The Real Estate Executive Council

2006 Summer Chairman’s Forum

Chicago, Illinois

875 North Michigan Avenue, Suite 3430Chicago, Illinois 60611(312) 573-5300

We at Capri Capital Advisors understand the importance of community. As a

minority-owned, national commercial real estate investment management firm

recognized as a leader in urban market transactions, we invest in communities on a

regular basis. We realize, however, that our responsibility goes beyond simply brick

and mortar. We look forward to the opportunity to discuss with you the products

and services Capri has been successfully providing to our clients for well over a decade.

COMMUNITY

A l e ad i n g p r o v i d e r o f c a p i t a l t o t h e r e a l e s t a t e i n du s t r y TM

C H I C AG O 312 .573.530 0 W W W. C A P R I C A P I TA L . C O M

Real Estate Executive Council (REEC)2006 Summer Chairman’s Forum

July 27-28, 2006

Thursday, July 27, 2006

3:00 pm to 5:00 pm – Board Meeting (REEC Board Members Only) Park Hyatt Chicago, 800 N. Michigan Ave., Drawing Room (Salon Level), Chicago, IL 60611, (312) 335-1234

3:00 pm Chairman’s Message to the Board 3:05 pm Organizational Assessment Results & Discussion (Pamela S. Puryear) 4:45 pm Board Dialogue (open items) 5:00 pm Meeting Concludes

6:00 pm to 9:00 pm – Reception & Dinner (Board & Guests) Pane Caldo Restaurant, 72 E. Walton St., Chicago, IL 60611, (312) 649-0055

6:00 pm Cocktail Reception 7:00 pm Invocation - Rev. Dr. Richard L. Tolliver, Pastor, St. Edmund’s Episcopal Church Dinner Speaker - Terry A. Peterson, CEO, Chicago Housing Authority

Friday, July 28, 2006

8:30 am to 12:00 pm – Roundtable Discussion (Board & Guests) John Hancock Center, 875 N. Michigan Ave., 13th Floor Conference Room, Chicago, IL 60611, (312) 654-5007 (Conference Floor Reception)

8:30 am Breakfast 9:00 am REEC Chairman – Roundtable Welcome Topic: What Is The Urban Opportunity? How Do We, As People of Color, Keep And Control What Is, Arguably, Ours? (There will be a roundtable discussion with REEC Board Members and invited guests that will be facilitated by REEC Chairman, Quintin E. Primo III) 10:30 am Break 10:45 am Resume Roundtable Discussion 12:00 pm REEC Chairman – Closing Remarks

Reception & Dinner Biographies

Terry A. Peterson is the Chief Executive Officer of the Chicago Housing Au-thority. As head of the largest public housing reform effort in the country, Mr. Peterson oversees the CHA Plan for Transformation, a ten year $1.5 Billion plan to create 25,000 public housing units throughout the City of Chicago.

Restoring and revitalizing struggling urban neighborhoods has been the hall-mark of Terry Peterson’s career. He worked as the Chief of Staff to the 17th Ward alderman in the early 1990’s, where he was responsible for constituent

services and coordinating neighborhood development. This experience inspired him to dedicate his life to public service.

In June of 2000, Mayor Daley appointed Mr. Peterson to run the Chicago Housing Authority. Mr. Peterson took control of an agency facing a major budget deficit and a housing stock suffering from decades of neglect, and created a model agency that has reshaped the public housing land-scape in Chicago. Through his leadership, the CHA is transforming public housing developments from isolated, unsafe neighborhoods into healthy, mixed-income communities through a combi-nation of public and private investments.

Mr. Peterson has served on the National Advisory Board of Fannie Mae, one of the nation’s pre-miere affordable housing and community development corporations. Currently, he serves on the Board of Directors of The Council of Large Public Housing Authorities (CLPHA), The Partner-ship for New Communities and The Auburn Gresham Community Development Corporation. He is also a member of the University of Chicago Social Services Administration School Visiting Committee.

Mr. Peterson was born in Chicago and earned a BA from Chicago State University and a Master’s in Public Administration from Roosevelt University.

Rev. Dr. Richard L. Tolliver is Pastor of St. Edmund’s Episcopal Church and President and CEO of St. Edmund’s Redevelopment Corporation. During his career, he has served as Curate of St. Philip’s Church, New York City; Rector at Cyprian’s Church, Boston; and Rector at St. Timothy’s Church, Washing-ton, DC. He is a former Associate Country Director of the U.S. Peace Corps in Kenya, East Africa, and Country Director in Mauritania, West Africa. Reverend Tolliver has been an ordained Episcopal priest since December 1971.

Reverend Tolliver is a Board Member of the Chicago Charter School Foundation. He serves on the Board of Trustees of Bennett College, the Board of Directors of Hyde Park Bank of Chicago, the Board of Trustees of The Ravinia Festival, the Board of Directors of the National Equity Fund, and the Housing Impact Advisory Council for Fannie Mae. He holds a Ph.D. in Political Science from Howard University and an Honorary Doctorate in Divinity from the Seabury-West-ern Theological Seminary.

REEC Board Member Biographies

Rod L. Bailey, Vice President, National Sales of The Staubach Company is responsible for developing new business opportunities in an effort to drive additional revenue to all Staubach lines of business. Staubach has 1,400 people located in 60 offices throughout the Americas and serves more than 2,400 clients. The company completed 5,600 transac-tions totaling $21 billion and 290 million square feet during the fiscal year ending 2005. Worldwide, the DTZ Staubach Tie Leung partnership has more than 10,000 professionals delivering services and solutions to multinational clients.

Thomas J. Baltimore, Jr., President & Co-Founder of RLJ Development, LLC, a privately held real estate investment company owned and controlled by billionaire Robert Johnson (founder of Black Entertainment Television and owner of the NBA’s Charlotte Bobcats). RLJ has 30 hotels in its North America portfolio and additional 100 properties currently under contract. Upon completion of this transaction, the RLJ portfolio will be valued in excess of $3 billion.

Alan R. Braxton, Managing Director & 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 real estate fund sponsors, operators, REITs and other real estate market participants. Since the firm’s inception in May 2003, Presidio has raised over $4.5 billion of equity on behalf of its clients. These engagements have included strate-gies for U.S., European and Indian real estate markets with institutional equity investors spanning the global markets.

Daryl J. Carter, Chief Executive Officer of CharterMac Mortgage Capital, which serves as the mortgage banking arm of the CharterMac real estate finance platform. CharterMac originates, underwrites and services loans for market-rate apartment properties, afford-able and senior housing, and select commercial and healthcare properties nationwide.

Ronald Gaither, Chief Operating Officer of Arbor Commercial Mortgage, LLC, which combines traditional mortgage lending with the innovations of an investment bank, bridging the lending gap left behind by traditional sources of capital. Arbor Commer-cial Mortgage joins capital strength with financial flexibility to offer a broad array of commercial financing options, including Fannie Mae DUS, FHA, CMBA, DUS Seniors Housing, Bridge, Mezzanine and Arbor 85 Preferred. Arbor Commercial Mortgage also manages Arbor Realty Trust (NYSE:ABR), a real estate investment trust that invests in a diversified portfolio of multifamily and commercial real estate related bridge and mezza-nine loans, preferred equity investments, mortgage-related securities and other real estate related assets.

Victor B. MacFarlane, Managing Principal is founder and managing principal of Mac-Farlane Partners, one of the leading real estate investment management firms in the U.S. with $9.7 billion in assets under management. Considered a pioneer of the urban invest-ment concept among institutional real estate managers, Victor has 27 years of real estate investment, development and management experience and has worked extensively in on behalf of some of the largest pension plans and institutions in the United States.

Richmond S. McCoy, Founding Partner, President & CEO/CIO of UrbanAmerica, LP, founded in 1998 as a real estate private equity firm to become America’s pre-eminent vehicle for fiscally and socially prudent investment in inner city commercial real estate. UrbanAmerica’s Fund I and Fund II has raised $400 million in equity allocated to cre-ate a $1.5 billion portfolio with its new partners the Fisher Brothers, a $10 billion owner, builder. UrbanAmerica’s focus is with government, medical, academic institutions and supermarket anchored retail in its portfolio as well as for-sale housing. The organization operates a $350 million portfolio consisting of 25 properties. UrbanAmerica’s investors include LACERA, GE, Chicago Teachers, Citicorp, Nationwide, Bank of America, Aetna and Washington Mutual to name a few.

Ronald K. McDonald, Managing Principal of RMC Development, LLC, a full-service real estate development consulting, finance and investment company with a focus on pri-vate and public-private projects including major mixed-use, transit-oriented development (TOD) and base closure. RMC crafts solutions on behalf of public and private clients for large, complex real estate development projects that offer economic and community ben-efit. RMC spearheads the redevelopment of a former military base as a $250 million, 46-acre waterfront office campus across from the U.S. Naval Academy in Annapolis, MD.

Kenneth A. McIntyre Jr., Managing Director-Head of Real Estate Capital Markets of MetLife is responsible for the High Yield program, warehouse lending program and investments in mezzanine funds. MetLife has $28 billion of commercial mortgages and $4 billion of equity real estate in its portfolio.

Aasia Mustakeem, Partner of Powell Goldstein LLP is the Practice Group Leader for the Atlanta Financial Products and Real Estate practice group. Ms. Mustakeem practices in the area of commercial real estate, including representation of financial institutions in commercial loans, representation of developers in connection with commercial projects, representation of purchasers and sellers in acquisitions and dispositions of office, retail, hotel, industrial, timberlands and other commercial properties, negotiation and drafting of leases for both landlords and tenants in connection with commercial leasing; represen-tation in connection with secured financing involving inventory, equipment and similar assets; and project finance. She is also a member of the firm’s energy practice group.

Quintin E. Primo III, Chairman & Chief Executive Officer of Capri Capital Advisors LLC, a real estate investment management firm headquartered in Chicago. The firm has over $2.7 billion in real estate assets currently under management, representing pension funds, governmental agencies and other institutional investors.

Michael E. Tabb, Managing Principal of Red Rock Global, a full-service provider of real estate transaction management, advisory and development services to real estate owners and users. Red Rock specializes on revitalizing underserved communities.

REEC Chairman’s ForumConfirmed Attendees as of July 14, 2006

GuestsMr. Shawn BaldwinCEO & PresidentCapital ManagementGroup Investments

Mr. James BellExecutive Vice President & CFOThe Boeing Company

Mr. Elvin E. CharityPrincipalCharity and Associates

Mr. Frank ClarkPresidentComEd

Ms. Michelle CollinsPrincipalSvoboda, Collins LLC

Mr. Lester N. ConeyExecutive Vice President &Senior Managing DirectorMesirow Financial

Ms. Pamela Daniels-HalisiSenior Vice PresidentLaSalle Bank

Mr. Allison S. DavisPartnerThe Davis Group, LLC

Ms. Kelly DibbleExecutive DirectorIllinois Housing Development Authority

Mr. Eldridge EdgecombeCommunity Investment OfficerFederal Home Loan Bankof Chicago

Mr. Paul EdwardsManaging Director, New York OfficeCapri Capital Advisors

Mr. Brian J. GantAssistant Vice PresidentCapri Capital Advisors

Mr. Arthur HidalgoVice PresidentAdelante Capital Management LLC

Ms. Valerie JarrettExecutive Vice PresidentThe Habitat Company

Mr. Christopher LeePrincipalJohnson & Lee, Ltd., Architects/Planners

Mr. Lester McKeeverManaging PrincipalWashington, Pittman & McKeever

Mr. Terry A. PetersonChief Executive OfficerChicago Housing Authority

Ms. Pamela S. PuryearConsultantPamela Puryear Consulting (PPC)

Ms. Desiree RogersPresidentPeoples Energy

Mr. Hipolito RoldanExecutive DirectorHispanic Housing Development Corporation

Dr. Donald StewartVisiting Professor Harris School Public PolicyUniversity of Chicago

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

Mr. Stephen WheelerManaging Director, Asset ManagementGreen Courte Partners

Mr. Ron WhitleyChief Diversity OfficerCushman & Wakefield

Mr. Lee WinslettVice PresidentWells Fargo Bank

REEC Board Members

REEC Members and Emerging Leaders Program (ELP)

Mr. Quintin E. Primo IIIChairman & CEOCapri Capital AdvisorsREEC Board Chairman

Mr. Rod L. BaileyVice President, National SalesThe Staubach Company

Mr. Thomas J. Baltimore, Jr.PresidentRLJ Development

Mr. Alan R. BraxtonManaging DirectorPresidio Partners, LLC

Mr. Victor MacFarlaneManaging PrincipalMacFarlane Partners

Mr. Richmond McCoyPresident & CEOUrbanAmerica

Mr. Ronald McDonaldManaging PrincipalRMC Development

Mr. Kenneth McIntyreManaging Director - Head of Real Estate Capital MarketsMetLife

Ms. Aasia MustakeemPartnerPowell Goldstein - Atlanta

Mr. Jonathan M. BanksAssociateJones Lang LaSalleELP, Class of 2006

Ms. Chanell A. BriggsSenior AnalystCapri Capital AdvisorsELP, Class of 2006

Ms. Nnema ByrdSenior AnalystCapri Capital Advisors ELP, Class of 2006

Mr. James I. Clark, IIIManaging PrincipalEnTrust Realty Advisors

Ms. Virginia A. ClarkeConsultantSpencer Stuart

Mr. Christopher D. FunderburgSenior AnalystCapri Capital Advisors ELP, Class of 2005

Mr. Jose J. Garcia-BertranVice President – InvestmentsCapri Capital Advisors

Mr. Keith GordonAcquisitionsEquity ResidentialELP, Class of 2006

Ms. Rhonda HillAssociateCB Richard EllisELP, Class of 2004

Mr. Bernard LoydPresidentUrban Juncture, Inc.

Mr. Lance MaconSenior AssociateTrizec Properties, Inc. ELP, Class of 2004

Ms. Maxine MitchellPresidentApplied Real Estate Analysis (AREA), Inc.

Mr. Brian NicholsSenior Associate, InvestmentsTranswestern InvestmentCompany ELP, Class of 2004

Mr. H. Granvel Tate, IIIDirector of DevelopmentGeneral Growth Properties, Inc. ELP, Class of 2004

Ms. Michelle R. ThomasDirector, CMBS - Structured FinanceFitch Ratings

Ms. Careina WilliamsVice President – InvestmentsCapri Capital Advisors ELP, Class of 2004

Staff

Ms. L. Heather MitchellVice President – Public AffairsCapri Capital Advisors

Mr. Oscar GrovesAdministrative AssistantCapri Capital Advisors

Notes

Notes

REAL ESTATE EXECUTIVE COUNCIL

If you are interested in becoming a REEC member or sponsor for the Emerging Leaders Program, please contact

Oscar Groves, (312) 573-5260, ogroves@capricapital.com

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

Chicago, IL 60611www.reec.org