Merrie S. Frankel

Merrie S. Frankel is a Senior Credit Officer and Vice President in the
Commercial Real Estate Finance group at Moody’s Investors Service, the global
rating agency. At Moody’s she is responsible for a ratings portfolio of over 20
real estate investment trusts and real estate operating companies in the United
States and Canada. Prior to joining Moody’s, Ms. Frankel was a Senior Vice
President and Director of Portfolio Management for the Argo Funds, a real estate
opportunity fund with $1.5 billion in assets. In addition, she has previously
held positions in the commercial real estate industry at Ernst & Young Kenneth
Leventhal Real Estate Group, Cushman & Wakefield Inc., J.P. Morgan Securities
Inc. and Salomon Brothers Inc. She is a trustee of the Urban Land Institute, an
adjunct associate professor at New York University Schack Institute of Real
Estate and an adjunct assistant professor at Columbia University Graduate School
of Architecture Planning and Preservation.