MANAGEMENT TEAM

Board of The Manager

Gordon Fell / Executive Chairman and Managing Director

Prior to founding Rubicon in 2001, Gordon was the Joint Chief Executive of Ord Minnett, an independent Australian investment bank which was acquired in 2000 by Chase Manhattan (now JP Morgan).

Prior to that, he was Head of Corporate Finance at Ord Minnett. Before joining Ord Minnett he was a Director of Schroders Australia Corporate Finance and a management consultant with McKinsey & Company. Gordon holds a Bachelor of Science (Honours) and Bachelor of Laws (Honours) from the University of Sydney. He received a Doctor of Philosophy from Oxford University, where he was a Rhodes Scholar. He is a director of Allco Finance Group Limited (ASX: AFG), the Chairman of Opera Australia, a Trustee of Sydney Grammar School and a director of The Smith Family.

Matthew Cooper / Executive Director

Matthew’s experience includes accounting, investment banking and funds management. Previously he was a director within the investment banking team of Ord Minnett. Prior to that, he was with UBS Warburg Corporate Finance, spending six years with the Bank. Matthew holds a Bachelor of Commerce from Victoria University (New Zealand). He received a Master of Applied Finance from Macquarie University and is a Chartered Accountant (New Zealand).

David Simpson / Non-Executive Independent Director

David is an experienced corporate lawyer, specialising in large scale mergers and acquisitions, both public and private, and international offerings of debt and equity securities. Until recently he was a partner in Freshfields Bruckhaus Deringer (Freshfields), one of the world’s largest law firms and before that a partner in one of Australia’s leading law firms, Allen Allen & Hemsley (now Allens Arthur Robinson) (Allens). From 1991 to 2004 he was based in Asia as a corporate lawyer in Indonesia from 1991 to 1997 and Singapore from 1997 to 2004. He was the managing partner of both the Allens and the Freshfields offices in Singapore and has worked on some of the largest transactions in South Asia. David holds a Bachelor of Economics and Bachelor of Laws (Honours) from the University of Sydney and a Master of Laws from Cambridge University.

RJT Management Team

In additional to the executive directors, the Rubicon staff responsible for the asset origination, asset management and operational management of RJT are located in the Rubicon Japan office (Tokyo) and the Rubicon Australian head office (Sydney):

Rubicon Japan

Rubicon Japan was established in Tokyo to ensure a strong operational capability where the assets are located. Rubicon Japan has an experienced and commercial management team to oversee the management of Rubicon Japan and the TK Businesses. The Rubicon Japan management team includes:

Yoshiko Tsuda / Manager – Asset Management - Rubicon Japan

Yoshiko’s experience includes nine years working in real estate in Shanghai and Japan. Previously she worked at Mori Building Co., Ltd. for seven years as a sales representative. Prior to Mori Building Co., Ltd. Yoshiko worked at Shanghai Senmao International Real Estate Co., Ltd. for one year as tenant relations. Yoshiko holds a Bachelor of Arts (International Economics and Trade) from Shanghai International Studies University.

Kanae Furukawa / Transaction Assistant - Transactions - Rubicon Japan

Kanae’s experience includes three years in Tokyo with Ken Corporation and Orix Real Estate as a Transaction Assistant where she was involved in both commercial and residential real estate in Tokyo. Kanae graduated with a Bachelor of Arts (Interior Design) from Marymount University, Virginia and is a Licensed Real Estate Principal Broker.

Paul Larking / Senior Property Accountant – Rubicon Japan

Paul’s accounting experience includes nine years working in real estate in Australia and Japan. Previously he worked at Goldman Sachs Realty Japan Limited for three years in an accounting role responsible for several real estate portfolios. Prior to Goldman Sachs Realty, Paul worked at Lehman Brothers Japan for two years as accountant for real estate transactions. Paul holds a Bachelor of Business (Accounting) from the Queensland University of Technology and is a Certified Practising Accountant (CPA).

Koichiro Araki / Property Accountant – Rubicon Japan

Koichiro has over five years of experience in accounting having worked with Vodafone in Japan and most recently Softbank. In those roles Koichiro was responsible for planning and management reporting including, budgeting, forecasting and variance analysis. Prior to that he managed the accounting department of the Sydney regional office for Jalpak. Koichiro graduated from Sydney University with a Bachelor of Commerce majoring in finance and economics.

Rubicon Head Office

Vinay Kolhatkar / Chief Investment Officer

Vinay’s experience in the financial services industry spans treasury, lending, debt capital markets, unlisted equity and financial advisory activity with several leading financial institutions. Prior to joining Rubicon, he was Head of Private Capital with the Commonwealth Bank where he had responsibility for managing a A$200 million portfolio of unlisted equity and mezzanine investments. During this time, he was the founding Chairman of Great Energy Alliance Corporation, a company with A$3.5 billion in assets and a director of TransACT Communications Limited. He holds a Bachelor of Engineering (Honours) and a Master of Management Studies from the University of Bombay and a Master of Commerce with Advanced Specialisation in Finance from the University of New South Wales.

Ian Grayburn / Group Treasurer

Prior to joining Rubicon, Ian was the National Business Development Manager of the Projects Group for Freehills, one of Australia’s leading law firms. Prior to that, he was consulting to Merrill Lynch (Australia) on structuring financings for energy and infrastructure assets in Australasia. Previously, he spent 9 years with the Commonwealth Bank on project and corporate debt primarily in the energy and transport sectors and 8 years with CS First Boston advising government and private sector clients in South East Asia, Australia and New Zealand on project development and raising finance. Ian holds a Bachelor of Commerce and a Master of Commerce (Honours) from the University of Canterbury, New Zealand.

Rob Partos / Assistant Treasurer

Prior to joining Rubicon, Rob was with the National Custodian Services where he was responsible for ensuring the accuracy of taxation, financial reporting and pricing information for a large number of institutional clients. He was responsible for a 24 hour reporting cycle and more than 15 clients reporting in excess of A$40 billion on a daily basis. Prior to the National, Rob held roles at Norwich Investment Management Limited and MML Management. He received a Bachelor of Economics with a Major in Accounting from LaTrobe University and has a Graduate Diploma in Applied Finance and Investments from the Securities Institute of Australia.

Raman Bhalla / Senior Manager – Finance

Raman has experience in technical accounting, reporting and compliance within the investment banking, retail banking and financial services industry in Australia and Hong Kong. Most recently, he was Executive Manager at St. George Bank and was the bank’s technical accounting specialist. Prior to that, he was Assistant Vice President at Deutsche Bank, Sydney where he project managed the accounting conversion from US GAAP to AIFRS. Earlier, he worked in structuring and setting up the accounting systems for RMBS securitisation deals for Westpac. He was the financial controller of a precious metals trading organisation in Hong Kong. He is a member of the Chartered Institute of Management Accountants (UK), the Institute of Chartered Accountants (India) and is a Certified Practising Accountant (CPA). He holds a Bachelor of Commerce from Punjab University, Chandigarh.

DTZ

Rubicon Japan has appointed DTZ under an exclusive agreement. Under the Origination and Asset Management Agreement, DTZ provides a wide range of services to Rubicon Japan, including asset origination, asset acquisition (due diligence and valuation) and asset management services. DTZ has agreed to source real estate acquisitions for Rubicon Japan in priority to all other Australian listed and unlisted property trusts.

The senior executives at DTZ with primary responsibility for originating real estate acquisitions for Rubicon Japan, providing asset acquisition and asset management services to Rubicon Japan and providing property management services directly to the entities involved in the RJT investment structure are:

Yoshiki Kaneko

Mr Kaneko is Chief Executive Officer (CEO) of DTZ Japan. Prior to joining DTZ Japan he was a Director of Aetos Capital Japan responsible for property acquisitions. He has also worked for UFJ Bank and Sanwa Bank in various investment banking roles. He holds a MBA from MIT Sloan School and LLB from University of Tokyo.

Masayashi Takamoto

Mr Takamoto is Chief Operating Officer (COO) at DTZ Japan. His role within DTZ Japan is providing real estate services to Japanese and foreign corporations and investors. Clients include BNP Paribas, Bank of America, Royal Bank of Scotland, Siebel Systems and Sony Music Entertainment. Prior to joining DTZ, he held a senior role within Jones Lang LaSalle in Tokyo. Mr Takamoto holds a Japanese Realtors Licence and is an affiliate member of the Japanese Appraisal Institute. He holds a Bachelor of Science from St Michael’s College. He is based in Tokyo.

Yoshiaki Sakai

Mr Sakai is head of Asset Management at DTZ Japan. He has 16 years of asset management experience across office, retail, residential and hotel sectors. Prior to joining DTZ, he was a Senior Manager at Asia Pacific Land and managed approximatley JPY120 billion of assets. He holds a BA from Kyoto University.

Toshihiro Umezaki

Mr Umezaki is a Senior Associate Director of DTZ Japan. Prior to joining DTZ Japan he performed business development roles for investor and corporate clients at Jones Lang LaSalle and Asia Pacific Land. He has also held in-house corporate real estate roles at Barclays Capital and Deutsche Bank Securities where he was responsible for their corporate real estate portfolios. Mr Umezaki holds a Bachelor of Science in Information Technology from the University of Oregon. He is fluent in English and is a Certified Facilities Manager in Japan.

Ryunosake Nakajima

Mr Nakajima is a Senior Associate Director for the Asset Management division of DTZ Japan. His experience in the Japanese commercial real estate market includes acquisition, asset management and disposition expertise. Prior to joining DTZ Japan he worked with Unified Capital Japan, an independent asset manager where his role included negotiating with trust banks, lenders and vendors.

Koichi Nakamura

Mr Nakamura is Senior Manager in its investment team responsible for providing acquisition and due diligence services. Prior to joining DTZ Japan he worked at Towa Real Estate Brokerage, a subsidiary of one of the largest apartment developers in Tokyo. At Towa he served as a property manager for both residential and office buildings owned by institutional investors. Mr Nakamura graduated with a Master of Science in IT from Hosei University in Tokyo and Bachelor of Science from St Michael’s College. He holds a Japanese Realtors Licence.

Noboru Hirabayashi

Mr Hirabayashi is a Senior Manager within DTZ Japan providing research, cash flow analysis and due diligence services. Prior to joining DTZ he worked for two years with developer, Recruit Cosmos in Yokahama and was responsible for site acquisitions, development and sales. During this period he launched 3 projects, and was responsible for ¥50 billion of sales. Mr Hirabayashi was educated in the US and Japan and holds a Bachelor of Science from Keio University in Tokyo. He has a Japanese Realtors Licence.

Masao Wakizono

Mr Wakizono is the Financial Controller for DTZ Japan. His experience covers financial and accounting within multi-national corporations including commercial real estate, insurance and financial services groups. During his career he has held senior financial and accounting positions with ProLogis Japan, Veloqx Asset Management, ING, Royal Exchange Insurance and Uniden Corporation. His responsibilities have included financial reporting, establishing local acquisition structures, financial forecasting and tax planning. Mr Wakizono has a Bachelor of Honours in Economics from Komazawa University, Tokyo.

In addition to Japan-based executives, other senior executives of DTZ are responsible for overseeing the provision of origination and asset management services, including:

Alistair Meadows

Mr Meadows is Director of DTZ International based in Sydney and has international commercial real estate investment experience with DTZ. He is responsible for the DTZ / Rubicon relationship within the DTZ International network of offices which included the establishment and origination of acquisitions by the Rubicon Europe Trust Group (ASX:REU). Recent cross border investment experience also includes advising German closed end fund, REAL IS in its first Australian acquisition in December 2005. Other institutional clients include Colonial First State Property, ING Real Estate and DB RREEF. Mr Meadows holds a Bachelor of Arts (Honours) from University of Newcastle upon Tyne and a Masters in Land Economy from Cambridge University.

John Slade

Mr Slade is Managing Director of International Investment at DTZ. Formerly he was Chief Executive of Richard Ellis City and for seven years ran his own successful investment agency, Slade & Co. His career spans many years in the investment markets and his specialisation is advising clients on the most significant international investment transactions on a global basis. He has significant experience in the origination of cross-border transactions involving Japan.