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Dear Friend of the Zell/Lurie Real Estate Center:I am delighted to invite you to the Spring Members' Meeting of the Zell/Lurie Real Estate Center at The Rittenhouse, 210 West Rittenhouse Square, Philadelphia, on Tuesday and Wednesday, April 29-30, 2008. As you know, this is our signature event, and this year's program will be particularly exciting and informative. We have an outstanding line-up of panels dealing with issues vital to the real estate industry. This is the 10th anniversary of Sam Zell's endowment of our program and we are honoring him as one of the "Legends of Real Estate." There will certainly be no lack of issues to discuss with Sam. Following this, we will bring together a group of senior executives from both real estate and the broader asset classes to discuss how real estate is perceived by those who do not have mandates to invest in the sector. We think this is a particularly opportune time to discuss how real estate is perceived within the broader investment universe. Our third panel features a "return to fundamentals" theme. The question for this group, which will include leading investors and owners from different sectors of the industry, concerns how one should think about proceeding in this very new and different investment and macroeconomic climate. Last, but not least, we will take our traditional closing look at what the future holds for the industry, with our Advisory Board Executive Committee Chairman, Mike Fascitelli of Vornado Realty Trust, moderating. Most of our panelists are confirmed; we expect to add a few more shortly. We continue our tradition of inviting two speakers from outside the real estate industry to address us. Given the uncertainties in the economy and the capital markets, we have arranged for two of the nation’s business and investment leaders to speak about broader economic matters. For those of you arriving on Tuesday evening, Robert E. Rubin, Director and Chairman of the Executive Committee of Citigroup and former Secretary of the Treasury, will be our featured speaker at dinner. Mr. Rubin will speak about the domestic and international economic challenges we face. Our featured speaker on Wednesday will be Wes Edens, Chairman and Chief Executive Officer of Fortress Investment Group. While Mr. Edens certainly is involved in real estate investment, his firm is a major player across many different types of assets, domestically and globally. Please take a look at our most recent agenda. The Spring Meeting is free for all members of the Zell/Lurie Real Estate Center. Use our secure enrollment form to become a member online. For non-members, the cost to attend all or part of this event is $1,299 per person. You may pay by credit card online to register for the meeting. Accommodations are available at The Rittenhouse; arrange for them directly by calling 215-546-9000, and be sure to mention that you will be attending the "University of Pennsylvania-Zell/Lurie" program to receive the preferential rate. Should you wish to discuss membership opportunities in the Zell/Lurie Real Estate Center or have any questions, please contact Janice Leberman at 215-898-3824 or email lebermaj@wharton.upenn.edu. I hope to greet you at what promises to be our "best ever" Spring Members' Meeting.
Sincerely,
Joseph Gyourko Martin Bucksbaum Professor of Real Estate & Finance Director, Zell/Lurie Real Estate Center at Wharton
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