REGIONAL OFFICES

Fernando Arenas has been active in the Spanish market since 1990, joining Hines in February 2004 with responsibilities for project sourcing and underwriting of various residential and office developments and refurbishments in Madrid, Barcelona and Costa del Sol. Prior to Hines, Mr. Arenas was Acquisitions Director for Tishman Speyer in Spain, identifying and acquiring investment opportunities, particularly office buildings. From 1998 until 2003, he was a Property Director with Testa Inmuebles en Renta (formerly Prima Inmobiliaria), where he gained acquisition, asset management and development experience in grad "A" office and industrial properties in Spain. He previously held positions with Gestiones y Desarrollos Patrimoniales and CBRE. Mr. Arenas is a member of the Board of Directors of Hines Spain. Mr. Arenas earned a degree in Law from the Universidad Autónoma de Madrid in 1988 and a Master of Business Administration from the Madrid Business School-University of Houston in 1990.

After 10 years on the financial side of the Spanish real estate business, Miguel Ramos joined Hines in 1996 to help in the acquisition, restructuring and growth of Hines Spain. The company subsequently grew from a single-project, three-person office to the current staff of 42 handling a variety of projects in several locations. As regional controller and financial officer of Hines Spain, Mr. Ramos manages accounting, cash management, tax, human resources, payroll, insurance, risk management, legal and IS functions for the firm. Mr. Ramos also supervises retail, office and residential development and services, and property management services. He is chief financial officer in the Spanish subsidiary of US Kemper Real Estate Investments Group; chief financial officer in the Spanish and international development branch of COMSA, a mid-size civil works construction company; and account director at a business banking branch of the number one Spanish bank, BSCH. He holds a Bachelor's degree in Law from San Pablo-CEU, Complutense University of Madrid (1984), and a Master of Business Administration from IESE-University of Navarra (1986).

Jamie Rea has been active in the Spanish property market since 1991. Mr. Rea joined Hines Spain in 2004 and has been responsible for business development, product sourcing, market and site analysis, project financing and underwriting. Mr. Rea is currently responsible for supervising all Spanish projects. Prior to Hines, Mr. Rea was Joint Managing Director of a niche investment and asset management business, servicing a select group of international investors in the Spanish real estate market. From 1997 until 2002, he was a Property Director with Prima Inmobiliara (formerly Testa Inmuebles en Renta), where his principal experience was in the field of asset and development management both in Spain and in international markets. Mr. Rea previously held senior associate positions in the consultancy divisions of Jones Lang Lasalle and CBRE in Spain. Mr. Rea is a member of the Board of Directors of Hines Spain. He holds a BSc. (Hons.) degree in Valuation and Estate Management from West of England University (1988).