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									  The Second AnnuAl
  EUROPEAN
  DISTRESSED
  REAL ESTATE FORUM
                                                                                                           25-26 MARCH 2010
                                                                                                         One Great GeOrGe Street
                                                                                                                    LOndOn, UK

            Building Owners & Funds Speaking On The Programme Currently Include:
Alessandro Bronda, Head of Global Investment Strategy   Dilip Awtani, Managing Director COLONY CAPITAL         Alistair Seaton, National Director
ABERDEEN PROPERTY INVESTORS                                                                                    LASALLE INVESTMENT MANAGEMENT
                                                        Ralf Nöcker, Managing Director CORESTATE CAPITAL AG
Seth M Lieberman, CIO Real Estate Investments                                                                  Ruprecht Hellauer, Managing Director
                                                        Stephen Rosenburgh, President                          LOHNBACH INVESTMENT PARTNERS GMBH
ADVANCED CAPITAL                                        DYNAMIC ASSET MANAGEMENT
Richard Jackson, Partner & Co-Founder                                                                          Patrick Janssen, Director - Portfolio Manager Structured Credit
                                                        Morgan Garfield, Founding Partner ELLANDI              Products Fixed Income M&G
APACHE CAPITAL PARTNERS LLP
                                                        Richard Barkham, Group Research Director               Lloyd Lee, Director
Peter Jun, Managing Member ARMINIUS ADVISORS LLP        GROSVENOR GROUP                                        MARATHON ASSET MANAGEMENT
Piers Tallala, Co-Founder AVINGSTONE FINANCIAL          Andrew Hilston, Project Director                       John Ryan, CEO METRO DEVELOPMENT GROUP
Ali Otmar, Director                                     HAMMERSON UK PROPERTIES PLC                            Stephen Rees, CEO MOSAIC PROPERTY LLP
BANK OF AMERICA MERRILL LYNCH                           Scott D O’Donnell, Senior Managing Director            Jan-Jaap Meindersma, Managing Director NIBC
Marty Kandrac, Managing Director                        HARBERT MANAGEMENT
                                                                                                               Alexander Fischbaum, Investment Director
THE BLACKSTONE GROUP                                    Otis Spencer, Director of Portfolio Management         ORION CAPITAL MANAGERS (UK) LTD.
Phillip Blumberg, Chairman & Chief Executive Officer    HEITMAN INTERNATIONAL                                  Ferhat Goven, Managing Director
BLUMBERG CAPITAL PARTNERS                               Jonathan J L Driscoll, Director HOJASCO CAPITAL LTD.   PALADIN REALTY PARTNERS LLC
Nassar Hussain, Managing Partner                        Stanislas Karnkowski, President IBERASSETS             Keith Breslauer, Managing Director PATRON CAPITAL
BROOKLAND PARTNERS LLP
                                                        David Love, Finance Director ING REAL ESTATE           Colin Campbell, Chairman PRADERA
Alistair Jeffery, CEO                                   INVESTMENT MANAGEMENT                                  Philip C Barett, Director
BLUESTONE CAPITAL MANAGEMENT                                                                                   PRAMERICA REAL ESTATE INVESTORS LTD.
                                                        Martin Skinner, INSPIRED ASSET MANAGEMENT
Candace Valiunas, Head of European Real Estate                                                                 Geoff Disston, Partner PROSPECT CAPITAL GROUP
CAMBRIDGE PLACE PROPERTY SERVICES LTD.                  Jochen D Schäfer-Surén, Head of Hotels and Leisure
                                                        Fund Management, Executive Committee Member            Oliver Ash, Managing Director
Geza Martin Toth-Feher, Managing Partner                INVESCO REAL ESTATE                                    RICHMOND DEVELOPMENTS
CB EQUITY PARTNERS GMBH                                                                                        Simon Piggott, Director SEE PROPERTY FUND
                                                        Mark Long, Director of Investment Strategy &
Ronald A Rawald, Partner & Head of European Property    Research-Indirects INVISTA REAL ESTATE                 Evgeny Aleshin, CEO STORM PROPERTIES
CERBERUS EUROPEAN CAPITAL ADVISORS, LLP                 INVESTMENT MANAGEMENT                                  Clive Hillier, CEO and Co-Founder
Michael Cox, Principal CHALKHILL PARTNERS               Rüdiger von Stengel, Managing Director                 VISION HOSPITALITY ASSET MANAGEMENT
Roger Orf, CEO CITI PROPERTY INVESTORS                  IVG INVESTMENT GMBH                                    Zubin Irani, Managing Principal WESTBROOK PARTNERS

                                                        For more information, please visit:
                                                   www.imn.org/distressedeurope10_m
                                   CORPORATE SPONSORS
           IMN Would Like To Thank The Following Corporate Sponsors For Their Generous Support Of
                          The Second Annual European Distressed Real Estate Forum



                                                                       SILVER




                                                                      BRONZE




                                                  MEDIA PARTNERS
                IMN Would Like To Thank The Following Media Partners For Their Generous Support Of
                           The Second Annual European Distressed Real Estate Forum



                                                                                EUREKA PRIVATE EQUITY




2 | For more information, please visit: www.imn.org/distressedeurope10_m
                                                     P RO G R A M M E AG E N DA
                                                       T H U R S D A Y, 2 5 M A R C H 2 0 1 0

07.45    Registration…Breakfast                                                           11.45   WORKING OUT CMBS, MEZZANINE LOANS & MULTI-TRANCHE
                                                                                                  STRUCTURES
08.25    THE MACROECONOMIC DEBATE: WILL REAL ESTATE GET BETTER
         OR WORSE?                                                                                • Cure & Payment Rights • Senior Loans v Junior Mezz • Control Issues
                                                                                                  • SIV & CDO Debt Issues • Special Servicer Activity • Sale Issues
         • Broad-Based Recovery v Continued Isolated Weaknesses and the                           • Evaluating Remedies • Role of Receiver • Crossborder Issues
         Overhang of Debt due to Refinancing • Is the Increase in Distressed
         Properties Necessarily a Good Thing? • Direction of Property Values                      Session Facilitator
         • Tenant Defaults, Insolvencies, Bankruptcy Volume & Vacancies • Housing                 Jeffrey Rubinoff, Partner FRESHFIELDS BRUCKHAUS DERING LP
         Market Update • Will the Lack of Financing Continue? • The Recovery will                 Panellists:
         be ___-Shaped… • Evaluating the Direction of the UK, EU, CEE and US                      Eleanor Hunwicks, Partner BERWIN LEIGHTON PAISNER LLC
         Economies • Consumer Debt & Spending • Property Values: On the Way                       Nassar Hussain Managing Partner BROOKLAND PARTNERS LLP
         Up? • How are Banks Handling their Distressed Properties?
                                                                                                  Andrew Currie, Managing Director FITCH RATINGS
         Session Chair:                                                                           Tavis Cannell, Executive Director GOLDMAN SACHS
         Robert Sheridan, Principal ROBERT SHERIDAN & PARTNERS, LLC                               Mark Ford, Senior Vice President- Structured Products ING REAL ESTATE
         The Case for Better:
                                                                                          12.30   FINDING FINANCING, REFINANCING & CAPITAL SOURCES FOR
         Richard Barkham, Group Research Director GROSVENOR GROUP                                 DISTRESSED OPPORTUNITIES
         The Case for Worse:                                                                      • Is Seller Financing Available? • Maturity, Coupon & Other Terms of
         Peter Hayes, Director-Head of European Investment Research PRAMERICA                     Available Capital • Cash-Flowing Property Options • What are the
                                                                                                  Differences for those Getting Deals v Those Not? What are Financiers
09.10    AN OVERVIEW OF EUROPEAN DISTRESSED REAL ESTATE MARKET                                    Looking for? • What Kind of Deals have you Financed/Refinanced? • Will
         OPPORTUNITIES                                                                            Refinancing Costs Continue to be Elevated? • When is Extend & Pretend
         • Have you seen a Pickup in Distressed Activity? • Does the Current                      not the Best Option? • Can you Refinance Non-Cash Flowing Properties?
         Economic Environment Present a Strong Opportunity to Acquire Distressed                  • Bank’s Unwillingness to Refinance Loans Changing? • Are there Specific
         Properties? • Geographic and Asset Class Opportunities • Market for Prime                Tax Issues to be Concerned with?
         Properties • Investment Management v Asset Management • Buying from                      Panellists:
         Banks: Any Updates? • Sell/Exit Strategies • Equity v Debt: Which Way Will               Seth M Lieberman, CIO Real Estate Investments ADVANCED CAPITAL
         you be Approaching the Market? • Funding Options                                         Richard Jackson, Partner & Co-Founder APACHE CAPITAL PARTNERS LLP
         Panellists:                                                                              Paul House, Managing Director CITI REAL ESTATE FINANCE
         Peter Jun, Managing Member ARMINIUS ADVISORS LLP                                         A representative from DEUTSCHE PFANDBRIEF BANK
         Roger Orf, CEO CITI PROPERTY INVESTORS                                                   David Love, Finance Director ING REAL ESTATE INVESTMENT MANAGEMENT
         Scott D O’Donnell, Senior Managing Director HARBERT MANAGEMENT                           Sven Andersen, Partner KPMG
         Jochen D Schäfer-Surén, Head of Hotels and Leisure Fund Management,              13.15   Luncheon
         Executive Committee Member INVESCO REAL ESTATE
                                                                                          14.15   A SURVEY OF CONTINENTAL EUROPEAN REAL ESTATE MARKETS
         Alexander Fischbaum, Investment Director
         ORION CAPITAL MANAGERS (UK) LTD.                                                         France:
                                                                                                  Alan Patterson, Head of European & Asian Real Estate Strategy
         Zubin Irani, Managing Principal WESTBROOK PARTNERS
                                                                                                  AXA REAL ESTATE
09.55    REMEDIES AND EXIT STRATEGIES FOR MATURING DEBT & OUT-OF-                                 Germany:
         THE-MONEY EQUITY/DEBT POSITIONS: WALK AWAY, INVEST, SELL                                 Geza Martin Toth-Feher, Managing Partner CB EQUITY PARTNERS GMBH
         • Extend and Pretend • What to do About Unfinished Projects • Are                        Italy:
         there Long Term Solutions that are Value-Added for All Parties? • Debt
         Replacement • Performing v Non-Performing Properties                                     Alexandra Krystalogianni, Head of International Property Forecasting
                                                                                                  SCHRODER PROPERTY INVESTMENT MANAGEMENT LTD.
         Session Facilitator:                                                                     Scandinavia:
         Paul Severs, Partner BERWIN LEIGHTON PAISNER LLP                                         Alessandro Bronda, Head of Global Investment Strategy
         Panellists:                                                                              ABERDEEN PROPERTY INVESTORS
         Hans Vrensen, Global Head of Research DTZ                                                Spain:
         Wilson Y Lee, Managing Partner FIRST GROWTH REAL ESTATE CAPITAL, LLP                     Stanislas Karnkowski, President IBERASSETS
         Lloyd Lee, Director MARATHON ASSET MANAGEMENT                                    15.00   ASSESSING THE CURRENT ROLE OF THE SPECIAL SERVICER
         Keith Breslauer, Managing Director PATRON CAPITAL                                        • Interplay Between Servicer and Special Servicer • The Loan Modification
                                                                                                  Decision: What are the Factors? • The Servicing Documents, Servicer Rights
10.40    Refreshments                                                                             and Obligations • Servicer Termination • Servicer Incentives • Interaction
11.00    EVALUATING DISTRESSED OPPORTUNITIES IN LONDON, THE UK                                    between Servicer and Note Holders, Trustees, Originators and Borrowers
         AND IRELAND                                                                              • Managing Servicer Conflicts of Interest • Continental European Practices
         • How Many Players are Chasing Distressed Deals in London? Are Foreign                   & Regulations • Servicer Update • Tax Issues
         Investors Actually Investing? What are they Looking for? • Portfolios that are           Panellists:
         Expected to Come onto the Market • Irish Market: Where is the Economy                    David Martin, Director of Special Servicing
         Headed? Where are the Best Opportunities? • There is Property Outside                    CB RICHARD ELLIS LOAN SERVICING
         of Central London… Where you Should be Investing in 2010                                 Simon Johnson, Partner FRESHFIELDS BRUCKHAUS DERING LP
         • Impact of the Financial Industry on City & West End Valuations
                                                                                                  Matthew Grefsheim, Director – Special Servicing
         • Evaluating the Residential & Home Building Markets • Deals that Require
                                                                                                  HATFIELD PHILIPS INTERNATIONAL
         Debt Financing • Local Market Indicators • Trophy Assets
                                                                                                  Daniel Kolter, Managing Director-CMBS MOODY’S INVESTORS SERVICE
         Panellists:
                                                                                                  Ralph Howard, CEO THE SITUS COMPANIES
         Ali Otmar, Director BANK OF AMERICA MERRILL LYNCH
                                                                                          15.45   US: WILL THE ECONOMIC RECOVERY BE “V-SHAPED” OR
         Dilip Awtani, Managing Director COLONY CAPITAL
                                                                                                  “W-SHAPED? WILL THE PROPERTY MARKETS FOLLOW?
         Mark Long, Director of Investment Strategy & Research-Indirects                          • Equity Raising for Distressed Deals • Commercial v Residential
         INVISTA REAL ESTATE INVESTMENT MANAGEMENT                                                Opportunities • Volume of Distressed Sales • TARP, TALF & Where the
         Alistair Seaton, National Director LASALLE INVESTMENT MANAGEMENT                         Government Programmes are • The Hotel Market • Debt v Property
                                                                                                  Opportunities • Where do you see Distressed Opportunities within the
                                                                                                  US Residential Rental Market? What Kind of Yields and Returns are you
                                                                                                  Expecting to Achieve when Buying these Properties? • How is the Great
                                                                                                  Recession Affecting Fundamentals? • Is there Debt/Equity Available?
                                                                                                  • What is the Future for Fannie Mae and Freddie Mac?

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        Panellists:                                                                  17.30   DISTRESSED HOTELS: AN OPPORTUNITY?
        Phillip Blumberg, Chairman & Chief Executive Officer                                 • How Badly has the Sector been hit? Are Values Near Bottom? Is
        BLUMBERG CAPITAL PARTNERS                                                            Anything Changing Hands? • Luxury v Economy: Where are the Best
        Stephen Rosenburgh, President DYNAMIC ASSET MANAGEMENT                               Investments Available? • How are Hotel Deals Being Financed? • Current
                                                                                             RevPAR, Occupancy & Room Rate Trends • Opportunities in Current
        Carola Lueder, Broker/Owner PROPERTIES USA INC.
                                                                                             Owners Servicing Debt • Is it a Good Time to be Buying Hotels in
        David Michelson, Advisor THREE ARCH INVESTMENTS CORP 1                               Western v Central v Eastern Europe? • Should you Keep an Eye Open for
        Brian Valenti, Supervisory Financial Analyst                                         Uncompleted Projects? • Reflagging Distressed Properties: How are they
        US FEDERAL RESERVE BOARD OF GOVERNORS                                                Performing? When Will They Come to Market?
16.30   Refreshments                                                                         Session Facilitator:
16.45   BUYING NON-PERFORMING LOANS: IS THE TIMING RIGHT?                                    Russell Kett, Managing Director HVS
        • What are the Main Differences to Look for Between Buying CMBS and                  Panellists:
        Loans? • Is your Goal Asset Control? • Comparing Workouts v Securitised              Piers Tallala, Co-Founder AVINGSTONE FINANCIAL
        Structures • NPLs from German Landesbanks: What are the Terms?                       Marty Kandrac, Managing Director THE BLACKSTONE GROUP
        Session Chair                                                                        Ramsey Mankarious, Chief Executive Officer
        Mike Lindsay, Partner KPMG                                                           CEDAR CAPITAL PARTNERS LTD.
        Panellists:                                                                          Chris Evans, Partner HAMILTON HOTEL PARTNERS LLP
        Alistair Jeffery, CEO BLUESTONE CAPITAL MANAGEMENT                                   Josh Wyatt, Director PATRON CAPITAL
        Ronald A Rawald, Partner & Head of European Property                                 Clive Hillier, CEO and Co-Founder
        CERBERUS EUROPEAN CAPITAL ADVISORS, LLP                                              VISION HOSPITALITY ASSET MANAGEMENT
        Mark Miller, Chief Operating Officer                                         18.25   Networking Reception
        LNR PARTNERS EUROPE & HATFIELD PHILIPS
        Ruprecht Hellauer, Managing Director                                         19.25   Day One Concludes
        LOHNBACH INVESTMENT PARTNERS GMBH


                                                        F R I D A Y, 2 6 M A R C H 2 0 1 0
08.00   Breakfast                                                                    11.00   JOINT VENTURES & CO-INVESTMENTS FOR DISTRESSED PROPERTIES
08.30   DISTRESSED RESIDENTIAL UPDATE                                                        • Structuring Joint Ventures Today • Joint Ventures with Banks Providing Assets
        • Pricing Direction • Buying Almost Complete Developments: has the                   While Receiving New Equity • Co-Investment Trends & Structures • Are Two
        Strategy been a Success? • Targeted Returns • Cash Flowing Properties:               Heads Better than One When it Comes to Fundraising? • JV Unwinds
        What are you Looking for When Making an Investment? • Sector                         Panellists:
        Fundraising Activity • Where are the Best Opportunities? • Regeneration              Morgan Garfield, Founding Partner ELLANDI
        as an Investment Strategy • Sourcing Investments • The High End, Foreign             Jonathan J L Driscoll, Director HOJASCO CAPITAL LTD.
        Demand & Unit Buying Strategies: What are the Yield Levels that will Drive
        a More Substantial Return of Investors to the Residential Market?                    Pierre Kreemer, Partner Real Estate & Infrastructure Tax Group Leader KPMG
        • Evaluating the US Market                                                           Philip C Barrett, Director PRAMERICA REAL ESTATE INVESTORS LTD.
        Panellists:                                                                          Oliver Ash, Managing Director RICHMOND DEVELOPMENTS
        Ralf Nöcker, Managing Director CORESTATE CAPITAL AG                          11.45   DISTRESSED RETAIL: IS IT TIME TO GO SHOPPING FOR DEALS IN THIS
        Martin Skinner, INSPIRED ASSET MANAGEMENT                                            SECTOR?
        John Ryan, CEO METRO DEVELOPMENT GROUP                                               • Equity Raising for this Strategy • Evaluating Debt v Income • Options when an
                                                                                             Anchor Tenant Jumps Ship • Tenant Renegotiation • Is Debt Financing Available?
09.15   ASSET MANAGEMENT: SUCCESSFULLY MANAGING DISTRESSED                                   • Geography and Retail Type: Where are the Best Opportunities? Where is
        PROPERTIES                                                                           Overbuilding a Problem? • Sale Price: What is the Discount to Current Valuation?
        • Assuming the Asset Management of a Distressed Property: What you                   • Reassessing the Consumer • Retail Development in a Distressed Market
        Need to do First • Country-Specific Regulations to be Aware of When the              • What the Distressed Market Means for Retail Development
        Tenant doesn’t Pay the Rent • Repositioning Assets • Working with Banks              Panellists:
        on their Distressed Properties • Should you Establish an In-House Asset
        Management Team for your Distressed Assets?                                          Arne Bongenaar, Managing Director ACTEEUM GROUP
        Session Chair                                                                        Stephen Rosenburgh, President DYNAMIC ASSET MANAGEMENT
        Chris de Pury, Partner BERWIN LEIGHTON PAISNER LLP                                   Andrew Hilston, Project Director HAMMERSON UK PROPERTIES PLC
        Panellists:                                                                          Colin Campbell, Chairman PRADERA
        Candace Valiunas, Head of European Real Estate                                       Paul Oliver, VALAD
        CAMBRIDGE PLACE PROPERTY SERVICES LTD.                                       12.30   BUYING CMBS & MEZZANINE LOANS
        Mark Robinson, Founding Partner ELLANDI                                              • Who is Buying/Selling? What Pressures are Sellers Under? • Impact
        Rüdiger von Stengel, Managing Director IVG INVESTMENT GMBH                           of Asset Protection • What Actions Are the Rating Agencies Likely to
        Geoff Disston, Partner PROSPECT CAPITAL GROUP                                        take? Could this Prompt More Selling? • Comparing Investor Strategies:
                                                                                             Performing and Cheap v Distressed/Workout, Senior v Mezz • Hold
10.00   CEE/EASTERN EUROPE: IS IT TIME TO GO EAST & INVEST IN                                to Maturity v Trading out of Positions • Sourcing the Assets you have
        DISTRESSED PROPERTIES?                                                               Targeted. Are Dealers Offering Liquidity? • How Much Control can CMBS
        • Are you Hungry for Hungarian Distressed Properties? • Is the Market                Noteholders Exercise? • Is Leverage Available? • Is now the Best Time to
        Pricing Distressed Assets Correctly or is there Denial? • Legal & Currency           Buy, or will CMBS get Even Cheaper? • Will the Market see New Deals,
        Risks • Which Cities have a Lack of Commercial Space? • Has Retail                   and how will they Compare with Legacy Deals?
        been Played out? • Restructuring Tricks of the Trade: A Country Survey               Session Chair
        • Southeastern Europe Investment Climate: Can the Grecian Property
                                                                                             Andrew Currie, Managing Director FITCH RATING
        Market Make an Olympian Comeback? • Turkey: Are there Turnaround
        Opportunities for Investments that were Turkeys? • Acquisition Due                   Panellists:
        Diligence                                                                            Daniel Bendavid, Senior Investment Manager AERIUM
        Panellists:                                                                          Michael Cox, Principal CHALKHILL PARTNERS
        Otis Spencer, Director of Portfolio Management HEITMAN INTERNATIONAL                 Jason Walker, ABS Portfolio Manager
        Stephen Rees, CEO MOSAIC PROPERTY LLP                                                HENDERSON GLOBAL INVESTORS LTD.
        Ferhat Goven, Managing Director PALADIN REALTY PARTNERS LLC                          Patrick Janssen, Director - Portfolio Manager Structured Credit Products Fixed Income M&G
        Simon Piggott, Director SEE PROPERTY FUND                                            Jan-Jaap Meindersma, Managing Director NIBC
        Evgeny Aleshin, CEO STORM PROPERTIES                                                 Paul Rivlin, Joint Chief Executive PALATIUM INVESTMENT MANAGEMENT
10.45   Refreshments                                                                 13.15   IMN’s Second Annual European Distressed Real Estate Symposium Concludes


                                                                                                                     Email: mail@imn.org             Tel: +1 212 901-0506 | 4
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                                                                                                               REAL ESTATE FORUM
                                                                                                               DISTRESSED
                                                                                                                             EUROPEAN
                                                                                                                                   The Second AnnuAl
www.imn.org/distressedeurope10_m
                               For more information, please visit:




                                                                                     One Great GeOrGe Street
                                                                                       25-26 MARCH 2010
                                                                                                LOndOn, UK

								
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