SOLD OUT www.realestateforums.com IN 2010 CHAIRMAN Jeoffrey Chipman FEATURED SPEAKERS Mark Chipman Lloyd Axworthy Garth Buchko Stuart Murray Barry Rempel Real Estate Phil Sheegl Curt Vossen PRESENTERS Forum Rick Bachalo Robert Bean Ugo Bizzarri Wednesday, April 18, 2012 • Winnipeg Convention Centre Wayne Bollman Richard Brownscombe Ian Cameron Platinum Sponsors Derrick Chartier Bill Coady Remco Daal Greg Dandewich Murray DeGirolamo Michael Emory Michael Falk Bruce Hamilton Scott Hayes Dianne Himbeault Principal Sponsoring Association Chairman’s Reception David Johnson Colin Johnston William Logar John Lund Ron Margolis Armin Martens Doug McDonald Finley McEwen Martin McGarry Ross McGowan Sandy McNair Richard Morantz Bill Morrissey Mark Olson Mauro Padula Calvin Polet Kevin Pshebniski Jeff Rabb Shaun Rocan Perry Rose Wayne Sato Wes Schollenberg Scott Stephanson Michael Stronger Brian Taillieu Benjamin Tal Stephen Taylor David van der Vis Photo: Linda Barringer Chris Vodrey Eric Vogen Gold Sponsors Jeremy Wedgbury Don White Chris Wood Ken Yee FIND OUT WHY WINNIPEG CONTINUES TO OUTPERFORM OTHER CANADIAN CITIES IN THIS ECONOMY

The Winnipeg Real Estate Forum will provide valuable insights on the trends, The Forum will be targeted at the interests of real estate executives, brokers, issues, strategies, and opportunities in the city located in the centre of Canada. developers, investors, asset managers, and other professionals active in the acquisition, leasing, financing, management, and marketing of office, Chaired by Jeoff Chipman, President & CEO, Stevenson Group, the conference industrial, retail, and multi-unit residential real estate. will be held on Wednesday, April 18, 2012 in the Winnipeg Convention Centre. The Winnipeg Real Estate Forum will help you determine what strategies to In 2010, the Forum was sold out with an attendance of over 465 executives – follow for the remainder of 2012 and beyond. 29% of whom were from outside of . For 2012, the event has been moved to a larger venue. Note that the registration fee is significantly lower than other comparable events and will fit virtually every organization’s or individual’s budget. You will learn the real story about the continuing strength of the Winnipeg economy and its real estate market, and how it is performing from both a We sincerely hope you will take advantage of this informative event. leasing, development and investment perspective.

The program will offer a wide range of speakers, presentations and panel Forum Chairman: discussions on the economic drivers responsible for Winnipeg’s strong GDP; the major trends in the office, industrial, retail and apartment markets; the opportunities for development activity; and key municipal planning and growth Jeoffrey Chipman management initiatives and strategies. President & CEO Stevenson Group Inc.

Portfolio sponsors CONTINUING EDUCATION Law Society of Manitoba

This program may be eligible for up to 7 hours of CPD. Manitoba lawyers are responsible for confirming eligibility of this conference based on Guiding Principles for Mandatory Continuing Lanyard sponsors Professional Development adopted by the Benchers - February 10, 2011. Please visit the Law Society of Manitoba website for details. www.lawsociety.mb.ca

Continuing Professional Development (CPD) Credits may be available from:

• Certified General Accountants Biographies sponsor Media sponsor • Institute of Chartered Accountants • Appraisal Institute of Canada • The Building Owners and Managers Association of Canada (BOMA) • The Law Society of Upper Canada

Pen sponsor Mints sponsor Supporting Association MMPI Canada is solely responsible for the content of this conference.

For Corporate Sponsorship Opportunities Contact Frank Scalisi at Corporate sponsors [email protected] or 416-512-3815 Winnipeg Real Estate Forum

8:35 a.m. The Future of Agribusiness and Its Importance to the Winnipeg Economy Tuesday, April 17 HOW ARE WINNIPEG LEASING AND INVESTMENT Curt Vossen, President, Richardson International Limited 6:00 pm to 7:30 pm MARKETS PERFORMING? ChairmAn’s 10:00 a.m. Reception MORNING REFRESHMENTS An overview of leasing and investment activity in Winnipeg 10:25 a.m. over 2011 and the first Quarter of 2012. Were there any benchmark leasing and investment deals during the past CONCURRENT SESSIONS (Select A1, A2 or A3) twelve months? What is the outlook for 2012 in the office, retail, industrial and multi-unit residential sectors in terms SESSION A1 of absorption rates, cap rates and potential leasing and investment activity? How do the prospective trends for IS THE WINNIPEG OFFICE MARKET DOING BETTER Networking opportunity for all Forum Winnipeg compare with other major Canadian markets? THAN YOU THINK? WHAT CAN WE EXPECT FOR delegates. Location to be finalized. Colin Johnston, President, Research, THE REMAINDER OF 2012 AND GOING FORWARD? Valuation & Advisory, Altus Group This session will examine what the future holds for the Sandy McNair, President, Altus InSite Winnipeg office market. Where are vacancy rates, cap rates and other underlying leasing and investment fundamentals Wednesday, April 18 heading at this time? Office space NERs tend to range from $6 9:00 a.m. to $16 per square foot – among the lowest in major Canadian and North American cities. What will it take to increase these WINNIPEG’S COMPETITIVE EDGE: 7:15 a.m. rates? Are owners afraid to push rental rates even though WHAT CONTINUES TO PROVIDE THIS MARKET operating costs are considerably lower than major cities WITH VERY SUSTAINABLE GROWTH? REGISTRATION & LIGHT BREAKFAST across Canada? How are Class B and C properties performing compared to Class A? What is the outlook for demand and investment activity for the remainder of 2012 and beyond? Two essential elements found in many of today’s successful How much interest is there in greening new and existing cities are a diversified range of strong economic drivers buildings? What threat do new business parks pose to future coupled with a vibrant population and culture that inspires downtown office developments? and attracts an intellectual market of residents. So how does Moderator: 8:00 a.m. Winnipeg fare in this regard? What competitive advantage does it offer? The city has a highly educated and productive Wayne Sato, Vice President, Office, Cushman & Wakefield workforce, low cost energy, a central location with excellent WELCOME & INTRODUCTION Panel: multi-model transportation system for distribution of goods Darren Klassen, President, BOMA Manitoba to market, and a diversified manufacturing base that includes Wayne Bollman, Vice President, agri-business and aerospace among other industries. Strong Lakeview Realty of Canada Ltd. retail sales continue to grow. Winnipeg’s is experiencing OPENING COMMENTS Bruce Hamilton, President, steady job growth and unemployment rates among the lowest Royal Canadian Properties Limited Jeoffrey Chipman, President & CEO, Stevenson Group Inc. in the country. At the same time, the city provides an outstanding balance between work and quality of life and offers one of the Doug McDonald, President & CEO, 8:05 a.m. lowest overall business costs of any major Canadian centre. NewWest Enterprise Property Group Why does Winnipeg have a stable economy? What are the major drivers of employment and growth? Winnipeg’s competitive Chris Vodrey, Director of Leasing, THE ECONOMIC OUTLOOK FOR THE Morguard Investments Limited WINNIPEG MARKET advantage will be discussed in some greater depth along with the implications of the Transportation Master Plan and the Complete Communities Direction Strategy which has replaced SESSION A2 Plan Winnipeg 2020 as the official development plan managing growth and change for the city. THE CHALLENGES OF THE INDUSTRIAL Moderator: REAL ESTATE MARKET Within the Canadian context, Winnipeg has had one of the Bill Morrissey, Leader, Yes! Winnipeg best economic performances of any large city (population Winnipeg is the largest distribution centre between Vancouver over 500,000) in Canada. Since the global downturn in 2009, and Toronto. The city is at the core of both of Canada’s national Winnipeg’s has remained very stable making consistent gains Keynote Speaker: The Remaking of a Winnipeg intermodal rail systems with direct connections to the United in economic and job growth. This presentation will examine Institution and the City’s Downtown Core States via CN and CP’s American subsidiaries. Winnipeg is also the headquarters for many of the top inter-provincial the outlook of this unique market and why it continues to Lloyd Axworthy, President, University of Winnipeg enjoy a relatively low unemployment rate of 6% or less. general freight carriers in Canada and offers access to ocean ports through Churchill and Thunder Bay. But faced with the Winnipeg’s GDP is expected to expand by 2.4% in 2012 as Overview of Winnipeg’s Major Economic Drivers manufacturing shows signs of additional strength. What are current geo-economic and North American market challenges, Winnipeg’s other major economic drivers? How do the Greg Dandewich, Senior Vice President, how is the industrial real estate market performing? Where do prospects for this market compare with the outlook for other Economic Development Winnipeg Inc. vacancy rates stand? How is the battered manufacturing sector major Canadian cities? To what extent will U.S. or other geo- affecting demand for industrial space? Is this decline cyclical economic challenges affect this market? The Transportation Master Plan and Complete or structural? What does the future hold for the older industrial Communities Direction Strategy properties that do not easily meet the needs of today’s logistics Benjamin Tal, Managing Director & Deputy Chief Economist, market and may be facing obsolescence? What is the outlook CIBC World Markets Inc. Phil Sheegl, Chief Administrative Officer, City of Winnipeg for the industrial sector over the next twelve months? Moderator: Moderator: capital and a strong number of potential buyers, how much of Martin McGarry, President, DTZ Barnicke Winnipeg Ltd. Derrick Chartier, President, a disconnect is there between supply and demand of product? CB Richard Ellis Chartier & Associates Where will cap rates be by 2013 relative to today’s prices? Panel: Which product types appear to most strongly favoured by investors? How does the investment market in Winnipeg Michael Falk, Vice President, Terracon Development Panel: compare with other Canadian cities? Finley McEwen, Senior Vice President, Development, Scott Hayes, Chief Operating Officer, Pure Industrial REIT The Cadillac Fairview Corporation Limited Moderator: Calvin Polet, President, Neptune Properties Inc. Mauro Padula, Vice President Leasing, Western Region, Brian Taillieu, Executive Vice President, Colliers International Shaun Rocan, Vice President, Leasing, SmartCentres Panel: Bentall Kennedy (Canada) LP Michael Stronger, Director, Retail Services, Ugo Bizzarri, CFO & Managing Director, Real Estate Investments, Shindico Realty Inc. Timbercreek Asset Management SESSION A3 Chris Wood, Principal & Director, Ian Cameron, Assistant Portfolio Manager, Real Estate, Northwest Atlantic (Canada) Inc. LAND & DEVELOPMENT: WITH ANNUAL BUILDING Manitoba Civil Service Superannuation Board PERMIT VALUES OF OVER $1 BILLION, WHAT ARE David Johnson, Senior Vice President, Asset Management, THE OPPORTUNITIES IN THE WINNIPEG MARKET? SESSION B2 Central Canada and U.S. Region, Artis REIT The session will open with a brief overview of transaction APARTMENT MARKET OVERVIEW: William Logar, Director, Portfolio Management, KingSett Capital volumes, values and trends in industrial, commercial and HOW IS THE SECTOR PERFORMING IN residential sites and properties for development purposes. A THIS MARKET? WHY IS IT ATTRACTING 12:30 p.m. more in-depth discussion will then follow with developers and INVESTOR INTEREST? consultants. What are current land values and where are they heading for 2013 and beyond? What are the key market funda- NETWORKING LUNCHEON mentals and dynamics affecting land acquisitions and development in Winnipeg? How does Centreport Canada fit into this mix? Who are some of the most active buyers and what are their This session will examine the principal trends in demand, ultimate strategies? Is it difficult to access capital to finance supply and investment activity in the Winnipeg apartment land transactions and construction financing? Where are land market. What is the short and medium term outlook for the and construction costs heading at this time? How is the City of performance of the multi-unit residential sector? Will rental demand and vacancy rates of 1% be sustained at their current Winnipeg affecting land investment and development activity? LUNCHEON REFRESHMENTS What other challenges are developers facing in this market? levels? Where are rent levels heading over the next twelve months? Is the condominium market having an impact on the Moderator: apartment sector? Where are cap rates heading? What is the Wes Schollenberg, Managing Partner, Avison Young impact of rent controls on this sector? What has CMHC mortgage insurance had any impact on apartment values? Speakers: How has the Province’s Bill 40 affecting rent increases and Murray DeGirolamo, Vice President, Industrial, condominium conversions in this market? 1:25 p.m. Western Canada, Hopewell Development Corporation Moderator: A CONVERSATION WITH MARK CHIPMAN: Mark Olson, President & CEO, Jeff Rabb, President, Winpark Dorchester Properties AN INSIDE LOOK AT THE STRATEGY TO LandStar Development Corporation REVITALIZE DOWNTOWN WINNIPEG AND Panel will include: David van der Vis, President, Clarus Real Estate Advisors BRING BACK THE JETS Dianne Himbeault, Senior Market Analyst Winnipeg, Eric Vogan, Land Development Manager, Qualico Winnipeg Canada Mortgage & Housing Corporation Richard Morantz, President, Globe General Agencies 11:30 a.m. Perry Rose, Vice President and Corporate Counsel, Mark Chipman, Chairman, CONCURRENT SESSIONS (Select B1, B2 or B3) Qualico Winnipeg True North Sports & Entertainment Ltd.; Chairman & Governor, SESSION B1 SESSION B3 In Conversation with:

THE RETAIL MARKET IN WINNIPEG: INVESTOR INTEREST IN WINNIPEG: WHO WANTS Don White, Executive Vice President, WHAT DO YOU SEE ON THE HORIZON? TO INCREASE THEIR PRESENCE IN THIS MARKET? Colliers International The Winnipeg retail market is experiencing some leasing strength. But what does the future hold? How is the supply and demand balance at this time with respect to the various types of retail formats being offered, tenant interest in this market, and levels Digital Media sponsor of consumer spending? Is differentiation also a key ingredient An insightful discussion about investment activity in the between existing centres and new projects? What plans do Winnipeg market. The session will open with a brief overview various retail owners in Winnipeg have with respect to new of some of the bellwether transactions over the past twelve projects or upgrading their existing properties? How many new months. The panel will address a range of questions including: foreign retailers are expected to be come into this market? What have been the major challenges facing investors trying to What potential impact will they have? What formats and buy assets in Winnipeg? Are some investors avoiding this market innovations are growing in popularity? What lies ahead for retail any longer because asset values are below their minimum market activity in Winnipeg for the remainder of 2012 and beyond? desired thresholds? With the continued access to low priced Wednesday, April 18 www.realestateforums.com

2:10 p.m. • Established in 2008, the Canadian Museum for Human 3:10 p.m. Rights (CMHR) is the first national museum to be created CONCURRENT SESSIONS (Select C1, C2 or C3) in the country since 1967 and the first national museum EXECUTIVE ROUNDTABLE: HOW DO MAJOR ever to be located outside the National Capital Region. INVESTORS ASSESS THE RISKS, CHALLENGES, SESSION C1 With a projected opening in 2015, what will the Museum STRATEGIES AND OPPORTUNITIES FOR 2012 look like and how is it contributing to the revitalization of AND BEYOND? THE SPORTS HOSPITALITY & ENTERTAINMENT the inner city area? DISTRICT (SHED) AND THE ONGOING MAJOR • A dynamic new football stadium is scheduled to open in REVITALIZATION OF DOWNTOWN WINNIPEG June, 2012. To what extent has this unique facility created an immediate stimulus for the Winnipeg economy as well Downtown Winnipeg has attracted over $600 million of new A roundtable discussion with senior real estate executives as investment in commercial, residential and sports-entertainment as providing a lasting asset and having a positive impact for the university and the community? they provide their perspective on real estate market fundamentals developments in recent years. The magnitude of this new for 2012 and beyond for the Winnipeg market and Canada investment - representing projects committed, underway or Moderator: as a whole. They will offer their insights on what they see completed - is unprecedented. This session will examine the occurring over the next twelve months, and their strategic Richard Brownscombe, President & CEO, major factors behind this activity along with a series of thinking going forward. Among the other questions to be Montrose Winnipeg current initiatives that are focusing on continuing the examined: revitalization of Winnipeg’s downtown core. The first part Speakers: of the discussion will examine CentrePlan, the City of • What are the most significant challenges, trends, Winnipeg's visionary downtown strategy and the strategic Garth Buchko, President & CEO, risks and opportunities for investors and owners in role that has been played by the rather unique Centre Venture Winnipeg Blue Bombers Football Club the Winnipeg market? Development Corporation in being a leading facilitator by Stuart Murray, President & CEO, • Where are we in the cycle at this time in the Canadian working with investors and developers to identify opportunities, Canadian Museum for Human Rights real estate market? securing financing, and cut through red tape to create development. Part two will examine the plans and underlying Barry Rempel, President & CEO, Winnipeg Airports Authority • What can be expected with respect to investment velocity strategy of the Sports, Hospitality and Entertainment District and deal flow? What asset classes and transactions will (SHED) – an eleven block section of downtown Winnipeg likely offer the best possible returns in 2012? that has been designated as a redevelopment zone and includes SESSION C3 the Winnipeg Convention Centre, MTS Centre, Metropolitan • How much growth do you anticipate in rental rates in the Theatre and . What is SHED? What CREDIT AND DEBT MARKETS: WHAT LIES AHEAD? Winnipeg market? are developers and the city doing in this district? What are WHERE ARE SPREADS HEADING? WHAT ARE THE • Is the search for higher yields by all forms of investors most significant and potential investment opportunities? Two MAJOR SOURCES? in an environment of cheap debt creating significant redevelopment examples that will be discussed include the pressure to acquire properties or develop new assets? Avenue Building and the Dreman Place office/retail/parkade. • What are you seeing in capital, financial and real estate Moderator: markets across Canada? Ken Yee, Senior Executive Vice President, A panel discussion that will focus specifically on the debt • What needs to change in order for Winnipeg to reach Cushman & Wakefield market and try to determine what borrowers can expect for its ultimate potential? Speakers: the remainder of 2012 and beyond. What are some of the active lenders in Winnipeg looking for? How are they assessing Moderator: Ross McGowan, Chief Executive Officer, a transaction and pricing it in this market? Are there any Jeoffrey Chipman, President & CEO, Stevenson Group Inc. CentreVenture Development Corporation property classes that they are avoiding, reducing exposure Bill Coady, Vice President, Sunstone Group to, or increasing pricing for? To what extent do the strategies Panel: of pension funds, insurance companies and other institutions Remco Daal, President & COO, Bentall Kennedy (Canada) LP Scott Stephanson, President, Longboat Development Corp. vary from those of private sources of debt capital? Could there be a shortage of credit and capital or is that highly unlikely? Michael Emory, President & CEO, Allied Properties REIT How available are mezzanine financing and other secondary Armin Martens, President & CEO, Artis REIT SESSION C2 sources of debt? How are they being priced? Case studies of actual transactions will be examined during the discussion. Kevin Pshebniski, President, THREE MAJOR PROJECTS THAT ARE RE-DEFINING Hopewell Development Corporation WINNIPEG: A NEW AIRPORT, A NATIONAL Moderator: MUSEUM, AND AN ULTRA-MODERN FOOTBALL Ron Margolis, President, Stephen Taylor, President & COO, STADIUM Margolis Capital - Commercial Mortgage Professionals Morguard Investments Limited

Iconic projects play a significant role in defining a major city. Panel: This session will examine three key developments that will 4:10 p.m. have an impact on the Winnipeg economy, its image across Rick Bachalo, Vice President, Mortgage Investments, Canada, and instilling even greater pride in the community. Western Canada, GWL Assurance Company POST CONFERENCE NETWORKING RECEPTION The presentations will examine: Robert Bean, Assistant Vice President & Branch Manager, • An expanded and modern Winnipeg International Airport – Canadian Western Bank one of the few that operates on a 24 hour basis 7 days a John Lund, Manager, Corporate Lending, week. What are the plans for more neighbouring develop- Steinbach Credit Union ment, eg. a luxury hotel, an office building, and a new Canada Post plant? What will be Winnipeg’s strategy to Jeremy Wedgbury, Managing Director, use the airport as one its gateways to become the inland Commercial Mortgages, First National Financial LP port of Canada? 5:10 p.m.

ADJOURNMENT