Online Documentation now available.

NOW INCLUDED WITH REGISTRATION: Sunday afternoon Desert Hike. Space is limited. Please contact fmusero@iirusa.com to confirm your reservation.

NEW SESSION ADDED: Investing In Infrastructure

Dear Real Estate Professional,

Pension plans have been allocating more capital to real estate in 2006. With real estate becoming more than just an asset diversifier, it is imperative that you understand the forces and trends shaping real estate as a lucrative generator of yield. In addition, increased allocations to non-core and international real estate are coming at the expense of the traditional core markets. Many investors are starting to question just how much longer core investments will play a prominent role in real estate portfolios.

At REIP 2007, you will hear from top real estate experts and investors on:
• Why allocations are increasing despite a cooling US market
• Which investment vehicles are producing the highest returns
• Which countries will be boons for investment

For its 25th year, REIP has been completely updated and restructured so you can take home the tools and strategies you need to evaluate and reconfigure your portfolio to generate higher returns.

THE LONGEST RUNNING INSTITUTIONAL REAL ESTATE INVESTING CONFERENCE
REIP USA, The Real Estate Industry's Premier Investment Forum, has a 25-year proven track record of educating the investor community on how to maximize the value of real estate portfolios — longer than any other event. As the real estate market has matured, REIP has been able to keep up with the trends, and this year is no exception.

The all-new 25th Annual REIP agenda program highlights:
• Special Presentation — 25 Years of Real Estate Investing: Looking Back and Looking Forward
• Understand how core real estate can play a role in future investment decisions
• Identify which non-core and opportunity investments will generate the most alpha
• Reduce exposure to a low-return US market by investing in international markets
• Employ socially responsible investing strategies to generate returns from urban and environmental redevelopment investments
• Learn how the recent wave of REIT globalization and M&A will affect your allocations
• Deliver higher returns for your plan by select the optimal portfolio managers

MORE INVESTORS SPEAKING THAN ANY OTHER EVENT
With actual investors serving as panelists and moderators, you are getting education and insight straight from the source. For 2007, the number of investors you'll see on panels is greater than any other year in REIP's history. With more than 20 institutional investors speaking, including representatives from seven of the top 50 public plans, you'll hear from some of the most influential and sophisticated investors on garnering additional returns from your real estate investments.

THE WHO'S WHO OF THE REAL ESTATE INDUSTRY
As always, REIP USA features some of the top real estate industry experts. This year's esteemed speakers include: Top consultants: Marc Weiss, Pension Consulting Alliance; Michael Humphrey, Courtland Partners

Top advisors: Youguo Liang, Prudential Investment Management; Stanley Iezman, American Realty Advisors, Ron Kaiser, Bailard; Alan Gosule, Clifford Chance; John Lutzius, Green Street Advisors

Top researchers: Leanne Lachman, Lachman Associates; Hans Nordby, PPR; Sam Chandan, REIS; Richard Brace, Torto Wheaton Research; Michael Grupe, NAREIT; William Hughes, UBS Real Estate

Special Presentation: Harvey Green, President and CEO of Marcus & Millichap, will look back on the past 25 years of real estate as an investment vehicle, and provide a sense of vision of what we could expect from the next 25 years of real estate investing

EXPANDED NETWORKING ACTIVITIES
While generally known for its educational content, REIP also provides many avenues for real estate investors to interact with each other, their advisors, service providers and fund managers. For 2007, REIP will offer attendees up to 15 hours of networking time through structured and unstructured events. Highlights include:

• Afternoon Networking Activities: Previous activities have included Golf Tournaments, Mountain Biking Excursions, Backpacking/Hiking, and Tennis.
• Welcome Reception: This is an informal opportunity to chat with other investors from public and corporate pension plans, endowments and foundations, and leading real estate industry advisors, fund managers, consultants, property developers and financers.
• Silver Anniversary Dinner for Plan Sponsors: Celebrate REIP's 25th year at the Silver Anniversary Dinner scheduled for the evening of Monday, Feb. 26, following conference sessions.
  
• Breakfasts, Lunches and Breaks: Longer lunchtimes, extended pre-conference registration periods and morning/afternoon breaks will give you more time to talk with REIP attendees.
• Lantana Lounge: This relaxed and informal venue, located close to the conference ballroom, will serve as the unofficial central gathering spot when meeting up with colleagues for post-session or after dinner cocktails and snacks.

GUARANTEE OF QUALITY
Don't forget that only this event has a proven record and guarantee of quality. REIP USA is organized by the people who bring you the annual Guns & Hoses each September and the Public Fund Boards Forum each December. People who attend these conferences know that the quality of attendees and the handpicked speaker faculty represent the leading minds and most influential decision makers in the industry.

Structured to satisfy the requirements of new and experienced investors from all fund sizes, REIP 2007 offers a balanced and rich informative program and exciting networking activities. Don't miss this opportunity to capitalize on the changing face of real estate investing. I look forward to seeing you this February at REIP USA's 25th Anniversary Program.

Sincerely,

Frank Musero
Event Director, REIP USA