MANAGEMENT

HENRY J.H. BANDET
Founder and President
Henry Bandet founded the HG Capital funds in 1995, and is the President of HG Capital. He has originated and structured more than $1.5 billion of value-added and opportunistic real estate investments in the western U.S. Mr. Bandet is also the President of Hunting Gate Investments, Inc. (HGII). He held various executive positions with the Hunting Gate investment and development companies in the U.K. before moving to California in 1987 to become the President of HGII. Mr. Bandet graduated from Stanford University with a B.A. degree in Economics and a B.S. degree in Applied Earth Sciences, both with honors.

Tel. (650) 322-3400 Ext 201

ROBERT R. ALLEN, JR.
Chief Executive Officer
Robert Allen is the CEO and co-owner of HG Capital. Since 1995, he has identified, structured and negotiated over 50 transactions for the HG Capital funds, representing projects with an aggregate value of more than $1 billion in over 10 different product types. He is also a co-founder and Chairman of the Board of Somersett, a $1.7 billion master-planned golf community in Reno, Nevada. Previously, Mr. Allen was employed by Hunting Gate Investments, Inc. for eleven years. During that period, he negotiated over $175 million of transactions. Earlier, he served as a senior investment analyst with Catalyst Technologies, a venture capital firm. Mr. Allen holds a California real estate broker's license. He graduated from Santa Clara University with a B.S. degree in Economics.

Tel. (650) 322-3400 Ext 203

ANDREW J. JOBST
Executive Vice President
Andrew Jobst is the Executive Vice President and a Principal of HG Capital. Since joining the company in 1997, Mr. Jobst has underwritten and structured over 50 investments with more than 20 different project sponsors for a total completed value in excess of $1 billion. Mr. Jobst holds a B.S. degree in Biology, a B.A. degree in Economics and an M.S. degree in Engineering Economic Systems and Operations Research from Stanford University.

Tel. (650) 322-3400 Ext 205

The senior executive team is supported by a group of highly capable individuals in the areas of finance, operations, and accounting. The management team provides thorough analysis, research, and execution for each of the company's endeavors.