the ritz-carlton, boston commonBOSTON, MASSACHUSETTS

2011 SPRINGChairman’s Forum

Real EstateExecutive Council

REAL ESTATE EXECUTIVE COUNCIL2011 SPRING CHAIRMAN’S FORUM

APRIL 28 – 29, 2011

THE RITZ-CARLTON, BOSTON COMMON10 Avery Street

Boston, Massachusetts 02111(617) 574-7100

Thursday, April 28, 2011

2:00 – 5:00PM REEC BOARD MEETING (Board Members Only) The Ritz-Carlton (Avery Room) 10 Avery Street, Boston, MA 02111, (617) 574-7100

6:00 – 8:30PM REEC DINNER (REEC Members & Invited Speakers Only) Scampo Restaurant at The Liberty Hotel 215 Charles Street, Boston, MA 02114, (617) 536-2100

8:30 – 10:00PM COCKTAIL RECEPTION (REEC Members & Invited Guests) Alibi Bar & Lounge at The Liberty Hotel 215 Charles Street, Boston, MA 02114, (857) 241-1144

Friday, April 29, 2011

8:00 – 9:00AM BUFFET BREAKFAST The Ritz-Carlton (Hamilton Room)

9:00 – 9:15AM WELCOME & OPENING REMARKS The Ritz-Carlton (Washington Room) •QuintinE.PrimoIII,Chairman&ChiefExecutiveOfficer, CapriCapitalPartners,LLC •KirkA.Sykes,President,UrbanStrategyAmericaFund,LP

9:15 – 10:15AM DIALOGUE: MACROECONOMIC REAL ESTATE OVERVIEW Moderator:AlanR.Braxton,ManagingDirector,MacquarieCapitalAdvisors •WilliamC.Wheaton,Ph.D.,Professor,DepartmentofEconomics, MassachusettsInstituteofTechnology(MIT) •KevinD.White,CFA,RealEstateStrategist,PropertyandPortfolio Research,Inc.(PPR)

10:15 – 10:30AM BREAK

10:30 – 11:30AM HOUSING PANEL Moderator:RonHomer,President,AccessCapitalStrategies,RBCGlobalAsset Management(US)Inc. •KennethJ.Bacon,ExecutiveVicePresident–MultifamilyMortgageBusiness, FannieMae •PatrickLee,Principal,ExecutiveVicePresident,TrinityFinancial,Inc.

11:30AM–12:00PM BREAK

12:00 – 1:00PM REEC LUNCHEON The Ritz-Carlton (Hamilton Room) •Keynote Speaker:StevenGrossman,TreasurerandReceiverGeneral, CommonwealthofMassachusetts

1:00 – 1:15PM BREAK

1:15–2:30PM MEDICAL / EDUCATION PANEL Moderator:KathrynE.West,VicePresident–RealEstate&Facilities, PartnersHealthCareSystem,Inc. •PeterB.Calkins,ExecutiveVicePresident&ChiefOperatingOfficer, ForestCityBoston •KathySpiegelman,ChiefPlanner,HarvardUniversity

2:30 – 2:45PM BREAK

2:45 – 4:00PM INVESTOR PERSPECTIVE PANEL Moderator:GwendolynL.Butler,President&ChiefOperatingOfficer, CapriCapitalPartners,LLC •DeniseL.Nappier,StateTreasurer,StateofConnecticut •YvonneD.Nelson,ExecutiveDirector,RealEstateandEconomicallyTargeted Investments,NewYorkCityRetirementSystems •SeanP.Ruhmann,SeniorConsultant,PrivateMarkets,NewEnglandPension Consultants,LLC(NEPC) •CherieSantos-Wuest,ChiefExecutiveOfficer,CeladonVentureAdvisors

4:00PM CLOSING REMARKS •QuintinE.PrimoIII,Chairman&ChiefExecutiveOfficer,CapriCapital Partners,LLC •KirkA.Sykes,President,UrbanStrategyAmericaFund,LP

GUEST SPEAKERS AND PANELISTS BIOGRAPHIES

Kenneth J. BaconExecutive Vice President – Multifamily Mortgage BusinessFannie MaeKennethJ.BaconisFannieMae’sExecutiveVicePresident–MultifamilyMortgageBusiness.ReportingtothePresidentandChiefExecutiveOfficer,Mr.Baconisresponsibleforthecompany’smultifamilyguarantybookofbusiness,whichtotaled$189billionasofDecember31,2010.TheMultifamilyMortgageBusinesshasservedinthesecondarymortgagemarketasacontinuoussourceofliquidity,stabilityandaffordabilityintherentalhousingmarketforworkforcehousingthroughitsprofitableDelegatedUnderwritingPlatform(DUS).Mr.Bacon

beganservinginthisroleonaninterimbasisinDecember2004,andwasnamedbytheboardofdirectorstotheExecutiveVicePresident’spositioninJuly2005.From2000to2005,Mr.BaconwasFannieMae’sSeniorVicePresident—MultifamilyLending&Investment,responsibleforthemanagementandmarketingofFannieMae’sportfolioofmultifamilyloansandinvestments,includingtheDelegatedUnderwritingandServicingLenderfranchise.BeforejoiningFannieMaein1993,Mr.BaconwasDirectoroftheOfficeofSecuritizationoftheResolutionTrustCorporation.HealsospenteightyearsonWallStreetwithKidderPeabody&Co.andMorganStanley&Co.,servingasanofficerateachfirm.Mr.BaconisontheBoardofDirectorsforComcastCorporationandtheCorporationforSupportiveHousing.HeisamemberoftheExecutiveLeadershipCouncilandUrbanLandInstitute.Mr.BaconwasawardedtheOrderoftheBritishEmpireinrecognitionofhiscontributionstotheMarshallScholarsprogram.HehasaMasterofBusinessAdministrationfromtheHarvardBusinessSchool,aMasterofScienceininternationalrelationsfromtheLondonSchoolofEconomicswherehestudiedasaMarshallScholar,andaBachelorofArtsfromStanfordUniversity.

Gwendolyn L. ButlerPresident & Chief Operating OfficerCapri Capital Partners, LLCGwendolynL.ButleristhePresidentandChiefOperatingOfficerofCapriCapitalPartnersLLC,oneofthecountry’sleadinginstitutionalrealestateinvestmentmanagementfirms.Ms.ButleristhefirstAfricanAmericanfemalePresidentandCOOinthecommercialrealestateinvestmentmanagementindustryandatCapriCapitalPartnersoverseesallinvestment,financeandmarketingpersonnelofthefirm.Ms.ButlerjoinedCapriasChiefMarketingOfficerinMarch2007andhasledCapri’sinstitutionalcapitalraising.Inthatrole,shehasoverseen

morethan$500millioninnewcommitmentstoCaprifromleadingpublicpensionfundinvestors.Ms.Butlerhas33yearsofinstitutionallendingandinvestmentmanagementexperience,includingservingasExecutiveDirectorofUBSGlobalAssetManagementandManagingDirectorofBearStearns&Co.Ms.Butlerstartedhercareerin1977asacorporatefinancebankerattheContinentalIllinoisNationalBankandTrustCompanyandwasthefirstAfricanAmericanfemaleappointedVicePresidentinthebank’scommerciallendingdivision.Ms.ButlerisChairoftheNationalAssociationofSecuritiesProfessionals,theleadingnationalorganizationforminoritiesandwomeninthesecuritiesindustry,andpreviouslyheldthepositionofTreasureroftheorganization.Ms.ButlerwaselectedtotheBoardofDirectorsoftheNationalAssociationofSecuritiesProfessionalsin2003,andin2004servedasaCo-Chairoftheorganization’s15thAnnualPensionandFinancialServicesConference.Ms.ButlerisPresidentoftheBoardofDirectorsoftheYWCAMetropolitanChicago,andservesontheorganization’sExecutiveCommittee.Ms.ButlerisamemberoftheBoardofDirectorsoftheLosAngelesUrbanLeague.MsButlerreceivedaMasterofBusinessAdministrationinFinancefromtheJ.L.KelloggGraduateSchoolofBusinessofNorthwesternUniversityandaBachelorofArtsdegreeinEconomicsfromtheUniversityofMichigan.Ms.Butlerhasreceivednumerousawardsandacknowledgements,includingbeingnamed“OneoftheMostPowerfulWomeninBusiness”byBlackEnterprisemagazine,oneofthe“100ofAmerica’sBestandBrightestBlackWomeninCorporateAmerica”byEbonymagazine,andoneofthe“RemarkableWomenofColorPresidents”bytheChicagoChapteroftheNationalAssociationofSecuritiesProfessionals.

Peter B. CalkinsExecutive Vice President & Chief Operating OfficerForest City BostonPeterCalkinsisresponsiblefordirectingthedevelopmentofofficeandresearchbuildingsandmixed-usecampusdevelopmentsthroughoutNewEnglandandtheUnitedStates.Buildinguponabaseofestablishedinstitutionalrelationships,healsoplaysakeyroleinidentifyingandmanagingnewjointventurepartnershipswithacademic,medicalandmunicipalpartners.InseventeenyearswithForestCity,Mr.Calkinshasmanagedanddirectedthedevelopmentofmore

than2.5millionsquarefeetofoffice,research,andresidentialspace,includingalargepartofUniversityParkatMIT,ForestCity’saward-winningmixeduselifesciencecampusinCambridge,MA,aswellastheTranslationalResearchLaboratoriesdevelopedinpartnershipwiththeUniversityofPennsylvania.Morerecently,hehasoverseenplanninganddevelopmentfortheScience+TechnologyParkatJohnsHopkins,inBaltimore,MD,whichopenedthefirstoffiveplannedresearchbuildingsinApril2008,andtheIllinoisScience+TechnologyParkjustoutsideofChicago.PriortojoiningForestCityin1993,Mr.CalkinsspenttenyearsdevelopingandmanagingcommercialofficeandR&DpropertiesasaprincipalofCardinalProperties,Inc.andasgeneralmanagerofDobroth&Fryer,wherehemanagedtheredevelopmentofthehistoricSuffolkMillscomplexinLowell,MAintotheWannalancitOfficeandTechnologyCenter.Mr.CalkinsholdsaBachelorofArtsfromWashingtonUniversityatSaintLouisandaMasterofArchitecturefromtheHarvardUniversityGraduateSchoolofDesign.HeisanactivememberofULI,NAIOPandAURP,theAssociationofUniversityResearchParks.

Steven GrossmanTreasurer and Receiver GeneralCommonwealth of MassachusettsSteveGrossmanbringstotheofficeofTreasurerandReceiverGeneralafamilyheritageofpublicservice,alifetimededicatedtohelpingothers,andyearsofexperienceasahard-workingbusinessmanwithasenseofresponsibilityforthewell-beingofhiscolleaguesandhiscommunity.HeiscommittedtousingthefullpotentialoftheTreasurer’sofficetoprotectthepublic’smoney,helpcreatejobs,boostsmallbusinesses,andbringnewstandardsoftransparencyanddisclosuretostategovernment.Throughouthiscareer,Mr.Grossmanhashadanunshakeable

commitmenttorecruiting,hiring,andretainingthemostqualifiedpeople,basedonmerit,andthatprinciplewillguidehisnewadministration.Hehasspentthelast35yearscreatingjobs,managingmoney,dealingwithcrises,andfindingcommonsensesolutionstoproblemsasCEOofGrossmanMarketingGroupinSomerville,a100-year-old,fourth-generationfamilybusiness.Hegrewthecompany’srevenueseightfold,enteringnewmarketsandrepositioningthecompanytomeetthechallengesofanevolvingeconomy.Mr.Grossmanknowswhatitisliketomeetapayrollandtokeepabusinessgoingintoughtimes,andhebringsthatexpertiseandcommitmenttopublicoffice.Heisaleadingfigureinnumerouscharitableorganizations.Mr.GrossmanservesasaTrusteeofProjectBread,anAdvisoryBoardmemberoftheWomen’sLunchPlace,andChairstheAdvisoryBoardofCambridgeCollege.HewasafoundingBoardmemberofMassachusettsInstituteforaNewCommonwealth(MassINC),aformercampaignchairofCombinedJewishPhilanthropies,andafoundingboardmemberoftheLennyZakimFund.AschairmanofboththeMassachusettsandnationalDemocraticparties,Mr.Grossmanestablishedatrackrecordasareformerandbuilder–workingaggressivelytoimplementeffectivemanagementandfinancialcontrolswhileatthesametimeempoweringmoreactiviststoparticipateinpoliticallife.HewaselectedTreasurerin2010.Mr.GrossmanisagraduateofPrincetonUniversityandHarvardBusinessSchool.

Ron HomerPresident, Access Capital StrategiesRBC Global Asset Management (US) Inc.RonHomerisresponsibleforoversightoftheAccessCapitalStrategiesproductsofRBCGlobalAssetManagement(US)Inc(“RBCGAM”).InJuly2008,RBCGAM(formerlyVoyageurAssetManagement)acquiredAccessCapitalStrategiesLLCwhereheservedasthefirm’sChiefExecutiveOfficerandCo-Founder.Priortoco-foundingAccessCapital,Mr.HomerwasthePresidentandChiefExecutiveOfficeroftheBostonBankofCommerce,NewEngland’slargest

minority-ownedfinancialinstitution.Duringhistenurefrom1983through1996,thebankwasaleadinglenderinaffordablehousing,homemortgages,smallbusinessandcommunitydevelopmentinBoston.HealsoservedasaformerDirectorforSallieMaeandtheNynextelephonecompanies.Mr.Homerbeganhiscareerinthefinancialservicesindustryin1969.HereceivedaBachelorofArtsfromtheUniversityofNotreDameandaMasterofBusinessAdministrationfromtheUniversityofRochester.HealsoholdshonorarydegreesfromtheUniversityofMassachusetts-BostonandCambridgeCollege.Mr.HomerisapastChairmanoftheNationalBankersAssociationandaformermemberoftheFederalReserveBoardofGovernorsConsumerAdvisoryCouncil.HewasthefoundingChairoftheAmericanBankersAssociationCenterforCommunityDevelopment.HeistheViceChairandafoundingBoardmemberoftheInitiativeforaCompetitiveInnerCity.InNovember2009,Mr.Homerwasappointedtoserveasix-yeartermaschairoftheboardoftheMassachusettsHousingFinanceAgency.

Patrick LeeExecutive Vice PresidentTrinity Financial, Inc. PatrickLeeandhisbusinesspartnerfoundedTrinityFinancial,Inc.in1987.Thetwoofthemownandmanagethecompany,whichisa22-personrealestatedevelopmentcompanythatspecializesindevelopingcomplicatedrealestateprojectsinurbanlocations.Todate,TrinityFinancialhascompletedoriscurrentlydevelopingmorethat5,300unitsofhousingandmorethan367,000squarefeetofretailandcommercialspaceinMassachusetts,ConnecticutandRhodeIsland.Alltold,thisrepresentsmorethan$1.4billionworthofpropertydevelopment,acrossarangeofpropertydevelopmenttypes.TrinityFinancialhassuccessfullyconvertednumerousdeterioratedpublichousingprojectsintovibrantmixed-incomecommunities.Thecompany’slarge-scalepropertydevelopmentexperienceisvast,includingbuildinga200-unitpropertywithstudenthousingunitsthatareleasedtoanearbyuniversityandcondominiumunitsthatweresuccessfullysold.Thecompanyhasundertakentheacquisitionandredevelopmentofnumeroushigh-riseproperties,rangingfrom13to29storiestall,hasoverseentheimplosionofobsoletehigh-risebuildings,hasredevelopedmajorhistoricproperties,includinga51-acrecampusontheNationalRegisterofHistoricPlaces,andhasexperiencedevelopingmajorfor-saleandrentalpropertiesatairrightssitesorontopofmajorsubwaystations.Priortoco-foundingTrinityFinancial,Mr.LeeservedasaSpecialAssistanttotheSecretaryofAdministrationandFinancefortheCommonwealthofMassachusettsfrom1984to1987andholdsaBachelor’sdegreefromHarvardUniversityandisaMassachusettsInstituteofTechnology-trainedcityplanner.

Denise L. NappierState TreasurerState of ConnecticutDeniseLynnNappier,the82ndTreasureroftheStateofConnecticut,isthefirstAfrican-AmericanwomanelectedtoserveasaStateTreasurerintheUnitedStatesandthefirstAfrican-AmericanwomanelectedtoastatewideofficeinConnecticut.Electedin1998andre-electedin2002,2006and2010,TreasurerNappieristheonlywomanevertobeelectedTreasurerinConnecticuthistory.AsConnecticut’schiefelectedfinancialofficer,TreasurerNappier

overseesapproximately$50billioninstatefunds,includingthe$24.5billionConnecticutRetirementPlansandTrustFunds(CRPTF),andthestate’s$19billiondebtmanagementprogram.Astrongadvocateforexpandingeconomicopportunity,TreasurerNappierwasthearchitectofthecoalitionofhousing,business,communityandmunicipalleaderswhoworkedwithlegislatorsin2005toestablisha$100millionHousingTrustFundforGrowthandOpportunity,aimedatincreasingaffordablehousingforworkingfamiliesinConnecticut.Shealsoestablishedthe$800millionConnecticutHorizonFundinvestmentprogramaimedatincreasingopportunitiesforwomen-andminority-owned,state-basedandemergingfirmsinthefinancialservicesindustry,andhasmorethandoubledthenumberofminority-ownedandwomen-ownedinvestmentbanking,bondcounselandfinancialadvisoryfirmswithwhichtheofficedoesbusiness.Widelyrespectedbyherpeers,TreasurerNappierservedfiveyearsasTreasurerof

theNationalAssociationofStateTreasurers,andisaboardmemberoftheCTChapteroftheNationalAssociationofCorporateDirectors(thefirstpublicfundinvestortoserveinthatcapacity).Amongnumerousawardsandrecognitions,shereceivedtheGoodHousekeepingAwardforWomeninGovernment,wasnamedoneofthenation’s“100MostInfluentialPeopleinFinance”byTreasury&RiskMagazine,andwascitedasoneofthe“50MostPowerfulBlackWomeninBusiness”byBlackEnterprisemagazine.

Yvonne D. NelsonExecutive Director, Real Estate and Economically Targeted InvestmentsNew York City Retirement SystemsYvonneNelsonistheHeadofRealEstateanddirectssuchinvestmentactivitiesonbehalfoftheNYCRetirementSystems.Sheisresponsibleforthedesign,implementationandoversightofthisinvestmentprogram.Theallocationtorealestateaverages5.4%amongtheSystemsandrepresentsapotentialcapitalizationapproaching$6billion.Ms.NelsonjoinedtheOfficeoftheNYCComptrollerin2005.PriortotheComptroller’sOffice,Ms.NelsonworkedwiththeNYSCommonRetirementFundasaRealEstateInvestmentOfficerforthirteenyears.Sheholdsa

BachelorofArtsfromNewYorkUniversityandaMasterofBusinessAdministrationfromRutgersUniversity.

Sean P. RuhmannSenior Consultant, Private MarketsNew England Pension Consultants, LLC (NEPC)SeanRuhmannjoinedNEPCin2010bringingsixyearsofinvestmentexperiencetothefirm.HeisinvolvedinNEPC’sprivatemarketsresearchandduediligenceactivities,inadditiontoprovidingconsultingservicesforthenon-traditionalassetclassesofvariouspublic,corporate,Taft-Hartleyandendowment/foundationclients.Mr.RuhmannjoinsNEPCfromGoldman,Sachs&Co.wherehewasaVicePresidentintheInvestmentBankingDivision.WhileatGoldman,Sachs&Co.,headvisedclientsonmergers,acquisitions,divestitures,restructurings,bankruptcyprocesses,debtcapitalraisesandpublicandprivateequitycapitalraises.Hewasalsoresponsiblefortheexecution,duediligenceandsourcingoftransactions.PriortojoiningGoldman,Sachs&Co.,Mr.RuhmannwasanAssociateatBancofAmericaSecuritiesintheRealEstateandLodgingInvestmentBankingGroup.AtBancofAmericaSecurities,heconductedin-depthfinancialanalysisofcompaniesandbuiltoperatingandvaluationmodels.Mr.Ruhmann’spreviousexperiencealsoincludesworkingforIBMCorp.asaConsultantintheirStrategicChangeGroupandforRaytheonCompanyasaMedicalEngineerintheirAirMissileDefenseDepartment.HeholdsseveraldegreesincludingaBachelorofScienceinBiomedicalEngineeringfromTrinityCollege,aMasterofScienceinMechanicalEngineeringfromTexasA&MUniversity,andaMasterofBusinessAdministrationfromTuckSchoolofBusinessatDartmouth.

Cherie Santos-WuestChief Executive OfficerCeladon Venture AdvisorsCherieSantos-WuestisCEOofCeladonVentureAdvisors,arealestateinvestmentadvisoryfirmfocusingonadvisingclientson“triple-bottom-line”investmentsthatseektoachieverisk-adjustedmarket-ratereturns,promotesocialequityandencouragesustainableuseofnaturalresourcesacrossassetclasses,includingRealEstateandAlternativeEnergy.Ms.Santos-WuestpreviouslywasaDirectorinTIAA-CREF’sGlobalSocialandCommunityInvestmentsgroup,whereshewasresponsibleforinvestingforandmanagingtheCorporateRealEstateInvestment

Program’s$580+milliondebtandequityportfolioand$50millionGreenBuildingTechnologyProgramportfolio.Priortothis,Ms.Santos-WuestservedasaDirectorinTIAA’sGlobalPrivateMarketsgroup,responsibleforlargeloanoriginationforthecommercialmortgageteam,whereshemanagedandoriginatedover$1.2billionindebtinvestmentsinvariousterritorieswithintheUnitedStatesandCanada.Ms.Santos-WuesthasalsoworkedwithinTIAA’sCMBSandAcquisitionsgroups.InconnectionwithherinvestmentsworkatTIAA-CREF,Ms.Santos-WuestservedonseveraladvisorycommitteesofRealEstatefundsandventurecapitalcompaniesinwhichTIAAisinvested.ShewasViceChairmanontheBoardofDirectorsforImpactCommunityCapital,afor-profitcorporationthatstructuresandmanagesinsurancecompanyinvestmentsfinancingaffordablehousing,communityfacilities,economicdevelopment,andothersociallyresponsiveinvestmentsincommunitieswithinCaliforniaandnationally.Ms.Santos-WuestisalsoaFullMemberintheUrbanLandInstitute(ULI),anorganizationdedicatedtoproviding

leadershipintheresponsibleuseoflandandincreatingandsustainingthrivingcommunitiesworldwide,wheresheisafoundingmemberof,andservesasVice-ChairfortheRPIProductCouncil.SheservesontheBoardofAdvisersforWallStreetWithoutWalls,andisactiveontheInstituteforResponsiblePropertyInvestment,theWXNewYorkWomen’sExecutiveRealEstate,andhasspokenonnumerouspanelsandseminarsonurbanrevitalization,sustainabilityandpensionfundinvestmentsacrossthecountryandabroad.Ms.Santos-Wuesthasover20yearsofindustryexperienceincludingpositionsatnationalcorporaterealestatefirmsandinternationalarchitecturaldesignfirms.Ms.Santos-WuestholdsaBachelorofScienceinarchitecturefromtheUniversityofVirginia,aMasterofArchitecturefromYaleUniversityandaMasterofScienceinrealestatedevelopmentfromMIT.

Kathy SpiegelmanChief PlannerHarvard UniversityKathySpiegelmanistheChiefPlannerforHarvardUniversity’sAllstonInitiative.HerresponsibilitiesincludeoverseeingthecomplexandongoingphysicalplanningnecessarytolaythefoundationforthedevelopmentofHarvard’slandholdingsinAllston.Ms.Spiegelman’spreviouspositionsatHarvardincludedheadofHarvardPlanning+AllstonInititative,AssociateVicePresidentforPlanningandRealEstate(HPRE)andDirectorofPlanning.Underherleadership,theintesnsiveAllstonplanningprocesswaslaunched.Ms.Spiegelmanisan

experiencedplannerandnegotiatorworkingonprojectandareaplanningacrossthecampusaswellastown/gownrelationsincludingthenegotiationofPILOTagreements.Earlierinhercareer,sheservedtheCityofCambridgeasAssistantCityManagerinchargeofcommunitydevelopment.Whileinthepublicsector,Ms.Spiegelmangainedinvaluableexpertiseinlanduseplanning,regulatorychangesandenforcement,urbandesignplanning,sitereuseandpoliticalconsensusbuilding.Theworkincludedtheredevelopmentofunderutilizedindustrialareasinthecity,andreuseofaformerpublicschoolsiteforthedevelopmentofsingleandtwofamilyhousesconsistentwiththepatternofdevelopmentinthesurroundingneighborhood.Ms.SpiegelmanreceivedherBachelorofArtswithhonorsfromBrownUniversityandherMasterofScienceinHistoricPreservationfromtheColumbiaUniversitySchoolofArchitectureandPlanning.SheteachesattheHarvardGraduateSchoolofDesignasaDesignCriticintheUrbanPlanningandDesignDepartment.Ms.Spiegelmanisafrequentpublicspeaker,participatesonvolunteerboardsandcommitteesforaffordablehousing,andhasparticipatedinthePowerLunchprogramofBostonPartnersforEducation,aprogramthatbringsbusinessandindustryprofessionalintotheclassroomtoempowerandenrichtheexperienceforstudents.

Kathryn E. WestVice President – Real Estate & FacilitiesPartners HealthCare System, Inc.KathrynWesthasbeenVicePresidentofRealEstateandFacilitiesatPartnersHealthCareSystemsince1998withresponsibilityforthestrategicmanagementofabroadportfolioofover16millionsquarefeetofownedandleasedproperty.Ms.Westoverseesthecoordinationandpermittingoflarge-scaledevelopmentprojects;planningandconstructionactivitiesvaluedatapproximately$300millionannually;andprofessionalrealestateservices,includingleasingandacquisitions.PriortojoiningPartnersHealthCareSystem,Ms.WestwasAssociateDean

forOperationsatHarvardMedicalSchoolfrom1992-1997,whereshewasresponsibleforthemanagementofallcampusrealestate,off-sitecommercialandresidentialproperties,andtheadministrativeservicesofthisresearchandteachinginstitution.From1989-1992,sheservedasDirectorofRealEstateDevelopmentattheMassachusettsBayTransportationAuthority.Ms.WestearnedherBachelorofArtsinGovernmentatSmithCollegeandhasaMasterofBusinessofAdministrationfromBostonUniversity.SheisontheBoardofDirectorsManagementCommitteeoftheNationalAssociationofIndustrialandOfficeProperties(NAIOP),isanactivememberofNewEnglandWomeninRealEstate,andservesontheBoardofDirectorsoftheBostonCenterfortheArtsaswellasontheBoardofTrusteesofLasellCollegeinNewton.

William C. Wheaton, Ph.D.Professor, Department of EconomicsMassachusetts Institute of Technology (MIT)BillWheatonisaprofessorattheMassachusettsInstituteofTechnology(MIT)intheDepartmentofEconomics,andwasoneofthefoundersaswellasformerDirectoroftheMITCenterforRealEstate.WithintheEconomicsprofession,Dr.Wheatonhelpedtodevelopthefieldof“urbaneconomics”,andhaswrittennumerousarticlesinscholarlyjournalsthrough¬outtheworld.HealsoauthoredUrbanEconomicsandRealEstateMarkets,thefirsttextbooktocombineurbaneconomictheorywithrealestatemarketapplications.Dr.Wheatonalsohasbeenactivein

applyingeconomicresearchtotherealestateindustryandwasthefirstEconomisttodevelopeconometricbasedforecastingofcommercialrealestatemarkets.TogetherwithRaymondTorto,hefoundedTortoWheatonResearch,morethan2decadesago.TodaywithCBREEconometricAdvisors,hecontinuestoprovidetherealestateindustrywithdataandinsight.Dr.WheatonreceivedaBachelorofArtsinEconomicsfromPrincetonUniversity,andaPh.D.fromtheUniversityofPennsylvania.Overtheyears,hehasassistedmanygovernmentsaswellastheprivatesector,consultingwiththeFederalReserveBank,theDepartmentofHousingandUrbanDevelopment,theWorldBankandFreddieMac.

Kevin D. White, CFAReal Estate StrategistProperty and Portfolio Research, Inc. (PPR)KevinWhiteisamemberofPPR’smacroresearchteam,specializingintheU.S.economyandcapitalmarkets.Inthiscapacity,hewritesandspeaksextensivelyabouteconomicandfinancialdevelopmentsandtheirimplicationsforcommercialrealestate.HealsoconsultswithPPRclients,includingfundmanagers,investmentbanks,pensionfunds,andREITs,helpingtodevisesuccessfulrealestateinvestmentstrategies.Mr.Whitehaspublishedpapersandbeenquotedinseveralleadingpublications,includingTheWallStreetJournal,BusinessWeek,andIPEReal

Estate.Hisexperienceextendstointernationaleconomiesandpropertymarkets,ashehasspentthreeyearsleadingPPR’sLondon-basedteamofEuropeanmarketanalystsand,morerecently,thefirm’sCanadianresearchpractice.PriortojoiningPPR,Mr.WhitewasanofficialwithCanada’sDepartmentofFinance,advisingseniorofficialsandministersonCanadiantaxpolicyandinternationaleconomicrelations.Whilethere,hetestifiedbeforeaSenatecommittee,representedthecountryonacommitteeoftheOECD,andwrotespeechesforseniorofficialsandtheMinisterofFinance.Mr.WhiteholdsaMasterofArtsinEconomicsfromtheUniversityofBritishColumbiaandaBachelorofArts(Honors)inEconomicsfromQueen’sUniversity.

REEC BOARD MEMBER BIOGRAPHIES

Amachie K. Ackah, Managing Partner of Argosy Real Estate, hasoversightresponsibilitiesforallinvestment,strategic,andoperationalactivitiesofthefirm.Heisalsoco-headoftheInvestmentCommittee.Mr.Ackahhasover15yearsofrealestateindustryexperienceasaprofessionalinbothrealestateinvestmentfundsanddevelopmentcompanies.HeistheFounderandManagingPartnerofArgosyRealEstate,whichhelaunchedin2007.ArgosyRealEstateisArgosyCapital’sfirstinstitutionalrealestateopportunityfund.Thefund’sinvestmentstrategyisfocusedoncreatingrealvalueattheassetlevelthroughredevelopment,developmentorrepositioning,resultinginhighmargins,lowcost-basesandmultipleexitstrategiesthroughoutthelifecycleofeachinvestment.Itprimarilyinvestsinjointventureswithlocaloperatingpartnersinhigh-barrier-to-entrymarketsthroughouttheUnitedStates.ArgosyRealEstateiscomprisedofassetswithestimatedpro-ratacostsofinvestmentsinexcessof$200million.PriortolaunchingArgosyRealEstate,Mr.AckahwasaPrincipalresponsibleforacquisitionsandassetmanagementatLubert-AdlerRealEstateLP,arealestateopportunityfundlocatedinPhiladelphia.HealsoservedasdirectorofacquisitionsanddevelopmentfortheBuccini/PollinGroupInc.,arealestateoperatingpartnerthatacquires,develops,andmanagescommercial,lodging,residential,andofficepropertiesintheMid-Atlantic.Mr.AckahwasalsoanAcquisitionsandAssetManagementSpecialistatThePraediumGroupLP(formerlyCreditSuisseFirstBoston’srealestateopportunityfund)andaFinancialAnalystatGoldman,Sachs&Co.Mr.AckahholdsaMasterofBusinessAdministrationwithdualmajorsinFinanceandRealEstatefromtheWhartonSchooloftheUniversityofPennsylvania,wherehewasaToigoFellowanddistinguishedasaMurphyFellowbythefacultyoftheZell-LurieRealEstateCenter.HealsoholdsaBachelorofArtsinClassicsfromWilliamsCollege.Mr.AckahisamemberoftheUrbanLandInstituteanditsNationalHotelDevelopmentCouncil.HeisalsoaResearchSponsoroftheZell-LurieCenteroftheWhartonSchooloftheUniversityofPennsylvaniaaswellasamemberofthePolicyAdvisoryBoardattheFisherCenterforRealEstate&UrbanEconomicsattheHaasSchoolofBusinessoftheUniversityofCaliforniaBerkeley.InadditiontoservingontheBoardofREEC,Mr.AckahisamemberofthePensionRealEstateAssociation(PREA)andservesonitsConferenceCommittee.Mr.AckahisalsoamemberoftheInternationalShoppingCentersCouncil(ICSC)andtheNationalApartmentAssociation.

Rod L. Bailey, Senior Managing Director of Colliers International, isresponsibleforstrategicdevelopmentandimplementationforsecuringandmaintainingglobalclientaccounts.Thesedutiesincludecross-sellinganddeliveryofmultiplerealestateservicinglinessuchastransactionandprojectmanagement,acquisitionanddispositionservices,advisoryservices,facilitiesandpropertymanagement,greenbuildingandenvironmentalinitiatives,capitalmarketsandfinancialservices,leaseadministration,supplychainmanagementandlogistics.ColliersInternationalhasover15,000professionalslocatedin480officesthroughout61countries.ItsrecentmergerwithFirstServiceRealEstateAdvisorscreatesthethirdlargestglobalrealestateservicesbrand.

Alan R. Braxton is Managing Director of Macquarie Capital Advisors, a real estate private equityandadvisorypractice.Formerly,Mr.BraxtonwasafoundingpartnerofPresidioPartnersLLC.Inaddition,viaitswholly-ownedsubsidiary,CompassEquityAdvisors,Mr.BraxtonhasservedasaManagingPartnerfortheinternationalrealestatefund-of-fundsplatformsince2006.

Moctesuma Esparza, Chief Executive Officer of Maya Cinemas North America, Inc., is an award-winningfilmmaker,producer,entrepreneurandactivist,reveredforhiscontributionstothemovieindustryandcommitmenttoLatinos.Mr.EsparzaestablishedMayaCinemas,achainofmodernmovietheatrecomplexes,andMayaEntertainment,aLatinoownedEntertainmentCompanytargetingU.S.Latinos.Someofhisproductioncreditsinclude:Selena,TheMilagroBeanfieldWar,Gettysburg,andWalkout(HBO).Mr.EsparzafoundedtheLosAngelesAcademyofArtsandEnterpriseCharterSchool,isCo-FounderofNALIP,Co-FounderandformerChairoftheNAA,andwasappointedbyU.S.SenateMajorityLeaderHarryReidtotheplanningcommissionoftheNationalMuseumoftheAmericanLatino.

Victor B. MacFarlane is Managing Principal, Chairman & Chief Executive Officer of MacFarlane Partners, whichhefoundedin1987toproviderealestateinvestmentmanagementservicestoinstitutionalinvestors.Underhisleadership,MacFarlanePartnerspioneeredtheurbaninvestmentconceptamonginstitutionalrealestatemanagersinthe1990sandtodayisoneoftheleadingrealestateinvestmentmanagementfirmsintheUnitedStates.Mr.MacFarlanehasmorethan30yearsofrealestateexperience,andhasworkedextensivelyinpropertydevelopment,acquisitions,assetmanagementandportfoliomanagementonbehalfofsomeoftheworld’slargestpensionplansandinstitutions.ApastrecipientoftheNationalInnerCityLeadershipAwardfromtheInitiativeforaCompetitiveInnerCityandtheTrailblazerAchievementAwardfromtheGlobalDiversitySummit,Mr.MacFarlaneservesontheBoardofDirectorsoftheRobertToigoFoundation,theInitiativeforaCompetitiveInnerCity,andDevelopersDiversifiedRealtyCorporation.HealsositsontheBoardofAdvisorsforUCLASchoolofLawandtheBoardFacilitiesCommitteeofStanfordHospital&Clinics.

Richmond S. McCoy is President & Chief Executive Officer of UrbanAmerica Advisors, LLC, thesuccessorcompanytoUrbanAmerica,LP,whichwasfoundedin1998asarealestateprivateequityfirmtobecomeoneofAmerica’spre-eminentvehiclesforfiscallyandsociallyprudentinvestmentininnercitycommercialrealestate.UrbanAmerica’sFundIandFundIIhaveraisedover$520millioninequityandhaveinvestedinover10millionsquarefeetofrealestateassetsvaluedinexcessof$2billion.Investorsincludemanyofthecountry’slargestpublicpensions,banksandinsurancecompanies.In2009,UrbanAmericajoinedforceswithBehringerHarvard,aDallasbasedcommercialrealestatefirmtoformUrbanAmericaAdvisors.UrbanAmericaAdvisorsrepresentsacombined$10billionofcommercialrealestateundermanagement.BolsteringUrbanAmerica’shistoricalcorecompetencies,UrbanAmericaAdvisorsspecializesinassetslocatedinurbancenters,aswellaspropertieslocatedintopmetroareasnationwidewithafocusofdeployingequityintorealestateassetstenantedbygovernment,medical,academicinstitutionsandsupermarket-anchoredretail.

Ronald K. McDonald is Managing Principal of RMC Development, LLC, afull-servicerealestatedevelopmentconsulting,financeandinvestmentcompanywithafocusonmajormixed-use,transit-orienteddevelopment(TOD)andbaseclosure(BRAC).RMCcraftssolutionsonbehalfofpublicandprivateclientsforlarge,complexrealestateprojectsthatoffereconomicandcommunitybenefit.RMCcurrentlyleadstheredevelopmentofthe(BRAC)projectDavidTaylorResearchCenter,Annapolis,Maryland.Plansareunderwayfora46-acrewaterfrontofficecampusacrossfromtheUnitedStatesNavalAcademycompletewithboatslips,restaurants,retailandaluxuryhotelwithpanoramicviewsovertheChesapeakeBay.RMCisaninvestmentadvisorandsourcescapitalforadiversemixofrealestateclients.Leveragingadeephistoryofindustryrelationships,RMCidentifies,qualifies,andrecommendssourcesofbothdebtandequitywhichbestmeettheproject’sassetprofileandtheowner’sobjectives.

Kenneth A. McIntyre Jr., Managing Director – Real Estate of MetLife,istheHeadofRealEstateStrategicInitiatives.HeisresponsiblefordevelopingstrategicplatformstoincreaseMetLife’sannualproductionofcommercialmortgagesandrealestateequities;toimproveportfoliomanagement;andtoincreasetheoperatingefficiencyoftheexistingrealestateinfrastructure.Additionally,Mr.McIntyreisresponsibleforfurtherintegratingthecapabilitiesoftherealestatedepartmentwiththoseoftherestoftheInvestmentsdepartmentandtheInsuranceinfrastructure(suchasproductdevelopmentanddistribution).MetLifehas$35billionofcommercialmortgagesand$10billionofequityrealestateinitsportfolio.

Aasia Mustakeem is a Partner at Smith, Gambrell & Russell (Atlanta), whichfocusesoncommercialrealestateandrealestatefinance.Ms.Mustakeemrepresentsdevelopers,purchasersandsellersinconnectionwiththeacquisition,dispositionanddevelopmentofoffice,hotel,retail,industrial,mixed-useandmedicalofficeprojects.Herexperienceincludesadvisinglendersandborrowersinsecuredloanandworkouttransactions;representingbothlandlordsandtenantsinnegotiatingcommercialleases;representingcompaniesthatacquireandoperatehealthcarefacilitiesandcompanies;representinginstitutionsnationwideintheownership,operationandfinanceofcorporate-ownedrealestateandrepresentingenergycompanies,particularlyinconnectionwithsustainabledevelopmentprojects.Shehascounseledcompaniesinvolvedinthepurchaseandsaleoftimberlands,andhasalsoadvisedcompaniesinconnectionwithprojectandinfrastructurefinance.Since2004,Ms.MustakeemhasbeenselectedasaGeorgiaSuperLawyerbyAtlantaMagazine,andhasbeenrecognizedasoneofGeorgiaTrend’sLegalElitesince2006.Sheisafrequentspeakeratcontinuinglegaleducationseminars,aswellasanauthorandapastChairpersonofthe2,000memberRealEstateSectionoftheGeorgiaBar.InadditiontotheBoardoftheREEC,Ms.MustakeemisamemberofseveralboardsincludingtheGradyMemorialHospitalCorporation,ZooAtlantaandtheGeorgiaBarFoundationofwhichsheisPresident-Elect.SheisamemberofLeadershipAtlanta,LeadershipCREWandisaFellowoftheAmericanCollegeofRealEstateLawyers.In2010,Ms.MustakeemreceivedtheCommitmenttoEqualityAwardthatwaspresentedbytheWomenintheProfessionsCommitteeoftheStateBarofGeorgia.ShealsoreceivedtheOutstandingWomanintheProfessionAchievementAwardfromtheAtlantaBarAssociation(2003)andtheTrailblazerAwardpresentedbyBLSAatGeorgiaStateUniversityCollegeofLaw(2009).Ms.Mustakeemwasrecentlyhonoredasarecipientofthe2011LawandJusticeAwardbyWomen Looking Ahead Magazine.

Quintin E. Primo III is Chairman & Chief Executive Officer of Capri Capital Partners, LLC, arealestateinvestmentmanagementfirmheadquarteredinChicagothatheco-foundedin1992.Thefirmhasapproximately$4billioninrealestateassetscurrentlyundermanagementandisanactiveinvestorinallmajorpropertysectorsandmarketsthroughouttheUnitedStates.Capriiscurrentlyexpandingoverseas,withmajorrealestatedevelopmentprojectsintheMiddleEastandsub-SaharanAfrica.Mr.Primohasover30yearsexperienceinrealestateinvestmentandcapitalmarkets.Withintherealestateindustry,heisamemberoftheUrbanLandInstitute,aBoardmemberofthePensionRealEstateAssociationandformerBoardmemberofRealEstateRoundtable,BoardChairmanofREEC,andaformerTrusteeofAMLIResidential,aNYSE-listedcompanytakenprivatebyMorganStanley.Mr.Primoisactiveincivicandcharitableorganizations.AppointedbyGovernorPatQuinn,heservesontheStateofIllinoisEconomicRecoveryCouncil.HeisamemberofTheEconomicClubofChicagoandaformermemberoftheFederalReserveBankofChicagoSeventhDistrictAdvisoryCouncil.HeservesasamemberoftheExecutiveCommitteeoftheChicagoCommunityTrust,asaTrusteeofthe(Episcopal)ChurchPensionGroup,andisformerTrusteeoftheUniversityofChicagoHospitalsandRaviniaFestival.HeiscurrentlyChairmanofthePrimoCenterforWomenandChildren,atransitionalshelterservingthehomeless,andChairmanoftheChicagoAlliancetoEndHomelessness,apositionappointedbyMayorRichardM.Daley.Mr.Primohasbeenfeaturedinnationalpublications,suchasTheWallStreetJournal,FortuneMagazine,TheNewYorkTimesandBlackEnterpriseMagazine,andhasmadefrequentguestappearanceson

networktelevisionandcablenewsandradioprograms,includingCNBC,CNN,MSNBCandNationalPublicRadio.Hehasreceivednumerousawardsandhasbeenhighlyrecognizedforhisprofessional,civicandphilanthropiccontributions.Mr.PrimoreceivedaMasterofBusinessAdministrationdegreefromHarvardUniversityGraduateSchoolofBusinessAdministrationandaBachelorofSciencedegreeinFinance,withhonorsandhighdistinction,fromIndianaUniversity.

James H. Simmons, III is Partner of AREA Property Partners, formerlyknownasApolloRealEstateAdvisorsandManagingDirectorofthe$485millionApolloDomesticEmergingMarkets(“ADEM”)Fund.Mr.SimmonshasbeencloselyassociatedwithAREA’spushtowardsinvestinginresidentialandcommercialassetslocatedinDomesticEmergingMarkets(“DEMs”),whicharetherevitalizingurbancoresofmajorgrowthcitiesintheU.S.includingNewYork,LosAngeles,NewarkandWashington,D.C.Todate,AREAhasacquiredover$2.3billionofassetsinDEMsandthroughtheADEMFundvehiclewillcontinuetofurtherpursuetransactionsinthesemarkets.Mr.SimmonswaspreviouslytheinterimPresident&ChiefExecutiveOfficeroftheUpperManhattanEmpowermentZoneDevelopmentCorporation(“TheEmpowermentZone”or“UMEZ”).Mr.SimmonsgraduatedwithaMasterofManagementdegreefromtheJ.L.KelloggGraduateSchoolofManagement,aMasterofSciencedegreeinEngineeringfromtheVirginiaPolytechnicInstituteandStateUniversity,andaBachelorofSciencedegreeinElectricalEngineeringandComputerSciencefromPrincetonUniversity.

Kirk A. Sykes, President of Urban Strategy America Fund, LP, istheheadofanurbaninvestment,developmentandredevelopmentfundforselectinstitutionalinvestors.TheFundisatrue“triplebottom-linefund”thatoffersinvestorsanopportunitytotransformurbanandeconomicdevelopmentareasintheirstates,regionsandcitieswhileachievinganattractivereturnontheirinvestmentbyprioritizingdiversityintheassettypesandlocationsinordertomaximizereturns.Mr.Sykesisresponsibleforthesupervisionofthepartnershipequityplacement,theidentificationofinvestmentsandtheday-to-daybusinessoperationsoftheUSAFund.Hecombineshisprofessionaltrainingandhands-onexperienceintheareasofdevelopment,designandconstructiontocreatecustomizedresponsestothecomplexissuesofurbanrealestatedevelopment.Hisapproachisgroundedinthebottom-linedrivenperspectivegainedduringhistenureasamemberofFederalReserveBankofBoston,FleetBankandBankBoston’sFirstCommunityBankAdvisoryBoardsandvariousotherfor-profitandnon-profitboardaffiliations.Hiscombinationofbusinessandcommunity-basedexperienceallowhimtobridgethecompetingconcernsthatsometimesblockurbanprojectsfrommovingforward.Hisspecialtyisthecreationofurbanmixed-usedevelopments.

Michael E. Tabb, Managing Principal of Red Rock Global, LLC, isresponsibleforsettingtheoverallstrategicdirectionforRedRockGlobal.Heservesastheprincipalrelationshipmanagerwiththecompany’sinvestors,strategicpartnersandclients.Heisresponsiblefordevelopingthecompany’sbusinessprocessesandfornewbusinessdevelopment.Additionally,Mr.Tabbprovidesdirectleadershipforthemajorfunctionalareasofcomplexdispositions,assetrepositioning,(re)developmentandrealestateadvisoryservices.RedRockGlobal,LLC(RRG)providescorporations,institutionalrealestateowners,governmentagenciesandotherrealestateowners,arangeofrealestateservices,fillingavoidinthecurrentrealestatemarketbycreatingaminority-led,full-service,commercialrealestatecompanyfocusedonunderservedcommunitiesinprimaryandsecondarymetropolitanmarketsandsuperiorqualitytransactionmanagementservices.RRGhasbuiltitsbusinessreputationonafoundationofprofessionalexcellence,integrityandqualityservice.ThisfoundationhasshapedtheCompany’scommitmenttovalue-addingrecommendationsandactions,andasinceredesiretounderstandandimprovecommunities.RRGisregardedbymanyindustryprofessionalsandclientsasabenchmarkofservice,valueandcommunityconscientiousness.

Alex AikensBoard TrusteeMassachusetts PRIM (Pension Reserves Investment Management)

Boye Akinola, AIAPresidentBoye Architecture, Inc.

Nathan Allison, Jr.Development DirectorPennsylvania Real Estate Investment Trust (PRIET)

Ferdinand AlvaroPartner In ChargeYoss, LLP

Victor D. AmooAssociateIsland Capital Group

Kenneth J. BaconExecutive Vice President – Multifamily Mortgage Business Fannie Mae

Gina Baker ChambersAssociateArtemis Real Estate Partners

Bernie Bazile

Jeffrey BeckhamVice PresidentJAMESTOWN

Jacqueline BradyManaging PrincipalCanopy Investment Advisors, LLC

Peter A. BraffmanDirectorCredit Suisse

Francena BrooksUndersecretary, Department of Housing & Community DevelopmentCommonwealth of Massachusetts

Dale A. BurnettInvestment ManagerAIG Real Estate

Peter B. CalkinsExecutive Vice President & Chief Operating OfficerForest City Boston

Joe A. CarrolVice President - DevelopmentLowe Enterprises

Evens CharlesChief Executive Officer & PresidentFrontier Realty Development and Hospitality Group

Richard M. CharltonChairman New England Pension Consultants, LLC (NEPC)

Anar ChudgarSenior AssociateCredit Suisse

Henry G. CisnerosExecutive ChairmanCity View

Jeffery DanielsManaging DirectorAIG Global Real Estate Investment Corporation

Kevin M. DavisManaging PrincipalFundCore Finance Group

Harry T. DelanyAssociate DirectorMarcus & Millichap

Paul B. EdwardsPartnerCapri Capital Partners, LLC

William EtheridgeDirectorLeased Operations

Richard FraserAsset ManagerGE Real Estate

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

REEC SPRING CHAIRMAN’S FORUMCONFIRMED ATTENDEES AS OF APRIL 22, 2011

GUESTS

Todd A. GomezSenior Vice PresidentBank of America Merrill Lynch

Keith GordonSenior Vice PresidentCenterline Capital Group

Renae GriffinPrincipalRG & Associates

Steven GrossmanTreasurer and Receiver GeneralCommonwealth of Massachusetts

Bernel E. HallSenior Transaction ManagerNew York City Housing Authority

Deborah L. HarmonChief Executive OfficerArtemis Real Estate Partners

Nolan D. HenryAssociate Portfolio ManagerUBS Realty Investors, LLC

Kerri D. HollowayVice President - Asset ManagementPublic Private Partners, Inc.

Ron HomerPresident, Access Capital StrategiesRBC Global Asset Management (US) Inc.

Andrew IngrahamPresident & Chief Executive OfficerNABHOOD

Tammy JonesPresidentBasis Investment Group, LLC

R. Lynn King-TolliverStrategic AdvisorUrbanAmerica Advisors, LLC

M. David LeePartnerStull and Lee, Architects

Jason LewisVice PresidentCapri Capital Partners, LLC

Carmen McGheeVice President, Investor Relations & Business DevelopmentMayfieldGentry Realty Advisors, LLC

Brenda McKenzieDirector of Economic DevelopmentBoston Redevelopment Authority

Pamela McKoinVice PresidentCornerstone Real Estate Advisors, LLC

Lianne A. MerchantManaging DirectorRiver Oak Investment Corporation

Joel MillerManaging PrincipalWall Street Capital Advisors, LLC

Terrence MurrayDirectorPrudential Real Estate Investors

Denise L. NappierState TreasurerState of Connecticut

Yvonne D. NelsonExecutive Director, Real Estate and Economically Targeted InvestmentsNew York City Retirement Systems

Onay PayneDirectorING Clarion Partners

R. Donahue PeeblesChairman & Chief Executive OfficerThe Peebles Corporation

Lyneir RichardsonChief Executive OfficerBrick City Development Corporation

Avery RobinsonVice PresidentCallan Associates Inc.

Sean P. RuhmannSenior Consultant, Private MarketsNew England Pension Consultants, LLC (NEPC)

Cherie Santos-WuestChief Executive OfficerCeladon Venture Advisors

Darryl S. SettlesPresidentWiSe Urban Development

Kathy SpiegelmanChief PlannerHarvard University

Marjorie TorresChief Executive OfficerGCA Real Estate Advisors

Leon I. WalkerManaging PrincipalUrban Medical Centers, LLC

Kathryn E. WestVice President – Real Estate & FacilitiesPartners HealthCare System, Inc.

William C. Wheaton, Ph.D.Professor, Department of EconomicsMassachusetts Institute of Technology (MIT)

Kevin D. White, CFAReal Estate StrategistProperty and Portfolio Research, Inc. (PPR)

John Wilhoit, Jr.Managing MemberWilhoit Investment Network, LLC

Dawanna WilliamsManaging PrincipalDabar Development Partners LLC

Cara WoodConsultantThe Townsend Group

GUESTS CONT’D.

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

Kirk A. SykesPresidentUrban Strategy America Fund, LP REEC Board Vice Chairman

Alan R. BraxtonManaging DirectorMacquarie Capital Advisors

Victor B. MacFarlaneManaging Principal, Chairman & Chief Executive OfficerMacFarlane Partners

Richmond S. McCoyPresident & Chief Executive OfficerUrbanAmerica Advisors, LLC

Ronald K. McDonaldManaging PrincipalRMC Development, LLC

Kenneth A. McIntyre, Jr.Managing Director – Real EstateMetLife

Aasia MustakeemPartnerSmith Gambrell & Russell

James H. Simmons, IIIPartnerAREA Property Partners

Michael E. TabbManaging PrincipalRed Rock Global, LLC

REEC BOARD MEMBERS

REEC BOARD MEMBERS REEC MEMBERS

Gwendolyn L. ButlerPresident & Chief Operating OfficerCapri Capital Partners, LLC

Edmund DonaldsonSenior Vice PresidentHines

Khalif EdwardsSenior DirectorTIAA-CREF

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

Danita JohnsonInvestment ManagerFranklin Templeton Investments

Patrick LeeExecutive Vice PresidentTrinity Financial, Inc.

Denise J. LewisSenior PartnerHonigman Miller Schwartz and Cohn LLP

Jair K. LynchPresident & Chief Executive OfficerJAIR LYNCH Development Partners

Chauncey C. MayfieldPresident & Chief Executive OfficerMayfieldGentry Realty Advisors, LLC

Roland S. Merchant, Jr.DirectorEastdil Secured, LLC

Trevor L. MichaelManaging DirectorTIAA-CREF

Diego RecaldeManaging PrincipalGCA Real Estate Advisors

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

Fred D. Scott, IIIVice President, AcquisitionsStrategic Capital Partners, LLC

Amanda G. StrongDirector - Asset ManagementColony Realty Partners, LLC

Deepa S. TaylorAssistant Vice PresidentAEW Capital Management, LP

Rev. Dr. Richard L. TolliverPresident & Chief Executive OfficerSt. Edmund’s Redevelopment Corporation

Markus TriceManaging DirectorMacquarie Capital Advisors

Charles YoungExecutive Vice PresidentMesa Development, LLC

REEC STAFF

Oscar GrovesAssociate – Public AffairsCapri Capital Partners, LLC

L. Heather Mitchell Vice PresidentCapri Capital Partners, LLC

NOTES

NOTES

REAL ESTATE EXECUTIVE COUNCILInterestedinbecomingaREECmember,pleasecontact:

RealEstateExecutiveCouncil875N.MichiganAvenue,Suite3430

Chicago,Illinois60611(312) 573-5260www.reec.org

UPCOMING CHAIRMAN’S FORUM2011 FALL CHAIRMAN’S FORUM

SEPTEMBER 15 - 16, 2011

INTERCONTINENTAL NEW YORK TIMES SQUARENewYork,NewYork