Andrew M. Silberstein, Partner. Mr. Silberstein joined the Manager in 2009 and is responsible for the origination, structuring, and management of the Manager’s investments. From 2004 through 2008, he served as the Chief Investment Officer and Chief Operating Officer for Stoltz Real Estate and during the same period established AMS Real Estate Partners. From 1994 through 2004, Mr. Silberstein worked in real estate investment banking and private equity, first at Bear Stearns and then Morgan Stanley. He has been a member of National Association of Real Estate Investment Trusts, the Urban Land Institute, ICSC and the Real Estate Roundtable, and the board of directors of RXR Realty, and he is currently a director of NRES Holdings, Westcore Properties, Winter Properties, RAIT (NYSE:RAS), and WPT Industrial Real Estate (TSX:WIR). Mr. Silberstein graduated from Yale University in 1989 and received an M.B.A. in 1995 from New York University Stern School of Business where he was a Glucksman Fellow.

John D. McGurk, Partner. Mr. McGurk founded Rothschild Realty Inc., the predecessor to the Manager, in 1981. He is a director of Advance Realty Group, Allegro Holdings, Denholtz Holdings, JH Real Estate, Merritt Properties, Shaner Hotel Holdings, Vanta Commercial Properties (formerly known as T. Wall Holdings) and Welsh Property Trust. He is a member of the National Association of Real Estate Investment Managers, the Urban Land Institute, Pension Real Estate Association, and the Real Estate Board of New York. He graduated from Loyola University in 1965 and received an MBA from the University of Southern California in 1971.

Matthew W. Kaplan, Managing Partner. Mr. Kaplan joined the Manager in 1992 and is currently responsible for overseeing the activities of the Manager and is the Portfolio Manager of the ARS Fund Series. From 1990 to 1992, he served in the Corporate Finance Department of Rothschild Inc. Mr. Kaplan is a director of Allegro Holdings, Westcore Properties, and Winter Properties. Mr. Kaplan has been a director of Ambassador Apartments Inc., CNL Financial Services, CNL Hospitality Properties, Encore Hospitality, National RV Communities, Parkway Properties Inc., RXR Realty, T. Wall Holdings and WNY Group. Mr. Kaplan has been a member of the Urban Land Institute and of the Institutional Investor Council to the National Association of Real Estate Investment Trusts Board of Governors. From 1988 to 1990, he was a management consultant at Touche Ross & Co. Mr. Kaplan graduated cum laude from Washington University in 1984 and received an MBA from The Wharton School in 1988.

D. Pike Aloian, Partner. Mr. Aloian joined the Manager in 1988 and is responsible for the origination, economic analysis, closing and on-going review of the Manager’s investments. From 1980-1988, he was a vice president at The Harlan Company, where he was responsible for property acquisition, development and financing. Mr. Aloian is a director of Advance Realty Group, BSR Trust (formerly known as Summit Housing Partners), Denholtz Holdings, Drawbridge Realty Trust, EastGroup Properties, Merritt Properties, and Shaner Hotel Holdings. He has also served as an adjunct professor of the Columbia University Graduate School of Business. Mr. Aloian graduated from Harvard College in 1976 and received an MBA from Columbia University in 1980.