RealCapital 2010

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PROGRAM

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CANADIAN REAL ESTATE MARKET UPDATE

7:00 am	Registration and Continental Breakfast
7:30 am	Introduction
	Stefan Ciotlos, President & CEO, CB Richard Ellis Limited

	The Outlook for the Economy for 2010 and Beyond An insightful examination of key trends in the North American economy with a specific view towards their future direction over the short and medium terms, including the outlook for the Canadian and U.S. dollars, interest rates, inflation, and GDP growth. How will the U.S. economy perform in 2010? When will the real recovery begin? What will be the implications of the U.S. economy on the outlook for Canada? Dr. Warren Jestin, Senior Vice President & Chief Economist, Scotiabank

	The Canadian And U.S. Political Outlook: Now What? A discussion on how the national political landscapes are evolving in both Canada and the United States. What have been the results of the first year of the Obama administration? What does the future hold for the Conservatives and Liberals in Canada? How are the policies of the U.S. and Canadian governments affecting the economy? Andrew Coyne, National Editor, Maclean’s

	The Outlook For Commercial Real Estate And Deal Flow Across Canada An overview of key commercial real estate leasing and investment trends across Canada in the office, industrial, retail, and multi-residential sectors. How did they perform in 2009? What is the outlook for 2010? What have been the most significant implications of the credit market conditions on cap rates and transaction activity? How will the leasing markets perform going forward? John O’Bryan, Vice Chairman, CB Richard Ellis Limited

9:00 am	Canadian Real Estate Market Update Concludes



9:30 am	Asset Allocation And Capital Development In 2010: What Is The View Of Capital Markets? Institutional Investors And Financial Services? A wide ranging panel discussion that will examine the strategic deployment of capital and asset allocation from the perspective of banks, life insurers, pension funds, capital markets, and financial services corporations. The participants will offer their views from these different points on the compass as they comment on what they see is currently happening; what they foresee in 2010 and beyond; what risks and opportunities they feel are emerging at this time; what the market fallout has meant in strategic terms for their organizations; in what markets and in what form do they favour deploying their capital; and where the Canadian and global real estate asset class fits relative to all their other investment opportunities for the year ahead. Moderator: Stephen Sender, Managing Director & Industry Head, Scotia Capital Inc. Mario Barrafato, Senior Vice President & CFO, Dundee REIT Panel: Michael Latimer, Executive Vice President & CIO, OMERS Hugh Macdonnell, Managing Director, Morgan Stanley Sandy McIntyre, Senior Vice President & CIO, Sentry Select Capital Inc. Brian Porter, Group Head, Risk & Treasury, Scotiabank

10:25 am	Morning Refreshments

10:50 am	Concurrent Sessions (Select A1, A2 or A3)

	Session A1 Tier One Lenders' Roundtable: The Market For Medium and Larger Loans And Major Centres A wide-ranging panel discussion that will examine the underwriting practices and activities of tier one lenders and the major sources of debt capital in the Canadian market at this time. This session will focus specifically on what borrowers can expect in 2010 in major markets across Canada. Some of the questions that will be examined: How much money is available for commercial mortgages in 2010 compared to the past few years and from what sources? Who will be the major providers of debt in Canada and what will they be looking for? How will the strategies of banks, insurance companies, pension funds and other institutions vary from those of private sources of debt capital? How do foreign lenders view the Canadian market? How are lenders evaluating a deal in today’s market? How is risk being priced now? What is happening with loan spreads, amortization periods, loan to value ratios, and recourse? What property classes are lenders avoiding, reducing exposure to, or increasing pricing for? Is “relationship” borrowing still a key element of the lending environment among the tier one sources? How much debt syndication is occurring in the market? Will the CMBS market ever return? Moderator: Mario Barrafato, Senior Vice President & CFO, Dundee REIT Panel: *Paul Chin, Vice President, Real Estate Debt, Otéra Capital Carmin Di Fiore, Senior Vice President, Real Estate Banking, Bank of America Merrill Lynch Ron Findley, Assistant Vice President & Regional Director, Toronto Mortgage Investments The Great-West Life Assurance Company Andrew Phillips,* Managing Director and Team Head, Real Estate Group, TD Securities Inc. Moray Tawse, Vice President, Investments, First National Financial LP

	Session A2
	Global Capital Flows: How Much Liquidity Is Returning To The International Markets? What Will Be The Trends In 2010? The last twelve months have seen a major swing in global capital flows, from the stagnant market of Q4 2008 to vibrant public capital raising and recapitalizations and the emergence of new forms of private capital during 2009. What lies ahead? What are you seeing now in the capital and financial markets outside of Canada? What will become of all the fresh capital? Will defensive positions change into offensive strategies? Will new capital once again drive cap rate compression? If so, is it deserved? Distressed sellers – does anyone know where are they hiding? Who will now be the players – old versus new? Where are they going to focus, how are they going to raise their financing, and what will be the structural form of their investments? How are these trends affecting the Canadian market? What is happening abroad that may come to Canada? What kind of underwriting could Canadian real estate owners expect to see from foreign sources entering our market Moderator: *Peter Senst*, Executive Vice President & Director, CB Richard Ellis Limited Panel: George Ahl, Principal, M3 Capital Partners Peter Cuthbert, Vice President, Standard Life Investments (Real Estate) Inc. Bill Jandrisits, Director, Finance, Starwood Capital Group Robert Weaver, Managing Director, Morgan Stanley To request a copy of the presentation for this session, please click here.

	Session A3
	How Are REITs And REOCs Performing In This Market? What Are Investor's Expectations Going Forward: Safety Or Growth? Most Canadian REITs and REOCs are well capitalized, have balanced debt maturity profiles, and generally have high-quality assets, which are easier to refinance. Over the past decade, our REITs posted a very healthy compounded annual return (including distributions) of 14.1%. But consider the rollercoaster ride that they have experienced in the past three years. Following the significant turbulence of 2008 that peaked in early 2009, they have raised billions of dollars for their war chests in the past nine months and their unit values have roared back. Is this performance sustainable, is now the question among investors and REIT management. Has the market discounted the future? What returns are unit holders, portfolio managers and analysts expecting? A few years ago, strong growth potential was a key criteria in selecting REITs. Then the criteria became safety in recent years. Who will be rewarded now going forward, e.g. those REITs and REOCs that are considered safe or those who are have strong growth prospects? Moderator: Craig Shannon, Managing Director, Head of Real Estate and Hospitality Group, National Bank Financial Panel: Pammi Bir, Associate Director, Real Estate and REITs Analyst, Scotia Capital Inc. Kevin Hall, Senior Portfolio Manager, Guardian Capital LP Dennis Mitchell, Vice President & Senior Portfolio Manager, Sentry Select Capital Inc. Mark Rothschild, Principal and Real Estate Analyst, Genuity Capital Markets

11:50 am	Concurrent Sessions (Select B1, B2 or B3)

	Session B1
	What Are Pension Funds And Other Institutional Investors Focused On In 2010? This session will examine the strategic appetite of pension funds, life companies and other institutional investors for real estate in 2010. Given the upsurge in public equity markets since last March, what have the implications been for the asset allocation strategies of pension funds and institutional investors? Has the denominator factor changed again? Are funds and life companies underweighted in real estate? Or have strategic decisions been made to increase the size of the real estate slice of the overall pie? Will some of the larger Canadian funds be net sellers domestically while they continue to diversify internationally? What is their diversification model? What will smaller funds and other institutional investors likely to be doing? Moderator: John O’Bryan, Vice Chairman, CB Richard Ellis Limited Panel: Peter Ballon, Director, Real Estate Investments, CPPIB Frank Camenzuli, President and Founder, Agellan Capital Partners Michael Dal Bello, Senior Vice President, Real Estate, Alberta Investment Management Company Louie DiNunzio, Senior Vice President, Investments, The Cadillac Fairview Corporation Limited

	Session B2
	What is The Outlook For Smaller Loans, Secondary Markets And Tier Two Assets? A major part of the Canadian market consists of properties that have financing needs in the range of $10 to $20 million or less. In some instances, these are assets that are found in secondary markets while in other cases, they represent B or C class buildings in larger centres. This session will examine these opportunities in greater detail. Among the questions that will be examined: Who is lending at these levels, at what rates, with kind of underwriting criteria, and to whom? How is risk being priced for these smaller loans? What is happening with loan spreads, amortization periods, loan to value ratios, and recourse? Are smaller communities and other geographic areas a tougher sell in 2010 or are they being well served? What is the market for B and C class properties that are out of favour with major lenders? Does anyone have an interest in underperforming assets? Moderator: Robert Goodall, President & CEO, Canadian Mortgage Capital Corporation Panel: Barry Fenton, Senior Projects Advisor, Central 1 Credit Union Jeff Lastiwka, President & CEO, JayCap Financial Ltd. Rory Roberts, Chairman & CEO, INTECH Risk Management Inc. Chris Sharp, Managing Director, Penmor Mortgage Capital Corporation

	Session B3
	Valuation - What Is It In Today's Market? What Impact Do Different Perspectives Have On Establishing Asset Values? Asset valuation is considerably more difficult for all investors, owners, potential buyers and all other practitioners in the current market. Clients are demanding and need more information and support for their real estate investment decision-making. The significant drop in transactions and deal flow in 2009 created added pressure for all parties to understand what truly is the market value at this particular point in time for any given asset – essential data for buyers, sellers, lenders, and investors. This session will examine the valuation issue and provide some insights on determining values in the current market and the year ahead. The many questions that will be examined include: what is valuation from a technical capital markets perspective; what information do various interests require from a valuation including management, purchasers, vendors, shareholders, auditors, lenders, etc; how does one determine value in today's market; what are the most significant differences by geography & asset class; where is valuation heading going forward, eg. GAAP vs IFRS; and what else does a buyer, investor or seller need to understand. Moderator: Sheila Botting, Senior Managing Director, Capital Markets Canada, Cushman & Wakefield Ltd. Panel: Phil Gillin, Senior Managing Director and Head of Canadian Real Estate, Sun Life Assurance Company of Canada Colin Johnston, Executive Vice President, Research, Valuation & Advisory, Altus Group Catherine Marshall, Research and Investment Strategy Consultant, IGRI Inc. Michael Smith, Managing Director, Real Estate, Macquarie Research, Equities, Macquarie Securities Group Brady Welch, Partner, Slate Properties Inc.

12:45 pm	Networking Lunch
	Luncheon Refreshments	Afternoon Refreshments

2:00 pm	Concurrent Sessions (Select C1, C2 or C3)

	Session C1
	The CFO Perspective: Is The Debt Supply-Demand Mismatch Still Significant? What Are Your Major Issues As Borrowers in This Market This panel will look at the trends and issues related to raising debt, credit and capital from the borrowers’ perspectives. Among the questions that will be addressed: Has it become easier to access the capital that you require in today’s market than a year ago? If so, then what have been the most significant changes? How much debt are you carrying, when does it roll over, and how will you likely refinance? What are the most key sources of capital that you are tapping? What are the most significant weaknesses that you see in today’s credit market? Do you have any challenges with how underwriting is being done in today’s market and how lenders are pricing or trying to transfer risk? Do you sense that these are transitional measures or more structural? What about new acquisitions and development? How are they being financed? To what extent have cap rates moved up? Who has the lowest cost of capital now? Can public real estate entities compete? Moderator: David Dulberg, Managing Director, RBC Capital Markets Real Estate Group Panel: Larry Froom, CFO, H&R REIT Bart Munn, CFO, Calloway REIT Richard Smith, CFO, CAP REIT Karen Weaver, CFO, First Capital Realty Inc.

	Session C2
	Distressed Debt, Mezzanine Financing And Opportunity Funds: How Active Is This Part Of The Market? As the credit crunch evolved over the past few years, some investors had great anticipation that the universe for distressed debt purchases would grow considerably creating a wide range of buying opportunities for those with capital on hand. But to what extent has this happened in Canada? This session will focus the experience several opportunity funds and mezzanine lenders in this market. Distress aside, what other financing opportunities are there for participating in undervalued or overvalued real estate assets and portfolios? Is the opportunity fund arena continuing to evolve, with respective underwriting criteria and risk tolerance further differentiating one fund from another? Are opportunity funds currently flush with cash? What are their underlying strategies with respect to risk/reward/return for the deployment of these funds? What are the major differences between what they were doing prior to mid 2007 and now? What will be their priorities for 2010 by product type and market across Canada? What is the market for mezzanine financing and who is filling this strategic gap? How is this type of financing being priced in 2010? What are their exit strategies? Moderator: Reiner Plessl, Director, RBC Capital Markets Real Estate Group Panel: Michael Carragher, Vice President, Mortgage Investments, Firm Capital Corporation Scott Coates, Managing Director, Mortgage Investments, KingSett Capital Jake Herman, President, Woodbourne Canada Management Inc. Don Mathew, Executive Vice President & CIO, IGRI Inc.

	Session C3
	Growth Through Acquisitions: When Does The Buying Begin? What Are The Opportunities, Risks And Returns Going Forward? An insightful discussion about investment activity in today’s market environment. With many organizations’ acquisition war chests filled with cash, when will more significant deal transaction and liquidity return to the market? The panel will address a range of questions including: What have been the major challenges in order to buy or sell assets in this market? What are the differences, if any, between the issues faced by a REIT vs. a pension funds vs. a private equity fund vs. a foreign investor in selling or acquiring properties at this time? What information do you need in order to try to do a deal in this market? Is leverage a possibility to any degree? What are the conditions that are required for a significant return to deal flow? How close are we to that point in time? Where do you project cap rates will be by the end of 2010 relative to today’s prices? Who will be the most active buyers? Who do you anticipate will be the likely sellers? Which product types will be most favoured by you? Which markets will be “top of mind”, and why? Will there be any distress likely in Canada next year or not? Moderator: Trevor Blakely, Managing Director, BMO Capital Markets Real Estate Group Panel: Peter Aghar, former President & CIO, KingSett Capital Ugo Bizzarri, CFO and Vice President, Acquisitions, Timbercreek Asset Management Inc John McKinlay, Senior Vice President, Acquisitions, Bentall LP Adam Paul, Vice President, Investments, CREIT

3:00 pm	Closing Roundtable Discussion: CEOs Have The Last Word On Capital Requirements, Liquidity And Deal Flow In 2010 A discussion with senior real estate and institutional executives on their perspective of Canadian real estate fundamentals, trends, opportunities and strategies for 2010; a comparative of the Canadian market with U.S. and global conditions; their insights the extent of the liquidity problem and its continuation over the next twelve months; and their strategies going forward. How much deal flow can be expected in the Canadian market in 2010? What impact will the credit markets have on cap rates and real estate values across Canada for the next twelve months? What are you seeing in capital, financial and real estate markets outside of Canada? Will any of these trends be prevalent in Canada as well? What investment opportunities have emerged in the market due to the lending environment of the past two years? Are real estate fundamentals in Canada weakening or not? If so, where? How bad is it? What kinds of transactions will offer the best possible returns in 2010? Do you anticipate any increase in buying opportunities for your organization? What do you anticipate will happen with the credit and capital markets over the next twelve months? What will be the key determinants of such a change? What, if anything, are you doing differently now as a result of these factors? Who has the lowest cost of capital now? Who will be the most significant winners and who will be the losers in the market in 2010? Moderators: Stephen Sender, Managing Director, Industry Head, Scotia Capital Inc. Michael Brooks, CEO, Real Property Association of Canada Panel: Michael Cooper, Vice Chairman & CEO, Dundee REIT Michael Emory, President & CEO, Allied Properties REIT Amy Erixon, CEO, IGRI Inc. Blake Hutcheson, President & CEO, Oxford Properties Group Inc. Dori Segal, President & CEO, First Capital Realty Inc.

4:00 pm	Networking Reception