2nd Annual European Distressed Real Estate Forum

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1. Thursday 25thMarch 2010 Second Annual European Distressed Real Estate Forum, One Great GeorgeConferenceCentre TodaytheSecondAnnualEuropeanDistressedRealEstateForumwasheldforthebenefitofmajor investorswhoareseekingaccesstoriskadjustedmortgagesandprimerealestatethatwasheldby financialinstitutionswhichhavegoneunderthehammer.Themajorthemethatwasexpressedwas theinabilitytogainaccesstothedistressedassetshereintheEU. ThedaysfinalpanelwasreservedforspecialguestBrianValente,aSupervisoryFinancialAnalystfor the US Federal Reserve Board of Governors, who started the discussion by explaining the role of regulatorsandthepresentviewofbankingregulationsinapplyingmarktomarketaccountingtoreal estatevaluations.Thepaneldiscussedthe149banksthatweretakenoverbytheFDICin2009,the 37 banks that have been taken over so far in 2010, and the need for the FDIC to market USD 1.4 trillion of these toxic or legacy assets which the FDIC now has on their books from these failed institutionsinthenext18months. Mr. Valenti then introduced Mr. David Michelson, the follow up speaker who is an advisor to a privateassetmanagerintheUS,ThreeArchInvestmentCorpI,andhasfundsfromEUinvestorsvia theCaliforniaDistressedLandFund.TheModeratorinformedtheaudiencethatMr.Michelsonhas beenoneoftheoriginalprivateassetmanagers,bothbackintheearly1990sunderwhatwasthen theRTC,andalsoisbiddingonassetscurrently.Mr.Michelsonisoneoftheprivateassetmanagers whoaregainingaccesstobidonthesefailedbanksassetsviaboththelegacyloanprogramaswell asthestructuredloanprogram. In a Wall Street Journal article on Friday 25 March Chairman Bernanke Nudges Fed towards Mortgagesalesthearticleconfirmsthemajorthemeofthisforum.Forthenext1218monthsat leastthemajorityofDistressedRealEstateAssetswillbecomingfromtheFDIC,whichappearsnow tobetheonlygameintown. http://online.wsj.com/article_email/SB10001424052748704094104575143603769198216 lMyQjAxMTAwMDIwNjEyNDYyWj.html AsaninvestorthroughCDLFyouwilltodaybeabletoallocatefundstoasectorthathasbeenrisk adjustedandwilllikelyproduceoutsizedreturnsforthenextfivetosixyears.CDLAFsSponsorand Portfolio managers have been producing excellent results for more than 25 years in the physical ownership of real estate, having completed 300 past partnerships for over USD 7 billion of past projects. We are now seeking to repeat the same success we have seen in past markets where a recoveryisintheinitialstages. MeetingswiththeFundManagerarenowunderwayinLondonandEuropefortheCDLAFinitial firstclosingon31stMay2010.PleasecontactIGSGrouptomakeanappointment+44(0)207395 6800 The California Distressed Land Assets Fund Ltd 2. Disclaimer IGS Alternative Investment Solutions LLP is a member of the IGS Group Ltd and is authorised and regulatedbytheFinancialServicesAuthorityintheU.K.IgsalternativeinvestmentsolutionsLLPis compensatedforfindinginvestorsforhedgefunds.Theforegoingmaterialincludinganyassociated documents (this document) is provided for informational purposes only and as of this date may not be complete, may not contain certain material information about a Hedge Fund, including important disclosures and risk factors associated with an investment in such Hedge Fund, and is subjecttochangewithoutnotice.Theinformationcontainedhereindoesnotconstituteanofferor invitationtobuyorsubscribeinanysecuritiesorfundsinanyjurisdictioninwhichsuchdistribution is not authorised. This information is not intended to be, nor should it be construed or used as, financial, legal, tax or investment advice or an offer to sell, or solicitation of any offer to buy, an interestinanyHedgeFund.Noofferorsolicitationmaybemadepriortothedeliveryofappropriate Hedge Fund offering documents to qualified prospective investors. This information does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. More complete disclosures and the terms and conditions relating to an investment in a particular Hedge Fund is contained in such Funds offering documents. Before makinganyinvestmentprospectiveinvestorsshouldthoroughlyandcarefullyreviewaHedgeFunds offering documents with their financial, legal and tax advisor to determine whether such an investmentissuitableforthem.AninvestmentinanyparticularHedgeFundisnotsuitableforall investors.AlthoughIgsalternativeinvestmentsolutionsLLPmayprovidethissummaryinformation, IgsalternativeinvestmentsolutionsLLPdoesnotprovideduediligenceoninvestorsbehalfandis notresponsibleforinvestorsinvestmentdecisions. Performanceresultsaregenerallyshownnetofapplicablefeesandreflectreinvestmentofprofits. NorepresentationismadethatanyHedgeFundwillorislikelytoachieveitsobjectivesorthatany investorwillorislikelytoachieveresultscomparabletothoseshownorwillmakeanyprofitatallor willbeabletoavoidincurringsubstantiallosses.Pastperformanceisnoguaranteeoffutureresults. The information contained herein, including investment returns, valuations, fund targets and strategies,hasbeensuppliedbythirdpartysources,includingtheHedgeFundsandtheirmanagers orotherrepresentativesand,althoughbelievedtobereliable,hasnotbeenindependentlyverified and cannot be guaranteed. Igs alternative investment solutions LLP makes no representations or warrantiesastotheaccuracy,timelinessorcompletenessofsuchinformation.Financialindicators and benchmarks are unmanaged, do not reflect any management fees, assume reinvestment of income, are for illustration purposes only, and have limitations when used for such purposes becausetheymayhavevolatility,credit,orothermaterialcharacteristicsthataredifferentfroma particularHedgeFund.Thismaterialisconfidential,isintendedonlyforthepersontowhomithas been sent and under no circumstances may a copy be shown, copied, transmitted, or otherwise giventoanypersonotherthantheauthorisedrecipient. The California Distressed Land Assets Fund Ltd