Former Schroders Head of Transactions joining Benson Elliot Capital Management
to direct UK investment programme

10 July 2006 — Benson Elliot Capital Management, the private equity real estate firm recently launched by former Doughty Hanson Real Estate head Marc Mogull, announced today that it has appointed Philip Irons, former Head of Transactions – Direct Property for Schroders plc as a Partner in the firm. Mr. Irons will have primary responsibility for executing and overseeing private equity real estate transactions in the United Kingdom.

Mr. Irons brings to Benson Elliot a prominent industry profile and a long track record of successfully sourcing, executing, implementing and exiting real estate investments across the United Kingdom. He joins Benson Elliot from Schroders plc where, for the past two years, he has been Head of Transactions – Direct Property. In this role Mr. Irons has been responsible for all direct investment transactions across the £5.6 billion Schroder Property Investment Management funds.

Prior to joining Schroders, Mr. Irons was Head of Acquisitions and Disposals at Benchmark Group plc. During his seven years with the firm he was responsible for approximately £2 billion of transactions. Mr. Irons left Benchmark in 2004 after the firm was acquired by GE Capital. Mr Irons began his real estate career as an investment agent with Healey and Baker (Cushman and Wakefield).

Commenting on the appointment, Marc Mogull, Managing Partner of Benson Elliot said: “Phil has an extremely strong investment track record in the UK. With his contacts, stature and experience he is ideally placed to manage our UK investment programme. I place high value on assembling a top professional team at Benson Elliot, and am delighted, therefore, that someone of Phil’s calibre has agreed to be part of this exciting new venture. I am sure he will play a vital role in growing the Benson Elliot brand and business in the UK, and in delivering value to the investors in our funds.”