Atsuo Akai is a Managing Director in the Securitized Products Group at Morgan Stanley in Tokyo. Prior to joining Morgan Stanley, he worked in Japan and the United States for Kidder Peabody and Mitsubishi Bank (currently The bank of Tokyo Mitsubishi UFJ) . As one of the pioneers of the securitization market in Japan, Mr. Akai is generally recognized by the investment community as a leader in his field.

He has been responsible for the marketing and distribution of securitized products in Japan and the Asia/Pacific region since he joined Morgan Stanley in 1994. He has closed various types of Securitized products including Japan’s first securitization of non-performing loans, ICRJ series and largest ever ABS securitization in Japan, Life Funding Corporation (Awarded Nikkei Deal of the Year 2001) as well as largest ever CMBS transaction in Japan, JLOC30.

Mr. Akai is active in a number of government working groups/panels and industry organizations in Japan. He is a specialist member of the National Land Council, a chair of MLIT (Ministry of Land, Infrastructure and Transport) study group on “regional development and real estate real estate non-recourse loan”, a chair of JSDA(Japan Securities Dealers Association) ‘s Working Group on “information disclosure and best practice for securitized products distribution” closely working with FSA, a member of International Finance Center forum of the Cabinet Office, a member of MLIT’s Property Derivative Study Group and the Capital Markets sub-committee of the Japan Business Federation. Recently he has been appointed as a chair of Global Advisory Council (GAC) of CMSA (Commercial Mortgage Securities Association) in 2008 after serving as a vice-chair of the GAC, a founding co-chair of its Japanese Chapter and an Editorial Board member of “CMBS World”. He has been a member of the Society for the Economic Studies of Securities since 1998 and is a Visiting Professor at The Center for International Real Estate Research of Waseda University and is teaching at Waseda University Graduate School of Finance, Accounting and Law, with a specific focus on Securitized Products and Fixed Income investment.

He has written a number of books and articles for the investment community in Japan. These include “Guide to CMO Structures (IFR Japan) 1992”, “Global Portfolio and Risk Management, (Kinyu Zaisei), 1998”, “Change in Capital Market and Securities Business, (Institute of Economic Studies of Securities), 1998”, “Handbook of Global Fixed Income Investment (Kinyu Zaisei), 2003”,”Finance for City Development (Gyosei)2005”, “The transformation of Japan’s Ginancial markets and the Future of the Real Estate Securitization Business”(CMBS World Magazine, 2007 Fall issue)

Mr. Akai received a B.S. in Political Science from Keio University.

Didier Brizard is Tiaré Groupe’s Representative for the Asia-Pacific Rim. He is representing the group at some public speaking events and manages the company PR campaigns in Asia with the objectives of developing the clientele portfolio of Tiaré Groupe in this part of the world.

- In 1987, Didier has started his professional career in France as a practicing lawyer, specializing in Mergers and Acquisitions, Projects Financing and Foreign Investments in Europe.

For more than a decade, he has been advising French, as well as Japanese and Chinese individuals and companies. He was also acting as the official Counsel of the South Korean Embassy in Paris.

- In 2002, Didier has decided to set up his business in China. For a couple of years, he has been involved in the development of his own Family Business in Shanghai, supervising legal and financial matters for his company (publication of a luxury magazine dedicated to the Chinese high net worth individuals).

- In 2005, he has joined Tiaré Conseil for the purpose of expanding Tiaré Groupe presence in Asia. He has then acquired a concrete expertise in developing tax and portfolios analysis for Chinese HNWI and has become an efficient practitioner of wealth management capable to structure innovative strategic plans as well as to provide Tiaré Groupe’s Asian clients with the most appropriate advices.

Thomas has been in Tokyo since October 2002, where he serves as Japan real estate industry leader. He has been concentrating on advisory and audit services for real estate funds and investees of real estate opportunity funds, including distressed and restructured real estate asset and loan servicing companies and non-performing and sub-performing loan portfolios. 　He has approximately 19 years of accounting and audit experience working in Tokyo, Chicago and North Carolina.

Thomas has supervised audits and projects for real estate private equity funds, US publicly listed real estate and hotel companies, privately owned real estate companies, hotel and hotel management companies, REITs (office, manufactured housing), and home builder, developers and contracting companies. Thomas has extensive knowledge of US GAAP and a working knowledge of Japanese GAAP and IFRS.

With over 20 years experience in real estate, Ken Curtis has focused much of his career on real estate investment in Japan. Prior to joining MGPA, Ken was a Managing Director of MEC International Limited in Tokyo, a private real estate investment business with primarily Japanese investors, and was responsible for arranging capital and initiating real estate investments.

Ken established and managed Secured Capital operations in Japan for seven years, during which time he arranged US$1 billion of real estate and mortgage loans in the United States on behalf of Japanese real estate investors. Ken has an MBA from the University of North Carolina and a Bachelor of Arts from Colby College.

Pietro Doran has over 25 years of Real Estate industry experience. He is Chairman, Principal Partner and Founder of Doran Capital Partners (“DCP”), a diversified real estate investment and fund management firm established in 2002. DCP is the first Korea based fund manager with over $1 billion in discretionary and non-discretionary capital under management.

He served as a Managing Director and Chief Investment Officer for the $30 billion New Songdo City development located in Incheon, Korea of a joint venture between The Gale Company headquartered in New Jersey and POSCO Engineering & Construction Co., Ltd. a subsidiary of POSCO, Korea. Mr. Doran is credited with laying the financial foundations of this project having structured the first non-recourse land development financing done in Korea. During his tenure with Gale he raised over$1.85 billion in financing. He also served as Senior Investment Advisor to the Morgan Stanley Real Estate Fund (MSREF) and was CEO of Morgan Properties accumulating an investment portfolio valued at over $1 billion in non-performing loans and direct property acquisitions.

Considered a pioneer in laying the foundations of Korea’s modern real estate market Mr. Doran founded Korea’s first international property services company in 1991 and later established the nation’s first 100% foreign owned real estate firm later acquired by MSREF. Mr. Doran is credited with advancing modern standards in real estate appraisal and property valuation through introduction of income based valuation methodology.

Mr. Doran has authored many articles and papers on the Korean and Asian property markets is the author of what is now a well known thesis growing integration of North Asia’s property markets entitled: “The Yellow Sea Economic Basin: The Rising Dragon of Asia”. Mr. Doran is a frequently invited speaker to both Korean and International property symposiums and conferences.

He holds a MS from the Massachusetts Institute of Technology and received a BS from the University of Massachusetts (Cum laude).

Hitoshi Eisaka joined Mitsui & Co., Ltd after graduating from Tokyo University's faculty of Law in 1978. His experiences for over 30 years in Mitsui include various business fields such as logistics, machinery & plant, automobiles and real estate developments, his most representative career as well as internal audit.

He was appointed as the president of Mitsui & Co., Logistics Partners Ltd, the asset management company of Japan Logistics Fund in September 2007. And he was appointed as the Chief Executive Officer of Japan Logistics Fund in October 2007.

David is the Asia Portfolio Manager for CBRE GRES; he is also responsible for overseeing the business growth in this region. He has over 10 years of experience investing in Asia real estate securities. Prior to joining CBRE, he managed over USD 2bn of client assets at ABN Amro Asset Management Hong Kong as portfolio manager and head of Asia within the Global Property Group. He also sat on the investment committee of the Ostara Japan and Korea direct property funds. Before heading up ABN’s Asia Pacific team in 2005, he covered the regional property companies at Citigroup Asset Management for seven years, from both the US and Singapore. David began his career as an analyst at US’ Franklin Templeton after graduating from Stanford University with a masters degree in International Development Policies and bachelors degree in Political Science.

Curtis founded Prospect Asset Management, Inc. in September 1994 in Honolulu, Hawaii. He serves as Chairman of Prospect Company Limited, Tokyo, and Director of Prospect Asset Management (Channel Islands) Limited, Guernsey and Prospect Residential Advisors, Tokyo. Curtis is also the Portfolio Manager to the Prospect Asset Management's equity funds. Prior to Prospect, Curtis managed USD1.4bn in Japanese smaller companies for DB Morgan Grenfell Asset Management Limited, Tokyo (June 1990 - Sept 1994). During that time he was co-manager of the best performing Japanese fund over five years to 1 Sept 1994 (Source: Micropal): the Morgan Grenfell Japan Smaller Companies Fund - an open ended fund with net assets of US$350m, as of Aug 1994. Before DB Morgan Grenfell Asset Management, Curtis was employed by Nikko Securities and Shearson Lehman in Tokyo. He earned an MBA from the University of Hawaii in December 1987. He lieved in Japan for over ten years and is fluent in Japanese.

Mark Gabbay is a Managing Director and the Head of Nomura’s Asia Asset Finance Division. Prior to joining Nomura, Mr. Gabbay was Co-Head of the Global Real Estate Group Asia Pacific at Lehman Brothers based in Tokyo and Hong Kong. He is currently based in Hong Kong and has worked in the Asia-Pacific region for more than 10 years and has been in the industry for over 17 years.

Mr. Gabbay began his real estate career with a US Special Servicer during the RTC period with a focus on NPL pool due diligence and formulating asset management plans. He joined GMAC Commercial Mortgage in 1998 in Japan to establish a Special Servicing business unit and assist in pricing and due diligence for Japanese NPLs with co-investors including Bankers Trust.

In 2000, Mr. Gabbay was a key member of the GMAC team that completed the US$1 billion acquisition of Japan Leasing Corporation from bankruptcy proceedings. The acquisition included a combination of real estate NPLs, unsecured claims, real estate owned properties and partnership interests and was regarded as the benchmark deal for restructuring finance companies in Japan as it also provided employment for 140 prior employees.

Mr. Gabbay joined Lehman Brothers in 2001 to develop and manage the proprietary loan conduit, large loan underwriting and real estate securitization businesses and was responsible for originating and structuring opportunistic debt transactions secured by real estate throughout the Asia Pacific region.

In 2005, Mr. Gabbay became Co-Head of the Global Real Estate Group, responsible for all aspects of managing the group as well as expansion into new markets for both debt and equity real estate investments. Mr. Gabbay has held several positions in the real estate industry in the US focusing on distressed debt, securitisation, mezzanine lending and development. He is a graduate of the University of California, Berkeley in 1988.

Dr. Karl-Joseph Hermanns-Engel was born in 1963 in Eupen, Belgium. His native language is German.

After finishing his studies in law (in Belgium, France and Germany) he worked from 1997 to 2004 for Deutsche Bank, initially in the Real Estate business division (purchasing, asset and portfolio management), and then at RREEF Management GmbH.

From 2004 to 2008 Dr. Hermanns-Engel was the General Manager of the German-law KAAG [investment company] of the AXA Group, AXA Investment Managers Deutschland GmbH, as well as “Global Head of Retail and regulated Products”.

Since December 2008 Dr. Hermanns-Engel is responsible for the international asset management (acquisition, portfolio management) as a member of the board of directors at Union Investment Real Estate AG, Hamburg.

As President of Atlas Partners Japan (“APJ”) Mr. Hirai has been developing and managing a number of Japanese real estate investments tailored to the needs of various global clients since November 2004.

Prior to joining APJ, Mr. Hirai assumed various managerial positions at what was formerly known as GMAC Commercial Holding Asia (“GMAC-CHA”) including CEO, Asian Operations and Executive Managing Director. Mr. Hirai orchestrated GMAC-CHA’s acquisition of the business of former Japan Leasing, including real estate assets exceeding JPY 50 billion, out of its corporate reorganization procedure. This corporate reorganization case made it the largest of such kind in terms of size of debt at that time in Japanese history. Subsequently, under the leadership of Mr. Hirai GMAC-CHA carried out full-fledged real estate finance business ranging from non-recourse lending, loan acquisition, servicing, to real estate acquisition, asset and property management, which proved to be extremely successful.

In the early part of his career Mr. Hirai spent a larger part of his 20 + year career at Bank of Tokyo-Mitsubishi and PricewaterhouseCoopers in real estate and distressed asset business both in Japan and overseas.

Mr. Hirai is a graduate of University of Tokyo, Faculty of Economics, and a MBA Graduate of Tuck School of Business Administration, Dartmouth College. Mr. Hirai is a frequent speaker at various conferences and seminars.

Koshiro Hiroi is Chief Representative of Grosvenor Japan, responsible for Grosvenor’s operations in Japan. Previously, he has worked for Lonestar Group where he was involved in the distressed asset business and M&A work. Earlier, he worked at a Japanese real estate firm, Tokyo Tatemono Co., Ltd, where his duties included both investment and development work. In 1999, he was responsible for the first commercial mortgage backed security using Japanese real estate. He has considerable experience and expertise as well as a wide network in the Japanese real estate industry.

Barry Hirschfeld co-founded Asia Investment Partners in the fall of 1998 and currently serves as its President & CEO. Previously, Mr. Hirschfeld was a Panasonic Associate at Matsushita Electric Industrial Co, Ltd. based in Osaka, Japan from 1993 to 1996. Hirschfeld is also involved in the community and is a member of a number of non-profit boards which include the National Association of Japan America Societies (NAJAS), the Urban Land Institute Japan Steering Committee, and the University of Denver Bridge Project. Hirschfeld is fluent in Japanese and Spanish and conducts business in both languages and cultures. Hirschfeld graduated from Harvard College with a Bachelor of Arts degree with honors in East Asian Studies in 1993, and the Harvard Graduate School of Business with a Master’s degree in Business Administration (MBA) in 1998.

Doctorate in engineering, the University of Tokyo, 1991. Following a visiting fellowship in the Department of Land Economy at the University of Cambridge in the UK in 1996, appointed as professor in the Department of Real Estate Sciences at Meikai University in 1999. Responsible for Real Estate Finance Course in the Waseda University Graduate School of Finance, Accounting and Law since 2004.

Engaged in research and teaching with academic and industry researchers aimed at perfecting real estate financial engineering. Chairman of the Japanese Association of Real Estate Financial Engineering since 2004. Director of the Institute of International Real Estate Studies since 2007. Chairman of the Japan Association of Real Options and Strategy. Major publications include “Fudosan Kinyu Kogaku (Real Estate Financial Engineering),” Seibunsha, 2001, “Nyumon Fudosan Kinyu Kogaku (Real Estate Financial Engineering, an Introduction)” Diamond, 2001, and “Riaru Opushon no Shiko to Gijutsu (Real Option Concepts and Techniques),” Diamond, 2004.

Tim Kirkwood founded KCA in 2005. In the short period since its inception, he has built KCA into a leading resource for debt and equity placement in Japan. Mr. Kirkwood is primarily engaged in growing the company and its lender relationships, as well as originating and structuring transactions.

Mr. Kirkwood has a proven track record delivering exceptional results in the real estate arena. Formerly, he was the Head of International Corporate Finance with Shinsei Bank, originating over $1 billion in debt supporting virtually every class of commercial asset and structured products. Prior to Shinsei, he was a Director at Deutsche Bank in Tokyo in DB’s Global Credit Product Group and an original member of DB’s CMBS team.

Prior to coming back to Japan, Mr. Kirkwood was based in Bangkok with SPO Partners, a SF-based Private Equity Group and was with Wasserstein Perella in New York and Hong Kong in the mid-nineties.

Mr. Kirkwood is a graduate of The University of Texas, is fluent in Japanese and currently resides in Tokyo with his wife and five children. He is active in a variety of industry associations and is a dedicated fly fisherman, golfer, skier and tennis player.

Dan Klebes is the Chief Investment Officer of Aetos Japan and a Managing Director and member of the Executive Committee of Aetos Capital. As a leading pricate equity firm specialising in Asian (primarily Japanese) real estate investments, Aetos Capital has acquired over $9.5 billion of real estate and related corporate assets via the Aetos Capital Asia Funds. He has led the Japan operations of Aetos since joining the firm in 2004.

Dan is one of the most experienced international investors in Japanese real estate and related distressed debt, having been involved in the purchase of over $13 billion of Japanese property and related investments over his career. Dan has lived in japan for over 15 years and is fluent in Japanese.

Prior to joining Aetos Capital in 2004, Dan was a Managing Director at Goldman Sachs, where he led the acquisition of over $5 billion in Japanese real estate and distressed real estate-secured loans. He founded the Tokyo operations for The Whitehall Funds ("Whitehall"), Goldman Sachs' rea estate opportunity funds, headed Whitehall's operations in Japan from 1997 to 2004, and served as a member of Whitehall's Investment Committee. Dan joined Goldman Sachs in 1987 in the Investment Banking Division and has spent his entire career in real estate in the U.S. and Japan.

He received his Bachelor of Science degree from the School of Foreign Service at Georgetown University and his M.A. in Asian Studies from Stanford University.

Jesper is the President and CEO of our new Tokyo office, Tantallon Research Japan K.K.

Jesper has been researching and investing in Japan since becoming a resident in 1986. For the past eight years he was the Chief Economist of Merrill Lynch Japan. Prior to that, he had worked for the Tiger Fund. He was also the Head of Research for JP Morgan in Tokyo (1994-1998) and the chief economist of SG Warburg (1989-1994). His analysis and insights have earned him a spot on several Japanese government advisory committees. He is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives.

He has a masters degree from SAIS The Johns Hopkins University and was a research fellow at both Tokyo University and Kyoto University. He is a graduate of the Lester B. Pearson College of the Pacific. Jesper joined Tantallon in June 2007.

Paul specialises in structured finance and real estate transactions including acting for arrangers of asset-backed and CMBS issues and real estate purchasers, vendors and lenders. Since the early 1990s, he has been at the forefront of the development of the Asian structured finance market, having worked on a number of the region’s most innovative and complex transactions. He is widely recognised as one of the leading lawyers in Asia.

Mr. Krygierjoined PREI’s Munich’s office in 2000. He has been serving as Senior Portfolio Manager and Managing Director for the US Property Funds (USPF) II and III as well as for the Asia Property Funds (ASPF) I and II. In January 2008 he took position as the CEO of Prudential Real Estate Investors (Japan) K.K., Tokyo.

Prior to joining PREI he held various positions in real estate and finance such as authorized officer for Landesbank Sachsen. Mr. Krygier graduated in business economics from the University of Hamburg. He has over 15 years experience in real estate including development, finance, and portfolio management.

David graduated with a degree in Law and Commerce from the University of South Wales in Australia and obtained a Diploma of Legal Practice from the University of Technology, Sydney in 1990. He was then admitted to the Supreme Court of New South Wales, Australia. He joined the former Arthur Andersen Sydney Office in 1995 and was transferred to the Tokyo Office in 1999. David became a Partner in 2001.

David is widely acknowledged for his expertise in real estate funds and investments. He has worked with numerous multinational and domestic investors and has extensive experience in structuring cross border real estate mergers and acquisitions, asset securitisations, corporate reorganisations and financing arrangements. David is fluent in both written and spoken Japanese.

Mr. Maruyama oversees the advisory, operation, asset management, administration, and investment activities of Chartres Lodging Group Japan.

He has 28 years experience as a Hotelier and is a graduate of Cornell University’s School of Hotel Administration majoring in Hotel Development and Real Estate Investment. Prior to joining Aetos Japan and Chartres Lodging, he has lead operations, development, redevelopment, opening, and turn-around projects throughout the Pacific. His major roles in the hospitality industry include Manager of Development for the Westin Asia Pacific, Director of Development and Vice President of Operational Management for Caesar Park Hotels & Resorts Asia, Project Manager and General Manager for The Westin Awaji Island Resort and Conference Center, Executive Director of Operations for Sheraton Resorts Phoenix Seagaia, General Manager for The Westin Resort Guam, General Manager for LeoPalace Resort Guam, and Managing Director of Corporate Planning for the Hotel Management Division of Green House Group.

Masatoshi Matsuo is the President and CEO of Genkai Capital Management Co., Ltd., a real estate investment advisory company that provides diversified professional services to institutional investors. GCM organizes its operations primarily into fund management and real estate advisory to offer top-flight services that fulfill its fiduciary duties, and optimizes the returns of each investment opportunity. GCM’s team consists of professionals with extensive backgrounds in both real estate and financial industries.

Prior to founding GCM, Masatoshi served as President and Chairman of the Board at Fukuoka Realty Co., Ltd., and successfully originated and completed the IPO of Fukuoka REIT Corporation (FRC: 8968), a regional J-REIT. Prior to that, he served as Senior Vice President in charge of marketing for proprietary investment in the Global Real Estate Group of Lehman Brothers in Japan. Masatoshi has also held the post of Vice President within Mitsui Fudosan USA and was responsible for managing approximately one hundred billion yen in assets generated by properties in California and Hawaii. Before moving to the US, Masatoshi served as the Project Manager in the Project Development Division of Mitsui Fudosan Co., Ltd.

Masatoshi holds an MBA from the Wharton School and an MA from the Lauder Institute at the University of Pennsylvania and a BA in Law at the University of Tokyo.

Paul joined the Tokyo office in August 2007 from Linklaters’ Shanghai office. He is Joint Managing Partner in Tokyo and also heads up the M&A Group. Paul has extensive experience in complex cross border M&A and their related financings, including the ground-breaking sale by Suez and simultaneous accelerated IPO of Northumbrian Water, as well as the acquisition of De Beers for Anglo American. Since arriving in Tokyo, Paul has been advising on a number of strategic investments and joint ventures including advising a strategic investor on Olympus Capital’s disposal of Arysta LifeScience, advising on the sale of Lehman Brothers' Asian business to Nomura, advising on the takeover of Merrill Lynch by Bank of America and advising Olympus Capital Holdings Asia and other sellers on the sale of all outstanding shares of Mediatti Communications, Inc. to Jupiter Telecommunications, Co., Ltd.

Rio Minami is a Managing Director focused on Asian real estate opportunities, especially in Japan. He is based in Tokyo.

Prior to joining Carlyle, Mr. Minami was a Senior Vice President of International Investments at Starwood Capital Group, LLC. He was a Head of Starwood’s Japan real estate investments for six years. Prior to that, Mr. Minami served as Executive Vice President of the KG Land New York Corporation, an affiliate of Kumagai Gumi Co., Ltd. While at KG, Mr. Minami handled hotel and office properties for development, financing, asset management and disposition.

Mr. Minami received a Bachelor's and Master's degree in architecture from Tohoku University. He also received a Master’s degree from the Harvard University Graduate School of Design, with a focus on real estate and finance.

Shoji Misawa serves as Managing Director and head of the Global Coverage Group within the Investment Banking Headquarters at ORIX Corporation. He joined ORIX Corporation in 1988 and has over 20 years of financing experience from equipment leasing, aircraft finance, high yield bond investment and investment to non-performing loans as well as non-recourse real estate finance. After 6 years working in North America, he returned to Tokyo in 2000 as a Senior Marketing Officer of the Real Estate Finance Headquarters (currently the Investment Banking Headquarters). Presently, he is responsible for the marketing and origination of real estate finance for investors primarily from Asia, the Middle East and Europe interested in the Japanese market. Misawa received his Bachelor of Commerce degree from Doshisha University, Kyoto, in 1988.

CEO and President of Kenedix REIT Management, Inc. and Executive Director of Kenedix Realty Investment Corporation, has more than 20 years of experience in capital markets including bond primary business, derivative transactions and asset securitization as well as corporate and real estate finance in the U.S. and Japan. Prior to assuming his current positions as Executive Director of Kenedix Realty Investment Corporation in May 2005 and CEO and President of Kenedix REIT Management, Inc. in October 2004, Miyajima served in the Real Estate Investment Advisory Division of Kenedix, Inc. (formerly Kennedy-Wilson Japan Co., Ltd.) from April 1998.

Prior to joining Kenedix, Inc., Miyajima served as Manager of the Capital Markets Department at the Mitsubishi UFJ Trust and Banking Corporation (formerly the Mitsubishi Trust and Banking Corporation) Head Office in Tokyo beginning in April 1985 and was transferred to Mitsubishi's Los Angeles Agency in April 1992 where he served as First Vice President of Real Estate Finance.

Prior to joining Oaktree in 2007, Mr. Nakamura spent eight years at Strategic Value Partners Japan, LLC and its affiliate, Moore Strategic Value Partners, most recently as President and Partner. While at Strategic Value, Mr. Nakamura served as a member of the investment committee and was responsible for originating and executing Japanese NPL and distressed real estate investment opportunities. Prior to that, he spent two years as the head of the Securitization group at Morgan Stanley, Japan. Before that, Mr. Nakamura spent seven years as a Director in the Real Estate Investment Banking group at Merrill Lynch & Co., where he served as a relationship manager for Japanese corporations. Prior experience includes work at Bankers Trust New York and the Bank of Tokyo. Mr. Nakamura received a B.A. degree in International Relations from Tokyo University. He is fluent in English and Japanese.

Mr. Yasuo Nakashima heads up LaSalle’s entire Japan business. He also runs series of LaSalle Japan Logistics Funds, one of LaSalle’s flagship private Funds.

Mr. Nakashima joined LaSalle in 2002 in Tokyo and has grown Japan business to sizable scale. He has over 18 years of experience in real estate in both Japan and the United States. His in-depth experience in the industry covers from development, property management, leasing and to investment brokerage.

Prior to joining LaSalle, he was a Managing Director and a co-founder of Prospect Development Corp., a New York based developer specializing in public-private partnership developments. He raised total development costs of $6 million for a childcare center project, including $1 million grant from the New York State, and $5 million loan through bond financing. He also supervised all the development process.

Simultaneously, he worked with REDAC, Inc., a New York based real estate service firm, served for Japanese corporate clients invested in the United States, as well as U.S. clients looking for opportunities in Japan.

Before he moved to the United States, he worked as a Project Manager with Recruit Cosmos Co., one of the largest multifamily residential developer based in Tokyo, where he had developed 21 projects totaling 1,500 units, worth $700 million.

Prior to this, he had worked with Xymax Co. as a Property Manager, in charge of three data center properties located in Tokyo area.

Mr. Nakashima holds a M.S. in Real Estate Development from Columbia University and a B.S. in Architecture from Waseda University. He is a licensed Real Estate Broker (Japan), a licensed Architect (1st Class, Japan), and a Real Estate Salesperson (New York).

Daniel I. Okimoto is Professor Emeritus of Political Science, Senior Fellow of the Institute for International Studies, and Director Emeritus and Co‐Founder of the Asia/Pacific Research Center at Stanford University. During his 30 years at Stanford, Professor Okimoto played a central role in establishing several interdisciplinary programs and research institutions, including the Stanford Institute for International Studies, the East Asian Studies Program, the Shorenstein Forum on Asia Pacific Studies, the Asia/Pacific Scholars Program, and the Stanford Center in Japan. He is currently Chairman of the Sterling Stamos Global Institute based in Menlo Park, CA. In 2004, he received the Japanese Foreign Minister’s Commendation in recognition of his contributions to US‐Japan relations during the 150th year celebration of bilateral relations. In 2007, he was awarded the Order of the Rising Sun with Goldray Neck Ribbon by the Japanese government, the highest honor that can be conferred on a non‐Japanese. In 2009, he received the “Lifetime Achievement Award” from the Keizai Society of Silicon Valley.

Professor Okimoto earned a BA from Princeton University, received an MA from Harvard University, and earned a PhD (Political Science) from the University of Michigan. He is the author and editor of numerous books and articles, including Between MITI and the Market: Japanese Industrial Policy for High Technology and co‐editor, The Political Economy of Japan and Competitive Edge: The Semiconductor Industry in the U.S. and Japan.

Mr. Schmidt is the President and Representative Director of Morgan Stanley Capital K.K. and is the Head of Morgan Stanley Real Estate Private Equity in Asia. Mr. Schmidt has been with Morgan Stanley Real Estate Investing for 12 years and has previously headed investing in Japan and asset management in Asia.

Prior to joining Morgan Stanley, Mr. Schmidt worked at KPMG real estate consulting in the US for 8 years. Mr. Schmidt received a BS in Business Administration and Economics from University of California at Santa Barbara.

Mr. Smith joined Deutsche Bank in April 2007, from which time the business has successfully structured and sold numerous multi-borrower and single-asset CMBS offerings. The January 2009 issue of EUROMONEY Japan named the business the “Best Commercial Bank in Japan” in its series of EUROMONEY Liquid Real Estate Awards, and awarded the Bank the prize for the “Best Structured Product” for its J-CORE 15 CMBS, backed by the Shinsei Bank Headquarters Building, which was also recognized as “Best Securitisation Deal” in Japan by FinanceAsia for 2008.

Before joining Deutsche Bank, Mr. Smith spent over six years with Shinsei Bank where he headed the Real Estate Finance Group, one of the bank's leading franchises, originating corporate, REIT and non-recourse financings. Prior to Shinsei, Mr. Smith worked at Nomura Real Estate Development Co., Ltd. establishing its real estate investment management and funds businesses, including forming a joint venture with Starwood Capital Group. Before joining Nomura, Mr. Smith worked at a Japanese real estate company asset managing and then monetizing its commercial real estate portfolio in the U.S.

A graduate of the University of Virginia in the United States with degrees in economics and history, he has been working in Japan for the past 18 years and is fluent in Japanese.

Raised in the Caribbean, Dr Staples attended medical school at Columbia University in New York and completed his post-graduate training in Hawaii in 1994 at the University of Hawaii. He joined the US Air Force as a Flight Surgeon from 1994 - 1998, during which time he managed aero-medical evacuations throughout the Asia Pacific region.

After his time in the military, Dr. Staples returned to Hawaii to practise medicine, and then spent 2 ½ years sailing the South Pacific, eventually landing in Singapore in 2003 to join International SOS. While with International SOS, he served as the Medical Director of Consulting and Corporate Services for the Asia Pacific Region leading a team of Occupational Health, Public Health, Pandemic and Crisis Management consultants.

His clients included a wide range of Fortune 500 companies, as well as governmental institutions. He has a wife, Manami, and a 21-month old son, named Campbell.

Dr. Staples joined Parkway Health as the Division President, China & North Asia Operations in 2008. He is committed to medical excellence and service excellence, and looks forward to a long and fruitful relationship with the local community.

Dr. Staples is a regular speaker at major conferences throughout the region.

Gregory Stuppler joined SCG in 2004 as the Managing Director in charge of Asia (ex-India). Since 2004, Starwood has invested in, real estate worth over $2.0 billion in China and Japan. In addition to investing for SCG funds, Greg oversees SCG’s advisory role for Nomura Fudosan on the Japan Opportunity Fund I and Starwood’s strategic relationship with Jin Jiang Hotels in China.

Prior to SCG, Greg was a Managing Director of APL Japan, where he and his partners acquired approximately ¥75 billion of retail and office properties. At APL, Greg also created and co-managed IAP Homes, a successful residential developer based in Tokyo.

Prior to APL, Greg spent seven years with Deutsche Bank/BT Alex.Brown’s REIB group in New York and Hong Kong. While at DB/BT he covered various areas of real estate principal investing, including non-performing commercial loans and all classes of real property assets. Greg also spent time in DB/BT’s M&A and leveraged finance teams, working on assignments such as the restructuring Host Marriott as a REIT, financing Starwood’s acquisitions of Westin and ITT, and Loews Corporation’s participation in the acquisition of Canary Wharf in 1995.

Greg received his Bachelors Degree from University of Michigan Ann Arbor and his MBA from Harvard Business School.

April 2007 to current

Senior Managing Executive Officer and Chief Economist

Mizuho Research Institute Limited

April 2005

Managing Executive Officer and Chief Economist

Mizuho Research Institute Limited

Executive Officer

Mizuho Financial Group, Inc.

October 2002

Chief Economist

Research Division

Mizuho Research Institute

He often appears on the leading mass media such as Nihon Keizai Shimbun, Nikkei Kinyu Shimbun, Yomiuri Shimbun, Weekly Diamond, Weekly Toyo Keizai, NHK Television, TV Asahi, and TV Tokyo. He was one of the members of the Government Tax Committee from 2004 to 2006.

He wrote and edited;

“Light Spots and Shadows of the US Economy” (Sep. 1996)

“No Silver Bullet for the Bad Loan Problem” (Mar. 2002)

“Seven Prescriptions to Cure the Japan Syndrome” (May 2002)

“Prospects of the Japanese Economy for 2003” (Dec. 2002)

“The Resilient US Economy” (June 2003)

"Prospects of the Japanese Economy After the Structural Reforms, and Role of Economic Policy” (March 2004)

“The US Economy” (June 2005)

“BRICs: Opportunities and Challenges for Sustainable Growth” (November 2006)

Seth R. Sulkin is President and CEO of Pacifica Malls K.K., a Tokyo-based developer and asset manager of commercial properties. Mr. Sulkin has developed and invested in numerous retail properties throughout Japan. One of his most notable projects was “Vivit Square” in suburban Tokyo, a regional shopping center that opened in December 2004 with a gross leasable area of 52,000 m2.

Mr. Sulkin has more than 10 years of experience in commercial property development in Japan, including projects with Tokyu Corp., DFS Group, and Apple Computer.

Mr. Sulkin received a M.A. from Stanford University’s Center for East Asian Studies. He is a member of the International Council of Shopping Centers, Urban Land Institute, Japan Council of Shopping Centers and American Chamber of Commerce in Japan.

Kazunobu (Kaz) Takita joined HTL Capital Advisors in 2009 after long career in hospitality industry and real estate investment background.

Prior to joining HTL Capital Advisors, he had worked for US private equity funds, Starwood Capital Group and Broadreach Capital Partners, from 2004 to 2008 where he was involved in underwriting hospitality deals and asset management of hospitality assets. From 2000 to 2004, he had lead the underwriting and management of golf courses in Japan as head of Troon Golf at the time of considerable investment by foreign investment funds in Japanese golf courses. Prior to joining Troon Golf, Mr. Takita had served as head of operation for many of JAL Hotels assets in American and Asia regions for nearly 20 years.

Mr. Takita graduated from Rikkyo (St Paul’s) University in Tokyo and has extensive knowledge and experience of working in American and Asian market.

Business Career:

I entered Ministry of Construction (now Ministry of Land, Infrastructure, Transport and Tourism) at 1984. Now Director of Land and Real Property Market Division since April 2009.

February 1998 - Manager, Nanba branch, Industrial Bank of Japan, Limited

September 2000 - General Manager, Mizuho Holdings, Inc.

July 2004 - Executive Officer / General Manager, Building Business Sales Department, Kowa Real Estate Co., Ltd.

March 2009 - President and Representative Director, Japan Excellent Asset Management Co., Ltd. (current)

Toppino serves as President and Representative Director of SCJ Investment Management Co., Ltd. and is a Director of Secured Capital Japan Co., Ltd. He joined Secured Capital Corp. (SCC) in 1993, and prior to relocating to Japan, was responsible for SCC’s U.S. debt acquisition and advisory businesses. Toppino was also actively involved in the acquisition of non-performing loans and real estate properties in the U.S. and France. Since relocating to Japan in 1998, he has been responsible for overseeing acquisitions and asset management of properties since 1998, and has played an instrumental role in the acquisition by SCJ of over 1 trillion yen of properties and loans. As Chairman of the SCJ Investment Committee, he is further responsible for final pricing decisions and strategic direction. Toppino obtained a BS in Economics from Florida International University in 1993.

Simon is CEO in Asia responsible for all of MGPA’s investment and fund management activities. He was previously Country Manager for Japan where over six years he established MGPA operations in Japan. Prior to establishing MGPA, Simon was with the Lend Lease Group for 15 years in various investment management roles across financial services, infrastructure and the investment real estate sector. Simon moved to Asia in 1996 and has experience across Asia and has lived in Singapore, Thailand, Hong Kong, Japan and China. Simon has a Bachelor of Commerce degree from Griffith University, Brisbane in Australia.

Prior to joining Tokio Marine, Mr. Uematsu served as the Executive Managing Director at Nomura Real Estate Development.

He has been one of the pioneers in real estate securitization in Japan since 1990. He was the first to successfully tap into domestic pension funds to invest in real estate opportunity funds. He established various types of property funds including core funds and value added funds and led the listings of the Nomura Real Estate Office Fund J-REIT in 2003 and the Nomura Real Estate Residential Fund J-REIT in 2007.

Furthermore, he has taken a leading role in Japanese securitization market by originating a CMBS fund, European fund of funds, and other debt products since 2006. He has extensive international experience in leading development projects, including redevelopment of a shopping center in suburban New York City (USA) and a multi-use development in Sydney (Australia). He also originated a listed property trust in Australia.

He is a visiting professor of National Graduate Institute for Policy Studies. He also serves as Managing Director of the Japan Association for Real Estate Sciences (JARES) and Committee Chair of the International Exchange and Public Relations Committee of JARES. He is a graduate of the Faculty of Law at Keio University.

After graduating from Loma Linda University (California) with degrees in finance and accounting, he started his career at KPMG Peat Marwick (Los Angeles) in the M&A and real estate consulting departments. He then established MTM Consulting to focus on cross-border real estate consulting services for Japanese and US clients.

He joined Secured Capital Corporation in 1997 and founded Secured Capital Japan (listed on the Tokyo Stock Exchange), serving as its first President & CEO. He founded Touchstone Investment Management in 2002 and became the President & CEO of Touchstone Capital Securities in 2005. He has been involved in real estate transactions totaling over US$10 billion throughout his career.

Hans Op‘t Veld is Head of Listed Real Estate at PGGM. PGGM manages a global real estate portfolio of around □ 12 billion, of which 50% is invested through listed real estate. Furthermore, he teaches property finance and investment at a number of institutions, and he is Fellow performance measurement at the Amsterdam School of Real Estate.

His background is in real estate investment, strategy, allocation and performance measurement. Hans was a partner with Global Property Research; a international property consultancy firm specialized in strategy and performance measurement of listed property companies, from its start in 1996. Subsequently he joined Kempen & Co’s corporate finance practice in 2001, prior to joining IPD in 2003.

Hans was Head of Property Vehicles of IPD in London, where he was responsible for vehicle level reporting, including the (UK) Pooled Property Fund Indices and the INREV indices. He is a member of the index steering group and performance benchmarking committee of INREV.

Hans holds a Master’s degree in Financial Economics from the University of Maastricht, the Netherlands.

Mr. Vorbrich is a senior partner with CarVal Investors (CVI), a member of the executive team and general manager of the Japan real estate and loan portfolio businesses. Mr. Vorbrich is responsible for global investments in real estate and portfolios of credit-intensive, sub-performing and non-performing assets.

CarVal Investors is a leader in managing opportunistic value investments. Founded in 1987 by Cargill, CarVal Investors has quietly acquired more than $25 billion in assets in 3,600 transactions. The firm has been a first mover or early entrant across the globe, having invested in 52 countries. Today, CarVal Investors manages over $8 billion in assets.

Mr. Vorbrich joined Cargill’s Law Department in 1994 where his practice supported Cargill Value Investment. He transferred to CVI in 1997 and relocated to Japan in 1998 to help establish the Japan Value Investment business. Mr. Vorbrich received his MBA with a concentration in finance from the Carlson School of Management at the University of Minnesota, his JD from the University of Michigan Law School and his AB from Dartmouth College.

Satoshi is a Managing Director at EYTAS and leads its Real Estate Advisory team. Prior to joining EY in 2000, Satoshi worked for a major Japanese financial institution in its loan origination, market and asset management departments.

Since joining EY, Satoshi has managed a number of advisory engagements related to acquisition and disposition of non-performing loan assignments for various Japanese financial institutions and global and domestic investment funds.

Satoshi also manages various advisory, due diligence, valuation and other assignments for M&A, asset transaction and other assignments related to real estate companies and J-REITs.

Prior to joining Duet Group, Shinji worked at Merrill Lynch for more than nine years. He was Head of the Pacific Rim Principal Strategy and Special Situations in Singapore from 2007 through to 2008, Head of the Japan Principal Strategy and Special Situations in Tokyo from 2006 through to 2007, Member of the Board at Merrill Lynch Japan Securities (“MLJS”) from 2006 through to 2007, Member of the Executive Management Committee at MLJS from 2004 through to 2007, Head of Pacific Rim, Global Principal investment and Secured Finance in Tokyo from 2003 to 2006, Head of Japan, Global Principal Investment in Tokyo from 2001 to 2003, Head of Japan, Special Investment Group, Tokyo from 1999 to 2001, and Vice President, Mortgage Capital and Real Estate in Tokyo in 1998. Shinji received his LL.M. from The University of Chicago Law School in 1990 and his LL.B from The University of Tokyo, Faculty of Law in 1985.