Illuminating the Real Estate Landscape Expert & Dedicated Minds Research and Forecasting Philosophy Rosen Consulting Group: Expert and dedicated minds focused on delivering a valuable viewpoint RCG has 16 professionals in Berkeley (California) and 2 professionals in New York City. Educational backgrounds include PhDs, MBAs, and degrees in planning, finance, public policy, economics, and geography. Professional backgrounds include econometrics, urban planning, real estate investment management, transactions, real estate and capital markets research, major accounting firms, investment banking, and university level teaching. About Dr. Kenneth Rosen Dr. Kenneth Rosen founded RCG in 1990. Dr. Rosen has more than 30 years of experience in the real estate industry and is Chairman of Rosen Consulting Group. In addition, Dr. Rosen is a Professor of Business Administration and Chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley. Dr. Rosen also founded Lend Lease Rosen Real Estate Securities LLC, a real estate securities management firm, in 1993. The firm had more than $1 billion in assets under management as of May 2000. In prior business ventures, Dr. Rosen co-founded Regional Data Associates (RDA) in 1976, a leading real estate forecasting firm. RDA was sold to Chase Manhattan Bank in 1982. In 1985, he joined Salomon Brothers Inc. and founded the firm's Real Estate Research Department, which is recognized as one of Wall Street's leading real estate research groups. Dr. Rosen received his Ph.D. from the Massachusetts Institute of Technology in Economics in 1974 and B.A. with highest honors from University of Connecticut in 1970. He was a Professor of Economics at Princeton University. He is a trustee of the Urban Land Institute and a member of the board of directors of several private corporations that deal with real estate finance and development. He has authored over 95 articles and books on real estate and real estate finance.