Corum Property Investments Limited is a Guernsey Registered Authorised Closed-Ended Collective Investment Scheme, (under The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. For the purposes of section 8(5) of the Law, Praxis Property Fund Services Limited is the Designated Manager).

CPIL was listed on the Bermuda Stock Exchange in August 2007. For details of this listing, please follow the link:

www.bsx.com

Corum Investment Advisors Limited is a BVI registered company and is the investment advisor to the Fund. As investment advisor, the company is contracted to provide services including the identification and evaluation of opportunities.

Kevin Foster

Kevin has more than 20 years experience in the UK and European commercial property markets, particularly in the retail sector. Starting his career at the end of the 1980’s within the retail team of Speyhawk Plc, a major listed property developer, Kevin gained enormous insight and first hand experience of the difficult conditions which followed the collapse of the market in the early 1990’s.

Following a spell as a retail agent at Montagu Evans, Kevin joined the retail team of Jones Lang LaSalle in 1996, where he became the Director responsible for retail development activity within the UK.

During his time at Jones Lang LaSalle, Kevin was responsible for advising on a number of significant town centre developments including, Bull Ring in Birmingham and The Paradise Street Development, Liverpool. In addition, he worked with clients in the private and public sectors, advising on the development of sites for retail-led mixed-use development.

Robert Cohen

Robert came to the UK in 1998 from South Africa and joined Investec Bank (UK) Limited. As a member of Investec’s senior credit committee, he was involved in financing a broad range of property investment and development transactions within both the UK and Europe. As head of Group Investments for Investec, he was involved in private equity investing, funding and the management of operating companies across a wide range of industries.

His career in South Africa encompassed manufacturing industry and distribution before he jointly founded Vestacor Limited with Gerald Rubenstein, where he acquired a number of companies in the retail and logistics sectors.

Robert Cohen is a director of Corum Property Investments Limited.

Angus Mackay

Angus Mackay is chairman and co-founder of Retail Africa. He has more than 25 years experience with all aspects of commercial and retail property. He has conceptualized, developed and owned shopping centres, office blocks and industrial parks and is well known for his entrepreneurial flair and enthusiasm.

Angus and Retail Africa have been fundamental to the creation of Corum and the development of the strategy which seek to diversify their property interests into the UK market.

Gerald Rubenstein

Following a lengthy and distinguished career as an attorney and senior partner in one of Johannesburg’s most prominent legal firms, Gerald has pursued an equally successful career in business. He has been involved in publicly listed companies ranging across retail, tourism, education trading and industry; private equity investments and in the mining industry.

More recently, Gerald’s interest has been in the retail sector, initially as Executive Chairman of Profurn Limited, a major listed furniture retailer (which grew under his Chairmanship from a market capitalisation of less than £1m, to over £250m). He is currently the Chairman and majority shareholder of Vestacor Limited, which has major retailing and property interests.

Brett Allen

Brett brings over 40 years experience of all aspects of commercial property, with particular reference to acquisition, sale and leasing of property, management and financing with banking, joint venture and private placing finance.

Starting his career as a surveyor for the Coal Industry Nominees Pension Fund and then as chief surveyor for London & Provincial Shopping Centres, Brett founded Ossory Estates in 1980, which through acquisition became a development and investment company listed on the UK stock exchange.

Now a resident of Guernsey, Brett has successfully completed a number of major development projects on the Island, including the renovation of the historic Market Buildings into a mixed-use retail led centre.

Brett continues to be an active investor and advisor across a portfolio of property assets and brings significant experience and knowledge to the management team.

Brett Allen is a director of Corum Property Investments Limited and of Corum Investment Advisors Limited.

David Abargil

David heads a corporate financial advisory business in Israel. He was the co-founder and manager of Pan Finance Limited, an Israeli boutique investment banking and asset management company established in 2002 and managed the Omega Pan 1 Fund; a hedge fund specialising in long/short equity with capital of $60m.

He was a director of and financial adviser to a company which developed a retail shopping centre in Israel.
David spent three years in South Africa as the Chief Financial Officer of Profurn Limited, a retailer of furniture and electrical goods, listed on the Johannesburg Stock Exchange with 600 stores in 17 countries. Prior to this he was a member of a project team recruited by the Israeli Treasury to manage the Pension Fund for the Builders’ Association following a period of financial uncertainty within the Fund.

David is a director of Corum Property Investments Limited and of Corum Investment Advisors Limited.

Charles Orbach

Charlie Orbach qualified as a Chartered Accountant with one of South Africa’s leading firms of Accountants and Auditors and went on to found the accounting and auditing practice of Charles Orbach & Company in 1968. He built this into one of the leading niche practices in the South African market, offering comprehensive auditing and business advisory services which included mergers & acquisitions, corporate restructuring, stock exchange listings and corporate finance.

Charles also became a consultant to listed and unlisted companies and in many instances attended board meetings in this capacity. His firm was involved in the listing of many companies including: Voltex, Softline, Kelgran,Vestacor, Value Group, Faritec Holdings, African Media Entertainment, Fabric Library, Punch Line Holdings, Arban Group, South East Rand Gold Holdings and Nigel Gold Mining Company.
Charles retired from practice in March 2005 but remains as a consultant to the practice and to other business ventures in his portfolio.

Corum’s principal founding shareholders are: the Directors of Corum, Vestacor, the directors of Retail Africa, and Standard Bank. Further details of these companies are set out below.

Retail Africa

Retail Africa is one of South Africa’s foremost retail shopping centre developers and retail asset managers. Established in 1995, the company has developed in excess of 3m sqft of floorspace and has a further 3.5m sqft under construction or at the planning stage. Retail Africa seeks to invest for the long term, with a strong focus on design, tenant mix and marketing. Completed investments are generally held as long term investments and continue to be actively managed by the management team, who are the major equity holders in Retail Africa.

Investment properties are held within two funds; the first, RAPFund is a focussed fund investing in high profile upmarket convenience shopping centres, typically under 150,000 sq ft and usually anchored by a national food store operator. It is currently made up of approximately ten centres, with a further eight currently under construction pegged for acquisition upon completion. RAPfund is well on track to achieving its projected capital value of R1.5bn by 2010.

The second fund, Wingspan, is a specialised fund of upmarket community and regional shopping centres and office parks. Wingspan holds a number of assets, including the award winning Mountain Mill Centre, Worcester and the Irene Mall in Gauteng. A number of current development projects will be transferred to the fund upon completion and it is anticipated that Wingspan will have a capital value in the order of R4bn by 2010.

Further information on Retail Africa is available on the website; www.retailafrica.co.za

Vestacor

Vestacor is a privately held private equity fund with interests in the retail and property sectors. On the retail side, the company owns a number of major South African brands including, Look & Listen (the country’s leading multi-media retailer), Spilhaus (selling high end crystal and giftware with brands such as Swarovski and Waterford) and Stuttafords (South Africa’s leading department store with over 20 branches).

Vestacor also has a substantial property portfolio with a value in excess of £50m and together with its investment in Corum, retains substantial cash for further investment.

Vestacor was the Private Equity backer of the Retail Africa team when they founded the business and backed the public to private takeover of a retail property group which formed the core of Retail Africa’s initial operations.

Further information on Vestacor is available on the website; www.vestacor.co.za

Standard Bank

Standard Bank is South Africa’s largest bank with assets of approximately US$120bn. The bank operates throughout Africa and worldwide, with a substantial presence in the UK and Europe. It is a significant fund manager of property funds as well as having its own proprietary property assets. The investment in Corum falls within its proprietary private equity division where it seeks to develop long term relationships with entrepreneurs in property and industry.

Further information on Standard Bank is available on the website; www.standardbank.com