Benson Elliot Capital Management

Benson Elliot appoints Lehman
Brothers real estate fund director
to head Italian operations

18 August 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 Leopoldo Andreis de Gregorio, previously Vice President and Director of Lehman Brothers Real Estate Partners (LBREP), as a Partner in the firm. Mr. Andreis de Gregorio will have primary responsibility for directing Benson Elliot’s investment and management activities in Italy.

Mr. Andreis de Gregorio, an Italian national, brings to Benson Elliot a wealth of European real estate investment experience and a broad network of relationships. For the past six years he has been the senior LBREP executive in Italy, with overall responsibility for originating, structuring and underwriting transactions, identifying local operating partners, and structuring and negotiating joint venture relationships.

From 2000 to 2006 Mr. Andreis de Gregorio led investment, development, portfolio and joint venture transactions in Italy with a total end value in excess of €1.5 billion. He initiated joint ventures with leading Italian operators such as Gruppo Statuto, Pirelli and Parnasi. Outside Italy Mr. Andreis de Gregorio was involved in a further €2.0 billion of transactions.

Prior to joining Lehman Brothers, Mr. Andreis de Gregorio worked at Healey & Baker in Milan (now Cushman & Wakefield), advising financial institutions such as Deutsche Bank, Schroders and Morgan Stanley on real estate investment in Italy. Mr. Andreis de Gregorio holds a Laurea Degree in architecture from Turin University.

Mr. Andreis de Gregorio’s appointment at Benson Elliot follows those of Trish Geery, former Managing Director and Head of Global Real Estate for the Dubai Investment Group (“DIG”), and Philip Irons, former Head of Transactions for Schroders plc.

Commenting on the appointment, Marc Mogull, Managing Partner of Benson Elliot said: “From the outset I said I wanted to assemble at Benson Elliot the pre-eminent private equity real estate team – a team of skilled professionals who are well-respected and well-connected in their markets. Leopoldo is one of the most talented real estate professionals in Italy and a great addition to the team. I’m excited about the pace at which Benson Elliot is moving forward and the team we’re putting together.”