Newt Gingrich Special Guest— Keynote Speaker How will the upcoming Presidential election affect you and your ?

2012 Annual Conference October 7-9, 2012 • Caesars Palace • Las Vegas 2012 REISA Annual Conference Contents

Welcome______2

Planning Committee and Staff______3

Executive Officers and Board of Directors______4

Conference Agenda______5

Exhibit Hall Floor Plan______14

Hotel Maps______15

Keynote Speaker Biographies______16

Enduring Commitment Speaker Biographies: The Regulators______17 Speaker Biographies______18 Now, more than ever, investors need the guidance of financial advisors to achieve their investment goals. Diamond Sponsor______39 Behringer Harvard delivers valuable insight and education to support financial advisors in this important process. The company’s founders have created and managed alternative investment programs for institutions and Platinum Sponsors______43 individuals for nearly three decades. From our start as a small entrepreneurial team to our current status as a global enterprise, our mission remains the same: to provide investors opportunities we believe in. Gold Sponsors______51

Silver Sponsors______69

Notes & Connections______71

behringerharvard.com

This material is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by the applicable offering document filed or registered with appropriate state and/or federal regulatory agencies, and sold by broker-dealers authorized to do so.

2012 REISA Annual Conference 1 2012 REISA Annual Conference 2012 REISA Annual Conference Welcome Planning Committee & Staff

Thank you for attending the 2012 REISA Annual Conference! Richard Chess Michael Fugler Todd Snyder Chess Law Firm ASG Securities Inc. Snyder Kearney As the Co-Chairs for the Conference, and past presidents Co-Chair Block Leader Block Leader Bill Winn David Gorenberg Darryl Steinhause of REISA, we want to welcome you and do everything to Passco Companies LLC Citibank DLA Piper Co-Chair Block Leader Block Leader ensure that your experience at the Conference exceeds your Mike Hasson Alyson Harter Angela Ahlholm Strauss expectations. United Development Funding Kaplan Voekler Cunningham & Frank LLP Nomax Group Event Operations Block Leader Block Leader An excellent schedule of presentations has been developed Mike Bendix Kamal Jafarnia Brad Updike DFPG Investments, Inc. Alston + Bird LLP Mick & Associates PC LLO that we hope you’ll find engaging and relevant to your Marketing Block Leader Block Leader Anthony Chereso DeVonna Murrin Thomas Voekler business. During the event, if you have general comments FactRight LLC Silber Bennett Financial Kaplan Voekler Cunningham & Frank LLP or suggestions on how to make the Annual Conference work Block Leader Block Leader Block Leader Dan Cullen Derek O’Leary Phileo Williams Co-Chair Rick Chess best for you, please send them our way at [email protected] Bryan Cave LLP ICON Investments/CION Investment Services Missouri Valley REIT Inc. Chess Law Firm Block Leader Block Leader Block Leader and [email protected] Dan Dean Daniel Oschin Dana Woodbury PREIT Capital Advisors KBR Capital Partners Buttonwood Investment Services, LLC We hope that you enjoy the sessions being offered at this Block Leader Block Leader Block Leader Paul Dunn Derek Peterson Dustin Zachmeyer year’s event. Bluerock Capital Markets LLC Walton International Group (USA), Inc. KBR Capital Markets Block Leader Block Leader Block Leader Deborah Froling Justin Reich Arent Fox LLP APX Energy, LLC Rick Chess & Bill Winn Block Leader Block Leader

John Harrison Tanisha Bibbs Katie K. Riggs, CMP Executive Director/ Education & Meetings Meeting Planner Chief Executive Officer Coordinator

Co-Chair Bill Winn Passco Companies LLC Jennifer Fitzgerald Tony Grego Director of Marketing Director of Business Development

2 2012 REISA Annual Conference 2012 REISA Annual Conference 3 2012 REISA Annual Conference 2012 REISA Annual Conference Agenda 2012 Executive Officers Sunday and Board of Directors October 7

– Continuing Education credit offered for this session. – Direct Participation Professional credit offered for this session. Daniel Oschin Greg Paul President Director 1:00 - 1:50 PM 1031s: 101 KBR Capital Partners CTT/REITauctions.com Emperors I Like Kind Exchange represent a basic financial planning tool, and sometimes an estate planning tool, for many investors. This dynamic and interactive program will have two experts completely deconstruct 1031 exchanges, and show you all of the nuts, bolts, and specialty tools that you need to understand when working with clients on their 1031 exchange transactions. Facilitators: Rick Chess, Chess Law Firm PLC; David Gorenberg, Citibank - 1031 Exchange Services

1:00 - 1:50 PM Energy 101: Defining the Asset Class from a Market, Operational and Investment Perspective Michael Weil DeVonna Murrin Palace I In this one hour block of instruction, we are going to introduce the energy asset class to you. The main topics of discussion will President-Elect Director include: (i) an overview of current oil and gas market developments, (ii) an explanation of the various types of oil and gas assets American Realty Capital Silber Bennett Financial acquired in retail programs, (iii) an explanation of how seasoned oil and gas professionals actually go about selecting assets for retail energy programs, (iv) an overview of oil and gas operations and how the operational landscape differs across the U.S., and (v) an overview of the potential benefits and risks associated with the most common forms of retail energy programs, which include drilling programs and royalty/income designed programs. This is a “don’t miss” learning opportunity for attendees with a novice level of energy knowledge and also a good learning opportunity for advisors and due diligence officers with a basic to Rick Chess intermediate level of knowledge. Craig M. Porter Rollins Moderator: Justin Reich, APX Energy, LLC Immediate Past President Director Chess Law Firm LJCooper Wealth Advisors Panelists: Lamar Loyd, Noble Royalties, Inc.; Reese Pinney, Gulf South Holding Inc.; Paul Thomas, Oil States Trading; Gary Redwine, Resource Royalty, LLC

1:00 - 1:50 PM Promises & Pitfalls of New Product Development Palace II Learn about the product development process, the various costs to create a new program, the financial commitment that must be made Tony Chereso by the sponsors, the different structures, the new liquidity options, and what is the level of liability exposure for the issuer/sponsor. Vice President Deborah Froling Moderator: James Tanaka, American Realty Capital FactRight LLC Director Panelists: Kimberly Smith, Cole Investments; Brian Conlon, Inland Real Estate Investment Corporation; Arent Fox LLP Michael Reisner, ICON Investments

1:00 - 1:50 PM Asset Allocation and Real Estate Palace III Come learn more about trends in asset allocation versus historical approaches and the attendant role of commercial and residential real estate alternatives in meeting these portfolio management needs. This session will also touch on questions related Mark Kosanke to allocating by and among sectors of real estate, in different parts of the capital structure, and through private or public vehicles. Treasurer Brad Updike It will address the pros and cons in each type of approach in achieving a balanced strategy and touch on differences between real Concorde Investment Services LLC Director estate alternatives and more traditional non-real estate alternatives. Mick & Associates PC LLO Moderator: Dan Dean, PREIT Capital Advisors Panelists: Steve Hutek, Time Equities; Matt Malone, Snyder Kearney; Randy Beckman, LD FIN

Bill Winn 2:00 - 2:50 PM TIC Update & DST Forecast Secretary Emperors I Are TICs going the way of the dinosaurs? Have DSTs completely replaced them? What are the relative advantages and Passco Companies LLC Non-voting (Ex-officio) disadvantages of the two tools? This panel explores where the TIC and DST markets have been over the past several years, and Directors where they may be headed in the coming years. Moderator: Mark Kosanke, Concorde Investment Services Darryl Steinhause Panelists: Patricia DelRosso, Inland Private Capital Corporation; Thomas Jahncke, Passco Companies, LLC; Thomas Voekler, Legal Counsel Kaplan Voekler Cunningham & Frank LLP Dustin Zachmeyer DLA Piper 2:00 - 2:50 PM Oil and Gas Tax Planning Assistant Treasurer Palace I Oil and gas tax planning has been one of the focus points of the REISA Energy Education series over the past two years, and this session KBR Capital Markets will lead off with some insights from experienced tax professionals on how the tax rules that apply to oil and gas are misunderstood by advisors from a conceptual and planning point of view. In that regard, the panel will (i) clarify the fundamental tax law principals that you need to know from a selling and consulting perspective, and (ii) provide some insights on planning opportunities that are Tim Snodgrass often overlooked by advisors in the financial services arena. In addition to providing some basic knowledge on the most common tax Axxcess Capital LLC benefits associated with the asset class, some other areas of discussion in this session will include an overview of current case law Hollis Greenlaw developments occurring in 2012 affecting IDC deductions and a presentation of some realistic case studies that are designed to help Director you understand what types of energy products would be appropriate for certain accredited investors. United Development Funding Moderator: DeVonna Murrin, Silber Bennett Financial Panelists: Jack Hollander, Atlas Resources LLC; Michael Miller, SIGMA Financial Corporation; Brad Updike, Mick & Associates PC LLO

4 2012 REISA Annual Conference 2012 REISA Annual Conference AGENDA 5 2:00 - 2:50 PM Product Distribution: Embracing Various Channels & Their Costs 4:00 - 4:50 PM Energy 401: Due Diligence Practices from a Sponsor and Program Level Perspective Opportunity Palace II Understand fundamentally what is the difference between selling through a BD vs. an RIA vs. Institutional. What are the obstacles Palace I A must attend session for (i) due diligence personnel that are seeking to provide their sales force with competitive offering to each distribution channel and what are the costs (in dollars and otherwise)? What are the benefits of one channel vs. the other? products in the oil and gas space, and (ii) reps and advisors that want to understand what drives performance. To this end, the Is one channel better for one group than the other and why? presenters will discuss techniques used by experienced industry professionals to evaluate oil and gas sponsors, operators, Moderator: Kamal Jafarnia, Alston & Bird projects, and offerings. The first part of the session will discuss due diligence from a sponsor/operator review perspective and Panelists: Mark Peterson, Behringer Harvard; Michael Ponticello, SQN Capital Corporation; Lavea Thomas, Realty Capital Securities will focus on prudent review practices from a back-office operational perspective. The second part of the session will address the economic modeling aspect of the review process and the characteristics of oil and gas programs that provide competitive 2:00 - 2:50 PM Diversifying Real Estate Portfolios investor returns. The session will include commentary from the panel about what circumstances would present red flags during Palace III The recent recession has required investors to rebuild their portfolios by reassessing risks and revisiting performance the due diligence review process and will provide some additional helpful commentary about certain concepts that are greatly expectations. This session will provide an in-depth discussion of diversification benefits and strategies within commercial real misunderstood within the financial services industry in relation to this asset class. estate portfolios, including traditional diversification based on asset type (including specialized types such as hotels and Moderator: Brad Updike, Mick & Associates PC LLO self-storage), geography, size, characteristics and value, and other diversification methods. Panelists will also discuss the art of Panelists: David Foshee, Waveland Energy Partners; Dana Woodbury, Buttonwood Investment Services; Brett Evans, Hull balancing risks and returns, targeting specific return rates, timing of investments, holding periods and performance monitoring. Evans & Kob LLP; Justin Reich, APX Energy LLC Moderator: Larry Sullivan, Passco Companies, LLC Panelists: Dr. Randy Anderson, PhD, Bluerock Real Estate, LLC; Philip Welch, Somerset Partners LLC; Jacob Frydman, United 4:00 - 4:50 PM Financial Modeling: Fantasy vs. Reality Realty Trust Inc.; Michael Schwartz, Strategic Capital Holdings LLC Palace II Performance of the portfolio from a financial perspective. Understanding what is Funds from Operations (FFO) and “modeling the portfolios performance.” What does it mean for the fund to be successful from a financial operations perspective? How should a 3:00 - 3:50 PM 1040 Mining for Business sponsor respond to criticism of a “successful offering” when FFO is not covering distributions? Is there a difference in evaluating Emperors I A careful review of your clients’ Form 1040 can reveal a variety of planning needs that often go overlooked. A review of their FFO & MFFO in a net program vs. an operating business? Discussion may touch on FINRA’s emphasis for short-term (daily) income sources, especially the sources of interest and dividend income, can reveal much about their risk tolerance level, valuations; measuring the value of a property based on initial projections (e.g., why you paid original purchase price vs. focusing investment philosophy, and their existing plans – if any. This distinguished panel will review these and other tools for mining sales on value of property now based on current macro real estate market). gold from your clients’ 1040s. Moderator: Brian Block, American Realty Capital Moderator: Lou Weller, Bryan Cave LLP Panelists: Michael Schwartz, Strategic Capital Holdings LLC; Kevin Shields, Griffin Capital; Mike Ezzell, Cole Real Estate Panelists: Joe Luby III, Jagen Investments LLC; Richard Lipton, Baker & McKenzie LLP; Mark Kosanke, Concorde Investment Services Investments; Jennifer Weiss, Alston & Bird LLP

3:00 - 3:50 PM Energy Marketing Practices: How to Effectively and Responsibly Source and Market the Opportunity 4:00 - 4:50 PM Debt Markets – Where Are We Now? Palace I In this session, attendees will be given valuable instruction on private energy program suitability, where these investments fall Palace III As part of their evaluation process, investors in alternative real estate investment products must assess leverage requirements into the overall portfolio management picture, and best practices for marketing these programs to prospective clients. This is an at the transaction level needed to achieve targeted equity returns and whether those requirements provide for a prudent capital excellent opportunity for advisors to learn how to market this asset class and for broker-dealer personnel to learn about how their structure. Panelists will discuss the improving debt markets and current concerns and obstacles for borrowers, including debt reps should be marketing the asset class from a regulatory compliance perspective. The covered topics in this session will include service coverage ratios, certainty and timing of closing and flexibility in loan terms. (i) why clients invest in drilling and royalty programs, (ii) how to prequalify suitable clients for energy programs, (iii) how to begin Moderator: Matt Sharp, Hamilton Point Investments LLC an intelligent sales conversation with a prospective client about retail energy opportunities, (iv) what are the concerns investors Panelists: Trevor Brotman, Wells Fargo Multifamily Capital; Zach Grabill, Kaplan Voekler Cunningham & Frank LLP; Alan Clifton, have about alternative energy investments, (v) what to do and what not to do in a sales presentation, (vi) how to manage investor Passco Companies LLC expectations appropriately, and (vii) how energy generally fits into the overall asset portfolio. Moderator: Mike Greer, Waveland Energy Partners LLC 5:00 - 5:40 PM Conference Kickoff: Welcome and REISA Awards Panelists: Chris Fiano, Penneco; Matthew Iak, U.S. Energy Development Corporation; Woody Soemantoro, Catalyst Energy Inc.; Augustus V - VI REISA kicks off its Annual Conference with a welcome from the Conference Co-Chairs and Past Presidents, Rick Chess and Bill Winn. Brannon McPherson, MDS Energy Development Daniel Oschin, REISA President will provide a brief overview of REISA’s busy year and how it has been evolving. Next, join us for a celebration as REISA recognizes some exceptional people in our industry. Honors to be awarded include the 2012 REISA President’s 3:00 - 3:50 PM Business Prevention or Business Preservation: The Role of Due Diligence & Compliance Award, the Distinguished Service Award and the Annual Champion of Excellence Award. Then, listen as our President-Elect, Michael Palace II As much as industry prefers to not discuss compliance and diligence for fear that it may have a chilling effect on the sales Weil, lays out the vision for REISA in 2013 and beyond as well as some challenges and opportunities for our industry. process, these two functions are very important to the success of any new sponsor. It is where the “rubber meets the road” in Host: Daniel Oschin, KBR Capital Partners & 2012 REISA President determining the reality of whether your deal is marketable or not. Process, time, cost, systems, follow-up, etc. all are important and need to be in place. Asset class, product type and offering type (public vs. private) may directly impact the level and extent of 5:40 - 6:30 PM Future of Alternative Investments diligence and compliance required as certain asset classes or product types are more sophisticated than others. Augustus V - VI Alternative investments are evolving rapidly in our dynamic and complex marketplace. A distinguished panel of industry leaders Moderator: Dana Woodbury, Buttonwood Investment Services will provide insight and perspectives on the future of alternative investments, with a specific focus on non-traded structures and strategies. With ever changing and challenging regulations, laws, investor preferences and interests, we are all faced with Panelists: Bart Malcolm, Bowman Law Firm, LLC; Angela Ahlhom Strauss, Nomax Group; Chet Hebert, The Compliance Department, Inc. opportunity and obstacles. In this unique forum, you will get a glimpse of the future and learn what it may hold for each of us. 3:00 - 3:50 PM Assessing Sponsorship and Management Moderator: Daniel Oschin, KBR Capital Partners & 2012 REISA President Palace III In competitive industries, picking the best people and teams to access, choose, price, make, manage, monitor and exit Panelists: Dick Pfister, CAIA, Altegris Investments; Rusty Tweed, Tweed Financial Services; Frank McCarthy, Ameriprise Financial; investments is ultimately the single most important determinant in predicting success. This session will discuss assessing a Michael Weil, American Realty Capital team’s track record along all of these vectors of success. It will ask important questions related to assessing the organizational architecture of a sponsor, the relationship of responsibility and authority in a management team, as well as bench depth and 6:30 - 7:30 PM Cocktail Reception institutional knowledge. It will also raise questions around incentives and disincentives and alignment of interests between Exhibit Hall Enjoy hors d’oeurves and beverages while you network and catch up with fellow attendees and exhibitors. sponsors and investors. Moderator: Todd Snyder, Snyder Kearney Panelists: Matt Sharp, Hamilton Point Investments LLC; Neil Greene, Newbridge Securities; Jackie Wadsworth, IMS Securities Inc.

4:00 - 4:50 PM Advanced 1031 Planning Emperors I 1031 exchanges range from simple, single property transactions, to those involving portfolios of , as well as non-real estate transactions. At their most basic, 1031 exchanges help defer capital gains and depreciation recapture taxes. Used properly, 1031 exchanges also serve as asset allocation and estate planning tools. This panel will dive deep into the more advanced components of planning for future 1031 exchange transactions, as well as using those transactions for more complex planning purposes. Moderator: David Gorenberg, Citibank - 1031 Exchange Services Panelists: Richard Lipton, Baker & McKenzie LLP; Steve Meier, Jenner & Block; Scott Sheehan, 1031 Investment Services LLC/ Investors Capital Corp

6 AGENDA 2012 REISA Annual Conference 2012 REISA Annual Conference AGENDA 7 2012 REISA Annual Conference Agenda including sales, suitability and required disclosures. Panelists will identify how certain rules and regulations apply to the various types of offerings and how due diligence can be critical in the process to identify potential risks. DPPs cover a wide variety of industry sectors, including real estate, energy, equipment and commercial debt; and they also have a low correlation with other securities and consequently can provide further portfolio diversification. DPP offerings are sold as restricted Monday securities, and they can be risky investments, difficult to value, and illiquid. This session will also address the legal, tax and regulatory issues surrounding DPP offerings. October 8 Moderator: Brandon Balkman, Keystone National Group Panelists: Daniel Cullen Esq., Bryan Cave LLP; Michelle Galeski, Rep Driven Results, LLC; Greg Mausz, J.P. Turner & Company LLC

– Continuing Education credit offered for this session. – Direct Participation Professional credit offered for this session. 10:45 - 11:45 AM REIT Valuations: Are The Numbers Being Pulled Out Of A Magic Hat? Emperors I Valuations surrounding non-traded REITs have varied widely. As the regulators look to codify rules surrounding what should and 7:30 - 8:30 AM New and Potential Member Breakfast should not be reflected on the investor’s statement, the issue of transparency and clarity regarding the approaches continue to be Emperors II Have you just joined REISA, or are you considering becoming a member? Enjoy breakfast with industry leaders who will give you debated. In light of some of the recent share valuations, this session will discuss standards and best practices the industry should a clear perspective on REISA, its programs, members and purpose. consider and what level of detail should be disclosed to assist the broker-dealers and advisors. The following will also be discussed: • When should valuations be published? 7:30 - 8:30 AM Breakfast Buffet & Sponsor Showcase • Level of disclosures on methodology and underlying assumptions Exhibit Hall Start your day off right! Enjoy a delicious breakfast buffet and visit with our exhibitors. • How objective are the valuations? • What should or should not be included (i.e., enterprise value) 8:30 - 9:15 AM Stanger Update with Kevin Gannon • Who was involved with the valuation and what was their role? Augustus V - VI Kevin Gannon, Managing Director for Robert A. Stanger & Co., Inc., the company that brings you the Stanger Report, will provide • When should new valuations be announced in relationship to repricing the shares? a review of current market trends and the outlook for the Non-Traded REIT industry. He will explore such topics as where retail • Impact on DRIP and redemptions investors are channeling their capital; fundraising trends among different non-traded REIT products; how new entrants to the non-traded REIT market are faring and challenges for existing sponsors to preserve market share; the evolution of independent Panelists: Brian Block, American Realty Capital; Martel Day, Independent Realty Advisors, LLC; Frank McCarthy, Ameriprise wholesale distribution platforms; the impact of “legacy” issues; and next generation product strategies. Financial; Ella Neyland, Steadfast Income REIT Moderator: Daniel Oschin, KBR Capital Partners & 2012 REISA President 10:45 - 11:45 AM BDCs 102: Structuring a Successful BDC – Due Diligence Considerations Speaker: Kevin Gannon, Robert A. Stanger & Co., Inc. Palace I With the recent success of Business Development Companies (BDCs), sponsors are bringing new product to market – and the pipeline continues to grow. Our panel of experts discusses product structure and due diligence considerations including: 9:30 - 10:30 AM Wholesaler Compliance Training • How can I best measure the risk in any given BDC? Emperors I I’m a wholesaler. How much trouble can I get in? Plenty. In this session we will discuss compliance issues for wholesalers and • How do BDCs originate their assets? people who supervise wholesalers while conducting securities offerings. Wholesalers and Managing Broker-Dealer personnel • How confident can I be in the stated net asset value of a BDC? should attend this refresher discussion about wholesaler responsibilities as registered representatives. Just because you are a • How can I determine if a BDC is earning their dividend? wholesaler does not mean that you get a free pass and it is not better to beg for forgiveness rather than ask for permission. Also, • What liquidity options exist for a BDC? help retail registered representatives comply while avoiding your own problems and avoid becoming responsible for customer suitability determinations. Compliance and knowing the rules is good for your business, building market penetration and not Moderator: Alfredo Gomez, National Planning Holdings blowing up selling agreements. Panelists: Peter Budko, Business Development Corporation of America; Curtis Hartman, HMS/Main Street Capital Corporation; Jerry Stahlecker, Franklin Square Capital Partners Moderator: Kevin Hull, Hull Evans & Kob LLP Panelists: Kevin Bradburn, Orchard Securities; Corey Smith, ICON Investments; Jennifer Simon, AI Insight 10:45 - 11:45 AM Regulatory Audits - How To Survive Palace II This session will discuss trends in regulatory audits with a focus on ground-level compliance and local examinations, including 9:30 - 10:30 AM BDCs 101: Understanding the Industry’s Hottest New Product handling interactions with local exam staff, management and enforcement staff. How to best prepare for examination, manage Palace I Business Development Companies (BDCs) stormed onto the scene in recent years, offering individual investors a path to invest the process and provide documentation with an eye toward minimizing the pain. We will also cover “hot button” issues and in loans made to private companies. In 2011, BDCs generated approximately $1.5 billion in sales according the Stanger Market areas where regulators are focusing their attention based on recent BD audit experience and regulatory pronouncements. What Pulse. More than $1.6 billion of the product has been sold in 2012 (as of July 31). Industry experts from top sponsors will address can we do together as an industry to help positively influence the process and regulatory understanding of our and some frequently asked questions, including: processes? The benefits of working with RRs so they better understand the audit process that the home office has to be prepared • What asset classes do BDCs invest in? to go through, the requirements, costs and consequences, and how it impacts them. • How do BDCs originate their investments? Moderator: Kevin Hull, Hull Evans & Kob LLP • How do BDCs value their investments? Panelists: Maureen Maloney, Lucia Securities, LLC and District Committee Member; David Greene, FINRA - District 2 - Los Angeles • What is the right amount of leverage for a BDC? • How do BDCs determine their offering price? 10:45 - 11:45 AM Offering a Little Clarity: The Fundamentals of Offerings Moderator: Cynthia Krus, Sutherland Asbill and Brennan LLP Palace III Is there really all that much difference in all these offering types? What exactly sets a Reg. D apart from a Reg. A or a Public Non- Panelists: Derek O’Leary, ICON Investments and CION Investment Corporation; Daniel Oschin, KBR Capital Partners /VII Peaks- Traded? How does suitability play a part in the selection? If you have questions like these or just want a review, this session is for KBR & 2012 REISA President; Paul Saint-Pierre, Corporate Capital Trust you. We will use Reg. D offerings as a basis to what exactly they are and how they benefit clients. We will then briefly compare other offering types to Reg. D and discuss the benefits and drawbacks of each and how that affects suitability and risk. 9:30 - 10:30 AM REIT Roll Ups: Are They Really A Safety Net For Investors? Moderator: Rick Chess, Chess Law Firm PLC Palace II The turbulent real estate and credit markets, evaporation of the CMBS market, coupled with a restrictive investment structure has Panelists: Rob Kaplan, Kaplan Voekler Cunningham & Frank LLP; Patricia DelRosso, Inland Private Capial Corporation, existing TIC programs seeking to refinance or deal with underlying asset management issues looking for solutions to salvage their Gail Schneck, FactRight Risk Management investment. As property values have fallen investors are faced with the challenges of sourcing additional capital to support and shore up their investment in hopes of recovering some of their capital. 11:30 AM - 1:30 PM Lunch & Sponsor Showcase Non-traditional lenders and equity sources have surfaced over the past few years. They offer different structural opportunities and Exhibit Hall challenges associated with these non-traditional sources. This session will look at “TIC Roll-Ups” and “REIT Roll-Ups” and discuss the various issues of which broker-dealers and advisors should be aware as they navigate this complex issue with their clients. 12:00 - 12:45 PM Conference Planning Committee Meeting Moderator: Dan Shaeffer, Cottonwood Capital Sicily Panelists: Will Obeid, Gemini Real Estate Advisors LLC; Marc Slavny, J.P. Turner & Company LLC; Darryl Steinhause, DLA Piper; 12:00 - 12:45 PM Ethics & Standards Committee Meeting Bill Winn, Passco Companies, LLC Venice Includes the following subcommittees: Best Practices Subcommittee; BDC Subcommittee; Due Diligence Subcommittee; Education Subcommittee 9:30 - 10:30 AM Fundamentals of Direct Participation Programs Palace III This DPP Core Course will identify and discuss aspects of the typical offering structures and the corresponding related benefits 12:20-1:10 PM Diamond Sponsor Presentation and potential risks associated with investments in DPPs. The session will also include coverage of the investment process, American Realty Capital - Emperors I

8 AGENDA 2012 REISA Annual Conference 2012 REISA Annual Conference AGENDA 9 12:20 - 12:40 PM Platinum Sponsor Presentations highlight significant comments and concerns relating to the proposal, and address potential best practices to mitigate the legal, KBR Capital Partners - Palace I regulatory and business risks that will result from taking advantage of the flexibility it offers. Inland Real Estate Investment Corporation - Palace III Moderator: John Kearney, Snyder Kearney Energy Hunters Securities - Palace II Panelists: Brett Evans, Hull Evans & Kob LLP; Elaine Wolf, Jenner & Block; Wayne Souza, Walton International Group (USA), Inc. ExchangeRight Real Estate - Emperors II 2:30 - 3:30 PM Best Practices of Direct Participation Programs 12:45 - 1:30 PM Membership Committee Meeting Palace III This DPP Core Course will review and discuss best practices with respect to Regulation D Private Placement Offerings and provide Sicily Includes the following subcommittees: DPP Subcommittee; Editorial Subcommittee; Marketing Subcommittee an outline of the key fundamental elements that should be considered and evaluated when contemplating and/or reviewing a private placement offering. Collectively, industry participants including issuers, sponsors, broker-dealers, registered representatives, 12:45 - 1:30 PM Legislative & Regulatory Committee Meeting investment advisors, attorneys, and third-party analysts can participate and play key roles by providing essential input on how to Venice Includes the following subcommittees: Arbitrations Subcommittee; Capital Markets Subcommittee raise the standards by which these products are measured and how they can provide transparency to the investing public. Moderator: Scott Smith, FactRight LLC 12:50 - 1:10 PM Platinum Sponsor Presentations Axxcess Capital - Palace I Panelists: Paula Miterko, Miterko & Associates; Trevor Gordon, Sandlapper Securities; Janet Olson, Resource Real Estate; Passco Companies, LLC - Palace II Eric Perkins Esq., Perkins Law, PLLC Preferred Communities - Palace III

United Realty Trust Inc. - Emperors II 3:30 – 4:00 PM Break & Sponsor Showcase Exhibit Hall

1:30 - 2:15 PM 5 Keys to Unlock the Future - An Economic Perspective and What To Watch in the Next 12 Months 4:00 - 5:00 PM REIT 102: Non-Traded REITs - A Strong Investment Option as Long as You Know the Ins and Outs Augustus V - VI The economic and political landscape is rapidly changing in the US as well in Europe and Asia. Socio-political events are Emperors I The non-traded REIT market is expected to be a $10 billion market in 2012, but REITs still appear to be mysterious and subject impacting the financial markets as never before. to ongoing regulatory scrutiny. In this second session of a two-part, hands-on series, we are going to breakdown several related Understanding the issues that make headlines throughout next 12 months is critical to making good decisions in finance and topics from a CEO standpoint on the non-traded REIT investment: (i) an overview of current non-traded REIT market and current investments. What happens now will likely impact markets for the next 5 years. What trends should we watch and where should developments; (ii) an explanation of the various types of REITS programs and strategies; (iii) a review of what you should look for we look for more information? when evaluating an offering, including fees, dividend policy, and management including advisor/sub-advisor/service providers; (iv) Learn what forces you need to track to protect and guide your clients in this volatile environment. an explanation of the various structural approaches; (v) how you differentiate the different REIT programs; and (vi) an overview of Mary C. Kelly, PhD, CDR, US Navy (ret) is an author, economist, and professor at the US Air Force Academy, whose presentation is full the potential benefits and risks associated with investing in these programs. This interactive session will take a deep, technical of news you can use. Mary will provide an engaging and interesting economic update on the latest trends and forecasts. Specifically, dive into this unique investment opportunity. she will review US spending and budget issues, tax changes, and legislative actions that impact investors and advisors. Moderator: Darryl Steinhause, DLA Piper Participants will receive a global status update on what is going well and where we should be concerned. We’ll tour the European Panelists: Hollis Greenlaw, United Development Funding; Heath Linsky, Morris Manning & Martin; Larry Goff, CNL Securities crisis and discover what Greece, Italy, Spain and Portugal need to do to survive before heading to Asia to explore what is going Corp.; Raphael Licht, RAIT Financial Trust well and why. Bonus topics include banking scandals, likely regulatory responses, and how technology can help us communicate with our clients. 4:00 - 5:00 PM Best Practices in Fulfilling “Know Your Customer” and Suitability Obligations Under FINRA 2111 Palace I The panelists in this session will discuss the recently implemented FINRA Rule 2111. The panel will discuss the major Mary promises to bring her crystal ball and share what she sees. implications of this rule and how broker dealers are fulfilling their obligations under this rule. Come to this session to hear what Moderator: Rick Chess, Chess Law Firm PLC has worked, what pitfalls to avoid, and experiences related to the changes from your broker dealer peers. References: FINRA Rule Speaker: Mary C. Kelly, PhD, CDR, US Navy (ret), US Air Force Academy 2111; NTM 11-02; NTM 11-25; NTM 12-25 Moderator: Andrew Friedman, Buttonwood Investment Services 2:30 - 3:30 PM REIT 101: What Everyone Should Know About Non-Traded REITs but No One is Talking About Panelists: Michael Miller, SIGMA Financial Corporation; Ryan Smith, DFPG Investments; Dustin Zachmeyer, KBR Capital Markets Emperors I This is the first part of a two-part series. In REIT 101, we are taking a deep dive into non-traded REIT investments and will address: • Structures 4:00 - 5:00 PM Push & Pull Due Diligence • Fees - Where do they show up and how do they affect the offering? Palace II This session will address the delicate balance between pushing sponsors for change in their offering structure and pulling for • Valuations additional information that a BD may require after its initial review. The panel of third party due diligence providers and in- • Internalization - What does it really mean and what are the costs? compliance officers will discuss how they handle these challenges to provide products that meet the investor’s needs while • Advisor, sub-advisor or service advisor - Who is really in charge? protecting the broker-dealer. Learn from some of the industry’s top professionals how they tackle issues involving valuation, lack • Contractual relationships between the various entities of liquidity, high fee structures and weak sponsor balance sheets. Panelists will also discuss methods of effectively negotiating • Reporting requirements with product sponsors for improving or restructuring an offering or providing additional documentation required by the BD’s • What it means to be self-managed investment committee. Don’t miss this valuable insight as presented by this group of industry experts. • Restricted stock plans Moderator: Mike Bendix, DFPG Investments, Inc. • Accounting policies/treatment and their impact on dividend coverage • Tax implications/treatments Panelists: Scott Smith, FactRight LLC; Derek Peterson, Walton International Group (USA), Inc.; Alan Solon, The Strategic Financial Alliance Inc. • Board selection and makeup

• Liquidity options 4:00 - 5:00 PM Using Your Grey Matter in the Gray Matter: Determining Your Ethics Before Your Emotions Do Palace III How well do you really know what the ethical choice is? This session will take a fun, and perhaps at times amusing, approach to Moderator: Darryl Steinhause, DLA Piper what the correct ethical choices are in the investment world. Volunteers will be selected from the audience to answer questions Panelists: Anthony Chereso, FactRight LLC; Deborah Froling, Arent Fox LLP; Mark Goldberg, Carey Financial, LLC; Alan Solon, The on ethics matters and situations. Join us and see if you know “What is” the right answer. Strategic Financial Alliance Inc. Moderator: Phil Williams, Missouri Valley REIT Management, LLC Panelists: Eric Perkins, Perkins Law PLLC; Kimberly Springsteen-Abbott, Commonwealth; Wayne Souza, Walton International 2:30 - 3:30 PM Closed-End Mutual Funds Group (USA), Inc. Palace I Advisors are searching for new ways to access direct investments to provide their clients with greater diversification and investment choices. Closed end mutual funds provide a bridge for advisors to access the “illiquidity” premium, lower portfolio 5:15 - 6:00 PM The Changing Alternatives Horizon: What the Experts Have to Say volatility and still obtain daily NAV. In addition, Closed-End Funds meet the needs of managed portfolios and Series 6 advisors. Augustus V - VI Join us for an exciting session with an all-star group of panelists from the some of the largest names in third party due diligence: Hear from the innovators of these new products and learn why they are going to change the world of direct investments. FactRight, Mick and Associates and Snyder Kearney. Moderator: Steph LaFlamme, First Allied Securities Moderator: Joseph E. Price, FINRA Panelists: Scott Rivera, Realty Capital Securities, LLC; Dr. Randy Anderson, PhD, Bluerock Real Estate, LLC; Christopher Chase, Panelists: Anthony Chereso, FactRight LLC; Bryan Mick, Mick & Associates PC LLO; Todd Snyder, Snyder Kearney Vertical Fund Group 6:00 - 7:00 PM Cocktail Reception 2:30 - 3:30 PM Mad Men Meet Reg D: The End of the Prohibition Against General Solicitation and Advertising Exhibit Hall This is a great time to share tidbits from today’s sessions while enjoying delectable hors d’oeuvres and cocktails. Palace II The SEC’s proposal to allow general solicitation and advertising in some Regulation D offerings could revolutionize the way these offerings are conducted. This timely session will address the history and status of this proposal, contrast current practices with 8:30 - 11:30 PM Poker Tournament to Benefit the REISA Foundation how offerings might be conducted in the future, and explore the potential impact on sponsors and broker-dealers. It will also Caesars Palace Poker Room

10 AGENDA 2012 REISA Annual Conference 2012 REISA Annual Conference AGENDA 11 2012 REISA Annual Conference Agenda 10:45 - 11:45 AM It’s a Brave New World - The Latest from the SEC, FINRA and the States Palace I Conducting a “private” offering while advertising. FINRA requires members to file PPMs with them. New FINRA suitability rules. NASAA’s recommended best practices. Come hear leading regulators along with industry experts provide insight on these and Tuesday other current regulatory changes and challenges—from the SEC, FINRA and the States—impacting REISA members. Moderator: Dan Cullen Esq., Bryan Cave LLP Panelists: Joe Price, FINRA; Fred Joseph, Colorado Securities Commissioner and NASAA Board Member; Larry Goff, CNL October 9 Securities Corp. 10:45 - 11:45 AM Unconventional Wisdom: Where the Smart Energy Money is Going Today – Continuing Education credit offered for this session. – Direct Participation Professional credit offered for this session. Palace II This session will present a higher level 1-hour discussion on the oil and gas market and where the smart money is being invested in view of recent market developments. This session will also address “unconventional” yet profitable oil and gas development 7:30 - 8:30 AM Broker-Dealer Advisory Council Meetup & Breakfast - (Broker-Dealers Only) strategies such as horizontal drilling and fluid management type strategies and how these drilling techniques have changed the Emperors II This closed-door breakfast is for Broker-Dealers only. energy investment landscape across the U.S. This presentation is a higher level discussion of oil and gas developments directed at those with an intermediate and advanced asset class knowledge base, such as reps that already sell oil and gas, RIAs, family 7:30 - 8:30 AM Buffet Breakfast & Sponsor Showcase offices, due diligence and product approval personnel, and others that really want to know where the smart money is going in this Exhibit Hall asset class domestically. 8:30 - 9:15 AM Regulatory Roundtable - FINRA/SEC/NASAA Moderator: Bryan Mick, Mick & Associates PC LLO Augustus V - VI Moderator: Bill Winn, Passco Companies, LLC Panelists: Paul Bryden, ICON Investments; Gary Evans, Magnum Hunter Resources Corporation; Randy Kenworthy, Coachman Energy Holdings Panelists: Joe Price, FINRA; Fred Joseph, Colorado Securities Commissioner and NASAA Board Member; Deborah Froling, Arent Fox LLP 10:45 - 11:45 AM Technology Shakes Up Financial Services - Level 101 & 201 9:30 - 10:30 AM Arbitrations 101 Palace III Learn how to become a “Social Media Pro.” We start with the basics, how to manage and market your many social media Emperors I The number of arbitration cases filed with FINRA has grown and many broker-dealers have been caught up in the process. Come accounts and websites (e.g., LinkedIn, Facebook, Twitter, Google+, You Tube) while remaining in compliance with brand new learn from the experts about what the current trends in the arbitration world are and how best to handle arbitration if you find guidelines and regulations from the FTC, SEC and FINRA. Next, it’s on to mobile marketing and applications. Then, we move yourself caught up in one. Your questions on arbitrations will be answered from those in the trenches. into the specifics of how to become enabled with the proper systems, knowledge and peace of mind to confidentially embrace Moderator: Cameron Hellewell, Orchard Securities the incredible upside of social media while mitigating risk. This course is designed to highlight interesting, new and innovative Panelists: Rick Berry, FINRA; Rick Murphy, Berthel Fisher & Company Financial Services Inc.; Randy Beckman, LD FIN; Jeff Kob, vendors, products and services that will forever transform your relationship between your firm and your clients. Hull Evans & Kob LLP Moderator: Michael Fugler, ASG Securities, Inc. Panelists: Guy “Trey” W. Dowdy III, Rekon Intelligence; Steve Biermann, Advisor Studios; Amy McIlwain, Financial Social Media 9:30 - 10:30 AM Increase Your Business with Marketing, Referral and Relationship Systems Palace I Are you leaving money on the table? Are you effectively reaching your clients and potential customers? Do you have systems in 11:45 AM - 12:45 PM Lunch & Sponsor Showcase place to follow up and follow through? The secret to long-term success is duplicable business-development systems that include Exhibit Hall enticing product or service descriptions, compelling introductions, long-term value, and enthusiastic fans. This session identifies the most powerful processes in today’s marketplace to measure and replicate success. Attendees will leave with strategies and 12:45 - 1:45 PM General Session: So you think all REITs and BDCs are the same? How do you really know what the true techniques to grow their business now. Whether you are old or new school, business development is all about three components: underlying risks characteristics are? 1) Relationships and Referrals, 2) Communicated Quality, and 3) Trust and Timing. Session attendees will gain intriguing Augustus V-VI As the non-traded REIT and BDC markets continue to heat up, the number of offerings that share similar investment strategies descriptions of their business, referral methods that work, organizational business structure ideas, templates to use when asking have increased. In this session, leading executives from both investment vehicles will discuss how to evaluate the true risk for business, social media techniques to attract customers. Attendees at this session also receive a complimentary flashdrive with characteristics associated with similar but very different investment strategies. What makes two multi-family or net lease Mary C. Kelly’s award-winning business development book, 15 Ways to Grow Your Business in Every Economy, a fill-in-the-blank programs different or why certain BDC strategies can effectively create very different risk profiles? Broker-Dealers and advisors business plan, a profit and loss template, and Mary’s leadership workbook. are charged with determining which programs are suitable for individual investors but little differentiation is made between these Moderator: DeVonna Murrin, Silber Bennett Financial programs. This session will discuss what you should know when evaluating similar programs. Panelists: Paul Karasik, Karasik Business Institute; Trey Dowdy, Rekon Intelligence; Mary Kelly, Productive Leaders Moderator: Michael Ning, Arque Capital Panelists: Peter Boulerice, Franklin Square Capital Partners; Peter Budko, Business Development Corporation of America; 9:30 - 10:30 AM Non-Traded Debt Program: Portfolio Allocation and Growth Opportunity Brian Conlon, Inland Real Estate Investment Corporation; Kevin Shields, Griffin Capital Palace II The current state of the capital markets has created unique opportunities to originate new debt or buy existing debt of corporations and real estate with very attractive yields. Non-traded BDCs and REITs are taking advantage of what many believe 2:00 - 3:00 PM Closing Keynote Speaker: Newt Gingrich – How Will the Elections Affect Your Business? to be enhanced reward to risk ratios. A constant stream of articles highlights the spreads between the yields of these type of Augustus V - VI Intellectually fearless, a perennial visionary and historian, Newt Gingrich is the foremost economic, social, environmental strategies compared traditional debt products like treasuries. And, many institutions have taken note and are increasing their and political thinker in America today. Newt Gingrich has a deep understanding of the nuances of a world in constant flux, allocations to this sector. What does this mean to you and your clients. This session will cover key concepts, including: both economically and geopolitically. He draws on his experience as a statesman and champion of opportunity to analyze the • What are the types of debt programs available today, in terms of structure and strategy? international issues affecting you and your bottom line. Where the health of the Earth is concerned, Gingrich takes a “green • What is the risk/reward advantage of these offerings? conservatism” approach, suggesting that government should encourage innovation and reduce red tape so that American • What are the compliance, suitability and due diligence concerns? entrepreneurship will drive environmental solutions. An expert in terrorism, security, diplomacy, the environment and the global • What is the opportunity for you and your clients? economy, Gingrich updates audiences on these important international issues while also putting them in context of how they • Where do these products fit into a portfolio allocation strategy? affect the political climate in America. Full of creative solutions and a genius for communicating them, Gingrich turns complex Moderator: Cynthia Krus, Sutherland Asbill and Brennan LLP challenges into opportunities for positive change. He encourages audiences to re-envision their relationships to new technologies, Panelists: Gurpreet Chandhoke, VII Peaks-KBR; Paul Saint-Pierre, Corporate Capital Trust; Tim Toole, NorthStar Realty the environment, advances in health care and the emerging global marketplace. Host: Daniel Oschin, KBR Capital Partners and 2012 REISA President; Michael Weil, American Realty Capital and 2013 REISA 9:30 - 10:30 AM Suitability, Private Placements, Crowd Funding, Oh My! President-Elect Palace III How do these new rules from FINRA, the SEC and the state securities regulators impact your day to day lives? What other regulations are on the horizon? Ask FINRA and the state securities regulators your burning questions. Moderator: Deborah Froling, Arent Fox LLP Panelists: Joe Price, FINRA; Fred Joseph, Colorado Securities Commissioner and NASAA Board Member; Wayne Souza, Walton International Group (USA), Inc.

10:45 - 11:45 AM Into the Future with Non-Traded REITs Emperors I Listen to the leading innovators behind the Non-Traded REIT Platform. What new products are in the implementation phase and what are in the design phase. What will these changes mean for investors and brokers? Moderator: Richard Cunningham, Kaplan Voekler Cunningham & Frank LLP Panelists: Brian Jones, American Realty Capital; Jacob Frydman, United Realty Trust Inc.

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14 2012 REISA Annual Conference 2012 REISA Annual Conference 15 2012 REISA Annual Conference 2012 REISA Annual Conference Keynote Speakers The Regulators

Newt Gingrich Richard W. Berry, based in District 2, as well their and Treasurer of the North Esq. employees, with responsibility for American Securities Administrators Newt Gingrich is well-known as the architect of the “Contract with Richard W. Berry is ongoing surveillance, examinations Association. America” that led the Republican Party to victory in 1994 by capturing Senior Vice President and investigations. From 1992 to 1999, Fred was the the majority in the U.S. House for the first time in 40 years. After he and Director of In January 2000, Mr. Greene joined Deputy Securities Commissioner. was elected Speaker, he disrupted the status quo by moving power Case Administration FINRA (then NASD) as a Regional In that position, he oversaw the out of Washington and back to the American people. Under his and Regional Counsel for FINRA’s Enforcement examination functions as well as leadership, Congress passed welfare reform, passed the first balanced Office Services for FINRA Dispute Department, and was based in the the administrative matters for the Resolution. FINRA was formed by Los Angeles District Office. For Colorado Division of Securities. budget in a generation, and passed the first tax cut in sixteen years. the consolidation of NASD and the two and a half years preceding Joseph E. Price As an author, Speaker Gingrich has published 23 books including 13 member regulation, enforcement, his appointment as Director, Mr. fiction and non-fiction New York Times best-sellers. and arbitration functions of the New Greene served as the Deputy Joseph E. Price York Stock Exchange. Mr. Berry Regional Chief Counsel, FINRA is Senior Vice Speaker Gingrich’s unquenchable thirst for knowledge aides him in joined NASD in 1995, serving as Enforcement - Western Region, President, Corporate sharing unique and unparalleled insights on both an educational and head of NASD Dispute Resolution’s where his responsibilities included Financing/ an inspirational level. Los Angeles satellite office through managing Enforcement attorneys in Advertising November 2001, when he was FINRA district offices of Los Angeles, Regulation, at the promoted to his present position. San Francisco, Denver and Seattle, Financial Industry Regulatory Prior to joining NASD Dispute developing and overseeing FINRA’s Authority. The FINRA Corporate Mary Kelly Ph.D. Resolution, Mr. Berry spent a year national non-summary proceedings Financing Department regulates teaching American law to Hungarian programs, as well as his own capital-raising activities of broker/ Mary Kelly Ph.D. is a nationally recognized and renowned economist law students at Eotvos Lorand Enforcement docket. dealers; including equity, debt, and leadership expert specializing in improving business efficiency Tudamanyegyetem in Budapest. Prior REIT, closed-end fund and limited Fred Joseph partnership offerings. Joe previously and maximizing available resources. to teaching in Hungary, Mr. Berry specialized in business litigation at Fred Joseph is worked in various capacities A graduate of the U.S. Naval Academy, Mary has trained over 20,000 the law firm of Hassard Bonnington in the Securities at the Securities and Exchange San Francisco, California. Commissioner for Commission. He was an Assistant military and civilian personnel in multi-cultural environments around the State of Colorado General Counsel and a Special the world. She served 21 years as a commissioned officer in the Navy, David Greene and President-Elect Counsel in the Office of General and retired as a commander. Her specialties were in human resources, David Greene is of NASAA. He was Counsel and he was the Deputy logistics, intelligence, and security. the District Director appointed to that position in May of Chief of the Office of Disclosure of FINRA’s Los 1999. In that role, he is responsible and Investment Adviser Regulation A university business and economics professor, Mary combines Angeles District for the administration of the in the Division of Investment theory and practicality. Mary taught at the U.S. Naval Academy, the Office (District 2) - Colorado Securities Act, the Colorado Management. Prior to working U.S. Air Force Academy, and Hawaii Pacific University. With extensive Member Regulation Commodity Code, the Colorado at the SEC, he was a litigator in experience in human resources, finance, insurance, organizational Sales Practice. He served in the Municipal Bond Supervision Act, and the Bureau of Competition at the leadership, strategic planning, and project development, she focuses same role at NASD before its 2007 the Local Government Investment Federal Trade Commission. He was on building successful strategies for business leaders at all levels of consolidation with NYSE Member Pool Trust Fund Administration and an Adjunct Professor at Georgetown Regulation, which resulted in the Enforcement Act. He also oversees University Law Center from 1994 an organization. formation of FINRA. In his capacity as the regulatory agency that licenses to 2003, where he taught “Current District Director, Mr. Greene oversees stockbrokers, brokerage firms and Issues in Securities Regulation” the Sales Practice oversight process investment advisers in Colorado. and “Disclosure under the Federal of FINRA-regulated securities firms Concurrently, he is a Board Member Securities Laws.”

16 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 17 2012 REISA Annual Conference career in investment management, securitized estate in an investment portfolio. Mr. Bendix is Financial Realty Trust, Mr. Block served as Chief commercial real estate and tax/financial an active member of the Real Estate Accounting Officer from 2003 to 2007 and planning with a solution oriented approach Investment Securities Association (REISA), oversaw the financial, administrative and makes him a valuable asset. Randy’s insightful having served on the Legislative & Regulatory reporting functions of the organization. Mr. Speakers analysis, communications and presentations and Education Committees and is currently Block earned a Bachelor of Science from have and will continue to provide sound advice Director of Marketing for REISA’s CPC and Albright College and an MBA from LaSalle for products and services leading to Co-chairman of their Broker-Dealer Advisory University. He is a certified public accountant comprehensive wealth management. The Council. He received a Bachelor of Science in and is a member of the AICPA and PICPA. Mr. specific areas include: financial consulting, Information and Computer Science from the Block serves on the REIT Committee and thought leadership, sales leadership, investor/ University of California at Irvine. He holds active Financial Standards Subcommittee of the Kimberly A. Financial Planners Association, the National Brandon Balkman business communications, real estate program Series 24, 7 and 63 securities registrations Investment Program Association. Springsteen-Abbott Association of Equipment Leasing Brokers Brandon Balkman recently analysis and legal services as a consultant/ and is a licensed real estate broker in Kimberly A. Springsteen- and has served on the Board of Trustees for departed the Real Estate Kevin Bradburn expert witness. As an industry leader, he was California and Utah. Kevin Bradburn currently Abbott, joined the Investment Program Association. Ms. Investment Securities elected and served in consecutive terms on the Commonwealth in 1997, Springsteen-Abbott is a member of Association “REISA” as the Steve Biermann serves as President of Real Estate Investment Securities Association Steve Biermann is Central Trade & Transfer, as a founding registered Commonwealth’s Executive and Disaster CEO/Executive Director to (REISA) Board of Directors, where he continues principal and Chief Recovery Committees. Ms. Springsteen- re-enter the retail workforce. President of Advisor LLC. As President of CTT, Mr. to maintain an active role on the Due Diligence Studios, a division of Bradburn is engaged in all Compliance Officer of its Abbott is the wife of Henry J. Abbott. He is the Marketing Director Committee. He is also a member of the broker/dealer, for Keystone National Group, NorthStar Financial aspects of the company’s Randy Anderson Investment Program Association (IPA) - Due Services Group, LLC. business, and is primarily Commonwealth Capital Securities Corp. Ms. Dr. Anderson has been a registered investment advisor (RIA) that has Diligence Committee. Since 2005 he served in Springsteen-Abbott is the Chief Executive over $400M in assets under management and NorthStar is a holding responsible for developing active in the real estate sales leadership roles in the securitized real company for several strategic alliances with issuers, broker-dealers, Officer and Chairman of the Board of Directors industry for over 20 years specializes in alternative investments in the estate industry, including President of of Commonwealth Capital Corp. (the parent private credit markets. Prior to joining REISA, subsidiaries that manage registered representatives, and other industry as a researcher, owner, distribution and National Sales Manager for a and service more than $80 billion in financial professionals. Prior to joining CTT, Bradburn has corporation); Commonwealth Capital investor, and strategist. As Brandon served as the Director of Operations non-traded healthcare REIT. In addition, prior to Securities Corp. (the broker/dealer); and and then Director of National Accounts at assets for thousands of investment advisors. been serving as President of Orchard Bluerock’s Chief his current role he served as an Executive Vice Mr. Biermann is well versed in all phases of Securities, LLC and as Chief Operations Officer Commonwealth Income & Growth Fund, Inc. Economist, Dr. Anderson Orchard Securities. During his tenure with President of Sales at Grubb & Ellis. Randy holds (the general partner). Ms. Springsteen-Abbott Orchard Securities, at the time a managing marketing, public relations, social media, at OMNI Brokerage, Inc., overseeing a broad serves as the primary a Bachelor of Science degree in Finance with advertising and sales. He has successfully range of activities. During his tenure at OMNI is responsible for general operations of the spokesperson on macroeconomic issues and broker-dealer, he worked with industry an emphasis in Investments from California equipment leasing/portfolio management side sponsors to develop cost effective capital integrated technology tools into business Brokerage, the company completed over 4,000 the global commercial real estate market. Dr. State University, Long Beach. In addition, he operations to streamline and enhance securities transactions, and rose to prominence of the business. Ms. Springsteen-Abbott Anderson has extensive experience in the formation strategies and then deliver timely has passed the Financial Industry Regulatory oversees all CCC operations, as well as CCSC tactical implementation through the broker- communications. He joined NorthStar in as a leader in the real estate securities industry. direct investment world as he recently served Authority (FINRA) exams for a Series 3, 7, 8, 22, January 2010 with responsibilities for Prior to joining Orchard Securities and OMNI SEC/FINRA compliance. For the broker/dealer, as an economic advisor for the Steadfast dealer and registered representative channel. 24, 63 and 65 (Investment Advisor). He was she oversees securities policies, company Brandon was honored with the 2009 ACE the strategic conceptualization, tactical Brokerage, Bradburn was employed by notable Companies. Additionally, he was a founding previously a CRTP as certified by the California implementation, and comprehensive return- participants in the securities industry such as procedures and operations. Ms. Springsteen- partner of Franklin Square Capital Partners, Award (A Champion of Excellence) presented Tax Education Council and he was certified in Abbott oversees all corporate daily operations by REISA for outstanding leadership and service ® on-investment evaluation of all marketing American Partnership Services, American the firm that pioneered the non-traded Macro Strategic Planning . activities. In 2011 he was tapped to lead Partnership Board, and Madison Avenue Capital and training, as well as develops long-term Business Development Company. Prior to to the association and the real estate securities corporate growth strategies. Ms. Springsteen- industry. During the early 1990’s he performed Michael A. Bendix Advisor Studios, and bring NorthStar’s expertise Group. His experience with these firms Franklin Square, Dr. Anderson served as a Michael A. Bendix is in hypermedia to advisors across the country. provided him an opportunity to develop Abbott has over 28 years of experience in the Division President for CNL that became one of due diligence and disposition duties for financial services industry, specifically in the Partnership Securities Exchange, a secondary co-founder of DFPG Prior to NorthStar, he was CEO for Creative expertise related to secondary transfers of the most successful startups in CNL history Investments, Inc. and Marketing Solutions, Inc., a consulting, sales illiquid securities, which has proven to be real estate, energy and leasing sectors of completing nearly $700 million of real estate market maker for limited partnerships. alternative investments. Ms. Springsteen- Brandon’s breadth of experience originates currently chairs the Real and marketing company, and Vice President beneficial to CTT, Orchard Securities, and OMNI transactions in its first year of operation. Dr. Estate Securities Investment and National Sales Manager for Mutual of Brokerage in their respective roles within the Abbott is the sole shareholder of Anderson also served as the Chief Economist through 17 years at The Boeing Company in Commonwealth Capital Corp. and corporate senior positions within business Committee and is Omaha Insurance Companies. real estate securities industry. Bradburn has and Director of Research for the Marcus and responsible for the subsidiaries. Ms. Springsteen-Abbott was development, corporate strategy, change Brian Block served as a member of the Security Industry Millichap Company and as Vice President of development of the Association Direct Investment Roundtable, and elected to the Board of Directors of the parent Research at Prudential Real Estate Advisors. management, marketing, and national level Mr. Block is a founding corporation in 1997 and has also served as its advocacy. He holds a bachelor’s degree and proprietary due diligence models used by partner and the chief as a member of the Family Office Exchange. He Recently, Dr. Anderson was appointed the DFPG. Additionally, Mr. Bendix is the President also obtained a Bachelor of Science in Executive Vice President and COO. Also in Howard Phillips Eminent Scholar Chair and MBA. On the weekends you can find Brandon financial officer of American 1997, she founded Commonwealth Capital on a mountain bike or with his son involved in of Bridge Equities, Inc., a branch office of DFPG Realty Capital (“ARC”). Mr. Economics from Brigham Young University, and Professor of Real Estate at the University of located in Encinitas, California. Mr. Bendix has holds Series 7, 22, 24, and 63 securities Securities Corp., where she was elected to the Central Florida (UCF) where he built a world Boy Scouting. Block has extensive Board of Directors and appointed President, over 25 years of experience in the real estate experience in SEC reporting registrations. class undergraduate and graduate real estate Randy Beckman and financial services industries. Prior to COO and Chief Compliance Officer. Her program. Prior to UCF, he held endowed chairs Randy Beckman, a requirements, as well as Trevor Brotman responsibilities included business strategy, founding DFPG, he was an investment real REIT tax compliance Trevor Brotman is a at Florida International University and Baruch consultant in the financial estate officer for two national broker/dealers, product development, broker/dealer relations College, the City University of New York. Dr. services industry draws on matters. He has been instrumental in managing director for Wells development, due diligence, and compliance. specializing in raising capital for securitized developing ARC’s infrastructure and positioning Fargo Multifamily Capital, Anderson is the current editor of the Journal extensive experience to commercial real estate offerings. He also From 1980 through 1997, Ms. Springsteen- ® the organization for growth. Mr. Block also which specializes in of Real Estate Portfolio Management, was LEAD (Listen Enlighten owned both a mortgage company specializing Abbott was employed with Wheat First awarded the Counselors of Real Estate Assist and Direct) others to serves as Executive Vice President and Chief government-sponsored Butcher Singer, a regional broker/dealer in financing for real estate developers and a Financial Officer for several public, non-traded enterprise (GSE) financing designation, named a Kinnard Young Scholar solutions. His clients include: Southern California-based real estate company. located in Richmond, Virginia. At Wheat, she by the American Real Estate Society, and broker-dealers, financial REITs and a BDC for which ARC serves as the through and served as Senior Vice President & Marketing Mr. Bendix is a frequent presenter to real estate external advisor. Mr. Block began his career in programs and named both a NAIOP Research Foundation advisors, investors and sponsors, along with professionals and their clients, and is an Manager for the Alternative Investments Distinguished Fellow and a Homer Hoyt their attorneys, CPAs and third party due public accounting at Ernst & Young and Arthur Federal Housing Administration (FHA)-insured Division. Ms. Springsteen-Abbott holds her accredited California Department of Real Estate Andersen from 1994 to 2000. Subsequently, Mr. financing. Trevor is based out of the group’s Institute Fellow. Dr. Anderson received his diligence providers. With a reputation as a continuing education instructor on the topics of FINRA Series 7, 63 and 39 licenses. She is a bachelor’s degree in Finance from North highly ethical consultant, Randy offers strategic Block was the Chief Financial Officer of a Irvine, Calif. office. Trevor is responsible for GSE member of the Equipment Leasing and Tenant in Common Real Estate Investments, venture capital-backed technology company for originations, managing client relationships, Central College and holds a Ph.D. in Finance vision and a big picture view from an impartial Delaware Statutory Trusts, and IRS Section Finance Association, the Real Estate from the University of Alabama, where he perspective. Then he provides detailed systems several years prior to joining American Financial increasing loan production, and maintaining Investment Securities Association, the 1031. He also hosts a weekly radio show which Realty Trust in 2002. While at American Wells Fargo relationships with Fannie Mae, graduated with highest distinction. and processes for implementation. Coupling his focuses on the importance of commercial real

18 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 19 Freddie Mac, and FHA. Trevor joined Wells Peter Budko Anthony Chereso Alan Clifton, CPM® Manager subsidiary of Inland Real Estate syndications. He has represented leading Fargo in 2009 through the merger with Mr. Budko currently serves As President and CEO, Tony Alan Clifton, Vice Investment Corporation. In that capacity, he regional, national and international investment Wachovia. Previously, he held a similar GSE as CEO of BDCA Adviser. In is responsible for FactRight’s President, Strategic directs all capital-raising activities through a banking firms in initial and follow-on public production role as a director with Wachovia addition, he is the Executive long-term goals and Investments of Passco national team of internal and external offerings and private placements for REITs. In Multifamily Capital. He joined Wachovia Vice President and Chief strategies, Companies, LLC., has wholesalers. Mr. Conlon began his career at addition, Chip has advised companies in going through the acquisition of an agency lending Investment Officer for ARCT strategicpartnerships, been with the firm since Inland as executive vice president for Inland private transactions and public and private platform from Lend Lease Real Estate III. Mr. Budko founded and day-to-day operations and November 2000. Mr. Securities Corporation in 1999. Before Inland, companies with respect to corporate Investments, Inc. in 2003. Prior to joining formerly served as bottom-line performance. Clifton was a founding Mr. Conlon served as executive vice president governance as well as securities law reporting Wachovia, Trevor served as vice president of Managing Director and His management expertise partner in Service Plus and chief operating officer of Wells Real Estate compliance and other general corporate agency lending for Lend Lease Mortgage Group Head of the Structured Asset Finance spans the full range of operational functions Financial, where he ran the commercial Funds where he was responsible for managing matters. Chip received his J.D. and B.A. from Capital from 2001 until 2003. While at Lend Group, a division of Wachovia Capital Markets – corporate accounting, finance, audit, finance group that originated loans for all the day-to-day operations of the company’s real the University of Virginia and has practiced at Lease, he was in charge of loan production for from 1997 to 2006. As head of this group, Mr. customer service, administration and sales and types of , while advising estate investments and capital-raising two national law firms, both of which were the Southeast and Western regions and was Budko had responsibility for a diverse platform marketing combine with his many years of clients on different financing strategies and initiatives. Mr. Conlon started his career in the headquartered in Richmond, Virginia. responsible for GSE loan production. Lend of structured financial and credit products, experience in the financial services industry. brokering loans within available financial securities industry in 1983. He received a Daniel Dean Lease acquired the GSE lending platform from including commercial asset , net Tony is a well-rounded business leader markets. He sold the partnership in late 1999. Bachelor of Business Administration degree As Founder and Principal of Amresco in 2000 where Trevor was an analyst. lease real estate financing and acquisitions and equipped and driven to handle any situation. Prior to that, Mr. Clifton served as the General from Georgia State University and a Master of Stonehenge Capital Prior to that, he operated his own mortgage structured tax free asset exchange solutions Prior, Tony was the Director of National Sales Manager for Orange and San Diego Counties Business Administration degree from the Advisors, L.P., Mr. Dean business focused on single-family originations. and qualified intermediary services for real for a sponsor of Tenant in Common securitized for CarrAmerica Realty, a national REIT, where University of Dallas. He is a general securities brings 28 years of Trevor began his career as a client liaison for estate exchange investors. From 1987 to 1997, real estate transactions and was responsible he oversaw all operational and management principal and has earned Certified Financial broad-based business Omni Offices, Inc., an Atlanta-based subsidiary Mr. Budko worked in the Private Placement and for over $225 million in equity raised. His 20 issues and staff while working on the team Planner (CFP) and Certified Commercial experience, including of Carr America Realty. Trevor has a B.A. Corporate Real Estate Finance Groups at years working for Fortune 100 companies, that acquired/ developed over $400 million Investment Member (CCIM) designations. Mr. financial, operating and degree in political science from San Diego NationsBank Capital Markets, becoming head including 18 years of corporate finance, tax and in commercial office properties in Southern Conlon currently serves on the board of corporate governance roles State University. He also received his M.B.A. of the Corporate Real Estate Finance group in audit with Verizon Communications, have California and San Diego. He began his career directors of the Investment Program Association in public and private enterprises, to bear. He with a concentration in finance and real estate 1990. Throughout his 25 year financial career, provided him with unique leadership expertise at the Charles Dunn Company as a Senior (IPA), the Real Estate Investment Securities has been involved in the underwriting and from San Diego State. Mr. Budko has developed significant knowledge and a global business perspective. Tony serves Portfolio Manager and the Manager/ Leasing Association (REISA) and on the Policy structuring of debt and equity investments and Paul Bryden and experience with the underwriting, financing as Vice President of REISA ( for In-N-Out Burgers’ corporate Subcommittee of the National Association of has significant experience in the development, Mr. Bryden has been and placement of a wide variety of complex Investment Securities Association) and sits on headquarters’ high-rise in Irvine, California. Real Estate Trusts’ (NAREIT) Non-traded REIT implementation and management of working as a prospect and structured corporate debt, equity and real REISA’s Board of Directors, co-chairs REISA’s While at Charles Dunn, he repositioned and Council. He served on the national board of organizational initiatives, strategic and tactical generator and development estate structures. membership committee, is the track leader for disposed of the REO portfolios of Prudential directors for the Financial Planning Association plans, capital markets activities, conflict geologist in the Mid- Christopher R. Chase REISA’s non-traded REIT initiatives and IPA’s Realty Group and Bank of Newport in Orange in 2001 and 2002. resolution and restructurings. Mr. Dean began Continent region of the Christopher R. Chase has (Investment Program Association) co-chair of County, California as well as managed retail Dan Cullen his business career in retail and multi-family United States for the past been President and the Private Placement committee and is a and multi-tenant industrial property for Mr. Cullen serves as the commercial real estate before joining PepsiCo 34 years. Since May 2010, Managing Member of member of IPA’s Due Diligence committee. Tony Hillman Properties, WBC and various court- Chair of Bryan Cave LLP’s Restaurant Group in 1995. After leaving Mr. Bryden has worked as Vertical U.S. Recovery Fund, is a graduate of De Paul University School of ordered receivers. Mr. Clifton has earned and tax practice group and is a PepsiCo, Mr. Dean joined CMS Companies, a an independent consulting petroleum geologist LLC and its management Commerce, attended Business School at the holds the Certified (CPM) Partner in the firm’s New multi-billion dollar money management firm, through his companies, Dagwood Energy, Inc. company, Vertical Recovery University of Dallas and has been recognized as designation from the Institute of Real Estate York and Chicago offices. He where he invested in Private Equity Limited and PKB Royalty, LLC. From May 2006 to April Management, LLC, since a distinguished instructor for the Institute of Management and has been in commercial has significant experience in Partnerships. Most recently he assisted in 2010, Mr. Bryden was Chief Geologist for inception in 2008. Mr. Chase Internal Auditors for more than 13 years. real estate for over 15 years, with experience all aspects of structuring and launching and provides capital market support North American Petroleum Corp. USA. Mr. is responsible for managing all aspects of the Richard B. “Rick” Chess in , leasing, finance, tax planning for U.S. real to UCM Partner’s private, non-traded REIT in Bryden was previously a consulting petroleum Funds’ operations, marketing, and capital Richard B. “Rick” Chess, sales and acquisitions. Mr. Clifton holds a estate projects, including REITs, real estate the Residential Mortgage Backed Securities geologist for Altex Energy Corporation from raising activities through Independent Broker- Esq., is the managing bachelor degree in Economics from the investment funds, leveraged partnerships, joint sector of the structured credit markets and February 2003 to May 2006, where he was Dealer, Registered Investment Advisor, Wealth partner of Chess Law Firm, University of California, Los Angeles and ventures and Section 1031 structures, such as other of its products. He also co-founded a instrumental in planning and implementing the Management, and Institutional channels. Since PLC (rick@chesslawfirm. has a California Real Estate license. He was tenancy-in-common and Delaware Statutory subsidiary of Pennsylvania Real Estate first horizontal Hunton well drilled in Oklahoma 1978, he has held executive positions in com; 804.474.9879). His previously on the board of directors of the Trust transactions. In addition, Mr. Cullen has Investment Trust (PREIT) that between 2009 in 2001. Prior to Altex, Mr. Bryden was a various firms specializing in all aspects of practice focuses on Building Owners Management Association been involved in tax planning for many and 2001 assisted lenders in addressing their consulting petroleum geologist for New residential/commercial real estate financing commercial real estate (BOMA), the Institute of Real Estate domestic and international partnerships, joint most complex workout and loan resolution Dominion, LLC from March 1997 to February and development, including American Liberty transactions, capital Management (IREM) and the UCLA Alumni ventures, co-investment and other real estate matters and to invest in distressed loan 2003, where he was involved in the earliest Financial Corp, Donnelly Chase Financial, markets and governance. Chess serves as the Association and is currently on the Board related projects. opportunities. Mr. Dean is a board member of stages of the development of the Hunton Mason-McDuffie Financial Corporation, Lomas President of the Real Estate Investment of Directors for the Orangewood Children’s 2 companies in the multi-unit restaurant Foundation’s PALS auxiliary. Richard “Chip” dewatering play. Mr. Bryden has been involved Financial, and Cushman & Wakefield. Mr. Chase Securities Association (reisa.org). He previously Cunningham industry. with the geological planning and has lived in South Orange County for 37 years, served as president of American Realty Capital Brian M. Conlon Chip is co-founder and Vice Patricia A. DelRosso implementation of over 70 horizontal Hunton and has developed many long lasting Markets, LLC (a securities broker dealer). Mr. Brian M. Conlon is chief President of Practice Patricia A. DelRosso dewatering wells since 2001 and over 100 affiliations and business relationships within Chess is the former director of 1031 executive officer and a Development for Kaplan currently serves as vertical Hunton wells since 1997. Mr. Bryden is the community. He currently sits on the Board Transactions for Triple Net Properties (now director of Inland Real Voekler Cunningham & President Emerita of Inland a Certified Petroleum Geologist (AAPG 4224) of Directors of the John Tracey Clinic for the Grubb & Ellis). He acquired over two billion Estate Investment Frank, PLC. His practice Private Capital Corporation by the American Association of Petroleum Hearing Impaired in Los Angeles, California and dollars of and retail centers for Corporation. As CEO, a focuses primarily on (IPCC). Patricia served as a Geologists and is a member of the Tulsa through his involvement with the clinic over the United Dominion Realty Trust (UDR). He is a position he has held since corporate finance, public Director and President of Geological Society, where he has served as a last 29 years, he has helped raise over $1.5 founding board member for First Potomac February 2012, Mr. Conlon and private securities offerings, private equity, IPCC from 2001- May 2012 Councilor, Secretary and as Chairman of million dollars through the Shawn Parr Charity Realty Trust (FPO). Mr. Chess served as a oversees the aligned joint ventures and corporate governance issues, however, announced her various committees. Mr. Bryden is also a past Golf Tournament where he serves as Chairman. member of the Pennsylvania General Assembly strategic vision for Inland-sponsored with a particular focus on real estate investment retirement from those positions effective May board member of the Petroleum Club of Tulsa Mr. Chase has been a member of Big Canyon and as an assistant county solicitor for investment products including non-traded trusts (REITs), 1031 syndications (DSTs/TICs) 18, 2012. Prior to developing IPCC at the end and a member of the Oklahoma City Country Club for 31 years, and is a graduate of Allegheny County (Pittsburgh). He earned his REITs, private placement offerings and and private placements of real estate of 2001, Patricia served as Senior Vice Geological Society. Mr. Bryden received his the University of Southern California having B.S. degree from the University of Pittsburgh institutional funds. Mr. Conlon is also investments. Chip has counseled numerous President and Director of Asset Management B.S. in Geology from the University of Tulsa. obtained a Bachelor of Science Degree in and his J.D. degree from the University of president and a director of Inland Securities sponsors on REIT, DST, TIC and private equity for Inland Real Estate Investment Corporation Psychology with a minor in Real Estate Finance. Richmond. Corporation, the wholly-owned Dealer

20 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 21 (IREIC). Ms. DelRosso has been with Inland and in arbitrations and securities Christopher M. Fiano standards within the U.S. Department of she is a member of the Board of Directors as banking. He has also been an Investment since 1985. During her long tenure with Inland, investigations. Previously, Evans was the CEO Christopher M. Fiano is the Defense, and identifying and correcting well as the Chair of the Legislative and Banker for the past 16 of those years being Ms. DelRosso has spearheaded many types and CCO of a FINRA member firm and was Vice President of Finance workflow and productivity problems. Regulatory Committee, the Investment FINRA registered with Series 7, 24, 63, 79 and of real estate transactions including sales, General Counsel and Chief Operating Officer and Chief Financial Officer Andrew Friedman Program Association, where she is a member 99 licenses and establishing offices in and refinances, redevelopments, land of Texas Energy Holdings, Inc., a vertically for Penneco and Affiliated Andy Friedman is General of the Legal and Regulatory Committee, the providing extensive consulting and guidance to developments, tax increment financings, integrated oil and gas company primarily Companies, located in Counsel and Managing American Bar Association’s Section of institutional investors throughout Europe and conversions, and over drilling and operating in Texas. At Texas Delmont, Pennsylvania. Director of Buttonwood Business Law, where she is a member of the the USA. He just completed a term as the thousands of tax deferred exchanges. She Energy, Evans worked on all acquisitions Chris has wide-ranging Investment Services. He has leadership of the State Securities Deputy Chairman, European Life Settlement has overseen the business plans of investor (, equipment and real estate), oversaw experience of more than 30 nearly twenty years of Subcommittee, and Deborah serves as Association (ELSA), www.elsa-sls.org, is owned assets, including multi-family, retail, corporate controls and policies and handled years in the Oil and Natural Gas, Mining, experience in the securities President-elect and a member of the Chairman of its Educational Committee for the office and industrial, triple net lease, land, negotiations and agreements for affiliated Equipment, and Property Management field. He began his securities Executive Board of the National Association of EU and is recognized as a global expert in and mortgage funds. companies. Evans has extensive experience Industries, including extensive executive career as an examiner with Women Lawyers. Deborah is a graduate of the longevity markets. As a founding member of the Real Estate performing due diligence on mergers and leadership roles in corporate and partnership the NASD, the predecessor of FINRA, where he Columbus School of Law at The Catholic Michelle Galeski Investment Securities Association (REISA), acquisitions and offerings for both broker- accounting, tax, marketing, and sales. He joined received the NASD Regulation President’s University of America and the College of Michelle Galeski is principal Ms. DelRosso served on its Board of Directors dealers and asset management companies, the Penneco team in 1991 and, in addition to Award for his investigatory skills. After the William and Mary. Deborah can be reached at and co-founder of Rep from 2003 through 2011. Patricia served as drafting and structuring offering his responsibilities as VP and CFO, is very NASD, Andy entered private practice as an [email protected] or (202) Driven Results, LLC (RDR). President of REISA during 2007 and 2008 memorandums, providing operational, legal, active in hands-on business development in the attorney representing securities broker-dealers, 857-6075. RDR is a National Accounts and was the Immediate Past President and due diligence and compliance management area of broker-dealer and investor relationships investment bankers, investment advisers and Jacob Frydman firm that cultivates Chairperson of the Legislative and Regulatory functions to FINRA member broker-dealers. and marketing. Chris is also very active in his other clients in connection with regulatory and Jacob Frydman is the Chief relationships and industry Committee during 2009. She has served as During his career, Evans has been involved in community, currently serving as a Member of corporate matters and financial industry related Executive Officer and knowledge to help maximize an officer and director of the Walk-In Ministry structuring and drafting more than $1.5 billion the Board of Directors of the Juvenile Diabetes disputes. In private practice, Andy also has Chairman of The Board Of the distribution and exposure of Hope, a non-profit organization serving in private placement and joint venture Research Foundation (JDRF) Western advised clients on the formation and licensing Directors of United Realty of new (or existing) investment products into the needs of the poor and underemployed in transactions in energy, real estate and notes Pennsylvania Chapter, as well as, a Member of of securities brokerage firms and has Trust Incorporated. Mr. the marketplace. Prior to founding RDR, Galeski DuPage County, Illinois. Ms. DelRosso is also a offerings. the JDRF’s Westmoreland County, Pennsylvania, represented a brokerage firm client on a Frydman has spent the served for ten years as Vice President for VSR member of the Investment Program Association Gary C. Evans Corporate Walk Committee. He also currently regulatory level in connection with a successful majority of his 30-year Financial Services, Inc., a full-service securities (IPA), International Council of Shopping Centers Gary C. Evans presently serves as a Member of the Executive approximately two hundred million dollar career focused on broker dealer with a network of more than 275 (ICSC), Urban Land Institute (ULI) and the serves as Chairman of the Leadership Team of the American Heart acquisition. Andy earned his bachelor’s degree, value-added investments based on his financial advisors representing over 85,000 Chicago Association of Realtors. Ms. DelRosso Board and Chief Executive Association’s Westmoreland County, cum laude, from the University of Pennsylvania strengths in structuring, financing and investors throughout North America. In her role is a licensed real estate broker and holds Officer of Magnum Hunter Pennsylvania, Heart Ball. Chris earned his and his law degree from the University of executing highly complex real estate at VSR, Galeski was responsible for evaluating Series 7, 22 and 63 licenses with FINRA. She Resources Corporation Bachelor of Science degree in Business California at Los Angeles (UCLA). Andy received transactions. Both as a lawyer and primarily new investment offerings, due diligence and is a member of the President’s Council of the (NYSE “MHR”), a Houston Administration (with a major in Accounting) his M.S. Finance degree from the University of as an investor, he has executed value-added launching new product marketing initiatives as Real Estate Roundtable. based oil and gas from Clarion University and a Master of Colorado Denver, where he was an Outstanding strategies to generate above market returns well as business development with Reps in the Guy “Trey” W. Dowdy, III exploration and Business Administration degree (with an Student Candidate, Dean’s Super Merit on his real estate investments. Mr. Frydman field. Prior to VSR, Galeski worked for Berthel Trey is the Director of production company specializing in Entrepreneurship Specialization) from Seton Hill Scholarship Recipient and Member of Beta and his partner in United Realty Trust, Eli Fisher, another independent broker dealer as a Business Development with unconventional resource plays in North University. Gamma Sigma International Honor Society. Verschleiser, have been involved in over $7 Sales Assistant and product analyst and started 401(k) Rekon & Rekon America where he has held that position David Foshee Deborah Froling billion of real estate transactions. her career in the financial industry with Intelligence and serves as since May 2009. Mr. Evans previously Mr. Foshee is currently the Deborah S. Froling is a Mr. Frydman has participated as a speaker Kennedy Capital Management out of St. Louis, the Western symposium founded and served as the Chairman and Vice President – Project member of Arent Fox LLP’s and panelist at numerous industry seminars, Missouri, as a trader and portfolio liaison. moderator. His duties Chief Executive Officer of Magnum Hunter Management & Operations Corporate/Securities and where he speaks on matters relating to Galeski holds a Bachelor of Business include securing Resources Inc. (MHRI), a NYSE listed for Waveland Energy Real Estate Groups in the real estate investment and infrastructure Administration with an emphasis in Finance symposium sponsorships company, for twenty years before selling Partners (“Waveland”) and Washington, D.C. office. She investment. He has lectured on real estate from Midwestern State University in Wichita and marketing to potential partners. He hosts MHRI to Cimarex Energy for approximately has worked for WEP since has extensive experience in finance at Columbia University and as a Falls, Texas, and currently resides in Olathe, the Rekon events West of Chicago and speaks $2.2 billion in June 2005. In 2005, Mr. Evans June, 2004. As a Vice public and private offerings participant in the Master’s Lecturer series Kansas. Ms. Galeski is a registered at regional & national conferences. Trey has formed Wind Hunter Energy, LLC, a President of Waveland, Mr. of debt, equity and convertible securities as sponsored by New York Law School. Mr. representative with ARI Financial Services, Inc., been in the financial services industry for over renewable energy company which was Foshee has been responsible for evaluating and both issuer’s and underwriter’s counsel, Frydman frequently appears on television holding FINRA Series 7 and 66. 16 years. Prior to joining 401(k) Rekon, he was subsequently acquired in December 2006 by selecting well and lease bank projects for fund primarily for real estate companies, including programs including CNBC, FOX News, Kevin Gannon a financial advisor with Raymond James GreenHunter Energy, Inc.; a (NYSE Amex investment and has also been responsible for REITs, tenant in common syndications, as well Bloomberg TV, and others to discuss trends in Kevin T. Gannon is a Financial Services and an investment “GRH”) listed water resource company monitoring and overseeing drilling and field as equipment financing and oil and gas commercial real estate. Managing Director of Robert representative with T. Rowe Price Mutual focusing on oil field water management and operations conducted by Waveland’s outside companies. She has also worked with public Michael Fugler A. Stanger & Co., Inc, a Funds. He graduated from Florida State clean water technologies. Mr. Evans has operators. Mr. Foshee’s direct oil and gas and private company clients providing general Mr. Fugler currently serves nationally recognized University with a degree in Finance. served as Chairman and Chief Executive industry experience includes serving as a corporate counseling and advising on periodic on the Board of ASG investment banking firm Brett Evans Officer of GreenHunter Energy, Inc. since mud-logging technician, a drilling fluids and annual reporting and other Securities and Securities www.asgib.com specializing in real estate Brett Evans is a partner at December 2006. Mr. Evans serves as an engineer with Milchem, and a fluids and drilling Exchange Commission disclosure requirements. and as Head of Global securities including Hull Evans & Kob LLP, a full Individual Trustee of TEL Offshore Trust, consultant to Amoco and Chevron on both land Deborah started her career at the Securities Capital Markets for partnerships, REITs and service business law firm publicly listed oil and gas trust, and is a and offshore projects. His oil and gas and Exchange Commission’s Division of Welcome Life Financial tenant in common securities. Gannon has been focused on serving the Director of Novavax Inc., a NASDAQ listed background also includes serving as a Vice Corporation Finance as an Attorney-Advisor in Group www.welcomelife. involved in more than $40 billion of merger and needs of the financial clinical-stage vaccine biotechnology President and Branch Manager of a NYSE- the real estate group and worked in private com. Mr. Fugler manages acquisition assignments and is actively engaged services industry in the company. Mr. Evans was recognized by trading firm, where he was responsible for the practice at two national law firms in the strategic vision and direction for offering in the valuation of more than $50 billion of non areas of arbitration, Ernst and Young as the Southwest Area packaging and marketing of oil and gas Washington, D.C. as well as a nationally institutional clients trading, product traded securities annually. He joined Stanger litigation, BD/RIA 2004 Entrepreneur of the Year for the Energy investment programs. Mr. Foshee also has recognized law firm in real estate securities in development, capital raising and independent in1983 and was previously a manager at the compliance and regulation along with private Sector and was subsequently inducted into more than six years of experience with the Air Richmond, Virginia prior to joining Arent Fox objective advice. Mr. Fugler has been a international accounting firm of Deloitte Haskins placement and issuer services. At the firm, the World Hall of Fame for Ernst & Young Force Management Engineering Agency LLP. Deborah is a member of numerous licensed Attorney for 38 years with an & Sells. Gannon is a certified public accountant, Evans counsels issuers, broker-dealers and Entrepreneurs. Mr. Evans also serves on the performing operational and functional analysis, professional associations, including the Real expertise in international law and finance, a general securities principal and a Phi Beta representatives in both transactional matters Board of the Maguire Energy Institute at writing statistical programs to manage Estate Securities Investment Association, where international investment and merchant Kappa graduate of Rutgers University. Southern Methodist University. workload requirements, formulating manpower

22 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 23 Larry Goff Marymount University, is a CFA charter holder, Intellectual Property. He has also developed Hollis Greenlaw of experience in the financial services industry, and a commercial Larry Goff is executive vice and holds his FINRA Series 7 and 65 other specialized presentations to meet the Hollis M. Greenlaw is the and his experience in the oil and gas industry company that developed assisted living president of business registrations. needs of specific groups, including attorneys, Cofounder of United dates back to 1987. He previously served as centers, retail centers and office buildings. Mr. development for CNL Trevor Gordon accountants, estate planners, real estate Development Funding, a real president of Energy Partners, Inc., a company Hellewell earned his bachelor’s degree from Securities Corp., Member professionals, and investor groups. David is an estate finance company he founded in 1989 that was later acquired and the University of Utah and his juris doctorate Trevor Gordon is the ® FINRA/SIPC. He is also Owner, Founder, Managing attorney and Certified Exchange Specialist . He founded in 2003 to provide became a wholly-owned subsidiary of from the Case Western Reserve University responsible for overseeing has previously served on Boards of Directors of custom financing and make NASDAQ-listed Benton Oil and Gas Company, School of Law. He is also a member of the Member, and CEO of ® National Accounts and SANDLAPPER Securities, various REALTOR associations and civic opportunistic purchases of where he created and managed the company’s Utah State Bar, the District of Columbia Bar, Conventions with a focus on LLC – Member FINRA/ groups, and in other professional organizations land for residential lot partnership syndications and capital formation and the American Bar Association. future sales strategies and broker/dealer SIPC. He is also Founder in three states and nationally. development and home construction. Mr. strategies. Mr. Greer also serves as CEO of Jack L. Hollander relations. Previously, Mr. Goff served as and CEO of Sandlapper D. Zachary “Zach” Grabill Greenlaw accurately identified the housing Waveland Capital Partners LLC, a FINRA Jack L. Hollander is the executive vice president and head of retail Capital Investments, LLC. Zach’s practice focuses bubble and credit default swaps as significant broker-dealer. He is a Registered Principal with Executive Vice President of sales, overseeing the day-to-day sales He is also principal and President of TIC primarily on commercial risks to both global credit markets and FINRA. Atlas Resources LL.C., a operations and the field sales team. Prior to Properties, LLC, principal and President of real estate matters economies and he forecasted the bust, Curtis L. Hartman wholly owned subsidiary of that, he was senior vice president of sales in Capital Markets for Poinsett Capital Advisors, including the purchase recession, and the pace of the recovery to date. Curtis L. Hartman is Atlas Resource Partners, the southeast region from 1987-2000. Prior to LLC and a principal in TIC Properties and sale of developed As an executive officer, Mr. Greenlaw has currently Senior Managing L.P. (NYSE:ARP), an affiliate joining CNL in 1987, Mr. Goff represented a real Management, LLC. Prior to joining TIC and undeveloped real directed the funding of more than $1.17 billion Director and Chief Credit of Atlas Energy, L.P. (NYSE: estate and oil and gas firm for several years, Properties and founding SANDLAPPER estate, the negotiation in loans and equity investments through UDF Officer of Main Street ATLS). The Atlas family of served as a licensed real estate broker and Securities, Mr. Gordon was Vice President of of related real estate products, receiving more than $575 million in Capital Corporation (NYSE: affiliated companies is focused on the worked in the restaurant industry as the Sales and Marketing for a prominent TIC financings including tenant-in-common (TICs) repayments to date, most notably through the MAIN), a publically-traded production, transportation and processing of president of a restaurant company. Mr. Goff sponsor. In addition to managing the sales transactions, conduit lending construction UDF flagship offering, UDF III. In addition, Mr. Business Development natural gas and natural gas liquids in the recently served two terms as chairman of the process, he also played a key role in and development loans, and Greenlaw is the Chairman and CEO of UDF’s Company (BDC) providing continental United States. Mr. Hollander has Board of Trustees of the Investment Program marketing, writing commentary and loan workout, commercial leasing projects latest offering, United Development Funding IV debt and equity capital to lower and middle spent the last 12 years with Atlas in senior Association, the Washington, D.C.-based trade maintaining investment relationships with including office and retail properties on behalf (UDF IV). UDF IV is a public, non-traded real market companies. Since 2000, Mr. Hartman positions involved in the development and association of the direct participation program individuals and the broker/dealer community. of both and tenants, and planned estate investment trust (REIT) that invests has served as a Managing Director and in other management of alternative and tax advantage industry. He is a member of the Board of He has 20 years of experience in the Financial development related work on behalf of local primarily in secured loans for the acquisition executive positions of several Main Street investment programs and their underlying Trustees for Crown College in Saint Bonifacius, Services and Private Placement arenas, and national property developers. and development of land into single-family predecessor funds and entities, including Main assets. He helps manage Atlas’s syndication Minnesota and holds his FINRA Series 7 and 24 including positions as a sales and marketing Zach has represented Fortune 100 home lots, the financing of finished lots, and the Street’s two current Small Business Investment business which has sponsored over 60 licenses. executive, mutual fund wholesaler, and retail telecommunication carriers in regulatory construction of affordable single-family homes. Company (SBIC) subsidiaries. Prior to that, Mr. investment partnerships with over $2 billion Mark Goldberg financial advisor. Mr. Gordon is active within matters before the Virginia State Corporation In 1997, Mr. Greenlaw joined The Hartnett Hartman served as an investment professional of capital raised. Mr. Hollander began his Mark Goldberg is a his professional industry as well as his Commission and other states, represented Group, Ltd., a closely-held private investment for Sterling City Capital, LLC, a private career in financial services in 1982. He Managing Director of W. P. community. He is a member of the Real one of the nation’s largest waste management company managing more than $40 million in investment firm, a Manager for received a law degree from Brooklyn Law Carey & Co. LLC and Estate Industry Securities Association companies in regulatory compliance and assets. From March 1997 until June 2003, Mr. PricewaterhouseCoopers in its Transaction School in 1981 and a Masters of Law degree President of Carey Financial, (formerly the Tenant-In-Common Association) radio frequency permitting matters before Greenlaw served as Chairman, President, and Advisory Services group, and a Senior Auditor in Taxation from New York University School LLC, the company’s and former chairman of its Marketing the Federal Communications Commission, CEO of a multi-family real estate development with Deloitte & Touche LLP. Mr. Hartman serves of Law in 1982. Mr. Hollander is a member of broker-dealer subsidiary. Committee. He is a member of the Society for assisted clients in contract negotiations and and management company owned primarily by as an officer for the Southern Region of the the New York State bar and was the Chairman Prior to joining W. P. Carey, Financial Professionals. He was previously a disputes, and assisted clients with regulatory The Hartnett Group. There he developed seven Small Business Investor Alliance (SBIA) and a of the Investment Program Association, which Mr. Goldberg served as CEO member of the Board of Directors for the matters arising in context of large-scale multi-family communities in Arizona, Texas, and member of SBIA’s Board of Governors where he is an industry association, from March 2005 and President of independent broker-dealer Center for Developmental Services (www. corporate mergers. Louisiana with a portfolio value exceeding $80 chairs the BDC Committee. Mr. Hartman’s to November 2011. He remains a member of million. Prior to joining The Hartnett Group, Mr. Royal Alliance, Inc. Previously, he held senior cdservices.org) in Greenville, SC. A graduate Neil A. Greene recent industry speaking engagements include its Board of Trustees. management positions at SunAmerica Financial of Kennedy Western University, he earned Greenlaw was an attorney with the Washington, “Hot Topics and Trends in Business Neil Greene’s career in the D.C. law firm, Williams & Connolly, where he Kevin K. Hull Network, AIG Securities - Tokyo and Royal both Master’s and Bachelor’s of Business financial services industry Development Companies” sponsored by Kevin K. Hull is an Alliance Associates, Inc. all of which were Administration degrees. He currently holds practiced business and tax law. Mr. Greenlaw McGladrey, NASDAQ and the SBIA. Mr. Hartman began 25 years ago in the was a member of Phi Beta Kappa at Bowdoin experienced securities affiliated companies. Mr. Goldberg is a founding FINRA Series 7, 24, 31, 63 and 65 licenses New York office of Lehman is a graduate of The University of Texas at lawyer who benefits Hull member and former Director of the Financial and previously held the Florida Group 1 College and received his Juris Doctorate from Austin – McCombs School of Business and a Brothers. Currently, Neil is the Columbia University School of Law in 1990. Evans & Kob firm clients Services Institute and serves on the Board of license. He joined the financial services responsible for due CPA. with his multifaceted Directors of the Investment Program industry upon returning from the Persian Gulf Mr. Greenlaw is a member of the Maine, District diligence related to of Columbia, and Texas bars. Cameron Hellewell background from multiple Association. in 1991 and is a Life Member of the Veterans alternative investments and As General Counsel of positions in the securities Alfredo Gomez, CFA of Foreign Wars of the United States (VFW). other packaged products, as well as the sales Michael J. Greer Orchard Securities, LLC., industry, regulation and Alfredo Gomez, CFA, David Gorenberg and marketing of the investments approved Mr. Greer is the Co-Founder Cameron Hellewell’s law since 1988. Most recently, Mr. Hull was Associated Vice President, David has nearly thirty for sale at Newbridge Securities Corporation. and Chief Executive Officer responsibilities focus on the chairman, president and chief executive Alternative Investments years of sales, Neil has a diverse background in the of Waveland Energy Partners drafting and negotiating officer of Grubb & Ellis Securities, Inc., the – Due Diligence, conducts management and financial services industry and is credited LLC, an Irvine, California- agreements related to managing broker-dealer of the various due diligence and product public-speaking with building the insurance, annuity and based merchant bank securities, insurance, real investment programs sponsored by Grubb & support for National experience. David is a alternative investment departments at founded in 2001 that has property, tax issues, and Ellis Company, a position he held for nearly Planning Holdings’ (“NPH”) Senior Vice President of Newbridge Securities. He takes a strategic, raised in excess of $300 other legal matters related to Orchard. He also six years. Responsible for all aspects of the broker/dealer network. He Citibank, N.A., and is the yet personal approach when reviewing million in oil and gas assists Orchard’s Chief Compliance Officer with broker-dealer, including compliance, legal oversees due diligence guidelines and National Director of 1031 offerings and is active in the due diligence investment partnerships marketed through the respect to Orchard’s regulatory compliance, and arbitration defense, accounting, national procedures for non-traded alternative Exchange Services, an IRC §1031 QI. David community attending various seminars FINRA broker-dealer community. Waveland is and works closely with Orchard’s outside accounts, marketing and sales management, investments. Prior to joining the Due Diligence speaks on Section 1031 exchanges, and and industry conferences.Neil graduated the dominant firm in the U.S. that offers the counsel and the legal counsel to sponsors on a Mr. Hull was successful in managing the Department, he served as Director, Mutual related issues, around the country, including from Richard Stockton State College with a FINRA community oil and gas investments wide range of issues. structure and operations of the firm to be in Funds and Alternatives in the Product Support specialized presentation topics that he has degree in finance and currently resides in focused on the Mid-Continent ‘Dewatering Play’ Prior to joining Orchard, Mr. Hellewell’s line with current regulatory expectations Department at NPH’s offices in Santa Monica, written at the request of various professional Playa Del Rey, CA. that has gained major industry traction during professional experience includes working for an while achieving sales during his tenure of California. He is a Graduate of Loyola groups, including Like Kind Exchanges of the past decade. Mr. Greer has over 30 years international commercial real estate company, approximately $3.4 billion across multiple

24 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 25 product lines including publicly-registered excess of one billion dollars. Among his business formation; mergers and John Kearney and continues to be a sought after speaker and Ms. Krus has been an Adjunct Professor at non-traded real estate investment trusts notable career accomplishments, Matthew acquisitions; general corporate and John has more than 20 recognized subject matter expert in the areas Georgetown University (where she taught (REITs), tenant-in-common interests and became the youngest Vice President at one commercial law; securities compliance; years of legal and financial of sales, marketing, business development, a course on Corporate Governance) and at similar private placements. Prior to assuming of the world’s most prestigious money private offerings; tax; trade secrets; strategic experience. Prior to joining private investment and financing. George Washington University (where she the firm, John was a partner his executive role with Grubb & Ellis management firms. Matthew regularly partnerships/joint-ventures. His nationwide Mark G. Kosanke taught a course on mergers and acquisitions). with the law firms of Blank Securities, Mr. Hull was a senior associate at addresses a host of organizations within the practice in “like-kind” exchanges and tenant Mark G. Kosanke is a Ms. Krus is the author of the Corporate Rome LLP and Dyer Ellis & Dechert LLP, a large international law firm he financial community throughout the United in common (“TIC”) syndications, as well as founding partner of the Secretary’s Answer Book published by Wolters Joseph PC and an associate joined in 2001. From 1999 to 2001, Mr. Hull States discussing the advantages of oil & other forms of syndications, real estate Concorde Financial Group of Kluwer and an Advisory Board Member to with Venable LLP, where he was an associate attorney in the New York gas investments along with his unique high funds, institutional financings of real estate Companies. The group TheCorporateCounsel.net. represented clients in connection with public City office of Kirkpatrick & Lockhart LLP, end strategies for estate planning, gifting & acquisitions and real estate investment includes Concorde Financial Steph M. Laflamme and private securities offerings, SEC and another law firm with a premier practice in tax mitigation. trusts (“REITs”), is a natural extension of his Group, offering investment Mr. Laflamme joined First Sarbanes-Oxley compliance, mergers and financial services. Mr. Hull’s career in the Thomas B. Jahncke, extensive work in securities and transaction products, Concorde Planning Allied Securities in March acquisitions, and other corporate and securities industry began in 1988 as an CFP offerings. Rob has represented clients as Group, a Registered of 2008 to oversee private transactional matters. Before entering private associate compliance examiner in the Los Thomas B. Jahncke, CFP diverse as Fortune 100 companies to Investment Advisory firm, Concorde Accounting equity and alternative practice, John was a Branch Chief in the SEC’s Angeles district office of the National (Certified Financial start-ups, including a start-up wireless & Tax, primarily a high end tax practice, investment sales before Division of Corporation Finance, where he Association of Securities Dealers, Inc. or Planner), since October of internet provider, a national sports league, Concorde Exchange Group, specializing in 1031 being promoted in 2010 supervised a staff of attorneys, accountants NASD (now FINRA). After leaving the NASD, 2005, Mr. Jahncke has prominent professional athletes, various TIC Placements, and Concorde Properties, to Managing Director and financial analysts involved in the review of he worked in a registered capacity as the been a Senior Vice private securities and real estate investment which owns, manages and develops real estate overseeing sales of all registration statements, periodic reports, and chief operating officer and chief financial President and Manager of groups and a propane distribution company for personal investment purposes. In addition, sponsor products at the firm. His background other filings made under the Securities Act of officer of a mid-size independent broker- Passco Companies, LLC engaged in a large-scale consolidation. Over Kosanke and his partner, Greg Merritt, have an has primarily been in the marketing, origination 1933 and the Securities Exchange Act of 1934. dealer for six years where he supervised all and since October 2001 Mr. Jahncke has his career, Rob has been counsel in interest in Professional Asset Management, a and distribution of complex equity, fixed-income John’s Branch was primarily responsible for aspects of the firm’s business including been the President, CFO and a Director of securities offerings/transactions and FINRA Broker/Dealer. Kosanke has over 23 and alternative investments, working for nearly filings made by REITs, other real estate trading, operations, corporate and Passco Capital, Inc. From August of 1998 to syndications worth over $1 billion. For three years of accounting, tax, and operations 10 years on Wall Street servicing institutional programs, and equipment leasing programs. commission accounting, legal, compliance, October of 2005, Mr. Jahncke was a Senior years, Rob was a principal in a Washington, experience and over 18 years of securities clients and investors as an Investment Banker John has also worked as an in-house attorney regulatory reporting and licensing. Mr. Hull Vice President and Director of Passco Real D.C.-based private equities firm, and thus experience in both equities and real estate. He at Salomon Smith Barney and as a Fixed- at a Fortune 500 energy company where he also actively participated in defending the Estate Enterprises, Inc. and National Sales brings a unique perspective on the strategic leads the 1031 Exchange area for Concorde Income Trader as Goldman Sachs. was involved in mergers and acquisitions, firm against securities arbitrations and Director. From May 1995 until August 1998, concerns of his clients. Rob also has Exchange Group and continues to be involved Prior to joining First Allied Securities, Mr. including acquisition due diligence. John was appeared as an expert on behalf of the firm. Mr. Jahncke served as National Sales litigation experience and is admitted to in strategic tax planning and portfolio design. In Laflamme was the Vice President of Sales and also a Financial Analyst with the Federal Steve Hutek Director and Senior Vice President of Captec practice before the U.S. District Court, addition he is the Due Diligence and Marketing at Centurion Counsel, Inc., an SEC Savings and Loan Insurance Corporation, where Since 2002 he has been a Financial Group, Inc. Mr. Jahncke generated Eastern District of Virginia. Compliance Officer for Professional Asset registered investment advisor. he analyzed government-assisted transactions Wholesaler or Sales $30 million in sales in his two years as Paul Karasik Management. Prior to Concorde, Kosanke was Mr. Laflamme graduated from Queen’s involving troubled savings and loans. Manager with three private Senior Vice President and National Paul Karasik is a leading at the Detroit office of Price Waterhouse & Co. University in Kingston, Ontario, Canada with BA real estate sponsors and Marketing Director. While at Captec, he authority in the financial Randy Kenworthy and concentrated on property management, (Honors) degree in Economics and Psychology. one Global REIT Mutual created and secured full licensing for industry. He is the Randy Kenworthy is the real estate acquisitions and development. He is In addition, he is a graduate of the Anderson Fund. Major Captec Securities Corporation, a direct President of the Financial co-founder and managing a graduate of the University of Detroit with a School at UCLA with a Masters Degree in responsibilities were participation FINRA broker-dealer. Upon its Advisor Coaching Institute partner of Coachman Bachelors of Science degree in Accounting and Business Administration. Mr. Laflamme is establishing Broker Dealer formation, Mr. Jahncke also assumed the and the Wholesaler Energy Holdings, a privately Finance. registered with FINRA with Series 7, 24 and 63 held energy investment and relationships, raising capital, and developing additional responsibilities of President and Institute, a training and Cynthia M. Krus license designations. asset management training and seminar programs for both 1031 Chief Financial Officer of Captec Securities consulting company. Paul Cynthia M. Krus is the Raphael Licht company focused on Exchanges and private real estate Corporation. He holds FINRA series 7, 22, has devoted 18 years helping America’s vice-chair of Sutherland’s Raphael Licht is the Chief pursuing opportunities in investment. He was previously a Principal for 24, 27, 31, 39, 63 and 65 licenses. Mr. financial professionals achieve their goals. Corporate and Financial Operating Officer of RAIT unconventional shale oil plays throughout a both a Registered Investment Advisor and Jahncke received a Bachelor of Science Paul is the author of eight books including Services practices. Ms. Financial Trust (NYSE: RAS). North America. Since beginning operations in an NASD Broker Dealer. Prior to his degree from Cornell University in 1969 and four all time business classics, 22 Keys to Krus has been involved in RAIT Financial Trust manages 2006, Coachman has amassed an asset experience in the financial industry, he was a a Masters of Business Administration from Sales Success: How to Make It Big in numerous public and a portfolio of real estate portfolio that includes ownership positions in manufacturing manager for two years with the University of Michigan in 1971. After Financial Services, published by Bloomberg private securities offerings, related assets, provides a thousands of net mineral acres in the heart of Procter and Gamble. Mr. Hutek is a 1979 spending six years in the Commercial Press, Seminar Selling: The Ultimate and has advised clients in comprehensive set of debt North Dakota’s Bakken Shale and has graduate of the United States Military Mortgage division of Detroit Bank and Trust Resource Guide for Marketing Financial connection with a wide variety of corporate financing options to the real participated in drilling over 110 wells. The Academy at West Point. His service included (now Comerica), Mr. Jahncke assumed the Services, published by McGraw-Hill, Sweet transactions, including mergers and estate industry and invests in real estate-related Coachman technical team has managed tours of duty as an Armor Officer, both in capital raising functions at Hall Securities Persuasion, published by Simon and acquisitions, proxy contests, exchange and assets. Mr. Licht is also a Manager of multi-billion dollar unconventional projects for Germany with the 1st Armored Division and Corporation where he eventually rose to the Schuster and How to Market to High-Net- rights offerings, going private transactions Independence Realty Advisors, LLC, the manager major oil and gas companies across the globe at Fort Knox, KY as an Armor Tactics level of Principal and Chief Executive Officer. Worth Households. His most recent book is and corporate reorganizations. Cynthia of Independence Realty Trust, which is sponsored including Shell Unconventional Resource Instructor. He resides in Tampa, FL with his Under Mr. Jahncke’s direction, Hall He is regularly featured in the leading regularly advises public and private by RAIT. Prior to joining RAIT, Mr. Licht served as Energy (SURE) and ARCO Global Energy wife, and they have two grown children. He is Securities Corporation raised in excess of financial industry publications including: On companies and their directors and officers on the Chief Legal Officer of Cohen & Company Ventures. In January 2012, Coachman sold a a sports fan and golfer, and is also active in $550 million for its parent company, Hall Wall Street, Investment Adviser, CFP Today, a variety of compliance and corporate (now Institutional Financial Markets, Inc.) and sizeable portion of assets from it’s first two his Parish and neighborhood taxing district. Financial Group. Registered Rep, National Underwriters, and governance initiatives. iATMglobal.net Corporation, a software joint funds to a Fortune 100 company. Matthew Iak Rob Kaplan Bank Investment Marketing. Paul is the Ms. Krus has developed a leading practice venture between TRM Corporation and NCR Randy maintains a strong personal Matthew Iak is National Rob’s practice is Founder of the American Seminar Leaders representing clients in connection with the Corporation. Previously, Mr. Licht was an attorney commitment to mentoring young entrepreneurs Sales Director of U.S. concentrated in the areas Association and a popular presenter at establishment and operation of private and with the national law firm Morgan Lewis & and business professionals. For the past 18 Energy Development of securities, business national meetings and conferences including public equity funds, including small business Bockius LLP, where he specialized in structured years he has been an annual speaker for the Corporation. Mr. Iak joined representation and real the Million Dollar Round Table. He can be investment companies (SBICs) and business finance transactions and securities law, and with Southern Methodist University Cox School of U.S Energy in 2005 estate investment. His reached at 310-546-9277 or paul@ development companies (BDCs). Ms. Krus also Ledgewood, P.C., specializing in real estate and Business Executive MBA and Caruth Institute bringing with him experience representing paulkarasik.com. Paul’s websites are www. has extensive experience advising financial securities law. Mr. Licht has a Bachelor of Arts in for Entrepreneurship programs. He has brokerage experience of businesses is wide paulkarasik.com and www. services companies in connection with Political Science from the University of Chicago authored two custom training programs used managed business in ranging, including: wholesalerinstitute.com. regulatory compliance. and a JD from Boston College Law School. by 7,000 sales personnel on three continents,

26 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 27 Heath Linsky NRI’s criteria for purchase and estimating the due diligence, and related issues with an marketing language needed to deliver and has spoken at conferences sponsored by financial planning within the Private Client Heath D. Linsky is a partner remaining oil and gas reserves attributed to a emphasis on real estate and oil and gas results. Amy continues to teach others about REISA, the Information Management Network Advisors practice. During his tenure at in the Corporate, Securities potential acquisition. Mr. Loyd graduated from transactions. Matt is a CFA charterholder. the power of Social Media marketing and and RealShare. Steve also regularly acts as Deloitte, Michael delivered comprehensive and Real Estate Capital Louisiana State University with a Bachelor of Greg Mausz, MBA has conducted many live trainings and lead tax counsel in M&A transactions for a financial planning to many executives, Markets Practices. Mr. Science Degree in Petroleum Engineering in Greg Mausz is currently Vice webinars for thousands of people worldwide. diverse client base that includes public business owners and high net worth Linsky’s practice is 1971 and is a licensed professional engineer President of Investments at Additionally, her content has been featured companies, private equity firms and individuals. In addition Michael served as a concentrated in representing in the states of Texas and Louisiana. Mr. J.P. Turner, managing money in several top financial industry publications, entrepreneurs. He advises early-stage team member to several large real estate public and private companies Loyd has 40 years of experience in the for individuals with a focus programs, blogs, and websites, including the businesses on tax, equity compensation and clients implementing proprietary cutting edge in general corporate matters, petroleum industry, where he worked in all on Alternative investments. Wall Street Journal, NBC, ABC, and Fox. She related matters, and has represented tax strategies including 1031 transactions. securities offerings and compliance, mergers aspects of production and exploration and For 15 years Mausz has also recently published her first book, The entrepreneurs in dispositions to strategic and Michael has earned his Certified Public and acquisitions and real estate capital markets. held numerous executive level positions in been raising and managing Social Advisor, that will be available for financial acquirors. Steve received his B.A. Accountant (CPA), Personal Financial Mr. Linsky has significant experience assisting the industry. Prior to joining NRI in 2004, Mr. capital for various retail and purchase in less than a week. Outside of with Distinction from the University of Specialist (PFS), Certified Financial Planner public companies, including listed and non- Loyd was an associate at Netherland, Sewell wholesale organizations. Most recently he work Amy’s passion lies in travel. She has Wisconsin, his A.M. in Russian Studies from (CFP), Chartered Life Underwriter (CLU), listed REITs, in securities offerings. He has and Associates, Inc. for seven years, where served as Managing Editor and Chief Operating visited over 22 countries and spent time Harvard University and his law degree from Chartered Financial Consultant (ChFC) and is represented companies registering he evaluated oil and gas properties in almost Officer of Investaire (FactRight) a research and living in both Spain and Australia. One of her the Columbia Law School. a Certified Wealth Strategist candidate. approximately $12 billion in publically offered all basins in the United States and Canada educational resource for registered lifetime goals is to explore all seven Bryan S. Mick Additionally, he has been an active PFP task securities. Mr. Linsky also has represented as well as the North Sea, Middle East (Abu representatives and RIAs around the country. continents. Bryan S. Mick, Esq. is the force member for the Michigan Association of dozens of companies in their mergers and Dhabi), China (Bohai Bay) and Egypt. Previously Greg Mausz held the roles of Brannon McPherson President of Mick & Certified Public Accountants, served 6 years acquisitions, in transactions ranging from $2 Joe O. Luby, III National Director of Training and Development Has been the Managing Associates, PC LLO. Mick & on Wayne State University’s Planned Giving million to $1.4 billion. He also advises clients on Joe O. Luby, III is the and Due Diligence Officer at J.P. Turner & Executive Vice President Associates’ team of real Advisory Committee and has delivered many corporate governance, audit and special author of the exciting book Company, a Top 50 Independent Broker Dealer. of Partnership estate underwriters and presentations to the MACPA, FPA, Society of committee matters, and general securities law KEEP IT! Advanced Tax Mausz began his career in consulting in the Administration for MDS real estate, finance and oil CFA AICPA and REISA. compliance, such as Exchange Act reporting and Strategies for IRAs. governmental sector working for the Council of Energy Development and gas lawyers with Paula Miterko listing requirements. Mr. Linsky represents Designed for a wide Cooperating Governments. He switched from since December 2011. advanced business and tax Miterko & Associates is clients in diverse industries, including among audience, KEEP IT! breaks a governmental focus to personal consulting From March 2007 until law degrees, vigorously represent the the oldest due diligence others, real estate, technology, medical device, down complex tax issues when he became a financial advisor with joining the MDS Energy, interests of the independent broker-dealer, consulting firm serving alternative investments and finance. He also into easy to understand Prudential Securities, Inc. After three years Mr. McPherson was employed as Regional RIA and small institutional investment the independent broker/ advises hedge funds in their formation and and implement solutions. The book contains of managing individual and corporate assets, Marketing Director by Atlas Energy, L.P. channels to approve or reject, and restructure dealer market. They organization, including “fund of funds” and detailed information on cutting edge IRA Mausz began to market real estate based Previously, he worked as an institutional where appropriate, all types of Reg. D and specialize in providing master-feeder funds. planning concepts not found anywhere else. securities to other financial advisors with sales and marketing consultant for the non-traded investment products with the investment research, Richard Lipton Mr. Luby writes extensively for industry Atlanta-based Wells Real Estate Funds. Here Teachers Insurance Annuity Association- ultimate dual goals of alignment of interests consulting and portfolio Mr. Lipton has handled publications and has been featured in such Greg rose through the ranks of the company, College Retirement Equities Fund (TIAA- and investor protection. Mick & Associates monitoring services to BDs and sponsors numerous engagements for publications as IMCA’s Investments & Wealth from Assistant Vice President to Director CREF) from January 1995 until March 2007. has become the leader in legal and financial that are designed to assist in product clients in structuring real Monitor, Financial Advisor, Investment Advisor, of Sales Operations to finally lead broker Mr. McPherson received a B.A. and an due diligence in the real estate, oil and gas, approval decisions and help ensure estate transactions, including Journal of Retirement Planning, NAPFA dealer relations as Vice President of National M.B.A. degree from Regis University. He private equity, equipment leasing, life regulatory compliance. They publish tenant-in-common and Advisor, and more. Mr. Luby holds the Certified Accounts. Capitalizing on his experience in the resides in Denver, Colorado with his wife and settlements, managed futures and third-party comprehensive Research Reports on the like-kind exchanges, and Financial Planner™ designation and is the non-traded REIT industry, Mausz joined Grubb three children. He serves on the Board of money management industries. merits of a variety of investment products providing legal advice founder of Jagen™. Jagen™ is an education & Ellis to help them launch two non-traded Directors for Byrne Urban Scholars, a Michael Miller and sponsors, summarizing quantitative and relating to tax planning for and consulting firm serving the financial, tax REITs in the multi-family and healthcare nonprofit that provides mentoring and Michael Miller serves as qualitative review aspects, their opinions and corporations, partnerships and limited liability and estate planning communities with sectors. Greg received a BS in Business scholarships to at-risk youth in the Denver due diligence officer for conclusions, in a straightforward manner. companies. Mr. Lipton also has considerable expertise in the field of advanced tax and Management from Samford University area. SIGMA Financial For over 25 years Paula has been directly experience in the areas of real estate investment financial planning strategies using alternative and a MBA from the Executive Program at Steven R. Meier Corporation and Sammons responsible for due diligence on hundreds trusts (REITs), real estate funds and investment investments. A highly regarded and effective Kennesaw State University. Mausz currently Steven R. Meier is a Securities Company, LLC. of securities issues. Her career began in real estate by tax-exempt organizations and speaker, Mr. Luby travels extensively speaking holds FINRA licenses 7, 24, 63, 65 & 79 and is partner at the law firm With a focus on alternative in the early 1980s as a Due Diligence foreign investors. He has represented large at national events educating the country’s top insurance licensed in GA & NC. He sits on the Jenner & Block, LLP, investments Michael is Analyst, and she has since worked for corporations in complex partnership professionals on advanced planning topics. He educational committee with the Investment resident in the Firm’s responsible for all product several NASD and NYSE BDs. She has been transactions, and has served as an expert consults for other professional advisors on Program Association, IPA and is the Chairman Chicago office. He is analysis to determine if the broker-dealers responsible for front-end analysis, workouts witness on matters concerning partnerships and advanced planning strategies for large IRAs of the Educational Committee and the Direct Co-Chair of the Firm’s will secure selling agreements in real estate, and re-negotiations for underperforming partnership taxation. He also has expertise in a and estates. For alternative asset sponsors Participant Professional Designation with Real Estate Securities oil and gas, equipment leasing, hedging partnerships, investment approval and number of other areas relating to tax law, and investment firms that market alternative REISA. Practice and a member of strategies, managed futures programs as well monitoring for affiliated BDs, and investment including tax-exempt organizations and the assets, Mr. Luby consults in the area of Amy McIlwain the Firm’s Tax and Mergers & Acquisitions as more highly specialized offerings. Michael research for a DD firm servicing a number rules involving UBIT, the tax consequences of valuation adjustment strategies and Entrepreneur, author, Practices. Steve works closely with real brought over 35 years of accounting, tax. of unaffiliated BDs representing several bankruptcies and workouts and various tax opportunities including tax benefits inherent in speaker, and worldwide estate syndication sponsors on the tax, investment advisory and financial planning thousand financial planners. accounting issues. He also provides tax advice the design and operation of many alternative connector, Amy McIlwain is business and finance aspects of real estate experience. He began his career with Grant Paula currently serves as Chairman of the Due to several professional sports franchises. investment vehicles such as hedge funds, recognized internationally investment programs, including REITs, real Thornton in the audit department in their Diligence Committee of REISA, and on their Lamar E. Loyd non-traded REITs, and many others. for radical new ways of estate funds, and like-kind exchange energy group, then transitioned to tax and Conference Planning Committee. She is on Mr. Loyd, Senior Vice Matt Malone thinking about Social Media. programs using Delaware Statutory Trusts became accredited in oil and gas taxation. Mr. the Direct Participation Program Committee President, Acquisitions & Matt focuses his practice Amy launched Financial and tenant-in-common arrangements. He Miller subsequently transferred to the real of the IPA. She actively participates in the Divestitures – Engineering, on the representation of Social Media in 2010 which has also acted as lead counsel in M&A estate practice. After a brief stint as a IPA, REISA and NDDA. Investment Advisor is responsible for evaluation broker-dealer clients in specifically addresses the compliance issues transactions involving real estate investment registered representative, Michael joined Magazine selected Ms. Miterko as one of the and engineering of candidate connection with public surrounding social media and the financial program sponsors, and has extensive KPMG as a Senior Manager in their PFP top Due Diligence Leaders in 1992, 1993 and properties as well as and private offerings. industry. With her unique background in both experience with workouts of real estate group, a specialty practice within the Tax. He 1994. These were the only years independent assuring that the proposed Matt provides advice and online marketing and financial services, she investment programs. Steve is a frequent was recruited by Deloitte Tax where he served research firms were included in the voting acquisition targets match counseling on regulatory, knows which media vehicles work and the speaker on real estate securities matters, as a leader in their corporate sponsored process, and Ms. Miterko was the only individual to earn this distinction.

28 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 29 Rick Murphy a Board member. From October 2011 to Mr. Ning graduated UCLA and was a Coro and augment KBR’s brand and enterprise. Eric C. Perkins, Esq. is a member of the Altegris Investment Rick started with Berthel September 2012, Ms. Neyland also served as Foundation Fellow in Public Affairs. He is Prior to joining KBR, Mr. Oschin was a Eric C. Perkins, Esq. is the Committee. Dick began his career on the Fisher in 1995 as Director of SIR’s Audit Committee Chairman. currently a Commissioner for the City of principal and President of BGK Integrated founder of Perkins Law, floor of the Chicago Mercantile Exchange Sales & Marketing for its Ms. Neyland has considerable experience Torrance, a member of Exxon Mobil’s Community Investment Services, and Managing PLLC in Richmond, Virginia. as a technical analyst and trader. After equipment finance in real estate investment, development and Advisory Board, former president of the Board Director of BGK Integrated Group, a tenured A charter member of REISA, trading in the currency and stock index subsidiary. Rick was finance. Most recently, while with Montecito of Directors of the Dashew International Center sponsor of private placement real estate Eric specializes in futures markets for several years, he responsible for the Medical Investment Company, she advised at UCLA, and former Vice President of the Board programs and part of BGK Group, one of the Regulation D offerings and managed the Global Macro CTA Trade Desk placement of over $85MM of the company in the acquisition of 43 medical of Directors of the UCLA Alumni Association. Mr. nation’s leading commercial real estate compliance. He represents for Dean Witter Reynolds. In June 1998, investor equity / bank loans properties with over two million square feet in Ning has been featured in numerous magazines, organizations, until its sale in 2010. sponsors in structuring and Dick was appointed Institutional Research in equipment leases including telecom, 13 states, as well as the acquisition of 8,300 radio programs in Japan, and in newspapers and Preceding BGK, Mr. Oschin was President documenting private offerings and has also Executive at the Man Financial Managed computer, agricultural equipment, and energy apartments in 29 communities. TV programs in the United States. of SCI Capital Group and Managing Director represented registered representatives and Investments Division, a role he held until efficiency programs. In addition to his duties From 2001 to 2004, Ms. Neyland served Will Obeid of SCI Real Estate Investments, one of the investors on a variety of Regulation D joining Altegris in 2002. Dick is an overseeing finance originations, workouts, as Executive VP, Treasurer and Investor Will Obeid is President and most prominent and successful syndicators compliance and transactional matters. Eric inaugural member of the Chartered credit, and lender relations, in 2007 Rick was Relations Officer of United Dominion Realty Chief Executive Officer of in the tenant-in-common and fund markets. serves on REISA’s editorial subcommittee, Alternative Investment Association and promoted to Vice President, Mgr. of Trust (“UDR”), where she was responsible Gemini Real Estate Advisors, Previous to SCI, he was Executive Vice having chaired the committee in 2011. He has earned the Chartered Alternative Berthel Fisher & Company Financial Services, for capital market transactions, banking LLC. Under his leadership, President and Chief Operating Officer for written numerous articles for REISA Investments Analyst (CAIA) designation in Inc., providing due diligence, and product relationships and presentations to investors Gemini owns and manages a AFA Financial Group, co-founding and publications and been a panelist at multiple September 2003. The CAIA is a specific promotion for Alternative Investment offerings and Wall Street analysts. Ms. Neyland also 4 million square foot portfolio managing AFA’s prolific managing broker- REISA conferences. Eric is also actively designation that distinguishes individuals including REIT’s, Oil and Gas programs, Real was a voting member of UDR’s Investment of commercial real estate. dealer division. For more than 25 years, Mr. involved with the United States Tennis who are best qualified in dealing with Estate, and Investment Banking offerings for the Committee, which oversaw the repositioning Gemini’s assets consist of Oschin has owned and operated Association, serving as chair of the national alternative investments. Broker / Dealer. In January of 2008 Rick was of over $3 billion of investments. retail properties throughout the country, as well businesses in a range of industries, Tennis Rules and Regulations Committee. Eric Dick holds a BS in Business Administration promoted to Sr. Vice President and is a member Prior to 2001, Ms. Neyland served as the as hotels based in New York City. Since founding including real estate, asset management, graduated Phi Beta Kappa receiving a B.A. with with a concentration in Finance from the of the executive management team at Berthel CFO at Sunrise Housing, a privately owned Gemini in 2002, Obeid has overseen all securities and financial services, Distinction in Economics from the University of University of San Diego. Fisher & Company Financial Services, Inc. In apartment development company, and as the investment activities and has formed many joint international and domestic manufacturing, Virginia, and he earned his J.D. from the Reese B. Pinney October of 2009 Rick was named Executive Vice Senior VP of Finance and the VP of Troubled ventures with institutional partners. He has also retail, non-profit and trust management. University of Virginia School of Law. Reese B. Pinney, President of the broker / dealer and oversees Debt Restructures/Finance for the Lincoln structured numerous Direct Participation Funds Actively involved in the commercial real Derek J. Peterson President of Gulf South Business Development, Managed Money Dept., Property Company, a commercial real estate for individual investors. These Funds have made estate industry during his entire career, Mr. Derek Peterson is Senior Operators, Inc. & Co- and the Insurance Dept. for the broker / dealer. development and management firm. both debt and equity investments in commercial Oschin’s personal ownership and Vice President of Business founder, Senior Vice In 2011 Rick was promoted to President. Rick In addition to her extensive real estate real estate. Prior to founding Gemini, Obeid experience incorporates the development, Development for Walton President of Gulf South reports directly to the CEO, Tom Berthel. Rick background, Ms. Neyland has held executive worked at The Blackstone Group, Smith Barney, acquisition, management, divestment and International Group and Holding, Inc. Reese B. holds NASD securities licenses 7, 66, and 24. positions in the banking industry, including Needham & Company. He graduated with a syndication of more than $500 million in works with independent Pinney co-founded Gulf DeVonna Murrin CIBC, BancOne and Frost Bank. Bachelor of Arts in Economics from the University commercial properties. As a leader in the broker dealers and RIAs South Holding in June DeVonna Murrin holds her Ms. Neyland received a Bachelor of Science of Michigan. securitized real estate industry, he has nationally to serve financial 2008 and serves as its Senior Vice in Finance from Trinity University in San been instrumental in the development of Series 7, 22, 63and 65 Derek O’Leary advisors. Mr. Peterson President and a Director. Mr. Pinney has licenses and is currently Antonio, Texas. more than 100 public and private offerings, speaks regularly at national investment forums been the President of Gulf South Operators Mr. O’Leary joined ICON and programs resulting in the procurement affiliated with Silber Financial Michael C. Ning Securities in 2008 with over and has been in financial services since 1988 since it was founded in 1992. Mr. Pinney is Services. She has been a Michael Ning is president of more than $2 billion in assets since as a licensed rep for over 20 years. a graduate of the University of New Orleans 10 years of experience in the 2005. Mr. Oschin is a sought after and registered representatives and CEO of Arque Capital, financial services industry. Prior to joining Walton, Mr. Peterson was Chief with a Master of Science degree in Earth since 2005. She has actively Ltd., a boutique Scottsdale, regularly featured speaker, moderator, Science and a graduate of the University of Prior to joining ICON, Mr. panelist, writer, advisor and resource for Marketing Officer for Cole Capital Markets. He participated in REISA having Arizona headquartered US O’Leary was Chief Financial was also Regional Vice President of Sales with Virginia with a Bachelor of Arts degree in served as chair of the Education Committee, investment bank, securities conferences and publications nationally, Economics and History. In conjunction with Officer and Managing Partner covering issues ranging from real estate a leading equipment leasing sponsor. Earlier in member of the Editorial Committee, secretary of broker-dealer and RIA. Mr. at Hassan & Lear Acquisitions his career, Derek was with Charles Schwab for Mr. O’Donnell, Mr. Pinney is responsible for the Due Diligence Committee and subcommittee Ning heads the firm’s and securities, to sales and marketing, to all of Gulf South Holding’s geological and a real estate development firm. As CFO, Mr. product development and offering 11 years as their national Director of Marketing chair of the oil and gas Committee. Additionally, institutional services division O’Leary was tasked with heading up acquisitions responsible for developing localized marketing geophysical evaluations. Throughout his she has been invited to be a frequent panelist or and is majority owner of Arque Capital’s holding structure. Mr. Oschin is currently President career, Mr. Pinney has developed extensive for the firm, with a primary focus on investment of the REISA Board of Directors. He was strategies for over 350 branch markets and moderator at REISA conferences. Prior to company. From 2006 – 2009, Mr. Ning ran a underwriting and financial modeling. Additionally, bringing informative financial education to experience identifying and developing becoming a registered representative, she was private equity fund, which owned and ran a honored with the 2009 ACE Award (A lower risk development drilling Mr. O’Leary held the Regional Director role for Champion of Excellence) presented by the investors nationwide. In 1994 Mr. Peterson was an adjunct professor of music at Augsburg specialty derivative trading broker-dealer in the Southeastern region at varying firms such as Manager for Schwab Funds with responsibility opportunities. Mr. Pinney is an active College in Minneapolis, Bethel College in St. Japan. Mr. Ning also served as chairman over a Real Estate Investment Securities member of the Society of Independent Goldman Sachs & Co., Dreyfus Asset Association (REISA) for outstanding for launching and marketing Schwab’s no-load Paul and was a high school orchestra conductor Japanese commodities/securities/foreign Management, Salomon Brothers Asset equity index funds and money market funds. Earth Scientists the New Orleans Geological for over 25 years, annually touring exchange trading firm. From 2000 – 2005, Mr. leadership and service to the association Society and the American Association of Management and Merrill Lynch Investment and the real estate securities industry. In Mr. Peterson received his Bachelor of Business internationally to Europe and China and Ning served as a senior advisor to Wedbush Managers. Mr. O’Leary received his Bachelor of Administration Degree from University of Petroleum Geologists. throughout the United States. She received her Morgan Securities where was founder and head 2010 he received the REISA Distinguished Arts from Seton Hall University and currently Service Award. Committed to the California, San Jose in 1988 and holds Series Michael Ponticello bachelor’s degree from St. Olaf College and manager of their wealth management and holds FINRA Series 7, 24, 63 and 65 licenses. 24, 7 and 63 licenses. Michael Ponticello joined holds a master’s and Ph.D from the University of corporate executive services divisions. community, Mr. Oschin has served on the Daniel Oschin board of directors of various public and Dick Pfister SQN Capital Corporation in Minnesota. Mr. Ning started his financial services career April 2007. Mr. Ponticello as a financial consultant at Shearson Lehman Daniel Oschin is Managing private businesses, trusts, and foundations, Dick Pfister has 19+ years Ella Shaw Neyland Director of KBR Capital overseeing the management of more than of alternative investment spearheaded the formation Ella Shaw Neyland became Brothers. He has also covered Asia for of the SQN Alternative Oppenheimer & Co. and was an international Partners, Inc. He is primarily $300 million in diversified assets and over experience. He is an President of the Steadfast focused on developing new $80 million in charitable donations. Mr. Executive Vice President, Investment Funds and is Income REIT (“SIR”) on private banker for Merrill Lynch International. Mr. responsible for the Ning was the founder and Co-President of the programs and strategies Oschin is a graduate of Pepperdine Managing Director of October 1, 2012. She has designed to enhance and University with a Bachelor of Science Altegris Investments, establishment and served on the SIR’s Board of Pacific Resources series of conferences from development of the equity-raising arm of the 1992 – 1997, which helped introduce Asian expand the company’s degree in Business Administration. To where he leads global Directors since October product platforms, while contact Mr. Oschin you may email sales and consulting. Dick company through SQN Securities, LLC. Prior to 2011, and will continue to be debt and equity financiers to mainstream US joining SQN Capital Corporation, Mr. Ponticello homebuilders. cultivating pioneering models that will diversify [email protected] or call 877-7000-KBR. is also a Director of the Altegris Funds and

30 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 31 was an Assistant Vice President of Operations gas processing plants and multiple lease Paul S. Saint-Pierre full spectrum of FR Risk Management services, Daniel Shaeffer Kevin Shields at the largest independent, privately-held acquisition vehicles for a sponsor of oil and Paul S. Saint-Pierre including Investment Committee Report Prior to joining Wasatch Mr. Shields is the equipment finance company. Mr. Ponticello gas programs. Mr. Reich has also practiced serves as senior vice preparation and presentations, product and Advisors, Mr. Shaeffer Chairman and Chief also worked as a Regional Marketing Director corporate law in New York City and Buffalo, president and chief program specific educational webinars, was a Vice President of Executive Officer of Griffin and prior to that held positions of Remarketing NY. He has a JD/MBA from State University of financial officer of CNL platform reviews and program the Investment Banking Capital and chairs the Manager and Portfolio Manager. Mr. Ponticello New York at Buffalo and a BS in Finance from Fund Advisors Company, recommendations, and risk disclosure Division at Morgan Investment Committee. received his B.B.A. from the Zicklin School of Syracuse University. a registered investment documentation. From 2006 to 2012, Gail served Stanley. He focused His responsibilities Business at Baruch College and currently adviser, and Chief as the Chief Due Diligence Officer for primarily on advising CEOs include managing the Michael Reisner Financial Officer of holds FINRA Series 7, 24 and 63 licenses. Mr. Reisner, Co-President, Buttonwood Investment Services. Prior to that and CFOs of his client firm’s strategic direction Corporate Capital Trust, a business time, she was an independent financial planner. organizations on mergers and acquisitions and financial management and investor Gary Redwine Co-CEO and Director joined development company. In this capacity, Mr. For over 25 years, Gary ICON in 2001. Prior to Gail’s prior employment includes her role as an as well as capital raising transactions. As reporting. Mr. Shields has nearly 30 years of Saint-Pierre is primarily responsible for the Assistant Vice President with Financial Security part of this experience, Mr. Shaeffer gained real estate experience encompassing well drilled and operated over purchasing the company, operational and financial management of 250 wells in Oklahoma, Mr. Reisner held various Assurance, Inc. where she managed asset- extensive experience in evaluating corporate over $3 billion in transaction volume and in the company. backed portfolios, customized performance transactions and developed critical financial excess of 175 transactions. Mr. Shields Texas, Wyoming and positions in the firm Mr. Saint-Pierre has 30 years of experience Colorado, primarily including, Executive Vice tracking systems, and negotiated structural modeling and valuation skills together commenced his career acquiring apartment within the institutional alternative modifications for multimillion dollar with significant knowledge regarding the buildings in the San Francisco Bay Area, and focusing on the Arkoma President and Chief investment sector. He previously served as Basin in Oklahoma. Financial Officer, General Counsel and transactions and also her employment as a organization and execution of securities later practiced real estate and tax law for chief financial officer of Hovnanian Land Senior Credit Analyst and Assistant Vice offerings. two San Francisco-based law firms. In Headquartered in Dallas, Executive Vice President of Acquisitions. Investment Group where he arranged equity he had offices in southern Oklahoma as well Before his tenure with ICON, Mr. Reisner was President with Prudential-Bache Securities Mr. Shaeffer began his career with Ernst 1986, Mr. Shields joined the real estate and mortgage debt financings for residential where she performed credit analysis of & Young working in the firm’s audit finance department of Salomon Brothers as Denver. He has drilled conventional an attorney from 1996 to 2001 with Brodsky land development joint ventures. Mr. vertical wells and horizontal wells using Altman & McMahon, LLP in New York, financial institutions and was granted the department where he gained important Inc. in that firm’s New York and Los Angeles Saint-Pierre also served as chief operating authority to establish trading limits of up to experience in building, interpreting and offices and was engaged in real estate various fracing strategies including gel, concentrating on commercial transactions. officer and executive vice president of slickwater and others. In 2007 his operating Mr. Reisner received a J.D. from New York $300 million. Gail earned a Bachelor’s Degree analyzing financial statements. Mr. Shaeffer asset valuation, underwriting and Wall Street Realty Capital and Wall Street from Sarah Lawrence College, a Masters holds a Bachelors of Science in accounting brokerage, structured debt underwriting and company was the subject of an Oil & Gas Law School and a B.A. from the University of Realty Securities, Inc. (a registered broker- Investor magazine article describing a Vermont. Degree in Economics from Duke University and from Brigham Young University, a Masters of securities placement in the private, Rule dealer) in New York City which specialized an MBA in Finance from New York University. Business Administration from the University 144A and public debt markets as well as 250,000-acre play he assembled in Colorado Scott Rivera in real estate investment banking activities, and Wyoming. He is recognized in the She is also a CFP and an adjunct faculty of Chicago Graduate School of Business, mergers and acquisitions advisory work and Scott Rivera joined Realty including the formation of real estate joint member with the College of Financial Planning, and is a Certified Public Accountant. the restructuring of real estate debt and industry as a “pioneer” in coalbed methane Capital Securities, LLC ventures involving institutional investors exploration and production and was an early for which she teaches Estate Planning and Matthew A. Sharp equity instruments on behalf of partnerships in 2010 and currently is and real estate developers and operators. Income Tax Planning classes to prospective CFP and financial institutions. Following his player in horizontal drilling. As an operator, Co-Head of Due Diligence. During his employment with PRA Securities Matt Sharp is a co- his company disbursed 600 royalty checks certificants. Gail has held FINRA licenses for founder and Managing career at Salomon, Mr. Shields ran a His primary responsibilities Advisors in the mid-1980s, Mr. Saint- Series 7, 63, and 65. She has also held FINRA structured real estate finance group for per month. Over 20 years ago he began include participation in the Pierre co-sponsored and pioneered the Principal of Hamilton Point acquiring producing and non-producing licenses for life and health insurance. Investments LLC. Jefferies & Company, Inc. in its Los Angeles initial due diligence review formation and launch of a mutual fund that office. royalties for himself and institutions. His of program sponsors, specialized in the portfolio management H. Michael Schwartz Previously, Mr. Sharp was clients included the J. Leland Stanford co-sponsors, and/or sub-advisors to be of equity securities issued by U.S. real Mr. Schwartz was Director of Origination in Jennifer Simon Endowment Fund, Austin College, Sherman, included on the Realty Capital Securities estate investment trusts and real estate appointed President of the Real Estate Finance Jennifer Simon joined AI Texas and numerous high net worth platform. Additional responsibilities include related companies. In the early 1990s, Mr. Strategic Capital Holdings Group at ABN AMRO Bank, Insight as the firm’s Chief individuals and professional royalty buyers. ongoing due diligence of active programs, Saint-Pierre was employed by Lend Lease LLC in July 2004. He is also N.V. and was responsible for identifying, Operating Officer in 2011 Having sold the operations end of the serving as primary diligence contact for International where he served as director CEO and Chairman of the sourcing, negotiating and closing $600 where she is responsible business, he leads a growing team of 9 in the firm and responding to current and of equity research and portfolio manager Board of Directors of our million of CMBS loans. Mr. Sharp moved to for overseeing the day to acquiring royalties in shale regions. “This is prospective selling group members and third of a client account that was invested in public, non traded REIT, ABN AMRO from the Real Estate Finance day business operations the time to buy royalties Ahead of the party analyst due diligence inquiries. Prior global real estate securities. Mr. Saint- Strategic Storage Trust, Inc. Group at Standard & Poor’s where he was and on-going business Drillbit.” An Oklahoma native, Gary graduated to joining RCS, Scott served as a director Pierre also served as research director of Mr. Schwartz is primarily responsible for the lead analyst on eight commercial development activity. Ms. from the University of Oklahoma in 1974 and of due diligence for Cetera Financial Group Putnam Lovell & Thornton in San Francisco, overseeing Strategic Capital Holdings’ mortgage backed securities offerings Simon has been active in the Financial resides in Dallas. He is a member of (formerly ING Advisors Network) and its four where he organized and lead a team that growing portfolio of nearly 1.7 million square totaling over $7 billion of securitized Services industry since 1994. Prior to numerous professional organizations independently managed broker-dealers: ING researched and analyzed exchange-listed feet of commercial assets and 8.3 million mortgage debt. Prior to Standard & Poor’s, joining AI Insight, she had an impressive including the Texas Independent Petroleum Financial Partners, Inc.; Financial Network U.S. real estate investment trusts. square feet of self storage assets with a total Mr. Sharp was a Vice President in the Real 17-year career at Ameriprise Financial ; Association, The Dallas Association of Investment Corporation; Multi-Financial Mr. Saint-Pierre received his Bachelor of acquisition value of $886.5 million. Since Estate Investment Banking Group of Gruntal during her last 9 years at the firm, she was Petroleum Landmen and the Petroleum Club Securities Corporation; and PrimeVest Arts from Michigan State University, East Strategic Capital Holdings’ inception, Mr. & Co., Inc. and a member of the Acquisitions responsible for the distribution of Alternative of Dallas. He is a founding member of All Financial Services, Inc. The firms collectively Lansing, Michigan and a Master in Business Schwartz has transacted more than 11.2 Group at Schroder Real Estate Associates, a Investments. This included overseeing Saints Anglican Church, Dallas. provide full-service broker-dealer support Administration from University of California, million square feet of real estate valued at $1 billion real estate investment fund. At non-traded Real Estate Investment Trusts, Justin Reich and investment advisory opportunities to Berkeley. $1.1 billion in the commercial office, retail and Schroder, Mr. Sharp was responsible for Private Real Estate Programs, Managed self storage programs. He has more than 22 sourcing, valuing, financing and acquiring Futures, Hedge Fund Offerings, syndicate Mr. Reich is a founding approximately 7,000 independent contractor Gail A. Schneck, MA, Member and Principal of financial professionals and 800 financial years of real estate, securities and corporate opportunistic and value added properties. offerings of Closed-end Funds and MBA, CFP financial management experience. Mr. During his tenure, Mr. Sharp purchased nine Structured Products all offered through a APX Energy, LLC. Mr. institutions nationwide. Over five years FR Risk Management Reich has committed over with ING, Scott performed due diligence Schwartz holds a B.S. in Business properties totaling $155 million, including network of more than 10,000 financial offers independent broker Administration with an emphasis in Finance two assets acquired out of bankruptcy advisors. Ms. Simon’s responsibilities $50,000,000 in oil and and investment analysis of mutual funds, dealers scalable platforms gas related investments in structured products, advisory products, from the University of Southern California. proceedings. Mr. Sharp began his real estate included overseeing the product strategy to assist in meeting Prior to joining Wasatch Advisors, Mr. Shaeffer career in 1991 as Analyst in the Investment and management, research, review and his career, including lease and alternatives products including direct regulatory requirements acquisitions, drilling and participation products. Scott earned his was a Vice President of the Investment Properties Group at CB Commercial Real approval of new products along with the and delivering a Banking Division at Morgan Stanley. He Estate (now CB Richard Ellis), preparing implementation of those products and the infrastructure development. In addition, prior bachelor’s degree in finance from California comprehensive alternative to forming APX Energy, he oversaw the State University, Dominguez Hills, and holds focused primarily on advising CEOs and financial and market analyses. on-going product management. Ms. Simon investment solution with an emphasis on CFOs of his client organizations on mergers Mr. Sharp received a B.A. in History from received her Bachelors of Science degree economic performance of over 1,800 oil and Series 7, 63 and 65 securities registrations proactive risk management and regulatory gas wells, 3 natural gas pipelines, 4 natural and a California insurance license. and acquisitions as well as capital raising Columbia University and M.S. in Real Estate from Iowa State University and holds her compliance. Gail is responsible for providing a transactions. Investment from New York University. FINRA Series 7, 24 and 79 registrations.

32 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 33 Marc Slavny secured lending, oil and gas, equipment Alan’s responsibilities include strategic planning from FSIC’s inception to December 2009 lending transactions and loan workouts Political Science & Public Administration and a Marc graduated from the leasing, low-income housing, venture capital, and product development in addition to all when he resigned as a Director in order to join for borrowers, including TICs, REITs and Master of Business Administration with a University of Georgia with a hedge funds and investment advisory services. advertising and public relations programs. He Franklin Square Capital Partners. Mr. Stahlecker DSTs. Mr. Steinhause conceived the specialization in Management from the BBA in accounting in 1981. In addition to practicing corporate and also leads the company’s efforts for recruiting, serves on the Executive Committee of Franklin legal structure for the modern tenant in University of Miami, Coral Gables, Florida. She He came to Atlanta in 1982, securities law, Todd was formerly the Vice advisor support, due diligence, sponsor Square and as a member of the Investment common (TIC) syndication transaction. holds FINRA securities licenses 24, 7 and 63, working with Arthur President of Due Diligence for H. Beck, Inc., a relations and business development initiatives. Committee of each of its BDCs. He oversees Today, the TIC model first prepared by Mr. and is a licensed California Real Estate Broker. Andersen & Co. He later registered broker- dealer. Todd is admitted to He currently serves on the Board of Directors of portfolio management and all finance, legal and Steinhause has expanded into a national Ms. Strauss is an active member of the Los received his license as a practice law in the State of Maryland and the FPA of Georgia and is actively involved in compliance functions for each of the BDCs and multibillion-dollar industry, with TIC Angeles Mortgage Association (LAMA), Real Certified Public Accountant, District of Columbia and is licensed as a REISA, IPA, & FSI. He recently started EcoVest their respective Advisers. Estate Investment Securities Association sponsors throughout the country utilizing and holds registrations and licenses in Certified. Public Accountant in the State of Capital, LLC, designed to encourage owners of Mr. Stahlecker was a founding partner, (REISA) and a former member of the Board of securities, insurance and real estate. Marc has Maryland. Todd was awarded the Elijah Watts large tracts of lands to consider conservation Managing Director, Chief Operating Officer the structure and documentation first Directors of the Barlow Respiratory Hospital over 18 years experience in the securities Sells Award with High Distinction from the and preservation based initiatives instead of and co-chair of the investment committee of prepared by Mr. Steinhause. Recognized Foundation in Los Angeles, California. as one of the foremost professionals in industry with particular focus in investment American Institute of Certified Public traditional development scenarios. Radcliffe Capital Management, an investment Larry Sullivan banking, including facilitating two buy-outs of Accountants. Todd holds a JD, a BA in advisory firm that manages hedge funds and the industry, Mr. Steinhause is leading the Wayne Souza expansion of the TIC industry by creating Mr. Sullivan is a Partner in private companies. Marc is the Director – Economics and a BS in Business from the Mr. Souza serves as separately managed accounts for institutional Passco Companies, LLC and new legal structures within the basic TIC Alternative Investments, and is a Vice President University of Maryland. in-house General Counsel, investors. Prior to that, he was an officer and currently holds the joint of Investments. He founded and currently Woody Soemantoro Corporate Secretary and director of Rose Glen Capital Management, model to accommodate the purchase of titles of Chief Operating manages the Real Estate Division of J.P. Turner Woody Soemantoro is the Executive Vice President, a predecessor to Radcliffe that managed non-traditional TIC properties, including Officer and Chief Financial & Company L.L.C. National Sales Director at Law of the USA affiliate of hedge funds focusing on directly negotiated, hotels, assisted living facilities and marinas. Officer. As such, he directs Scott Smith, JD Catalyst Energy, Inc. With the Walton Group, a structured debt and equity investments in Noted for his ability to create solutions and significant portions of the Scott oversees due diligence over 20 years of experience multi-billion dollar global public companies. From 1992 to 1998, Mr. structure complex deals, Mr. Steinhause company’s activities evaluations and reporting in the Securities Industry, group of asset management Stahlecker practiced corporate and securities has acted as tax and securities counsel including investment strategy, acquisitions, tools used by the firms’ he is responsible for and real estate companies with a 30-year law as an attorney at Klehr, Harrison, Harvey, to over US$5 billion of TIC acquisitions, market research, information technology, office broker dealer clients. He syndication of the Catalyst history of the acquisition, planning and Branzburg & Ellers, LLP, representing hedge including the acquisition of a US$148 administration and financial reporting. He is a brings more than 10 years programs in the broker/ management of strategically located funds, venture capital funds and other million shopping mall, the largest single Director of the Company and a voting member of industry experience, dealer community. Prior to joining Catalyst undeveloped land in North America. Walton’s institutional investors pursuing structured of Passco’s Investment Committee. Mr. Sullivan equity and debt investments in public and asset acquisition by a tenant in common developing alternative Energy, Inc., Woody was the Western Regional USA Legal Department is responsible for all sponsor at the time. As a result of his also assists efforts within Passco Development investment products for a Sales Director for Texas Energy Holdings, legal services associated with Walton’s private companies. Prior to law school, Mr. Company, LLC to identify value added and Stahlecker worked as a senior analyst at significant experience, Mr. Steinhause is range of financial and real estate companies. Regional Vice President for Evergreen Realty worldwide operations as they relate, in any often asked to speak on the structuring opportunistic investment opportunities and Prior to joining FactRight, Scott served as Group, and the Assistant Vice President at manner whatsoever, to US land, development Furash & Company, a consulting boutique in partners throughout the country. Washington, D.C., where he advised banks and of funds, tenant in common transactions director of alternative investments at Wells Real Estate Funds for Southern and operations, as well as all US and German and DST transactions. Formerly he was an Mr. Sullivan possesses over 25 years of real Ameriprise Financial, where he developed California. Notably, in 1990 he started his securities offerings and Asian offerings other financial institutions regarding mergers estate experience and throughout his tenure he adjunct professor at the University of San internal processes for Regulation D products, career as an analyst with an institutional involving such lands. Mr. Souza reports directly and acquisitions, restructurings, asset/liability has successfully consummated approximately negotiated large-scale selling agreements and money manager in Washington, DC and to the Presidents of Walton’s Asian, German and management and strategic planning. Diego School of Law. $5 billion in nationwide transactions with both oversaw product management and due started his own book of business in 1995 as a US operations and business units, as well as to Mr. Stahlecker received his B.S. in Industrial Angela Ahlholm Strauss institutional and private capital sources. His diligence on private placements and structured Vice President at Prudential Securities in the Chief Operating Officer of Walton’s North Management, with concentrations in Finance Angela Ahlholm Strauss is experience includes a diverse spectrum of products. Prior to that, Scott served as vice Denver, Colorado. In April of 1999, On Wall American institutional sourcing business unit, and Strategic Planning, from Carnegie Mellon the founder and principal of property types including fully leased industrial, president and in-house counsel for National Street Magazine featured his broker profile, headquartered in Canada. Additionally, Mr. University and his J.D. from Villanova University NoMax Group, formed in office, retail and residential properties; value Healthcare Properties, where he was Indonesia Crisis Fuels Young Broker’s Business Souza is responsible for US federal and state Law School, where he was an Editor of the 2003 to specialize in due added developments and redevelopments, responsible for directing Tenant-In-Common where he hedged currencies for international regulatory compliance matters and all Villanova University Environmental Law Journal. diligence, risk management, and other niches such as golf courses, mobile (TIC) acquisitions, SEC and FINRA compliant energy and telecommunications companies in governmental affairs. Born in Washington, D.C., Mr. Stahlecker previously served on the Board regulatory compliance, home parks and parking facilities. Prior to marketing materials and the firm’s private Jakarta and Singapore during Asia’s currency Mr. Souza started in the private practice of law of Trustees of The Philadelphia School and was asset management and joining PASSCO in 2004, he spent 18 years as a placement offerings. Scott’s previous meltdown of the late 1990s. Woody currently at the age of 24. After 22 years in private a member of its advancement, finance and investor services for the Managing Director of PMRealty Advisors where experience includes roles as national sales resides in Huntington Beach, California. He practice, he became general counsel to a niche investment committees. He is a member of financial services industry. With NoMax Group, he helped launch the company and participated director for CapWest Securities, and vice earned his Bachelors of Science in Economics/ real estate development company the Board of Directors of the IPA and serves as Ms. Strauss was a forerunner in specialized in raising several billion in institutional pension president of LandAmerica’s 1031 Exchange Math from George Mason University in Virginia. headquartered in Phoenix, Arizona. Mr. Souza Chairman of the IPA’s BDC committee. due diligence for several sponsors in the 1031 fund capital. Mr. Sullivan also spent five years Services. He began his career practicing When not working or recovering from knee joined Walton in 2007 as General Counsel, USA. Darryl Steinhause Tenants-in-Common sector. NoMax Group also as Manager, Consulting Services with Kenneth insurance and real estate law in St. Louis, Mo. surgeries, he can be found at the ocean or in Gerald F. Stahlecker Darryl Steinhause is a provides valuation and advisory services on the Leventhal & Company, a nationally recognized Scott is a Member of the Missouri Bar and the the Sierra and the Rockies tele-skiing and Gerald F. Stahlecker has partner in DLA Piper’s acquisition and sale of sub and non-performing audit, tax and consulting firm specialized in Minnesota Bar. He is also a FINRA licensed mountain biking with his dog. served as Executive Vice Corporate group, in mortgages. Recently, Ms. Strauss was Senior the real estate industry. Prominent among his General Sales Representative (Series 7 and 66 Alan Solon President of Franklin the Real Estate Capital Vice President of Due Diligence & Product clients were Pacific Life Insurance Company licenses). Scott earned a B.A. in Political As a career financial Square Capital Partners Markets subgroup. With Development for KBR Capital Partners, a and the Irvine Company. Science and Economics from the University of multi-manager platform sponsor located in industry marketing and its investment adviser more than 30 years of Lavea Thomas Missouri at Columbia, and received his J.D. executive, Alan serves as affiliates (“Advisers”) since Redwood City, California. Prior to that, Ms. Mrs. Lavea Thomas joined from the University of Missouri at Columbia experience in highly Strauss was the Executive Vice President of a the Chief Marketing Officer January 1, 2010. He also technical tax and securities transactions, Realty Capital Securities as School of Law. for The Strategic Financial serves as Executive Vice Broker Dealer located in Southern California, senior vice president, Mr. Steinhause has structured funds for a where she directed the operations of the Todd Snyder Alliance, Inc. SFA is an President of Franklin Square’s sponsored wide variety of significant clients across the director of national accounts Todd is the firm’s founder Atlanta based independent business development companies (“BDCs”) – Managing Broker Dealer division. She actively in December 2011. She country, acting as lead counsel on several managed the positioning and branding of and has over 20 years of Broker-Dealer, Registered FS Investment Corporation (“FSIC”), FS Energy billion dollars of fund and debt offerings. leads the national accounts legal, financial and due Investment Advisor and Insurance Agency & Power Fund (“FSEP”) and FS Investment sponsors and their introduction to potential department in an effort to He has represented both sponsors and diligence experience with a licensed in all 50 states. He is responsible for Corporation II (“FSIC II”). Previously, he was a new markets. Ms. Strauss also previously fortify the team’s critical wide variety of direct the revenue driven side of the business member of the board of directors of FSIC and investors in a variety of deal structures, managed the operations of a Pasadena, skills and execute business process, placement programs, including design and implementation of the served as a member of the Audit Committee including publicly registered transactions, California based multi-faceted real estate maximizing business opportunities for the sales including real estate, company’s national marketing operations. and as Chairman of the Valuation Committee private placements and institutional funds. company as its Chief Operating Officer. Ms. team within the distribution network. Mrs. His experience also includes structuring Strauss graduated with a Bachelor of Arts in

34 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 35 Thomas has been in the financial services for $3.3 billion in sales throughout the central Thomas Voekler Mr. Weil was formerly Senior Vice President acquisitions, transfers, exchanges, leases, Polytechnic University and a master’s in industry for over 8 years and has primarily and western United States. Previously, Mr. Tom’s practice focuses of Sales and Leasing for American Financial financing, work-outs, business start-ups, business administration from Pepperdine focused on building/growing national account Toole served as Director of Hines Real Estate primarily on corporate Realty Trust (“AFRT”) where he was limited liability companies, partnership University. finance, public and teams within distribution companies. Her two Securities, a global real estate investment responsible for the disposition and leasing and joint venture formations, transactions Dana L. Woodbury greatest strengths are relationship firm, as well as Director of Business private securities activity for a 37.3 million square foot portfolio. involving REITs, capital raising through offerings, private equity Dana Woodbury, founder management and business development. Prior Development and Distribution with Fixed During his tenure at AFRT, his division placement of partnership interests and and President of to entering the financial services realm, she Income Securities, Director of Alternative and corporate governance increased and portfolio revenue stock, as well as counseling clients on issues, with a particular Buttonwood Investment held jobs in law enforcement and education. investments and Strategic Planning with through the sale of over 200 properties and achieving business and personal tax Services, LLC has been in Mrs. Thomas attended Boise State University Deutsche Bank/Scudder investments and focus on real estate leasing of over 2.2 million square feet, which planning objectives. He also owned and investment trusts (REITs), 1031 syndications the financial services and has a BA in accounting as well has her Senior Vice President for the Insurance greatly increased shareholder value. for more than 20 years operated a like industry since 1981. He series 7, 24, and 63 licenses. Products Division of Kemper/Scudder (DSTs/TICs) and private placements of real Mr. Weil serves as President-elect and a kind exchange qualified intermediary estate investments. Tom has represented has worked as a financial Paul Anthony Thomas Investments. Mr. Toole is a former NAVA member of the Board of Directors of the Real business. A frequent speaker and author planner, due diligence presenter and a member of the Financial leading regional, national and international Estate Investment Securities Association in the fields of tax, business law and real Paul Thomas is a Certified investment banking firms in initial and consultant, and high yield bond portfolio Professional Geologist Planning Association, the Investment Program (“REISA”), the leading alternative investments estate, Lou has lectured at programs manager. He currently serves as Secretary Association and the Institutional Management follow-on public offerings and private association providing education, networking sponsored by AICPA, Practicing Law with over 30 years’ placements for REITs. He has counseled for REISA’s Ethics & Standards Committee, experience as a well Network. and advocacy for members. He holds his Institute, ALI-ABA, California Continuing and is also a member of the Due Diligence numerous sponsors on REIT, DST, TIC and Series 7, 63 and 24 securities licenses and Education of the Bar, the American Bar site superintendent & Robert “Rusty” Tweed private equity syndications. In addition, Tom Committee. Woodbury now leads a team of exploration professional Robert “Rusty” Tweed is attended George Washington University. Association, the State Bars of California, experts in the due diligence field. has advised companies in going private Michigan, Oregon and Texas, the Bar including 15 years in upper President and Founder of transactions and public and private Philip Welch Specializing in the analysis of illiquid management of petroleum Tweed Financial Services, Mr. Welch oversees all Association of San Francisco, Golden investments, Buttonwood is known for companies and non-profits with respect to Gate University, the California and Texas production and transportation operations. Inc., an independent corporate governance as well as securities aspects of Somerset’s generating a concise and prompt review of He has a proven history of evaluating financial and estate multifamily portfolio, Societies of Certified Public Accountants, alternative products. He had the opportunity law reporting compliance and other general University of Southern California, New and implementing successful oil and gas planning firm located in corporate matters. As the firm’s co-founder including both to receive his BA in Economics from investments throughout the North America San Marino California. He investments and asset York University, Georgetown University Northwestern University, and his MBA from and co-managing partner, Tom also sits on Law Center, UCLA, Mid-America Tax and abroad. Mr. Thomas has personally is a Certified Estate Advisor the Board of Directors and oversees the management. Mr. Welch is The University of Chicago. He has held the drilled or supervised the drilling of over 200 ® and past board member of the Real Estate a founder of Somerset Institute, Southern Federal Tax Institute, following FINRA securities’ licenses: 6, 7, 22, management of the firm’s daily operations Yellowstone Tax Institute, National Real oil and gas wells and currently owns an Investment Securities Association (REISA). In and strategic plan. He is actively involved in Partners and Director of 24, 27, 31, 63, and 65. interest in over 215 producing oil and gas 1999, Rusty was selected Estate Planner of Multi-family Operations. He has over 25 Estate Development Center, and numerous REISA, IPA and IMN serving as Co-Chair of private industry groups. Dustin Zachmeyer wells throughout the US via his ownership in the Year by the National Association of the REISA Conference Committee, Vice- years of experience in commercial real Dustin Zachmeyer is Vice Legacy Income Fund I, Ltd. Financial Planners (NAFP) and subsequently Chair of REISA’s Legal and Regulatory estate and is involved in all acquisition, debt Phileo Williams President, Due Diligence Distinctions: served on the professional associations Board Committee, and a frequent speaker and and equity financing and capital market Phileo Williams the at KBR Capital Partners. In • 30+ years industry exploration of Advisors. Tweed Financial Services, Inc. panel moderator. Previous to his affiliation activities for Somerset Partners. Prior to President and Chief this role, he is responsible experience in the US and abroad; 2060 Huntington Dr., Suite #1, San Marino, to the firm, Tom practiced at two national founding Somerset Partners, Mr. Welch was Executive Officer of for growing and improving • Certified professional geologist #7243; CA 91108, 626-588-1520 or 800-526-1599, law firms both of which were headquartered a Vice President in the Princeton (NJ) office Missouri Valley REIT broker-dealer, RIA, advisor • Active Member, American Association of www.tweedfinancial.com . Securities in Richmond, Virginia. of LCOR and an Associate in real estate Management, LLC in and investor relationships; Petroleum Geologists (AAPG); products offered through Concorde finance at Donaldson, Lufkin & Jenrette Springfield, Missouri Michael Weil and, assisting in raising • Registered Landman; Investment Services, LLC, member FINRA/ (NY). Mr. Welch is a benefactor of numerous managing the capital capital through KBR Capital Markets for the • Active Member, American Association of SIPC. Advisory services offered through Michael Weil was charities including: American Red Cross, formation and apartment appointed President of offerings of the Company and its affiliates. Professional Landmen (AAPL); Tweed Financial Services, Inc., a registered YMCA and The Count Basie Theater in Red acquisitions in the Midwest. He has Mr. Zachmeyer has served on the Board of • Series 65 holder. investment advisor. Tweed Financial Services, American Realty Capital Bank, NJ. Mr. Welch holds a B.S. Degree previously served as acting Chief in February 2012. In his Directors for the Real Estate Investment W. Timothy Toole Inc. is independent of Concorde Investment from the University of Colorado and an MBA Operations Officer of a nationwide boat Securities Association (REISA), a national Services, LLC. new role, Mr. Weil will from the Wharton School. Mr. Welch is an manufacturing corporation as well as a As President, Mr. Toole is continue to uphold the trade association dedicated towards responsible for the Bradford Updike, LLM, active member of the National Multi Housing minister . A former financial advisor, he alternative investments. Mr. Zachmeyer company’s industry best Council (NMHC). Mr. Welch is also a holds Series 7 and a Series 66 securities day-to-day management of JD, CSA practice standards and received his Master’s in Business NorthStar Realty Securities. Brad Updike has worked as principal, CEO and President of Somerset’s licenses. Administration from the University of Iowa basic principles of risk diversification across property management affiliate, Somerset He brings to this position an attorney with Mick & Bill Winn and holds bachelor’s degrees in Finance and the many investment sectors in which the Apartment Management, LLC. more than 20 years of Associates since August Company and its Partners seek to provide Bill Winn is president Economics-Business Analysis. He holds successful leadership at 2006 and his current legal strong risk-adjusted returns to Louis S. Weller and partner of Passco FINRA Series 3, 4, 6, 7, 63, 24, 53, and 66 various public and private practice focuses on oil and shareholders. Mr. Weil will maintain an Lou Weller is Of Counsel Companies LLC and has licenses. real estate and investment companies. Mr. gas, real estate fund, and active leadership role with Realty Capital to the national law firm been with the firm since Toole has spent a significant portion of his private equity due diligence Securities (“RCS”), American Realty Bryan Cave LLP and a 1998. Passco is a career structuring and directing sales and and corporate/transactional structuring. Prior Capital’s affiliated broker dealer, as its member of the firm’s Tax leading Tenant-in- distributions teams introducing diverse to joining Mick & Associates, Brad worked as Chairman and CEO. In this capacity, Mr. Weil Advice & Controversy common (TIC) sponsor offerings—such as variable annuities, an attorney at Securities America, Inc. (“SAI”), will continue to provide strategic planning, practice group. Lou firm offering TIC structured products, unit trusts and others— where he provided legal support and guidance management and operational oversight for retired in 2012 as a investments through the broker dealer to the marketplace. As a result, he has a to SAI’s registered representatives on matters the broker dealer and its team of principal in Deloitte Tax community. For over 10 years prior to depth of product knowledge and a unique pertaining to estate and trust planning, experienced securities professionals. LLP, where he served as National Director, joining Passco, Winn served as the Vice understanding of the most effective ways to business transactions, and retirement income Prior to assuming the helm of RCS, Mr. Planning and led President of the Charles Dunn Company, achieve results in the financial industry. planning. During his employment with SAI, Mr. Weil served as Executive Vice President the firm’s. Like-Kind Exchange Practice with responsibility for asset management Before joining NorthStar in September 2009, Updike was featured as a webcast speaker on of American Realty Capital, where he group. Lou is based in San Francisco. and as the Executive Vice President of The Mr. Toole was Divisional Vice President of estate planning and on §1031 planning and was integral in sourcing and originating Lou has practiced tax and business law Lease Management Group, a subsidiary of RiverSource Investments, the investment he provided legal expertise and due diligence investment opportunities for American for more than 30 years. He has extensive the Charles Dunn Company. Winn holds a management arm of Ameriprise, where he analysis to SAI on several non-traditional Realty Capital sponsored investment experience designing and implementing bachelor’s of science degree in business managed the distribution team responsible financial programs. programs. strategies for real estate and business asset administration from California State

36 SPEAKERS 2012 REISA Annual Conference 2012 REISA Annual Conference SPEAKERS 37 2012 REISA Annual Conference exhibit #101 Diamond Sponsor

Providing 1031, 1033, and 721 exchange investments.

consistently delivering diversified portfolios of long-term, net-leased assets, backed by investment grade corporations in the necessity retail space.

American Realty Capital 405 Park Avenue 15th Floor New York, NY 10022 212.415.6500 www.americanrealtycap.com

American Realty Capital (ARC) is a full-service real estate advisory firm providing institutional investment management to individual investors. ARC sponsors a variety of securities offerings including American Realty Capital Trust, Inc., a non-traded, publicly-registered real estate investment trust (REIT) as well as fixed income note offerings and growth funds. ARC maintains a 1031 platform for customized TIC and multi-property DST solutions.

ARC was formed by Nicholas S. Schorsch and William M. Kahane with the vision of building the firm into the nation’s preferred acquirer of net leased properties. Both Mr. Schorsch and Mr. Kahane have extensive back- grounds in real estate with expertise in transaction structure and execution. Moreover, they grew their previous company, American Financial Realty Trust, (NYSE: AFR) into a company valued at over $5 billion, acquiring over 1,500 properties.

Mr. Schorsch and Mr. Kahane have focused on customized solutions that address each tenant institution’s over- all strategic financial objectives and corporate finance requirements. This approach has madeARC the of choice for numerous corporations, and provides ARC with opportunities not readily available in the market- place to other buyers. Collectively, ARC’s executive team has acquired over $7 billion of net leased real estate.

251 s. lake ave., suite 520, pasadena, ca 91101 | ph: (855) 31-right | fx: (877) 579 9923 | [email protected]

2012 REISA Annual Conference DIAMOND SPONSOR 39 Realty Capital Securities

$1,500,000,000 (Excluding DRIP)1 Realty Capital Securities, LLC is a purpose-built open $25.00 price per share Share price will change to net asset value (calculated quar- architecture wholesale broker dealer focused exclusively on terly, plus applicable selling costs) beginning the first calendar quarter following the acquisition of $1.2 billion in assets. the distribution of publicly registered, non-traded real estate Net Lease Real Estate Publicly Registered, Non-Traded REIT investment trusts and business development companies.

American Realty Capital – Retail Centers of America

$1,500,000,000 (Excluding DRIP) $1,500,000,000 (Excluding DRIP)1 Retail Shares: $9.861 price per share2 $1,500,000,000 (Excluding DRIP) $500,000,000 (Excluding DRIP) $10.00 price per share 2 Share price will change to net asset value (calculated quar- Institutional Shares: $9.790 price per share $10.00 price per share $20.00 price per share terly, plus applicable selling costs) beginning the first calendar American Realty Capital quarter following the acquisition of $1.2 billion in assets. United Development Funding IV Daily Net Asset Value Trust, Inc. Power and Lifestyle Shopping Centers Sale-Leaseback Commercial Real Estate Net Lease Real Estate Publicly Registered, Non-Traded REIT Residential Land Lending Publicly Registered, Non-Traded REIT Publicly Registered, Non-Traded REIT Publicly Registered, Non-Traded REIT

American Realty Capital New York Recovery REIT

1,500,000,000 (Excluding DRIP) $1,500,000,000 (Excluding DRIP) $1,500,000,000 (Excluding DRIP) $1,500,000,000 (Excluding DRIP) $10.00 price per share $10.00 price per share $10.00 price per share $10.50 price per share3 Necessity-Based Community & Commercial Real Estate in New York City U.S. Middle Market Company Debt and Neighborhood Shopping Centers Equity Investments Publicly Registered, Non-Traded REIT Publicly Registered, Non-Traded REIT Publicly Registered, Non-Traded REIT Business Development Company

NOTE: American Realty Capital Trust IV, Inc., American Realty Capital Global Trust, Inc., American Realty Capital Daily Net Asset Value Trust, Inc., and American Realty Capital – Retail Centers of  To obtain a prospectus for an offering detailed herein, contact the dealer manager: Realty Capital Securities, LLC America, Inc. each intend to qualify as a real estate investment trust (“REIT”). Each may not qualify as a REIT. If a company does not qualify as a REIT, it may incur increased tax costs which (Member FINRA/SIPC), Three Copley Place, Suite 3300, Boston, MA 02116, Phone: 877-373-2522, or visit our Web Site: could reduce distributions. www.rcsecurities.com. Realty Capital Securities is an affiliate of American Realty Capital. (1) The aggregate offering amount and price per share are not fixed and will fluctuate after we begin to calculate NAV. (2) Price as of 9/25/2012. The per share purchase price for each of the retail shares and the institutional shares will be equal to our NAV on each day that the New York Stock Exchange is open divided by the number of shares outstanding as of the end of business on such THIS MATERIAL IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. SUCH AN OFFER CAN ONLY BE MADE BY A PROSPECTUS, WHICH CONTAINS COMPLETE day after giving effect to any share purchases or redemptions effected on such day. The retail share price will also include applicable selling commissions and a dealer manager fee up to 10% in the INFORMATION INCLUDING RISKS FOR ITS RESPECTIVE OFFERING. An investment in any of the offerings described herein involves a high degree of risk and there is no assurance that the investment aggregate of the purchase price per share and the institutional share price will also include any applicable fees. (3) Price as of 8/14/2012. At the time that this offering was declared effective, our objectives of the program will be obtained. All information contained in this material is qualified in its entirety by the terms of the current prospectus. initial price per share was $10.00. By prospectus, on an ongoing basis, when net asset value increases above $10.00 per share, we will increase the public offering price as necessary to ensure that Realty Capital Securities, LLC (Member FINRA/SIPC), is the dealer manager for the offerings described herein. shares are not sold at a price which, after deduction of selling commissions and dealer manager fees, is below our NAV per share. The price which the investor pays for our shares may not reflect the current net asset value of the Company at the time of his or her subscription. Investors may pay a premium for their shares of common stock if our board of directors does not decrease the offering price in the event of a decline to our net asset value per share. 2012 REISA Annual Conference Platinum Sponsors

Axxcess Capital LLC 3 San Joaquin Plaza, Suite 240 Newport Beach, CA 92660 877.629.9237 www.axxcesscapital.com

At Axxcess Capital LLC, our goal is to provide an unparalleled wealth building Platform of Alternative Investments for our clients, including Independent Broker-Dealers, Registered Investment Advisors, and Bank Trust Departments. We have always been a strong supporter of REISA, and look forward to the organization’s continued success. The Principals of Axxcess Capital have acquired, managed, financed and sold over 1.2 billion dollars in commercial real estate, and raised over $800 million in equity capital. Through our partnerships with experienced managers, and our subsidiaries and affiliates, we provide the following services to our clients: • Sponsorship of Alternative Investment Offerings • Managing Broker Dealer Services • Capital Markets Advisors and Distribution Services • Investor Relations and Reporting Services • Real Estate Asset Management, Financing, and Acquisition Services At Axxcess, we believe alternative investments should be the cornerstone of every advisor’s plan, and education on how to implement these investments into a client’s portfolio is paramount. Our team of professionals can assist with almost every aspect in the process, and we look forward to working with all of you in the future. Come by our booth #310 and meet the executive team.

Energy Hunters 777 Post Oak Blvd. Suite 650 Houston, Texas 77056 800.596.1848 www.energyhuntersecurities.com

Magnum Hunter Resources Corporation is a Houston, Texas based publicly traded (NYSE: MHR) independent exploration and production company engaged in the acquisition, development and production of oil and natural gas, primarily in the states of West Virginia, Kentucky, Ohio, Texas, and North Dakota and in Saskatchewan, Canada. The Company is presently active in three of the most prolific shale resource plays in North America, namely the Marcellus Shale, Eagle Ford Shale and Williston Basin/Bakken Shale.

2012 REISA Annual Conference PLATINUM SPONSORS 43 i nnovAtive ExchangeRight Real Estate CollAborAtive 251 S. Lake Avenue Suite 520 diligent Pasadena, CA 91101 626.564.1031

CO-OPTIVIST™ INCOME BDC II ExchangeRight Real Estate is committed to providing long-term stable income and asset preservation to accredited 1031 and 1033 exchange investors by consistently delivering 1031 exchangeable DST portfolios of • $750,000,000 Public NoN-Traded bdc long-term net-leased properties backed by investment grade corporations. We target corporate tenants that operate and have been successful in the necessity retail space to provide accredited investors with a cushion • No leverage aNTiciPaTed against an ongoing recessionary environment. ExchangeRight’s long-term exit strategy for investors is to execute a portfolio sale or 721 exchange roll-up option, combining multiple portfolios of similar investment- • eveNT driveN growTh from grade credit, net-leased assets to provide greater diversification and value to investors. ProPrieTary co-oPTivisT sTraTegy In addition to consistently providing 1031 exchange portfolios, ExchangeRight has structured a limited • discouNTed Traded corPoraTe debT securiTies preferred equity fund that allows accredited investors to participate in a portion of the cash flow and profits • alTerNaTive fixed iNcome or high-yield allocaTioN of our 1031 platform by investing in the acquisition of individual net-leased assets prior to our structuring the DST portfolio disposition to 1031 and 1033 exchange investors. This fund allows investors enhanced liquidity, providing exit options with each DST portfolio disposition. KBR is an innovative alternative investments firm nvestments that employs a collaborative joint venture, institutional, i multi-manager strategy to diligently deliver a diversified and distinctive array of low-correlated, dividend-based KBR Capital Partners investment opportunities. 255 Shoreline Drive, Suite 428 Redwood City, CA 94065 877.7000.KBR tive www.kbrcp.com

“KBR’s innovative vision and philosophy is based on a collaborative model that leverages the expertise of its principals, team members and best-in-class partners to bring what we believe are high-quality, diligently designed, and equitably Real Estate Investments Equities or Hedge Fund Alternative Fixed Income Alternative structured alternative investments to our investors.” Domestic and Global Joint Ventures Strategic Equity-Linked Securities Discounted Corporate Debt Securities KBR Capital Partners is an institutional alternative investments firm that employs a multi-manager strategy 1 Rate is annualized and subject to board approval to deliver a diversified and distinctive array of low and non-correlated investment opportunities to individual and FOR BROKER-DEALER AND RIA USE ONLY institutional investors. The information contained herein is neither an offer to sell nor a solicitation of an offer to purchase any security. Offers will only Paladin-KBR: REIT, Priority Income Joint-Venture Real Estate be made through a private placement memorandum to accredited investors, or by prospectus to qualified investors, and where permitted by law. Investment in any of the securities associated herein involve a high degree of risk and should be considered only Paladin is a 15+ year veteran real estate firm with $6B+ in ownership/management experience, 20+ full-cycle by investors who can withstand the total loss of their investment. Potential investors should carefully review the “Risk Factors” programs, and 100+ full-cycle assets, producing an average return of 20%+.

A Altern section of the private placement memorandum or prospectus and consult with their own legal, tax and investment professionals. Premium Point-KBR: Fixed Income Alternative, Discounted Real Estate Mortgages Prior performance is not indicative of future results, and there can be no assurance that future projects will achieve comparable results. Securities offered through KBR Capital Markets, LLC, member FINRA, SIPC. 255 Shoreline Drive, Suite 428, Premium Point manages real estate discounted mortgage institutional funds of $800MM+, generating returns of Redwood City, CA 94065. Co-Optivist is a trademark of VII Peaks Capital, LLC and is being used with their permission. 20%+ annually in almost three years of operations, led by principals with $80B in related experience. Thread-KBR: Equities or Hedge Fund Alternative, Strategic Equity-Linked Securities Thread is a joint venture between Theorem Capital and Eastern Advisors, with collective AUM of $300MM+. VII Peaks-KBR: Fixed Income or High-Yield Alternative, Discounted Corporate Debt VII Peaks principals have over $40B of experience in corporate debt origination and restructuring. KBR Capital Partners, Inc. Securities offered through KBR Capital Markets, LLC, member FINRA, SIPC. Tel 877-7000-KBR | [email protected] | www.kbrcp.com 44 PLATINUM SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference PLATINUM SPONSORS 45 REISA_Ad_Annual2012.pdf 9/24/2012 3:56:35 PM

Inland Private Capital Corporation 2901 Butterfield Rd. Oak Brook, IL 60523 630.218.8000 www.inlandprivatecapital.com

With our 40 year history, The Inland Real Estate Group of Companies, Inc., is an industry leader and one of the nation’s largest commercial real estate and finance groups. Inland also develops and operates real estate-related investment products, such as REITs, 1031 exchange replacement properties and properties for multiple owner cash investments. Inland Real Estate Corporation, our first REIT, currently trades on Wall Street under the ticker symbol IRC. The companies that make up The Inland Real Estate Group of Companies, Inc., cumulatively employ more than 1,600 people. We have $25.1 billion of assets under management and more than 127.4 million square feet of commercial real estate under management in our various portfolios. We have completed 424 investment programs and in each case, no program has paid total distributions less than the total contributed capital. Our companies often share market knowledge and experience with one another in the areas of leasing, property management, land development, commercial real estate brokerage, acquisition, commercial lending and other areas of real estate. Every day, we apply our expertise and integrity to help our clients succeed.

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MY CY Passco Companies LLC CMY 96 Corporate Park K Irvine, CA 92606 949.442.1000 Proven Performance www.passco.net Asset Management Experience Creating Real Estate Since 1998, PASSCO Companies, LLC has been offering real estate investment opportunities through TIC 1031 Successful Track Record Solutions for: tax exchanges and various development, debt, and real estate funds. PASSCO’s assets under management Strategic Acquisitions exceed 27 million square feet of commercial and multifamily assets valued at over $2.4 billion, including over Conservative Underwriting • 1031 Tax Deferred Exchanges 13,000 multifamily units. PASSCO, specializes in acquiring and managing multifamily properties, regional malls, Outstanding Communications shopping centers, office and industrial buildings.PASSCO’s mission is to be committed to excellence in real • Income Producing LLC Investments estate ownership and management of their investment portfolio; to develop long-term strategic relationships with innovative real estate professionals; and to provide a rewarding environment for our employees.

PASSCO Companies, LLC Marketing Contacts: 96 Corporate Park, Suite 200 Irvine, CA 92606 Belden Brown Thomas B. Jahncke Adriana Salamone Andy Wang 949-442-1000 tel (949) 263-7905 (949) 263-7904 (949) 263-7933 (949) 263-7934 949-442-2460 fax Senior Vice President Senior Vice President Vice President Vice President & National Sales www.passco.net Manager

46 PLATINUM SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference PLATINUM SPONSORS 47 Preferred Apartment Communities 3625 Cumberland Blvd. Suite 400 Atlanta, GA 30339 770.818.4100 www.pacapts.com

With current operations in over 20 nationwide markets, PAC affiliated entities include a full service investment management firm, a full service acquisition, asset management and disposition firm, as well as our core business, a full service property level management firm. Collectively our management service firms oversee operations of over 31,000 multi-family units. As a group, all of these organizations combine to provide the OUR STORY full range of services necessary to fulfill and manage the investment interests of our owners and investment partners and to provide a superior level of service to our residents. Our guiding management philosophy is to provide our residents with an exceptional living experience by offering quality apartment homes, superior resident services and total customer satisfaction.

United Realty Trust 44 Wall Street New York, NY 1005 800.489.4465 www.unitedrealtytrust.com

Our team of professionals has deep knowledge and experience with a wide variety of commercial property types, including office, industrial, retail, hospitality, multifamily and age-restricted residences, and in other real estate-related assets, and on all tranches of the capital stack, as well as with respect to land-use, entitlements, development, management and construction. We make that depth of knowledge and expertise available to our affiliates, partners, and institutional, high net worth and individual clients alike. SerieS A redeemAble Preferred Stock & WArrAnt Unit offering

SUMMIT CROSSING A PREFERRED APARTMENT COMMUNITY Atlanta, GA

Preferred Apartment Communities 3625 Cumberland Blvd, Suite 400 Atlanta, GA 30339 pacapts.com 770.818.4100

48 PLATINUM SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference PLATINUM SPONSORS 49 2012 REISA Annual Conference BOOTH #503 Gold Sponsors WIN A FREE iPAD

Atlas Resources Inc. 1000 Commerce Drive Floor 4 OPENING THE Park Place Corporate Center One Pittsburgh, PA 15275 412.489.0006 DOORS TO www.atlasresourcepartners.com Atlas Resource Partners, LP (“Atlas Resource Partners” – NYSE: ARP) is a publicly-traded master limited partnership (“MLP”) and is an active oil and gas producer in the Appalachia Basin and in the Niobrara region in Colorado. Atlas Resource Partners is also a leading sponsor of tax-advantaged direct investment natural gas and oil partnerships, a which we have operated for over 40 years through several Atlas entities.

Catalyst Energy 800 Cranberry Woods Dr. Suite 290 Cranberry Township, PA 16066 724.779.9040 www.catalystenergyinc.com

Catalyst Energy, Inc., headquartered near Pittsburgh, Pennsylvania, is engaged in exploration, development, production, www.UnitedRealtyTrust.com 212.388.6800 transmission, and processing of oil, natural gas and liquid hydrocarbons in the Appalachian region of the U.S. Incorporat- ed in 1992, Catalyst evolved from programs of less than 10 wells to programs of 70 - 100 wells per year. Catalyst oper- Drop your business card off for a chance to win United Realty Trust was formed as a public ates over 1,000 wells and has evolved into an integrated oil and gas operation (mineral rights acquisition through produc- a free iPad at United Realty Trust (Booth #503), non-traded REIT: tion, sale and delivery of oil, natural gas and liquids). Catalyst also operates 5 state-of-the-art natural gas transmission and refining facilities for processing of up to 15 MMscfd, producing over 20,000 gallons per day of propane, butane, and the most recent non-traded REIT to become public, an - Without any legacy assets whatsoever investment vehicle uniquely positioned to take advantage other liquid hydrocarbons. of the reality that we are now at or near the bottom of the - To generate current cash flow to pay commercial real estate market. consistent distributions We welcome the chance to introduce to you our Dual - To generate capital distributions from growth in the Strategy of Investing: value of our assets - To provide “Main Street” investors the opportunity to - Focusing on acquiring existing stabilized cash fl owing invest with seasoned investors assets to support stable, consistent distributions to our - At or near the bottom of the commercial real shareholders estate market - Focusing on acquiring opportunistic assets which - To take advantage of a “once in a generation” we can reposition, redevelop or remarket to create buying opportunity in Real Estate value-enhancement and capital appreciation For Broker/Dealer50 PLATINUM use only SPONSORS 2012 REISA Annual Conference URT-RAD1-9/2012 2012 REISA Annual Conference GOLD SPONSORS 51

REISA_ AD_URT_AD_9_18.indd 1 9/21/12 11:19 AM Coachman Energy 1404 Larimer Street Suite 300 Denver, CO 80202 Oil and Natural Gas 720.279.0070 Drilling Partnership www.coachmanenergy.com Coachman Energy is a privately owned, non-operating oil and gas company focused on growing organic oil production Programs through a drill bit in the Bakken Shale. Since beginning operations in 2006, our asset portfolio has grown to include ownership in 20,000+ net mineral acres in North Dakota’s Williams, McKenzie and Divide Counties. We actively seek continuous value growth with a robust, multi-year drilling program, partnering with multiple of the most productive Bakken operators. Our philosophy is to look like an operator, act like an operator, but not operate. Our resulting business model allows for greater profitability and a more efficient deployment of capital as compared to traditional operators.

Park Place Corporate Center One Commonwealth Capital Corporation 1000 Commerce Drive, Suite 400 400 Cleveland St. 7th FL Pittsburgh, PA 15275 Clearwater, FL 33755 Phone: 800-251-0171 • Fax: 412-262-7430 727.450.0750 www.atlasresourcepartners.com www.cclease.com

Since 1978, Commonwealth Capital Corp., a Pennsylvania based equipment-leasing sponsor, has offered non-corre- lated investment programs for accredited and non- accredited investors. Commonwealth has acquired more than $650 million in leases in 46 states and is a certified woman-owned business (WBENC). We have successfully operated in a niche market focusing on information technology, medical technology and telecommunications equipment. Commonwealth’s management team consists of men and women with strong backgrounds in all facets of the leasing and securities industries. Our team of dedicated professionals has the skills and capabilities necessary to provide supe- rior service to our Fortune 1000 accounts.

• Equipment leasing funds acquire low to no-correlated DLA Piper assets which may hedge against unfavorable movement in 1251 Avenue of the Americas the equities markets New York, NY 10020 • Asset depreciation rights are potential tax benefits to investor 212.776.3789 • Strong diversification of equipment type and lessees www.dlapiper.com • Short-term leases subject fund to minimal interest rate risk The Real Estate Capital Markets group of DLA Piper offers clients practical and innovative solutions for their evolving • Direct Originator with WBENC Certification which can result in transactions awarded at better than market pricing real estate capital markets needs. Our lawyers have structured funds for a wide variety of significant clients across the country, acting as lead counsel on several billion dollars of fund and debt offerings. We have represented both sponsors Please visit our exhibit to learn more about the Commonwealth Family of Funds and institutional investors in a variety of deal structures, including publicly registered transactions, private placements and institutional funds. Our client commitment is also our brand – everything matters when it comes to the way we serve or call a Business Development Specialist at 877.654.1500. and interact with our clients. For more information, go to www.dlapiper.com. For Broker/Dealer Use Only. This ad may not be presented to the public or to any prospective investor. Commonwealth Funds may only be represented by the memorandum or prospectus.

Commonwealth Capital Corp. • 17755 US Hwy. 19 N, Suite 400 • Clearwater, Florida 33764 • 877.654.1500

52 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 53 DST Systems Inc. 210 W. 10th Street

LAND DRILLING INCOME 8th Floor Kansas City, MO 64105 816.435.1000 www.dstsystems.com

Founded in 1969 as a division of Kansas City Southern Industries, DST was established to develop an automated recordkeeping system for the mutual fund industry. DST has supported the industry’s continued growth and is the largest provider of third-party shareholder recordkeeping services in the United States today. Headquartered in Kansas City, Missouri, DST is a publicly traded company on the New York Stock Exchange (Symbol: DST) that employs approximately 11,000 associates, both domestically and internationally.

Domestic energy production is on the rise, driven by oil unlocked from vast shale fields throughout the Lower 48. Thanks to advances in technology, the race is on to Franklin Square Capital Partners recover billions of barrels of oil––and drilling in the Bakken is leading the way. 2929 Arch Street Suite 675 Drop by the Coachman Energy booth to learn why the Bakken rocks. Philadelphia, PA 19104 215.495.1150 www.franklinsquare.com 720-279-0070 office | Denver, Colorado | www.coachmanenergy.com Franklin Square Capital Partners is a sponsor and national distributor of innovative alternative investment products. The firm was founded in 2007 by an experienced group of industry professionals who saw an opportunity to enable investors to tap into the same strategies employed successfully for years by large institutional investors — like pension funds, financial institutions, endowments and high net worth individuals.Franklin Square believes that institutional portfolios that selectively incorporate alternative investments are better-suited to manage risk and generate above- market returns than the typical investor’s portfolio. Franklin Square set out to create investment solutions that are pioneering, yet easy to understand and apply.

GWG Life 220 South Sixth Street Franklin Square Capital Partners is a sponsor Suite 1200 and national distributor of innovative alternative Minneapolis, MN 55402 investment products. 612.746.1944 What Franklin Square offers investors... www.gwglife.com • New asset classes and strategies that traditionally have been out of reach for the investing public, such as the debt of private companies that we think GWG Holdings, Inc. (“GWG”) specializes in purchasing life insurance policies in the secondary market. Life insurance can help investors of all kinds to build stronger, more diversified portfolios. • Elite asset managers, whom we deem to be among the best and brightest policies purchased in the secondary market fall into the broad category of alternative assets because they are not found serving the world's most sophisticated institutions, including The in traditional investment portfolios. GWG offers investors the opportunity to bring diversification to their portfolios by Blackstone Group. We place their talents at the disposal of investors investing in its publicly registered non-traded, offering – Renewable Secured Debentures – corporate debentures of GWG at a reasonable minimum level of investment (generally $5,000). Holdings, Inc., that are backed by GWG’s portfolio of life insurance policies. • Current income combined with potential capital appreciation to generate 2929 Arch Street solid risk-adjusted returns. Suite 675 Franklin Square distributes its sponsored financial products to the independent Philadelphia, PA 19104 broker-dealer community through its affiliated broker-dealer, (215) 495-1150 FS² Capital Partners, LLC (member FINRA/SIPC). www.franklinsquare.com

54 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 55     Hamilton Point Investments  Two distinct ways to diversify  7 Vista Drive    Old Lyme, CT 06371 your clients sources of income     860.598.3400    www.hamiltonptinv.com        Hamilton Point Investments LLC is a real estate investment company that owns and manages investment property.   The company, with over 60 employees, owns and manages over 2,500 apartment units and 50,000 square feet of  Real e state Capital Ma R kets GRoup commercial space. The firm’s principals average 21 years in institutional real estate and have senior-level experience in  Hirschler Fleischer has served as counsel in connection with ipos, secondary  real estate investment and management, backed securities (“CMBS”) structuring and originating, offerings and private placements of equity and debt securities, including seed, angel, venture, mezzanine and bridge financings, and advised on ongoing securities lending and real estate investment banking. Their experience, relationships and technical expertise have resulted in an  law compliance. We also advise clients on mergers and acquisitions, liquidations, joint ventures, esops and going-private transactions. extensive and successful track record of investment and uniquely positions us in the commercial real estate investment  When our clients seek private capital, we help them structure offerings that will meet  market. the conditions of federal and state securities exemptions,ATTORNEYS including AT Regulation LAW D and Regulation s, exemptions under the investment Company act and applicable tax and  www.hf-law.com eRisa rules and regulations, with a view toward ongoing compliance. We routinely represent clients engaged in the private equity arena, including fund sponsors and institutional investors. We also have a deep network of investors, lenders and other capital markets participants that can provide a resource for our clients. Our team takes advantage of cost efficiencies to provide its clients with superior

legal services at a competitiveAT price.TORNEY HeadquarteredS AT LAW in Richmond, Virginia, the team For more information about our specialized operates in a low cost environment.www. hft-lheseaw.com costs savings eliminate a primary hurdle investments call your Hines Securities to effective use of legal counsel. Hines Real Estate Investments Inc Internal Sales Consultant 2800 Post Oak Blvd or Regional Director at 888.446.3773 Ste 4800 or visit www.hinessecurities.com Houston, TX 77056 404.966.7848 FOR BROKER/DEALER USE ONLY. This material is for broker/deal- the edgeworth Building | 2100 e. Cary street | Richmond, Va 23223-7078 er use only. It may not be quoted, reproduced or shown to mem- phone: 804-771-9500 Fax: 804-644-0957 bers of the public, nor used as sales material for public use. Hines | www.hines.com Securities, Inc., Member FINRA, SIPC, is the dealer/manager. 9/12 Hines is the sponsor of Hines Global REIT. Since 1957, Hines has initiated, developed, acquired or managed 1,147 projects representing over 462 million square feet of office, industrial, residential, hotel, retail, mixed use, master-planned communities, sports, arts and cultural real estate on four continents. Hines’ investor partners have included some of the world’s largest institutional investors. As of June 30, 2011, Hines had approximately 3,150 real estate professionals living and working in 18 countries and 108 cities around the world. Hines is a family-owned firm founded by Gerald D. Hines and headed today by his son, Jeffrey C. Hines.

Hirschler Fleischer 2100 East Cary St. Catalyst Energy, Inc. is proud to celebrate Richmond, VA 23223 804.771.9500 20 YEARS as an oil and natural gas driller/operator. www.hf-law.com We specialize in the development of the Upper Devonian sandstone formation for oil reserves in the Appalachian Region of Pennsylvania. Hirschler Fleischer is a full-service firm with a diverse and sophisticated legal practice. Founded in 1946 by Edward S. Hirschler and Alan G. Fleischer, the firm serves clients throughout the U.S. from its headquarters in Richmond, Virginia and offices in Fredericksburg, Virginia. 424 South 27th Street phone 412-325-4350 At Hirschler Fleischer, we approach our work with the entrepreneurial spirit established by our founders and are Suite 304 fax 412-325-4356 dedicated to our clients and their needs. We embrace a passion for the practice of law that engenders a commitment Pittsburgh, PA 15203 from our attorneys and staff to provide creative and practical solutions for our clients and the community. www.catalystenergyinc.com

56 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 57 Kaplan Voekler Cunningham & Frank PLC PRIVATE EQUITY FUNDS 7 East Second Street K V Richmond, VA 23224 Kaplan Voekler 804.423.7921 C F Cunningham & Frank PLC K V REAL ESTATE www.kv-legal.com Kaplan Voekler DEBT FUNDS Kaplan Voekler Cunningham & Frank, PLC counsels companies on all aspects of capital formation, compliance, C F Cunningham & Frank PLC financing, acquisition/disposition and exit strategies along with mergers & acquisitions, real estate and litigation. We regularly advise broker-dealers and investment advisors on formation, compliance and FINRA arbitrations. REAL ESTATE FUNDS Our team specifically focuses on issues affecting companies in the middle market and alternative investment arenas. Our clients include venture capital, private equity, debt and real estate funds and REITs, as well as a variety of ’40 Act funds. REITs We bring an entrepreneurial approach to sophisticated legal representation, with competitive and innovative pricing Providing legal counsel on all aspects of models. capital formation, compliance, financing, 40 Act Funds acquisition/disposition and exit strategies RIA/BDs MacKenzie Capital Management LP 1640 School Street Moraga, CA 64559 925.235.1011 RICHMOND NORTHERN VIRGINIA/WASHINGTON D.C. HOUSTON | | www.mackenziecapital.com Email Us At: [email protected] | www.kv-legal.com | Richmond Office: 804.423.7921 MacKenzie Capital Management, an acknowledged leader in the real estate investment management business, utilizes an innovative approach to real estate securities, often seeing opportunities that other overlook. Based in Moraga, California, MacKenzie Capital Management has specialized in the area of discounted real estate securities and asset management since its formation in 1982.

Contact us 800.854.8357 www.mackenziecapital.com Visit our Booth #317

Nelson Brothers Professional Real Estate 130 Vantis AN INNOVATIVE APPROACH TO REAL ESTATE SECURITIES Suite 150 Aliso Viejo, CA 92656 949.916.7300

58 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 59 Oil States Trading 558 Ambler Avenue Abilene, TX 79601 325.695.1329 Royalty is Rising...Get Your Share www.oilstatestrading.com Shale Production by Well Type Billion Cubic Feet (Bcf) 2,000 It’s Good to Own a Well. IT’S BETTER TO OWN A PIECE OF MANY. HORIZONTAL WELLS VERTICAL WELLS 1,500 Oil States Trading is a privately held asset management firm headquartered in Abilene, Texas that specializes in 1,000 acquiring and managing non-operated working interests in producing oil and gas properties throughout the US. The 500 company focuses on small ownership positions joined into a diverse portfolio of income producing properties. This strategy provides the flexibility to respond to acquisition and divestment opportunities as they arise. It also allows 2001 2006 2007 2003 2004 1999 2002 2008 2009 2010 2000 1997 1998 2005 Source: U.S. Energy Information Administration based on HPDI, LLC Oil States Trading to participate in the most profitable development plays in North America. With over 60 years of hands-on experience in all levels of the energy business, management continually seeks investment opportunities in the Resource Royalty Income & Growth Fund 2012-A, LP is Available domestic oil and gas business that will provide income to be handed down through the generations. Seasoned Oil & Gas Management with over 30 Years in the business. Resource Royalty LLC www.ResourceRoyaltyLLC.com Bob Howard: (214) 691-5234 8214 Westchester Drive Suite 740 Dallas, TX 75225 214.691.5234 www.resourceroyaltyllc.com

Resource Royalty LLC acquires mineral interests throughout all major oil and gas basins. We capitalize on the new advances in the science of horizontal drilling and energy production. The Oil and Gas industry is an iconic part of our country’s history and never before have such specialized and exciting investment scenarios been offered to a wide array of investors, from Endowments and Foundations to individual investors. Founders Gary Redwine and Bob Howard have combined decades of investment experience and expertise with a deep understanding of the oil and gas business to provide highly focused royalty and mineral ownership partnerships. A skilled team comprised of investment and private equity professionals, as well as mineral acquisition analysts and landmen work together on behalf of our investors.

RK Properties 3737 E. Broadway Long Beach, CA 90803 562.240.1000 www.rkprop.com

We believe real economic profit and preservation of capital are the primary reasons for investing in real estate. This has been our philosophy since our founding and will continue to be our principal investment objective. The skills and experience of our professionals have combined to produce a consistent, successful record of performance in apartment investing. Since 1976, R.K. has sponsored over 100 investment programs valued in excess of $200 million. More than 60 of the programs have gone full cycle. The returns demonstrate consistent management performance a matter of pride for the company. R.K. is proud that a majority of investors have multiple investments with us and reinvest in our program when properties are sold. Although R.K. has a proven track record in providing the potential for a substantial return on your investment, prior performance is just one factor to be considered when making an investment, and investors should recognize that past performance is no guarantee of future results.

60 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 61 Steadfast Capital Markets Group 18100 Von Karman Avenue Creating Real Estate Solutions Suite 500 With Dependable Results Irvine, CA 92612 949.333.1747 www.steadfastcmg.com RK is one of the nation’s leading real estate and management companies specializing in investment grade multi-family value- added apartments. RK’s reputation has been well-earned since 1976 and has created an impressive track record over its 36 year history. Steadfast Companies and its affiliates is an integrated, multifaceted real estate investment management company that today owns and operates a diverse portfolio of more than $1.5 billion across the United States and Mexico. Steadfast Our approach to multi-family investing involves: provides a comprehensive spectrum of commercial real estate services that work seamlessly together to provide our  Value-added component to enhance value and maximize income  Using a conservative underwriting philosophy to mitigate investor risk, income and protect principal investors, partners and tenants optimum, measurable results. Steadfast has extensive experience and leadership in real  Delivering the highest potential return on your clients investment estate & development, property management, investment management and capital markets in addition to offering real  Trust – buying the right opportunities at the right time for the right reasons estate investment products. Our 450 professionals are dedicated to consistently delivering solutions that produce superior  Providing fully integrated investment real estate and tenant-in-common (1031 exchanges) for investors. results. Contact the RK Marketing Department at 800-677-7333 for:  Product Availability  Due Diligence  Broker & Investor Marketing Materials Strategic Capital Holdings LLC Marketing Team: Steve King ext. 223 [email protected] or John Freeborn ext. 254 [email protected] 111 Corporate Drive BROKER- DEALER USE ONLY Suite 120 THIS ADVERTISEMENT DOES NOT REPRESENT AN OFFER TO SELL ANY SECURITIES BY RK PROPERTIES OR RK SECURITIES OR THEIR AFFILIATES. SUCH Ladera Ranch, CA 92694 OFFER MAY ONLY BE MADE THROUGH A PRIVATE PLACEMENT MEMORANDUM TO QUALIFIED PURCHASERS WHO RESIDE IN CERTAIN STATES AND MEET THE SUITABILITY STANDARDS SET FORTH THEREIN. THERE ARE NO ASSURANCES THAT THE INVESTMENT OBJECTIVES OF RK SPONSORED PROGRAMS WILL BE ACHIEVED. INVESTMENTS IN REAL ESTATE ARE SUBJECT TO VARIOUS RISKS AND NEITHER RK PROPERTIES OR ITS AFFILIATES REPRESENT OR 949.429.6600 GUARANTEE THAT AN INVESTMENT WILL RESULT IN ECONOMIC GAIN. ALL SUCH INVESTMENTS MUST BE CONSIDERED SPECULATIVE. RK PROPERTIES AND ITS AFFILIATES, AS WELL AS OTHER THIRD PARTIES, WILL BE COMPENSATED FOR THEIR SPONSORSHIP AND SALE OF INVESTMENTS, IN THE FORM www.sstreit.com OF SELLING COMMISSIONS, ACQUISITION AND DISPOSITION FEES, PROPERTY MANAGEMENT FEES, AND OTHER RELATED FEES.

Self storage has been the fastest growing sector of the U.S. commercial real estate industry over the last 35 years. Historically, self storage has exhibited strong fundamentals and performed well in a variety of economic conditions. Strategic Storage Trust, Inc. is the first and currently only public, non-traded REIT focused on the self storage asset class. Its portfolio includes approximately 60,000 self-storage units and 7.5 million rentable squa6re feet of storage INCOME REIT space. To learn more about Strategic Storage Trust, Inc. visit us at www.strategicstoragetrust.com or call our sales desk at 877.32REIT5 (877.327.3485). STEADFAST INCOME REIT, INC. is a public, non-traded REIT that was developed primarily to acquire and manage Up to $1.5 billion in income-producing multifamily properties. common stock is being We will target established, stable apartment communities Time Equities with operating histories that have demonstrated consistently 55 W 55th Ave. offered at $10.24 per share high occupancy and income levels across market cycles, 15th Floor and are located in neighborhoods within close proximity to New York, NY 10003 employment centers. 212.206.6196 www.timeequities.com For more information or to request a prospectus, please call our sales desk at 877-525-SCMG (7264) or visit www.SteadfastREITs.com Time Equities, Inc. (TEI) is a privately held full service Real Estate Investment & Development Company. Founded in Securities offered through Steadfast Capital Markets Group, LLC Member: FINRA & SIPC 1966, TEI has maintained success in both bull and bear real estate markets. TEI’s disciplined investment strategy focuses on staying “ahead of the curve.” The TEI way is to protect against the THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH THE PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL downside through rigorous analysis and to “buy right” because you only get one chance to do so. TEI believes that to OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF THE PROSPECTUS MUST BE MADE AVAILABLE TO YOU succeed in real estate one needs to have a long-term view, be flexible, opportunistic and able to maintain a balanced IN CONNECTION WITH THIS OFFERING. For more complete information about investing in shares being offered by Steadfast Income REIT, Inc., including charges and expenses, request a prospectus. Read the prospectus carefully before you make an investment decision. An investment in Steadfast Income REIT, Inc. involves a high degree of portfolio in diverse markets. Unlike specialized investors, TEI is experienced with virtually all property types and sizes. risk and there is no assurance that the investment objectives of this program will be attained. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Attorney General of the State of New York nor any other state regulators have passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful. Consult the prospectus for suitability standards in your state. Steadfast Income REIT is sponsored by Steadfast REIT Investments, LLC, an affiliate of Steadfast Companies.

62 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 63 True Life Companies DID YOU KNOW? 12647 Alcosta Blvd. Suite 470 As a matter of fact, the self storage industry has been the fastest growing sector of the U.S. commercial real estate industry over the last San Ramon, CA 94583 NearlY 1-IN-10 35 years(1). That is why we’ve developed Strategic Storage Trust, Inc. of U.S. hoUSeholdS cUrrently rentS a Self Storage Unit.(1) 888.588.5677 (SSTI). SSTI focuses on the acquisition, operation and development of income producing self storage properties across the United States. www.Americapdp.com SSTI is a real estate investment trust (REIT) that seeks to provide a long-term investment strategy to hedge inflation, preserve capital and produce monthly income(2). At True Life Companies, our promise – to our customers, to our partners and to ourselves – is to create value through carefully designed communities that bring people together. Sound business principles, a passion for excellence, and (1) Self Storage Association “Industry fact sheet” (6/11). Although self storage is the fastest– growing sector in U.S. commercial real estate, there is no guarantee that SSTI will experience respect for every individual inside and outside our company are the driving forces behind our decisions and successes. similar growth. (2) No assurance that this objectives will be met We are a strategic real estate investment and management firm that oversees all aspects of our properties with the goal,

This ad is neither an offer to sell nor a solicitation of an offer to buy the first and foremost, to preserve investor capital. We strive to achieve the highest and best result appropriate to each asset, securities described herein. Only the Prospectus makes such an offer. and to be a reliable supplier of land to public and private homebuilders. Our entire group is well-versed in all phases of The sales and advertising literature must be read in conjunction with the Prospectus in order to fully understand all of the implications and risks of real estate development. From land acquisition, entitlements and engineering, land development, vertical construction, the offering of securities to which it relates. Please read the Prospectus in its entirety before investing for complete information and to learn more about and sales and marketing, we respect our mission as stewards of the American dream. We strive to fulfill the promises that the risks associated with this offering. Some of the more significant risks are inherent in each asset by creating value for both residents and for our partners. include the following: lack of operating history and “blind pool” nature of To request a prospectus the offering; less diversification if we don’t raise substantially more than the minimum offering; absence of public market for the shares and lack call: 877.32REIT5, (877.327.3485) of liquidity; dependence on our advisor to select investments and conduct U.S. Energy Development Corporation operations; payment of significant fees and expenses to our advisor and its 2350 N. Forest Rd. www.strategicstoragetrust.com affiliates which will reduce cash available for investment and distribution; conflicts of interest among us and our advisor and its affiliates; and our ability Suite 9A to borrow funds, issue new securities or sell assets to make distributions, some of which may constitute a return of capital. We cannot assure you that Getzville, NY 14067 we will achieve any of our investment objectives. Shares offered through: 716.636.9877 broker dealer use only Select Capital Corporation (Member FINRA and SIPC). www.usedc.com

U.S. Energy Development Corporation is a vertically integrated, independent oil and natural gas driller and producer. With the goal of improving energy independence in the United States, the company is very active in the acquisition of income- producing properties and new drilling opportunities. Our interests are aligned with those of our business partners and we measure success by the value we deliver to our investors, landowners, employees and communities in which we operate. The company is consistently ranked among the Top 50 Independent Oil & Gas Drillers in the United States with operations in many states including North Dakota, Texas, Oklahoma, Montana, New York, Pennsylvania, Maryland, West Virginia, Ohio, Kansas, Louisiana. U.S. Energy Development Corporation is a proven operator with respect to more than 2,500 wells over the past 30 years throughout ten states and Canada, with a current lease inventory in excess of 300,000 acres. We are also an active Joint Venture partner and have teamed with many of the nation’s largest oil & gas drilling companies.

Wilkinson Realty Corporation 402 East Yakima Ave. 14th Floor Yakima, WA 98901 509.853.2442 W ILKINSON www.wilkinsoncorporation.com R EALTY

At Wilkinson Corporation and its family of companies, words and phrases such as investor integrity, health development, protection, trust and hard work carry special meaning. We are committed to the best possible performance on every real estate transaction, every partnership... every endeavor we enter into. Whether it is acquisitions or operations... in multi-family, student housing, office or the senior housing and care sector, theWilkinson Family of Companies has the experience, depth and expertise to do the job right.

64 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 65 See us at Booth# 216

GWG Holdings, Inc. is offering Renewable Secured Debentures, which are publicly registered, ILKINSON non-traded corporate debt, currently offered at the W interest rates and maturities set forth below. R EALTY GWG Holdings, Inc., through its subsidiaries, purchases life insurance policies sold in the secondary marketplace.

Minimum Investment: $25,000

To obtain a prospectus 6 Month 4.75% contact: 1 Year 5.50% GWG Holdings, Inc. 2 Year 7.00% 220 South Sixth Street, Suite 3 Year 8.00% 1200 Minneapolis, MN 55402 4 Year 8.50% [email protected] 5 Year 9.00% www.gwglife.com 7 Year 9.50% Interest Payment Options: Monthly | Annually

This advertisement does not constitute an offer to sell, nor a solicitation of an offer to buy the securities described herein. Such an offering is made only by means of a Prospectus. Securities are being offered on a best-efforts basis on behalf of GWG Holdings, Inc., by Arque Capital, Ltd., Member FINRA/SIPC, managing broker dealer for the Issuer. GWG and Arque Capital are not affiliated entties. The Prospectus provides a full description of the business and a comprehensive listing of risk factors. An investment in Renewable Secured Debentures may be considered speculative and subject to a high degree of risk, incluing the risk of losing your entire investment. FOR BROKER DEALER USE ONLY

BOWMAN LAW FIRM, LLC

The Bowman Law Firm specializes in conducting independent due diligence reviews of non- U.S. Energy’s 2012 Alpha Drilling Program A traded REITs and other alternative investment products for its independent broker/dealer clients. has SOLD OUT at the full $30 Million capital raise.

Our $100 million year-end Genesis Drilling Program will be available for Due Diligence review soon. 321-246-2349 | 423-746-5007 (fax) www.bowmanlawllc.com To pre-order your Genesis Drilling Program Due Diligence Materials, Call Today! [email protected] Richard Walton • [email protected] • 800.636.7606 ext. 204 120 County Road 196 | Athens, TN 37303

For Broker Dealer Use Only - Not For Public Use

66 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference GOLD SPONSORS 67 2012 REISA Annual Conference Silver Sponsors

HPI Apartment Opportunity Fund II, LLC $25,000,000 Acquiring multifamily properties from lenders to provide attractive current cash yield and strong capital appreciation for accredited investors. bofiadvisor A DIVISION OF BOFI FEDERAL BANK Fund Term: 4 to 5 years Minimum Investment: $25,000 Targeted IRR: 18% Targeted Distribution: 8% per year, paid quarterly

Matthew A. Sharp J. David Kelsey Christopher Melling Managing Principal Managing Principal Principal t. 860 598-4302 t. 860 598-4301 t. 860 434-5166

Securities Offered Through Orchard Securities, LLC, Member FINRA/SIPC

INNOVATIVE ENERGY DEVELOPMENT SOLUTIONS With extensive knowledge in real estate, securities, tax and finance law, we help you find creative solutions TM to the real estate securities puzzle. Our innovative thinking, Noble Royalties, Inc. in-depth knowledge and practical experience position an energy company that does not drill. us to help you develop a securities program that fits your business needs. When it matters to our clients, it matters to us.

www.dlapiper.com

Darryl Steinhause, +1 858 638 6702, [email protected]

4365 Executive Drive, Suite 1100, San Diego, CA 92121 | DLA Piper LLP (US) | Attorney Advertising ® W A V E L A N D E N E R G Y P A R T N E R S

68 GOLD SPONSORS 2012 REISA Annual Conference 2012 REISA Annual Conference SILVER SPONSORS 69 2012 REISA Annual Conference

Save the Date 2013 Annual Conference Notes & Contacts October 6-8, 2013 Caesars Palace Las Vegas

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REISA 10401 North Meridian Street • Suite 202 • Indianapolis, IN 46290 • 317.663.4180 • reisa.org ______

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Interested in working toward your DPP designation? ______Eight (8) credits are needed to complete the requirements, four (4) of which must be earned at a REISA event. Two (2) hours of credit ______must be earned by completing the two core courses, Best Practices in DPPs and Fundamentals of DPPs, both of which will be offered on October 8 at the REISA Annual Conference. DOn’t mISS Out! ______

______Elevate your professional standards ______Increase your knowledge of ______direct participation programs ______Enhance your ______individual performance Attend approved courses at REISA ______events to earn DPP credit ______

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______To get started on your DPP, go to www.reisa.org/dpp or call 866.353.8422 for more information.

70 2012 REISA Annual Conference 2012 REISA Annual Conference 71 2012 REISA Annual Conference Notes & Contacts

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For Broker Dealer Use Only. Dissemination to prospective investors prohibited. This is neither an offer to sell nor a solicitation of an offer to buy any security. 72 2012 REISA Annual Conference The Inland name and logo are registered trademarks being used under license. This material has been distributed by Inland Securities Corporation. Inland Securities Corporation, member FINRA/SIPC. See you next year! 2013 Annual Conference October 6-8, 2013 • Caesars Palace • Las Vegas

Save the Date: 2013 Spring Symposium April 14-16, 2013 • San Diego Sheraton • San Diego

REISA 10401 North Meridian Street • Suite 202 • Indianapolis, IN 46290 • 317.663.4180 • reisa.org