Leadership Forum: Reporting StandardsUPDATES AND VALUATION PANEL

Current Projects

• To provide consistent and transparent calculation, presentation and disclosure of gross IRR, net IRR and gross to net spread

• Sarah CachatGross to Net IRR

• To assess relevance and applicability of the Reporting Standards for closed-end funds

TWR and annual external appraisal requirements

for closed-end funds

• Explore ways to further connect RS initiatives with GIPS-particularly GIPS 20/20 and AlternativesGIPS/CFA Institute

Current Projects

• Provide comments by August 15 on working draft

• Peter Bloomfield/John Kjelstrom on TF. Lead by Benay Kirk and Kathy O'Sullivan

AICPA Accounting and Valuation Guide-

working draft

• Incorporate real estate into existing ILPA template

• Kathryn Gernert

ILPA reporting template

• Suggested enhancements to current Performance and Risk Manual surrounding types of attribution used in industry

• Phil Tily/Kurt Edwards

Performance and Risk Manual

Current Projects

• To provide a global metric for measuring fund fee load

• John Caruso/Barbara Flusk

Fee and Expense Metrics

• Creating a central repository for industry related terms and definitions-global and US/Non-US specific

• John CarusoDefinitions database

• Develop a global performance based NAV

• Sally Ann FloodGlobal NAV

• Converge fund level and asset level performance metrics globally

• John Caruso/ Maritza Matlosz

Performance Measurement

RS Team

Board MembersJerry Silvey, Vice

Chairman and CFO, Starwood Capital Group,

RS Board Chair

Neal Armstrong, Director, Alternative Investment Services, Bank of New

York Mellon

Cristiano Machado, CFO Real Estate Funds,

Brookfield Property Group

Cathy Marcus, Chief Operating Officer,

Prudential Real Estate Investors

Mike Morrell, Manager –Global Real Estate

Investments & Commercial Lending, NYSTRS

Devon Olson, Director –Real Estate, Utah

Retirement System

Allison Yager, Partner, Global Leader – Real Estate,

Mercer

Nathan Zinn, Senior Managing Director, CBRE

Global Investors

Council Members

Sally Ann Flood, Audit Partner, Deloitte &

Touche, RS Council Chair

Jim Allen, Managing Director and Fund Chief

Financial Officer, Starwood Capital Group

Peter Bloomfield, Audit Partner, KPMG

Paul Briggs, Vice President, Head of US

Research, Bentall Kennedy

Sarah Cachat, Partner, Townsend Group, an Aon

Company

John Caruso, Managing Director, Head of Finance - Americas, TH Real Estate

Council Members

Jane Delfendahl, Investment Director, California Public

Employees Retirement System

Kurt Edwards, Director, UBS Global Real Estate Research

& Strategy

Barbara Flusk, Senior Executive Vice President and

Head of Real Estate Fund Services, Citco Fund Services

Kathryn Gernert, Senior Portfolio Manager, Texas

Education Agency

Barry Johnson, Managing Director, State

Street Global Services

John Kjelstrom, Director, Chatham

Financial

Valuation hot topics- the impact of the AICPA’s proposed Valuation and Accounting guide on Reporting Standards for open and closed-end funds MODERATOR: BARRY JOHNSON, STATE STREET

PANELISTS: J IM ALLEN, STARWOOD; PETER BLOOMFIELD, KPMG; JOHN KJELSTROM, CHATHAM; RUCHI PATHELA, JP MORGAN; DOUG STRUCKMAN, PWC

Panelists

Barry Johnson, Managing Director, Global Head of Real Assets, State Street, Moderator

Jim Allen, Managing Director and Fund Chief Financial Officer, Starwood Capital Group

Peter Bloomfield, Audit Partner, KPMG

John Kjelstrom, Director, Chatham Financial

Ruchi Pathela, Director of Valuations for Global Real Estate, Infrastructure, and Transportation, J.P. Morgan Asset Management

Doug Struckman, Partner, PwC

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