INSTITUTIONAL FUNDS MANAGERS

Leo H. Chen, Houston, TX
Senior Vice President – Fund Manager, Emerging Markets Real Estate Funds I and II, L.P.; Portfolio Manager, Hines International Real Estate Fund

Mr. Chen joined Hines in 1980. He is responsible for the overall management of EMREF I, EMREF II, and Hines International Real Estate Fund. He has contributed to the development, operations and transactions of more than 19 million square feet of commercial real estate in Houston, Beijing, Guadalajara, Mexico City, Milan, Moscow, Munich, Paris, Rio de Janeiro, São Paulo and Warsaw. Mr. Chen graduated from Washington University at St. Louis with a BA in Economics and Political Science and received his MBA from the Wharton School at the University of Pennsylvania.

David J. Congdon, Stamford, CT
Senior Vice President – Hines; Fund Manager, Hines U.S. Office Value Added Fund I & II , L.P.

Mr. Congdon joined Hines in 1998. He is responsible for the overall management of USOVAF. Prior to forming USOVAF, he helped develop and implement National Office Partners' investment strategy and managed the investments of NOP in Chicago and on the East Coast, with portfolio management responsibilities for a portion of NOP’s $2.5 billion investments. Prior to joining Hines, he was an executive vice president with Lend Lease Real Estate Investments, responsible for the property disposition group. He was also with the real estate investment banking group of Credit Suisse First Boston and the real estate lending group of JPMorgan Chase. He graduated from Trinity College with a BA in Economics in 1982 and received his MBA from the Wharton School of Business at the University of Pennsylvania in 1987.

Steve Dolman, Houston, TX
Vice President – Fund Manager, HCB Interests I & II LP, HCM Holdings I & II

Mr. Dolman joined Hines in 1991. He is responsible for the overall management of the firm’s Latin America funds – HCB I and HCB II in Brazil – as well as HCM I, HCM II and HCM III in Mexico. Mr. Dolman held asset management and project management responsibilities in the Midwest and Southeast United States regions from 1991 to 1997. In 1998, he moved to Brazil to establish Hines' South America region and manage the development of office and industrial projects. During his tenure at Hines, Mr. Dolman has contributed to the development, leasing, management and investment of more than 18 million square feet of office, industrial and residential projects valued at over US$2.5 billion. A graduate of the University of Oklahoma with a Bachelor of Business Administration, Mr. Dolman received his Master of Arts and Master of Business Administration from the University of Southern California and his Master of International Management from Thunderbird.

Charles N. Hazen, Houston, TX
Senior Vice President – Hines; Fund President, Hines U.S. Core Office Fund; President and Chief Executive Officer, Hines Real Estate Investment Trust, Inc. and Hines Advisors Limited Partnership.

Mr. Hazen joined Hines in 1989. He is responsible for the overall management of USCF and Hines REIT. During his tenure at Hines, Mr. Hazen has contributed to the development, management and financing of more than 10 million square feet of retail and office properties valued at more than $2 billion, and managed Hines Corporate Properties, a $1.4 billion fund that developed and acquired single-tenant office buildings in the U.S. Mr. Hazen graduated from the University of Kentucky with a BS in Finance and received his JD from the University of Kentucky.

Bahram Motamedian, London, UK
Managing Director – Hines Europe; Fund Manager, Hines European Value Added Fund, L.P.

Mr. Motamedian joined Hines in 1995. He is responsible for the overall management of Hines European Value Added Fund. Previously as Investment Officer, Mr. Motamedian had the responsibility of evaluating international real estate investments made on behalf of Hines and its institutional investors as part of Hines global expansion strategy. He has evaluated and financed over 2.5 million square meters of new real estate development and acquisition opportunities for Hines in North and South America, Western and Eastern Europe, and Asia including India. Prior to joining Hines, Mr. Motamedian was a Real Estate Corporate Finance Associate at Kidder Peabody in New York. He holds a BA and an MBA from University of California at Berkeley.

Daniel Rashin, Stamford, CT
Senior Vice President – Hines; Fund Manager, National Office Partners, L.P.

Mr. Rashin rejoined Hines in 2001. He is responsible for the overall management of National Office Partners Limited Partnership (NOP). Mr. Rashin served in a variety of leasing and project management roles with Hines from 1985 to 1994. Before returning to Hines in 2001, he acted as National Head of Office Asset Management for the Yarmouth Group, Chief Executive Officer of Lend Lease Real Estate Investments in Australia and Chief Executive Officer of Lend Lease Real Estate Investments in Europe. During his time at Hines, Mr. Rashin worked on development projects including 53rd at Third in New York, Bristol Myers Squibb in Princeton and Postal Square in Washington, D.C. He was also a part of the bank group on the repositioning and disposition of 1585 Broadway while that asset was in bankruptcy. Mr. Rashin recieved a BA from Williams College and a JD from Harvard Law School.

Andreas Schreurs, Luxembourg
Managing Director – Hines Europe; Fund Manager, Hines Pan-European Core Fund.

Mr. Schreurs joined Hines in April 2005. He is responsible for the structuring and implementation of the Pan-European Core Fund and serves as its fund manager. Mr. Schreurs has over 20 years of experience in the international real estate markets. Before joining Hines, he worked as managing director for Deka Immobilien GmbH, where he started in 1994, building an international real estate portfolio comprising assets in 17 countries and valued at over € 8 billion. Prior to Deka, Mr. Schreurs worked for the real estate arm of Deutsche Bank from 1991 to 1994 and Thyssen AG from 1983 to 1991. Mr. Schreurs holds a real estate degree from the European Business School in Oestrich-Winkel and has completed the Advanced Management Program (AMP) at Harvard Business School in Boston.

Mark Sears, London, UK
Managing Director – Hines Europe; Fund Manager, Hines European Development Fund I, L.P., Hines European Development Fund II, L.P.

Mr. Sears joined Hines in 1986. He is responsible for the overall management of HEDF. Mr. Sears has held project management and officer positions in Hines offices in Boston, Prague, Warsaw, Milan and London.  Prior to joining Hines, Mr. Sears was with Jones Lang Wootton Realty Advisors and was in charge of valuation, acquisition and asset management of commercial properties for U.S. pension fund portfolios; and with I. M. Pei & Partners, serving as project architect for office and hotel projects in Houston. Mr. Sears received a B.Arch from Cornell University and an MBA from Harvard University.

X. Simon Shen, Houston, TX
Vice President – Fund Manager, HCC Interests, L.P.;  Fund Manager, Hines India Fund L.P., Hines International Real Estate Fund.

Mr. Shen joined Hines in 1997.  He is responsible for the overall management of HCC Interests, L.P.  He also oversees investment underwriting, structuring and financing for Hines International Real Estate Fund and assists in the management of EMREF I & II.  Mr. Shen has contributed to the investment and development of more than 10 million square feet of real estate in China, Russia, Poland, Mexico and Brazil.  Prior to joining Hines, Mr. Shen was with Brown & Root for five years specializing in project management of large engineering and construction projects.  Mr. Shen holds a BS in naval architecture from Shanghai Jiao Tong University and a Master of Construction degree from the University of Florida.  He received his MBA from Northwestern University.