REGIONAL OFFICES

Hines Russia Regional Office

Hines has been active in the Moscow market since 1991. The firm’s services include development management, asset management, property management, facility management, engineering maintenance, marketing, leasing and more. Properties currently under contract for services are Park Place Moscow, Donskoy Posad, Gogolevsky 11, Lesnaya 3, Ducat Place II, Ducat Place III, Pokrovsky Hills, Krugozor, Gamma, Belaya Dacha Logopark and MEGA Mall.

In 1998, Hines began construction of Pokrovsky Hills, its first development in Russia. Located just 13 kilometers from the center of Moscow, the 207-unit townhouse project was the first gated community to be developed in the city center. More than 200 families call Pokrovsky Hills home. Their children walk to the Anglo-American School adjacent to the development. Hines provided the land for the school, which is the largest Anglo-American School campus in Europe. Because the property was developed and is now maintained by the highest international standards, companies such as Shell, Conoco, IKEA, Samsung and Ernst & Young occupy several units. In addition, the development is home to employees of the U.S. Embassy, British Embassy, Canadian Embassy, South African Embassy and others.

In 2007, Hines completed the development of Ducat Place III, a 32,000-square-meter Class A Office building in the center of Moscow.

Lee Timmins Senior Vice President

After joining Hines in 1988, Lee Timmins worked for a number of years in the southwest United States developing office and mixed-use projects in the Austin, Phoenix, Salt Lake City and Albuquerque markets. In 1993, Mr. Timmins relocated to Moscow where he was responsible for Hines’ first joint venture in Eastern Europe, the 60,000-square-meter Park Place Moscow. Since then he has been responsible for the deal structuring, development and management of over 500,000 square meters of projects including Hines' Ducat Place II, Ducat Place III, the Pokrovsky Hills residential community and the Anglo-American School in Moscow. and the Belaya Dacha Park and Logopark retail and warehouse projects in Russia. As regional manager for Eastern Europe since 1993, Mr. Timmins has been responsible for the development and asset management of over $2.0 billion of projects and the investment of over $400 million of equity from several private equity real estate funds and partnerships established by Hines. Mr. Timmins received a Bachelor of Business Administration from the University of Texas at Austin in 1984, and a Master of Business Administration from the Cox School of Business, Southern Methodist University in 1987.

Brian J. Lennon Director of Management Services

Mr. Lennon rejoined Hines in the summer of 2008 and relocated to Moscow to direct all management and operational activities in Russia. Immediately before re-joining Hines, he was the Managing Director of Colliers International in the Puget Sound Region in Seattle, Washington. Prior to that he had been a manager of Portfolio Management for the Starbucks Corporation directing the real estate activities of the company in the United States and in Canada. Prior to that he was a Vice President for Kennedy Associates Real Estate Counsel directing asset management activities in mixed-use portfolios across the U.S. Mr. Lennon's Hines experience consists of 15 years in the San Francisco Bay Area, Berlin, Germany and Miami, Florida, as a senior real estate manager for mixed-use portfolios, both owned and third-party managed. During his tenure in San Francisco, Hines' 101 California received the BOMA International Award for Excellence in management and operations, the first international award won by Hines in this category. Mr. Lennon received his Bachelor of Arts degree from the University of Virginia in Charlottesville (Russian History and Soviet Political Theory) and a Masters of Business Administration from the University of California at Berkeley in Urban Land Economics and Real Estate Finance.

Natalia Maltseva Director of Finance

Prior to joining Hines in 2005, Ms. Maltseva worked 12 years for the Russian offices of multinational companies including Arthur Andersen, Cargill and Microsoft, managing key financial projects, internal finance, taxes, audits and financial restructuring. While at Microsoft, Ms. Maltseva oversaw financial controlling and tax functions for the firm's Russian assets, which were generating over $200 million in revenue annually. She also led the acquisition and business restructuring processes and implemented Sarbanes-Oxley requirements. Ms. Maltseva received a degree in economics from The Moscow State Technological University, and Master of Business Administration in Finance, Business School Russian Academy of Foreign Trade in 2008.

Mr. Smith joined Hines in 2005 as the Project Manager responsible for the lease out and completion of the Ducat Place III office development in Moscow. He is currently responsible for the management of the Ducat Place III asset and for the development of additional real estate investment opportunities for Hines in the residential and office segments in the Russian Federation. Mr. Smith has been working in Moscow full time since 1993 and is fluent in Russian. He holds a Masters Degree in Business Administration from Columbia University in New York.

Since joining Hines in 2006, Mr. Muzzlewhite has worked on the development of logistics and retail projects in the Moscow Region, as well as on the structuring and management of joint ventures and the procurement of project financing. He has worked in Moscow full time since 2002, originally for DTZ and subsequently for Prologis and TIME Construction Consultancy. Prior to this, he worked for DTZ in London and Paris. Mr. Muzzlewhite is a member of the Royal Institution of Chartered Surveyors and hold a Bachelors Degree in Land Management from the University of Reading.

Mr. Reynolds is an accomplished construction professional with a 19-year track record of involvement in flagship development projects in both the United Kingdom and Russia, including experience with major European contractors, in the form of AMEC and the HBG Group, as well as international development companies. Mr. Reynolds has been with Hines in Moscow since 2005 and has been responsible for the successful construction of several projects, including Ducat Place III and now an industrial project development just outside of Moscow. Mr. Reynolds has experience in many areas of development, ranging from commercial office buildings to retail, and from residential to power generation and is adept at formulating construction methodology to be employed during the construction process, ensuring the "buildability" of design solutions as well as the management of the on-site realization process.