NCREIF has agreements with six leading investment banks to license NCREIF's benchmark NCREIF Property Index (NPI) for financial derivative transactions on U.S. commercial real estate.

The U.S. commercial real estate sector is one of the last major asset classes to operate without an active derivatives market place. Derivatives have long been available to investors in other asset classes as hedging, risk management and portfolio re-allocation tools. Development of a derivatives market for private real estate will now offer to real estate investors many of the same risk management options that have been available to investors in stocks, bonds and commodities.

For more information you can contact any of the Dealers listed below:

Credit Suisse Securities (USA) LLC
Real Estate Finance and Securitization Group
11 Madison Avenue
New York, NY 10010

Jason Fruchtman
Trader
Phone: 212-325-3492
Fax: 212-743-4827
Email: jason.fruchtman@credit-suisse.com

Deutsche Bank Securities, Inc.
60 Wall Street
New York, NY 10005

Allan Levin
Vice President
Phone: 212-250-6064
Email: allan.levin@db.com

Thomas Luke
Managing Director
Phone: 212-250-9907
Email: thomas.luke@db.com

Glenn Marshik
Phone: 212-250-6064
Email: glenn.marshik@db.com

The Goldman Sachs Group, Inc.
85 Broadstreet, 4th Floor
New York, NY 10004

Laurent Gauthier
Vice President
FICC Strategies
Phone: 212-902-0793

Deva Mishra
Associate
Structured Products Trading
Phone: 212-902-7002

Jeremy Primer
Vice President
FICC Strategies
Phone: 212-902-3839

Lehman Brothers Inc.
745 Seventh Avenue
New York, NY 10019

John Beaman
Head Trader
Phone: 212-526-0001
Email: jbeaman@lehman.com

Jonathan Blender
Phone: 212-526-6600
Email: jonathan.blender@lehman.com

David Cook
dacook@lehman.com
212-526-001

Ping Feng
pfeng@lehman.com
212-526-6600

Merrill Lynch, Pierce, Fenner and Smith Incorporated
Property Derivatives Desk, 7th Floor
4 World Financial Center
New York, NY 10080

Jason Liddell
Vice President
212-449-3526
Jason_liddell@ml.com

Tommy Koe
Credit Derivatives
Phone: 212-449-3526
Email: tommy_koe@ml.com

Bill Lee
Credit Derivatives
Phone: 212-449-3526
Cell: 917-859-8094
Email: bill_lee@ml.com

Kiva Patten
Director
212-449-7443
Kiva_patten@ml.com

Morgan Stanley/Fixed Income
1585 Broadway, Floor 02
New York, NY 10036

Dexter D'Souza
Email: dexter.dsouza@morganstanley.com
Phone: 212-761-2142

Ahsim Khan
Email: Ahsim.Khan@morganstanley.com
Phone: 212-761-2106

Kevin Ng
Email: Kevin.ng@morganstanley.com