece Buyers Sub-Forum (Closed Meeting)
                              Poinciana 3           Chair: Daniel Sefcik, BlackRock
                                                    Chair-Elect: Nelson Hioe, Rialto Capital Management

                              11:00 am – 1:00 pm    High Yield Debt and Investment Forum (Advanced Sign-up Requested)
                              Americana Salon 3     Chair: William O’Connor, Crowell & Moring LLP
                                                    Chair-Elect: Greta Guggenheim, Ladder Capital Finance

                              11:00 am – 1:00 pm    IG Bondholders Sub-Forum (Closed Meeting)
                              Americana Salon 1     Chair: Tricia B. Hall, Paulson & Co.
                                                    Chair-Elect: Steve Kraljic, TIAA-CREF

                              11:00 am – 1:00 pm    Issuers Forum (Advanced Sign-up Requested)
                              Poinciana 1,2         Chair: Jonathan M. Strain, J.P. Morgan
                                                    Chair-Elect: Rene Theriault, Goldman, Sachs & Co.

                              11:00 am – 1:00 pm    Multifamily Lenders Forum (Advanced Sign-up Requested)
                              Americana Salon 2     Chair: Jeffrey Day, Deutsche Bank Berkshire Mortgage
                                                    Chair-Elect: Caroline Blakely, Fannie Mae
     CRE Finance Council

     January Conference
     South Beach, Miami, Florida
     January 9-11, 2012
Monday




                                                                                                                                                     Monday
                              11:00 am – 1:00 pm       Portfolio Lenders Forum (Advanced Sign-up Requested)
                              Poinciana 4              Chair: Richard Coppola, TIAA-CREF
                                                       Chair-Elect: Todd Everett, Principal Real Estate Investors

                              11:00 am – 1:00 pm       Servicers Forum (Advanced Sign-up Requested)
                              Cowrie 1,2               Chair: Erin Stafford, DBRS, Inc.
                                                       Chair-Elect: Brian Hanson, CWCapital Asset Management

                              12:30 pm – 2:00 pm       Boxed Lunches
                              Americana Foyer

                              1:30 pm – 2:45 pm        Roundtable Discussion: Market Issues and Opportunities
                              Americana Salon 4        Moderator:
                                                       Jack Cohen, Chief Executive Officer, Cohen Financial

         Don’t miss the       3:00 pm – 3:30 pm        Welcome
         CREFC mobile app     Americana Salons 1,2,3   CREFC President: Jack Cohen, Chief Executive Officer, Cohen Financial
         introduction.                                 Tobin Cobb, Co-Chief Executive Officer, LNR Partners, LLC
                                                       Stephen M. Renna, Chief Executive Officer, CREFC

                              3:30 pm – 5:00 pm        Opening General Session
                              Americana Salons 1,2,3   CRE Fundamentals: Where Are We?
                                                       Moderator:
                                                       Peter Muoio, Senior Principal, Maximus Advisors
                                                       Panelists:
                                                       Jeff Cushman, Executive Managing Director, Cushman & Wakefield
                                                       Steven Goldberg, Director of Real Estate, Bed, Bath & Beyond
                                                       Steve Miller, Director, US Markets, Debt and Risk Management Research,
                                                        Property and Portfolio Research, Inc.
                                                       Richard Parkus, Executive Director, Morgan Stanley
                                                       Robert Peck, Commissioner, Public Building Service, U.S. General Services Administration
                                                       Q   Where are we in cycle generally on property values? By property type?
                                                       Q   What will the impact be of the coming wave of underwater balloon maturities?
                                                       Q   Are tenants cautiously expanding, or hunkering down for a double dip?
                                                       Q   Is internet shopping and telecommuting starting to make the significant impact that
                                                           was forecast some years ago?
                                                       Q   How much of U.S. business is conducted with Europe? What are the major industries
                                                           that do that business?
                                                       Q   How much gap equity money has been raised to deal with the upcoming right-sizing
                                                           of maturing debt?
                                                       Q   What is the industry that will drive the job growth that the U.S. needs? What leads us
                                                           out of the slow/no growth pattern?
                                                       Q   Is the permanently low rate scenario being factored into rent growth projections on the
                                                           equity side?
                                                       Q   How close are we to consumer balance sheets being fully repaired?


                              5:00 pm – 7:00 pm        Opening Network Reception
                              Americana Lawn
      CRE Finance Council

      January Conference
      South Beach, Miami, Florida
      January 9-11, 2012
Tuesday




                                                                                                                                                   Tuesday
                               Tuesday,
                               January 10th
                               8:00 am – 5:00 pm        Registration
                               Americana Foyer

                               8:00 am – 9:00 am        Continental Networking Breakfast
                               Americana Foyer

                               9:00 am – 10:00 am       Who’s Lending?
                               Americana Salons 1,2,3   Moderator:
                                                        Scott Onufrey, Senior Vice President, Kimco
                                                        Panelists:
                                                        David Brickman, Senior Vice President, Multifamily, Freddie Mac
                                                        Boyd Fellows, President, Starwood Property Trust, Inc.
                                                        Jon Martin, Managing Director, Wells Fargo Bank
                                                        Dennis Schuh, Managing Director, J.P. Morgan
                                                        Dave Twardock, President, Prudential Mortgage Capital Company
                                                        Q What coupons are being used in refinance analyses today?
                                                        Q What rent growth, if any, is being assumed to occur over loan terms (i.e., what is the
                                                          inflation outlook)?
                                                        Q How will the wave of underwater balloons impacting the equity market and the loans
                                                          that you are doing today?
                                                        Q What is your outlook for GDP growth in the U.S. and how is that factoring into your
                                                          current lending decisions?
                                                        Q What is the level of competition in today’s lending market versus the peak?
                                                        Q From the perspective of your balance sheet loans, is the worst behind us or ahead?
                                                          (ignoring first, and then including any marks)
                                                        Q Is it better to be a lender or a new borrower today?

                               10:00 am – 11:00 am      Special Servicing Insights
                               Americana Salons 1,2,3   Moderator:
                                                        Greg Cross, Partner, Venable LLP
                                                        Panelists:
                                                        Michael Carp, Executive Vice President, Berkadia Commercial Mortgage LLC
                                                        Kevin Donahue, Senior Vice President, PNC Real Estate/Midland Loan Services
                                                        Ken Frank, Managing Director- Nonperforming Loans, CWCapital Asset Management
                                                        Paul Hughson, Executive Managing Director, C-III Capital Partners LLC
                                                        Q Structural changes in CMBS 2.0 and the impact on the role of Special Servicers.
                                                        Q Conflicts of interests impacting the SS - are they real or simply the perception of
                                                          certain skeptical investors and uninformed observers?
                                                        Q Are Specials “managing losses” to prolong the process and postpone change of control?

                               11:00 am – 11:15 am      Networking Break
     CRE Finance Council

     January Conference
     South Beach, Miami, Florida
     January 9-11, 2012
Tuesday




                                                                                                                                                     Tuesday
                              11:15 am – 12:00 pm      Forum Chairs Report
                              Americana Salons 1,2,3   Moderator:
                                                       Stephen M. Renna, Chief Executive Officer, CRE Finance Council
                                                       Panelists:
                                                       William O’Connor, Partner, Crowell & Moring LLP, High Yield Debt and Investment Forum Chair
                                                       Tricia B. Hall, Vice President, Paulson & Co., Investment-Grade Bondholders Sub-Forum Chair
                                                       Jonathan M. Strain, Managing Director, J.P. Morgan, Issuers Forum Chair
                                                       Jeffrey Day, CEO and Managing Director, Deutsche Bank Berkshire Mortgage,
                                                          Multifamily Lenders Forum Chair
                                                       Richard Coppola, Managing Director, Teachers Insurance & Annuity Association,
                                                          Portfolio Lenders Forum Chair
                                                       Erin Stafford, Managing Director, CMBS, DBRS, Inc., Servicers Forum Chair
                                                       Dan Sefcik, Managing Director, BlackRock, B-Piece Buyers Sub-Forum Chair

                              12:00 pm – 1:00 pm       Plated Lunch
                              Salon 4

                              1:00 pm – 2:00 pm        Keynote Speaker: Douglas Holtz-Eakin
                              Americana Salons 1,2,3   Former director of the Congressional Budget Office and
                                                       Chief Economist for the Council of Economic Advisors
                                                       under President George W. Bush


                           Douglas Holtz-Eakin
                              2:00 pm – 2:15 pm        Networking Break


                              2:15 pm – 3:30 pm        The Evolving World of Commercial Real Estate Finance: What’s Next?
                              Americana Salons 1,2,3   A Discussion with Ethan Penner and Jonathan Pollack
                                                       Panelists:
                                                       Ethan Penner, President, CBRE Capital Partners
                                                       Jonathan Pollack, Global Head of Commercial Real Estate, Deutsche Bank

                              3:30 pm – 3:45 pm        Networking Break


                              3:45 pm – 4:45 pm        TRXII: An Opportunity for Issuers and Investors
                              Americana Salons 1,2,3   Moderator:
                                                       Brian P. Lancaster, Head of MBS, CMBS and ABS Strategies, Royal Bank of Scottland
                                                       Panelists:
                                                       Chris Callahan, Managing Director, Credit Suisse Securities USA
                                                       Bill Cumby, Senior Vice President, Pimco (invited)
                                                       Aaron Greenberg, Associate, Deutsche Bank
                                                       Todd Jaeger, Managing Director, Royal Bank of Scotland
                                                       Edward Lipes, Vice President, Markit
                                                       Q   What is TRXII and how does it work?
                                                       Q   Can TRXII serve as a catalyst to boost CMBS issuance in 2012?
                                                       Q   How does TRXII differ from CMBS total return swaps in the past?
                                                       Q   How transparent is the index?
                                                       Q   Is TRXII an effective hedge for conduits?
                                                       Q   What are the opportunities for investors?

                              5:00 pm – 7:00 pm        Networking Reception
                              The Ritz-Carlton         (One Lincoln Road, DiLido Beach Club)
       CRE Finance Council

       January Conference
       South Beach, Miami, Florida
       January 9-11, 2012
Wednesday




                                                                                                                                                      Wednesday
                                Wednesday,
                                January 11th
                                8:00 am – 10:45 am      Registration
                                Americana Foyer

                                8:15 am – 9:00 am       Networking Buffet Breakfast
                                Americana Foyer

                                9:00 am – 10:00 am      Distressed Debt - Note Sales: “I keep trying, but those special
                                Americana Salon 1,2,3   servicers won’t make a deal.”
                                                        Moderator:
                                                        William O’Connor, Partner, Crowell & Moring LLP
                                                        Panelists:
                                                        Stacey Berger, Executive Vice President, PNC Real Estate/Midland Loan Services
                                                        Michael Bernstein, Senior Vice President, Brickman Associates
                                                        David Iannarone, President - Asset Management, CWCapital Asset Management LLC
                                                        Jonathan Schultz, Principal, Onyx Equities, LLC
                                                        Donald Sheets, Senior Principal, Square Mile Capital Management LLC
                                                        Jan Sternin, Managing Director, The Situs Companies

                                10:00 am – 10:15 am     Networking Break


                                10:15 am – 11:15 am     Who’s Buying?
                                Americana Salon 1,2,3   Moderator:
                                                        Harris Trifon, Global Head CRE Debt Research, Deutsche Bank Securities Inc.
                                                        Panelists:
                                                        Peter E. DiCorpo, President, U.S. Managed Accounts Group, CBRE Global Investors
                                                        Dave Fazekas, Managing Director, Eastern Region, Industrial Income Trust
                                                        Tyler Henritze, Managing Director, The Blackstone Group
                                                        Arndt Nicklisch, Director - Acquisitions, Colony Realty Partners, LLC
                                                        Dave Reilly, Chief Executive Officer, Cornerstone Real Estate Advisers LLC
                                                        Q Where are we in cycle generally on property values? By property type?
                                                        Q What will the impact be of the coming wave of underwater balloon maturities?
                                                        Q Is the permanently low rate scenario being factored into rent growth projections
                                                          on the equity side?
                                                        Q Are the mega markets like D.C. and NYC overheated?
                                                        Q What is the competitive landscape for equity investors versus the market peak?
                                                        Q Are grocery anchored center prices overheated?
                                                        Q How do the austerity measures being implemented in Europe and the U.S. impact
                                                          your buying decisions?
                                                        Q Is the amount of gap equity available adequate to handle the wave of underwater balloons?
                                                        Q Have the pension funds and other institutional investors lowered their return hurdles
                                                          in light of the level of interest rates?
       CRE Finance Council

       January Conference
       South Beach, Miami, Florida
       January 9-11, 2012
Wednesday




                                                                                                 Wednesday
                                11:15 am – 12:00 pm      Closing General Session:
                                Americana Salons 1,2,3   Washington Policy Perspective
                                                         Congressman Edward Royce (R-CA)



                            Congressman Edward Royce

                                12:00 pm – 1:30 pm       Board of Governors Meeting
                                Poinciana 1,2,3




                                                                 Thank you for attending
                                                                 the January Conference.

                                                                 We look forward to seeing you
                                                                 at the June Conference
                                                                 in Washington, DC.

                                                                 JW Marriott Hotel
                                                                 June 11-13, 2012

								
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