Pre-Conference Workshops
Sunday, February 25, 2007

7:30 Registration and Morning Coffee

8:30 Pre-conference workshops begin

Workshop A: Real Estate 101 — Establishing a Strategy for Incorporating Real Estate into Your Portfolio

The real estate markets have always been used as a hedge against inflation, and a maturing market and stable year-over-year returns have made investing in real estate less risky. As the question moves from "Should I invest in real estate?" to "How much to allocate?" and "What should my real estate portfolio look like," you need to make sure you develop a personalized strategy that makes sense for your fund.

At this carefully tailored workshop, you will be taken step-by-step through the key checkpoints of developing and implementing a strategy, policy and plan for your real estate investment program. In this informal setting, you will be given the opportunity to have the workshop leaders address your specific issues and concerns.

Key takeaways:

• Understanding The Role Of Real Estate In Your Portfolio: Why Real Estate & What It Is Intended To Accomplish
• Who Should Invest: Pursuing A Real Estate Investment Strategy That Matches The Size Of Your Fund
• Determining What Your Plan Should Invest In & Where: Apartments, Shopping Centers, Office Buildings, Senior Housing, Hotels & International
• When Should A Fund Invest: Reading The Investment Market Tea Leaves Correctly
• How Should Your Plan Invest: Making The Professional Or In House Managers Choice
• Managing Your Real Estate Portfolio: The Role Of The Board, Staff, Consultants & Managers

Who Should Attend
Whether you are completely new to the world of real estate investment, a new trustee, looking for a condensed refresher course, or just want to brush up on your real estate skills, this comprehensive course has it all. Designed especially for those who might not have extensive market knowledge about this asset class, it will also benefit those who are evaluating the effectiveness of their current allocation strategy.

Stanley L. Iezman, President and CEO

AMERICAN REALTY ADVISORS
Mr. Iezman is responsible for the strategic planning and direction of American Realty Advisors, an SEC registered investment advisor and ERISA fiduciary for tax-exempt investors. American currently has over $3.7 billion of assets under management, utilizing core, enhanced core and value-added strategies. Mr. Iezman has directed the acquisition, structuring and management of approximately $6 billion of real estate located throughout the United States. He is a member of the Executive Committee of the USC Lusk Center for Real Estate and an Adjunct Professor at the University of Southern California's School of Planning, Policy, and Development where he teaches real estate asset management in the Master of Real Estate Development Program.

David L. Weaver, Vice President-Real Estate & Investments/CIO

KANSAS STATE UNIVERSITY FOUNDATION
David Weaver has more than 35 years of experience in agriculture, commercial and residential real estate and more than 14 years in portfolio management. Mr. Weaver has been employed at the KSU Foundation since January of 1983, where he currently serves as Vice President of Real Estate and Investments/CIO. He oversees management of all real estate held by the Foundation from acquisition through liquidation. Since 1992, Mr. Weaver has also managed the portfolios of pooled investments for endowed and expendable funds. Mr. Weaver was instrumental in establishing an investment manager selection process, including monitoring and evaluation, through creation of policies and procedures governing the process. He also serves on the boards of a private REIT, a partnership investing in alternative assets and a private investment company.

Timothy Barrett, CFA, Executive Director/Chief Investment Officer

SAN BERNARDINO COUNTY EMPLOYEES' RETIREMENT ASSOCIATION
Tim Barrett is the Executive Director/Chief Investment Officer for the San Bernardino County Employees' Retirement Association (SBCERA), a $5 billion multi-employer defined benefit plan. Under Mr. Barrett's direction, SBCERA was named Small Plan of the Year for 2004 by Money Management Letter. Mr. Barrett has been the Executive Director & Chief Investment Officer since 2001. Prior to this uppermost position, Mr. Barrett was the Investment Manager for SBCERA. He started with SBCERA in 1996 as the Project Manager, splitting his time between technology and investment work. In addition to his director duties, Mr. Barrett shares his time and expertise with several professional groups including service on the European Strategic Partners Advisory Board of Standard Life Investments and the Lehman Brothers Secondary Opportunity Fund.

Workshop B: Advanced Portfolio Construction — Pricing, Valuation, and Rebalancing Your Real Estate Portfolio in Today's Economic Environment

As more investors increasingly use non-core real estate assets to deliver higher yields, and real estate no longer can be viewed as just a diversifier. Avoid making mistakes when choosing among the proliferation of diverse real estate investment products and vehicles currently on the market.

This workshop has been designed to help you evaluate your current real estate portfolio and determine what changes need to be made to achieve the returns and asset mix you desire. You will receive the practical tools to rebalance and manage your existing portfolio as real estate capital continues to flow across national borders and the choices grow even more complex.

During this practical hands-on workshop, leading practitioners will help you:

• Develop techniques for assessing the value of your current portfolio, which can't be easily marked to market
• Learn advanced pricing techniques to help you determine if you are overpaying for a potential investment
• Learn how to match your strategies to your objectives and determine when to initiate a change in your portfolio
• Understand the real estate risk/return continuum: core, core plus, non-core, value, and opportunity
• Implement effective controls: internal checks and external monitoring of managers and consultants to ensure they are outperforming indices
• How to offset losses as demand for certain real estate sectors begin to change
• Maximize your returns by understanding how to create value: pure investment vs. financial engineering techniques

Who Should Attend
For seasoned professionals and new real estate portfolio managers, this workshop will give you crucial tools to better manage your investments. It is for those investors who recognize that determining the right investment mix in a portfolio is key to achieving overall enhanced returns.

If you are a sophisticated real estate investor and would like to become a workshop leader for this popular workshop, please contact Frank Musero at 212-661-3500 x3108.

11:30 Workshops End

1:00 Afternoon Networking Excursions

REIP has been able to work with the Pointe Hilton Destinations Office to offer you the following group networking activities. This is a great opportunity for you to catch up with your fellow REIP attendees and take in the beautiful Arizona scenery.

• Mountain Biking
• Hummer Tour
• Desert Hike
• Golf

To register for an activity, please email Frank Musero, Event Director, at fmusero@iirusa.com with your activity choice. Activity sign up must be done in advance and will not be available on-site. Cost of activities is not included in conference registration. To sponsor a group excursion, please contact Sarene Yablonsky at 212-661-3500 x3798.

6:30 Welcome Reception

2:15 Closed Door Plan Sponsor Workshop

Here is your chance to compare notes with other investors. This popular, closed-door workshop is especially designed for all plan sponsors and trustees charged with managing their plan's real estate investment process. An informal, interactive setting and restricted attendance makes this workshop particularly conducive to learning complex information in a short period of time.

Refreshed and revised for 2007, this workshop will give you the opportunity to build on the strategies and concepts you learned during the conference. Discover new investment strategies and learn ways to do your job better.

Key issues to be addressed include:

• Asset allocation
• Valuations and pricing
• Investment manager search
• Legal and documentation issues relating to real estate investments
• Investment vehicles and strategies
• Performance benchmarking: Overcoming obstacles in measuring real estate investments

Donald Paiva, Investment Strategist, Benefit Plan Investments
CHEVRON CORP.

Mr. Paiva has oversight responsibilities for the Chevron U.S. Defined Benefit ("DB") Plan's real estate portfolio and fixed income portfolio; all asset classes related to Chevron's Canadian DB Plans and Latin America Retirement and Savings Plans (60 Plans); and the investments associated with Chevron's Offshore Savings Plan. Prior to assuming his current role in 2002, Mr. Paiva was the Strategic Planning Manager for one of Chevron's largest international strategic business units, Eurasia, which included a portfolio of upstream (exploration & production), midstream (pipeline and rail transportation), and downstream (service stations) assets in Russia and Central Asia. Mr. Paiva has held positions of increasing responsibility in finance, strategic planning, and new business development at both the corporate and business unit level. Before joining Chevron in 1993, Mr. Paiva worked as a consulting engineer with Teague Nall and Perkins on residential, multifamily, and retail development projects. In addition, he spent time in the public sector as a project manager and an environmental program coordinator for the City of Irving, Texas.

4:45 Post-Conference Workshop Concludes