The 11th Annual Fisher Center Real
Estate Conference

Thursday, April 20, 2006
8:00 a.m. – 5:00 p.m.
St. Francis Hotel, Grand Ballroom, San Francisco

Join us at the 11th Annual Fisher Center Real Estate Conference on Thursday, April 20, 2006 at the St. Francis Hotel, San Francisco and learn what industry leaders are focusing on in these changing times.

This full-day conference will keep real estate and financial professionals on the cutting edge. Leading experts will share their ideas about the evolving complexities of today's real estate business and how the industry will be affected by the challenges of an ever-changing economy.
Ample time is allotted for questions and answers to give attendees the opportunity to have an exchange with some of the most prominent authorities on the economy, real estate, technology and finance who will be speaking on timely and important topics.

REAL ESTATE: FINDING OPPORTUNITIES IN A CHANGING WORLD is the theme for this year's conference, which will touch on timely and important topics, including:

• The Real Estate and Economic Outlook
2006 appears to be another potentially turbulent year for the San Francisco Bay Area, the United States, and the world. Are interest rates about to make the long-anticipated secular rise? How may other economic shifts (e.g., energy, prices, or consumer confidence) affect the economic and real estate markets of the Bay Area, California, and the U.S., and how might economic and political policies impact us in the future? Our featured speaker, Ken Rosen, returns to the Symposium to share his up-to-the-minute outlook on the economy and the U.S. real estate markets.

• California Dreamin' - Residential Housing in the Golden State
A continued bright spot for the Bay Area, California, and the U.S. for the past several years has been the single-family housing market. California single family housing has done especially well, even at times when the local economy has not. Has this housing boom reached its peak — as many fear — that will soon turn into a bust? Will the prospects for higher interest rates (with higher mortgage rates) and rising oil prices put a damper on the household’s ability to make commitments to buy homes? This session will focus on “reality” testing of the housing market.

• Emerging Real Estate Investment Trends - What's Hot & What's Not?
The real estate investment market is in flux, creating opportunities for the fleet and agile real estate investor. Perhaps, the changing investment climate is best illustrated by the hotel and resort markets, where upscale, integrated condo-ownership has become a significant driver of hotel economics. Similarly, the move-up to quality in new housing markets has become another dominant trend. Changes in commercial real estate, such as retail, also parallel these changes with our own flight to quality.

• Retirement, Real Estate, Boomers & Gen-Xers
U.S. demographics are persistently slow changing, but the impacts are significant and virtually inevitable: While we, as a society, are living longer and healthier lives, “baby-boomers” are reaching their 60s and contemplating retirement. How will this mass migration to retirement change the socio-economic landscape? For many boomers, one of the key decisions will relate to housing – selling and moving…or what? Will retirement resources be sufficient to accommodate the Boomers desire for an “active”, upscale lifestyle? Will retirees be able to afford health care? Will the pension fund system be able to sustain the Boomer and Gen-Xer expectations about what they will need? In essence, the “retirement boom” brings our society to a nascent crossroad.

• Financing Real Estate Transactions - Where Is the Action?
Has the escalation of commercial property prices – far faster than rent growth – come to an end? How are the wealthy, individual and large institutional investors viewing the real estate markets? Where and why are many investors buying – while others are selling? Why are real estate public entities “being taken” private? Additionally, we will explore the impacts of various industry segments on the fundamental issues of the interrelationship between the revival of the Bay Area economy and the real estate market.

WHY YOU SHOULD ATTEND
This full day program of individual presentations examines current trends and critical issues in the real estate market, and particularly in California. National and local industry leaders will present their ideas and respond to questions from the audience. Full lunch and refreshment breaks - included in the registration fee - will provide ample time for networking with colleagues and presenters. Industry leaders and business professionals - real estate entrepreneurs, brokers, financiers, investors, attorneys, accountants, developers, and press - contribute to make this a great educational and networking opportunity.

CONTINUING EDUCATION CREDIT
The 11th Annual Fisher Center Real Estate Conference has applied for 8 hours of Continuing Education credit from the State Office of Real Estate Appraisers (OREA); has been approved for 8 hours of Consumer Protection Continuing Education credit from the California Department of Real Estate (DRE Sponsor #1656); and is also approved for one re-certification credit from the Society of Industrial and Office Realtors. The OREA and the DRE require attendees to be present for 90% of the program session time. Attendance will be verified for those seeking continuing education credit from other professional organizations. Attendance forms be picked up at the registration table upon arrival. Completed forms must be presented, with a photo I.D., to conference staff at the end of the day. You have the option of submitting an online Course and Instructor Evaluation form at www.dre.ca.gov . Select "Course & Instructor Evaluation" in the lower right-hand portion of the homepage.

REFUND AND CREDIT CARD POLICY
Registrations are fully transferable to another person at no charge at any time, but refunds, less a $25 administrative fee, will be made only if written notice is received no later than April 6, 2006. Registrations on a credit card will be charged upon receipt and refunded to the same card. We accept Visa, Mastercard, Discover, and American Express.

THE SPONSOR
The Fisher Center for Real Estate and Urban Economics (FCREUE) is sponsoring this conference in cooperation with the UC Berkeley Haas School of Business and the Berkeley Real Estate Associates. FCREUE has been a leading research center in the real estate finance area since its establishment at the University of California at Berkeley in 1950. It provides a forum for business leaders, government officials and academics, and is dedicated to high-level academic and executive education programs. The University of California is a non-profit organization, and all proceeds of this conference are used to support FCREUE's education, fellowship and research functions.

HOTEL RESERVATIONS
If you would like to make a room reservation at the St. Francis Hotel while attending this conference, please call the hotel directly at (415) 397-7000. The sponsor is not responsible for, and cannot assist with, individual room reservations.

CONFERENCE REGISTRATION & PAYMENT INFORMATION
• Registration effective upon receipt of payment only. Checks are payable to UC REGENTS. Registration is online for both credit card and check payments.
• Discount rate registrations must be received or postmarked no later than the date indicated.
• Fee includes lunch, refreshments and handout materials
• Phone (510) 643-6109
• Fax (510) 643-7357

Nametags for registrations received after April 14th will be held at will-call.

REGISTRATION FEES
• $350 each March 1 - EXTENDED THROUGH April 19, 2006
• $425 on-site, April 20, 2006

Contact Us
Fisher Center for Real Estate and Urban Economics:
F602 Haas School of Business #6105
University of California
Berkeley CA 94720-6105
Tel: (510) 643-6109
Fax: (510) 643-7357
Email: creue@haas.berkeley.edu