Franklin Resources Inc.

Gary P. Motyl is chief investment officer of the Templeton Global Equity Group, which comprises institutional and retail assets of over $180 billion. Mr. Motyl is also president of Templeton Investment Counsel, LLC. He has managed global and non-U.S. equity portfolios for over 25 years, and currently manages several institutional mutual funds and separate account portfolios and shares country research coverage of the United States. Mr. Motyl has been employing Templeton’s unique bottom-up value-oriented approach to global investing since beginning his career with Templeton in 1981. He was the third investment professional to be hired by Templeton’s founder, Sir John Templeton, and worked closely with him for many years. Mr. Motyl became executive vice president of Templeton Investment Counsel, Inc. in 1996 and president in 1999. He was promoted to chief investment officer of Templeton Institutional Global Equities in 2000. Prior to joining Templeton, Mr. Motyl worked as a research analyst and portfolio manager from with Landmark First National Bank, where he had responsibility for equity research and managed several pension and profit sharing plans. Prior to that, he worked as a security analyst with Standard & Poor’s Corporation. Mr. Motyl earned a B.S. in finance from Lehigh University in Pennsylvania and an M.B.A. from Pace University in New York. He is a Chartered Financial Analyst (CFA) Charterholder.

Ilkka Tomperi joined Franklin Templeton Real Estate Advisors in September 2007, and is focused on the sourcing and due diligence of private real estate fund investment opportunities in the European markets. Prior to joining Franklin Templeton, Dr. Tomperi was the Head of Other Investments and Portfolio Manager of the State Pension Fund (VER) of Finland. In this role, he was responsible overseeing the state plan's €570 million portfolio of indirect real estate, private equity and other alternative investments. Previously, Dr. Tomperi was manager and senior associate for corporate finance at PricewaterhouseCoopers and prior to that he was with Merita Corporate Finance Ltd (Nordea), in Helsinki and Stockholm. He is a member of the Investor Platform Management Committee of The European Association for Investors in Non-listed Real Estate Vehicles (INREV). Dr. Tomperi received his Ph.D. in Finance, and a Master of Science in Economics from the University of Vaasa in Finland.

M. Par Rostom, CFA, portfolio manager and research analyst, is responsible for managing institutional international large cap equity portfolios and conducting research on the financials sector. Mr. Rostom has nine years of experience as an analyst and portfolio manager. Most recently he was with Brown Brothers Harriman, where he was an analyst and portfolio manager on the global and international portfolios. Prior to this position, he worked for Kulicke & Soffa Industries. Mr. Rostom holds a B.S. in electrical engineering from the Rochester Institute of Technology and a M.A. in economics and finance from Temple University. He is a Chartered Financial Analyst charterholder and holds NASD series 7, 63, and 66 licenses.

Glenn Uren, a Malaysian national, joined Franklin Templeton in 1996 and has over 10 years experience in real estate investing and portfolio management in the Asia Pacific region in both the private and public markets. He currently oversees all Asia Pacific private equity real estate investments for the firm. In this role he is responsible for all fund sourcing, underwriting, investment execution and investment management for the region. In 2002–04 Mr. Uren also developed, launched and managed Franklin Templeton's Global REIT investment strategy. Mr. Uren is a member of the Management Committee of Franklin Templeton Real Estate Advisors and in this capacity is Head of Portfolio Management and Investment Methodology/Analytics. On behalf of Franklin and its clients, Mr. Uren serves on the advisory committees and board of directors of various international and Asian real estate funds. He also serves on and is a voting member of the Investment Committees of all of Franklin Templeton Real Estate Advisors' global private equity real estate investment vehicles. Mr. Uren has an M.S. in International Urban Planning from Columbia University.

David Levy joined the firm in December of 2007 as a portfolio manager of Franklin Templeton Real Estate Advisors' global REIT mutual funds. In addition, Mr. Levy's role with the investment team includes analyst responsibilities for U.S. REITs. Prior to joining Franklin Templeton, Mr. Levy spent over 16 years at New York Life Investment Management where, since 1997, he was a portfolio manager for New York Life's REIT portfolios. Mr. Levy's experience at New York Life Investment Management also included portfolio management for convertible securities and analysis of corporate bonds. Mr. Levy holds an M.B.A. with a concentration in Finance and International Business from Columbia University's School of Business and a B.A. in mathematics from Emory University.

Tracey Hanfling, associate product manager, supports Franklin Templeton's global REIT and private equity real estate products. Ms. Hanfling joined the firm in 2006 and is actively involved in global marketing initiatives, institutional client service and new business development. Prior to joining the firm, she worked as a marketing associate for Legg Mason in Baltimore, Maryland, assisting in the formulation of institutional investment policy statements, separate account manager due diligence and client service for foundations and endowments. Most recently, she held a position in global product management for AllianceBernstein Investments in New York. Ms Hanfling graduated Phi Beta Kappa and magna cum laude from Gettysburg College, with a B.A. in Business Management.

Caroline Demol has three years of investment experience in real estate. Ms Demol joined Franklin Templeton Real Estate Advisors in 2005 and is actively involved in sourcing and valuing private equity real estate investment vehicles in North America, Europe and Asia. She has experience in underwriting funds and supporting legal and tax due diligence on multi-country domiciled funds. Prior to joining Franklin Templeton, she worked in a French REIT, Foncière des Régions in Paris; and for an owner–developer, Tishman Speyer Properties in London. Ms Demol holds an M.S. in Real Estate Development from Columbia University and graduated with a M.S. in Banking and Finance and a B.A. in Economics and Accounting from Université Paris II Panthéon Assas, France.

Karim Hassouna, has six years of capital markets experience. Mr. Hassouna is actively involved in sourcing and underwriting global real estate investments, portfolio analytics, and managing Franklin Templeton Real Estate Advisors' 10-year AIMR/GIPS-compliant track record for its private equity real estate portfolio. His role also includes collaborating with the team's portfolio managers in advising client portfolios and restructuring the strategic operations of the group. Prior to joining Franklin Templeton in 2005, he worked for four years with Thomson Financial, where he began in its capital markets intelligence department and ultimately advised the senior management of publicly traded companies on equity ownership, trading, valuation, and market activity. He holds an MIA from Columbia University's School of International & Public Affairs with a concentration in international business and security studies. Mr. Hassouna holds a B.A. from Gettysburg College.