A key element of Highland Realty Capital, Inc.’s (“HRC”) competitive edge is the added value offered by the company’s principals who, collectively, have closed more than $6 billion in real estate transactions.

R. BRAD SEVIER

| PRINCIPAL

R. BRAD SEVIERR. Brad Sevier is the co-founder and President of Highland Realty Capital, Inc.  With over twenty-eight years of experience in real estate brokerage, finance and law, Mr. Sevier has established a reputation as one of the preeminent real estate experts in Southern California.

Mr. Sevier has been involved in the real estate industry since 1989 when he began a seven year career as a real estate attorney. Mr. Sevier’s practice focused on the financing, acquisition, disposition, leasing and development of both commercial and residential projects.

Since transitioning into real estate brokerage and finance in 1997, Mr. Sevier has established a broad base of strong capital relationships including investment fund managers, life insurance companies, pension funds, REIT’s, banks and private investors.  He has extensive experience structuring and closing asset sales, permanent loans, bridge loans, construction loans, mezzanine debt and joint venture equity for projects ranging from stabilized assets to ground up developments.

Prior to forming HRC in 2005, Mr. Sevier was a partner and Senior Vice President with Buchanan Street Partners, a West Coast based real estate investment bank.  Mr. Sevier started Buchanan’s Los Angeles office in 1999, and for six years he led a team of professionals that arranged asset sales and debt and equity financing for real estate investors and developers.

Mr. Sevier received a B.A. in Business Economics from the University of California at Santa Barbara in 1986, and a J.D. from Loyola Law School in 1989.  Though no longer practicing law, Mr. Sevier remains a member of the California State Bar, and he has been a licensed Real Estate Broker since 1991.

MICHAEL B. GUTERMAN

| PRINCIPAL

Mike Guterman is a co-founder and the Chief Financial Officer of commercial real estate capital financing firm Highland Realty Capital.

Prior to forming Highland, Mr. Guterman was a partner and Senior Vice President, responsible for advising, structuring and placing debt and equity capital solutions, with Buchanan Capital Advisors. Mr. Guterman also served as an account officer with the two predecessor firms to Buchanan Street Partners.

With 20 years of experience in commercial real estate, Mr. Guterman started his career at Kennedy Wilson brokering investment sales. For the past fifteen years, Mr. Guterman has focused exclusively on finance. He holds a B.A. in Business Economics from the University of California at Santa Barbara.

JEFFREY K. ELIASON

| PRINCIPAL

JEFFREY K. ELIASONJeffrey K. Eliason is a principal of Highland Realty Capital.  Through his 22 years of real estate experience, as an advisor arranging debt and equity capital for owner/developer clients, as an acquisitions director for an investment firm, and as a banker in both Chicago and San Francisco, Mr. Eliason has become one of the leading real estate capital advisors in Northern California.

Prior to joining Highland Realty Capital as a Managing Director in 2006, Mr. Eliason was a partner and Senior Vice President with Buchanan Street Partners, a West Coast based real estate investment bank.   In addition to joining as one of the original partners of the firm in 1999, he served as a senior member of Buchanan’s San Francisco office and one of its top originators of business.  Mr. Eliason also served in a business development capacity with Finova Realty Capital and Belgravia Capital, the two predecessor firms to Buchanan Street Partners.

Starting his career in 1982 in the real estate department of Continental Illinois National Bank in Chicago , Mr. Eliason built a foundation in real estate lending.   Following graduate school in 1986, he worked as a capital advisor with two subsidiaries of Grubb & Ellis, Miller Wallenstein & Associates in Dallas and George Smith Financial in Los Angeles .  In the 1990’s Mr. Eliason was the Director of Acquisitions for a Northern California real estate investment firm, worked as a consultant with 1st Interstate Bank, and became a partner with a Sunnyvale real estate advisory firm.

Mr. Eliason earned a B.S. in Finance from the University of Iowa , where he graduated summa cum laude, and received his M.B.A. from Harvard Business School .  He serves on the Board of the San Francisco Bay Area Chapter of the National Association of Industrial & Office Properties (NAIOP), and is its Program Chairman.  Additionally, Mr. Eliason is a member of the International Council of Shopping Centers (ICSC) and has been a licensed California Real Estate Broker since 1992.

NATE CARLSON

| VICE PRESIDENT

Nate Carlson is a vice president of Highland Realty Capital. He received his B.S. in Business Administration with an emphasis in Real Estate Finance from USC’s Marshall School of Business and his M.S. in Financial Accounting from USC’s Leventhal School of Accounting. He earned his CPA certification while working as an auditor at Deloitte & Touche, where he audited real estate, manufacturing, and technology companies. At Highland Realty Capital Nate works directly with commercial real estate developers, institutional equity investors and lenders to evaluate real estate and capital market conditions to structure the best capital solutions for his clients and their projects.