The Rittenhouse HotelPhiladelphia, Pennsylvanina

2010 SpringChairman’s Forum

Real EstateExecutive Council

REAL ESTATE EXECUTIVE COUNCIL2010 SPRING CHAIRMAN’S FORUM

APRIL 29 – 30, 2010

THE RITTENHOUSE HOTEL210 W. Rittenhouse Square

Philadelphia, PA 19103(215) 546-9000

Thursday, April 29, 2010

2:00 – 5:00PM REEC BOARD MEETING (Board Members Only) The Rittenhouse Hotel (Boardroom I) 210 W. Rittenhouse Square, Philadelphia, PA 19103, (215) 546-9000

6:00 – 8:30PM REEC DINNER (REEC Members & Invited Speakers Only) Lacroix Restaurant (Lily’s Café) 210 W. Rittenhouse Square, Philadelphia, PA 19103, (215) 790-2533 Keynote Speaker: Benjamin Todd Jealous, President & Chief Executive Officer, National Association for the Advancement of Colored People (NAACP)

8:30 – 10:00PM COCKTAIL RECEPTION (REEC Members & Invited Guests) Boathouse Row Bar (at The Rittenhouse Hotel) 210 W. Rittenhouse Square, Philadelphia, PA 19103, (215) 546-9000

Friday, April 30, 2010

7:30 – 8:30AM CONTINENTAL BREAKFAST The Rittenhouse Hotel (Cassatt Tea & Garden Room)

8:30 – 8:45AM WELCOME & OPENING REMARKS The Rittenhouse Hotel (Parkview Room) Quintin E. Primo III, Chairman & Chief Executive Officer, Capri Capital Partners, LLC, and Amachie K. Ackah, Managing Partner, Argosy Real Estate

8:45 – 9:45AM MACROECONOMIC REAL ESTATE OVERVIEW Peter Linneman, Phd., Principal – Linneman Associates; Albert Sussman Professor of Real Estate, Finance & Public Policy - Wharton School of Business, The University of Pennsylvania

9:45 – 10:00AM Break

10:00 – 10:45AM A FIRESIDE CHAT: DIVERSITY & EMERGING MANAGERS – REAL ESTATE FUND MANAGEMENT BUSINESS Alan R. Braxton, Managing Partner, Presidio Partners, LLC, and Marjorie Tsang, Assistant Comptroller, New York State Common Retirement Fund

10:45 – 11:00AM Break

11:00AM – 12:00PM REALITY OF MODERN DAY PHILADELPHIA: A CASE STUDY OF THE CHALLENGES OF URBAN ECONOMICS & REDEVELOPMENT Michael A. Nutter, Mayor, City of Philadelphia

12:00 – 12:15PM Break

12:15 – 1:15PM LUNCHEON Smith & Wollensky (at The Rittenhouse Hotel) Keynote Speaker: Kevin L. Boyce, Treasurer, State of Ohio

1:15 – 1:30PM Break

1:30 – 2:30PM ANALYZING THE DISTRESSED REAL ESTATE MARKET Moderator: Kenneth A. McIntyre, Jr., Managing Director, MetLife Panelists: Josh Scoville, CFA, Director of Strategic Research, Property & Portfolio Research, and Ivy Zelman, Chief Executive Officer, Zelman & Associates

2:30 – 3:30PM A SNAPSHOT OF GOVERNMENT STABILIZATION PROGRAMS Moderator: Richmond S. McCoy, President & Chief Executive Officer, UrbanAmerica Advisors, LLC Panelists: Odis Jones, Director-Urban & Site Development, NJ Economic Development Authority, and Lionel Lynch, Special Assistant for Housing, U.S. Department of Housing & Urban Development

3:30PM CLOSING REMARKS Quintin E. Primo III, Chairman & Chief Executive Officer, Capri Capital Partners, LLC

GUEST SPEAKERS AND PANELISTS BIOGRAPHIES

Kevin L. BoyceTreasurerState of OhioThe Honorable Kevin L. Boyce was sworn in as the 47th Treasurer of the State of Ohio on January 7, 2009. As Treasurer, Boyce is committed to improving Ohio’s financial future and ensuring Ohioans’ tax dollars are strategically invested and protected. In addition to the role of State Treasurer, Boyce serves as Chair of the Ohio Complete Count Committee, where he leads the effort to raise public awareness of the 2010 Census. Boyce also serves as Chairman of the National Association of State Treasurers (NAST) Financial Literacy Committee. In

this capacity, he guides the financial education components of treasuries around the nation, and provides advice for the development of NAST financial literacy programs. Prior to his appointment as Treasurer, Boyce served eight years as a member of the Columbus City Council. The final three years of his tenure, he was elected President Pro Tempore and served as Chairman of the Public Finance Committee. During his tenure on Council, Boyce established a record of fiscal integrity, performance based budget practices, and oversaw the adoption of the city’s $1.3 billion dollar annual budget. He also founded the Columbus Youth Commission, advocated for stronger civil rights laws, and championed job creation strategies that led to the creation or retention of over 20,000 jobs in central Ohio. In addition to Columbus City Council, Boyce served as Executive Director of KnowledgeWorks Ohio--a non-profit organization created with the mission of improving Ohio’s school systems through public development and advocacy. Boyce served as Chief of Staff for the Ohio House of Representatives’ Democratic Caucus under Minority Leader Jack Ford, was Executive Director of the Ohio Legislative Black Caucus, and directed youth programs in the City of Toledo under Mayor Carleton Finkbeiner. Boyce has received many awards and honors, some of which include: Ebony Magazine’s National Award “30 Leaders Under 30”; the National Council of Negro Women’s Community Service Award; selected as a delegate to Switzerland by the American/Swiss Foundation to study international banking issues; the Outstanding Public Service Award from the Omega Psi Phi Fraternity; served as a delegate to the 2004 and 2008 Democratic National Conventions; selected as one of the United States Delegates to South Africa for the American Council of Young Political Leaders; and was honored in 2009 by Wilberforce University with an Honorary Doctor of Humane Letters degree for his distinguished career in public service, commitment to community, and dedication to higher education. In addition, Boyce has been recognized by the State of Israel for his leadership and support of Israel Bonds. Boyce earned a Bachelor’s Degree in Political Science from the University of Toledo and a Master’s Degree in Public Administration from Central Michigan University.

Benjamin Todd JealousPresident & Chief Executive OfficerNational Association for the Advancement of Colored People (NAACP)Benjamin Todd Jealous grew up believing that there was no higher calling than to further the cause of freedom in this country and in the world. This is a mindset he inherited from of his parents and grandparents. Their drive for community betterment blazed the trail for Jealous’ own deep commitment to social justice, public service and human rights activism. Now, as the 17th President and Chief Executive Officer of the NAACP, and the youngest person to hold the position in the organization’s nearly 100-year history, Jealous is well positioned to answer

the call. During his career, he has served as president of the Rosenberg Foundation, director of the U.S. Human Rights Program at Amnesty International and Executive Director of the National Newspaper Publishers Association (NNPA), a federation of more than 200 black community newspapers. From his early days of organizing voter registration drives up until his nomination and election as NAACP president, Jealous has been motivated by civic duty and a constant need to improve the lives of America’s underrepresented.

Odis JonesDirector, Urban & Site DevelopmentNJ Economic Development Authority (EDA)Odis Jones’ objective is to stimulate investment in New Jersey’s urban areas by providing businesses and community development organizations with the financial and technical tools they need to grow and revitalize neighborhoods. He also oversees two Urban Fund opportunities in excess of $200 million as well as other incentive platforms such as the State Brownfield reimbursement grant, Economic Recover Grant (ERG), NJ Access Food Initiative,

and the Urban Transit Hub Tax Credit program. Jones brings to the EDA an extensive and distinguished background in the field of real estate development, urban redevelopment, and municipal government. He came to the EDA in February 2008 after serving as President of Apple Development Company, a land development company. There he managed successful retail and residential land development projects primarily in the Columbus, Ohio, Florida, Nashville, TN and Charlotte, NC markets. With anchor tenants such a Centex Homes, Ryan Homes, Dominion Homes, Kroger’s grocery, Giant Eagle, Wal-Mart, Target, Bass Pro Shop, Lowes, and Home Depot. Jones founded Apple Development in 2006 after serving as a leading community development expert within Central Ohio where he served as both the President of the Columbus Urban Growth Corporation and as President of the Big Walnut Improvement Corporation. During these capacities he repositioned real estate assets resulting in the development & construction of over six million square feet of space with anchor tenants such a Time Warner Corporate office, and Good Year Tire Corporation. Prior to joining the real estate ranks Jones also served as City Manager for several Cities within the Midwest where he received several accolades and awards for his successful management & development of municipal operations. Jones has been honored as the “Public Sector Developer of the Year” by the Mid Ohio Development Exchange, which represents the Columbus metropolitan area. He also was recognized as a “Leading Executive” with the Columbus, Ohio Region by Business First, a Columbus business publication, and with a “40 and Under Executive of the Year” award for the Columbus metropolitan area. He also has been a recipient of a State of Michigan Achievement Award for implementing a model workforce development program known as Breaking Through the Barriers. A native of Michigan who currently resides in New Jersey, Jones holds a Master of Arts degree from Western Michigan University and a Bachelor of Science degree from Central Michigan University. He is a public board member of the International Council of Shopping Centers, and a member of the City/County Management Association, the American Planning Association and the International Economic Development Council.

Peter Linneman, Phd.Principal - Linneman AssociatesAlbert Sussman Professor of Real Estate, Finance & Public PolicyWharton School of Business, The University of PennsylvaniaDr. Peter Linneman is the Principal of Linneman Associates and also serves as the Albert Sussman Professor of Real Estate, Finance, and Public Policy at the Wharton School of Business, the University of Pennsylvania. A member of Wharton’s faculty since 1979, he served as the founding chairman of Wharton’s Real Estate Department, and was the Director of Wharton’s Zell-Lurie Real Estate Center for 13 years. He is the founding co-editor of The

Wharton Real Estate Review. His teaching and research focuses on real estate and investment strategies. He has published over 80 articles during his career. Dr. Linneman is widely recognized as one of the leading strategic thinkers in the real estate industry, a recent winner of the PREA James A. Graaskamp Award cited as one of the 25 most influential people in real estate by Realtor Magazine, and one of the 100 most powerful people in NY real estate by The New York Observer. He is a highly sought-after speaker, appearing as the keynote speaker at numerous major industry conferences. He is also a co-coordinator/sponsor/moderator (with Sam Zell) of the prestigious industry roundtable, The Marshall Bennett Classic. Dr. Linneman, holds both Masters and Doctorate degrees in economics from the University of Chicago. For 30 years he has been the Managing Principal of Linneman Associates providing strategic and financial advice to leading corporations. Dr. Linneman is the CEO of American Growth Land Funds. His quarterly research publication, The Linneman Letter, is widely read throughout the real estate industry and is viewed as a major thought leader in the business. His book, Real Estate Finance and Investments: Risks and Opportunities, has been adopted at over 70 leading universities and is the leading reference source for those interested in real estate finance and investment. During a one-year leave from Wharton, he served as Senior Managing Director of Equity International Properties, a global real estate investment firm. He also served as Vice Chairman of Amerimar Realty, and was Chairman of the Board of Rockefeller Center Properties. In this latter capacity, he led the process of foreclosing on its Japanese owners and the successful sale of Rockefeller Center. He also has, and continues to, serve on the Board of Directors of public and private companies.

Lionel LynchSpecial Assistant for HousingU.S. Department of Housing & Urban DevelopmentLionel Lynch advises FHA Commissioner / Assistant Secretary for Housing, David Stevens, on the management and operations of the Federal Housing Administration’s 3,500 employees and nearly $900 billion portfolio of insured mortgages on single family homes, multifamily properties, and insured health care facilities. Additionally, he plays a key role in interagency policy development with the National Economic Council, Department of the Treasury, Office

of Management and Budget, Domestic Policy Council, Department of Energy, and other Cabinet agencies on topics including stabilization of the housing and mortgage finance markets, foreclosure prevention, GSE (Fannie Mae and Freddie Mac) reform, and residential energy efficiency innovation. Prior to joining the Administration, Lionel worked in Global Capital Markets at Morgan Stanley, management consulting in urban real estate, economic development, and life sciences at HR&A Advisors and Easton Associates, and urban real estate development at Kushner Companies. Lionel is a graduate of Harvard College and Harvard Business School.

Michael A. NutterMayorCity of PhiladelphiaSince taking office in January 2008, Mayor Michael A. Nutter has set an aggressive agenda for America’s sixth largest city – implementing a crime fighting plan that has sharply reduced the homicide rate, an education strategy to increase the high school graduation rate by 50 percent and a sustainability plan that will reduce the city’s energy consumption in the years to come. He has vigorously managed city government through a deep recession, taken advantage of

Federal recovery funding to create new green-collar jobs and established a customer friendly 311 system. Born in Philadelphia and educated at the Wharton School at the University of Pennsylvania, Mayor Nutter has been committed to public service since his youth in West Philadelphia. He served almost 15 years on the Philadelphia City Council, earning the reputation of a reformer, before his election as Mayor of Philadelphia.

Josh Scoville, CFADirector of Strategic ResearchProperty & Portfolio ResearchJosh Scoville, Director of Strategic Research, monitors U.S. property market trends and tailors Property & Portfolio Research (PPR)’s research to specific client strategies. These clients include large public and private pension funds, pension fund advisors, investment banks, real estate developers, foundations, and REITs. Before advising PPR’s clients, he spent five years researching property markets at the metropolitan level and two years managing PPR’s team

of market analysts. Mr. Scoville is a frequent speaker at industry gatherings, including the National Association of Real Estate Investment Managers (NAREIM), Risk Management Association (RMA), Institute for Fiduciary Education (IFE), Strategic Research Institute (SRI), and Information Management Network (IMN). In addition, he often speaks at client-sponsored events for the clients’ investors and customers and is a voting member of the Pension Real Estate Association (PREA) and member of the Urban Land Institute (ULI). Mr. Scoville has written on a variety of topics for real estate journals and has been quoted in publications including The Wall Street Journal, National Real Estate Investor, Commercial Property News, Mortgage Banking, High Return Quarterly, Development Magazine, and Financial Planning.com. Before joining PPR, he worked at American International Group in both operations and underwriting. He received his B.A. magna cum laude in Economics and Business Management from Boston College and is a CFA charterholder.

Marjorie TsangAssistant ComptrollerNew York State Common Retirement FundMarjorie Tsang is the Assistant Comptroller for Real Estate Investments for the New York State Common Retirement Fund. Her duties include investment and asset management responsibilities for the Fund’s real estate portfolio, which includes approximately $6.1 billion in equity investments and $820 million in mortgage investments. Ms. Tsang joined the Office of the New York State Comptroller in October 1993 as Assistant Counsel for Real Estate Investments. In June 1999, she was appointed to her current position. She received her BA

from Yale University and her JD from Columbia Law School.

Ivy ZelmanChief Executive OfficerZelman & AssociatesIvy Zelman is the Chief Executive Officer of Zelman & Associates and holds over 18 years of experience covering housing and housing-related industries at various points in her career. Zelman & Associates was founded in October 2007, and continues to use unparalleled industry contacts and financial analyses to deliver unbiased, proprietary research. Ms. Zelman and her firm have produced extremely successful and well-attended annual Housing Summits in 2008 and 2009. She continues to be frequently quoted in such publications as The New York Times

and The Wall Street Journal, as well as appearances on CNBC. Ms. Zelman is often tapped to address audiences of other housing and homebuilding related forums and conferences for her highly respected views and insights. Prior to the founding of Zelman & Associates, Ivy worked at Credit Suisse Group from 1998 to 2007, the last eight years as a Managing Director. During her tenure at the company, she established herself as the leading industry source for homebuilding related equity research and was widely recognized as one of the most preeminent figures in the entire industry. Ivy has been a member of Institutional Investor’s All-America Research Team for 12 consecutive years, including eight number one rankings (1999-2004 and 2006-2007). She also earned first place six times in Greenwich Associates’ Institutional Research Services Poll. Ivy was featured by Forbes Magazine three consecutive years from 2002-2004 as the number one earnings estimator among over 3,300 security analysts. In 2005 and 2006, she was ranked 14th in Builder Magazine’s Power Broker list of the 50 most influential people in homebuilding, which included such luminaries as President George W. Bush and Alan Greenspan. Ivy was also recognized as one of the Top 10 Women to Watch by Jewish Women’s International magazine in 2005. Before joining Credit Suisse, Ivy worked at Salomon Brothers from 1990 to 1997 with the last five years spent in Equity Research. She received a Bachelor of Science from George Mason University in 1990 while working full time at Ernst & Young in Virginia.

REEC BOARD MEMBER BIOGRAPHIES

Amachie K. Ackah, Managing Partner, Argosy Real Estate, has oversight responsibilities for all investment, strategic, and operational activities of the firm. He is also co-head of the Investment Committee. Mr. Ackah has over 14 years of real estate industry experience as a professional in both real estate investment funds and development companies. He was previously the Founder and Managing Partner of Cedar Hill Real Estate Partners where he had similar responsibilities. Cedar Hill Real Estate Partners was a privately-held commercial real estate investment management firm headquartered in New York, NY. The firm’s investment strategy focused on creating real value at the asset level through redevelopment, development or repositioning, resulting in high margins, low cost-bases and multiple exit strategies throughout the lifecycle of each investment. It primarily invested in joint ventures with local operating partners in high-barrier-to-entry markets throughout the United States. Cedar Hill Real Estate Fund is comprised of assets with estimated pro-rata costs of investments in excess of $200 million. Prior to founding Cedar Hill, Mr. Ackah was a Principal responsible for acquisitions and asset management at Lubert-Adler Real Estate LP, a real estate opportunity fund located in Philadelphia. He also served as director of acquisitions and development for the Buccini/Pollin Group Inc., a real estate operating partner that acquires, develops, and manages commercial, lodging, residential, and office properties in the Mid-Atlantic. Mr. Ackah was also an Acquisitions and Asset Management Specialist at The Praedium Group LP (formerly Credit Suisse First Boston’s real estate opportunity fund) and a Financial Analyst at Goldman, Sachs & Co. Mr. Ackah holds an MBA with dual majors in Finance and Real Estate from the Wharton School of the University of Pennsylvania, where he was a Toigo Fellow and distinguished as a Murphy Fellow by the faculty of the Zell-Lurie Real Estate Center. He also holds a Bachelor of Arts in Classics from Williams College. Amachie is a member of the Urban Land Institute and its National Hotel Development Council. He is also a Research Sponsor of the Zell-Lurie Center of the Wharton School of the University of Pennsylvania, is on the Board of the Real Estate Executive Council (REEC), and is a member of the Pension Real Estate Association, the International Shopping Centers Council, and the National Apartment Association.

Rod L. Bailey, Senior Director, Integrated Client Services-Corporate Solutions Division, Colliers International, is responsible for strategic development and implementation for securing and maintaining global client accounts. These duties include cross-selling and delivery of multiple real estate servicing lines such as transaction and project management, acquisition and disposition services, advisory services, facilities and property management, green building and environmental initiatives, capital markets and financial services, lease administration, supply chain management and logistics. Colliers International has over 15,000 professionals located in 480 offices throughout 61 countries. Its recent merger with FirstService Real Estate Advisors creates the third largest global real estate services brand.

Alan R. Braxton, Managing Partner & Co-Founder of Presidio Partners, LLC, a real estate private equity and advisory firm with a singular focus on providing capital raising and advisory services to fund sponsors, operators, REITs and other real estate and infrastructure market participants. Since the firm’s inception in May 2003, Presidio has completed equity engagements in excess of $11.0 billion on behalf of its clients. These clients have targeted strategies for U.S., European, Latin American and Pan-Asian markets with equity capital originating from institutional investors spanning the global markets. In addition, via its wholly-owned subsidiary, Compass Equity Advisors, the firm has invested in international real estate funds since 2006.

Moctesuma Esparza, Chief Executive Officer of Maya Cinemas North America, Inc., is an award-winning filmmaker, producer, entertainment executive, entrepreneur and activist, revered for his contributions to the movie industry and commitment to Latinos everywhere. Esparza established Maya Cinemas, a growing chain of modern movie theatre complexes, and Maya Entertainment, the only Latino owned Entertainment Company targeting U.S. Latinos today. Some of his production credits include: Selena, The Milagro Beanfield War, The Disappearance of Garcia Lorca, and most recently Walkout for HBO. Esparza founded the Los Angeles Academy of Arts and Enterprise Charter School, is Co-Founder of NALIP, Co-Founder of the Smithsonian Latino Center, and founding Member of the Cesar Chavez Foundation. Esparza was appointed by Los Angeles Mayor Antonio Villaraigosa Commissioner to the Los Angeles City Employees Retirement System and, most recently, was appointed by U.S. Senate Majority Leader Harry Reid to the planning commission of the National Museum of the American Latino.

Victor B. MacFarlane, Chairman & Chief Executive Officer of MacFarlane Partners, an investment management firm that manages real estate assets on behalf of some of the world’s largest pension plans and institutions. Considered a pioneer of the urban investment concept among institutional real estate managers, Victor has 30 years of real estate investment, development and management experience and has worked extensively on behalf of some of the world’s largest pension plans and institutions.

Richmond S. McCoy, President & CEO of UrbanAmerica Advisors, LLC, the successor company to UrbanAmerica, LP, which was founded in 1998 as a real estate private equity firm to become one of America’s pre-eminent vehicles for fiscally and socially prudent investment in inner city commercial real estate. UrbanAmerica’s Fund I and Fund II have raised over $520 million in equity and have invested in over 10 million sq. ft. of real estate assets valued in excess of $2 billion. Investors include many of the country’s largest public pensions, banks and insurance companies. In 2009 UrbanAmerica joined forces with Behringer Harvard, a Dallas based commercial real estate firm to form UrbanAmerica Advisors. UrbanAmerica Advisors represents a combined $10 billion of commercial real estate under management. Bolstering UrbanAmerica’s historical core competencies, UrbanAmerica Advisors specializes in assets located in urban centers, as well as properties located in top metro areas nationwide with a focus of deploying equity into real estate assets tenanted by government, medical, academic institutions and supermarket-anchored retail.

Ronald K. McDonald, Managing Principal - RMC Development, LLC, a full-service real estate development consulting, finance and investment company with a focus on major mixed-use, transit-oriented development (TOD) and base closure (BRAC). RMC crafts solutions on behalf of public and private clients for large, complex real estate projects that offer economic and community benefit. RMC currently leads the redevelopment of the (BRAC) project David Taylor Research Center, Annapolis, Maryland. Plans are underway for a 46-acre waterfront office campus across from the United States Naval Academy complete with boat slips, restaurants, retail and a luxury hotel with panoramic views over the Chesapeake Bay. RMC is an investment advisor and sources capital for a diverse mix of real estate clients. Leveraging a deep history of industry relationships, RMC identifies, qualifies, and recommends sources of both debt and equity which best meet the project’s asset profile and the owner’s objectives.

Kenneth A. McIntyre Jr., Managing Director of MetLife is the Head of Real Estate Strategic Initiatives. Ken’s responsible for developing strategic platforms to increase MetLife’s annual production of commercial mortgages and real estate equities; to improve portfolio management; and to increase the operating efficiency of the existing real estate infrastructure. Additionally, Ken is responsible for further integrating the capabilities of the real estate department with those of the rest of the Investments department and the Insurance infrastructure (such as product development and distribution). MetLife has $35 billion of commercial mortgages and $10 billion of equity real estate in its portfolio.

Aasia Mustakeem, Real Estate Partner in the Atlanta office of Epstein Becker & Green, PC (“EBG”), serves on EBG’s National Real Estate Steering Committee, is the leader of EBG’s Health Care Real Estate Initiative and is a member of the firm’s Distressed Asset and Workout Team. Ms. Mustakeem practices in all areas of commercial real estate, including the representation of developers, purchasers and sellers in connection with the acquisition, disposition and development of office, hotel, retail, industrial and mixed-use projects. In addition, she has experience with transit-oriented and infrastructure development projects, including sustainable infrastructure development and other sustainable energy projects. She also has significant experience in connection with lease transactions, representation of both borrowers and lenders in secured loan and workout transactions, and the representation of companies nationwide in connection with the ownership, operation and finance of corporate-owned real estate. Ms. Mustakeem also advises borrowers and lenders in connection with financing transactions secured by real property, including resolution of defaults, forbearance agreements and complex real estate restructuring. In connection with Health Care Real Estate, she has represented some of the nation’s largest healthcare companies and hospital systems in connection with their real estate development and leasing, as well as their real estate finance transactions. Ms. Mustakeem has been recognized for several years as a Georgia Super Lawyer by Atlanta Magazine, as well as one of Georgia Trend’s Legal Elite. She is also recognized in The Legal 500 (United States). A past chairperson of the 2,000 member Real Estate Section of the State Bar of Georgia and a Fellow of the American College of Real Estate Lawyers, Ms. Mustakeem is active with numerous civic and community organizations and serves on several boards of directors including those of Zoo Atlanta and the Grady Memorial Hospital Corporation.

Quintin E. Primo III, Chairman & Chief Executive Officer of Capri Capital Partners LLC, a real estate investment management firm headquartered in Chicago that he co-founded in 1992. The firm has approximately $4 billion in total real estate assets under management and is an active investor in all major property sectors and markets throughout the United States. Capri is currently expanding overseas, with major real estate development projects in the Middle East and sub-Saharan Africa. Mr. Primo has over 30 years of experience in real estate investment and capital markets. Within the real estate industry, he is a member of the Urban Land Institute, a board member of the Pension Real Estate Association and former board member of Real Estate Roundtable, Chairman of the Real Estate Executive Council, and a former trustee of AMLI Residential, a NYSE-listed company taken private by Morgan Stanley. Mr. Primo is active in civic and charitable organizations. Appointed by Governor Pat Quinn, he serves on the State of Illinois Economic Recovery Council. He is a member of The Economic Club of Chicago and a former member of the Federal Reserve Bank of Chicago Seventh District Advisory Council. He serves as a member of the Executive Committee of the Chicago Community Trust, as a trustee of the (Episcopal) Church Pension Group, and is a former trustee of the University of Chicago Hospitals and Ravinia Festival. He is currently Chairman of the Primo Center for Women and Children, a transitional shelter serving the homeless, and Chairman of the Chicago Alliance to End Homelessness, a position appointed by Mayor Richard M. Daley. Mr. Primo has been featured in national publications, such as The Wall Street Journal, Fortune Magazine, The New York Times and Black Enterprise Magazine, and has made frequent guest appearances on network television and cable news and radio programs, including CNBC, CNN, MSNBC and National Public Radio. He has received numerous awards and has been highly recognized for his professional, civic and philanthropic contributions. Mr. Primo received a Master of Business Administration degree from Harvard University Graduate School of Business Administration and a Bachelor of Science degree in Finance, with honors and high distinction, from Indiana University.

James H. Simmons III, Partner of AREA Property Partners, formerly known as Apollo Real Estate Advisors and Managing Director of the $485 million Apollo Domestic Emerging Markets (“ADEM”) Fund. Mr. Simmons has been closely associated with AREA’s push towards investing in residential and commercial assets located in Domestic Emerging Markets (“DEMs”), which are the revitalizing urban cores of major growth cities in the U.S. including New York, Los Angeles, Newark and Washington, D.C. To date, AREA has acquired over $2.3 billion of assets in DEMs and through the ADEM Fund vehicle will continue to further pursue transactions in these markets. Mr. Simmons was previously the interim President & Chief Executive Officer of the Upper Manhattan Empowerment Zone Development Corporation (“The Empowerment Zone” or “UMEZ”). Mr. Simmons graduated with a Master of Management degree from the J.L. Kellogg Graduate School of Management, a Master of Science degree in Engineering from the Virginia Polytechnic Institute and State University, and a Bachelor of Science degree in Electrical Engineering and Computer Science from Princeton University.

Kirk A. Sykes, President of Urban Strategy America Fund, LP, is the head of an urban investment, development and redevelopment fund for select institutional investors. The Fund is a true “triple bottom-line fund” that offers investors an opportunity to transform urban and economic development areas in their states, regions and cities while achieving an attractive return on their investment by prioritizing diversity in the asset types and locations in order to maximize returns. Mr. Sykes is responsible for the supervision of the partnership equity placement, the identification of investments and the day-to-day business operations of the USA Fund. He combines his professional training and hands-on experience in the areas of development, design and construction to create customized responses to the complex issues of urban real estate development. His approach is grounded in the bottom-line driven perspective gained during his tenure as a member of Federal Reserve Bank of Boston, Fleet Bank and BankBoston’s First Community Bank Advisory Boards and various other for-profit and non-profit board affiliations. His combination of business and community-based experience allow him to bridge the competing concerns that sometimes block urban projects from moving forward. His specialty is the creation of urban mixed-use developments.

Michael E. Tabb, Managing Principal of Red Rock Global, LLC, is responsible for setting the overall strategic direction for Red Rock Global. He serves as the principal relationship manager with the company’s investors, strategic partners and clients. He is responsible for developing the company’s business processes and for new business development. Additionally, he provides direct leadership for the major functional areas of complex dispositions, asset repositioning, (re)development and real estate advisory services. Red Rock Global, LLC (RRG) provides corporations, institutional real estate owners, government agencies and other real estate owners, a range of real estate services, filling a void in the current real estate market by creating a minority-led, full-service, commercial real estate company focused on underserved communities in primary and secondary metropolitan markets and superior quality transaction management services. RRG has built its business reputation on a foundation of professional excellence, integrity and quality service. This foundation has shaped the Company’s commitment to value-adding recommendations and actions, and a sincere desire to understand and improve communities. RRG is regarded by many industry professionals and clients as a benchmark of service, value and community conscientiousness.

Nate Allison Jr.Development DirectorPennsylvania Real Estate Investment Trust (PREIT)

Jason BarrettPartnerPaladin Strategic Partners, LLC

Bernie BazileDirector of ResearchCohen Asset Management, Inc.

Kevin L. BoyceTreasurerState of Ohio

Diane E. BranchVice President, Real EstateHoward University

Dale A. BurnettManagerAIG Global Real Estate

Gina Baker ChambersAssociateArtemis Real Estate Partners

Khalif EdwardsSenior DirectorTIAA-Cref

Paul B. EdwardsPrincipal, MarketingCapri Capital Partners, LLC

Harry T. DelaneyAssociate DirectorMarcus & Millichap

Malik H. FranklinRBC Capital Markets

Eric E. FreemanVice President, AcquisitionsGreenfield Partners, LLC

Joseph C. French, Jr.National Director of RetailSperry Van Ness

Keith GordonChief Investment OfficerGrace Capital Management

John GreenVice President, InvestmentsMacFarlane Partners, LLC

Renae GriffinPrincipalRG & Associates

Deborah L. HarmonCo-Founder & Chief Executive OfficerArtemis Real Estate Partners

Karim A. HutsonManaging MemberGenesis Companies

Ernest D. JarvisManaging DirectorCB Richard Ellis

Benjamin Todd JealousPresident & Chief Executive OfficerNational Association for the Advance-ment of Colored People (NAACP)

Odis JonesDirector, Urban & Site DevelopmentNJ Economic Development Authority (EDA)

Tammy JonesPresidentBasis Investment Group

Nakeyshia KendallConsultantThe Townsend Group

Lynn King-Tolliver

Kenneth J. KnucklesPresident & Chief Executive OfficerUpper Manhattan Empowerment Zone (UMEZ)

Jason LewisVice PresidentCapri Capital Partners, LLC

Peter Linneman, Phd.Principal-Linneman AssociatesAlbert Sussman Professor of Real Estate, Finance & Public PolicyWharton School of Business, The University of Pennsylvania

Etienne E. Locoh-DonouManaging PartnerUrban Century Group LLC

Lionel LynchSpecial Assistant for HousingU.S. Department of Housing & Urban Development

José MartinezPresidentMaya Entertainment

Lynnette MaysSenior Investment AnalystEnnis Knupp & Associates

Pamela McKoinVice PresidentCornerstone Real Estate Advisors, Inc.

Lianne A. MerchantSenior Vice PresidentRAIT Securities

Terrence MurrayDirectorPrudential Real Estate Investors

Michael A. NutterMayorCity of Philadelphia

Onay PayneSenior Vice PresidentING Clarion Partners

Lyneir RichardsonChief Executive OfficerBrick City Development Corporation

Delia RogesManaging PartnerOro Capital Advisors, LLC

Anthony S. RustSenior Managing PartnerDutchess Pelican Management, LLC

Valerie SantosDeputy Mayor for Planning & Economic DevelopmentGovernment of the District of Columbia

Josh Scoville, CFADirector of Strategic ResearchProperty & Portfolio Research

Seble Tareke-WilliamsSenior Vice PresidentEmmes Asset Management Co. LLC

Deepa S. TaylorAssistant Vice PresidentAEW Capital Management, LP

Rev. Dr. Richard L. TolliverRectorSt. Edmund’s Episcopal Church

REEC FALL CHAIRMAN’S FORUMCONFIRMED ATTENDEES AS OF APRIL 23, 2010

GUESTS

GUESTS CONTINUED

Marjorie TorresManaging PrincipalGreenSpace Developments

Marjorie TsangAssistant ComptrollerNew York State Common Retirement Fund

Michael WalkerChief Executive OfficerFalconHill Partners, LLC

Richard A. WaynerCo-Managing PartnerMetropolitan Property Partners

Carl WebbManaging PartnerPaladin Strategic Partners, LLC

Stephen WheelerManaging Director, Asset ManagementGreen Courte Partners, LLC

Careina WilliamsPrincipal, InvestmentsCapri Capital Partners, LLC

Darren WilliamsVice PresidentJPMorgan Chase

Tina Byles WilliamsChief Executive Officer & Chief Investment OfficerFIS Group, Inc.

June YuManaging PartnerThe CenterCap Group

Ivy ZelmanChief Executive OfficerZelman & Associates

Quintin E. Primo, IIIChairman & Chief Executive OfficerCapri Capital Partners, LLC REEC Board Chairman

Amachie K. AckahManaging PartnerArgosy Real Estate

Rod L. BaileySenior Director, Integrated Client Services-Corporate Solutions DivisionColliers International

Alan R. BraxtonManaging PartnerPresidio Partners, LLC

Victor B. MacFarlaneChairman & Chief Executive OfficerMacFarlane Partners

Richmond S. McCoyPresident & CEOUrbanAmerica Advisors, LLC

Ronald K. McDonaldManaging PrincipalRMC Development, LLC

Kenneth A. McIntyre, Jr.Managing DirectorMetLife

Aasia MustakeemReal Estate PartnerEpstein Becker & Green, PC

James H. Simmons IIIPartnerAREA Property Partners

Kirk A. SykesPresidentUrban Strategy America Fund, LP

REEC BOARD MEMBERS REEC MEMBERS

Michael L. CampbellManaging PartnerPhene Capital, LLC

Charles E. Frazier, Jr.Managing Principal, Student HousingGateway Investment Partners

Leslie D. HaleChief Financial OfficerRLJ Development, LLC

Danita JohnsonInvestment ManagerFranklin Templeton Investments

Patrick A.T. LeePartnerTrinity Financial, Inc.

Denise J. LewisSenior PartnerHonigman Miller Schwartz and Cohn LLP

Roland S. Merchant, Jr.Senior Vice PresidentEastdil Secured, LLC

Kevin M. PleasantSenior AssociateAVP Advisors

Diego RecaldeManaging PrincipalGreenSpace Developments

Edward S. ScottSenior Managing Director & Co-CIO, Fund ManagementUrbanAmerica Advisors, LLC

REEC STAFF

Oscar GrovesAssociate – Public AffairsCapri Capital Partners, LLC

L. Heather Mitchell Vice President – Public AffairsCapri Capital Partners, LLC

SPECIAL THANKS

Tramaine Tyson

Notes

Notes

REAL ESTATE EXECUTIVE COUNCIL

Interested in becoming a REEC member, please contact:

Real Estate Executive Council875 N. Michigan Ave., Ste. 3430

Chicago, IL 60611(312) 573-5260

www.reec.org