Ptarmigan Capital Appoints Arvind K. Bajaj as Principal

Mumbai, April , 2007 "� Ptarmigan Capital, an alternative asset management firm focusing on real estate-related investments, including private equity real estate investments in India and opportunistic investments in the U.S. residential markets, has announced the appointment of Arvind K. Bajaj as a Principal of the firm. He will focus on Ptarmigan's global real estate products. The Firm has recently announced plans to invest in the residential and commercial real estate sector in southern India.

Mr. Bajaj has over 20 years of experience building successful commercial real estate finance businesses globally. In 2004, Mr. Bajaj joined Credit Suisse as a Managing Director and head of European CMBS Distribution. In 2005, he was promoted to be head of both CMBS Origination and Distribution. Under his leadership, Credit Suisse's pan-European commercial real estate conduit lending program grew to originate in excess of $10 billion of real estate facilities in just three years. Most recently, Mr. Bajaj was named head of Middle East Real Estate. In addition, Mr. Bajaj has played a senior role in developing the Credit Suisse Indian commercial real estate platform. Prior to joining Credit Suisse, Mr. Bajaj was with Morgan Stanley for 10 years in a variety of senior level commercial real estate finance positions based in both London and New York. Mr. Bajaj holds an M.B.A. and B.A. from Vanderbilt University. Mr. Bajaj will relocate from London to Ptarmigan's Stamford, Connecticut office. His employment will begin on 1 May 2007.

"Arvind's addition to our firm comes at an important time as we prepare to launch an investment effort focused on the southern India residential and commercial real estate sectors," said Craig S. Phillips, Chairman and Chief Executive Officer of Ptarmigan Capital. "His 20 years of commercial real estate finance experience, which spans the U.S., Europe, India and the Middle East, is invaluable. His extensive knowledge of real estate finance, combined with his sophisticated understanding of the global real-estate backed debt market, is quite unique and will contribute significantly to our efforts."

As previously announced, RVS Rao, a leading figure in the Indian real estate development and mortgage finance industries, also recently joined Ptarmigan as Chairman of its Indian operations. Mr. Rao previously served as Executive Director and a Member of the Board of the Housing Development Finance Corporation ("HDFC"), India's largest mortgage bank, where he oversaw its operations for South India and Goa. He also oversaw operations of service associates of HDFC at Dubai, Kuwait, Qatar, Saudi Arabia, Bahrain and the Sultanate of Oman. He joined HDFC in 1983, after working for 16 years with the Central Bank of India. Currently, he sits on the boards of several prominent southern Indian companies.

Ptarmigan Capital was founded by Mr. Phillips. He has been involved in the global asset-based finance markets for over 30 years and is recognized as one of the leaders in the development of the securitized debt markets.

About Ptarmigan Capital: Founded by Craig S. Phillips, Ptarmigan Capital is an alternative asset investment management firm seeking opportunities in global asset-based financial products. The firm's first fund will focus on real estate investments in southern India. With offices in Stamford, Connecticut and Bangalore, India, Ptarmigan has assembled a team with a wealth of capital markets, real estate finance and project development experience. Ptarmigan's Bangalore-based team represents some of the most experienced and well-connected real estate professionals active in India today.