Dennis R. Twining

Aged 67, was appointed as Chairman of the Board on 2 January 2007. Currently Mr. Twining is a consultant to INVESCO Asset Management and Chairman of the INVESCO Hotel Fund after serving as Chairman of the INVESCO Real Estate UK Management Commitee. INVESCO Asset Management is one of the largest independent managers in the UK. Prior to that, from 1987 until 1999, Mr. Twining was an executive director and member of the Board at Lazard Brothers, an international financial advisory and asset management firm where he was responsible for the real estate and hospitality sectors within corporate finance. Past non-executive directorships include Green Property Plc (2000-2002) and UNP International (1994-1999). Mr. Twining has a BSE from the University of Michigan and an MBA from New York University.

Gerald Williams

Aged 55, was appointed as a Non-Executive Director of the Company on 2 January 2007. Mr. Williams also serves as a non-executive director of the Lewis Charles Sofia Property Fund and of Peel Holding. Since October 2001, he has served as the Chief Executive Officer of the Bachmann Trust Company and in 2002 was appointed as the Chief Executive of the Bachmann Group, the largest independent fiduciary company in the Channel Islands and a leading provider of trust and company management services. Prior to joining the Bachmann Group, Mr. Williams was head of Private Banking at Coutts Offshore Private Bank between 1999 and 2001 and a director of NatWest Offshore Limited. He was previously Managing Director of Coutts (Cayman) Limited and was the Head of Coutts Offshore Americas in the Caribbean and has held a number of other positions within Coutts offshore. Mr. Williams holds an ACIB Trust Diploma [and is an Associate of the Chartered Institute of Banking].

Robert Glatter

Aged 71, was appointed as a Non-Executive Director on 2 January 2007. Mr. Glatter has been a director of Bank Leumi (UK) plc, since 1994 where he serves as a member of the main board as well as on the credit, audit and remuneration committees. Since 1998, he has also served as a non-executive director of CP Holdings Ltd., [which is one of the largest private companies in the UK] which owns the Danubuis hotel group in Hungary, among other enterprises. Prior to that, Mr. Glatter was a partner of Blick Rothenberg, Chartered Accountants. Since 2005, Mr. Glatter has served as a director of Kesslers International Ltd. and, since 2002, as the Chief Executive of Bluston Securities Ltd. Mr. Glatter is a fellow of the Institute of Chartered Accountants in England and Wales and a fellow of the Institute of Internal Auditors.

Uri Heller

Aged 60, founded the Group in 1993 and has served as a director of the Group since 1994. Mr. Heller was appointed as a Director on 16 October 2006. Prior to joining the Group, Mr. Heller was managing director for Orlano Ltd. / Danly Investments Ltd., an investment company. From 1990 to 1994, Mr. Heller was the General Manager of the Danel Group, a residential real estate development company in Israel. Mr.Heller has spent more than 10 years developing his expertise in property investment and property development in Central and Eastern Europe, specialising in Hungary and the Czech Republic. Mr. Heller studied engineering in Israel and is a member of the Israeli Engineering Association.

Daniel Avidan

Aged 45, was appointed as Chief Financial Officer of the Group on 2 January 2007 and as a Director on 16 October 2006. Since 2001, Mr. Avidan has been the Head of Financing and Control for Africa Israel Investments Ltd., one of the leading investment companies in Israel. At Africa Israel, Mr. Avidan was responsible for managing real estate developments in the US valued at over $10 billion and oversaw Africa Israel’s issuance of over $1 billion in corporate bonds. Prior to Africa Israel, from 2000 to 2001, Mr. Avidan was the CFO of Derech Eretz Construction, a major Israeli construction company responsible for the construction of the $1.3 billion Cross Israel Highway. He has served as a director at a number of Africa Israel subsidiaries and a number of other Israeli companies. He has a B.A. in Economics from Hebrew University in Jerusalem.