TO OUR 2012 SPECIAL DONORS AND FINANCIAL SUPPORTERS OF OUR ST. PETE BEACH ANNUAL MEETING

ARES Officers and Board of Directors want to take this opportunity

to thank the following organizations for their financial support of our

28th Annual Meeting in St. Pete Beach, Florida, April 17-21, 2012:

CoStar Group

Appraisal Institute (AI)

CCIM Education Foundation

Real Capital Analytics (RCA)

REALTOR® University/National Association of Realtors (NAR®)

Royal Institution of Chartered Surveyors (RICS)

James R. Webb ARES Foundation

CBRE Econometric Advisors

NAIOP Research Foundation

National Association of Real Estate Investment Trusts (NAREIT)

International Council of Shopping Centers (ICSC)

National Investment Center for the Seniors Housing and Care Industry (NIC)

Maury Seldin Advanced Studies Institute (MSASI)

Department of Real Estate, Baruch College, City University of New York (CUNY)

Morehouse College