Keynote Address

STEPHEN J. FURNARY
Chairman & CEO of ING Clarion

Stephen J. Furnary is the Chairman & CEO of ING Clarion, and is Chairman of its Investment Committee and of the ING Clarion Executive Board. He joined the firm in 1984, and is one of Clarion’s founding partners.

Prior to joining ING Clarion, Mr. Furnary was a Partner and Executive Vice President at Lazard Realty, Inc. from 1980 – 1983, and a Vice President, regional head of acquisitions, in the Real Estate Investment and Management Department of Citibank from 1974 – 1980

Mr. Furnary received a B.S. from Villanova University in 1972, and an M.B.A. from Boston College in 1974. He is a Trustee and Governor of the Urban Land Institute, former Chairman of the Pension Real Estate Association (PREA), as well as former Chairman of the National Association of Real Estate Investment Managers, (NAREIM). Mr. Furnary is an appointed vice president of the Muscular Dystrophy Association, a voluntary national health agency, and serves as an advisory board member of Georgetown University’s College Board of Advisors and also the Villanova School of Business.

Mr. Furnary is a member of the Global Management Board of ING Real Estate Investment Management and also serves on the Management Council of ING Group.

Selected Panel Topics

Deals in a Resource-Constrained Environment

Think the markets are dead and no deals are getting done? Think again. Certain creative and opportunistic investors are very active, and this panel will feature several of the most interesting and entrepreneurial deal mavens. Learn how these transactions are being sourced, financed and closed, and how underwriting standards and return expectations have shifted to address the new investment environment.

International Opportunities Revealed

While U.S. markets face the headwinds of debt capital constraints and a transaction drought, more dynamic international markets offer select opportunities to realize very attractive risk adjusted returns. Hear from the investors and developers who are harvesting these opportunities in several different asset classes, and learn about the unique business strategies, deal structures and return targets each employs. The discussion will cover recent projects and transactions in both developed and developing markets, and will address some of the hurdles encountered abroad in these unique business and regulatory environments. No passport required; global insight delivered straight to you.

Focus on Development Projects

Despite considerable headwinds, exciting and groundbreaking new projects are being designed and built, and we've gathered leading developers and architects to discuss their most interesting recent development deals. These leading practitioners will share how they are navigating more demanding and cost-conscious owners and tenants, more receptive but still onerous entitlement and zoning processes, sky high energy prices, and moderating but still expensive materials costs. This will be a visually- and intellectually-stimulating session not to be missed.

Message from Conference Program Chairman

What a difference a year makes.

When we convened in New York City one year ago to hear ‘Real Estate Titans’ discuss their recent mega-deals and postulate on where they might uncover opportunities to invest their vast pools of capital, who among us imagined how severely our economy and industry would change?

Oil and commodity prices are at record high levels. Financial markets are stressed. In commercial real estate, transaction activity has ground to a halt, triggered by massive reductions in debt financing, and the valuation/pricing chasm that separates buyers and sellers. Amidst this gloom and inactivity, it is challenging to envision the future of our industry, and what catalysts might propel our business forward.

This year’s 26th Annual Cornell Real Estate Conference takes this challenge head-on. In keeping with our conference theme, “Real Estate Strategies and Opportunities in a Resource-Constrained World”, we have assembled thoughtful, forward-thinking and inspiring speakers from across the country and abroad, and have encouraged them to focus on the innovative ideas and creative deal structuring they have employed over the past 9-12 months. We’ll examine how companies large and small are dealing with our industry’s considerable resource constraints, and hear seasoned veterans provide their perspective on alternative recovery scenarios.

As is the case with all our conferences, we limit attendance to provide attendees the opportunity to personally interact with speakers and to network with key industry decision makers. We place great emphasis on speakers’ sharing deal specifics, including a candid comparison of pre-investment expectations with post-closing reality. This is all part of the “high take home value” that is a hallmark of our conferences.

We look forward to welcoming you back to Ithaca in late September, typically a great time to come to campus. This year Homecoming Weekend immediately follows the conference. Please join us for what is sure to be a very special and informative conference.

Attend the real estate conference that makes a difference.

David Rupert
Chair
Conference Planning Committee

Hotel Reservation Information

A block of rooms is being held at the Statler Hotel, Cornell University

* Please call the hotel directly to make your reservations
* Remember to mention that you are with the Cornell Real Estate Conference to receive the special group rate that is available until August 28, 2008.
* Overnight parking available to hotel guests for $10/day
* Group rate: $170, Single occupancy/day, $180, Double occupancy/day

Statler Hotel, Cornell University
130 Statler Drive
Ithaca, NY 14853
Phone (607) 257-2500 or 800-541-2501

Hotel Cancellation Policy

Reservations must be cancelled by 3PM one day before the arrival date to avoid a cancellation fee equal to one night’s room charge.

To check the pricing and availability at other area hotels in Ithaca, go to your favorite or the following website:
http://www.visitithaca.com/

For more information, contact:
Bryan Vliet, Program Coordinator
Cornell University Program in Real Estate
Phone: 607-255-8962
Fax: 607-255-0242
e-mail: bv25@cornell.edu