All delegates to RealCapital will automatically be registered to attend the CB Richard Ellis Market Update presentations.

7:00 a.m.

Registration Opens Breakfast Begins

7:45 a.m.

The Outlook for the Economy for 2007 and Beyond An insightful examination of key trends in the North American economy with a specific view towards future direction over the short and medium terms, including the outlook for the Canadian dollar, interest rates, inflation, and bond yields. Dr. Warren Jestin, Senior Vice President & Chief Economist, Scotiabank  The Canadian and U.S. Political Outlook: One Year Later A discussion on how the federal and provincial political landscapes are evolving and the impact these trends may have for Canadian investors and corporations. Andrew Coyne, National Affairs Columnist on Political and Economic Issues,     National Post    The Outlook for Commercial Real Estate Across Canada An overview of key commercial real estate leasing and investment trends across Canada in the office, industrial, retail, and multi-residential sectors. Predictions for 2007 and 2008 will also be presented. Blake Hutcheson, Chairman & President, CB Richard Ellis Limited

9:00 a.m.

CB Richard Ellis Market Update Concludes

9:30 a.m.	PLENARY SESSION
	CAPITAL FLOWS, DEBT FINANCING AND EQUITY INVESTMENT ACTIVITY IN CANADA  The panel will examine and provide an overview for the major trends and the availability of capital for debt and equity for Canadian real estate transactions in what continues to be a hyper-liquid market.  Among the questions that will be addressed: Where is all the money coming from? How much is from foreign investors vs. domestic sources? With respect to foreign lenders in Canada, who’s here and who’s not here? Are we attracting more foreign lenders to the Canadian market? Is there too much capital to go around? How much is targeted for the debt market? How much is for equity investment? Is the capital allocation to real estate continuing to trend up or down?  How long will real estate remain a strongly desirable option for managers of capital? How much of this capital is transitional, and would shift out of real estate if bonds and non-real estate equities came strongly back in favour? What would be the key catalysts of such a change in the current market environment? Who has the lowest cost of capital? What is today’s pecking order in terms of competitiveness of the various buying groups? Are large domestic pension funds crowding out others in their rush to buy assets in Canada? Are others with higher costs of capital being driven up the risk curve into smaller markets because of the dominance of major buyers? As core investments appear to be priced to perfection, is capital looking for more valued added investments either in other countries or in other categories? How has the federal government’s income trust policies affected the real estate capital markets? Moderators: David Dulberg, Managing Director, RBC Capital Markets Real Estate Group Katherine Lee, Managing Director, GE Real Estate Panel: Richard Dansereau, President & COO, Cadim Inc. Robert Ezer, President & Co-CEO, Chartwell Seniors Housing REIT William Jandrisits, Director of Finance, Starwood Capital Group Andrew Phillips, Managing Director, TD Securities Inc. Moray Tawse, Vice President, Mortgage Investments,      First National Financial LP
10:20 a.m.	MORNING REFRESHMENTS
10:50 a.m.	CONCURRENT SESSIONS (SELECT A1, A2 OR A3)
	SESSION A1 UNDERWRITING LOANS IN THIS BUOYANT DEBT MARKET:  ARE WE LENDING AT THE PEAK? WHERE IS SPREAD PRICING HEADING? A wide-ranging panel discussion will examine debt market strategies, practices and activities in today’s capital environment from the perspectives of borrowers, lenders and brokers. Some of the questions that will be examined are as follows: With the low cost of capital and lower CAP rates, how are lenders differentiating themselves today? What are lenders doing differently today than that of five years ago?  How aggressive are lenders when some properties may be at peak valuations? What has happened to margins? Given the strong appetite in the mortgage market, at what point does it become too risky to do a deal? What’s the line that you won’t cross? How is this reflected in your key lending criteria, pricing, and lending policies? How are you as lenders assessing a deal and pricing it in today’s market? What product types are lenders looking for? Speed and flexibility on a transaction today: how can they be provided? How do you protect yourself against a very aggressive borrower? How do foreign investors vs. domestic lenders view this situation ? Moderator: Karen Weaver, CFO, First Capital Realty Inc.   Panel:       Dean Atkins, Vice President, Mortgages,      BC Investment Management Corporation Richard Brownscombe, President, Montrose Mortgage Corporation      Phil McIlveen, Director, Canadian Mortgages,      Metropolitan Life Insurance Company Scott Rowland, Director, GE Real Estate Alastair Stewart, Vice President, Mortgage Investments, Eastern Canada,      The Great-West Life Assurance Company   SESSION A2 GLOBAL CAPITAL FLOWS AND LENDING TRENDS This session will examine the major trends in global deal flow including what the major sources of money are, what markets are strongest, and how financing and investment practices in other markets compare with the prevailing trends in Canada.  Among the questions that will be discussed are the following: What are you seeing in markets outside of Canada? What are the major trends for pricing real estate globally? What are the major sources of capital, target returns and product types? How are these trends affecting the Canadian market? What are the foremost innovations and practices in US, European, Asian and Latin American markets?  What are they doing better than Canadian lenders and investors?  When will these innovations appear in Canada? From a global rating perspective, where does Canada sit? Moderator: Amy Erixon, COO, Giffels Management Limited   Panel: Michael Blackler, Senior Vice President & Managing       Director, ABN AMRO Real Estate Capital Markets Neil Downey, Managing Director, RCB Capital Markets Seamus Foran, Senior Vice President,      Brookfield Real Estate Opportunity Fund John Kriz, Managing Director, Real Estate Finance, Moody’s Investors Service   SESSION A3 FINANCING CONSTRUCTION AND DEVELOPMENT IN TODAY’S MARKET Construction and development financing activity has risen significantly in today’s market within the condominium, retail, office and industrial sectors. Projects can range from build-to-suits and multi-tenant retail centres, to office and high-rise residential buildings. This session will examine financing trends associated with these types of projects.  Among the questions that will be discussed: How buoyant is the market today for construction financing? Where are construction costs trending at this time?  What does it really cost to build and develop in this market? How much of an impact will this have on the price of capital? How do you protect yourself from cost overruns?  How do you manage inherent risks? What is the outlook for trends in construction costs over the next 24 months?  How will this affect mortgage capital decisions? What are the major sources of debt financing and equity investment for construction and development? What new products are available in this regard? How are lenders and investors pricing the risk for this type of financing? How do sources and pricing vary between build-to-suits, development for your own account, and sale leasebacks? How are U.S. lenders working with developers? What can Canadians learn from these experiences with respect to the relationship between the developer and the lender? Case studies of construction financing and long-term financing will also be presented.   Moderator: Don Mathew, Senior Vice President, Giffels Management Ltd.   Panel:Michael Carragher, Vice President of Mortgage          Investments, Firm Capital Corporation Paul Davis, Vice President, Commercial Real Estate      - Ontario, Royal Bank of Canada John Fleming, President,      Altus Helyar Cost Consulting      Naftali Sturm, Director, Finance,      SmartCentres
11:50 a.m.	CONCURRENT SESSIONS (SELECT B1, B2 OR B3)
	SESSION B1 AN UPDATE ON CMBS AND MORTGAGE LOAN SECURITIZATION IN CANADA:  HOW STRONGLY WILL IT CONTINUE TO GROW? IS IT HEADED FOR ROUGH WATERS? An update on the most significant trends in the Canadian CMBS market and a discussion on some of the myths and realities related to this syndicated market. Why does the CMBS market continue to grow as a lending force in Canada? How has this market performed to date? Is it likely to continue to grow in 2007? How will interest rate trends affect growth of this market? How will the CMBS market respond through an economic downturn? How are CMBS lenders differentiating themselves from one another? Is the market now getting overcrowded? What new products, if any, are being introduced into Canadian CMBS? Who are the buyers for the tranches? Who buys the “B” piece in Canada? What are the major differences between CDO (managed pools) and CMBS (static pools)? Can CMBS lenders reform the system to address the perceived inflexibility of CMBS loans? How have the CMBS servicers handled the onslaught of assumptions and defeasance requests? What alternatives are available for large loan amounts that are not syndicated? Moderator: Glen Malcolm, Vice President,       Capmark Canada Limited   Panel: Norm Camire, Director, Commercial Mortgage Origination,      RBC Capital Markets Paul Scholz, Manager, Origination & Credit, Merrill Lynch Canada Jennifer Shum, Managing Director & Group Head of CMBS, TD Securities Inc. Tim Westlake, Senior Vice President, Dominion Bond Rating Services Limited   SESSION B2 MEZZANINE AND HIGH RATIO FINANCING: WHAT ARE LENDERS AND INVESTORS LOOKING FOR? WHY IS IT CONTINUING TO GROW? Mezzanine and high-ratio financing continue to be growing components of real estate financing today. This session will examine this product type and other non-traditional sources of real estate capital, and the role that they play in financing real estate across Canada. Among the questions that will be addressed are the following: What new financing vehicles are entering into this market? Are more innovative products emerging? How is this type of financing being priced in 2007? Should mezzanine loans be treated as debt or equity? Does mezzanine financing work when “speed to market” and “speed to capital” are essential for a borrower? What are the current risks of interim lending? How do you minimize and manage your risks? Are takeout sources readily available?  n a low CAP rate environment, the margin of error in high ratio lending shrinks. How should lenders respond to the tightening yields and future risks? What kind of appetite do they have for investments for the next 24 months? What are their strategies at this time with respect to the Canadian market? What will be their priorities in 2007 and 2008 by product type and market across Canada? Are new sources of capital entering the real estate market? For example, new pension funds, increases in allocations, more international sources. Moderator: Rob Goodall, President, Canadian Mortgage Capital Corporation   Panel:  David Berman, President & CEO, Tri-Continental Capital Group Inc. Rob Brown, Founder, Osprey Bay Holdings Ltd. Don Matthews, Senior Vice President, Mezz Cap Canada, ULC Reiner Plessl, Director, RBC Capital Markets Real Estate Group Greg Russell, Vice President, Harbour Mortgage Corporation SESSION B3 FINANCING BROWNFIELD SITES AND OTHER ENVIRONMENTALLY CHALLENGED PROJECTS With the significant growth in intensification and redevelopment activity in new as well as older urban areas, borrowers and lenders are finding themselves dealing with brownfield sites, contaminated soils, and other environmentally- challenged properties more frequently. This panel will discuss these challenges and the requirements to achieve a successful outcome from the standpoint of lenders, vendors and buyers, mortgage holders, and service providers. How are borrowers looking at these types of transactions? What are their policies and practices when faced with financing the purchase of these sites or the development of these types of projects? What type of relationship is required between the developer and lender in these circumstances? How are lenders pricing the risk on these properties? Case studies will be used to examine construction financing and long-term financing for these types of products.   Moderator: John Rider, Vice President, Commercial Division,      First Canadian Title Insurance Panel: John Cracknell, Senior Environmental Engineer, Pinchin Environmental Ltd. John Dill, Partner, Cherokee Canada James Evans, Senior Manager, Environmental Risk Management Group,       RBC Financial Group David Harper, Managing Partner, Kilmer Brownfield Equity Fund
12:50 p.m.	LUNCHEON REFRESHMENTS
	INFORMAL LUNCHEON
2:00 p.m.	CONCURRENT SESSIONS (SELECT C1, C2 OR C3)
	SESSION C1 PRIVATE EQUITY AND OPPORTUNITY FUNDS: WHAT ARE THEY LOOKING FOR? A panel of senior executives managing private equity and opportunity funds will discuss their mandates and interest in the Canadian commercial and investment real estate market. What kind of appetite do they have for investments over the next 24 months? What are their strategies with respect to the Canadian market? What will be their priorities for 2007 and 2008 by product type and market across Canada? How long do they believe that commercial real estate will remain in significant favour relative to other investment alternatives? What are the key factors stimulating the growth of equity funds? To what extent are adequate exit strategies a concern for fund managers? What impact are new sources of capital entering the real estate market having on equity funds? For example, new pension funds, increases in allocations, more international sources. Moderator: Sheila Botting, Senior Managing Director, Capital Markets,       Cushman & Wakefield LePage           Panel: Peter Aghar, Partner,       KingSett Capital  Peter Cuthbert, Vice President, Real Estate,       Standard Life Investments Gerry Gotfrit, President, Stockton & Bush William Jandrisits, Director of Finance, Starwood Capital Group SESSION C2 SMALL ASSET LENDING: WHO, WHAT, WHERE, AND WHY? A very significant part of the real estate debt and equity market is the financing of a single property or smaller asset. This session will examine the key trends associated with these transactions in today’s lending and investment environment.  Among the many questions that the panel will examine are the following: Who is in the small loans market; target spreads and amounts? What are the underwriting standards in this market? How is risk being priced, and what areas are perceived as risky in this market? How are lenders responding to the need for quick closing and limited due diligence in auction markets? What is the opportunity of sourcing a variety of options on a smaller asset? Moderator: Richard Crenian, President, REDEV Properties Ltd. Panel: Dan Buttenham, Regional Director, Commercial Mortgages, Sun Life Financial Sheldon Esbin, President, Romspen Investment Corporation                      Nigel Howard, Vice President, Commercial Mortgages,      CIBC Commercial Mortgages Inc. Audrey Howe, Vice President, ACM Advisors Ltd. SESSION C3 MORTGAGE SERVICING: WHY IS IT FRUSTRATING BORROWERS? There appears to be some ongoing confusion with respect to mortgage servicing in today’s market.  It may be due to the increasing preponderance of CMBS activity and the frustration that borrowers seem to feel with the administration of these types of loans. This session will try to clarify some of the issues surrounding the administration of securitized loans. Discussion will focus on the following: Process from loan funding to first payment What role does the original lender have in the file? Transfer of file from originator to servicer On CMBS loans, roles of the Master, Primary, Special and Sub-Servicer functions. How do these roles get appointed? Impact on borrower if servicing is via a U.S.-based company or a Canadian-based company What is a PSA (Pooling and Servicing Agreement)? Annual reporting and inspection requirements of typical Canadian loans. Who does what? Loan modification requests (mortgage assumptions, change in amortization, severances), including timing, fees and approval process Lease approval requests Role of the rating agencies and the Controlling Class Representative Are there more changes happening? Moderator: David Miller, President,       Canadian Mortgage Rating Service Ltd.   Panel: Scott Dunkley, Senior Asset Manager, Midland Loan Services, Inc. Ron Findley, Assistant Vice President & Regional Director,      The Great-West Life Assurance Company Jacklyn Kendrick, Co-General Manager, Global Servicing Solutions Gary Samuel, Partner, Crown Realty Partners Susan Spence, Legal Counsel, First National Financial LP
3:10 p.m.	ROUNDTABLE ON DEBT & EQUITY MARKET ACTIVITY FOR 2007 AND BEYOND
	Having heard earlier in the day from the lenders, brokers, and investors, it is equally important to get the perspective of the borrowers and real estate owners on debt and equity market activity. The following will be examined: To what extent do they expect to raise their capital in the public markets? Have trends in the capital markets made the debt market capable of meeting all the financing needs of a real estate organization? On the other hand, are conventional lenders competing effectively with bond markets as a source of capital for public real estate entities?   What is your view on the use of leverage in this market? How should real estate owners hedge against the eventuality of rising rates? What impact is the regulatory, tax and accounting environment in Canada having on your finance and investment activity? Are large domestic pension funds crowding out others in their rush to buy assets in Canada? Who has the lowest cost of capital and what is the pecking order in terms of competitiveness of the various buying groups?Are others driven up the risk curve into smaller markets because of the dominance of major buyers? Are those high levels of risk adequately managed? As core investments appear to be priced to perfection, is capital looking for more valued-added investments either in other countries or in other categories? What are the alternatives for Canadian capital? How are companies playing the differences in valuation between assets and the companies that own them?  Should we expect to see more M&A and takeover activity in Canada among REITs and corporations? Who else might be predatory in these markets? Moderators: David Dulberg, Managing Director, RBC Capital Markets Real Estate Group Katherine Lee, Managing Director, GE Real Estate   Panel: Kenny Gibson, President & CEO, InnVest REIT Simon Nyilassy, President & CEO, Calloway REIT Peter Senst, Vice President & Director, CB Richard Ellis Limited Paul Zemla, CIO, Bentall Investment Management LP
4:10 p.m.	ADJOURNMENT

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