Philip Barker is a Senior Vice President at GFI Group in New York and leads the company’s collaboration with CB Richard Ellis to develop the real estate derivatives market in the US. Mr. Barker’s expertise includes brokering and trading various derivatives products, with a specialty in starting and growing new financial markets. Mr. Barker has held several senior executive positions in risk structuring and trading within the financial arena – including managing trading books in interest rates, derivatives and cash markets for a number of international banks. He served as Head of Precious Metals at the Royal Bank of Canada; VP- Commodity Derivatives at Merrill Lynch; and was a Senior Trader of Global Markets at Barclays Bank, spanning a 22-year career in the financial markets. Mr. Barker presents frequently at real estate industry and academic events and has been at the forefront in developing the property derivative asset class in the U.S..

Richard Buttimer is an Associate Professor of Finance and Real Estate in the Belk College of Business at the University of North Carolina at Charlotte. He is also the Program Director for both the MS in Mathematical Finance and the Ph.D. in Business Administration programs at UNC Charlotte. He holds both a BBA and a Ph.D. from the University of Georgia. Dr. Buttimer teaches a variety of finance and real estate courses at UNC Charlotte including Real Estate Capital Markets, Derivatives I, Fixed Income Derivatives, and Real Estate Finance. His primary area of academic research is the application of option theory to real estate problems. He has published papers on topics such as mortgage default modeling, the valuation of mortgage servicing rights, the valuation of real-estate linked swaps contracts, and options-based models of land development in many academic journals including Real Estate Economics, The Journal of Real Estate Finance and Economics, The Journal of Money, Credit, and Banking, The Journal of Housing Economics, and Public Budgeting and Finance. He is a member of the editorial board of both Real Estate Economics and The Journal of Real Estate Finance and Economics.

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.

Robert is Global Head of Property Markets at Reuters and is based in London. In 2006, Robert started www.reutersrealestate.com – a new initiative at Reuters to create a global information hub for real estate investment community. Robert joined Reuters in 1998 and worked in variety of roles including four years as Head of Corporate Foresight in Reuters Group Strategy. He holds a dual MBA degree from Columbia Business School in New York and London Business School. Robert is also an international master in chess.

Jim Clayton is the Director of Research at the Pension Real Estate Associate (PREA) in Hartford, CT and an Associate Professor of Real Estate and Finance in the College of Business at the University of Cincinnati. Jim serves on the editorial boards of Real Estate Economics and the Journal of Real Estate Portfolio Management, as well as the advisory board of the Real Estate Research Institute (RERI). He previously served on the board of directors of the American Real Estate and Urban Economics Association (AREUEA). Jim received his Ph.D. in Urban Land Economics from in the University of British Columbia (1994) and is a past recipient of the Homer-Hoyt Institute post-doctoral fellowship. He is the lead instructor for the Advanced Real Estate Finance course offered through the National Association of Office and Industrial Properties (NAIOP), and he has taught professional development courses in Real Estate Finance and Capital Markets at the MIT Center for Real Estate and for PriceWaterhouseCoopers.

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.

Geoffrey Dohrmann, CRE, is founder, president and chief executive officer of Institutional Real Estate, Inc. ‹ a San Ramon, California-based publishing and consulting company focused on meeting the information needs of the commercial real estate investment community. In this capacity, he also serves as publisher and editor-in-chief of several leading industry publications, including: The Institutional Real Estate Letter, High Return Quarterly, Global Quarterly, the European Real Estate Quarterly, the Institutional Real Estate Newsline and Surreal Estate (Institutional Real Estate, Inc.¹s weekly e-mail newsletter), as well as numerous special reports on the industry. Mr. Dohrmann also serves as the editor-in-chief of the company¹s newest publication, The Institutional Real Estate Letter - Europe, launched in January of 2007.

Blake Eagle is CEO of the National Council of Real Estate Investment Fiduciaries (NCREIF). NCREIF is a Chicago based non-profit commercial real estate industry association focused solely on the collection, processing, validation and publication of investment performance return information on commercial real estate assets owned in the private market by pension funds, endowment funds and other categories of institutional investors. Mr. Eagle played the leadership role in the founding of NCREIF. NCREIF membership is comprised of real estate investment managers, pension funds, endowments, consultants, certified public accountants, appraisers, and academics. From 1994 through 2000, Mr. Eagle was the Thomas G. Eastman Chairman, Center for Real Estate, Massachusetts Institute of Technology. The Center offers a Master of Science in Real Estate and engages in a wide variety of research and educational programs. The Center, founded in 1985, has awarded more than 700 MS degrees. Over 90% of MIT/CRE graduates are engaged in the real estate business around the world.

Neal Elkin is President of Real Estate Analytics LLC (REAL), the real estate capital markets business of State Street Global Markets. REAL was formed with the purpose of designing and commercializing a unique set a transaction-based indices, derivative products, and asset management vehicles. Prior to joining REAL, Neal was the Executive Vice President/CFO of Real Capital Analytics (RCA). RCA’s data is the cornerstone of REAL’s indices. Neal had been involved with RCA as a principal and joined the firm full-time in 2004. He remains on their Board of Directors. Previously, Mr. Elkin spent 17 years at JPMorgan, where he worked in a variety of trading, risk management, and marketing functions. He spent 10 years as a trader working in the currency derivative business, ultimately responsible for JPMorgan’s Asia-Pacific FX options business while based in Singapore. After returning to New York in 1996, Mr. Elkin created and marketed Emerging Asia fixed income and currency derivative products to US and Latin American investors. Soon afterward, Mr. Elkin led a team that helped Asian sovereign and corporate clients raise funds from US investors via the fixed income markets. His final five years at JPMorgan were focused on creating and marketing Latin American structured credit products leveraging Credit Default Swaps. In addition, he led the team that created TRAC-X EM, an index based on Emerging Market Credit Default Swaps.

Michael Feder has over 30 years of experience in financial services, having begun his career at the Chase Manhattan Bank in 1973. He joined The First Boston Corporation in 1980, where he became a managing director in capital markets in 1988. Prior to joining Radar Logic as President and CEO in 2005, Mr. Feder was the CEO of The Feder Group, a private investment banking advisory firm located in New York City. Mr. Feder received his B.A. from Hamilton College.

Michael Giliberto, managing director, is Director of Portfolio Strategy within the Real Estate and Infrastructure Investment Group at JPMorgan Asset Management, the global investment management business of JPMorgan Chase. An employee since 1996, Mr. Giliberto is senior portfolio manager for real estate multi-strategy products and oversees portfolio management and research teams. Mr. Giliberto has authored many publications about real estate investment performance, asset allocation, and capital markets. He is a frequent speaker at industry events and is active in numerous professional organizations. He was a Director of the Pension Real Estate Association (PREA) for six years and served as Treasurer and Chairman of that organization. Working with John B. Levy, Mr. Giliberto created the Giliberto-Levy Commercial Mortgage Performance Index. He received the 1996 Graaskamp Award for research excellence from PREA, is a past President of the Real Estate Research Institute and a Fellow of the Homer Hoyt Advanced Studies Institute. In addition, he serves on the editorial boards of several scholarly and professional journals. Recently, Mr. Giliberto helped launch RED-SIG, the U.S. real estate derivatives special interest group.

Jeffrey Havsy, Global Strategist at PPR, is responsible for U.S. office market coverage and helping design real estate derivatives and build PPR’s research capabilities in Europe and Asia. He was most recently Vice President-Strategic Research at Equity Office Properties, where he spearheaded long-term research projects for the company’s holdings. This included market and submarket analysis of EOP’s Strategic Markets, special studies, coverage of international real estate markets, and potential expansion markets. Prior to Equity Office, he was at LaSalle Investment Management as a senior vice president in the research group. There he managed the daily operations of the research group, provided strategic advice to three private REITs, quantified the risk of various corporate development projects for senior management, and developed risk management measures for co-investments. Before LaSalle, he designed new financial products for the Chicago Board of Trade.

Matthew Hill is Chief Investment Officer and Managing Partner of MSS Real Estate LLP, which established and manages the FTSEpx Fund that provides performance data for the FTSE UK Commercial Property Index Series. 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 across Europe. Matthew is a chartered surveyor, has a MBA from Henley Management College and a degree in civil engineering from Kingston University.

Ahsim Khan currently heads the CMBS trading desk at Morgan Stanley that is responsible for all trading of CMBS, Single Name CDS, CMBX, RE CDO, and Commercial Property Derivatives. Ahsim hold a B.S. in Economics from the Wharton School at the University of Pennsylvania and a M.S.E in Systems Engineering from the University of Pennsylvania.

Patrick Lecomte is a researcher in the Real Estate Center at the University of Cincinnati. He specializes in financial innovation applied to commercial real estate. Mr. Lecomte has published on the topic of real estate derivatives in the Journal of Real Estate Portfolio Management and the Institutional Real Estate Letter. He was recently awarded the best paper award sponsored by the Fannie Mae Foundation for his work on property futures and options based on NCREIF Property Indices presented at the American Real Estate Society 22nd Annual Meeting. Mr. Lecomte holds an MBA form Columbia Business School, an MPhil in Real Estate Finance from Cambridge University (England) and a post graduate degree from the University of Paris-Dauphine. He is a member of the Investment Property Forum (London), the American Real Estate Society, and the American Real Estate and Urban Economics Association.

Simon Mallinson joined IPD in 1997 to work within the UK Monthly Index team and specialised in the analysis and measurement of pooled property funds (unit trusts and limited partnerships) and listed property companies. Simon developed and launched the IPD’s Pooled Property Fund Indices (a quarterly publication of pooled fund level performance listings sponsored by HSBC & APUT) in 2000 and worked alongside IPD Research to develop the first Directory of UK Limited Partnerships. Currently, Simon is responsible for the development of IPD Portfolio Analysis Services in the USA and of ensuring US understanding and access to IPD’s global data products. Simon holds two degrees; a Masters in Property Investment and Development from UMIST and a BA Hons in Geography from the University of Leeds. He is currently IPD’s representative at NCREIF, PREA and MIT’s Center for Real Estate. He moved to Chicago in October 2005.

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. Gary is a chartered surveyor, has a MSc in International Real Estate from the University of Reading and a degree in Electronic & Mechanical engineering from University of Reading.

Jonathan Miller is co-founder and President/CEO of Miller Samuel Inc., a New York real estate appraisal and consulting firm. He is also a co-founder and managing principal of Miller Cicero, LLC, which provides commercial real estate valuation services in Manhattan, Brooklyn, Queens and The Bronx. He authors a series of reports on the New York residential housing market with an annual distribution of more than 300,000. He has served on advisory panels for Trulia, Inc., the Employee Relocation Council and Fannie Mae. He is a member of the Mayor's Economic Advisory Panel for the New York City Office of Management and Budget as well as the New York City Council Finance Committee Economic Advisory Board. A frequent public speaker on real estate market conditions and valuation issues, Mr. Miller has participated in, or his statistics have been used within, research projects with a number of government agencies, consulting groups, and academic institutions. Mr. Miller received his B.A. from Michigan State University.

Rawle is currently Executive Director, Property Derivatives within Global Markets at ABN AMRO. Rawle played a pioneering role in the European property derivatives market, executing a number of market firsts. He has been in the derivatives markets since 1994. Rawle has been involved in equity and credit derivatives markets in the early stages of development. He previously worked for UBS, JP Morgan and Rabobank and qualified as a Chartered Accountant with Ernst and Young. He completed his undergraduate studies at University of Cambridge in engineering

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.

James Rehlaender is primarily responsible for the firm’s global real estate investment activities. Jim began his career in international banking in 1975 focusing on the emerging markets. He joined LaSalle Partners (now Jones Lang LaSalle) in 1981 where he developed and marketed their REIT investment activities and was intimately involved in many complex real estate project financings, workouts and investment advisory assignments. In 1996, Jim founded Global Property Advisors with one of the largest German insurance companies to invest in Global Real Estate Securities and Mezzanine Debt. He merged Global Property Advisors into European Investors in 2000. At the outset of his business career, Jim was a banker focusing on Latin American markets and later became a partner in a venture capital firm. He has taught classes in real estate finance at Northwestern University and New York University. He currently serves on the Executive Board of EPRA, the property securities industry association. Jim spent much of his childhood in Europe and returned to the US for university where he received his undergraduate degree (BA) from the College of William and Mary, Williamsburg, Virginia and an MBA from Northwestern University, Chicago, Illinois.

Robert Shiller is the Stanley B. Resor Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and fellow at the International Center for Finance, Yale School of Management. He received his B. A. from the University of Michigan in 1967 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1972. He has written on financial markets, financial innovation, behavioral economics, macroeconomics, real estate, statistical methods, and on public attitudes, opinions, and moral judgments regarding markets. He is also co-founder and Chief Economist of MacroMarkets LLC, a growth company on a mission to add liquidity to important economic interests and asset classes throughout the world.

Jonathan Smoke is the founder and president of BlueSmoke, LLC, a research and advisory services firm leveraging technology and innovation to empower decision makers to make the best possible decisions regarding their residential real estate investments. Before starting BlueSmoke, Jonathan was senior vice president, corporate strategy and innovation, at Beazer Homes USA, the sixth largest homebuilder in the U.S. based on homes closed. Jonathan was responsible for strategic planning, market research, operational performance management, and Beazer's comprehensive customer experience program. Prior to Beazer, Jonathan served as a principal in the Global IT practice of Lend Lease Corporation, an Australian based construction, real estate, and financial services company where he was responsible for ebusiness strategy and initiatives. Prior to Lend Lease, Jonathan worked for Deloitte & Touche in its management consulting divisions. During his last two years of consulting, he was a Senior Manager in the Management Solutions & Services, where he was a national leader of the real estate operations and systems consulting practice. Jonathan is a graduate of Rhodes College in Memphis, Tennessee, where he graduated magna cum laude and Phi Beta Kappa with a Bachelor of Arts degree in Economics and Religious Studies in 1991. He is also a graduate of the McCombs School of Business at the University of Texas at Austin, with a Master of Business Administration degree.

Mr. Stevens is a Principal with Guggenheim Real Estate whose primary responsibilities include evaluating direct property investments, third party funds, and public versus private asset allocations. Prior to joining Guggenheim Real Estate LLC, Will was a Vice President in the Capital Transactions Group at Lend Lease Real Estate Investments. At Lend Lease, Will focused on the acquisition of a wide array of real estate assets including office, retail, multi-family and industrial properties, as well as mezzanine loans and distressed debt. Prior to joining Lend Lease, Will worked in investment banking at Jones Lang LaSalle and First Union Securities. He is a graduate of Wake Forest University and holds an MBA from Northwestern University’s Kellogg School of Management.

12 years of real estate research experience-James has covered all property sectors and markets in the U.S. as well as Canada and Mexico. Prior to joining Broadway Partners, Mr. Valente was a Senior Vice President and Head of Research & Strategy for ING Clarion. He has also held senior research positions at BlackRock Realty (formerly SSR Realty) and Cornerstone Real Estate Advisors. He is a Fellow at the Homer Hoyt Institute and Senior Associate Director at the American Real Estate Society; he is also a member of the Pension Real Estate Association, the National Council of Real Estate Investment Fiduciaries, the National Association of Real Estate Investment Trusts, the National Association of Real Estate Investment Managers, the International Council of Shopping Centers and the Urban Land Institute. James holds a B.A. in economics and an M.B.A. with concentrations in real estate and finance from the University of Connecticut; He is currently completing a Ph.D. in financial economics and Fordham University.

Ms. Venter jointed CB Richard Ellis Investors in 2007 as a Director in the Research group. Her primary focus is the development and execution of synthetic investment strategies to improve portfolio performance. A recent graduate of the Massachusetts Institute of Technology, Jani’s Master of Science in Real Estate Development thesis analyzed the barriers to growth in the U.S. commercial real estate derivatives market by way of a comparative analysis between the U.K. and U.S. markets and their respective application of derivatives in real estate investment and management decisions. Prior to joining CB Richard Ellis Investors, Ms. Venter worked as an architect, evaluating, coordinating and managing multi-family, commercial and retail developments. Ms. Venter received a Master of Science in Real Estate Development from the Massachusetts Institute of Technology. She received Bachelor degrees in both Building Arts and Architecture from the University of Port Elizabeth, South Africa.

Anthony (Tony) Zaccaria was appointed Associate Director, CME Alternative Investments, in July 2006. He is responsible for the development and communications for CME Real Estate products and NYMEX products traded on CME Globex. Zaccaria joined CME in 2004 as Associate Director of the Globex Learning Center (GLC) to assist CME’s membership community with transitioning from floor-based to screen-based trading. Before joining the company, Zaccaria headed the institutional desk of Mizuho Securities at the Chicago Board of Trade developing electronic trading execution procedures. Prior to that, Zaccaria was a floor broker with Morgan Stanley and an independent trader for 16 years. He earned a bachelor’s degree in finance from Indiana University.