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Atlantic Conference

Atlantic Conference. The Market Environment Challenges and Opportunities. July 14, 2010. Bill Monagle, Partner and Senior Strategist. Macro Events - Debt. Sub-Prime Mortgages Residential Structured Credit Real Estate Commercial Residential Financial Institutions Bank Failures.

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Atlantic Conference

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  1. Atlantic Conference The Market Environment Challenges and Opportunities July 14, 2010 Bill Monagle, Partner and Senior Strategist

  2. Macro Events - Debt • Sub-Prime Mortgages • Residential • Structured Credit • Real Estate • Commercial • Residential • Financial Institutions • Bank Failures

  3. Commercial Mortgage Backed Securities - Issuance Source: Commercial Mortgage Alert – CRE Finance Council

  4. U.S. CMBS Issuance and U.S. Commercial Real Estate Sales are Correlated Source: Commercial Mortgage Alert – Real Capital Analytics – CRE Finance Council

  5. U.S. Commercial Real Estate Sales are Down and Cap Rates are Rising Source: Real Capital Analytics – CRE Finance Council

  6. U.S. CMBS Delinquencies Quarterly by Property Type Source: Trepp LLC – CRE Finance Council

  7. Comparison of Architects Billings (ARCHWOTB) and Inquiry (ARCHINQU) Indices Source: Bloomberg - AIA

  8. Real Estate - Commercial RE Loans Coming Due

  9. U.S. Bank Failures are Rising Source: Real Capital Analytics – CRE Finance Council

  10. Alternative Investment Disclosures • It is important to note the following characteristics of many non-traditional investment strategies including hedge funds, real estate and private equity: • Performance can be volatile and investors could lose all or a substantial portion of their investment • Leverage and other speculative practices may increase the risk of loss • These investments can be highly illiquid, and investors may be subject to lock-ups or lengthy redemption terms. There are no secondary markets for investors’ interests in hedge fund partnerships • Managers are not required to provide periodic pricing information to investors • These funds may involve complex tax structures and delays in distributing important tax information • These funds are not subject to the same regulatory requirements as registered investment vehicles • Fees are typically high • Trades executed for a hedge fund may take place on foreign exchanges • Limited partnership agreements often give the hedge fund manager authority to trade in securities, markets or currencies that are not within the manager’s realm of expertise or contemplated investment strategies

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