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2015 Real Confidence™ University Portfolio Challenge
Official Rules
Legally Binding Agreement
IMPORTANT: By clicking “I ACCEPT” or otherwise entering the 2015 Real Confidence™
University Portfolio Challenge, you are entering into a legally binding agreement with the
Sponsors and agreeing to be bound by these Official Rules, which incorporate by reference the
RealConfidence.com Terms of Use and Privacy Policy. Failure of one or more Team members to
abide by these Official Rules may result in disqualification of the Team member and/or the entire
Team in the Sponsors’ sole discretion.
The Challenge and its Sponsors
The Real Confidence™ University Portfolio Challenge (the “Challenge”) is being held by the
following sponsors (“Sponsors”):
Altus Group U.S. Inc.
Harborside Financial Center
902 Plaza 2, 9th Floor
Jersey City, NJ, 07311
National Association of Real Estate Investment Trusts (NAREIT)
1875 I Street NW, Suite 600
Washington, DC 20006
National Council of Real Estate Investment Fiduciaries (NCREIF)
Two Prudential Plaza
180 North Stetson Avenue, Suite 2515
Chicago, IL 60601
The Sponsors may exercise any or all of their rights under these Official Rules individually or
collectively. Students and Teams are required to respond to information requests and other
directives from any of the Sponsors in carrying out the Challenge.
Challenge Basics
The Challenge is a simulated commercial real estate equity and debt asset allocation competition
through the Sponsors’ Real Confidence University Portfolio Challenge platform (the “Challenge
Platform”) available at www.realconfidence.com/universitychallenge (the “Challenge Website”).
Teams of students from colleges and universities will use the platform to make investment
decisions that will seek to maximize portfolio gains. The Challenge begins on July 1, 2015, and
ends on June 30, 2016 (the “Challenge Period”). All participating Teams must be registered by
the deadline on June 1, 2015 (see “Eligibility” and “Registration Process” sections below).
Each Team will manage only one (1) portfolio during the Challenge, by selecting "Qualifying
Choices" on or before June 15, 2015 (See "How to Participate" and "Qualifying Requirements"
sections below).
Prize
The college or university of the winning Team will receive a $50,000 charitable contribution to
be used for scholarships. The winning educational institution, or its suitable designated taxexempt affiliate, must enter into a gift agreement with one or more of the Sponsors which will
provide that the scholarship funds be awarded to students in a business school’s real estate
program or a similar school/program approved by the Sponsors.
Why participate
Although students and Teams will not receive a monetary prize for a winning portfolio, they will
have the opportunity to participate in the competition and thereby gain knowledge related to
handling investments, as well as enjoying the competitive aspects of the Challenge. The students
on the winning Team will also receive recognition by virtue of being named as the winning
Team members. Sponsors reserve the right in their sole discretion to distribute certificates,
trophies, plaques and similar memorabilia to winning Team members indicating their victory
and/or to other Team members indicating their participation or runner-up status.
Students acknowledge and agree that participation is for general educational and entertainment
purposes, and nothing in the Challenge materials should be deemed personal or professional
financial or investment advice.
Eligibility
The Challenge is open to students enrolled in an undergraduate or graduate program at a college
or university located in one of the fifty states of the United States of America or the District of
Columbia. The college or university must be a tax-exempt educational institution; for-profit
business colleges do not qualify. Students must attend the college or university at a campus
located in the 50 states or District of Columbia. In addition, the student must reside in the 50
states or District of Columbia. A student must be at least 18 years of age (or, if higher, the legal
age of majority for purposes of entering into a contest), at the time he or she registers to
participate in the Challenge.
Each Team must have three (3) or more eligible individual student members. All Team members
must be enrolled at the same college or university designated by the Team members at the time
of entering the Challenge and, unless Sponsors approve otherwise, must remain enrolled at that
educational institution throughout the Challenge Period. If a Team member becomes ineligible
(for example, the student ceases to be enrolled at the college or university or is unable or
unwilling to continue to participate), the student leaving the Team or the Team Captain should
promptly remove the student’s name from the Team records. Eligible students may be added to
expand the Team or replace a departing Team member, provided that the Team must have at
least three eligible student members throughout the Challenge Period. New Team members must
register through the Challenge Website and accept the Official Rules. Teams may be disqualified
if they cease to have at least three eligible student members throughout the Challenge Period.
Teams must maintain accurate and current data about the Team via the Challenge Platform
throughout the Challenge Period. Inaccurate and outdated data may result in disqualification of
the Team.
No educational institution may have more than one Team. If a student is enrolled at more than
one educational institution, the student may not be a member of more than one Team. The
Challenge is limited to the first 25 Teams to complete the Registration Process described in that
section below.
Employees and agents of the Sponsors, their affiliates and advertising and promotional agencies,
each of their immediate family members (spouses, parents, children, and siblings and their
spouses), and household members of each (whether related or not), are not eligible to participate.
The Sponsors reserve the right to contact Team members and their colleges or universities to
verify enrollment status. By entering the Challenge, the student hereby expressly authorizes his
or her college or university to release information on the student’s enrollment status during the
Challenge Period to the Sponsors for verification purposes and administration of the Challenge.
In addition, each Team member agrees to provide the Sponsors with any requested
documentation or proof of eligibility within the timeframe reasonably specified by the Sponsors.
NO PURCHASE NECESSARY TO PARTICIPATE IN THE CHALLENGE. In order to register
and participate in the Challenge, students will need Internet access and an email account through
his or her college or university (a “School email account”). Any data and usage charges incurred
by Team members are the sole responsibility of the students. The Sponsors are not responsible
for any costs incurred by Team members for registering or participating in the Challenge.
Registration Process
Teams must have completed the registration process by no later than 5:00:00 pm Eastern Time
on June 1, 2015 to be eligible to participate in the Challenge. To register for the Challenge, each
Team must first visit the Challenge Platform at www.RealConfidence.com/universitychallenge
and follow the on-screen instructions to complete a Team registration form (“Registration
Form”). Team Captains will be required to provide the following information on the Registration
Form: Team name; School name; Team bio; Team profile picture or logo; name of each Team
member, each student’s School email address; and designation of a Team Captain who will be
the Sponsors’ primary point of contact with the Team. Upon successful submission of the
Registration Form, each individual Team Member (including the Team Captain) will receive an
email confirmation. A student must complete his or her registration by following the instructions
in the confirmatory email. Failure to follow the instructions and complete the registration process
will mean that the student has not officially joined the Team. If a student fails to officially join
the Team, the Team may be disqualified if it lacks the required minimum of three eligible
students.
By registering, each Team member agrees to be bound by these Official Terms, including the
RealConfidence.com Terms of Use and Privacy Policy. In addition, each Team Member agrees
that any and all information that he or she supplies in the registration and sign-up process is
current, truthful, and complete. If any information is found not to be current, truthful, or
complete, the related Team and Team member may be disqualified from the Challenge in
Sponsors’ sole discretion.
Team Profiles
Once a Team has completed the registration process outlined above, the following information
will be publicly available at the Challenge Website as part of the Team Profile: Team name;
Team School; Team bio; and Team profile picture or logo, and Team member names.
Content Submitted by Teams
The information and content provided by a Team in connection with the Team Profile and the
Challenge generally (collectively and separately the “Team Content”) must meet all of the
following requirements:
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Team Content must NOT depict, identify, reference or include any person, entity, brand,
product, or service, other than Team Members or, if proper permission has been obtained,
their School.
Team Content must NOT infringe, misappropriate, or violate any rights of any third party
including, without limitation, patent, copyright, including moral rights, trademark, trade
secret, or right of privacy or publicity.
Team Content must not create or imply any association between Sponsors and any
individual, entity, or anyone else or his, her, or its products or services.
Team Content must NOT contain any commercial or corporate advertising (including,
without limitation, corporate logos, brand names, and slogans), recognizable branded
products or commercial artwork, other than related to the participant's own School (if
proper permission has been obtained from his or her School).
Team Content must NOT include information or content that is false, fraudulent,
deceptive, misleading, defamatory, threatening, trade libelous, slanderous, libelous,
disparaging, unlawful, harassing, profane, obscene, pornographic, hateful, indecent,
inappropriate or injurious to any individual, any Sponsor, or any third party.
Team Content must NOT contain or describe any harmful or illegal activity or content or
in any way violate any federal, state, or local laws, rules, or regulations.
Team Content must be suitable for presentation in a public forum.
Team Content must NOT suggest, depict, or describe any inappropriate, unlawful, or
dangerous behavior or use of any products or services.
Team Content must be original and not plagiarized.
Team Content must be free of harmful codes such as viruses and malware. Team
members must not take any actions related to the Challenge Website that disrupt the
normal functioning of the Website or that enable tracking of data entry by other Teams.
Each Team member agrees to submit only Team Content that he or she has the right to submit
and that the Sponsors may display and use in connection with the Challenge. Each Team
member agrees that the Sponsors’ display and use of the Team Content will not violate any
agreement to which the member is a signatory or party. Each Team Member agrees to indemnify
the Sponsors against any and all claims from any third party regarding the use or reuse by the
Sponsors of the Team Content.
Access to Indexes
In order to facilitate participation in the Challenge, Sponsors may make available to Team
members limited access to data from one or more of the following indexes: FTSA NAREIT
REIT index, NCREIF index, Markit index, Giliberto/Levy index. The access is granted solely for
purposes of participating in the Challenge and solely during the Challenge Period. No student
may share his or her access with others or make use of his or her access for any purpose other
than participating in the Challenge. Team members acknowledge and agree that the indexes are
valuable proprietary indexes and that any unauthorized use is illegal and may result in
disqualification from the Challenge and legal action against any persons engaging in
unauthorized use.
How to Participate
Each Team will manage only one (1) portfolio during the Challenge. Team Members will not
have individual portfolios. Each Team begins the Challenge Period with one billion
(1,000,000,000) fictitious U.S. dollars (“Attribution Bucks”) in its Team portfolio. The Team
will use the Challenge Platform to invest the Attribution Bucks by the June 15, 2015 deadline.
Team Members must reach a consensus regarding which way to allocate their Attribution Bucks.
The allocations made by June 15, 2015 concerning the one billion Attribution Bucks are the
allocations that the Team performance will be based on throughout the Challenge Period. No
changes in allocations can be made after June 15, 2015. As to the possibility of making changes
prior to June 15, 2015, Teams should make their initial allocations carefully because Sponsors
reserve the right to refuse changes once the initial allocations are submitted. Each Team should
utilize the entire one billion in Attribution Bucks. Attribution Bucks cannot be exchanged for
actual currency and have no real-world cash value.
Each Team member is responsible for complying with his or her educational institution’s rules
and policies regarding use of the Internet, School email accounts, general School rules, and all
applicable laws. Sponsors reserve the right, in their sole discretion, to disqualify any Team
member or Team that tampers with or attempts to tamper with the operation of the Challenge,
violates the Official Rules, acts in an unsportsmanlike or disruptive manner, acts with intent to
annoy, abuse, threaten, or harass any other person, or takes action that reflects negatively upon
the Challenge, the Sponsors, or any other person or entity.
Qualifying Requirements
Allocations must meet all of the following requirements:
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Allocations must be based solely on the choices and benchmarks offered in the
Challenge.
Allocations should be selected by Team members only, not by professors, investment
advisors and others.
A Team should not discuss its allocation strategy with other Teams prior to submitting
the allocations.
Selections must be completed via www.realconfidence.com/universitychallenge by June
15, 2015.
The use of any automated script, software, macro or robotic program or any other
automated or improper means to select and submit allocations is strictly prohibited.
Winner Determination and Portfolio Valuation
The Team with the highest percentage gain in its portfolio's aggregate value (highest profit/loss
(P/L) percentage) during the entire four-quarter Challenge Period will be the winning Team,
subject to verification. Although Sponsors intend to display performance results quarterly
(within approximately one month after the end of each quarter), only the final percentage at the
end of the Challenge Period will be used to determine the winning Team. In the event of a tie,
Sponsors will divide the prize among the winning Teams.
If no Team has a percentage gain (all Teams sustain a loss), then the Team with the smallest loss
will be deemed the winning Team.
Teams should allocate the full one billion Attribution Bucks. If, however, the Challenge
Platform processes a Team entry that fails to allocate the entire one billion Attribution Bucks,
any unallocated Attribution Bucks will not count towards determining the percentage gain;
unallocated Attribution Bucks will be deemed null and void.
Winner Notification
Once Sponsors have determined the potentially winning Team, the Team Captain for said Team
will be notified by email or using other contact information provided to Sponsors. Sponsors also
reserve the right to notify other Team members, as well as the faculty or administration at the
educational institution where the winning Team is located. Notification is deemed to have
occurred immediately upon sending of an email, time stamp of a voice message, or confirmation
of receipt from delivery service. A winning Team may be disqualified if (a) any prize, prize
notification or Challenge-related communication is rejected, faulty, or returned as undeliverable,
(b) the potentially winning Team does not respond and cooperate according to the Sponsors’
instructions, or (c) if the potentially winning Team or any of its members fails to comply with
any aspect of these Official Rules. If a potentially winning Team is disqualified, Sponsors may
name the runner-up Team as the potentially winning Team in accordance with the winner
determination procedures described above.
To claim the prize, the educational institution must provide a Gift Agreement and such taxexempt status documentation, student eligibility verification, publicity release documentation,
and other documentation as Sponsors may reasonably request. Sponsors may also request
documentation Team members, including without limitation a signed Affidavit of
Eligibility/Publicity Release. Failure of the educational institution or Team members to provide
requested documents may result in disqualification. If required by law, Sponsors may withhold
taxes related to a prize.
Sponsors reserve the right, in their sole discretion, to disqualify at any time any Team or Team
member who does not meet the eligibility criteria described in these Official Rules or has
otherwise violated these Official Rules, even if the Team Member or Team has been notified or
announced publicly or otherwise that he, she, or it may have or did win a prize.
Publicity Release
As a condition of participating in the Challenge, and in return for the learning opportunities and
enjoyment of the competitive aspects of the Challenge, each Team member hereby grants to
Sponsors the irrevocable, sublicensable, and absolute right and permission to use, publish, post,
or display the Team's name, Team logo, Team photograph, Team performance data, and each
Team member’s name, image, likeness, photograph, voice, prize information, biographical
information, and any Challenge-related quotes attributable to the Team member (whether such
data is published “as is” or as modified, edited, or used with other material in the Sponsors’ sole
discretion), for advertising, trade, publicity, and promotional purposes without further obligation
or compensation of any kind to him or her anywhere, in any medium now known or hereafter
discovered or devised (including without limitation on the Internet), worldwide, without any
limitation of time and without any notice or the opportunity to review or approve such use,
except where prohibited by law. Nothing contained in these Official Rules obligates the Sponsors
to make use of any of the rights granted in this section or to publish the names of participants or
Team members.
LIMITATION OF LIABILITY
EXCEPT WHERE PROHIBITED BY LAW, EACH TEAM MEMBER HEREBY
AGREES THAT ANY AND ALL CLAIMS, JUDGMENTS AND AWARDS IN HIS OR
HER FAVOR RELATED IN ANY MANNER TO THE CHALLENGE OR PRIZE SHALL
BE LIMITED TO ACTUAL OUT-OF-POCKET COSTS INCURRED BY HIM OR HER,
INCLUDING COSTS ASSOCIATED WITH ENTERING THE CHALLENGE, BUT IN
NO EVENT ATTORNEYS’ FEES, AND UNDER NO CIRCUMSTANCES WILL HE OR
SHE BE PERMITTED TO OBTAIN AWARDS FOR (AND HE OR SHE HEREBY
WAIVES ALL RIGHTS TO CLAIM) PUNITIVE, INCIDENTAL AND
CONSEQUENTIAL DAMAGES AND ANY OTHER DAMAGES, OTHER THAN FOR
ACTUAL OUT-OF-POCKET EXPENSES, AND ANY AND ALL RIGHTS TO HAVE
DAMAGES MULTIPLIED OR OTHERWISE INCREASED.
RELEASE OF LIABILITY
IN ADDITION TO THE OTHER LIMITATIONS OF LIABILITY EXPRESSED
ELSEWHERE IN THESE OFFICIAL RULES, SPONSORS ARE NOT RESPONSIBLE
FOR ANY KIND OF TECHNICAL OR OTHER MALFUNCTION OR ANY HUMAN
ERROR, WHICH MAY OCCUR IN THE PROCESSING OF PARTICIPATION IN THE
CHALLENGE. SPONSORS BELIEVE THEIR DATA SERVICES TO BE RELIABLE,
BUT ACCURACY IS NOT WARRANTED OR GUARANTEED. BY PARTICIPATING
IN THE CHALLENGE, EACH TEAM MEMBER HEREBY AGREES TO RELEASE,
HOLD HARMLESS AND INDEMNIFY THE SPONSORS AND THEIR PARENTS,
SUBSIDIARIES, AFFILIATED COMPANIES, AND PROMOTIONAL AGENCIES, AND
EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS,
MEMBERS, EMPLOYEES, AGENTS, AND ASSIGNS, FROM ANY CLAIMS OR
LIABILITY WHATSOEVER FOR INJURIES OR DAMAGES OF ANY KIND
SUSTAINED IN CONNECTION WITH THE CHALLENGE OR THE ACCEPTANCE,
POSSESSION, USE, MISUSE, DELIVERY, OR AWARDING OF THE PRIZE, OR
WHILE PREPARING FOR, PARTICIPATING IN, OR TRAVELING TO OR FROM
ANY PRIZE- OR CHALLENGE-RELATED ACTIVITY INCLUDING, WITHOUT
LIMITATION, ANY INJURY, DAMAGE, DEATH, LOSS, OR ACCIDENT TO PERSON
OR PROPERTY, FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF
BUSINESS INFORMATION OR DATA, LOSS OF PRIVACY, FAILURE TO MEET
ANY DUTY OR NEGLIGENCE.
YOU UNDERSTAND AND AGREE THAT ALL RIGHTS UNDER SECTION 1542 OF
THE CIVIL CODE OF CALIFORNIA AND ANY SIMILAR LAW OF ANY STATE OR
TERRITORY OF THE UNITED STATES ARE HEREBY EXPRESSLY WAIVED BY
YOU. SECTION 1542 READS AS FOLLOWS:
"CERTAIN CLAIMS NOT AFFECTED BY A GENERAL RELEASE. A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."
Choice of Law and Venue
This Challenge and any related dispute (whether for breach of contract, tortious conduct, or
otherwise) is and will be governed by the internal laws of the State of New York, without giving
effect to its conflicts of law or choice of law principles or rules that would cause the application
of any other state's laws. By participating, each Team member hereby agrees to submit to
exclusive personal jurisdiction in the federal and state courts in New York State and agrees that
any dispute related to this Challenge shall be brought exclusively in the state or federal courts in
New York State.
Amendments to these Official Rules
Sponsors reserve the right to postpone the Challenge, cancel the Challenge (in the event that less
than ten Teams participate or for other reasons in Sponsors’ sole discretion), extend the
registration deadline, change the portfolio investment dates, and make other changes to the
Challenge in their sole discretion. In the event of amendments, Sponsors will post amended
Official Rules at the RealConfidence.com website and send an email to any Team members
registered at the time of the amendment.
Winner’s List
To obtain the name(s) of the winning Team(s), check the Challenge Website or send a selfaddressed, stamped envelope by September 30, 2016 to Altus Group U.S. Inc., Harborside
Financial Center, 902 Plaza 2, 9th Floor, Jersey City, NJ, 07311.
047091.00012 Business 13750554v1