THE MULDAVIN COMPANY, INC. (TMC) is a consulting firm serving companies in the real estate industry. Our mission is to improve our clients' real estate decisions, helping them achieve greater profits, investment returns, and operating efficiency. We accomplish our mission by applying our breadth of knowledge from over 400 engagements, completing rigorous analysis of financial and non-financial issues, and drawing upon our extensive network of capital sources and industry leaders. Perhaps most important, we are independent and clearly present our opinions. TMC consultants are experts in real estate finance, valuation, business strategy and investment. We distinguish ourselves by providing advisory services and expert testimony based on objective research and our breadth of experience with properties and capital sources. TMC consultants are proven leaders in the real estate industry. We lead the development of the mortgage risk-rating system for Standard & Poor's that initiated the $500 billion CMBS industry. Public and private syndicators drew upon our knowledge to structure new investment products and access pension capital after tax law changes were implemented in the 1980s. In the 1980s and 1990s, we worked with CalPERS and other institutional investors to rationalize the investment decision-making and performance-monitoring process. The National Association of Realtors turned to us to assist them in developing a national commercial real estate strategy. When mezzanine financing became prominent, we published a defining article that clarified the concept for investors. As an advisor and founding principal of Guggenheim Real Estate, we contributed to the success of a creative new type of real estate investment fund. Our formation and leadership of the Green Building Finance Consortium is pushing forward an important new sector of the real estate market.