EXECUTIVE MANAGEMENT TEAM:

Howard L. Michaels , Chairman - New York Office - 212 716-5607
Mr. Michaels is Owner and Chairman of the Carlton Group. Since 1990, Mr. Michaels has been instrumental in the marketing, sale and financing of over $40 billion of commercial and residential assets through the Carlton Group and its related entities. In addition to his responsibilities as Chairman, Mr. Michaels directs Carlton’s debt and equity placement activities. In this capacity, he has established a reputation as one of the nation’s foremost dealmakers, and in 2005; for example, he arranged more than $7 billion in capital for such notable transactions as 1 Madison Avenue, Manhattan House, River Terrace, and the Starrett-Lehigh Building in New York, among numerous others. He is a graduate of American University with a BS in Business Administration.

Michael Campbell, Partner - New York Office - 212 716-5611
Mr. Campbell has over 15 years of commercial real estate experience. Since joining Carlton in 1998, he has been integrally involved in the structuring and procuring of equity and debt capital for over $40 billion of real estate projects around the world as well as a senior member of Carlton’s principal business. Prior to joining Carlton, Michael spent five years at various Prudential real estate groups including PRG, PCG and PMCC. He has extensive experience in all facets of real estate investments including: complex equity and debt capital structuring, business origination & development, loan/REO auctions and underwriting for all property classes. Michael has a degree in Financial Engineering from James Madison University and a master’s in Real Estate Finance and Investments from New York University.

Dax Scharfstein, Managing Director & General Counsel - New York Office - 212 716-5634
Mr. Scharfstein has over 11 years of experience in commercial real estate finance. Prior to joining Carlton, Mr. Scharfstein was employed at Bear Stearns as a Director of Structured Finance, where he was directly involved in over $30 billion of commercial real estate transactions, including the acquisition financing of Hilton Hotels for Blackstone. In addition, Mr. Scharfstein spent over 6 years at the law firm of Schulte Roth & Zabel LLP as a senior associate working on all aspects of mortgage and mezzanine lending as well as acquisition and sales of commercial real estate. Mr. Scharfstein has a J.D. from Hofstra University School of Law and a B.A. from Brandeis University.

Robert Gaeta, Controller/Senior Vice President - New York Office - 212 716-5615
Robert J. Gaeta is the Controller of Carlton Advisory Services, Inc. He is responsible for overseeing the financial aspects of the Company's operations. Additionally, he is an accomplished professional in the analysis and valuation of property and mortgage portfolios and property management. Prior to joining Carlton, Mr. Gaeta served as Vice-President and Controller of David Management Corp., a real estate investment firm which owned and operated in excess of $200 million of property.Mr. Gaeta was responsible for managing the financial affairs of the company's portfolio of cooperative, condominium, and rental properties. Mr. Gaeta has more than 20 years experience in the construction and real estate industries and was formerly Accounting Supervisor for Turner Construction Corporation where he was responsible for supervising the financial affairs of over $250 million in on-going construction projects. Mr. Gaeta is a graduate of Baldwin Wallace College and is a licensed real estate broker.

Thomas McCarthy, Managing Director & Head of Loan Asset Sales - West Palm Beach Office - 561-207-6240
Mr. McCarthy is a Managing Director of the Carlton Group and head of the asset sales group. He has over 20 years of combined asset acquisition, origination, real estate, banking and finance related experience as well as eight years experience in accounting and financial analysis. His responsibilities at the Carlton Group include asset sale advisory and commercial asset placement. Prior to Carlton, Mr. McCarthy was with Ocwen Financial Corporation for a total of 11 years, the last four years as Senior Vice President. Mr. McCarthy’s experience also includes three years as the President and Chief Operating Officer of General Financial Services Inc., a buyer and seller in the commercial discount asset business. Mr. McCarthy was also the controller of PepsiCo Food Services/Franchise Services, Inc. as well as a CPA with Grant Thornton for four years in their New York Office. Mr. McCarthy received an MBA in Finance/Accounting from Columbia University and a BA in Economics from Whitman College.

Joseph Korbar, Managing Director & Co-Chief Investment Officer - New York Office – 212 716-5627
Mr. Korbar is a Managing Director of the Carlton Group and Co-Chief Investment Officer of Carlton Strategic Ventures. Mr. Korbar is a residential loan and capital markets expert having held senior positions for JP Morgan Chase, Mortgage It and Deutsche Bank over a 20 year period. At Deutsche Bank, Mr. Korbar was a Senior Banker in the RMBS Fixed Income Division where he was responsible for pricing and new product development for a $25 billion per year book of investments. In addition, Mr. Korbar managed risk, hedged positions and determined best execution strategies for the portfolio. Prior to Deutsche Bank, Mr. Korbar worked at JP Morgan Chase as a Senior Vice President in the Finance Division. Mr. Korbar has a B.S. in Finance from Seton Hall University.

James B. Gosse, Director - 770-298-5029
Mr. Gosse runs Carlton’s Atlanta Office and is responsible for loan sales advisory and structuring complex equity and debt transactions for the firm’s clients. He has more than 10 years of combined loan sale, finance, equity placement, acquisition, and asset management experience. Mr. Gosse has spent time valuing and acquiring all types of debt instruments including whole loans, mezzanine, and participating mortgages. Prior to opening an Atlanta Office for Carlton, Mr. Gosse was in charge of Asset Management and Acquisitions for Carlton’s principal acquisitions group. Prior to joining Carlton, Mr. Gosse worked at McKinney Properties and was responsible for equity placement, acquisitions, and asset management. Mr. Gosse has a degree in Economics from the University of Georgia and holds a NY real estate license.

Sean C. Hussey, Senior Vice President - 205-482-0083
Mr. Hussey is a Senior Vice President of Carlton’s asset sales group.  He has 25+ years of experience in commercial banking.  Most recently he was a senior manager at AmSouth/Regions where he was hired to establish a portfolio management function. In addition to his portfolio management duties his group conducted asset purchases and sales and managed the allowance for loan ad lease losses. Stress testing models and loss given default analysis were established to drive portfolio decisions. Prior to Regions, Sean held a variety of senior positions during his 19 year career at Bank of America including portfolio management, structured finance where he was responsible for transactions to mitigate credit risk including the sale of distressed commercial loans, credit administration and also time in the finance group as the manager in profitability measurement. He has an MBA from Florida Atlantic State University, and a BA in Finance from the University of South Florida.

Philip A. Powers, Managing Director - 310-219-6905
Philip A Powers was most recently Senior Vice President and Manager of the Commercial Real Estate (CRE) Lending Group at Security Pacific Bank in Los Angeles. Mr. Powers started the CRE Lending Group in 2004, hiring over 20 professionals in the origination, processing, underwriting, closing and servicing areas. The CRE Lending Group closed over $660MM of new originations and purchased loans, with average pre-tax net income of $10MM per year on $25MM of allocated capital and $250MM of average assets. Before Security Pacific Bank Mr. Powers was VP-Manager of the Southern Region Retail Lending division at Imperial Capital Bank. At Imperial Mr. Powers managed nine loan officers and was responsible for over $500MM in originations of small balance commercial real estate loans. Mr. Powers also started the Secondary Market Acquisition Group in 2000 and bought over $350MM of small balance commercial real estate loans from 2000 to 2004. In 1995 Mr. Powers moved to Los Angeles from New York City to be Executive Vice President and Region Manager for Koeppel Tener Real Estate, a national due diligence and appraisal firm. In New York City, Mr. Powers was VP-Loan Syndications for Chemical Real Estate Finance, and before that was VP-Loan Originations for the New York Office of National Bank of Canada. Mr. Powers started his real estate career at Marine Midland Bank in the Construction Lending Department. Mr. Powers received his BA from Columbia College in New York City and his MBA with a concentration in Finance from New York University’s Stern School.

Jerome Wilson,

Brendan P. Sullivan, Managing Director - 212-716-5624
Brendan Sullivan, Managing Director of the Carlton Group, has over 20 years of commercial real estate experience. Prior to joining the Carlton Group, Mr. Sullivan spent 14 years at Stpehen W. Brener Associates/InterBank Brener Hospitality. As President of the firm, Mr. Sullivan oversaw the promotion, growth and management of its three major disciplines: Investment Banking and Principal Activities; Advisory and Brokerage Services; and Strategic Relationships. Mr. Sullivan has also served as Regional Director of the Americas for Knight Frank Access, which was formed by Knight Frank, one of the UK's largest and most prestigious real estate firms, and InterBank Brener Hospitality. In total, Mr. Sullivan has completed over $7.5 billion in transactions and advisory assignments and offers exceptional expertise in hospitality/lodging assets. He has also served on the advisory board at the Tisch Center for Tourism and Hospitality at New York University.

Robert Mudry, Managing Director 212-716-5618
Mr. Mudry is a Managing Director of Carlton Merchant Banking/Equity Placement and Advisory Service Groups. Mr. Mudry is a seasoned sales and marketing professional with over 30 years of business development, capital raising and managerial skills. He has raised billions of dollars in capital from global sources for financial institutions including, prominent hedge funds, private equity and family offices. He has also served as advisor and provided strategic direction and financing for several listed public companies over the last decade. His prior experience includes senior executive positions in investment banking and corporate finance when he was employed by Kidder Peabody, Drexel Burnham and Solomon Brothers. Mr. Mudry received both an MBA in Finance and a BS in Management from New York University.

Neil Bane, Director - 212-716-5608
Neil B. Bane is a Director at Carlton Advisory Services, Inc., Carlton Hospitality and CEX Auctions. Mr. Bane has over 21 years of combined real estate, finance, loan sale, workout and capital raising experience. Mr. Bane has completed over $5 Billion of complex debt and equity placements, loan sale origination and placements, distressed loan acquisitions, acquisition advisory and investment property sale transactions. Neil spearheads Carlton's cross-border and overseas effort - with strong focus on office, retail, hotel and multifamily property finance, capital raising and advisory business. Mr. Bane has been active throughout the US, Canada, Mexico, Latin America, Europe and Asia. Mr. Bane holds an MBA from Cornell University, a M.S. in Real Estate from NYU, a BA from Yeshiva University. Neil is a licensed real estate broker in New York and Massachusetts. Neil is an active member of the Urban Land Institute (ULI), International Council of Shopping Centers (ICSC), and the Cornell Real Estate Council.

Justin Piasecki, Vice President - 212 716-5619
Justin R. Piasecki is a Vice President of Carlton Advisory Services and the Loan Sale Advisory Group.His primary responsibilities will include originations of loan packages for sale and placement.Mr. Piasecki will draw upon his contacts and background from over 5 years of Secondary Market experience. Over the past 2 years Mr. Piasecki has worked on over $3b of Whole Loan Sales for many of the worlds Institutions, Regional Banks, Funds, and High Net Worth Individuals. Along with Loan Sales, he has worked on raising over $1B in capital for public and private clients. Previous to Carlton Mr. Piasecki was at Zurich Mortgage Capital, a national direct private equity lender where he served as the COO and Vice President, to assist him in his endeavors at with the Loan Sale Advisory Group. At Zurich Mortgage Solutions, Mr. Piasecki handled operations for a company with annual originations of over $300 million. His professional career began at Triple Crown Properties, a luxury home Developer and Real Estate company in Palm Beach, FL where he was promoted to Vice President of Operations before joining United Appraisal Network, and lead it to become the number two residential appraisal company in the United States. Mr. Piasecki is a graduate of Rutgers University where he received a BS in Political Science and was a four year letter winner on men's basketball team.

Ryan Chernis, Vice President
Mr. Chernis has over 8 years of combined real estate and investment banking experience and has been involved in +$1.5 billion of real estate transactions throughout the United States and Europe. Ryan is responsible for national secondary loan and REO sale advisory. His responsibilities at Carlton include; loan and REO sales and trading, restructuring and financial analysis for all asset classes. Ryan holds a Masters in Real Estate Finance from New York University and a Bachelor of Arts from the University of San Francisco. Professional and academic affiliations include: NYU Schack Institute of Real Estate Alumni Association, USF Alumni Association, ICSC and ULI.

Alan Behar, Vice President - 212-716-5609
Mr. Behar has over 7 years experience in the structuring and procuring of equity and debt capital in excess of $300 million in Real estate and asset based lending. Additionally, he is an accomplished professional in the analysis and valuation of property and mortgage portifolios. Prior to Carlton, Mr. Behar was President of ABL capital which focused on raising Equity and debt for many public and private companies. Prior to that Mr. Behar was Vice president of Laurus capital Management an asset based Lender. Focusing on providing debt to Public and private companies, Mr. Behar has a B.A. in finance from the University of Miami.

Daniel W. Drew, Associate - 212-716-5621
Daniel Drew joined Carlton in 2006 and has a total of more than 10 years of commercial real estate finance experience. His expertise includes complex financial modeling, underwriting, and valuation for all types of commercial real estate, including office, hospitality, multifamily, retail, and mixed-use projects. His transaction experience spans loan sale advisory, equity and debt recapitalizations, programmatic entity-level capital raising, as well as asset valuation. Prior to joining Carlton, Mr. Drew was employed at Deutsche Bank, Merrill Lynch, and Aries Capital. He holds a Bachelor of Science Degree from the University of Notre Dame.

Chris Nickerson, Analyst - 212-716-5613
Mr. Nickerson is an analyst at Carlton where his responsibilities include valuing distressed debt and preparing financial models. Mr. Nickerson holds a Bachelor of Science degree, with a concentration in Finance and Multinational Business, from Florida State University and has also studied at the Tianjin Foreign Studies University in Tianjin, China.

Aaron Iskowitz, Analyst
Prior to joining Carlton, Mr. Iskowitz was a Project Manager and Financial Analyst at Woodmont Properties, a New Jersey based regional real estate developer where he oversaw due diligence, the approval process, and maintained ongoing financial projections for various projects across all asset classes. Mr. Iskowitz holds a Bachelor of Arts degree, with a concentration in Managerial Economics, from Union College in Schenectady, NY and is currently a candidate at New York University’s Schack Institute of Real Estate pursuing a Master’s degree in Real Estate Finance.

John Bralower,

Steve Fenster,

Joyce Gordon,

Louis Majano,

Reuben Twersky,

Joe Petrelli,

Stephen R. Scorgie, Senior Vice President - 561 207-6242
Mr. Scorgie is a Senior Vice President of The Carlton Group. Mr. Scorgie has over thirteen years of combined Real Estate Acquisition and Finance experience. His responsibilities at The Carlton Group include Loan Sale Advisory and Commercial Loan Placement. Mr. Scorgie worked as Managing Director of Secondary Marketing for FIP Mortgage Company in Irvine California. His responsibilities at FIP included placing FIP’s monthly multifamily loan production and third party loan sales. Prior to FIP Mr. Scorgie spent 4 years as Director of Small Commercial Loan Acquisition and Director of Business Development for Ocwen Financial Corporation in West Palm Beach Florida. Mr. Scorgie’s responsibilities at Ocwen included developing the loan pricing model and direction of acquisition and asset management of non and sub- performing commercial loans. During his three year tenure at Ocwen, Mr. Scorgie assisted in the acquisition of several billion dollars sub and non performing commercial loans and developed a broad range of bank and thrift clientele for the bank. Mr. Scorgie has an undergraduate degree in Finance & Accounting from The University of Virginia and an MBA from the Darden School at University of Virginia.

Matthew E. Brown, Vice President -  561 207-6250
Mr. Brown has a combined five years of real estate structured finance experience. Matthew is an Associate in Carlton’s Loan Sale Group; his primary responsibilities include pricing analysis, and loan and REO trading. Prior to joining Carlton, Mr. Brown was with the Aztec Group, a real estate capital markets intermediary and merchant banking firm located in Miami where he secured capital for clientele and lead the JV equity investment underwriting effort on behalf of Aztec’s principals. Prior to that, Mr. Brown was with Arbor Realty Trust, a nationally recognized REIT where he underwrote Bridge, Mezzanine and Preferred Equity financing of all assets classes including many large portfolios nationally. Mr. Brown holds a B.S. and M.B.A. from Nova Southeastern University.

INFORMATION TECHNOLOGY:

Patrick J. Mohr, Chief Technology Officer  -  212-716-5638  -  pjmohr@carltongroup.com Mr. Mohr is responsible for e-commerce solutions, technology development and infrastructure systems for the Carlton Group. He has over 25 years of technology management experience in analyzing, designing, developing and implementing programs aimed at maximizing the strategic value of Information Technology assets. Prior to Carlton, Mr. Mohr was with Swiss Reinsurance for 20 years, the last four as Director and Senior Manager. In this role, he was responsible for all technology related projects and staff at the 38 branch offices in the Americas; Canada, Latin America and the Unites States. He also shaped and managed strategic global technology teams and platforms for Swiss Re. Mr. Mohr received an MBA from Pace University Lubin School of Business, a BA in Information Technology from Oswego State University and is certificated in PMP, BPPM and ITIL.

Michael Boadi, Systems Analyst  -  212-716-5629  -  mboadi@carltongroup.com