DEVELOPMENT PARTNERS

WIIIAM PRYOR

Since 1984 , Mr. Pryor has been primarily involved in developing and master-planning
landmark residential and commercial assets both in the US and Continental Europe.

In 1986 Mr. Pryor founded Amerinvest Group, which focused on acquiring opportunistic assets
and forming development joint ventures. During his tenure as president, the firm completed in
excess of $150 million in projects, including the development of Crawford Hills, a 293-acre
400-unit planned community in Orange County, Ca.; Bedford Hills, a 74-home community
in Poundridge, NY; and Haverstraw, a 201-acre project in Chatnum, NY.

In 1995, Mr. Pryor became president and co-owner of Gedeam, Monaco S.A.M., a Monegasque
holding specializing in luxury residential, commercial, and resort properties. Prominent projects
included Beausejour, a 130-unit luxury apartment complex on the French Riviera, and
Residence Le Chevalier, a 67-unit premier condominium in Cap d'Ail, France.

Mr. Pryor became managing member of First Capital Trust, LLC in 1998. Its most recent landmark project
was Biscayne Bay Tower, a 358-unit luxury waterfront residential high rise on Biscayne Bay in Miami.

Mr. Pryor received an International MBA degree from INSEAD (France), one of the world's
top business schools; studied political science at the Institute de Recherche Politique in Paris;
and is a graduate of an American college in Paris.

FELIPE PARAUD

Over the past 20 years, Felipe Paraud has been responsible for developing and investing in
over $1 billion worth of residential and commercial properties in the United States and internationally.

Among Mr. Paraud's noteworthy initiatives was his lead role with an international investment group
in successfully pioneering the commercial redevelopment of what became known as the 42nd
Street Redevelopment District in mid-town Manhattan in the mid-1980s.

During the 1990s, Mr. Paraud played a significant role in identifying investment opportunities
in multifamily properties in South Florida. In all, he was responsible for repositioning and
redeveloping almost 2,000 luxury residential units.

Mr. Paraud has been at the helm of Investcorp, a privately held investment advisory and
return-driven development firm, since 1997. In a venture with First Capital Trust, the
firm most recently concluded the divestiture of $120 million in completed and sold
out luxury waterfront high-rise properties in Miami.

In the 1970s Mr. Paraud resided in Europe where he majored in
Economics while at the London School of Economics.