REGIONAL OFFICES

Since joining Hines in July 2007 as Managing Director for Spain, José Antonio León has supervised all current Hines projects in Spain while actively searching for new opportunities for the firm. He was instrumental in the acquisition of Tripark Málaga and Diagonal 123. Prior to joining Hines, Mr. León spent 29 years with CB Richard Ellis, starting in 1978 in the Finance and Accounting Department. In 1985, he took up the post of Financial Director and in 1995, was appointed a Board Member of the company. Mr. León was promoted to Director of the Investments Department in 1996 and, in July 2000, was appointed Vice President of CB Richard Ellis Spain. He was named Executive Managing Director in 2005. A member of API (Agente de Propiedad Inmobiliaria) and COAM (Colegio Oficial de Administradores de Madrid), Mr. León earned a degree in Law from the Universidad Complutense de Madrid in 1975.

John Gomez Hall has been active in the real estate industry since 1960, principally in Madrid and Barcelona. His first company, which specialized in real estate consulting, was involved in 87 developments in Spain between 1961 and 1969. Until 1973, he was responsible for numerous residential and commercial development projects in Nice and Paris prior to disposing of the majority stake in his company to the multinational firm of Mackenzie, Hill. Until 1977, Mr. Hall was involved in 72,000 square meters of office development in eight buildings in Madrid and Barcelona, and was responsible for introducing the concept of modern distribution warehouses and logistics centers available for lease to an immature property market. He continued in the field of property development with the company Bancaya Inmobiliaria (Banco Vizcaya Group) and spearheaded market research in the U.S. and South America. This led to the formation of a joint venture company with Banco de Chile. From 1980 to 1986, Mr. Hall initiated various business park developments in Miami and the San Francisco Bay area. From 1987 until 2003, he built up Prima Inmobiliaria, S.A., one of Spain's largest quoted property companies, which in 2001 was sold to Vallehermoso to form Testa Inmuebles En Renta, S.A. Mr. Hall was the executive president and member of the Board of Vallehermoso, S.A. An architect, he became a member of the Royal Institution of British Architects (RIBA) at London University in 1958.

Fernando Arenas has been active in the Spanish market since 1990, joining Hines in February 2004 with responsibilities for project sourcing and underwriting of various residential and office developments and refurbishments in Madrid, Barcelona and Costa del Sol. Prior to Hines, Mr. Arenas was Acquisitions Director for Tishman Speyer in Spain, identifying and acquiring investment opportunities, particularly office buildings. From 1998 until 2003, he was a Property Director with Testa Inmuebles en Renta (formerly Prima Inmobiliaria), where he gained acquisition, asset management and development experience in grade "A" office and industrial properties in Spain. He previously held positions with Gestiones y Desarrollos Patrimoniales and CBRE. Mr. Arenas is a member of the Board of Directors of Hines Spain. Mr. Arenas earned a degree in Law from the Universidad Autónoma de Madrid in 1988 and a Master of Business Administration from the Madrid Business School-University of Houston in 1990.

Since joining Hines in July 2007, Arturo Diaz has been responsible for supervising all Hines' projects underway in Barcelona. He has also been significantly involved in searching and providing new project opportunities for the firm. He led negotiations and acquisition of the recently acquired office building Diagonal 123 in Barcelona. Mr. Diaz has been active in the real estate industry since 1996, working as a specialist real estate consultant for CB Richard Ellis (CBRE), where he took the post of Agency Director of the Capital Markets Department and Joint Managing Director of CBRE's office in Barcelona in 2001. In 2004, Mr. Diaz was appointed Managing Director of CBRE in Barcelona. Prior to joining CB Richard Ellis, he worked for BSCH (Banco Santander Central Hispano), Spain's largest bank. He was formerly Regional Director for Catalonia of a leasing and financing company owned by the BSCH group, and he served as an account manager for Nissan Leasing at its Barcelona office. Mr. Diaz earned a degree in Law from the Universidad de Barcelona in 1986 and a Master of Business Administration-PDG from IESE Business School in 2001.

After 10 years on the financial side of the Spanish real estate business, Miguel Ramos joined Hines in 1996 to help in the acquisition, restructuring and growth of Hines Spain. The company subsequently grew from a single-project, three-person office to the current staff of 42 handling a variety of projects in several locations. As regional controller and financial officer of Hines Spain, Mr. Ramos manages accounting, cash management, tax, human resources, payroll, insurance, risk management, legal and IS functions for the firm. Mr. Ramos also supervises retail, office and residential development and services, and property management services. He is chief financial officer in the Spanish subsidiary of US Kemper Real Estate Investments Group; chief financial officer in the Spanish and international development branch of COMSA, a mid-size civil works construction company; and account director at a business banking branch of the number one Spanish bank, BSCH. He holds a Bachelor's degree in Law from San Pablo-CEU, Complutensis University of Madrid (1984), and a Master of Business Administration from IESE-University of Navarra (1986).

Jamie Rea has been active in the Spanish property market since 1991. Mr. Rea joined Hines Spain in 2004 and has been responsible for business development, product sourcing, market and site analysis, project financing and underwriting. Mr. Rea currently coordinates the project management teams responsible for Zielo Shopping Pozuelo, a 16,000 square meter lifestyle shopping center development project on the outskirts of Madrid and Málaga Tripark, a 16,000 square meter office development in Málaga. Prior to Hines, Mr. Rea was Joint Managing Director of a niche investment and asset management business, servicing a select group of international investors in the Spanish real estate market. From 1997 until 2002, he was a Property Director with Prima Inmobiliara (formerly Testa Inmuebles en Renta), where his principal experience was in the field of asset and development management both in Spain and in international markets. Mr. Rea previously held senior associate positions in the consultancy divisions of Jones Lang Lasalle and CBRE in Spain. Mr. Rea is a member of the Board of Directors of Hines Spain. He holds a Bsc. (Hons.) degree in Value and Real Estate Management from West of England University (1988).