LEADERSHIP

Gerald D. Hines grew a one-man operation into one of the largest and most respected real estate investment, development and management firms in the world. Since its inception in 1957, Hines has developed or acquired more than 1,015 projects in 245 cities globally and 18 countries, representing more than 340 million square feet of commercial, residential, mixed-use and industrial projects. The Hines firm controls assets valued at approximately $23.4 billion and partners with major institutional investors as well as individual investors through the Hines REIT. Mr. Hines is an Honorary Fellow of the American Institute of Architects and has received the Urban Land Institute's J.C. Nichols Prize for Visionaries in Urban Development. An industry pioneer in aesthetics and sustainability, Mr. Hines has championed and supported real estate architecture and urban planning programs at Harvard, Yale and Rice universities; the College of Architecture at the University of Houston is named in his honor.

Jeff Hines is co-owner and CEO, overseeing firm policies and procedures and day-to-day operations. Since joining the firm in 1981, Mr. Hines has assumed a major leadership position under which the company has seen a significant expansion of its holdings, products and services, a dramatic increase in its capital base, and reinforcement of its reputation for excellence and commitment to sustainability. He directed development of the firm's first $846 million Emerging Markets Fund that provided start-up capital for projects in emerging international markets. He was a major participant in the firm's domestic and international acquisition program that has secured more than $18 billion in properties. Mr. Hines oversaw major expansion of the firm's personnel, financial resources, domestic and foreign market penetration, and its products and services. Mr. Hines earned his Bachelor of Arts in Economics from Williams College in 1977 and a Master of Business Administration from Harvard Graduate School of Business in 1981.

Hasty Johnson is responsible for Hines' financial policies, equity financing and joint venture relationships. He is also a member of the firm's Executive Committee. Joining Hines in 1978, Mr. Johnson led the development/redevelopment of numerous projects. Since his promotion to CFO in 1992, he has overseen the initiation of discretionary funds which have committed $28 billion to acquisition and development projects around the world. An alumnus of Georgia Institute of Technology, Mr. Johnson was awarded a Bachelor's degree in Industrial Engineering in 1970. He earned a Master of Business degree from Harvard Graduate School of Business in 1975
.

Charlie Baughn is responsible for raising and structuring capital for Hines projects. He is on the Investment Committee for all Hines investments and oversees the company's investment management business. Hines currently has approximately $23 billion under management through various real estate funds and equity joint ventures. Since joining the company in 1984, Mr. Baughn has contributed to the development or redevelopment of over nine million square feet of office and special use facilities in the southwestern United States. Such projects include: 850,000 square feet of commercial property in greater Phoenix; the 1.4 million-square-foot Houston Industries Plaza project; Houston's 2.2 million-square-foot One and Two Shell Plaza buildings; The University of Houston's 220,000-square-foot athletic/alumni facility and 125,000-square-foot music building; and the 700,000-square-foot 717 Texas building in Downtown Houston. Mr. Baughn received his Bachelor of Fine Arts degree from New York State College of Ceramics at Alfred University in 1977 and his Master of Business Administration from the University of Colorado in 1981.

Tom Owens joined Hines in 1973 and is Executive Vice President and Chief Risk Officer for Hines investments worldwide. He serves as a member of the investment committee for all Hines funds as well as a member of the Hines Investment Committee for company projects and joint ventures. Mr. Owens has managed four venture funds, all of which have been monetized, and has been a member of the Allocation Committee since 2002. In addition to fund management, he has extensive experience in project construction, property and asset management, conceptual construction and project acquisition/disposition and has been directly responsible for the development of more than seven million square feet of office and retail space representing approximately $1.5 billion. Mr. Owens received a Bachelor of Science in Building Construction from Texas A&M University in 1973 and a Master of Business Administration from University of Texas at Austin in 1977.

David LeVrier oversees the following corporate activities and central functions for Hines and coordinates with the firm's regional business units: aviation, communications, corporate services, human resources, information technology, operations and engineering support, payroll services, and training, and sustainability. Since joining Hines in 1979 and assuming his current responsibilities in 2001, Mr. LeVrier has developed successful initiatives for a workforce that has grown from 900 to 3,150 and from one country to 18. During the first nine years of employment, he worked for Hines' private security subsidiary, SETEC Protection Service, Inc., serving as general manager for SETEC at the time he transferred into Hines' corporate office. During the same time period, he developed effective tenant service programs as general manager of Hines Lock Company – a provider of lock and key materials for the firm's properties. For over 20 years, Mr. LeVrier has managed and coordinated a variety of diverse corporate support functions in several firm-wide initiatives. He was also the primary influence in the formation of Hines Government Services, Inc., which specializes in federal government contracting. He currently serves on the firm's Audit Committee and as Chairman of the Operations Management Committee, Personnel Committee, and Information Technology Steering Committee, and as Co-Chair of the Sustainability Task Force. Mr. LeVrier earned a Bachelor of Science degree in Law from the University of Houston in 1979.

Kay Forbes joined Hines in 1999 to oversee the company’s worldwide tax function and non-real estate investments. In addition to those responsibilities, in 2001 she became head of the Central Finance and Ownership Group. Before joining Hines, Ms. Forbes spent 20 years at Arthur Andersen LLP as a tax department associate and subsequent partner, and was responsible for real estate and tax-exempt clients. Prior to coming to Hines, she spent three years as Rice University's director of private equity investments and associate treasurer, where she was responsible for venture capital, private equity and real estate investments through funds, hedge fund investing, issuance of tax-exempt financing and tax matters. Ms. Forbes earned her Bachelor of Arts in Economics and Political Science from Rice University in 1975 and her Master of Accounting from Rice in 1976. She is also a certified public accountant.

Stephanie Fore is responsible for human resources, payroll, compensation and benefits. Since joining Hines in 1990, she has completed major projects in both accounting and human resources. She now directs the firm's HR activities, including its compensation and benefit programs, 401(k) plan, training and development, employee relations and payroll. In her career, Ms. Fore was instrumental in implementing and integrating PeopleSoft software, assisting in the design of expatriate compensation and benefit programs as the firm expanded into 11 foreign countries, and leading Hines to reorganize its cash management processes and implement an electronic funds transfer system. Ms. Fore received her Bachelor of Business Administration in Marketing degree from Texas A&M University in 1982.

George Lancaster serves as a central resource to Hines offices worldwide in the areas of corporate and project marketing, public relations and promotions. Mr. Lancaster, who joined Hines in 1985, is responsible for internal and external corporate communications, including media relations. He has extensive experience in leasing, property management, tenant construction, and parking and hotel management. Prior to joining the corporate office, Mr. Lancaster worked in the firm's mixed-use division in marketing for the Dallas and Houston Gallerias. He was responsible for the redevelopment and repositioning of Canal Place, a market-dominant, mixed-use center in downtown New Orleans. Mr. Lancaster has been recognized with numerous industry marketing awards including several from the International Council of Shopping Centers. He graduated from Southern Methodist University in 1984 with a Bachelor of Fine Arts in Communications.

Jerrold Lea is responsible for preconstruction services including budgeting, design, contractor and consultant contract negotiations, and materials purchase for all Hines projects. Since joining the firm in 1981, Mr. Lea has been responsible for consultant selection and contract negotiations, budgeting, scheduling, management of consultants' designs, and contractor and subcontractor bidding and negotiations for over 100 million square feet of office buildings, retail complexes, hotels, sports facilities, clean rooms, performing arts theaters and museums. He is currently responsible for all preconstruction activities for Hines’ domestic projects.

Clayton Ulrich is Hines' senior engineering officer focused on providing visionary leadership and direction for Hines' 1,100-member global engineering team. Mr. Ulrich is responsible for the firm's industry-leading standards in operations and maintenance, environmental policy, equipment efficiency, energy management and engineering employee development. His influence provides direction for Hines' 120,000,000 square feet of commercial real estate engineering operations. He obtained his LEED AP designation in 2002. Mr. Ulrich leverages his 35+ years of experience in building operations and energy management technologies to lead Hines' energy management and conservation focus on an annual utility purchase in excess of $215,000,000. His experience with building operations, technologies, equipment, components and systems is instrumental in executing his engineering leadership and site support responsibilities. Hines' domestic and international portfolio encompasses 260 properties in 100 cities in 17 countries.

Ilene Allen is responsible for the management of Corporate Operations Services, which serves as the central support and resource for all Hines' property management locations worldwide. Her department performs operational assessments of all Hines-managed buildings, develops and implements programs, surveys, special projects and training that promote the Hines standard of property management. She also oversees the Central Records Department, where all of the firm's documents are electronically organized and maintained, as well as Corporate Services, the facility group that provides office services to over 400 people at Hines' corporate headquarters. Ms. Allen joined Hines in 1988 where she worked in retail construction, operations and management at the Houston Galleria and First Colony Mall in Sugar Land, TX, before joining corporate. Ms. Allen graduated from the University of Texas at Austin with a Bachelor of Science degree.

Jesse Carrillo has been responsible for directing all corporate technology, strategy and standards for Hines worldwide. Joining Hines in 1994 as a consultant to assist in the implementation of the firm's accounting and property management software, Mr. Carrillo became a full-time employee in 1995. He was promoted to Manager of Application Support in 1998, and in 2001 he was promoted to Director of Application Support and Development, where he held the lead IT role in the current Enterprise Resource Planning implementation. He was promoted to his current position in March 2009. Mr. Carrillo completed undergraduate studies at Trinity University, where he earned a Bachelor of Science degree in Computer Science, and received his Master of Business Administration degree from the University of Texas at San Antonio.

Gary Holtzer is responsible for coordinating the firm's sustainability efforts worldwide, developing the firm's on-going sustainability strategy together with the Executive Committee as well as the regional and central business units, and overseeing the efforts of the Sustainability Advisory Committee. Mr. Holtzer also serves as portfolio manager of the Hines CalPERS Green Development Fund focusing on sustainable development. Since joining Hines in 1985, Mr. Holtzer has had a broad range of operating, transactions, asset and portfolio management responsibilities in more than 12 million square feet of Hines-owned and managed office and retail space. He received a Bachelor of Science in Business Management from State University of New York at Albany in 1978 and was awarded a Master of Science from State University of New York at Albany in 1980.

Jim Buie is the CEO in charge of all development and operations in the West Region of the United States and the Asia Pacific Region. He is a member the Hines Executive Committee. Since joining Hines in 1980, Mr. Buie has been involved in all phases of the development process and management of more than 67 million square feet of commercial real estate representing approximately $15 billion. Some highlights of his career with Hines include developing Figueroa at Wilshire in Los Angeles, 560 Mission in San Francisco, Fourth & Madison in Seattle, Embassy House in Beijing and California Place in Shanghai. Mr. Buie earned his Bachelor of Arts in Economics from the University of Virginia in 1974 and his Master of Business Administration from Stanford Graduate School of Business in 1980.

Mark Cover is the CEO responsible for Hines' Southwest Region. He joined the firm in 1983. In his career with Hines he has contributed to the development, acquisition and/or management of more than 20 million square feet of commercial real estate totaling $2 billion of value in Texas, Colorado, New Mexico, Arizona, Utah and Mexico. Mr. Cover is currently responsible for key investment partner relationships and related property in the Southwest United States and general asset management of 16 million square feet. He received his Bachelor of Science in Accounting from Bob Jones University in 1982 and became a Certified Public Accountant in 1987 (retired).

Chris Hughes is the regional profit center officer responsible for all development activity, acquisitions and operations in the East Region of the United States. He is also a member of the Hines Executive Committee. Prior to assuming regional leadership responsibilities, Mr. Hughes was responsible for Hines' equity-raising activities globally. Since joining Hines in 1986, he has been involved in all phases of the development, acquisition and disposition business, including serving as a development officer in the firm's Washington, D.C. office and contributing to the development and acquisition of more than 3.4 million square feet of office space. Since his involvement with the Capital Markets Group in 2001, the group has raised approximately $11.7 billion in committed equity. Mr. Hughes continues to be involved with key Hines investor relationships, structuring commingled funds, joint ventures and raising equity capital. He graduated from Southern Methodist University in 1984 with a Bachelor of Arts degree in History.

E. Staman Ogilvie
Executive Vice President
CEO - Eurasia Region

Staman Ogilvie is the CEO for the Eurasia Region and a member of the Hines Executive Committee. Since joining Hines in 1973, he has been responsible for the development, acquisition and management of more than 29 million square feet of commercial real estate as well as several thousand acres of planned community development. Mr. Ogilvie has extensive experience in acquisitions, strategic planning and finance and is responsible for the development of the four million-square-foot Galleria in Dallas, in addition to Park Place Moscow, a 600,000-square-foot premier mixed-use project in Russia. He is the former president and a current board member of Sugarland Properties, a Hines planned community venture. Mr. Ogilvie attended Washington and Lee University where he received his Bachelor of Science degree in Business Administration in 1971. He was awarded a Master of Business Administration degree from Harvard Graduate School of Business in 1973.

C. Kevin Shannahan
Executive Vice President
CEO - Midwest & Southeast Regions

Kevin Shannahan is the managing principal responsible for the development and asset management of projects across the Midwest and Southeast regions of the United States and for new activities throughout South America and Canada (excluding Vancouver). He is also a member of the Hines Executive Committee. Since joining Hines in 1982, Mr. Shannahan has been involved in all phases of the development and management of over 70 million square feet representing in excess of $10 billion. He was responsible for expanding joint Midwest/Southeast regions from a base of seven million square feet and 100 employees beginning in 1990, to 70 million square feet and over 900 employees today. He also led expansion of the Midwest/Southeast product line from a CBD office core competency to encompass suburban office, mixed use, hotel, residential and land development components. Mr. Shannahan was responsible for founding the South America Region in 1998 and the Canadian Region in 2004, resulting in landmark office, industrial and residential products. He also created the first successful master- planned land development model for the firm. In 1978, Mr. Shannahan graduated from Cornell University with a Bachelor of Science degree in Mechanical Engineering and, in 1982, received his Master of Business Administration degree from Harvard Graduate School of Business.

Michael Topham joined Hines in 1975. He is currently the Regional CEO in charge of all development and operations in the Europe and Mid East / North Africa (MENA) regions, and a member of the Hines Executive Committee. Currently, he is responsible for a development portfolio exceeding $10 billion. From 1977 to 1981, he served as Project Manager for the 75-story JPMorgan Chase Tower in Houston and, thereafter, as Project Officer for 50-story buildings in Denver and Minneapolis. In 1985, he moved to Chicago and created the Midwest Region Profit Center. He relocated to London in 1993 to start the firm's activities in Europe, which he oversees today, and expanded the region to include MENA in 2007. Mr. Topham received a Bachelor of Arts in Economics degree from Exeter University in 1970 and a Master of Business Administration-Real Estate from the University of California, Berkeley, in 1971.