Gramercy Capital Corp.

Roger Cozzi is Chief Executive Officer of Gramercy Capital Corp. Roger joined Gramercy Capital Corp. in October, 2008. Prior to joining the Gramercy team, Roger was Managing Director at Fortress Investment Group, LLC. From 1998 to 2007, Roger held progressively senior roles, including Chief Investment Officer from 2006 to 2007, at iStar Financial Inc., a publicly traded real estate investment trust focused on the financing of commercial real estate. While at iStar Financial, Mr. Cozzi was responsible for the origination of structured financing transactions and he successfully closed over $3 billion of first mortgage, mezzanine and corporate finance investments. From 1995 to 1998, Roger was an investment officer for Starwood Mezzanine Investors and Starwood Opportunity Fund IV. Prior to his tenure at Starwood, Roger served at Goldman Sachs from 1992 to 1995 in the real estate department where he primarily focused on securitizing and selling investment grade and non-investment grade securities backed by pools of commercial mortgages, evaluating performing commercial mortgage loans for potential principal investment by the Whitehall funds and consulting large corporate tenants on lease alternatives. Also at Goldman, Roger worked in the investment management group, where he worked on several merger transactions, created a conduit to lend directly to mutual funds, and helped create a vehicle to securitize 12b-1 financing fees. Roger Cozzi holds a BS in Economics from The Wharton School of the University of Pennsylvania.

Tim O’Connor is President of Gramercy Capital Corp. Tim joined Gramercy Capital Corp. in November 2008. Prior to joining the Gramercy team, Tim served as Chief Operating Officer of iStar Financial (and its predecessor) since March 1998 where he was responsible for the asset management of the company’s $15 billion first mortgage, mezzanine, corporate finance and net lease portfolio, loan servicing and due diligence. He also served as a member of the firm’s investment committee. Previously, Tim was a Vice President of Morgan Stanley & Co., responsible for the performance of more than $2 billion of assets acquired by the Morgan Stanley Real Estate Funds. Prior to joining Morgan Stanley, Tim was a Vice President of Greystone Realty Corporation involved in the firm’s acquisition and asset management operations. Before that, Tim was employed by Exxon Co. USA in its real estate and engineering group. Prior to his time at Exxon, Tim was a Captain in the US Army Corps of Engineers managing various construction projects throughout the Pacific Rim. Tim received a B.S. degree in Engineering from the United States Military Academy at West Point and an M.B.A. from the Wharton School of the University of Pennsylvania.

Bob Foley is Chief Operating Officer of Gramercy Capital Corp. Prior to assisting in the launch of Gramercy Capital Corp. in July 2004, Bob was co-director of Goldman Sachs & Co.’s real estate mezzanine and high-yield lending programs, which involved up to $1.5 billion of committed capital. Previously, Bob was responsible for the capital commitments, pricing, and distribution of floating rate senior and mezzanine real estate loans originated by Goldman, Sachs & Co. Prior to joining Goldman Sachs in 1997, Bob held a range of senior real estate capital markets and strategic advisory positions with BT Securities Corporation (now Deutsche Bank) and Touche Ross & Co. in New York, Los Angeles, and San Francisco. Bob earned a BA in Economics and Political Science from Stanford University and an MBA from The Wharton School of the University of Pennsylvania. Bob is a certified public accountant, a Governor of the Commercial Mortgage Securitization Association (CMSA), and a member of a range of real estate industry trade groups.

Mr. Baum has served as one of our directors since August 2004. Mr. Baum retired from Credit Suisse First Boston, or CSFB, in 2002, where he was a Managing Director and head of the structured finance unit for commercial mortgage-backed securities. Prior to his ten years with CSFB, Mr. Baum served as a Vice President in the Real Estate Investment Bank of Citicorp, and held positions in the tax-exempt housing finance and taxable mortgage finance areas of Merrill Lynch. Mr. Baum also currently serves as a director of Community Development Trust, a for-profit, mission-oriented REIT. He previously served as Vice President of the Commercial Mortgage Securities Association. Mr. Baum received a B.A. degree in Government/Urban Studies from Dartmouth College in 1978 and an M.B.A. in Finance from Columbia University Graduate School of Business in 1983. Mr. Baum is 53 years old.

Mr. Laven has been one of our directors since August 2004. Mr. Laven is President of Forsyth Street Advisors LLC, a New York based company specializing in real estate finance, municipal bonds and housing. From 1991 to 2003, Mr. Laven was a partner of Hamilton, Rabinovitz, & Alschuler, Inc., or HR&A, a financial, policy and management consulting firm focusing on complex housing finance, real estate, economic development and strategic planning problems. Prior to his 12 years with HR&A, Mr. Laven served as principal of Caine Gressel Midgley Slater Incorporated and, from 1981 to 1982, served as principal of Charles Laven and Associates. Mr. Laven also currently serves as chairman of the Urban Homesteading Assistance Board. Mr. Laven holds a B.S. degree in Architectural Design from the Massachusetts Institute of Technology. In 1981, Mr. Laven was a Loeb Fellow in Advanced Environmental Affairs at the Harvard University School of Design. Mr. Laven is an Adjunct Professor of Real Estate at Columbia University's Graduate School of Architecture Planning and Preservation and has been a member of the faculty of Columbia University since 1981. Mr. Laven is 57 years old.

Jeffrey E. Kelter, Senior Principal, has worked in the real estate industry since 1972. Prior to founding KTR Capital Partners ("KTR" or the "Company"), Mr. Kelter was Chief Executive Officer and a Trustee of Keystone Property Trust until the sale of Keystone in 2004. Mr. Kelter founded Keystone Property Trust in December 1997 in a series of transactions which involved the acquisition of American Real Estate Investment Corporation, a small-cap REIT listed on the American Stock Exchange. Mr. Kelter began his career in 1976 at Bankers Trust Corporation where he was an assistant treasurer in the Corporate Finance division. In 1982 Mr. Kelter founded Penn Square Properties, Inc. in Philadelphia and served as Chief Executive Officer and President. At Penn Square he developed, owned, managed and leased more that 4.5 million square feet of office and warehouse projects throughout the Pennsylvania and New Jersey markets. Mr. Kelter has over 25 years of experience in all phases of commercial real estate including acquisitions, development and third-party management. He serves on the Board of Trustees of Gramercy Capital Corporation (NYSE: GKK) and is a member of the Urban Land Institute, Pension Real Estate Association and Real Estate Roundtable. Mr. Kelter received a B.A. from Trinity College.

Mr. Konigsberg has been one of our directors since August 2004. Mr. Konigsberg is a senior partner and President of Konigsberg Wolf and Co. PC, a New York-based accounting firm, and has held these positions for 20 years. Mr. Konigsberg is also on our Board of Directors and is chairman of the Audit Committee of National Medical Health Card, a NASDAQ-listed company. Previously, Mr. Konigsberg served on the Boards of Directors of two NYSE-listed companies, Savin Business Machines and Ipco Hospital Supplies. Mr. Konigsberg is the former treasurer and former board member of the UJA Federation of New York and a member of the Board of Overseers and on the finance committee of the Albert Einstein College of Medicine. Mr. Konigsberg is a member of the New York State Society of CPAs and The American Institute of Certified Public Accountants. Mr. Konigsberg received a B.A. degree in Business Administration from New York University in 1958, a L.L.B. from Brooklyn Law School in 1961 and an L.L.M. in taxation from the New York University Law School in 1965. Mr. Konigsberg is 73 years old.