BALMAIN TRILOGY EXECUTIVES

Rodger Bacon is the Chairman of Trilogy Funds which acts as Responsible Entity for a number of Mortgage and Property Trusts. He was an Executive Director and significant shareholder of Challenger International Limited with his last 2 years being Executive Director responsible for lending with Howard Mortgage Trust and was responsible for Challenger Annuities. He spent 15 years with Schroder Merchant Banking Group and was a Board member of the ASX listed Schroder Property Fund.

Andrew Griffin is the CEO of Balmain. Andrew has been involved in the property and finance markets at the highest level for more than 20 years. He has worked with luminaries such as Robert Whyte, Kerry Packer and John Singleton. Strong financial skills and legal training are core to Andrew's ability to correctly structure and complete substantial corporate mergers and acquisitions and real estate transactions.

Michael Holm is the founder and Executive Chairman of the Balmain Corporation, Australia's oldest and largest commercial mortgage originator. He has more than 30 years' experience in commercial property financing. He also serves as chairman and
board member in Balmain's fund management, capital markets and loan servicing businesses.

John Barry is an Executive Director of Trilogy Funds Management Limited. Prior to the takeover by RBS John worked with ABN AMRO in its infrastructure and funds management area. He is also an Independent Director of the RiverCity Motorway Group. Previously he was an Executive Director of Challenger International Limited and was instrumental in its growth into a broadly based financial services company. John has a background in Chartered Accountancy with Coopers & Lybrand both in Australia and the UK. After this he worked in the corporate advisory area with two international investment banks.