LUCENT CAPITAL - Key Persons

Job Titles:

• Founder
• Managing Director
• Advisor / Canada

Adam Budd is part of the National Debt Capital Markets team at JLL where he is responsible for developing and providing real estate debt brokerage and advisory services with a focus on growing and leading the Greater Toronto Area practice group. Adam has 10+ years of commercial real estate experience in the US and Canada, having directly originated and executed on more than $800 million of financing transactions. Prior to joining JLL, Adam was an Originator with Institutional Mortgage Capital, playing a key role in structuring debt transactions for clients across Canada. Other work experience includes Vice President with Cantor Commercial Real Estate in Los Angeles, CA, FTI Consulting's Real Estate Corporate Finance and Restructuring Group, Credit Suisse Investment Bank, Northwest Healthcare Properties, and HSBC Bank Canada. Adam graduated from the Richard Ivey School of Business at the University of Western Ontario with an Honours Business Administration degree. Adam is a licensed mortgage agent in Ontario and an active participant with the Urban Land Institute, NAIOP Developing Leaders organization, and UJA Federation Toronto.

Job Titles:

• Founder & Managing Director California Office
• Founder & Managing Principal, California Office
• Founder and a Managing Director

Adam Emrani is the founder and a managing director of Lucent Capital, where he is focused on raising equity and debt for investors and real estate developers throughout the United States, Canada, and Mexico. He has worked in real estate for over 20 years and has spent the last 16 years developing his relationships and expertise in real estate capital markets. Adam has placed over $4 billion in equity, mezzanine, and debt financing across all real estate property types and executed on several hundred million dollars of loan and REO asset sales for financial institutions. Prior to founding Lucent Capital, Adam opened and co-headed the Los Angeles office for the Carlton Group, a New York based real estate investment banking firm, and was a Vice President at George Smith Partners, a Los Angeles based real estate investment banking firm. Adam holds joint JD and MBA degrees from the University of Southern California and a BS in Psychobiology from the University of California Los Angeles. He is active in numerous professional and charitable organizations including the USC Lusk Center, UCLA Ziman Center, the Los Angeles Jewish Federation Real Estate Cabinet, and City of Hope.

Job Titles:

• Founder
• Managing Director

Bruce Evans is a managing director of Lucent Capital, where he is engaged in sourcing transactions and structuring and executing debt and equity assignments. He has over 30 years of experience in the commercial real estate finance industry, working for several international organizations in locales such as Toronto, Calgary, New York and Los Angeles. Bruce has deep experience in dealing with all commercial real estate asset types and has been an active player at every level of the capital stack. Bruce's experience includes construction finance, acquisition financing, complex restructuring, and lending syndicate formation and guidance. Prior to joining Lucent Capital, Bruce opened and grew the commercial real estate financing units for Credit Lyonnais and Macquarie Bank Limited. Mr. Evans also previously worked for the commercial real estate financing groups at Tokai Bank and the Bank of Montreal. Bruce earned a Masters of Business Administration and a Bachelor of Commerce from Dalhousie University in Halifax, Canada. He is active in a number of real estate industry organizations and, with his wife, actively supports several charitable endeavors.

Job Titles:

• Managing Director

Isaac Gabai is a managing director of Lucent Capital where he is focused on large equity assignments. Isaac has been active in real estate throughout Southern California since 2005. As the founder of IAG Capital, Isaac is responsible for the acquisition, repositioning, and stabilization of underperforming assets. At IAG Capital, Isaac focuses on ground up development and renovation of office, retail, and mixed-use properties. Prior to IAG Capital, Isaac was a principal at Gabai Construction, where he was responsible for overseeing the development and construction of over $500 million worth of projects. Isaac started his real estate career at Conroy Commercial, where he became a top-performing agent and developed strong relationships with owners and brokers throughout Southern California. Isaac graduated from the University of Southern California with a Masters in Real Estate Development (MRED), and received a Bachelor of Science degree in psycho-biology from the University of California Los Angeles.

Job Titles:

• Founder
• Managing Director

Jerry Peterson is a managing director of Lucent Capital, where he is focused on originating and executing debt and equity transactions. Jerry has over 35 years of real estate development and finance experience and has completed over $3 Billion of transactions. He has close relationships with family offices, pension fund advisors, international banks, and other non-traditional capital sources. Prior to joining Lucent Capital, Jerry was responsible for managing the development and construction of Boca Raton Luxury Condominiums, a 378-unit condominium project located on Las Vegas Blvd south. Prior to Boca Raton, Jerry co-developed three retail projects totaling over 600,000 SF in Las Vegas. Prior to that, he participated with a development team in Western Canada that developed and managed in excess of 3 million SF of industrial warehouse space. Jerry started his real estate finance career at Bancorp Financial Group and from 1979 to 1986 he was responsible for arranging over $1.5 Billion of debt and equity. Jerry attended Brigham Young University and majored in Business Management and Finance. He is active in numerous professional and charitable organizations, including church and youth activities.

Job Titles:

• Founder
• Managing Director
• Advisor / Europe, Infrastructure & Energy

Michael Stirling has twenty years of experience within corporate finance, investment banking and law. He is an advisor to institutional investors who seek investments into real assets, this includes real estate, infrastructure and energy assets which provide predictable stable and long-term income streams in OECD and non-OECD countries. He advises on the capital raising and financing of real assets. In real estate his experience is in commercial office, industrial/logistics hotels and trophy assets in major global gateway cities.

Job Titles:

• Founder
• Managing Director
• Advisor / Lucent Capital & Lucent Equities
• Owner of Cardinal Equities LLC

Peter Cohen is the owner of Cardinal Equities LLC (the "Company"). The Company owns and manages, through various real estate holding companies and joint venture partnerships, office and retail properties throughout California, and parts of Washington and Nevada. The Company also develops luxury single family homes and condominium projects in high end communities, including Beverly Hills, Bel Air, West Hollywood and Westwood Village. The portfolio contains over 1.5 million square feet of real estate, including the Company's headquarters in Beverly Hills. The company's specialty is adding value to underperforming assets. Mr. Cohen graduated summa cum laude and Phi Beta Kappa from the University of California, Los Angeles, where was in the top 1% of his graduating class. While in college, Mr. Cohen served as a real estate agent for Tower Properties, a commercial and industrial real estate brokerage firm in Santa Monica, California. Mr. Cohen received his law degree from Stanford University, with distinction, where he was an associate editor of the Stanford Law Review. After law school, Mr. Cohen served as a real estate attorney in the Los Angeles office of Dewey Ballantine LLP. He is actively involved in various philanthropic organizations, including his role as Chairman of the Board of a charitable organization that provides millions of dollars of interest-free loans on a revolving basis to needy students. Mr. Cohen lives with his wife, Roya, and their four children, in Beverly Hills, California.

Job Titles:

• Founder
• Managing Director
• Advisor / Mexico & Latin America
• Principal at Paladin Realty

Santiago Gil is a principal at Paladin Realty on the Emerging Markets team, overseeing and managing Paladin's investments in select markets in Latin America. Prior to beginning his consulting work with Paladin Realty in 2010, Mr. Gil structured real estate portfolio divestments for a variety of Mexican financial institutions in excess of $90 million in value at the Los Angeles based investment bank, Lucent Capital. Prior to this experience, Mr. Gil spent over seven years in several different capacities with Mexico City based Integra, to develop over 2000 housing units in projects over different market segments and locations across Mexico. Mr. Gil started his career underwriting international credit risk with Citi Bank's Banamex in Mexico City. He is an active member of Urban Land Institute and has participated in the formation of different associations for the Los Angeles and Mexico chapters. Mr. Gil holds a dual degree in Business Administration and International Relations from ITAM in Mexico City, and a Masters of Business Administration from UCLA Anderson School of Management.