REGIONAL OFFICES

Mr. Elkins was with Hines throughout the west coast United States from 1990-1997. Prior to rejoining Hines in 2007, Mr. Elkins ran the asset management functions for two different regional real estate firms in the Pacific Northwest (Ashforth Pacific and Schnitzer West). Over the years, he has been involved in the start-up of 4 major office developments, property operations of over 10 million square feet of office, retail and industrial assets, leasing of more than 2 million square feet and the disposition of assets worth more than $250 million. Mr. Elkins received his Bachelor of Business Administration from California State University, Fresno in 1988, and a Masters of Business Administration from the University of Oregon in 2002.

Prior to joining Hines in 2005, Mr. Karr worked for a number of years in the Russian Federation managing and developing retail, warehouse, office and mixed-use projects. He worked as project manager for the $150 million USD "Atrium" retail, leisure and entertainment center in Moscow and was active in the Windsor Castle fire restoration, the Commercial Union tower post-bombing refurbishment and the 72,000-square-meter Harrods expansion in Moscow's Manezhnaya Square. Prior to arrival in Russia in 1996, Mr. Karr resided in the United Kingdom specializing in development consultancy. He received degrees from the University of Hertfordshire and the University of South Bank in London.

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.

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 1993, he relocated to Moscow and was responsible for Hines’ first joint venture in Eastern Europe. Since 1993 he has developed and managed more than $950 million of real estate, including the 50,000-square-meter Ducat Place III office development and the 60,000-square-meter mixed-use complex Park Place Moscow. Mr. Timmins also directed the deal structuring and development of Hines’ 45,000-square-meter Pokrovsky Hills residential community and the new Anglo-American School in Moscow. As country manager for Russia, he oversees the asset management, development and marketing of Ducat Place II, Gogolevsky 11, Donskoy Posad, Stanislavsky Center and the World Bank Russian headquarters. In the U.S., he was responsible for project management of the Park Square mixed-use development in Albuquerque, the redevelopment of the historic Kearns Building in Salt Lake City, and oversight of developments in the Austin, Albuquerque and Phoenix markets. 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.