J.E. Robert Co.

Mr. Ward is the General Counsel for J.E. Robert Companies and Secretary of JER Investors Trust, Inc. He is also a member of the Global Investment Committee, the North American Investment Committee, the European Investment Committee, the Marbleton Fund Investment Committee, and the Latin American Investment Committee. Mr. Ward is responsible for all legal matters involving investment structuring, document negotiation and transaction closings and capital raising activities for JER Partners and JER Investors Trust, Inc. After joining J.E. Robert Companies in 1991, Mr. Ward served as General Counsel for the J.E. Robert Companies/Goldman Sachs venture which acquired $7.4 billion in sellers’ book value in distressed US real estate and loans from the RTC, insurance companies and banks in both sealed bid auctions and privately negotiated transactions from 1991 through 1996. While at J.E. Robert Companies, Mr. Ward has directed the closings for approximately 35 portfolios with over 2,100 assets and participated in the securitization of $568 million of non-performing loans and $270 million of performing loans. Mr. Ward is a summa cum laude graduate of Villanova University where he obtained a B.S. degree in Accounting. He received a J.D. degree with honors from The National Law Center, George Washington University. Mr. Ward is a member of the Washington, DC Bar Association.

Mr. Belcher is Managing Director of J.E. Robert Companies and Vice Chairman of the Board of Directors and Executive Vice President of JER Investors Trust, Inc. Mr. Belcher is responsible for all CMBS acquisitions made by JER Partners and JER Investors Trust, Inc. and oversees the asset management of the underlying assets in such CMBS issuances assigned to J.E. Robert Companies as special servicer. He is a member of the Global Investment Committee. Under his direction, CMBS acquisitions have exceeded $600 million in purchase price. Prior to his current role, Mr. Belcher managed the RTC Asset Management Contracts comprised of assets exceeding $3.5 billion. Prior to joining J.E. Robert Companies in 1991, Mr. Belcher served as Senior Asset Manager for the Federal Asset Disposition Association (“FADA”), overseeing a non-performing loan portfolio in excess of $800 million. Prior to FADA, Mr. Belcher was a Vice President with InterFirst Bank in Dallas, responsible for a real estate portfolio averaging in excess of $100 million including acquisition and construction loans. In total, Mr. Belcher has more than 22 years of diverse real estate experience including loan workout, real estate management, construction lending and portfolio liquidation. Mr. Belcher is a graduate of Southern Methodist University with a B.B.A. degree in Finance and a B.A. in Economics. Mr. Belcher is a Director for the DeBusk Foundation (a charitable foundation providing grants for elementary educational programs).

Mr. Yoon is Managing Director and Chief Financial Officer of JER and Executive Vice President and Chief Financial Officer of JRT. Mr. Yoon has primary responsibility for risk and portfolio management, capital markets and finance and accounting for JER. He is a member of the JER Fund Investment Committee and the JRT Investment Committee. Mr. Yoon was integrally involved in the formation and capitalization of JER Fund III, an $823 million private real estate equity fund, and JRT, a public New York Stock Exchange listed commercial real estate specialty finance company managed by an affiliate of JER. Mr. Yoon joined JER in January 1999, initially focused on acquisitions and investment management. Prior to JER, Mr. Yoon worked in the real estate investment banking group of Morgan Stanley & Co. in New York, NY and prior to that was an attorney at the law firm of Williams & Connolly in Washington, DC. Mr. Yoon received a B.A. in Biology from the John Hopkins University and a J.D. from Harvard Law School. He is a member of the bars of the District of Columbia and State of Maryland. He is also a member of the Board of Trustees of the Langley School in McLean, VA and serves as the Chairperson of its Finance Committee.

Mr. Robert is founder, Chairman and Chief Executive Officer of J.E. Robert Companies and Chief Executive Officer and Chairman of the board of directors of JER Investors Trust. Mr. Robert is a member of JER Partners’ Global Investment Committee. He is responsible for establishing the strategic direction of the firm and developing and managing key relationships for deal origination and capital sourcing. Over the past several years, he has been actively involved in expanding the Company internationally, particularly in Europe, Russia and Latin America. In 2002, Mr. Robert received the highest civilian honor from the president of Colombia, La Orden de Boyacá. In 1990, Mr. Robert founded and continues to serve as Chairman of Fight For Children, Inc. (“FFC”), a Washington based philanthropic organization whose mission is to create, promote and invest in K-12 educational opportunities that successfully prepare children for college and the workplace, and to provide a quality primary healthcare option for our youth. Since FFC’s inception, the organization has raised more than $105 million through contributions, matching grants and public policy initiatives to support over 150 youth-serving organizations in the Washington, DC region. In addition, Mr. Robert is the Chairman of the Washington Scholarship Fund and was Chairman of the successful $300 million Comprehensive Campaign at Children’s National Medical Center in Washington, DC, which resulted in the building of the Joseph E. Robert, Jr. Center for Surgical Care at the Children’s National Medical Center. Mr. Robert served as Vice Chairman of the Board of the National Realty Committee, was a member of its Executive Committee and is a founding member of the Real Estate Roundtable. Mr. Robert is also a member of the board of the following organizations: Peter G. Peterson Institute for International Economics, The International Advisory Board of EuroHypo AG, National Health Museum, Atlantic Council of the US, Lehman Brothers Private Equity Advisory Board, Quincy Jones Listen Up Foundation, the National Symphony Orchestra, and the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics of the University of California. Mr. Robert is also a member of the World Economic Forum, Horatio Alger Association, The Trilateral Commission, World Presidents’ Organization, Chief Executive Organization, Council on Foreign Relations, The Alfalfa Club, Foreign Policy Association, Founders’ Group, Marine Corps Heritage Foundation, Business Executives for National Security, Citizens for a Sound Economy, the Economic Club of Washington, DC, Urban Land Institute, “The Circle” National Gallery of Art, The Bretton Woods Committee, Greater Washington Board of Trade and the Federal City Council.