Graham Barnes trained as a Chartered Accountant with KPMG qualifying in 1989. Thereafter, he spent 10 years at The United Bank of Kuwait PLC in London holding roles including Head of Credit and Risk Management and Head of Structured Property Finance. Graham joined the corporate finance business of CB Richard Ellis in 2001. In 2005 he was instrumental in establishing CBRE's joint venture with GFI to broker property derivatives. This was followed in 2007 by the launch of Reech-CBRE Alternative Real Estate, a fund management business dedicated to managing real estate hedge funds. Graham is on the Investment Committee of Reech-CBRE's first fund, Iceberg Alternative Real Estate which was launched in May 2007.

Håvard started in IPD in 2005, since that he has played an important role in the IPD Norden’s development, with focus first on the Norwegian market, then the Swedish market and most recently increasingly focus on pan-Nordic investors needs. Håvard holds an MSc in Operational Research from Strathclyde University in Glasgow.

_

Andrea Carpenter is Director of Research and Market Information for INREV, the European Association for Investors in Non-listed Real Estate Vehicles. This role oversees the association’s research agenda as well as the INREV Vehicles Database and the INREV Index. Andrea started in the real estate industry as a journalist working for the UK titles Building and Property Week before editing EuroProperty magazine, a specialist finance and development title, for seven years. Before joining INREV, Andrea worked as managing director for the Centre of Regeneration and Sustainability for the Urban Land Institute.

Oliver is the head trader for US residential property derivatives on the CDO and ABS trading desk at Morgan Stanley. He played a vital role in the creation and development of the RPX market and is currently Chairman of the RPX Dealer Board. Prior to his work in property derivatives, Oliver served as a subprime strategist advising clients on investment strategies related to the housing market through the use of mortgage credit derivatives. Oliver holds a BS in Operations Research from Cornell University and an MBA from Columbia Business School.

Ian is a co-founding director of IPD and head of systems and information standards. He is an economist with extensive experience of portfolio analysis and property market research. He started his career as a lecturer and researcher at University College London. At IPD, Ian is responsible for all technical aspects of the delivery of client information services, the production of indices and related performance measures. In addition, he has developed IPD’s Fund level indices and services, a social housing benchmarking service in the Netherlands, Pan-European and Global Property Indices, and the infrastructure required to support the rapidly growing property index based derivative markets.

Joakim Franson is Head of Research & Strategy at Alpha Beta Fund Management LLP, a dedicated property investment firm. ABFM is focused on efficient investment alternatives that provide investors with access to the new and different sources of returns from property now made available through the growth of property related financial instruments. Joakim has twelve years experience in fundamental property research, modeling and methodologies used in property indices and derivatives. Joakim was previously Head of Property Strategy & Research at ORN Capital LLP, a hedge fund subsidiary of Morley FM. Prior to ORN Joakim was working for the Investment Property Databank Ltd (“IPD”) in London where he was Director of Global Business Development and Chairman of IPD Norden in Stockholm.

Stéphanie Galiègue – IPD - Global Head of Portfolio Analysis, responsible for the design and development of IPD core measurement, analysis and benchmarking services across the global network, covering analytical content, reporting formats and presentation, and promotion of methods to re-establish IPD’s market-leading position. From October 2005, Stéphanie was the Deputy Managing Director for IPD France & Southern Europe (Spain, Portugal and Belgium). Before joining IPD France, she had invaluable experience, almost a decade (9 years) of performance measurement, risk management and financial reporting in other asset classes. Stéphanie worked at Deloitte from 2001-2005, in charge of the Performance Reporting and Attribution service line in the department dedicated to supporting asset management companies: she was responsible for developing the performance reporting and attribution services for asset managers and institutional investors. Part of these missions, she managed the GRAP, a working group to define best practices and methodological solutions for fixed income performance attribution. Before that, she joined in 1996 Axa Investment Managers where, as a manager of the Performance Reporting Department, she supervised the performance reporting production for third party asset managers. In 1999, she moved to CDC Ixis Asset Management to lead the Data Analysis team, providing performance analysis elements for dedicated and general fund reporting mandates. Stéphanie graduated from HEC in France, high school of management, in 1995, major in Finance.

Philippe Hajali is Director of the Equity and Index derivatives business at Liffe, NYSE Euronext. He joined our group in 2003 after several positions at different investment banks. Philippe is in charge of the business development of all our European Equity and Index derivatives.

Dr Peter Hayes is the European Research Director for Pramerica Real Estate Investors, part of Prudential Financial Inc. of the United States of America. He joined Pramerica after having been a Director and Head of Economic and Real Estate Forecasting at DTZ Research and after having spent several years as the regional analyst at the Bank of England. Before joining the Bank, Peter spent almost 10 years as a university academic, mostly in the Economics Department at the University of Sheffield, where he completed his PhD on regional goods and labour markets.

Matthew Hill is Chief Investment Officer and managing partner of MSS Real Estate LLP. Prior to joining MSS, Matthew was a director with WestLB specialising in real estate investment banking, having previously been with Canadian Bank Maple Securities and prior to that Andersen Corporate Finance, also with a focus on real estate structured finance. Matthew is a chartered surveyor, has a MBA from Henley Management College (2000) and a degree in civil engineering from Kingston University (1987).

Xavier Lépine is Chairman of GROUPE UFG, an asset management group specialized in Real Estate, traditional Asset Management and thematic funds, Alternative Investments (funds of hedge fund) and Private Equity. UFG GROUP manages more than 21 billion euros in assets. Prior joining the group (1999), Xavier Lépine began his career with Société Générale and Banque de l'Union Europenne. He later created FP Consult, an asset management company specialized in emerging markets, and became Chairman of the Board of Fortis Investment Management France. Xavier Lépine holds a DEA in monetary economics and international finance from Dauphine University, Paris.

Mark Long heads up the property research and strategy team at Invista and has primary responsibility for the preparation of market forecasts, client fund strategies and risk analysis. He is the former Head of research at Aberdeen Property Asset Managers and previous to that at Celexa Real Estate investment management. Mark graduated with an honours degree in Economics from UC Swansea before joining Investment Property Databank, where he completed the MSc in Property Investment at the City University Business School. Mark’s expertise is in constructing achievable fund investment strategies which meet the individual risk and return requirements of clients. He has significant experience in forecasting and analysing direct and indirect property investments in both the UK and continental Europe. He has also developed a number of forecasting and performance analysis models to assess the performance of portfolios and investment vehicles in addition to developing appropriate risk measures and controls for each of the client mandates. Mark sits on the investment committees of the Invista Foundation Trust and Invista European Real Estate Trust and is an active member of the SPR and IPF.

Age : 59 Married, 3 children French : Mother Tongue English : Fluent FRICS SFAF (French Society of Financial Analysts), member Education and work experience 1970 Masters in Mathematics, Paris University 1972 – 1977 Worms Financial Group 1978 – 1986 CCF (today HSBC) 1986 – today IEIF, Managing Director and Head of Research* Author of several books, amongst which : - A guide for investors, 1980, introduced by economist Jean Fourastié This book influenced French practices in terms of information and transparency, and the field of economic research on investments. - Assassinated Wealth, 1985, prize-wining (French Academy for Moral & Political Sciences). - When investors prove the point, 1992, an essay on French real estate funds and their relationships to French private investment institutions and practices. These three books, and others, have been welcomed by many TV and radio broadcasts, and many press commentaries. Guy Marty is regularly interviewed in the economic and financial press on real estate, investment, economic issues. He gives lectures for professional or broad public audiences regularly.

Paul joined Prudential Property Investment Managers Ltd in 1987 becoming Head of Property Research in 1990. He is responsible for the overall direction of property research and is also a Board Director. Paul has a first class honours degree from the University of St Andrews and a PhD from the University of Edinburgh – both in Geography. Paul was Chairman of the Investment Property Forum (IPF) 2005/2006 and is the President, Fellow and a past Chairman of the UK Society of Property Researchers. Paul was honoured by being made a Life Member of the IPF in January 2007. Amongst other activities, Paul is a Visiting Professor with the Department of Real Estate Management at Oxford Brookes University He is a non-executive director of international property investment performance measurers, IPD Holdings Limited. Paul chairs the Institutional Investors Group on Climate Change – Property Workstream, the IPF Special Interest Group on Sustainability and is Co-chair of the UNEP FI Property Working group. Paul was awarded the OBE for services to the property industry in the Queen’s Birthday Honours list in Summer 2003. He was made a Fellow of the Royal Society of Arts in 2007. Paul has published widely across a range of property-related topics, most recently specialising in property derivatives and the impact of sustainability on property investment.

Gary McNamara is an associate director at DTZ. Gary helped to develop the property derivatives offering within the DTZ and Tullett Prebon partnership, which began in October 2005. DTZ’s strategic partnership with Tullett Prebon offers a versatile and comprehensive range of brokerage, research and advisory services to clients looking to integrate property derivative contracts into existing portfolio management, investment and hedging structures.

In May 2001, Harm-Zwier Medendorp started his career as a Control and Information Analyst within TKPI (formerly named TPG KPN Pensioen). In March 2002 he changed his job and joined the real estate team of TKPI, at first as an Analyst. In the period between March 2004 and June 2005, Mr. Medendorp completed some complemen-tary projects as well. A commodity and inflation linked bond portfolio was constructed in coopera-tion with the fixed income department of TKPI. Mr. Medendorp became member of the Real Estate Committee of the Dutch Association of Finan-cial Professionals (VBA) in 2004. Today he is the chairman of that committee.

Dr Mokrane is Head of Research and Strategy at AEW Europe. He covers publications, strategic analysis supporting funds, investments, and portfolio allocation. Prior to joining AEW in 2004, Mahdi worked for IPD in France as Director of Research and Training. Before that, Mahdi was Associate Professor of economics and finance, University of Cergy, and ESSEC Business School (France). He also held a consultant position for the Caisse des Dépôts et Consignations (CDC) on securitization issues. Dr. Mokrane continues teaching at various postgraduate programs in real estate. His refereed publications include portfolio analysis, asymmetric information and market structure, index construction and risk management for real estate investments, portfolio simulation, forecasting, and valuation practices. His background is in mathematics and statistics (Dauphine University & ENSAE), and he holds a PhD in finance from EHESS. He is President of the French real estate research association (AREIM), co-chair of INREV’s Research Committee, member of the ICSC Europe’s Research Group, and of PEPCIG.

Hans Op ‘t Veld obtained a Master’s degree in Financial Economics in 1996 from the University of Maastricht University. He is Director of Equity Property Databank Ltd. (EPD), which produces detailed financial information on European listed property companies. EPD aims to produce comparable financial information for a comprehensive universe of European listed property companies. In his capacity as Head of Property Vehicles of Investment Property Databank (IPD) in London, he is responsible for vehicle level reporting, including the HSBC/APUT pooled property fund indices and the INREV indices. Furthermore, he teaches property finance and investment at a number of institutions, among which the Amsterdam School of Real Estate. His background is in real estate performance benchmarking and research. Hans was a partner with Global Property Research from its start in 1996, an international property consultancy firm specialized in performance measurement of property companies. Subsequently he joined Kempen & Co’s corporate finance practice in 2001, prior to joining IPD in 2003. He is a member of the benchmarking and performance measurement committee and index steering group of INREV and a member of the academic circle of EPRA. Op ‘t Veld has written various research papers on international real estate investments with a special focus on the performance of public and private real estate vehicles and is a member of the American Real Estate Society and the American Real Estate and Urban Economics Association.

Benoit is the head trader for European Property derivatives - Commercial and Residential - at Mrogan Stanley. Prior to this role Benoit served as a trader and structurer on the Synthetic CDO desk and the Fund Derivatives desk at Morgan Stanely. Benoit is "Ingenieur de l'Ecole Poytechnique" and holds a Graduate Degree from the ENST in Paris.

Guy Ratcliffe is Head of Property Derivatives (Europe) at Morgan Stanley. The Property Derivatives business at Morgan Stanley transacts a wide range of deals with clients, based on both residential and commercial real-estate indices. Guy has been involved in Property Derivatives for 8 years. Prior to joining Morgan Stanley in 2007, Guy worked for Abbey and Barclays.

Christophe Reech holds a Master in Mathematics and Physics and has already over 15 years experience in investment banks derivatives and financing. In February 1999, Christophe Reech, who had had been part of the driving team setting up and run derivatives divisions at Nikko Europe, Commerz Financial Products (the former derivatives arm of Commerzbank) and Banque Paribas (now part of BNP Paribas) - established Reech Capital PLC in London. In 2002, Time Magazine short listed him in its Top 25 European Innovators for his visionary concept and the following year, Capital IT included him in its Top 30 European Innovating Company. In 2003, Christophe Reech was awarded the Risk Magazine's "Technologist of the Year" Award. The very same year, Reech Capital was acquired by an American company. Three years later, he decided to found Reech AiM Group SA.

Iain is Chairman of the Property Derivatives Interest Group and CEO and CIO of Protego Real Estate Investors. Protego was founded in May 2004 and specialises in the creation and management of funds, direct and indirect property portfolios and synthetic instruments for all investor types. Iain is Chairman of the Investment Property Forum’s Property Investment Performance Committee and represents the IPF on the All Asset Class UK Investment Performance Committee. He is also sits on the NAPF Property Committee. In 2005, Protego won two Property Week awards – “Up and Coming Property Company of the Year” and “Innovation of the Year”, for its work in property derivatives. During the 1990s, Iain devised the first exchange-traded property derivative in the UK, known as Property Index Certificates (PICs). Several issues have since taken place in collaboration with BZW / Barclays Capital with whom he also created and ran a market for two years in Property Index Forwards, an O.T.C. derivative. In conjunction with Barclays Capital, Iain Reid and his team have executed in excess of £1.2 billion of property derivative transactions since the formation of Protego. Iain and his team continue to work with Barclays capital in arranging additional property derivative transactions, primarily in the form of Property Index Certificates

Carmine Rotondaro is the Worldwide Real Estate Director of the Gucci Group, for which he has been serving for the last six years. In such a capacity, he coordinates the real estate needs and projects of all the Gucci Group brands and divisions which include, beside Gucci, Yves Saint Laurent, Bottega Veneta, Sergio Rossi, Stella McCartney, Alexander McQueen, Balenciaga etc.. He is also managing editor of the IBFD loose leaf publication Tax Treatment of Transfer Pricing and of the IBFD magazine Derivatives & Financial Instruments. He is author of several articles and speaker at various congresses and conferences including the Financial Times 2006 Commercial Property Conference held in London and the 2007 Asia Luxury Property Conference

Pierre Schoeffler is a consultant in financial and real estate investments. He started his career as research fellow in fluid mechanics first at the French Institute of Meteorology in Paris, and then at the Swedish Institute of Meteorology and Hydrology in Norrköping. In the early 80’s, he entered the investment banking world as international portfolio strategist at Crédit Commercial de France (now HSBC France.) After setting-up the forex and fixed income trading and arbitrage activities, he headed assets and liabilities management as well as the finance and economics research department. In the 90’s he started and developed the investment banking activities of Svenska Handelsbanken in France and Europe. The focus was on cross border mergers & acquisitions and stock brokerage. Pierre Schoeffler is a graduate of Ecole Polytechnique in Paris and Ecole Nationale de la Météorologie. He also holds a M.Sc. in Applied Mathematics from Université Pierre et Marie Curie.

Dr. Christoph Schumacher is a German Qualified Lawyer, Director and Head of Indirect Investments and Structured Products of AMB Generali Immobilien, Cologne. He joined the Generali Group in 2005 as Head of the Offices of the Management Board and of the Supervisory Board / Head of Public Affairs of the AMB Generali Holding, Aachen. Before that he worked with Linklaters, in Berlin and London, as Officer/Head of the Office of the Minister for Finance in Berlin and as a consultant with KPMG. Christoph studied law in Freiburg, Geneva and Bonn. He frequently publishes articles on REITs, structured products, closed-end funds, investment- and foundation law.

Frédéric Suhit joined AXA Investment Managers in May 2006 as Head of AXA Derivatives platform, working on ALM solutions and executing derivatives for insurance companies. Prior to joining AXA Investment Managers, Frédéric worked in AXA Group Treasury at AXA from 2001. Before that, he was an Asset-Liability Manager at BNP Paribas. He also spent 3 years (between 1993 and 1996) in London as a Risk Analyst and Funding Manager at BNP Capital Markets. He started his career in 1990 as an Auditor, also in BNP Paribas