A one-day conference focusingexclusively on the major trends in debt financing, investment equity and capital markets.

Gold Sponsors

Principal SponsorPlatinum Sponsor

ALL IN?OR CASH OUT?

Wednesday, February 29, 2012 Metro Toronto Convention Centre South Building

RealCapitalwww.realestateforums.com

Who Should AttendRealCapital will be of particular value for:• Public and private equity capital providers, fund managers, investment

advisors, and portfolio managers• Banks, life insurance companies, pension funds, and other institutional lenders• Private companies and individuals active in real estate investment and financing • Executives from real estate corporations from across Canada who have

responsibility for asset management, acquisitions and dispositions,development, finance, and investment

• Small real estate organizations, investors, developers, and entrepreneurslooking for debt and equity capital sources

• Intermediaries, financial and legal advisors including mortgage brokers, real estate brokers, investment bankers, lawyers, and accounting firms

Education CreditsAttendance at RealCapital may qualify for:

• Real Estate Council of Ontario (RECO), REBBA 2002• Certified General Accountants of Ontario• Institute of Chartered Accountants of Ontario• Appraisal Institute of Canada• The Law Society of Upper Canada

MMPI Canada is solely responsible for the content of the RealCapital program.

WILL THE CREDIT AND CAPITALMARKETS EXPERIENCEVOLATILITY IN 2012?The Most Important Conference in Q1 Returns on February 29, 2012

As the New Year begins, there is wide spread uncertainty about what directionnational and global economies will follow for the coming twelve months.

Are the odds fairly strong that a recession will return in Eurozone, the United States and possibly into Canada as well? Will the growth in themajor emerging markets slow down possibly more than is expected? Whatimpact will this have on the international economy considering the strongunprecedented role that these markets have played in maintaining some degreeof global growth through these challenging times in tier one countries?

What will all of these factors mean for the cost and availability of capitaland the credit markets in Canada and North America in general?

And somehow, in the face of all of these possibilities, the Canadian realestate market fundamentals and performance has been close to outstanding.

So there appears to be some rather poignant disconnects between globaldirections and domestic market conditions. What does this mean for the future?

Bringing Together Users of Capital with Sources of Capital:Addressing the Key Issues

RealCapital 2012 will focus on these key issues and trends by bringingtogether owners and investors with sources of public and private equityinvestment and debt financing in the Canadian real estate market. Some ofthe questions that will be addressed at the conference include:

• What will be the Impact of Global Uncertainty Associated with the Economic Challenges in Europe and United States?

• Will the Tsunami of Cash for Investment Markets start to Disappear?• What Will Happen to the Sources of Capital Price Spreads and Risk

in This Market? • What Strategies are Investors and Entrepreneurs Using to Finance Their

Activities in the Face of all the Uncertainty?

The 2012 program will provide a unique, high-level business forum that willexamine these themes, address key issues, assess emerging trends, anddiscuss effective strategies for real estate investment and financing foroffice, industrial, retail, and multi-residential sectors in the currentenvironment across the country.

Over 550 executives from across Canada are expected to attend this specialone-day conference. RealCapital 2012 will take place at the Metro TorontoConvention Centre South Building.

In keeping with the strong reputation of the forums, RealCapital will presenthigh-quality speakers on very topical issues at a relatively low registration fee.

The conference will provide a great opportunity to network with experts anddecision-makers responsible for real estate investment and financing today.

We hope that you will take advantage of this unique and informative event.

Co-chairmen:

OUR UPCOMING EVENTSwww.realestateforums.com

Bill JandrisitsPresident & CEOMCAN Mortgage Corporation

Bart MunnCFOCalloway REIT

February 16, 2012 • Hyatt Regency Montreal

Montreal Real Estate forumMarch 20, 2012 • Fairmont The Queen Elizabeth

Vancouver Real estate forumApril 11, 2012 • Vancouver Convention Centre

Winnipeg REal Estate ForumApril 18, 2012 • Winnipeg Convention Centre

Quebec City Real Estate ForumMay 8, 2012 • Fairmont Chateau Frontenac

edmonton REal Estate ForumMay 10, 2012 • The Shaw Conference Centre

April 4, 2012Metro Toronto Convention Centre, North Building

May 1, 2012Metro Toronto Convention Centre, South Building

WEDNESDAY, FEBRUARY 29, 2012 I

9:30 a.m.

YIELD VS. RISK: WILL STRONG CAPITAL FLOWSINTO THE REAL ESTATE AND DEBT MARKETSCONTINUE? WILL CMBS MAKE A COMEBACK?

A wide ranging panel discussion will examine the strategicdeployment of capital and asset allocation into the realestate markets in the current environment. The participantswill offer their views from different points on the compassas they comment on the current capital and credit marketenvironment; what they foresee in 2012 and beyond; whatrisks and opportunities are emerging at this time; in whatmarkets and in what form would they favour deployingcapital; and where the real estate asset class fits relative toother investment opportunities for the year ahead. Howmuch interest and appeal is there in owning commercialreal estate debt? As capital continues to search for yield,will real estate continue to be attractive? Is there anylikelihood that CMBS market will make a comeback?

Moderators:Bill Jandrisits, President & CEO, MCAN Mortgage Corporation

Bart Munn, CFO, Calloway REIT

Panel:Brydon Cruise, President & Managing Partner,Brookfield Financial

Ethan Penner, Executive Managing Director & President,CBRE Capital Partners

Jerome Silvey, Executive Vice President and CFO,Starwood Capital Group

Moray Tawse, Vice President, Investments, First National Financial LP

10:25 a.m.

MORNING REFRESHMENTS

10:50 a.m.

CONCURRENT SESSIONS (SELECT A1, A2 or A3)

SESSION A1

TIER ONE LENDERS’ ROUNDTABLE: THE MARKET FOR MEDIUM AND LARGER LOANS AND MAJOR CENTRES

The panel will provide an update on the underwritingpractices and deployment of debt capital in the Canadianmarket among a cross-section of major lenders. What willhappen in 2012? The discussion will open with a briefoverview of a national annual survey of the Canadiancommercial mortgage market activity. This session willthen focus on what borrowers should expect to see in thiscoming year.

• Who will be the major providers of debt in Canada andwhat will they be looking for?

• What impact will Basel III and OFSI’s push for greaterdiversification have on the commercial lendingactivities of major institutional lenders?

• How will the strategies of banks, insurance companies,pension funds and other institutions vary from those ofprivate sources of debt capital? Where are they lookingfor their greatest returns?

• How are lenders evaluating a deal in today’s market?How is risk being priced now? What is happening withloan spreads, amortization periods, loan to valueratios, and recourse financing?

• What property classes are lenders avoiding, reducingexposure to, or increasing pricing for?

Moderator:Mark Achtemichuk, Managing Director, MortgageValuation, CMLS Financial Ltd.

Panel:Richard Brownscombe, President & CEO, MontroseCorporation Ltd.

Phil Gillin, Senior Managing Director & Head, CanadianProperty Investments, Sun Life Financial

David Grieve, Senior Portfolio Manager, MortgageInvestments, AIMCo

Brad Lambert, Regional Vice President, Real EstateMarkets – Ontario, Royal Bank of Canada

Jeremy Wedgbury, Managing Director, CommercialMortgages, First National Financial LP

SESSION A2

THE STRATEGIC SHIFT FROM FOCUSING ON RETURN TO LIMITING RISK: WHAT AREINVESTOR PRIORITIES IN AN ENVIRONMENT OF GLOBAL UNCERTAINTY?

The last twelve months have seen the beginning of somemajor swings in global capital flows. Leading into 2011,many foreign lenders had continued their return to thecommercial mortgage markets and foreign investorsdeployed their large sources of capital. However, what hastranspired over the past year due to concerns over theeconomic condition of Europe, the continuedsluggishness of the U.S. economy, and the signs of someweakening in major emerging markets? How do youmanage risk in today’s global market? How much of achange has there been in investor philosophy? How areinvestors playing the international property markets now?How much volatility are they able to accept? What is theoutlook for debt, equity and capital markets for 2012 fromthe perspective of global players?

Moderator:Allan Kimberley, Vice Chairman & Managing Director,Investment Banking, CIBC World Markets Inc.

Panel:Marc Lemaire, Principal Vice President, Real EstateInvestment Funds and Financing, Ivanhoé Cambridge(invited)

Michael McLaughlin, U.S. Country Head andPresident, Macquarie Capital (USA) Inc.

A participant from Guggenheim Partners

CANADIAN REAL ESTATEMARKET UPDATE 7:00 a.m.

REGISTRATION & CONTINENTAL BREAKFAST

7:30 a.m.

CANADIAN REAL ESTATE MARKET UPDATE

Year in Review: A Snapshot of the Year That Was

Stefan Ciotlos, President, CBRE Limited

The Outlook for the Global and CanadianEconomies for 2012 and Beyond: Is There Light at the End of the Tunnel or Can We Expect MoreTurbulence Ahead?

An examination of the economic outlook for North Americaincluding GDP and employment growth, capital marketliquidity, interest rate trends, energy prices, rates of inflation,and currency values. Is the U.S. on the road to recovery in2012 or will its economy continue to limp along? What couldbe the impact of the European debt crisis on Canada and therest of the world? How is the outlook for China, India andother major emerging markets at this time? What are theimplications of all these trends and issues for Canada?

Dr. Warren Jestin, Senior Vice President & Chief Economist,Scotiabank

The Canadian and U.S. Political Outlook: Now What?

A discussion on how the national political landscapes are evolvingin both Canada and the United States. What is likely going tohappen in the U.S. as we head into an election year? How will thisaffect North American related policies? What does the future holdfor the Conservatives, NDP, Liberals and Bloc Quebecoisrespectively in Canada?

Andrew Coyne, National Columnist, Post Media / National Post

The Outlook for Commercial Real Estate andDeal Flow Across Canada: Can We Repeat theExperience of 2011 Again in 2012?

An overview of key commercial real estate leasing andinvestment trends across Canada in the office, industrial,retail, hotel and multi-residential sectors. How did theyperform in 2011? What is the outlook for 2012? What havebeen the most significant implications of cheap debt andabundant capital on cap rates and transaction activity? How will the leasing markets perform going forward?

John O’Bryan, Vice Chairman, CBRE Limited

9:00 a.m.

CONCLUSION OF BREAKFAST PRESENTATIONS

All delegates registered for RealCapital are invited to attendthe CBRE Limited Market Update presentations and breakfast.

SESSION A3

VALUATION – WHAT ARE THE CHALLENGES INTODAY’S MARKET? WHAT HAS HAD THE GREATESTIMPACT ON ASSET VALUES?

Asset valuation and pricing is considerably more challenging intoday’s market. Clients are demanding and need moreinformation and support for their real estate investment decision-making. This session will examine the valuation issue andprovide some insights on determining values in the currentmarket and the year ahead. The many questions that will beexamined include: what is valuation from a technical capitalmarkets perspective; what information do various interests requirefrom a valuation including management, purchasers, vendors,shareholders, auditors, lenders, etc; how does one determinevalue in today's market; what are the most significant differencesby geography & asset class; where is valuation heading goingforward; what effect has IFRS had on the market; and what elsedoes a buyer, investor or seller need to understand.

Moderator:Sheila Botting, Partner & National Leader, Real Estate, Deloitte & Touche LLP

Panel:John Busi, Executive Vice President & Global Co-Head Valuation,Cushman & Wakefield Valuation & Advisory Services

Colin Johnston, President, Research, Valuation & Advisory,Altus Group

David Ward, Director, Acquisitions, Morguard Investments Limited

Ted Willcocks, Global Head of Asset Management, Real Estate,Manulife Financial

11:50 a.m.

CONCURRENT SESSIONS (SELECT B1, B2 or B3)

SESSION B1

HOW ARE THE CAPITAL MARKETS SERVING THE NEEDS OF THE DEBT MARKET?

This session will focus on the current environment in the capitalmarkets for real estate debt issues. The discussion will examinethe major trends in unsecured senior and subordinate debenturesand rated secured mortgage bonds. How much demand andinterest is there within the capital markets for this type ofcommercial real estate debt products? How strong are theallocations that investors are making to acquire this form of debt?What type of opportunities do they want to see? Are fixed incomeportfolio managers interested in specific types of benchmark styledeals? Where is the bond market heading over the next twelvemonths? How much of an arbitrage is there between the capitalmarkets and private markets? How is capital in Canada avoidingthe risks of other markets?

Moderator:David Dulberg, Managing Director, RBC Capital Markets Real Estate Group

Panel:John Harris, Senior Portfolio Strategist, Goodman & Company,Investment Counsel

David McCulla, Vice President and Director, TD Asset Management (invited)

Altaf Nanji, Director, Global Credit Research Team, RBC Capital Markets

John Shaw, Vice President, Portfolio Management & Portfolio Manager, CI Investments Inc.

SESSION B2

MEETING THE DEMAND FOR SMALLER LOANS AND TIER TWO ASSETS

A significant part of the Canadian commercial mortgage marketconsists of properties that have financing needs in the range of$20 million or less. In some instances, these assets can be foundin secondary markets while, in other cases, they represent B or Cclass buildings or smaller developments in larger centres. Thissession will examine these market situations in greater detail andhow the capital and debt needs for these types of assets arebeing addressed. Among the questions that will be examined:

• Who is lending at these levels, at what rates, with what kind ofunderwriting criteria, and to whom?

• How is risk being priced for these smaller sized loans? Whatis happening with loan spreads, amortization periods, loan tovalue ratios, and recourse?

• Are properties in geographic areas outside of metropolitancentres a tougher sell in 2012 or are their needs being met?

• What is the market for B and C class properties that could beout of favour with major lenders?

• Is there any interest in underperforming assets?

Moderator:Randy Buckley, Vice President, Murray & Company Limited

Panel:Andrew Jones, Managing Director, Debt Investments/Financing,Timbercreek Asset Management Ltd.

Jeff Lastiwka, President & CEO, JayCap Financial Ltd.

George Mejury, Managing Director, Toronto, MCAP Real Estate Finance Group

Chris Sharp, Managing Director, Penmor Mortgage Capital Corporation

SESSION B3

THE CFO PERSPECTIVE: IS CHEAP DEBT AND EQUITYA TWO EDGE SWORD? WHAT ARE THEIR MAJORISSUES AS BORROWERS IN THIS MARKET?

This panel will look at the trends and issues related to raisingdebt, credit and capital from the borrowers’ perspectives. Amongthe questions that will be addressed:

• Is it still as easy to access the capital that you require intoday’s market as it was a year ago? If not, then what havebeen the most significant changes?

• How much debt are you carrying, when does it roll over, andhow will you likely refinance?

• What are the most key sources of capital that you are tapping?• Who has the lowest cost of capital now?• What are the borrowers’ perspectives on secured and

unsecured debt?• Do you have any challenges with how underwriting is being

done in today’s market and how lenders are pricing or tryingto transfer risk? Do you sense that these are transitionalmeasures or more structural?

• What about new acquisitions and development? How are theybeing financed?

• What is the most innovative form of financing that you havebeen able to obtain?

Moderator:Stephen Sender, Managing Director, Industry Head, Scotia Capital Inc.

Panel: Mario Barrafato, Senior Vice President & CFO, Dundee Real Estate Investment Trust

Ugo Bizzarri, CFO & Managing Director, Real Estate Investments, Timbercreek Asset Management

Larry Froom, CFO, H&R REIT

Karen Weaver, Executive Vice President & CFO, First Capital Realty Inc.

12:45 p.m.

NETWORKING LUNCHEON

LUNCHEON SPONSOR

LUNCHEON REFRESHMENTS SPONSOR

I METRO TORONTO CONVENTION CENTRE SOUTH BUILDING I

Mints SponsorLanyard Sponsor Corporate SponsorsBiographies Sponsor

Post it Note Sponsors

I REGISTER ON-LINE AT www.rea lestateforums.com

2:00 p.m.

CONCURRENT SESSIONS (SELECT C1, C2 or C3)

SESSION C1

FINANCING COMMERCIAL AND CONDOMINIUMCONSTRUCTION & DEVELOPMENT IN TODAY’SMARKET

While new condominium activity continues to remain strongin Toronto and several other markets, there has also been anincrease in all other forms of new development in response todemand as well as the relative high cost of acquiring assets.Projects can range from build-to-suits, retail centres, officebuildings, hotels, condominiums, and various types of mixed-use developments. This session will examine financing trendsassociated with these types of projects.

• How buoyant is the market now for construction financing?• How are lenders and investors pricing risk for this type of

financing? What underwriting practices are they using toevaluate potential projects?

• How do sources and pricing vary between build-to-suits,development for your own account, and sale leasebacks?What other significant criteria can apply to different typesof assets, the project’s location and size etc.?

• How do you protect yourself from cost overruns?• What are the challenges in financing mixed-use

developments vs. single asset buildings?• To what extent are lenders concerned about the

condominium market?

Moderator:Dan Marinovic, Vice President, Finance, First Gulf Corporation

Panel:Paul Chin, Vice President, Real Estate Lending, Loan Syndications and Capital Markets, Otéra Capital

Benjamin Chua, Vice President, Corporate Banking, United Overseas Bank

Carmin Di Fiore, Senior Vice President, Real Estate Banking, Bank of America/Merrill Lynch

Stelio Zupancich, Vice President, Real Estate, TD Commercial Banking

SESSION C2

ALTERNATIVE SOURCES OF CAPITAL: MEZZANINE FINANCING, DEBT FUNDS AND CMBS

Mezzanine financing, private mortgage funds and other second-ary sources of capital are playing an important role in today’sreal estate market. CMBS has also started to just raise its headagain in the Canadian market. This session will examine thetrends, availability and cost of this type of credit. What is themarket for mezzanine financing and private mortgages? Whois filling this strategic gap? How is this type of financing beingpriced in 2012? What are their exit strategies? What is the strong-est market for this type of product? How can you differentiateone fund from another? What are the underlying strategiesthat the sources of capital are using with respect to risk/reward/return for the deployment of these funds? What will be theirpriorities for 2012 by product type and market across the country?To what extent is CMBS making a comeback in Canada?

Moderator:Doug Podd, Partner, Brookfield Financial

Panel:Michael Carragher, Vice President, Mortgage Investments,Firm Capital Corporation

Blake Cassidy, Managing Partner, Romspen Investment Corporation

Scott Coates, Managing Director, Mortgage Investments,KingSett Capital

Paul Scholz, Managing Director, Institutional Mortgage Capital Canada

SESSION C3

HOW CHALLENGING IS IT TO ACQUIRE ASSETS INTHIS MARKET? WHAT IS LIKELY TO BE AVAILABLEIN 2012 IN CANADA?

An insightful discussion about investment activity in today’svery competitive market environment. The past year sawvirtually a record amount of transactions since manyorganizations’ acquisition war chests were overflowing withcash combined with a strong search for yield by investorsleaving the bond market. The panel will address a range ofquestions including: What will likely be the major challengesin order to buy or sell assets in this market? What are thedifferences, if any, between the issues faced by a REIT vs. apension fund vs. a private equity fund vs. a foreign investor inselling or acquiring properties at this time? What informationdo you need in order to try to do a deal in this market? Howmuch leverage is appropriate? Where do you project that caprates will be by the end of 2012 relative to today’s prices?Who do you anticipate will be the likely sellers? Whichproduct types will be most favoured by you? Which marketswill be “top of mind”, and why?

Moderator:Peter Senst, Executive Vice President & Director, CBRE Limited

Panel:Peter Ballon, Vice President, Head of Real Estate Investments – Americas, CPPIB

Don Clow, President & CEO, Crombie REIT

John Hayes, Managing Director, Blackwood Partners

Wayne Jacobs, Executive Vice President, Acquisitions,Allied Properties REIT

3:00 p.m.

CLOSING ROUNDTABLE DISCUSSION: THE LASTWORD ON CAPITAL REQUIREMENTS, LIQUIDITY,VALUES, AND DEAL FLOW IN 2012

A discussion with senior real estate and institutional executiveson their perspective of Canadian real estate fundamentals,trends, opportunities and strategies for 2012; a comparativeon how the Canadian market will perform in face of U.S.,European and other geoeconomic conditions; their insightsinto what could be the key challenges facing real estateexecutives over the next twelve months; and their expectationsof the capital and credit markets over the next twelve months.

• What do you anticipate will happen with the credit andcapital markets over the next twelve months? What will bethe key determinants of such a change? What impact willthis have on cap rates and real estate values?

• What are you seeing in capital, financial and real estate marketsoutside of Canada, especially in the U.S. and Europe?

• How much deal flow can be expected in the Canadianmarket in 2012? Have we reached the point whereinvesting outside of the country is far more attractive thanstaying at home?

• What kind of transactions will offer the best possible returnsin 2012? Do you anticipate sufficient buying opportunitiesfor your organization or will you pursue some developmentactivity to generate more growth?

• What, if anything, are you doing differently now as a resultof these factors?

• Who has the lowest cost of capital now? Who will be mostsignificant winners and who will be the losers in themarket in 2012?

Moderators:Bill Jandrisits, President & CEO, MCAN Mortgage Corporation

Bart Munn, CFO, Calloway REIT

Panel:Arne Arnesen, Senior Managing Director, Rockwood Capital

Michael Cooper, Managing Partner, Dundee Realty Asset Management

David Gilbert, Chief Investment Officer, Clarion Partners

Blake Hutcheson, President & CEO, Oxford Properties Group Inc.

Kelly Marshall, Managing Partner, Brookfield Asset Management

4:00 p.m.

ADJOURNMENT & NETWORKING RECEPTION

Pen Sponsor

Wireless Survey Sponsors Afternoon Refreshment Sponsor

Portfolio Sponsors

PLEASE TYPE OR PRINT LEGIBLYFor additional registrations from the same organization, please photocopy this form. Confirmation of your registrationYou must register by Wednesday, February 22.

First Name:

Surname:

Email Address:

Title:

Company/Organization:

Full Mailing Address:

City: Province: Postal Code:

Telephone: ( ) Fax: ( )

Please circle your payment amount below. Up to Feb. 1 After Feb. 1

Full Registration: $ 450.00 $ 495.0013% HST (HST #871719241 RT0001): $ 58.50 $ 64.35

TOTAL FEE: $ 508.50 $ 559.35

■■ Cheque enclosed (Please make cheque payable to "MMPI Canada")

■■ VISA ■■ MasterCard ■■ AMEX

Card Number: Expiry Date: /

Name on the Credit Card:

Signature (must be signed to be valid):

REGISTRATION INFORMATION

Registration/Payment Information

ANY QUESTIONS? Call (416) 512-3807 or

visit www.realestateforums.com,and select “RealCapital”.

12-0

02

IMPORTANT:Please review the concurrent sessions throughout the program. Indicate the sessions you would like to attend by circling your choices below. As spacemay be limited, seating on-site will be on a “first come, first served” basis.

10:50 a.m. A1 or A2 or A3

11:50 a.m. B1 or B2 or B3

2:00 p.m. C1 or C2 or C3

Please check the most appropriate description ofyour responsibilities:

■■ 01 Real Estate & Property Management■■ 02 Building Owner / Developer / Investor■■ 03 Facility Management / Tenant■■ 09 Asset Manager■■ 10 Real Estate Broker■■ 11 Financial Services / Real Estate Financing■■ 12 Government■■ 13 Lawyer■■ 27 Consultant■■ 05 Other ________________________

(NOTE: "MMPI Canada" will appear on your credit card statement)

MMPI Canada is solely responsible for the Conference content.

Full Registration:Up to February 1 $450 + $58.50 HST

After February 1 $495 + $64.35 HST

13% HST as indicated above.

All registrations include the CBRE Limited Market Outlookpresentations, morning and afternoon refreshments,reception and luncheon.

Refunds & Substitutions:Refunds will be provided for cancellations in writing priorto Wednesday, February 22, with a processing fee of $75.We regret that refunds cannot be offered after that date.However, delegate substitution for the day is permitted.

Hotel Accommodation:For the convenience of out-of-town registrants, a block ofrooms are being held at the Intercontinental Toronto Centreat a special rate of $179. Call 416-597-1400 or 1-800-422-7969 and ask for the RealCapital special rate. To guaranteeroom availability at the special rate, reservations must bemade no later than Thursday, February 9.

How to Register:Advance sales only. There will be no sales at the door.

DEADLINE TO REGISTER: Wednesday, February 22

1. REGISTER ON-LINE:Easy on-line registration.Use VISA, MasterCard, or AMEX, and register on-lineat www.realestateforums.comSelect “RealCapital” and proceed from there.It’s quick, easy, and convenient!

2. REGISTER BY FAX USING A CREDIT CARD:Use VISA, MasterCard or AMEX andfax your form to (416) 512-1077 or 1-800-353-3094

3. REGISTER BY MAIL:Send the completed registration form with payment to:MMPI Canada10 Alcorn Avenue, Suite 100Toronto, ON M4V 3A9

YES, I require a Completion Certificate for RECO Continuing Education Credits – subject to Registrar (REBBA 2002) approvalPlease check www.realestateforums.com for updates and completion information.