Crow Holdings

Ms. Raymond has overall responsibility for the capital markets area as well as the Crow Holdings' hotel investments. She also oversees the financial reporting group at Crow Holdings. Ms. Raymond has been associated with Trammell Crow entities for 22 years. Before re-joining Crow Holdings in September 2000, Ms. Raymond was affiliated with Wyndham International, Inc., where she was executive vice president and chief financial officer for five years. Previously, she spent 12 years with Crow Holdings in various real estate investment and financial capacities. Prior to joining Crow-affiliated entities, Ms. Raymond was with Arthur Andersen & Company. Ms. Raymond is a graduate of the University of Missouri. She is a Full Member of the Urban Land Institute and a member of the Strategic Development Board of the Business School at the University of Missouri.

Mr. Silverman is responsible for the oversight and asset allocation process for Crow Holdings' non-real estate assets as well as selection of investment managers in both traditional and non-traditional asset classes. He has been with Crow-affiliated entities for 12 years. Prior to joining Crow Holdings, Mr. Silverman served four years as Vice President of Finance for Wyndham International and its predecessors. He joined Wyndham when it was a private enterprise owned by the Trammell Crow family and assisted in its formation as a publicly traded company. He was also responsible for bank and investor relations, corporate finance related to mergers and acquisitions and various other finance and capital raising activities. Prior to joining Wyndham, Mr. Silverman worked for ten years with Bank One, Texas and its predecessors serving as Vice President and Senior Relationship Manager in corporate banking and real estate banking. Mr. Silverman is a graduate of Southern Methodist University with a Bachelor of Science degree in Economics.

David Craig is a Director of Crow Holdings, the investment office of the Trammell Crow Family, responsible for oversight of Crow Holdings' Land investments and for-sale residential developments across the United States. He has been associated with Crow Holdings for over seven years, having started with the company as a financial analyst in 1999. Within a year, Mr. Craig was promoted to the role of head analyst, where he was responsible for the management of the company's analyst pool. Since min-2001, he has worked in a transactional and asset management capacity across several product types at Crow Holdings including multifamily, land, and hotel investments. As the current Director of land investments for Crow Holdings, Mr. Craig's activities include sourcing, equity placement, financing, dispositions, and overall management of the Crow Holdings' land group. A native of Carmel, Indiana, Mr. Craig graduated from Southern Methodist University in 1999 with a bachelor degree in Real Estate Finance. His professional associations include membership in The Real Estate Council (Dallas, TX) and a recent appointment to the Board of Directors of the Stemmons Corridor Business Association (Dallas, TX).