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. Cambell 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.

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.

ATLANTA

Update Pending

BIRMINGHAM

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.

NEW YORK CITY

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 Stephen 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.

John Bralower, President and Managing Director - 212-716-5631

Mr. Bralower is president of Carlton Hospitality Group and managing director of The Carlton Group. During his career, Mr. Bralower has completed over $20 billion of debt, equity, corporate finance, M & A, advisory and leasing transactions for many of the real estate and hospitality industry's leading companies. These have included properties and firms located in the United States, Europe, Asia and Latin America. Recent transactions include the placement of $350 million of senior and mezzanine construction debt for Trump Soho, a 400 key Manhattan condo-hotel, the $840 million equity and debt capitalization for the acquisition and conversion of Manhattan House, the largest single asset residential transaction in history and the $240 million equity and debt capitalization for the acquisition and re-branding of the Wyndham (now Westin) Aruba.

Mr. Bralower's positions prior to joining Carlton include managing director and co-head of global real estate investment banking at Houlihan Lokey Howard & Zukin, and president of Sonnenblick-Goldman Company.

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.

Steve Fenster, Managing Director - 212-716-5614

Steven Fenster is a Managing Director of Carlton Advisory Services, Inc. and Carlton Strategic Ventures. He has over 25 years of combined real estate and investment finance experience.  During the course of his career working both with syndication firms and investment banks he has been involved in raising money from investors for many diverse financial projects throughout the country. Whereas he has familiarity in all areas of Real Estate Equity and Debt financing, he specializes in obtaining Equity for acquisitions, recapitalizations and development projects. He has extensive experience with office buildings, multifamily rentals ,hotels, ground up developments, condominium conversions and mixed use projects.

His responsibilities at Carlton include Debt and Equity placement and Investment Sales. Prior to joining Carlton, Steve held significant advisory positions at UBS, Oppenheimer and Lehman Brothers. His responsibilities included financial planning, asset allocation analysis, and portfolio management of investments totaling over 100 million dollars.

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.

Alan Behar, Vice President- New York Office 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. from the University of Miami. In Finance

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 - 212-716-5626
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 a Master’s degree in Real Estate Finance from New York University.

Samuel Nitka -Rojzmen, Managing Director International Division - 212-716-5612

Louis Majano, - 212-716-5628

Reuben Twersky, Associate - 212-716-5625

Joyce Gordon, Reception - 212-545-1000

PALM BEACH