Gary Garrabrant, Chief Executive Officer and Co-Founder, Equity International

Wednesday, May 9, 2007

Gary R. Garrabrant is chief executive officer and co-founder of Equity International. Mr. Garrabrant oversees all of the Company’s activities and investment portfolio. He is also executive vice president of Equity Group Investments, L.L.C. (EGI), the privately-held investment company founded and led by Sam Zell. Mr. Garrabrant joined EGI in 1996.

Mr. Garrabrant has extensive real estate, investment management and banking experience. He led the acquisition of California Real Estate Investment Trust and the creation of Capital Trust (NYSE:CT) where he served as vice chairman and director. He was also involved in the consolidation of the four Zell/Merrill Lynch Opportunity Funds which led to the creation of Equity Office Properties Trust (NYSE:EOP). Prior to joining EGI, Mr. Garrabrant co-founded and led Genesis Realty Capital Management, a real estate securities investment management firm based in New York. Mr. Garrabrant was a senior real estate investment banker with Chemical Bank followed by The Bankers Trust Company from 1981 to 1994.

Mr. Garrabrant is vice chairman and director of Homex (NYSE:HXM), chairman of Gafisa (NYSE:GFA) and a director of Equity International. He is also a member of the Kellogg Institute for International Studies Advisory Board at the University of Notre Dame and the Real Estate Advisory Board at Cambridge University.

Mr. Garrabrant graduated from the University of Notre Dame with a B.B.A. in finance and completed the Dartmouth Institute at Dartmouth College.