9th Annual North American Real Estate Equities Conference

We are pleased to invite our clients to the Ninth Annual CIBC World Markets 2004 North American Real Estate Equities conference where an audience of approximately 425 leading North American Real Estate executives and investors meet and exchange ideas.

Our format this year should prove to be highly interactive, with four 45-minute panel discussions and an opportunity for questions and commentary from the floor.

Our luncheon keynote speaker is Billy Beane, General Manager of the Oakland A's. For the past three years, Beane has been taking on the big boys in baseball, winning more often than not, and making fools out of the owners who insist that baseball's economics are out of whack. He shares a fascinating story of how to compete and win against bigger, wealthier, and stronger opponents.

In addition to the presentations, the conference offers opportunities for informal "one-on-one" discussions with the management of Canadian and U.S. prominent publicly traded real estate companies, money managers, pension funds and private investors.

We look forward to seeing you there!

This conference is by invitation only.

For more information, please contact:
Judy Davies
Real Estate Investment Banking Group
CIBC World Markets Inc.
BCE Place, P.O. Box 500, 161 Bay Street, 7th Floor
Toronto, Ontario M5J 2G2
Telephone: 416-956-6311
Facsimile: 416-956-6320
Email: judy.davies@cibc.ca

This conference is by invitation only.
For more information, please contact your Institutional Sales Representative.