1. Commercial Real Estate: A Practical Guide from Cap Rates to Portfolio Structures

2. Scott Crowe Portfolio Manager, Resource Real Estate Larry Sullivan President, Passco Companies Bill Winn President, VaueRock Realty Partners Paul Dunn, Moderator Sr. Managing Director, Bluerock Capital Markets

4. Firm Profiles Definitions: 1031, Cap Rates, MFFO, Interval Fund Where to invest, avoid today Change in return expectations from 2006, 2010 Cap rates in 5 years? Higher interest rate impact on cap rates &returns? NT REITs, Private Placements, Interval Funds

5. www.rresecurities.com 5 Funds From Operations (NAREIT) Modified Funds From Operations (IPA) Net Income FFO Depreciation Acquisition costs Gains on Sale Losses on debt/hedging FFO Non cash lease adjustments MFFO M ODIFIED F UNDS F ROM O PERATIONS

7. What is an Interval Fund? 40 Act, Hybrid Mutual Fund Purchased and Priced Daily (Electronic) Provides Quarterly Liquidity * (Paper) Not Subject to 15% Limitation Allows an Individual to Invest in Unique, Illiquid Assets, While maintaining Liquidity Options * Liquidity provided only through quarterly repurchase offers for no less than 5% of shares at net asset value, and there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer.

8. Firm Profiles Definitions: 1031, Cap Rates, MFFO, Interval Fund Where to invest, avoid today Change in return expectations from 2006, 2010 Cap rates in 5 years? Higher interest rate impact on cap rates &returns? NT REITs, Private Placements, Interval Funds