Neil B. Bane is a Director of Carlton Advisory Services, Inc. Neil has over 20 years of combined real estate, structured finance, and private and institutional equity raising and placement experience. Mr. Bane has completed over $3.0 Billion of debt, equity and advisory transactions for many of the real estate, hospitality and development industry’s leading companies and investors. These transactions have included properties and companies located in the United States, Canada, Western Europe, Central & Eastern Europe, Latin America, Asia and the Middle East. Neil Bane has spearheaded Carlton’s expansion into Europe, Asia and the Middle East, having initiated and/or completed many of Carlton’s notable European transactions including Strategic Joint Ventures, debt and equity financings in Germany, United Kingdom, Cyprus, Poland, Latvia, Romania, Russia, China and Ukraine. Mr. Bane’s responsibilities at Carlton include: i) originating, structuring and closing of complex debt and equity transactions; ii) structuring and raising of private and institutional equity for opportunity funds, international and domestic institutional investors and private investors and developers for specific portfolio and property specific transactions; iii) domestic and international investment sale advisory; as well as, iv) originating and placement of financing for performing and non-performing loan sale transactions. Neil is focused on expanding Carlton’s office, retail, condominium, hotel, industrial and multifamily finance and advisory business nationwide and into international markets with a strong focus on Canada, Asia, Middle East, Latin America and Europe. Prior to joining Carlton, Neil was involved in over $1 Billion of Conduit and Agency financing transactions through his various senior origination and underwriting positions while at ARCS Commercial Mortgage, LLC, and PW Funding, Inc. two leading Fannie Mae and Freddie Mac Mortgage Banking firms, as well as, Citicorp Securities and Lehman Brothers, two leading conduit lenders. Neil has extensive experience in all facets of real estate including: business origination and client development, complex loan and equity structuring, underwriting, due diligence, investment and property analytics and document and loan negotiations. Mr. Bane holds an MBA from Cornell University's Johnson Graduate School of Management, a M.S. degree in Real Estate Valuation from New York University (Graduated with Distinction) and a Bachelors of Arts in Philosophy. Neil is a licensed real estate broker in New York and Massachusetts. Neil is an active member of the Urban Land Institute (ULI), International Council of Shopping Centers (ICSC), and the Cornell Real Estate Council.

Mr. Banzhaf has been working for ECE Projektmanagement G.m.b.H. & Co. KG in Hamburg since 2000. In 2004 he became Managing Director for ECE International and is responsible for the real estate development in central and Eastern Europe. Civil engineer studies in Cologne, additional economics studies in Gummersbach. After having worked for two years in the international department of Philipp Holzmann AG Mr. Banzhaf changed his job and started working with Homola AG in 1992, an European-wide consulting firm, that is specialised in project management and consulting services for large industrial construction projects. Mr. Banzhaf was managing director from 1996 – 1999, afterwards he became board member of Homola AG after a reorganisation in the company.

Emmanuel Blouin is the Managing Partner of Esterel Capital, a newly created venture acting as investor in the real estate markets of Central & Eastern Europe and CIS. Emmanuel was formerly with Morgan Stanley Real Estate in Europe. Emmanuel joined Morgan Stanley in April 2005. In that position, Emmanuel was involved in a variety of principal and advisory transactions across Europe including the recent investments by Morgan Stanley Real Estate in Orco Property Group, Multi Development, RosEuroDevelopment, RGI and RBI. He has also worked on the IPO and capital increase of RGI on AIM ($192MM and $260MM), the IPO of AFID on the LSE ($1.4Bn), the IPO of PIK on the LSE ($1.9Bn) and the follow-on of Dolphin Capital on AIM (€450MM). Prior to Morgan Stanley, Emmanuel worked for 5 years within the real estate group of JPMorgan in London, being involved in several transactions across Europe including the landmark Euro 3.5Bn sales of properties by France Telecom in 2002. Prior to JPMorgan, Emmanuel worked for Paribas in Prague, London and Paris. Emmanuel graduated from HEC Paris in 1995 with a major in finance.

Arnaud Dubois is a Partner-Managing Director at IMAGIM Ltd in London and Moscow. IMAGIM Ltd an investment and asset management services firm for foreign investors looking to enter new and emerging markets. Mr. Dubois has been in the real estate industry for over 20 years and has experience of real estate in Europe and Russia. He has acted in an advisory capacity for several institutional investors and developers like Kowa, IBJ, Daiwa, Credit Agricole and Pramerica. Mr. Dubois acts as the local representative for clients who wish enter in the Russian market and to organize their local network and partnership. He acts as their local deal maker and investment manager, has negotiated and brokered deals, conducted complete due diligence, and selected local experts and agents. He is also serving currently as representative on the board of companies and investment committees of funds to supervise the local asset manager and to validate deals in the pipeline. He is an Investment Committee Member of the Rutley Russia Fund. Mr. Dubois is the Chairman of Urban Land Institute of Russia (ULI Russia).

Michael Golomb has over fourteen years of international experience in administration and finance, while working in the United States, England, Sweden, and Russia. Since September of 2007, Mr. Golomb serves as CEO of Promsvyaznedvizhimost, a privately held real estate company in Russia, specializing in real estate development, asset management, and facility management in Russia and Ukraine. Since April 2005 until September 2007, he served as Chief Financial Officer at JSC Sistema Hals, a publicly traded company specializes in real estate development, project/construction management, asset management, and facility management in Russia and Ukraine. He has successfully managed an IPO in London (LSE) and Moscow (MICEX, MFB) in November of 2006 with a current market capitalization of approximately $3 billion. Mr. Golomb was a member of the board of directors of the Moscow Bank of Reconstruction and Development, a subsidiary of Sistema, a position he has held since May 2006. From 2002 to 2005, Mr. Golomb managed the compliance and external reporting division of Trimble Navigation Ltd., and from 2001 to 2002, he served as the corporate controller at Entegrity Solutions Corporation. Previously, he also worked for PricewaterhouseCoopers.

Dr. Goltsblat concentrates primarily on mergers and acquisitions, restructuring, joint ventures, as well as counseling boards of directors and senior management of domestic and overseas companies in connection with investment projects and deal structuring in Russia and the CIS. In terms of real estate work Dr Goltsblat is involved in foreign investments, which includes all aspects of acquisitions, development, leasing, construction and finance, as well as on tax and customs law with a concentration on tax allowances and customs preferences. His industry experience encompasses oil and gas, FMCG, food, manufacturing, telecoms and media. Dr Goltsblat has considerable experience in providing legal support to investment projects mostly associated with setting up manufacturing and other commercial facilities, greenfield / brownfield acquisitions, structuring and implementation real estate transactions and construction. Over the 2002 – 2006 period, under his supervision more than 350 real estate and construction projects were successfully accomplished in different regions of Russia predominately for big multinational investors, including Mars, Coca-Cola, Oriflame, Frito Lay, Danone, METRO Cash&Carry, Harry’s, BPB, Ritter Sport, Schattdecor, Kingfisher/Castorama, etc. Among his recent real estate projects are: comprehensive legal support of a car assembly facility construction for a leading Japan car manufacturer; “Year 2006 deal” on the Moscow Commercial Real Estate Market – lease of Hermitage Plaza by VimpelCom (38800 sq. m.); “Year 2005 deal” on the Moscow Commercial Real Estate Market – lease of Volna Tower Business Center by VimpelCom, (18000 sq m); P&G office lease. Dr Goltsblat was actively engaged in drafting and improving the draft Land Code of the Russian Federation, the Law on Agricultural Land Transactions and amendments thereto. He is an author of numerous publications on real estate issues, in particular, of the book “Land Transactions in Russia”, and speaks regularly at major Russian and international real estate forums. In 1991 – 1994, as Chief of Staff for the Constitutional Commission of the Russian Parliament, Dr Goltsblat headed a group of experts within the Constitutional Commission engaged in the drafting of the Russian Constitution. Later he acted as chief adviser to the Legal Department of the State Duma, the lower house of the Russian Parliament. In 1994 Dr Goltsblat set up his own law firm, and provided legal support to big international corporations at all stages of their investment projects in Russia. In February 2002 Andrey Goltsblat together with Sergey Pepeliaev set up Pepeliaev, Goltsblat & Partners (the merger between Andrey’s firm, and a team of lawyers from Tax and Law Department of FBK firm).

Reinout is a Managing Director in the Equity Capital Markets (ECM) team of Deutsche Bank in London responsible for CEEMEA (Central and Eastern Europe, Middle East and Africa) ECM coverage. Reinout has a PhD in economics from the London School of Economics. Prior to joining Deutsche Bank in 2001, Reinout was a lecturer in economics and worked for McKinsey & Co in Frankfurt and Singapore/Bangkok

Emanuel Kuzinets was appointed as a Director on 13 July 2006. Emanuel Kuzinets obtained a BSc in Mathematics in 2002 and a Diploma in Economics in 2003 from Tel Aviv University. Since 2003, Emanuel Kuzinets has been the purchasing director of Milouban (M.C.P.) Limited, a producer of cotton linter pulp. In 2005, Emanuel Kuzinets was appointed a director and the chief executive officer of RGI Rose Group Investments Limited, an investment company based in Israel. Emanuel Kuzinets is the son of Boris Kuzinez.

Olga is widely recognized as one of the most experienced commercial legal advisors in the Northwest region of Russia. She coordinates legal assistance for a number of major regional investment projects, including negotiations of tax and other investment incentives. She advises multinational clients on legal and taxation matters concerning investment structures, development of green- and brownfield manufacturing sites, negotiations of regional tax and customs concessions and subsequent operational issues. Olga is heavily involved in M&A projects, including the largest transaction in commercial real estate in the North-West region. She coordinates a number of restructuring projects that lie between corporate, tax and regulatory expertise.

In Real Estate sector since 1994; in real estate&property development since 2001. Works in Peresvet Group since 2004. Magister in Economics, Moscow State University. Global Executive MBA IESE Business School (Barcelona). 2001г. - Stroyincom (now AFI Investments). 2003 - Inteco

Rustam Minnikhanov was born on March 1, 1957 in the Yaña Arış village of Rybno-Slobodsky District in the Tatar ASSR. Graduated from Kazan Agricultural Institute as mechanical engineer and also from Correspondence Institute of Soviet Trade as commodity expert. Doctor of economic sciences. After graduating from the institute in 1978, he started his labour career as engineer in Sabinsky District Association of Selkhoztekhnika. Since November 1996 he worked as Minister of Finance of the Republic of Tatarstan. Since July 10, 1998 until the present time: Prime Minister of the Republic of Tatarstan. Mr Minnikhanov is also the Chairman of board of directors OAO "Tatneft", one of the largest companies in the Russian oil and gas sector.

Alex Moss gained an MA in the Economics of Finance and Investment from Exeter University in 1981, and has spent 25 years in investment banking, specialising in the property sector. He was one of the Extel rated property research team at BZW (later CSFB) before moving to the Equity Capital Markets department where he was responsible for fund raising and corporate advisory services to quoted property companies, and finally Head of Property in the Investment Banking Division. He moved to Apax Partners &Co Capital in 1998, to specialise in private equity transactions in the property sector, before forming AME Capital in May 2002.

Emmanuel Blouin is the Managing Partner of Esterel Capital, a newly created venture acting as investor in the real estate markets of Central & Eastern Europe and CIS. Emmanuel was formerly with Morgan Stanley Real Estate in Europe. Emmanuel joined Morgan Stanley in April 2005. In that position, Emmanuel was involved in a variety of principal and advisory transactions across Europe including the recent investments by Morgan Stanley Real Estate in Orco Property Group, Multi Development, RosEuroDevelopment, RGI and RBI. He has also worked on the IPO and capital increase of RGI on AIM ($192MM and $260MM), the IPO of AFID on the LSE ($1.4Bn), the IPO of PIK on the LSE ($1.9Bn) and the follow-on of Dolphin Capital on AIM (€450MM). Prior to Morgan Stanley, Emmanuel worked for 5 years within the real estate group of JPMorgan in London, being involved in several transactions across Europe including the landmark Euro 3.5Bn sales of properties by France Telecom in 2002. Prior to JPMorgan, Emmanuel worked for Paribas in Prague, London and Paris. Emmanuel graduated from HEC Paris in 1995 with a major in finance.

Paul Niland has extensive experience in asset management, he began his career in financial services in Washington D.C. in 1993, and he holds an “International Certificate for Financial Advisors”, a qualification issued by the “Chartered Insurance Institute” in London. In this stage of his career he researched many Investment Funds and made investment recommendations to clients, following on from his work in this field Paul, together with Terry Pickard, was responsible for the establishment of the first Western standard real estate investment funds for Ukraine. Having successfully raised the required investment for the Primeros Logistics Fund, The Primeros Property Fund LP is the current offering from the Primeros family of Funds. The development of the group’s third vehicle is also well advanced. In addition to the Fund offerings, Paul also advises multinational investment groups on direct real estate investments in the Ukrainian market

Prior to joining AG Capital Group, Mr Pestov worked in Investment Banking Department at ATON Investment Group, and before that in Strategy and Investor Relations Department at OAO Norilsk Nickel. Member of the Board of Directors at OAO Orenburg Minerals. Timur Pestov has been with the AG Capital Group since its very inception.

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Mr. Leonid Polonskiy was born on August 1, 1946 in the town of Tchernovtsy, the Ukraine. In 1975 he graduated from Krasnoyarsk Technical Univeгsity where he specialized in construction and engineering. In 1985 he completed postgraduate course in the State Economic Institute of the USSR Gosplan and obtained the degree of PhD in economic sciences. The working history of Leonid Polonskiy started from the profession of bricklayer to the position of the director general of design and construction association “Monolit” in the city of Krasnoyarsk. In 1988-1990 Mr. Polonskiy became the head of “ArmUralSibStroy” production and construction association. He was the leader of the whole Russian construction complex in the disaster area in Armenia after terrible earthquake. In 1990-1995 Mr. Polonskiy was a deputy to the Supreme Soviet of Armenia. Since 2006 Leonod Polonskiy has been the director general of LLC RURIC MANAGEMENT. The activities of LLC RURIC MANAGEMENT are mainly concentrated on acquisition, development, management and sale of properties in St. Petersburg real estate market. Also, LLC RURIC MANAGEMENT has a focus on the application and promotion of the latest international construction technologies, and on bringing progressive architectural ideas and styles to life in St. Petersburg. The company has supported a lot of important public and cultural events, sports competitions and charity activities. LLC RURIC MANAGEMENT has established an award “for the best showing of a construction or real estate investment project in mass media” for the journalists of the North-Western region of Russia. Mr. Leonid Polonskiy is a member of the Guild of Managers and Developers of Russia. He was awarded a medal “For labour valour”; the titles “Distinguished Builder of Russia” (1994), “Honoured builder of Russia” (2002); and the Golden Badge “Person of St. Petersburg” (2007). Mr. Leonid Polonskiy considers himself as a stiff, but quickly calming down manager. He prefers to work in a team of like-minded people who, similarly to himself, feel their involvement into great deeds. He appreciates non-standard, creative approach to the tasks. The most precious human qualities according to Mr. Polonskiy are kindness, reliability, professionalism and honesty. Key idea of Mr. Polonskiy’s life is “When doing business never forget about people”. In his free time Mr. Leonid Polonskiy visits cigar clubs. He possessed a large collection of smoking pipes. His motto is: “Either I find a right way or force it myself”.

Martin Sabelko is the CEO of ING REIM CE with responsibility for the entire region. He holds a Master degree in Law at the University of Vienna. Martin has been working in the CE region since 1986 focused on the development of office buildings and shopping centres. Before joining ING REIM he was founding member of Immoconsult, board member of Universale and DTZ. In the late 1990’s he managed a CEE property fund out of Prague where he again returned. Since 2001 Martin is a member of the Scientific Advisory Board, Danube University Austria for Real Estate.

Cameron F. Sawyer was educated at the University of Michigan Law School, Vanderbilt University, the University of Regensburg, and the Rice University School of Music. Mr. Sawyer was a DAAD fellow at the Ludwigs-Maximillian University of Munich. After practicing law for five years at Powell, Goldstein, Frazer & Murphy in Atlanta, Mr. Sawyer moved to Moscow, USSR, in 1991, where he was Deputy General Director of Perestroika Joint Venture, the first commercial real estate development firm in the USSR. In January, 1993, Mr. Sawyer left Perestroika Joint Venture and with three partners established the private firm GVA Sawyer (www.gvasawyer.com), which is now a leader on the Russian market in the fields of real estate development, consulting, city planning, engineering, commercial brokerage, and construction. Among many other projects, GVA Sawyer developed and built the headquarters of the United Nations in Moscow. Sawyer speaks from time to time in Real Estate Finance classes at Harvard Business School, and two GVA Sawyer projects have been the subject of Harvard Business School case studies. Since 2007, Sawyer has served as CEO of Rutley Russia Property Asset Management, Ltd.. RRPAM is a joint venture between GVA Sawyer, Rutley Capital Partners, Knight Frank Russia, and Duet Asset Management Ltd., and manages the Rutley Russia Property Fund, established in 2007 for investment in Russian commercial real estate, both development projects and standing assets.

Filip Schelfhout is the Chief Executive Officer of IIG and the main shareholder. As the highest-ranked executive officer, Filip is in charge of the overall management and strategic decisions of the company. He is responsible for both the day-to-day running of IIG as for the development planning on a long term. Filip Schelfhout has worked as a project engineer in South Africa, Curacao, French Guinea and Russia for an international heating, ventilation and airconditioning contractor. He has also worked for an international engineering company as director of the utilities department and later as the general manager of a fire protection contractor. Filip Schelfhout is the CEO of IIG since 2004.

Michael is a Vice President in the Real Estate Investment Banking group of Deutsche Bank. Michael is based in Helsinki and is responsible for Russia and Baltic region client coverage.

Prior to joining Aberdeen, he worked as country director at one of the major western asset management companies, sourcing of properties, acquisitions and property management. Mr. Voss has been involved in the commercial real estate industry for over 30 years, of which the last 13 years in St. Petersburg, Russia. He has sound experience in international business management, strategic business planning, real estate development, marketing, feasibility analysis / valuation, site acquisition, franchise development and property / project management in recognized property companies.

Jean-Bernard Wurm is responsible for LandAmerica’s title insurance business in Europe, a $15+ billion market in the US but, until recently, virtually unknown on the Continent. LandAmerica has since insured deals in Poland, the Czech Republic, Italy, Spain, Germany, Romania and Russia. In fact, LandAm is the only non-Russian insurance company to have provided title coverage for acquisitions and mortgages in Russia. In July 2006, LandAmerica played a key role in enhancing the credit rating for Terra Firma’s €5.4 billion German issue―the largest European CMBS transaction ever. Jean-Bernard has over 20 years experience in real estate investments in both the US and Europe, having worked with major firms such as JP Morgan in Paris, Frankfurt, and New York, Bankers Trust and HVB Capital (Hypovereinsbank), also in NYC. Jean-Bernard graduated with honors from the Institut d'Etudes Politiques, Paris. In addition, he holds degrees from the faculties of Economic Sciences at the Sorbonne, and German Studies from the Université de Paris (Nanterre). LandAmerica Financial Group is a NY Stock Exchange-listed, Fortune 500 firm, with over $4 billion in total assets.

Elena Yassik is an Associate in the ECM team of Deutsche Bank in London focusing CEEMEA client coverage and ECM transactions origination and execution. Elena has almost eight years of professional experience in investment banking and financial advisory. Prior to joining Deutsche Bank in 2007, Elena was a Senior Executive in the Transaction Advisory practice of Ernst & Young initially in Moscow and then in London where she moved at the beginning of 2005.

Tomasz Zamiara, Chief Financial Officer, joined Horus Capital in March 2006 and has 8 years experience in the real estate sector, including working as CFO for the European real estate funds worth of >1 bln USD on behalf of GE Capital Golub and covering 4 CEE countries (Poland, Czech Republic, Hungary and Russia). Holding MBA from London Business School, Tomasz has also prior extensive experience working for 4 years in Arthur Andersen.

32y.o., Higher Education (Literature). Since autumn 2006 President of Sesegar IG. More than 9 year professional experience in real estate sector. Nomenee of several prominent Russian Real Estate professional awards such as "Building Real Estate Award" and "Manager of the Year (sales & distribution)". Various professional publications. PERSONAL MISSION: Assistance in economic and financial growth of the wealthy and sophisticated society through providing consulting services to financial and industrial groups as well as private investors by creating and managing various real estate projects, optimizing financing and providing risk expertise in Russia.