The document summarizes a teleconference that discussed the evolving state of lending, loan workouts, and distressed debt buying opportunities. It provides biographies of three speakers - Jeff Friedman of Mesa West Capital, Troy Miller of Ocean West Capital Partners, and Steven Orchard of George Smith Partners - who discussed these topics. It also advertises an upcoming Distressed Real Estate Summit in California on February 4th.

1. "The New State of Lending" A GreenPearl Events Teleconference, January 27, 2010 Topics covered during the call include: - The New State of Lending: What's emerging, alternative and traditional in an evolving debt market? - Loan Workouts: What loans will qualify for amend and pretend and which won't? - Distressed Debt Buying Opportunities: How to Buy, and Where to Buy Hear from: - Jeff Friedman, Co-Founder, MESA WEST CAPITAL - Troy Miller, Principal, OCEAN WEST CAPITAL PARTNERS - Steven C. Orchard, Senior Vice President, GEORGE SMITH PARTNERS Moderator: Brian Klebash, Director of Events, GREENPEARL EVENTS During today’s call, please e-mail questions to : [email_address] Conference Website: www.greenpearlevents.com/dresca

2. Troy Miller focuses on acquisitions/disposition, debt/equity raises and portfolio management / strategy. Most recently, Mr. Miller was at Centerline Capital Group, which he joined in May 2008, and served as the national head of dispositions and lead-managed the sale of over $1.5 billion of performing and non-performing loans from Centerline's special servicing portfolio, internal investment vehicles (debt funds and CDOs) as well as for third-party investment banks. Additionally he was the co-manager of a $350 million joint venture equity fund with CalPERS, and was the manager on over $800 million of loan workouts, re-structurings and joint ventures. Prior to joining Centerline, Mr. Miller managed the West Region for Nomura Credit & Capital, Inc. where he was responsible for originating, structuring and closing commercial loans. In his five years at Nomura, Mr. Miller originated over $7 billion of fixed and floating rate conduit and structured debt & equity transactions. Prior to joining Nomura, Mr. Miller has he held senior positions at JP Morgan Mortgage Capital , Merrill Lynch’s Real Estate Investment Banking and Private Equity Groups, and KPMG Peat Marwick . Mr. Miller is a graduate of the University of California, Los Angeles with a BA in economics and received an MBA in finance from the University of North Carolina at Chapel Hill. Troy Miller Principal OCEAN WEST CAPITAL PARTNERS

3. Jeff Friedman is a co-founder and co-chief executive officer of Mesa West Capital. Prior to Mesa West, Mr. Friedman was head of capital markets for Maguire Partners where he worked directly with the founder, Rob Maguire, to engineer the recapitalization of the company’s properties and eventual $800 million IPO of the company. Mr. Friedman began his real estate finance career in New York at Nomura Securities in 1994 and later at Credit Suisse First Boston in 1996 where he was a director leading an origination team. Mr. Friedman began his career as a lawyer in Tokyo, Japan at a Japanese affiliate of Sidley & Austin and then as a Wall Street lawyer in New York at Simpson Thacher & Barlett. Mr. Friedman has a BA from UCLA, a JD from the University of Michigan Law School and MA in Applied Economics from the Rackham School of Graduate Studies at the University of Michigan. Jeff Friedman Co-Founder and Co-Chief Executive Officer MESA WEST CAPITAL

4. Mr. Orchard joined George Smith Partners in 2003. Prior to GSP, he worked with a technology venture capital group. Since joining GSP, he has facilitated placement of approximately $2 billion in debt and equity financing. Mr. Orchard holds an MBA from UCLA's Anderson School of Management and two Bachelor of Arts degrees from the University of Southern California. Professional and Academic Affiliations: Urban Land Institute, International Council of Shopping Centers Steven C. Orchard Senior Vice President GEORGE SMITH PARTNERS, INC.

5. Thank you for joining the teleconference. "The New State of Lending“ A GreenPearl Events Teleconference, January 27, 2010 Register now for next Thursday’s Distressed Real Estate Summit: www.greenpearlevents.com/dresca Or call our Event Specialist Abel Devis at (646) 862-9393. About the Distressed Real Estate Summit – California: The DISTRESSED REAL ESTATE SUMMIT will bring together the Southern California commercial and residential real estate communities for this important full-day program on the state of distress, identifying opportunities for investors, while providing solutions for highly-leveraged investors. If you work in California commercial or residential real estate, have holdings in this region, considering investment exposure to this market, or would like to meet the key players, make plans to attend the DISTRESSED REAL ESTATE SUMMIT: CALIFORNIA on February 4 th at the Westin Bonaventure in LA.