Real Estate Forum Member Meeting

The State of the Economy Fireside Chat

Glenn Hubbard, Dean Emeritus; Russell L. Carson Professor ofFinance and Economics, in conversation with Kenneth Caplan,Global Co-Head of Real Estate, Blackstone

Fundamentals and Valuation

Moderator: Daniel Neidich, Founder and CEO, Dune Real Estate

Partners Discussion Leaders:

• Conor Flynn MSRED ’07, CEO, Kimco Realty
• Harrison LeFrak ’98, Vice Chairman, LeFrak
• Tony Malkin, Chairman, President, CEO,
• Empire State Realty Trust
• Hilary Spann, EVP, New York Region, BXP

Real Estate Debt Markets

Moderator: Ronald Kravit, Senior Managing Director, Cerberus

Capital Management Discussion Leaders:

• Daniel Heflin, Partner, Co-CEO and Co-CIO, Torchlight Investors
• Matt Salem, Partner, Head of Real Estate Credit, KKR
• Andrew Sossen, COO, Starwood Property Trust

Closing Remarks

Cia Buckley Marakovits ’93, President, CIO,Dune Real Estate Partners

Dean Adler

CEO and Co-Founder,

Lubert-Adler Partners

Joseph F. Azrack ’72

Principal, Azrack & Company

Kenneth Bernstein

President & CEO, Acadia Realty Trust

Daniele D. Bodini ’72

Chairman, American Continential Properties Group

Keith Breslauer

Managing Partner, Patron Capital Partners

Kenneth A. Caplan

Global Co-Head of Real Estate, Blackstone

Thomas M. Flexner

Global Head of Real Estate and Vice Chairman of Institutional Clients Group, Citigroup

Conor C.Flynn, MSRED ’07

CEO, Kimco Realty

Hugh R. Frater ’85

CEO, Fannie Mae

Adam Gallistel ’04

Regional Head, Americas, GIC Real Estate

Sonny Kalsi

CEO, BentallGreenOak

John R. Klopp

Head of Global Real Assets, Morgan Stanley Investment Management

Ronald J. Kravit

Senior Managing Director, Tracker Capital Management

Leanne Lachman

President, Lachman Associates; Executive-in-Residence, Columbia Business School

Harrison T. LeFrak ’98

Vice Chairman, LeFrak

Matthew J. Lustig

Chairman of Investment Banking, N.America; Head of Real Estate & Lodging, Lazard

Richard J. Mack ’93 LAW

Co-Founder and CEO, Mack Real Estate Group

Christopher Mayer

Paul Milstein Professor of Real Estate; Co-Director, Paul Milstein Center for Real Estate, Columbia Business School

Howard P. Milstein

Chairman, President, and CEO, New York Private Bank & Trust and Milstein Properties

Daniel M. Neidich

CEO, Partner, and Member of the Investment Committee, Dune Real Estate Partners

Paul Pariser ’78

Co-CEO, Taconic Investment Partners

Scott Rechler

Chairman and CEO, RXRRealty

Richard P. Richman ’72LAW ’73BUS

Chairman and Founder, The Richman Group

Amy Rose

President and CEO, Rose Associates

David M. Sherman ’82

Senior Advisor and Co-Founder, BGO Strategic Capital Partners;

Co-Director, Paul Milstein Center for Real Estate, Columbia Business School

David E. Simon ’85

Chairman of the Board and CEO, Simon Property Group

Jerry I. Speyer ’64

Chairman, Tishman Speyer

Sabine G. Stener

CEO, Gaedeke Group

Owen D. Thomas

CEO, Boston Properties

John A. Vickers ’85

Chairman and CEO, Tishman Hotel and Realty

Steven R. Wechsler ’72

Senior Managing Director, Co-Head of US Acquisitions, Dispositions, and Equity Capital Markets – New York City, Tishman Speyer