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                                   GLOBAL ORGANIZERS OF INSTITUTIONAL
                                   FINANCE & INVESTMENT CONFERENCES



            THE FIFTH ANNUAL


   US REAL ESTATE
   OPPORTUNITY & PRIVATE
   FUND INVESTING FORUM
            June 1-2, 2004                                                   LEAD SPONSOR
            The Plaza Hotel
            New York, NY

       HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT REAL ESTATE,
                   PRIVATE EQUITY & MERCHANT BANKING

                       PA R T I C I PAT I N G C O M PA N I E S I N C L U D E :
   ABP INVESTMENTS US, INC.      DELOITTE & TOUCHE LLP           JPMORGAN                      PERRY REAL ESTATE PARTNERS
   AETOS CAPITAL LLC             DEUTSCHE BANK REAL ESTATE       JPMORGAN FLEMING ASSET        PIPER RUDNICK LLP
   AEW CAPITAL MANAGEMENT LP     DLJ REAL ESTATE CAPITAL         MANAGEMENT                    PRAEDIUM GROUP LLC
   AMC DELANCEY GROUP, INC.      PARTNERS                        KEYSTONE PROPERTY TRUST       PRESIDIO PARTNERS LLC
                                 DUPONT CAPITAL MANAGEMENT       KING & SPALDING               PRICEWATERHOUSECOOPERS LLP
   APOLLO REAL ESTATE
   ADVISORS LP                   EQUUS REALTY ADVISORS, LLC      KIRKLAND & ELLIS LLP          PRICOA PROPERTY PRIVATE
   ARCAP REIT, INC.              ERNST & YOUNG LLP               KPMG LLP                      EQUITY LTD.
   AVANTI PROPERTIES GROUP       FELDMAN EQUITIES                LACHMAN ASSOCIATES            PROSKAUER ROSE LLP
   BARROW STREET                 FIVE MILE CAPITAL PARTNERS      LASALLE BANK NA               PRUDENTIAL REAL ESTATE
   BERWIND PROPERTY GROUP        FREMONT INVESTMENT & LOAN       THE LASHINE GROUP             INVESTORS
                                 GE REAL ESTATE                  LEHMAN BROTHERS               RIVEROAK INVESTMENT CORP.
   BLACKACRE CAPITAL
   MANAGEMENT                    GIBSON, DUNN & CRUTCHER LLP     REAL ESTATE PARTNERS          ROCKPOINT GROUP, LLC
   BLACKSTONE REAL ESTATE        GIC REAL ESTATE                 LINNEMAN ASSOCIATES           ROTHSTEIN, KASS & CO.
   ADVISORS                      GOODWIN PROCTER LLP             LNR PROPERTY CORP.            SOROS REAL ESTATE PARTNERS
   BROADWAY PARTNERS             GOLDMAN, SACHS & CO.            MACFARLANE PARTNERS           STANDARD CHARTERED BANK
   CABOT PROPERTIES              GREENBERG TRAURIG LLP           MARCUS & MILLICHAP            STARWOOD CAPITAL GROUP LLC
   CALPERS                       GREYSTAR REAL ESTATE ADVISORS   MAYER, BROWN, ROWE & MAW      THAYER LODGING
   CARMEL PARTNERS, INC.         HAYNES & BOONE                  MERRILL LYNCH & CO., INC.     THOR EQUITIES
   CHARLESBANK CAPITAL           HDG MANSUR GROUP                MEXICO RETAIL PARTNERS        TORTO WHEATON RESEARCH
   PARTNERS LLC                                                  MORGAN, LEWIS & BOCKIUS LLP
                                 HEI HOSPITALITY LLC                                           UBS INVESTMENT BANK
   CLIFFORD CHANCE LLP                                           MORRISON AND FOERSTER LLP
                                 HEITMAN INTERNATIONAL                                         URBANAMERICA LP
   CORPORATE PROPERTIES OF THE                                   MOUNTAIN FUNDING LLC
   AMERICAS                      HOTEL CAPITAL ADVISERS, INC.                                  VEDANT CAPITAL PARTNERS
                                 ICF VENTURES                    OCHTAR CAPITAL PARTNERS       WACHOVIA SECURITIES
   COSTAR                                                        LIMITED
   COVENTRY REAL ESTATE          ING REALTY PARTNERS             O’CONNOR CAPITAL PARTNERS     WALTON STREET CAPITAL LLC
   ADVISORS                      JAEGER REALTY FOR               PAUL, HASTINGS, JANOFSKY &    WEIL, GOTSHAL & MANGES LLP
   CSFB REAL ESTATE PRIVATE      STANDARD & POOR'S               WALKER LLP                    THE WELLCOME TRUST
   FUND GROUP                    JER PARTNERS                    PENSION CONSULTING            WESTBROOK REAL ESTATE
   DEBEVOISE & PLIMPTON          JONES DAY                       ALLIANCE, INC.                PARTNERS, LLC


   For more information or to register,                               Early Bird Registration
   please visit: www.imn.org/a639/m/                                  Discount Ends April 30th
ABOUT       THE ORGANIZER…
            Information Management Network (IMN) is a global leader in the organization and management of
            educational and networking programs for business executives. Based in New York City, the Company is in its
            eleventh year of operations and annually organizes over sixty finance and investment conferences across the
            world.This experience and level of insight has led IMN to become the industry’s premier organizer of forums
            focusing on Real Estate Opportunity & Private Funds.With over 600 delegates attending last year’s Fourth
            Annual US Real Estate Opportunity & Private Fund Investing Forum, this event is the largest of its kind.



            THE REAL ESTATE FUNDS
            FORUM SERIES…
            This event is one in a series of Opportunity & Private Fund Forums. For five years IMN has organized the
            premier Real Estate Opportunity & Private Fund Investing Forums in New York and London. Add to that The
            Asia forum (held in Tokyo, currently in its seventh year),The Dana Point, CA Forum (now in its second year),
            and the launch of the Southern European edition in 2005, this series is a truly global experience.



            THIS EVENT…
            Bringing together all of the active participants in the Private Real Estate Funds industry, this event is the only
            one of its kind.Through structured presentations, panel discussions, and interactive audience participation, the
            Fifth Annual US Real Estate Opportunity & Private Fund Investing Forum will showcase the cutting-edge
            strategies utilized by the most successful funds and investors for thriving in the current environment.




UPCOMING EVENTS             IN THE OPPORTUNITY & PRIVATE FUND FORUM SERIES
                            The Seventh Annual Pan-Asian Real Estate Opportunity & Private Fund Investing Forum
                            (Formerly Japanese CMBS)
                                                  October 19-20, 2004          Tokyo, Japan
                            The Fifth Annual European Real Estate Opportunity & Private Fund Investing Forum
                                                   November 8-9, 2004          London, UK
                            The Second Annual Winter Forum On Real Estate Opportunity & Private Fund Investing
                                                 January 26-28, 2005        Dana Point, CA
                            The Global Forum On Real Estate Opportunity & Private Fund Investing
                                                 April 2005                  Venice, Italy

                            For additional information on any of these events, please visit our website at   www.imn.org

2   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
DAY ONE:
12:00
                                         TUESDAY AFTERNOON, JUNE 1, 2004
        Registration…Welcome Refreshments Courtesy Of:                     CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
                                                                                                            -A-
                                                                           3:30     THE FOUR MAIN FOOD GROUPS: OUTLOOK FOR
                                                                                    OFFICE, INDUSTRIAL, RESIDENTIAL & RETAIL
                                                                                    • The impending doom of single family residential: Is there a
                                                                                    false confidence in home equity? • Multi-use facilities: Can
                                                                                    you build flexibility into your properties? • Outlook for
12:45   WELCOMING REMARKS FROM                                                      office vs. industrial sectors: Which one will recover first?
        INFORMATION MANAGEMENT NETWORK                                              • Tenants: What are reasonable expectations for job growth?
12:50   CHAIRMAN’S OPENING REMARKS                                                  • Is retail on the rebound? • Dealing with excess or non-
        Forum Chairperson:                                                          strategic space
        Craig Medwick, Partner CLIFFORD CHANCE LLP                                  Moderator:
1:00    OUTLOOK FOR REAL ESTATE MARKETS WITHIN THE                                  Robert Ivanhoe, Chair, National Real Estate Practice
        LARGER MACROECONOMIC ENVIRONMENT                                            GREENBERG TRAURIG LLP
        • Are investors moving money out of real estate and into                    Panelists:
        stocks? • How much longer will low interest rates sustain                   Kenneth P. Balin, President & Chief Executive Officer
        the industry? • Property regulations update: How have the                   AMC DELANCEY GROUP, INC.
        new laws affected the industry? • Where is pricing heading                  Franz Colloredo-Mansfeld, Managing Partner
        this year: Has supply & demand reached equilibrium?                         CABOT PROPERTIES, INC.
        • What are the risk factors for operating in the current market?            Peter Henkel, President & Chief Executive Officer
                                                                                    COVENTRY REAL ESTATE ADVISORS
        Moderator:
                                                                                    Kurt Roeloffs, Managing Director, Real Estate Opportunities Group
        David Hodes, Managing Director
                                                                                    DB REAL ESTATE
        CSFB REAL ESTATE PRIVATE FUND GROUP
                                                                                    Jeffrey Kelter, President & Chief Executive Officer
        Panelists:                                                                  KEYSTONE PROPERTY TRUST
        Ron Kravit, Managing Director                                               Marc Halle, Principal PRUDENTIAL REAL ESTATE INVESTORS
        BLACKACRE CAPITAL MANAGEMENT
        Steven Baum, Founder FIVE MILE CAPITAL PARTNERS                                                     -B-
        Jeffrey P. Krasnoff, Chief Executive Officer & President           3:30     FINANCING OPTIONS FOR REAL ESTATE FUNDS
        LNR PROPERTY CORP.                                                          • CMBS vs. traditional finance • Financing funds: Credit
        William H.Walton, Managing Member ROCKPOINT GROUP, LLC                      lines/short-term • Initial (mortgage) financing: Financing your
        Richard Georgi, Managing Partner                                            purchase • Fund perspective on dealing with lenders
        SOROS REAL ESTATE PARTNERS                                                  • Who are the lenders? • Refinancing trends • Mezzanine loans
2:00    FUND SPONSORS' ROUNDTABLE:WHAT IS YOUR                                      Moderator:
        STRATEGY?                                                                   L. Bruce Fischer, Partner MORGAN, LEWIS & BOCKIUS LLP
        • Where are you investing now? Where are you looking for                    Panelists:
        future investments? • How are you surviving and thriving in                 Skip Wells, Managing Director, Strategic Capital Group
        the current market? • What was your last acquisition?                       GE REAL ESTATE
        • Where are your leads on opportunities coming from?                        Timothy E. Powers, Partner HAYNES AND BOONE
        Moderator:                                                                  James Sullivan, Managing Director, Real Estate Investment Bank
        Dennis Yeskey, National Director, Real Estate Capital Markets               JPMORGAN
        DELOITTE CONSULTING LLP                                                     Lisa Cunningham, Senior Vice President, Commercial Real Estate
                                                                                    LASALLE BANK NA
        Panelists:
                                                                                    Robert L. Gilbert, Senior Vice President, Head of Funds &
        John R.S. Jacobsson, Managing Partner
                                                                                    Insurance STANDARD CHARTERED BANK
        APOLLO REAL ESTATE ADVISORS
                                                                                    Jeffrey M. Baevsky, Senior Vice President WACHOVIA BANK, N.A.
        Jonathan D. Gray, Senior Managing Director
        BLACKSTONE REAL ESTATE ADVISORS                                                                     -C-
        Russell Appel, President THE PRAEDIUM GROUP LLC                    3:30     DEAL STRUCTURING:WHAT KEY ISSUES ARE
        Robert Falzon, Managing Director                                            INVOLVED IN GETTING DEALS DONE?
        PRUDENTIAL REAL ESTATE INVESTORS
                                                                                    • Using the best tax, legal and accounting practices • What
        Merrick Kleeman, Senior Managing Director                                   is your leverage (financing, interest rates, etc.) in structuring
        STARWOOD CAPITAL GROUP                                                      your deals? • Deals that have gone bad: What went wrong?
        Jeffrey S. Quicksilver, Principal WALTON STREET CAPITAL LLC
                                                                                    Moderator:
3:00    Refreshments Courtesy Of:                                                   Andrew Levy, Partner GIBSON, DUNN & CRUTCHER LLP
                                                                                    Panelists:
                                                                                    Matthew T. Golden, Partner DEBEVOISE & PLIMPTON
                                                                                    Jennifer Morgan, Partner KIRKLAND & ELLIS LLP
                                                                                    Rodolpho Amboss, Chief Financial Officer
                                                                                    LEHMAN BROTHERS REAL ESTATE PARTNERS
                                                                                    Bruce L. Gelman, Partner MAYER, BROWN, ROWE & MAW LLP
                                                                                    William O'Connor, Principal O'CONNOR CAPITAL PARTNERS

                                     INFORMATION MANAGEMENT NETWORK               Email: mail@imn.org   Tel: (212) 768-2800   Fax: (212) 768-2484   l3
CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”                                            CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
                                         -A-                                                                           -A-
4:30           EXPLORING THE PROS AND CONS OF INVESTING IN                             5:30   HOTEL & LEISURE PROPERTIES
               URBAN MARKETS                                                                  • Short and long-term outlook for the hospitality industry
               • How does this strategy differ from investing in the suburbs?                 • Is the hotel market fully recovered? • Are there any good
               • What are the pitfalls? • What are your return expectations?                  deals left? Where? • From luxury to budget: Which sectors
               • What is the outlook for New York City vs. other cities?                      offer the best deals?
               • How do West Coast urban markets compare?                                     Moderator:
               • Which cities have the best opportunities?                                    Kapila Anand, Partner, National Director of Real Estate and
               • Comparing inner-city asset classes                                           Hospitality Advisory Services KPMG LLP
               Moderator:                                                                     Panelists:
               Richmond McCoy, Chief Executive Officer URBANAMERICA LP                        Clark W. Hanrattie, Senior Vice President & Chief Investment
               Panelists:                                                                     Officer HEI HOSPITALITY, LLC
               Richard J. Mack, Principal APOLLO REAL ESTATE ADVISORS                         Simon Turner, Principal HOTEL CAPITAL ADVISERS, INC.
               Chad Carpenter, President & Chief Executive Officer                            Robert Koger, President MOLINARO KOGER
               EQUUS REALTY ADVISORS, LLC                                                     Martin Reid, Managing Director THAYER LODGING
               Alicia Glen, Vice President Urban Investment Group                             Brian Newman, Principal WALTON STREET CAPITAL, LLC
               GOLDMAN, SACHS & CO.
               Charles H. Berman, Managing Principal                                                                   -B-
               MACFARLANE PARTNERS                                                     5:30   EVALUATING JOINT VENTURES WITH EQUITY
               Mitchell R. LaBar, Managing Director MARCUS & MILLICHAP                        PARTNERS
               Joseph J. Sitt, President & Chief Executive Officer                            • What are the advantages and disadvantages of joint
               THOR EQUITIES LLC                                                              ventures? • Investor-fund JVs: Managing expectations from
                                         -B-                                                  your institutional partners • What should your JV partner
                                                                                              bring to the table?
4:30           FUND (EQUITY) RAISING: MAKING YOUR FUND
                                                                                              Moderator:
               ATTRACTIVE TO INVESTORS
                                                                                              Stephen Tomlinson, Partner KIRKLAND & ELLIS LLP
               • How are you reaching investors? • What type of investors
               are you targeting? • Third-party fund raising: What are the                    Panelists:
               benefits using outside firms to raise equity?                                  Charles Schwartz, Partner AVANTI PROPERTIES GROUP
                                                                                              Larry Cranch, Partner CLIFFORD CHANCE LLP
               Moderator:
                                                                                              Frank Marro, Managing Director, Joint-Venture Equity Group
               Thomas B. Brown, Vice President, Real Estate and Lodging
                                                                                              GE REAL ESTATE
               Investment Banking Group JPMORGAN
                                                                                              Minta Kay, Partner GOODWIN PROCTER LLP
               Panelists:                                                                     Cia Buckley, Senior Managing Director JER PARTNERS
               Thomas H. Nolan, Jr., Principal, High-Return Private Equity                    Peter Fioretti, Chief Executive Officer
               AEW CAPITAL MANAGEMENT LP                                                      MOUNTAIN FUNDING LLC
               Daniel M. DiLella, President & Chief Executive Officer
               BERWIND PROPERTY GROUP, LTD.                                                                            -C-
               Ronald Sanders, Partner CLIFFORD CHANCE LLP                             5:30   STRUCTURING FOR OVERSEAS REAL ESTATE INVESTMENTS
               Alan A. Pardee, Managing Director                                              • What general issues need to be considered when
               MERRILL LYNCH PRIVATE EQUITY GROUP                                             structuring such funds? Which issues are location-specific?
               Stephen DeNardo, Founder RIVEROAK INVESTMENT CORP.                             • What fund structures are commonly used?
               Pete Finley, Executive Director UBS INVESTMENT BANK                            • What investor-specific issues will you face?
                                         -C-                                                  Moderator:
4:30           MACROECONOMIC OUTLOOK FOR REAL ESTATE                                          Markus Trice, Managing Director & Co-Founder
               OPPORTUNITIES ABROAD                                                           PRESIDIO PARTNERS LLC
               • US attitude toward overseas investing • Risk profile                         Panelists:
               • Transparency of overseas markets: Has it improved?                           David Moldenhauer, Partner CLIFFORD CHANCE LLP
               or have US funds’ expectations of transparency come down?                      Harold D. Garrison, Chairman
               • Is there an advantage enjoyed by funds with local market expertise?          HDG MANSUR CAPITAL GROUP, LLC
               • Near-term outlook for overseas real estate markets                           Christopher Merrill, Managing Director, International Private Equity
               Moderator:                                                                     HEITMAN
               Steven Lichtenfeld, Partner PROSKAUER ROSE LLP                                 Robert C. Lee, Partner JONES DAY
                                                                                              Robert V. Fitzsimmons, Partner
               Panelists:
                                                                                              MAYER, BROWN, ROWE & MAW LLP
               Ronald A. Rawald, Managing Director AETOS CAPITAL, LLC
                                                                                              James A. Quille, Chief Executive Officer
               Roger D. Barris, Managing Director & European Head of Real
                                                                                              OCHTAR CAPITAL PARTNERS LIMITED
               Estate Opportunities Group DB REAL ESTATE
               Thomas Pulley, Managing Director
               DLJ REAL ESTATE CAPITAL PARTNERS
               Andrew J. Weiner, Partner MORRISON AND FOERSTER LLP                     6:30   Networking Cocktail Reception Courtesy Of:
               Jonathan Short, Chief Executive
               PRICOA PROPERTY PRIVATE EQUITY LTD.                                     7:30   DAY ONE CONCLUDES
               Jeffrey M. Kaplan, Managing Principal WESTBROOK PARTNERS

4   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
DAY TWO:
7:45    Continental Breakfast Courtesy Of:
                                                             WEDNESDAY, JUNE 2, 2004
                                                                      CONCURRENT SESSIONS: CHOOSE “A”, “B” OR “C”
                                                                                                        -A-
                                                                      11:00     PROMINENT FUND MANAGERS DEBATE CURRENT ISSUES
                                                                                Co-Moderators:
                                                                                Joanne Douvas, Vice President
                                                                                JPMORGAN FLEMING ASSET MANAGEMENT
                                                                                Claudia Faust, Principal
                                                                                PENSION CONSULTING ALLIANCE, INC.
8:15    OPENING REMARKS & DAY ONE RECAP                                         Panelists:
8:30    LIMITED PARTNERS’ ROUNDTABLE:WHAT ARE                                   Eric Mogentale, Principal
        INVESTORS LOOKING FOR IN A FUND?                                        WALTON STREET CAPITAL LLC
        • How has your investment philosophy changed over the                   Paul Kazilionis, Managing Principal
        past year? • Are you seeing promised returns? • How are                 WESTBROOK REAL ESTATE PARTNERS LLC
        you feeling about your current investments? What would
        you like to see change? • Are you decreasing your                                               -B-
        allocations to real estate? • How do different types of
        investors view real estate funds?                             11:00     FUND TRANSPARENCY, PERFORMANCE & MANAGER
                                                                                SELECTION
        Moderator:
        Charles. R. Purse, Director                                             • Has fund transparency improved in the last 12 months?
        CSFB REAL ESTATE PRIVATE FUND GROUP                                     • How has recent legislation affected fund reporting?
                                                                                • Tools for investors: How do you choose a manager?
        Panelists:                                                              • Have actual returns matched expected returns?
        David D. Boyle, Senior Portfolio Manager
        ABP INVESTMENTS US, INC.                                                Moderator:
        Michael B. McCook, Senior Investment Officer, Real Estate               Peter D. Linneman, Principal LINNEMAN ASSOCIATES
        CALPERS                                                                 Panelists:
        Brian Schneider, Senior Portfolio Manager                               Robert Davis, Managing Director
        DUPONT CAPITAL MANAGEMENT                                               JAEGER REALTY FOR STANDARD & POOR'S
        Howard J. Margolis, Senior Vice President GIC REAL ESTATE               David Kaplan, Partner KPMG LLP
                                                                                Nancy Lashine, President THE LASHINE GROUP
9:30    EVALUATING CORE PLUS,VALUE-ADDED &
                                                                                Peter J. Pereira Gray, Head of Property Investment
        OPPORTUNISTIC INVESTING:WHERE ARE YOUR
                                                                                THE WELLCOME TRUST
        INVESTMENTS ON THE RETURN SCALE?
        • What are the actual performance projections for existing
        funds? • Impact of new funds entering the market                                                -C-
        • Core Strategies: Will more funds be core and value-added    11:00     FOREIGN CAPITAL IN THE US:WHY ARE FOREIGN
        rather than opportunistic in the near future? • What                    INVESTORS INVESTING IN US REAL ESTATE?
        strategies are being employed to achieve 20% returns? How
                                                                                • Are foreign investors becoming more refined? Are they
        many funds are actually generating 20% returns?
                                                                                competing with US opportunistic and value-added
        Moderator:                                                              investors? • Why is California so appealing to Asia-Pacific
        Deborah Levinson, Partner ERNST & YOUNG LLP                             investors? What affect will Australian investors have on
        Panelists:                                                              California real estate markets?
        Keith F. Barket, Managing Director ANGELO, GORDON & CO.                 Moderator:
        Nicholas Chermayeff, Managing Principal                                 J. Philip Rosen, Chairman-Real Estate Department
        BARROW STREET CAPITAL LLC                                               WEIL, GOTSHAL & MANGES LLP
        David Brush, Managing Director & Global Head of Real Estate
                                                                                Panelists:
        Opportunities Group DB REAL ESTATE
                                                                                Clifford McAuley, Partner
        Benjamin L. Friedman, President
                                                                                CLIFFORD CHANCE LLP
        GREYSTAR REAL ESTATE ADVISORS, LLC
                                                                                Additional Panelists TBA
        Tae-Sik Yoon, Managing Director JER PARTNERS
        Richard Brace, Senior Vice President & Director of Investor
        Strategy Services TORTO WHEATON RESEARCH


10:30   Refreshments Courtesy Of:




                                    INFORMATION MANAGEMENT NETWORK            Email: mail@imn.org   Tel: (212) 768-2800   Fax: (212) 768-2484   l5
CONCURRENT SESSIONS: CHOOSE “A” OR “B”                                                                         -B-
                                       -A-                                       2:00   STRUCTURING JOINT VENTURE PARTNERSHIPS
12:00          REPOSITIONING, REDEVELOPING & TURNAROUND                                 • How do JVs differ from other fund structures?
               STRATEGIES                                                               • What are the special due diligence considerations?
               • What are the keys to capitalizing on distressed properties?            • Evaluating local & equity partners • Tax implications
               • What is your turnaround timeframe? • How do the                        Moderator:
               strategies differ for each asset class? • Which locations                Sanford C. Presant, North American Leader-Opportunity Funds
               present the best turnaround opportunities?                               ERNST & YOUNG LLP
               • Turning around tech properties                                         Panelists:
               Moderator:                                                               Brad Muth, Managing Director ING REALTY PARTNERS
               Jonathan Cohen, Senior Manager                                           David J. Lowery, Partner & Co-Chair of Real Estate
               DELOITTE & TOUCHE LLP                                                    JONES DAY
               Panelists:                                                               Alvin Katz, Partner MAYER, BROWN, ROWE & MAW LLP
               Adam Schwartz, Associate ANGELO, GORDON & CO.                            John Sullivan, Partner PIPER RUDNICK LLP
               Robert Greenhill, Managing Principal                                     Jeffrey A. Scott, Managing Director, Real Estate Corporate
               BARROW STREET CAPITAL LLC                                                Finance WACHOVIA SECURITIES
               John R. Williams, Managing Director CARMEL PARTNERS, INC.                                       -A-
               William "Chip" Douglas, Managing Director
               CHARLESBANK CAPITAL PARTNERS LLC                                  3:00   INVESTING IN A REAL ESTATE PRIVATE EQUITY PLATFORM
               Larry Feldman, President & Chief Executive Officer                       • Valuation and structuring in a real estate private equity
               FELDMAN EQUITIES                                                         transaction • Corporate governance, decision making and
               Robert Stern, Managing Director                                          operating a real estate private equity platform • Liquidity and
               PERRY REAL ESTATE PARTNERS                                               exit issues • Trends in market terms • Managing claw-back risk
                                                                                        Moderator:
                                       -B-                                              Jay Bernstein, Partner
12:00          FUND STRUCTURING:WHAT ISSUES ARE INVOLVED IN                             CLIFFORD CHANCE LLP
               CREATING A NEW FUND?                                                     Panelists:
               • What are the key legal, tax and accounting structural issues?          Scott Lawlor, Chief Executive Officer BROADWAY PARTNERS
               • Where are you structuring? How does location affect you?               Sherri G. Caplan, Partner DEBEVOISE & PLIMPTON
               • Are off-shore tax havens a good idea? • State regulations              Laura C. Hodges Taylor, Partner GOODWIN PROCTER LLP
               of concern                                                               Andrew Wood, Chief Operating Officer
               Moderator:                                                               OCHTAR CAPITAL PARTNERS LIMITED
               Donald B. Zief, Partner KPMG LLP
               Panelists:
                                                                                                               -B-
               Kent R. Richey, Of Counsel JONES DAY
               James H. Lokey, Partner KING & SPALDING                           3:00   EVALUATING THE OPPORTUNITIES IN MEXICO
               Ethan W. Johnson, Partner MORGAN, LEWIS & BOCKIUS LLP                    • What’s new in Mexico? How has the property investment
               Scott Farb, Principal in Charge, National Real Estate Group              climate changed over the past year? • How are Mexican
               ROTHSTEIN, KASS & CO.                                                    real estate funds performing?
               Michael Katz, Co-Chief Executive Officer                                 Moderator:
               STERLING AMERICAN PROPERTY, INC.                                         Pamela Wright, Director
                                                                                        CSFB REAL ESTATE PRIVATE FUND GROUP
1:00           Luncheon Courtesy Of:                                                    Panelists:
                                                                                        Raymond Flores, President
                                                                                        CORPORATE PROPERTIES OF THE AMERICAS
                                                                                        John Blumberg, Chief Executive Officer
CONCURRENT SESSIONS: CHOOSE “A” OR “B”
                                                                                        MEXICO RETAIL PARTNERS
                                       -A-                                              A Representative of O’CONNOR CAPITAL PARTNERS
2:00           INVESTING IN REAL ESTATE DEBT & MEZZANINE
               • Where are fund managers finding the strongest returns?          3:45   Refreshments Courtesy Of:
               • Distressed mortgages/debt: Will there be loan purchases at
               deep discount? • Investing/structuring real estate CDOs
               • CMBS defaults: How will servicers deal with defaults? What
               opportunities will arise for the real estate funds?
               • Investing in Mezzanine debt: Why is it on the rise?
               • How are the funds using mezzanine financing? What
               structural issues are involved in mezzanine deals?
               Panelists:
               Paul Smyth, Managing Director, Capital Markets
               ARCAP REIT, INC.
               Craig Henrich, Director, Mezzanine Investment DB REAL ESTATE
               Andrew Stainer, Senior Vice President JP MORGAN
               Arthur Nevid, Managing Director MOUNTAIN FUNDING LLC
               Steven A. Fein, Partner, Real Estate Department
               PAUL, HASTINGS, JANOFSKY & WALKER LLP

6   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
CONCURRENT SESSIONS: CHOOSE “A” OR “B”
                                    -A-                                                                                    -B-
4:00      THE PRIVATE REIT STRUCTURE AND TAX-EXEMPT                                     INDIA REAL ESTATE: MARKET OVERVIEW AND
                                                                                     4:00
          INVESTORS                                                                     INTRODUCTORY DISCUSSION
          • Avoiding UBIT and other tax implications • What are the                     • Summary of major real estate markets in India
          benefits compared to limited liability companies & other tax-                 • Description and analysis of leasing trends • Discussion of
          driven structures: Portfolio diversification, increased liquidity?            infrastructure, legal and regulatory hurdles • Overview of
          • What type of investor benefits from these structures?                       demographic trends and their impact on global job flows
                                                                                        • Link to leaps in communication technologies and trends in
          Moderator:                                                                    delivery of services • Potential political impact of off-shoring trend
          Peter Fass, Partner PROSKAUER ROSE LLP                                        Moderator:
          Panelists:                                                                    Charles. R. Purse, Director
          Thomas S. Wisialowski, Partner, Tax Department                                CSFB REAL ESTATE PRIVATE FUND GROUP
          PAUL, HASTINGS, JANOFSKY & WALKER LLP                                         Panelists:
          Paul Ryan, Partner PRICEWATERHOUSECOOPERS LLP                                 Norman Prouty, General Partner & Managing Partner
                                                                                        ICF VENTURES
                                                                                        M. Leanne Lachman, President LACHMAN ASSOCIATES
                                                                                        Chetan Dave, President VEDANT CAPITAL PARTNERS
4:45      IMN’s Fifth Annual US Real Estate Opportunity & Private Fund Investing Forum Concludes




  SPONSORS
 TITANIUM
                     INFORMATION MANAGEMENT NETWORK WOULD LIKE TO THANK
               THE FOLLOWING SPONSORS FOR THEIR GENEROUS SUPPORT OF THIS EVENT




 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 and managers in the domestic and international real estate sectors. 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 strategic investments in real estate funds. Our team of investment fund experts assists in structuring funds, investing domestically and
 internationally and in related tax and insolvency matters. The firm's real estate opportunity fund capabilities are complemented by our market
 leading real estate securities practice.
 Clifford Chance is a fully-integrated global law firm with a comprehensive US practice. Unrivaled in international resources, Clifford Chance has
 32 offices in 19 countries, including six US offices. We have more than 3,700 legal advisors worldwide, 650 of whom are US-based. Nearly one-
 half of the Fortune 500 call on Clifford Chance for transactional, regulatory and litigation advice. We offer these clients a combination of locally
 qualified lawyers along with practitioners deeply experienced in international matters in virtually all of the world’s key financial centers.




 PLATINUM


 Greenberg Traurig, LLP is a full-service international law firm with more than 1000 lawyers and governmental professionals practicing in 21 offices
 throughout the United States and Europe. We advise clients in the investigation, acquisition, financing, construction, development, and
 disposition/marketing phases of all real estate projects.
 Our internationally-recognized golf and resort practice involves resort and recreational real estate.We have extensive experience with golf communities,
 destination resorts, hotels, mixed-use resort projects, condominiums, common interest projects, fractional and timeshare interests, private residence
 clubs, golf and recreational clubs, hotel and resort financing, and regulation.
 Greenberg Traurig's real estate investment practice represents real estate developers, banks, insurance companies, REIT's, syndicators, asset and property managers,
 financial services companies, investment banks, pension funds and other institutional investors. Our REIT specialists are frequently engaged to assist clients in
 determining whether the REIT is a suitable vehicle to meet their objectives, structure the optimum transaction, and introduce clients to capital market and private
 sources of capital.


                                          INFORMATION MANAGEMENT NETWORK                       Email: mail@imn.org    Tel: (212) 768-2800     Fax: (212) 768-2484   l7
GOLD
                                 Credit Suisse First Boston Real Estate Private                                   JPMorgan has a leading global Real Estate and
                                 Fund Group (CSFB REPFG) is a global advisor                                      Lodging Investment Banking business. The
                                 and placement agent for sponsors of high                                         European team is consistently ranked No.1
                                 quality investment opportunities in real estate    Real Estate M&A advisor in the region, with an aggregate of over Euro 30
private equity. CSFB's REPFG team of 18 professionals sources capital from          billion of transactions closed since 1999. At the centre of JPMorgan's real
public and private pension funds, foundations, endowments, insurance                estate franchise are extensive relationships with corporations, financial
companies and other institutional and accredited investors worldwide.               institutions, governments and institutional investors worldwide. The group
Transactions include real estate private equity funds, entity level transactions    provides a full range of investment banking products and services, including
and asset-specified joint ventures across the risk/return spectrum on a global      advising on corporate strategy and structure, capital raising in equity and
basis. Sponsors of these transactions include private investments firms, real       debt markets, and sophisticated risk management. J.P. Morgan Chase & Co.
estate operating companies and public REITs. Credit Suisse First Boston             is a leading global financial services firm with assets of $803 billion and
(CSFB) is a leading global investment banking firm serving institutional,           operations in more than 50 countries.
corporate, government and individual clients. CSFB's businesses include
securities underwriting, sales and trading, investment and merchant banking,                               KPMG is a leading provider of assurance, tax and
financial advisory services, investment research, venture capital,                                        legal, and financial advisory services to the real estate
correspondent brokerage services and online brokerage services. CSFB is a                                 industry. KPMG’s Real Estate practice focuses on
truly global institution. It operates in more than 89 locations across more than    providing services to clients across all areas of the industry from quoted
37 countries on six continents.The Firm is a business unit of the Zurich based      companies and private investors to real estate funds and corporate
Credit Suisse Group, a leading global financial services company.                   occupiers. Industry specialists can deliver seamless services both locally
                          GE Real Estate ( www.gerealestate.com ), a unit of GE     and across national boundaries in response to complex business
                          Commercial Finance, is one of the world's leading         challenges. The practice covers the following disciplines:
                          resources for commercial real estate capital.             · Real Estate Tax is focused on finding opportunities and leveraging them
                          Headquartered in Stamford, Connecticut, Real Estate       to deliver significant tax savings. Specialists in corporate tax, tax
boasts assets of nearly $28 billion and more than 30 offices throughout             compliance, stamp duty, capital allowances, business rates and VAT ensure
North America, Europe and Asia/Pacific - from five operating platforms:             our clients have tailored solutions, minimizing bottom-line expenses
• North America Equity • North America Debt • Specialized Industries                · KLegal/Mcgrigor Donald has the full range of skills and needed in real
• Europe • Asia Pacific                                                             estate.The real estate group comprises over 70 lawyers based in London,
GE Commercial Finance, which offers businesses around the globe an array            Edinburgh, Glasgow and Belfast, providing a breadth and depth of resource
of financial products and services, has assets over US$217 billion and is           for transactions across the UK and - with the KLegal International network
headquartered in Stamford, Connecticut, USA. General Electric (NYSE: GE)            - beyond.
is a diversified technology and services company dedicated to creating              · The Financial Advisory Services practice works with companies to grow
products that make life better.                                                     and enhance their shareholder value.The real estate team provides project
                  Jones Day is one of the world's largest law firms, with 14 U.S.   and structured finance, debt advice and assistance through all phases of a
                  and 14 non-U.S. offices and more than 2,200 lawyers. Our          transaction, including post-merger integration. We also advise corporates
                  Real Estate Area comprises more than 130 lawyers in the           on how they can align their real estate portfolio to match business needs,
U.S., U.K., Europe and Asia. Bloomberg recently ranked Jones Day #1 globally        reduce costs and, where necessary, extract value.
in Real Estate M&A transactions by deal count and #2 globally by deal               · The Assurance practice helps clients manage risk so they can focus on
volume in 2003.                                                                     their core businesses and convert information into opportunities to
For more than 15 years, Jones Day lawyers have represented market leading           improve client efficiency and performance.
fund sponsors, including well established investment management firms, new
sponsors and experienced management groups beginning new ventures, in
real estate opportunity, value-added, core and core-plus fund formations and                       Mayer, Brown, Rowe & Maw LLP's Real Estate Group is
many of the largest and most active of these funds in their ongoing joint                          large, varied and international in its capability. Each year,
venture, acquisition, disposition, financing, and asset management activities in                   Mayer Brown real estate lawyers handle thousands of
the U.S., U.K., Europe and Asia. Jones Day has also represented many of the                        purchases, sales, leases, financings, securitization transactions
most active lead investors and investment advisors in making alternative asset                     and restructurings involving tens of billions of dollars and
investments and investments in U.S., U.K., European, Asian and globally             pounds around the world. The Real Estate Group consists of lawyers
targeted real estate funds. This experience provides our lawyers with a             throughout our international network of offices with the combined
unique perspective on the business objectives of a broad range of fund              expertise and skills necessary to provide excellent service to clients in
participants as well as a deep understanding of the current state of deal           complex real estate transactions worldwide. Our real estate practice is
terms throughout the world.                                                         enhanced by our extensive involvement and influence at various levels of
                                                                                    the real estate industry. For more information, please visit our website at
From organizing innovative product and geographically focussed fund                 www.mayerbrownrowe.com
structures, to advising on real estate M&A and portfolio transactions, formation
of joint ventures, incentive compensation arrangements with local operating
partners and subscription and property based financings, our Real Estate Funds
Practice draws upon lawyers from our Real Estate, Tax, Cross-Border,
Corporate Finance, M&A and Lending/Structured Finance areas to provide
thorough analysis and creative integrated solutions to complex client problems.
For further information on our Real Estate Funds Practice, please visit us at
our website, www.jonesday.com, or contact:
Robert C. Lee            rclee@jonesday.com
David J. Lowery          djlowery@jonesday.com
Kent R. Richey           krrichey@jonesday.com

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SILVER
                             The Real Estate Oppor tunities Group                      formation, qualification and transaction structuring; secured lending
                             (REOG), a division of DB Real Estate, is                  transactions; and bankruptcy strategy, transactional and litigation assignments.
                             responsible for acquiring and managing high-              Founded nearly 100 years ago, Kirkland has more than 900 attorneys handling
yield, opportunistic real estate equity investments on behalf of the firm              complex real estate, litigation, corporate, intellectual property, bankruptcy, tax
and its clients. Since 1990, the group has made nearly 200 investments                 and counseling matters for national and international clients.
in 23 countries throughout the Americas, Europe and Asia Pacific,
deploying over US$6 billion of capital on behalf of Deutsche Bank and                                               For over 75 years, LaSalle Bank’s Commercial Real
its partners. REOG consists of over 60 professionals, mostly consisting                                             Estate Group has been an industry leader, serving
of local market experts, working and residing in 12 countries around the                                            public and private real estate developers,
world. Its most significant concentrations of personnel are in New York,               Institutional investors and individuals. Headquartered in Chicago with $61.3
London, Tokyo and Hong Kong. In 2003, REOG raised US$1.5 billion                       billion in assets, LaSalle Bank is an integral part of the real estate marketplace.
from institutional and private clients for the purpose of acquiring an                 With twelve real estate offices throughout the US the Bank is uniquely
existing portfolio of investments held by Deutsche Bank as well as                     positioned to serve thousands of clients each year on a national platform.
making new investments.
                                                                                       LaSalle’s capabilities include: commercial property acquisition and
REOG invests in a variety of strategies including: distressed loans,                   construction financing; Fund level lines of credit; Real Estate Investment Trust
distressed proper ty, corporate restructuring/spin-outs, asset price                   financing; and a variety of short term and long term financing alternatives for
arbitrage, development/re-development, corporate public to private                     office, industrial, retail, multi-family and For-sale residential property projects.
and private company growth strategies. REOG has a long track record                    LaSalle Bank is able to provide customized support to their varied client base.
of working with local real estate entrepreneurs, providing the equity
capital and financial expertise necessary to realize their projects. REOG
takes great pride in being a reliable, responsive and trustworthy partner                                        Morgan Lewis has a successful history of providing
to local entrepreneurs, with many of whom REOG has established a                                                 value-added services to clients engaged in the
longstanding and mutually beneficial relationship.                                                               private equity industry. Our representation of
REOG is the opportunistic investment arm of DB Real Estate, Deutsche                   private equity and venture capital clients spans from multibillion dollar
Bank's global real estate investment management platform. With over                    acquisitions and related financing to early stage investment. We offer an
$47 billion of equity funds under management and over 1700                             unmatched array of legal services to support the development of portfolio
employees throughout North America, Europe and Asia, DB Real Estate                    investments. In addition, we play a key role in all phases of the fund
is one of the world's leading real estate investment management                        formation process, including negotiation with lead limited partners and the
organizations. DB Real Estate's resources gives REOG a unique and                      structuring of equity and retention arrangements among fund principals.
powerful perspective on the markets through the platform's state-of-                   Our broad transactional experience is complemented by industry-specific
the-art market research (across the globe) and real-time information on                expertise, including real estate expertise. Our Real Estate Practice includes
a large number of leasing and investment markets.                                      more than 60 professionals firmwide who represent major corporations,
                                                                                       regional and national developers, institutional lenders, investors, private
                                                                                       equity funds, pension funds and advisers and REITs.
                       Goodwin Procter LLP is a national leader in real estate
                       capital formation and transactions. For the past 50 years,      Morgan Lewis also has a strong tax and ERISA practice that support the
                       we have been helping clients raise capital and buy, sell        Firm's real estate private equity fund practice.
and finance real estate. With over 100 lawyers focused on serving owners,              With over 1,200 lawyers and 300 other professionals (including technical
investment managers, investors, lenders, investment bankers and developers,            specialists, patent agents and paralegals) in 18 office worldwide, Morgan
we participate in all aspects of the industry.                                         Lewis ranks among the 10 largest U.S. law firms.
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                                      Ochtar Capital Partners is a dynamic and entrepreneurial
estate investment transactions valued at over $20 billion and assisted in REIT                                     real estate investment manager focused on private
and REIT M&A deals totaling more than $43 billion.                                                                 equity investment in Europe and Asia.
Industry leaders and seasoned entrepreneurs seek our assistance in accessing           Ochtar Capital Partners was formed in February 2004 by the management
and deploying capital for investment in real estate and the execution of a wide        team at Lend Lease Global Real Estate Advisors SA (“Global Advisors”),
variety of growth, value-creation and core strategies.We are familiar with the         when it acquired the advisory company to the real estate opportunity fund
specialized issues associated with a wide variety of property types. Clients rely      Lend Lease Global Properties SICAF (“LLGP”). Ochtar Capital Partners
on us to identify conventional approaches where available or develop                   manages over US$1.6 billion of assets owned by the LLGP.
innovative new ones when necessary. Our cross-departmental Funds                       Through its network of offices in London, Hong Kong, Tokyo and
Formation, Real Estate Investment Management, and REITs and Real Estate                Luxembourg, Ochtar Capital Partners’ 31 real estate professionals manage
Securities Practice Areas bring together lawyers with the focused expertise            assets in Portugal, Spain, the United Kingdom, Belgium, Luxembourg,
necessary to respond to client demands promptly and efficiently.                       Germany, Hong Kong, South Korea, and Japan. The investments include
                                                                                       income producing assets, development and re-development projects, joint-
                                   The Real Estate Practice Group at Kirkland &        venture investments, real estate operating companies, mortgage loans and
                                   Ellis pursues an interdisciplinary approach to      listed real estate securities.
sophisticated real estate transactions to offer our clients flexible and creative      Ochtar Capital Partners has a unique position due to its local presence in
solutions to difficult problems across a broad range of transactions in the            the European and Asian regions and its real estate focused platform. For
commercial real estate industry. Through extensive interaction between                 more information please visit our website at www.ochtar.com
members of the Real Estate Practice Group and lawyers in other areas of the
Firm's practice, Kirkland offers focused, multidisciplinary counsel on a cost-
effective basis. Kirkland & Ellis regularly advises real estate clients on a variety
of matters including real estate private equity fund investments and
formations; real estate operating company formations and investments; single
asset and portfolio acquisitions and dispositions; private and public "REIT"
                                             INFORMATION MANAGEMENT NETWORK                     Email: mail@imn.org     Tel: (212) 768-2800     Fax: (212) 768-2484     l9
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                               Paul, Hastings, Janofsky & Walker LLP is an
                               international law firm comprised of over 900
                               attorneys in eight domestic and five overseas                Proskauer Rose LLP, established over one hundred twenty-five years ago, is
offices.The Firm's real estate department is one of the preeminent groups                   a full service national law firm of over 600 attorneys, with headquarters in
throughout the world, with over 150 lawyers. Paul Hastings' real estate                     New York City and major national offices in Los Angeles, California;
department was named 2002/2003 "International Real Estate Law Firm of                       Washington, D.C.; Boston, Massachusetts; Boca Raton, Florida; Newark,
the Year" by Chambers and Partners as well as being selected as having the                  New Jersey; and Paris, France.
top real estate departments in both New York and California.The Firm also
has an experienced finance and capital markets practice which specializes in                The Firm's real estate practice is exceptionally diverse and well-balanced.
the representation of lenders and borrowers in financings that encompass                    This allows us to staff each transaction, whether a straightforward single
conventional loans and mezzanine financing, equity capital raising, as well as              asset transaction or a complex multi-property portfolio financing, with a
sophisticated capital market and securitized transactions.With international                team of qualified professionals who will produce first-rate results in an
offices serving three industrialized continents, Paul Hastings is uniquely                  efficient, timely and cost-effective manner.
poised to assist opportunity fund investors and members of the real estate                  Our clients include property owners, developers, mortgage and mezzanine
industry. Commitment to client objectives, unparalleled responsiveness to                   lenders, debt and equity investors, tenants, brokers and managers. In the
client needs and freedom to be creative have established Paul Hastings as                   course of our representation of these clients, we regularly handle
an international leader in legal services. For more information, visit us at our            commercial transactions encompassing: sales and acquisitions of real
website: www.paulhastings.com or contact Philip N. Feder at                                 property and equity and debt interests; mortgage and mezzanine loan
philipfeder@paulhastings.com regarding real estate transactions and                         originations and other real estate financing vehicles; credit leases, ground
distressed real estate, domestic or international, Derek Smith at                           leases and other net leases; office and retail leases; joint ventures and equity
dereksmith@paulhastings.com regarding real estate investments and deal                      funds; equity a debt securitization; property development and construction;
structuring, Steven Fein at stevenfein@paulhastings.com regarding real                      and brokerage and management arrangements.
estate-related lending, or Tom Wisialowski at thomaswisialowski@paulhastings.com            While many of the transactions we handle require an interdisciplinary effort
regarding formation of venture capital funds and real estate acquisition funds.             on the part of the lawyers involved, our real estate attorneys often work in
                                                                                            tandem with Proskauer attorneys having bankruptcy, hospitality, tax,
                             Piper Rudnick has more than 950 lawyers in 12                  corporate, environmental, labor and ERISA law backgrounds in order to
                             cities and is nationally recognized for its real               structure, document and consummate these complex transactions. For
                             estate capabilities. With 160 real estate lawyers              further information, please visit our website at: www.proskauer.com.
in major markets nationwide, Piper Rudnick has one of the largest and
most experienced real estate practices in the United States and represents
leading real estate owners, advisors, lenders, public and private REITS,                                      Wachovia Bank's Real Estate Financial Services group
public and private pension funds and other sophisticated participants in                                      delivers a broad array of products and services with a
commercial real estate transactions. Piper Rudnick's real estate lawyers are                                  solutions-oriented approach through 100 experienced
supported by the firm's private real estate investment fund group, involving                                  Relationship Managers housed in over 30 markets located
an additional 50 lawyers from numerous practice areas including tax,                                          along the bank's East Coast footprint. These Relationship
ERISA, corporate and securities. The firm's national presence and diverse                   Managers function as a client advocates for more than 2,000 Commercial
internal capabilities enable it to advise its fund and advisor clients on the               and Residential real estate clients providing traditional banking products and
full range of increasingly complex regulatory, tax, and other legal issues that             services such as construction financing, mini-perm financing and depository
affect real estate funds and their sponsors and investors.                                  products, as well as a seamless delivery of the bank's Capital Markets,
                                                                                            Wealth Management, and Capital Management capabilities. In 2002, the
                                                                                            Real Estate Financial Services group provided more than $7.6 billion in new
                                                                                            balance sheet commitments to its real estate clients, upholding its
PricewaterhouseCoopers (www.pwc.com) provides industry-focused                              longstanding capital commitment to the real estate industry. Wachovia, the
assurance, tax and advisory services for public and private clients. More than              Charlotte, N.C.-based banking company, is one of the top three real estate
120,000 people in 139 countries connect their thinking, experience and solutions            lenders in the country with more than $32 billion in loan commitments.
to build public trust and enhance value for clients and their stakeholders.
Unless otherwise indicated,"PricewaterhouseCoopers" refers to PricewaterhouseCoopers
LLP, a Delaware limited liability partnership. PricewaterhouseCoopers LLP is a
member firm of PricewaterhouseCoopers International Limited.
PricewaterhouseCoopers Financial Services Group is a leading provider of
integrated professional services to major financial services organizations. The
Real Estate Group, an integral part of our Financial Services Group, helps
clients in achieve their goals through every phase of the real estate market and
property cycles, and across the complete spectrum of activities. Across the
board, our Real Estate professionals deal with complex issues by delivering a
creative and integrated approach that combines our comprehensive industry
experience and knowledge with innovative thinking and the latest technology.
Our integrated approach to problem-solving involves a global network of real estate
accounting, tax and consulting professionals who can quickly mobilize to form highly
qualified teams to respond to a client’s opportunity or challenge.Our team members
represent a cross section of professionals in accounting, tax, valuation, reorganization,
insolvency, transaction advisory, information systems and technology and they draw
upon a shared wealth of experience as real estate managers, planners, developers,
credit underwriters,appraisers,surveyors,advisors,asset managers and tax attorneys.

10   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
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                        AEW Capital Management, L.P. is a real estate                                             Deloitte & Touche LLP is the one of the
                        investment advisory firm, providing investment                                            preeminent providers of audit, tax and consulting
                        management services to institutions and other                                             services to the real estate industry. Our 400
investors in commercial properties and portfolios.The firm focuses on real             dedicated professionals across the United States serve more than 2,000
estate securities portfolios, high-return private equity investing, and the            clients, including many of the industry's leading capital providers, Wall
acquisition and management of directly held property portfolios. With                  Street firms, builders, developers, brokers, management and leasing
approximately 300 people working from primary offices in Boston, Los                   companies, institutional and individual investors.The depth and diversity of
Angeles, London and Paris, AEW and its affiliates currently manages                    our experience allows us to address the full spectrum of our clients' needs
approximately $17.5 billion in client capital, which is invested in almost $24         and offer uniquely balanced perspectives on today's marketplace.
billion of property throughout North America and Europe.
                                                                                                                  Ernst & Young has the largest integrated real
                 AMC Delancey Group, Inc., is a Philadelphia based real estate                                    estate, hospitality and construction practice of
                 investment firm which directly and through an expanding                                          any Big Four firm, with 3,500 professionals
                 strategic network of seasoned local operating partners, owns          around the world providing audit, tax, and advisory services to real estate
                 and operates real estate assets across property types from            owners, developers, lenders and users -- including many major REITs,
New England to Florida. Founded in 1992 by former Bass Family real estate              homebuilders and Fortune 500 corporations. Our unique approach
partner Kenneth P. Balin, the company offers operating partners and financial          combines entrepreneurial thinking and working knowledge of real estate
investors an investment structure, which meets the needs of both sides by              issues with broad real estate expertise, vast resources, and a diverse
carefully aligning interests between all parties.This strategy allows for longer-
                                                                                       network of clients and contacts. Ernst & Young serves more than 4,000 real
term investment holding periods than traditionally permitted by opportunity
                                                                                       estate clients across the country and throughout the world. Learn more
funds and enables operating partners to achieve their long-term investment
                                                                                       about Ernst & Young Real Estate, Hospitality & Construction at
needs. At the same time the investment strategy is designed to produce
                                                                                       www.ey.com/us/realestate
superior risk-adjusted long-term investment returns for all investors. For
more information, please visit our website, www.amcdelancey.com.                                                 Fremont Investment & Loan Fremont Investment &
                       Apollo Real Estate Advisors is a privately held,                                          Loan (“Fremont”), a subsidiary of Fremont General
                       employee-owned, principal investment firm founded in                                      Corporation, (FMT:NYSE) is a commercial and
                       1993. Apollo serves as the General Partner of a series          residential real estate lender specializing in commercial loans on mid-market
                       of six diversified real estate investment funds and several     properties, as well as non-conforming residential loans. Headquartered in
other real estate investment partnerships. Apollo has invested more than               Anaheim, California, the company originates loans in all 50 states through its
$4.1 billion of clients' and partners' equity in more than 200 investments in          nine regional offices.
portfolios and individual property assets, with a gross asset value in excess          The commercial real estate division provides variable rate financing on all
of $20 billion, in the United States, Europe and Japan. The Apollo team                types of income-producing properties, from $5 million and up. Fremont’s
consists of 35 real estate professionals, located in New York, Chicago, Los            expertise in structured lending and the flexibility afforded by being a
Angeles and London. Clients include domestic and international retirement              portfolio lender has allowed it to become one of the top lenders in its niche.
systems, pension plans, endowments, foundations, banks, insurance                      In 2003, the company closed over $2.5 billion in structured, commercial real
companies and family offices. Apollo focuses on off-market deals and under-            estate loans, and closed the year with earning assets in excess of $9 billion.
managed properties, often teaming with strong local operating partner.
                                                                                                                                        Gibson, Dunn & Crutcher's
                        Formed in January 1997, Barrow Street Capital is the                                                            Real Estate Department
                        exclusive real estate investment management arm of                                                              handles a broad range of
                        Greenhill & Co., a merchant bank with over 100                 traditional and non-traditional transactions on behalf of its U.S. and foreign
employees in New York, London and Frankfurt. Barrow Street seeks 15%-20%               clients. Clients include domestic and foreign commercial and investment
net IRRs by investing in medium-size ($15-$75 million) redevelopment and               banks, finance companies, savings banks, insurance companies and other
development projects in dynamic U.S. markets with supply constraints. Barrow           financial institutions, private investment funds and other institutional and
Street applies the principles of “value investing” to real estate by: establishing a   non-institutional investors, REITs, hotel operators, local, national and
margin of safety; providing a value proposition to tenants and homebuyers; and         international real estate developers and builders, owners and tenants . The
working with local operating partners who have integrity, skill, financial             group also represents pension funds both directly and through their
commitment and an owner mentality. Barrow Street has invested in office,               investment advisers in connection with debt and equity investments in
manufactured housing, senior housing, retail and mixed-use assets in New
                                                                                       commercial real estate.
England, the Mid-Atlantic, South Florida and Southern California. Barrow
Street and its partners have committed equity of $247 million in joint ventures                                   Haynes and Boone, L.L.P. is an international law
and commingled funds that have invested $177 million of equity in 25 assets                                       firm with eight offices throughout Texas, Mexico
with total capitalization of $692 million. Barrow Street has sold 18 assets with                                  City, New York and Washington, D.C., providing a
an average gross IRR of 32%. Barrow Street is currently investing the Barrow           full spectrum of legal services to clients around the world. With more than
Street Real Estate Fund II, L.P. (“BSREF II”), which has $110 million of equity        450 attorneys, Haynes and Boone is ranked among the largest law firms in
commitments. The principals of Barrow Street have personally invested or               the nation by National Law Journal. AmLaw Tech Magazine Scoreboard
committed $51 million in Barrow Street’s entities.                                     ranked Haynes and Boone first in law firm technology in 2001.The firm has
                   CoStar Group, Inc., (NASDAQ: CSGP) is the leading                   been recognized as one of the “20 Best Law Firms to Work For” (Vault.com,
                   provider of information services to commercial real estate          2004), one of the “Best Corporate Law Firms in America” (Corporate Board
                   professionals in the United States and the United Kingdom.          Member Magazine, 2001-2003), and recipient of the Minority Corporate
                   CoStar's suite of services offers customers access via the          Counsel Association’s 2002 Thomas L. Sager Award for commitment to
Internet to the most comprehensive database of commercial real estate                  diversity. Haynes and Boone is one of the leading U.S. law firms in
information on 50 U.S. markets, London and the United Kingdom. Based in                representing agents and arrangers of subscription secured credit facilities for
Bethesda, MD, the company has approximately 850 employees in 35 offices                real estate funds.
throughout the United States and the United Kingdom, including the largest
professional research organization in the industry.

                                           INFORMATION MANAGEMENT NETWORK                     Email: mail@imn.org    Tel: (212) 768-2800    Fax: (212) 768-2484   l 11
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                         HDG Mansur Capital Group, LLC sponsors and                                         Morrison & Foerster LLP is a preeminent international
                         develops international real estate investment                                      law firm with approximately 1,000 attorneys and 19
                         programs for high net-worth individuals seeking real                               offices worldwide. Its Real Estate Group is expert in all
estate as an asset class in their personal investment portfolios. HDG Mansur       aspects of U.S. and international real estate, and includes lawyers resident in
Capital Group has over 20 years of experience developing and structuring           all of the principal U.S. and foreign offices. It is equally experienced in
international real estate investments for high net-worth individuals and           representing clients on "one-off" transactions, and on a portfolio-wide, multi-
select institutions worldwide, including the management of six international       jurisdictional basis. In Asia, it complements U.S. lawyers with resident lawyers
funds with investments in the Pacific Rim, Australia, Europe, Canada and the       qualified to practice in Japan and China, including Hong Kong.
United States of America. HDG Mansur Capital Group is the holding                  A principal focus of the firm's Real Estate Group has been the
company for the HDG Mansur Group of companies.                                     representation of real estate opportunity funds and their financing sources.
                                                                                   In particular, the firm is an industry leader in subscription line financings
                               JER Partners is the investment arm of the J.E.      utilized by opportunity funds, and has represented lenders in many of the
                               Robert Companies (JER), a premier                   largest financings in the recent past. It also represents opportunity funds in
international real estate investment and asset management firm. JER's              real estate investments and dispositions throughout the world, including the
principle focus is on the acquisition, management and disposition of               formation of joint ventures for acquisitions in Europe and Asia.
commercial real estate products. JER focuses exclusively on real estate and
has over 100 employees in 7 offices across North America and Europe. As                               Since 1993, Mountain Funding has been financing
a leading investor, JER, together with its financial partners, has acquired more                      opportunistic real estate transactions, specializing in non-
than 14,000 assets with a gross investment in excess of $11 billion over the                          stabilized value-added situations often requiring a quick
past 13 years. In addition to our extensive experience in acquiring real estate    closing. Mountain Funding offers true one-stop financing, with any
assets, since its inception in 1981, JER has managed or invested more than         combination of Mezzanine Debt, Equity and High-Leverage Firsts for
$40 billion in real estate assets. For more information please contact: Clyde      multi-family, retail, office, industrial, condo and land projects. Mezz/equity
Robinson, Director, Investor Relations and Marketing 703-714-8016 Tel and          starts at $2mm and firsts start at $10mm. Opportunistic developers
703-714-8141 Fax, or Debbie Harmon, CIO, 703-714-8038 Tel and 703-                 oftentimes have difficulty finding an institutional investor or lender able to
714-8124 Fax.                                                                      quickly understand the "story" and close in a timely fashion, resulting in a
                                                                                   lost opportunity. Mountain Funding’s principals are all developers, allowing
                                      King & Spalding LLP is an international      them to quickly assess complex opportunities others shy away from. Mountain
                                      law firm with more than 700 lawyers          Funding's hands-on, roll-up-our-sleeves approach and simplified approval
in Atlanta, Houston, London, New York and Washington, D.C. The firm                process results in quick responses and closings. www.mountainfunding.com.
represents more than half of the Fortune 100. For each of the last twelve
years,The American Lawyer has listed King & Spalding among the top 50 law                                                Prudential Real Estate Investors (PREI) is a
firms in the United States, and in a similar listing in 2003, the firm ranked                                            business unit of Prudential Investment
among the top 50 law firms in the world.                                                                                 Management, Inc. (PIMI), an indirect
                                                                                   wholly-owned subsidiary of Prudential Financial, Inc. (NYSE:PRU). PREI is a
                            Marcus & Millichap Real Estate Investment              leader in the global real estate investment management business, offering a
                            Brokerage Company, with more than 800                  broad range of investment vehicles that invest in private and public market
                            investment professionals in 36 offices nationwide,     opportunities in the U.S., Europe, Asia, and Latin America. Headquartered in
is the largest commercial real estate firm specializing in investment brokerage    Parsippany, NJ, PREI has offices in Atlanta, Boston, Chicago, San Francisco,
and advisory services. The company was founded on the principles of                Amsterdam, Brussels, London, Lisbon, Madrid, Milan, Munich, Paris, Zurich,
specialization and value-added brokerage services. By focusing 100 percent         Singapore, and Rio de Janeiro. As of December 31, 2003, PREI manages over
on investment brokerage, the firm has developed unrivaled transaction              $14.8 billion in net real estate assets on behalf of 450 clients worldwide and
expertise and market knowledge. The brokerage firm’s 33-year history of            is ranked among the largest real estate investment managers. Our
maintaining investor relationships in local markets enables it to be the best      internationally recognized platform uniquely positions our investors to
national market information source and transaction service provider. In 2003       capitalize on our proprietary pipeline for investments and our real estate and
Marcus & Millichap closed more than 3,800 investment transactions valued in        operational expertise.
excess of $10.3 billion for private and institutional investors.                   PRICOA Property plc, which was formed in 1984 as the European real estate
                                                                                   investment vehicle of PREI, manages $3.164 billion as of December 31, 2003;
                                          Molinaro Koger was founded in            net assets under management were $2.016 billion. As specialist investors in
                                          1959 to provide specialized              real estate and corporate entities located in the UK and throughout Europe,
investment advisory and brokerage services to the hospitality industry.            PRICOA Property plc is a market leader in the formation and management of
With experience and expertise gained in every aspect of the hotel                  specialist operating programs for major domestic and international investors
business over the last 40-plus years, MK provides clients with unparalleled        and the operation of single client accounts.
service and commitment. Headquartered in Washington DC, with offices                                            The national real estate group at Rothstein Kass
in London, Chicago, Atlanta and Dallas. Molinaro Koger structures                                               services the needs of closely held, private and
transactions of luxury hotels, resor ts and mid-scale proper ties                                               institutional real estate companies. Founded in
throughout the Americas and Europe. The firm has captured the awards               1959, Rothstein Kass provides the traditional core services of accounting, audit
for Highest Volume, Largest Transaction and Salesman of the Year from              and tax, but also offers a wider range of services including risk management
Hotel Brokers International more than any other firm.With more than $6             and insurance consulting, information technology consulting, strategic business
billion in hotel property sales, MK closes, on average, more than 75 hotel         counseling, web-based reporting, and fund administration and outsourced
property sales per year. MK employs a total of 16 hospitality advisors and         accounting. The Firm provides services to approximately 1,200 hedge funds,
a support staff of 25. Each member of the MK team brings to the table a            investment funds and private equity funds. For more information, please
unique perspective and invaluable insight. The tremendous pool of                  contact Scott Farb, principal-in-charge of the national real estate group at
expertise and talent among MK brokers makes for a powerful, results-               (310) 273-2770 or sfarb@rkco.com. Additional information is available at
driven sales team. Molinaro Koger's website is www.molinarokoger.com               www.rkco.com.

12   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
                       Customized solutions for Opportunity Funds for your                Torto Wheaton Research’s rigorous approach to modeling, forecasting and
                       international banking and commercial needs. With                   investment strategy that underscores an unmatched research platform for
                       over 500 offices in 50 countries, we can customize                 providing objective and directional advice, insightful decision-making and,
sound, effective solutions for your banking needs. No matter what they are                ultimately, investment performance. Torto Wheaton Research is an
- Foreign Exchange, Options, Interest Rate Derivatives, Structured Solutions,             independent business unit of CB Richard Ellis, the world's leading global real
Syndications, Cash Management, Custody - our 150 years of experience will                 estate services company and is based in Boston and is located at 200 High Street,
give your business the edge. Please contact Jim Conti (212-667-0644) or                   3rd Floor, Boston, MA 02110, (617) 912-5200, www.tortowheatonresearch.com
Robert Gilbert (212 667 0493) for further details.                                                                        UBS Investment Bank is a leading global
                       Standard & Poor’s Structured Finance Ratings offers                                                securities and investment banking firm, providing
                       globally a range of rating services, which help investors,                                         a full spectrum of products to institutional and
                       bankers, issuers and other constituents benchmark the              corporate clients, intermediaries, governments and hedge funds worldwide.
credit quality of securitized assets. Our coverage includes asset-backed,                 Top-tier capabilities in investment banking, unrivaled content, global
mortgage-backed, and commercial mortgage-backed securities, in addition to                distribution power and award winning relationship-enhancing technology
collateralized debt obligations, real estate companies, REITS and                         drive our competitive position and growth in profitability.
homebuilders.We also provide servicer evaluations, assessments of collateral              We meet our clients' needs through the following business areas: investment
managers and real estate equity managers, tools to track and analyze                      banking, equities, fixed income, rates and currencies. Headquartered in London,
commercial and residential mortgage risk, as well as deliver through the web,             UBS Investment Bank employs over 15,000 people in 31 countries globally.
extensive on-going asset performance and collateral information.
                                                                                          UBS Investment Bank's position within the UBS Group lends our business
Standard & Poor’s unmatched understanding in all structured finance                       the stability and security of one of the world's most prestigious financial
markets, our absolute commitment to quality service and our long-standing                 institutions. We take advantage of UBS's superior financial strength and
reputation for objectivity, openness, integrity, and credibility has made us a            investor network whenever they can create or protect value.
forward thinking leader worldwide. For additional information, visit our
website at www.standardandpoors.com.                                                      Against this solid background, we have built a unique organization
                                                                                          committed to delivering exceptional levels of service with a single aim -
              Sterling American Property Inc. backs its entrepreneurial real              continued client success.
              estate investment approach with a 30-year history of national
              real estate development, acquisition and asset management                                              Founded in 1931,Weil, Gotshal & Manges is one of
              experience. Since 1991, its four consecutive real estate funds                                         the world's leading international law firms with over
              have invested in more than $2.5 billion in assets in 43 states,                                        1100 lawyers, including 240 partners.The Firm serves
often in conjunction with strong regional joint venture partners. Today                                              a broad and diverse group of clients, including many
focused on acquiring multifamily and commercial product, Sterling American                of the largest and most prominent corporations and government agencies
Property Inc. is recognized for its ability to respond quickly and with                   around the globe, as well as many of the world's leading financial institutions.
entrepreneurial agility to opportunities and market changes.                              Weil Gotshal has one of the world's leading private equity and opportunity
                                                                                          fund practices with over 100 lawyers devoted exclusively to the formation
Torto Wheaton Research is the premier provider of research services to                    of private equity and opportunity funds and the execution of transactions
owners and investors in the U.S. and Canadian commercial real estate                      by such funds.
markets.The firm offers both strategy services and research products for the
debt, equity, private and public sectors.                                                 Weil also has one of the world's leading international property practices and
                                                                                          regularly represents the major finance institutions, private equity and
                                 Our Investment Strategy Services, geared                 opportunity funds, real estate investment trusts, foreign investors, property
                                 toward equity investors and owners, are                  developers, investors and users in the full range of property and corporate real
                                 customized to clients who understand this                estate transactions, including portfolio acquisitions, asset, project and structured
important principle: superior market and investment knowledge translates                  financings, securitizations, development, leasing, and debt restructurings.
to maximum investment returns. On the debt side, our Debt Risk
Management Service allows lenders and appraisers to integrate Torto                       The Firm also has the largest, most broadly-based bankruptcy and business
Wheaton Research’s real estate market forecasts with loan and collateral                  reorganization practices in the United States. International in scope, it
characteristics to accurately quantify default risk. The company’s flagship               includes attorneys in New York, Dallas, Houston, London and Miami. The
product, TWR Outlook, provides the foundation for our services and                        Department has been involved in virtually every major Chapter 11
encompasses the richest dataset of supply and demand statistics and                       reorganization case in the United States and in major national and
forecasts available for commercial and multi-family real estate sectors. It is            international out-of-court debt restructurings.



                                       ABOUT THE PLAZA HOTEL
                                       Built in 1907 and designated a National Historic Landmark in 1986,The Plaza mirrors the look of a French Chateau with its marble
                                       lobbies, guilded ceilings and furnishings imported from the world over. The hotel stands 19 stories high and offers 805 rooms including
                                       97 suites with 14-foot ceilings, carved marble fireplaces, crystal chandeliers and thick mahogany doors. Kings, presidents, ambassadors,
                                       stars of stage, screen and sports, as well as business executives and travelers from all parts of the world have gathered and stayed at
                                       The Plaza. Guests have dined in its famous restaurants, conversed over tea in The Palm Court, enjoyed the luxurious guest rooms and
                                       held meetings,weddings,galas and other occasions in its exquisite suites,ballrooms and banquet rooms. Today,that tradition continues.
                                       Offering 19 meeting rooms totaling more than 31,000 square feet of unique function space which can accommodate an intimate group
                                       or groups up to 650. Recognized for its first class accommodations and service, the hotel provides complete business service support
                                       and a brand-new high-tech Xtreme-Speed InternetTM Service. Each Plaza hotel room is furnished with a custom PC computer and a
                                       liquid crystal computer screen where guests can retrieve information make reservations and receive email. Best of all,after a hard day’s
                                       work, guests can relax in at the Plaza Spa - - an 8,000 square foot oasis of rejuvenation in the heart of midtown Manhattan. The facility
                                       offers a complimentary Health Club and full service Spa.


                                          INFORMATION MANAGEMENT NETWORK                          Email: mail@imn.org      Tel: (212) 768-2800       Fax: (212) 768-2484     l 13
MEDIA SPONSORS
                            absreports.com is the centralised gateway to European                                                      Investment Management Weekly is a
                            ABS, MBS and CDO securitisation information,                                                               "must-read" for institutional money
                            performance reports, pricing, news and research. One        managers looking for new business leads as well as plan sponsors and
click access to all the essential original and ongoing information and                  consultants who want to stay abreast of the industry as a whole. Each weekly
documentation you need to make the right decisions. The online resource of              issue provides news briefs, feature stories and listings covering manager searches
choice for everyone involved with the European ABS market.                              and selections, asset allocation strategies, personnel shifts, and general industry
            Albourne Village, a virtual hedge fund community with nearly 12,000         trends. For daily updates visit IMWeekly.com. For more information, to receive
            residents, is a free and independent website for anyone interested in       a free trial, or to order, please call (888) 807-8667 or visit our website at
            alternative investments. It incorporates a virtual pub and library to       www.imweekly.com.
exchange news and IP, a job centre, conference centre and school.The data farm                       Investment & Pensions Europe (IPE) is the pioneering institutional
offers a daily update on key hedge fund indices alongside Albourne Partner’s                         asset management magazine written for Europe’s leading pension
‘Weather Forecasts’ which estimate how conducive the prevailing underlying                           funds. It is THE source of information on the fast growing European
market environment is for a variety of hedge fund trading strategies. The site                       investment and pensions markets. For further information, please call
was recently voted number 26 in The Online Finance 30 featured in the                   +44 (0)20 7261 0666 or visit IPE.com – the free access internet site for
international edition of Institutional Investor. http://village.albourne.com            Europe’s pensions industry.
                            Commercial Real Estate Direct is the leading source of                              Institutional Real Estate Newsline is a weekly electronic
                            up-to-the-minute news and information on the                                        newsletter. IREN provides a digest of topical news and up-to-
commercial real estate markets.We provide the information professionals need            date information on institutional investment in real estate gleaned from a variety of
to make better decisions. We'll tell you who's lending, who's buying and selling        news sources. Topics covered include manager searches, mergers, joint ventures,
and what they're paying and what the major CMBS players are doing.                      research, legislation, property transactions, development and industry conference
                                THE REIT INVESTOR brings readers a thorough             updates.To subscribe, please call 925-933-4040 and ask for client services.
                                weekly roundup of the latest deals, mergers, and                    Mortgage Mag is a series of web sites devoted exclusively to real
                                large proper ty transactions within the real                        estate lending. We offer extensive links in critical areas such as
estate investment trust marketplace. The REIT Investor gives readers the                            employment, commercial lending. computer services, news reporting,
big picture by tracking important real estate indexes, trends and insider                           banking and finance. The index is free to both professionals and
trading transactions. Our experienced Dow Jones editors Keep readers in                 consumers. We receive 25,000 unique visitors a day.
the loop while offering a fresh perspective as events unfold every week.                                            Private Equity International is the first European private
VISIT WWW.DJNEWSLETTERS.COM, OR CALL 800-223-2274 select                                                            equity magazine with a buy-side focus. It delivers relevant
prompt 2 TO REQUEST YOUR FREE TRIAL SUBSCRIPTION TODAY!                                                             information and insight to market practitioners,
                           Global Fund Analysis is a London-based fund research         institutional investors and advisors who have an interest in private equity.
                           and investment consulting firm. Established in 1996, and     PrivateEquityOnline.com is the multimedia window into the world of private
                           regulated by the Financial Services Authority, GFA           equity. Every month another 1000 new users join our online community,
equips investors to make informed decisions in the world of hedge funds. GFA            ensuring that they receive both the news and the comment they need when
has rated more than six hundred hedge funds and interviewed nearly 2000                 investing, advising or monitoring these dynamic markets.
managers. Its activities today span manager selection, hedge fund portfolio                                            Real Estate Finance & Investment (REFI) covers both
construction and risk management for some of the world's most prestigious                                              real estate capital raising and real estate fund
investment groups. Its affiliate, Fortune Asset Management Ltd, offers investors                                       management. Every week, real estate bankers,
a range of fund of funds including the flagship Market Wizards Fund.                    investment bankers, REITs, developers and pension fund managers turn to Real
www.globalfundanalysis.com Contact: Simon Hopkins +44 (0)20 7355 2000                   Estate Finance & Investment for breaking news in the commercial property
                              Global Marketing Group, Ltd.                              markets, real estate capital markets, the CMBS market. Additional coverage
                              GMG, NYC, established in 1971 provides innovative         includes fund managers’ real estate investment strategies and analysis of trends
                              business and marketing solutions for financial            both in the U.S. and international markets. For a free trial subscription please call
institutions, developers, entrepreneurs, Fortune 500 Companies and                      212.224.3096 or visit our website at www.iirealestate.com.
governments. Global’s ability is to develop solutions where others are stymied.                                       GUARANTEE YOUR EDGE IN THE INVESTMENT
GMG utilizes their SOS Plan to quickly solve challenges. It defines the Situation,                                    COMMUNITY Every week, Real Estate Alert gives
outlines Objectives and creates the Strategy. They publish SOLUTIONS, a                 you the intelligence you need spot the latest investment opportunities and
monthly e-newsletter providing innovative ideas and opportunities. Global               monitor the market's most successful dealmakers. See for yourself how Real
Marketing Group, Ltd. Tel. 212 247 6060 Email: kmiller@sosplan.com                      Estate Alert: * Identifies big owners preparing to offer properties or mortgages.
Website. SOSPlan.com                                                                    * Gives you an inside view of latest disputes, strategic shifts, successes and
                    Hotel Interactive, Inc., is a leading provider of business-to-      failures of key market players. * Tracks the "smart money," showing you the
                    business vertical and industry portal websites, and is the parent   regions and property types that leading investors are pursuing. To start your
                    company of the hospitality industry’s leading web site,             free-trial subscription, call 201-659-1700 or visit www.REAlert.com.
hotelinteractive.com. hotelinteractive.com provides users with access to                                              SNL Financial is the recognized authority for timely,
information, e-learning and e-commerce. For further information about Hotel                                           accurate, comprehensive, and relevant information on
Interactive, call (631) 424-7755.                                                       the banking, specialized financial services, real estate, insurance, and energy
                  A World Wide Center for Networking Have and Want                      industries.Through its database services, electronic and online newsletters, data
                  information of Industrial,Commercial and Investment Real              publications, and custom research, SNL provides leading industry professionals,
                  Estate, Land, Farms, Businesses and more. Over 9,000 listings,        executives, and investors with key financial, market, corporate, and M&A data
over 400,000 hits per month from over 70 countries of the world. Deals                  alongside breaking news and analysis.
reported daily.                                                                                                       SOLUTIONS is a monthly e-letter and SOURCE for
                           The Institutional Real Estate Letter is a monthly                                          developers, financial institutions and industry
                           publication covering the $4.8 trillion institutional real    professionals to discover innovative ideas and credible companies involved in
estate market. Written for the plan sponsor community, The Letter gives                 real estate, hospitality, timeshare and resorts development. It is an ideal
pension fund advisers, consultants and others serving this industry inside              marketplace to present products and services to the industry.View current issue
information on investment patterns, trends and strategies. To subscribe, please         at: sosplan.com/5192.htm. Published by Global Marketing Group, Ltd. Tel. 212
call 925-933-4040 and ask for client services.                                          247 6060, Email. kimglobal@aol.com.

14   l   To Register For This Forum, Please Visit: www.imn.org/a639/m/
IMN’S REAL ESTATE OPPORTUNITY & PRIVATE FUND INVESTING FORUM REGISTRATION FORM
 TUITION TABLE:                                                                                                               IMN OFFERS SIX CONVENIENT WAYS
                                                                                                                              TO REGISTER:
 Registration                                                             Early Bird*                Regular
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                                                                                                                              SPONSORSHIP AND EXHIBITS: ATTENTION
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                                                                                                                              IMN's Fourth Annual Forum held in May of 2003
Credit Card#:                                                                                                                 attracted over 600 key real estate investment and
                                                                                                                              finance professionals. As an Exhibitor and/or
Exp. Date:
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Name Appearing On Credit Card:                                                                                                network with and market to these industry leaders.
                                                                                                                              Sponsorship of various social events and a limited
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20 TEN 60 R

       EN HE
             E
           OV

  03 DE 0
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                                    GLOBAL ORGANISERS OF INSTITUTIONAL
                                    FINANCE & INVESTMENT CONFERENCES
 AT




              THE FIFTH ANNUAL


   US REAL ESTATE
   OPPORTUNITY & PRIVATE
   FUND INVESTING FORUM
              June 1-2, 2004                                  LEAD SPONSOR
              The Plaza Hotel
              New York, NY

        HIGH-PERFORMANCE PROPERTY INVESTMENTS IN DIRECT REAL ESTATE,
                    PRIVATE EQUITY & MERCHANT BANKING

                   Early Bird Registration Discount Ends April 30th
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