Aged 60, Charles Ruggieri, PhD in Law, founded holding company Batipart in 1988. After entering the property sector in the steel industry in 1970, he managed, until its privatisation, Immobilière Batibail, a subsidiary dedicated to this activity, He also organised its listing. He took over as Chairman in 1986. In 1999, after having radically transformed this company by shifting its centre of gravity towards upscale property in Paris, he successfully completed its merger with Gécina, the leading French property company. At the sane time, he undertook the redeployment across France of Foncière des Régions, a company listed on the Second Market of the Paris Bourse. He developed active partnerships with major institutionals on the Paris market, in particlar in the area of asset outsourcing, thereby extending the Group’s historical experience.

Charles Ruggieri has been Chairman of the Supervisory Board of Foncière des Régions since 2001. At the same time, he undertook to create a branch of business focused on dependent elderly persons with, in 2001, the takeover of Finagest; in 2003, the creation of Suren; and the takeover of Medidep in 2005. Working with major institutionals, he established the leading private operator in residences for the elderly in France.

Aged 72, Leonardo Del Vecchio is the Chairman and founder of the Luxottica group, the world’s leading design group for the manufacture and distribution of optical goods.

Today, the Luxottica group is the world leader in the optical sector with 2006 consolidated sales of €4.7bn, over 52,000 employees worldwide, almost 5,700 sales outlets in the United States, Asia-Pacific, China and Europe, and a wholesale network present in 130 countries. The Luxottica group has been listed on the New York Stock Exchange since 1990. Since 2000, the group has also been listed on the Milan Stock Exchange, where it is a major player in the S&P/MIB index of blue chip companies, with a market capitalisation of over €10bn. In 1986, Leonardo Del Vecchio was named a “Cavaliere del Lavoro”, a decoration awarded by the President of the Republic of Italy. Leonardo Del Vecchio is also Chairman of the Board of Directors of Beni Stabili S.p.A, and a Member of the Board of Gianni Versace S.p.A and Delfin S.a.r.l.

Aged 66, Hans-Joachim Kay was educated in France and Germany, studying law in the latter country. He is a graduate of the Ecole Nationale d’Administration in France. He initially joined the civil service of Badem-Wurttemberg and then held the position of General Manager of a company based in Stuttgart, involved in housing, offices, urban development and consultancy. He is currently Chairman of a foundation focused on in-service training in the building and property sectors. His knowledge and experience of the German real estate markets are invaluable for Foncière des Régions’ investments in Germany. Hans-Joachim Kay has been a member of the Supervisory Board since 2001. Today, he joins it as the permanent representative of Batipart, effective since 28 November 2006.

Aged 53, Philippe Vidal is a member of the Executive Board of CIC, Chairman and CEO of CIC Banque CIAL Strasbourg and Chairman of the Board of CIC Banque SNVB Nancy. A graduate of Ecole polytechnique, and with an engineering degree from Ponts et Chaussées, he began his career as Assistant Director of Public Works in New Caledonia. He joined the CIC Group in 1987, when he was recruited by Société Nancéienne Varin-Bernier (CIC Banque SNVB). He provides the company with his in-depth knowledge of financial techniques. He has been a member of the Supervisory Board of Foncière des Régions since 2001.

Aged 42, Laurent Cazelles is CFO of Prédica, the life insurance arm of Crédit Agricole. He has a wealth of experience in both real estate and finance.

Aged 64, Anne-Marie de Chalambert has been the Chairwoman since 2004 of Real Estate European Board of the Generali Group. Her experience in Asset Management and investment provides the Board with additional support for its investment decisions. Her European overview will also be invaluable for Foncière des Régions’ European growth. She is also Chairwoman of the Board of Directors of Generali Immobilier Conseil and Generali Immobilier Gestion, and Director Real Estate of the Generali France Group. She has been the permanent representative of La Fédération Continentale on the Supervisory Board of Foncière des Régions since 2003.

Aged 63 ans, an Actuary graduate of ISFA Lyon (1967), Bruno Legros has been Director of Investments for Azur GMF since 1999. Having formerly held the position of Director Real Estate in the same group (1995-1999), Bruno Legros is a recognised specialist in real estate following his various positions in leading real estate companies. Bruno Legros has been a member on the Supervisory Board of Foncière des Régions since 2003.

Aged 51, with a degree from HEC, Pierre Vaquier began his career as Manager of International Operations with Paribas. He is CEO of Axa Reim France and Delegate General Manager of AXA Reim SA. He has extensive experience of real estate investment markets. He has been a member on the Supervisory Board of Foncière des Régions since 2001.

Aged 62, Jacques HAUSLER is a graduate of Etudes Supérieures en Sciences Economiques and Institut Technique Bancaire. The General Manager of Banque Populaire Lorraine Champagne, he is also a Member of the Board of Banque Fédérale des Banques Populaires and Natexis Private Banking Luxembourg. He also represents Banque Populaire Lorraine Champagne in various organisations, notably in the area of real estate. His expertise in banking and finance, and his experience in the real estate, property management and transactions, and property development finance are all invaluable in his position as a Member of the Supervisory Board of Foncière des Régions.

Aged 59, Bertrand de FEYDEAU is the General Manager of the Association Diocésaine of Paris. He has been a Member of the Board of Bail Investissement Foncière since 30 June 2003. He contributes his expertise spanning both European Institutional Real Estate and financial and accounting issues. He has been a member on the Supervisory Board of Foncière des Régions since 23 October 2006.

Aged 67, Sergio Erede is one of the founding associates of Luxottica. In addition to his legal activity, Sergio Erede is a Member of the Board of various companies, most of which are listed, including Autogrill S.p.A, Marzotto S.p.A., Luxottica S.p.A., and Banca Nazionale del Lavoro S.p.A. Sergio Erede worked at Hale & Door in Boston from 1963 to 1964, then at Sullivan & Cromwell in New York. From 1965 to 1969, he managed the legal department of IBM Italie S.p.A. He founded Erede e Associati in 1995, which rose to fame in the areas of M&A and securities transactions. In 1999, the firm merged with two other major legal firms: Bonelli e Associati, specialising in corporate law, bankruptcy law and disputes, and Pappalardo e Associati, specialising in anti-trust law and European Union law.

Sergio Erede is a graduate of the University of Milan (1962), and obtained his LLM from the Harvard Law School in 1964. He became a member of the bar association of Italy in 1967.

Aged 33, Julien RUGGIERI is Director of Finance of Batipart. Before joining the Batipart Group, he worked at Morgan Stanley Real Estate Funds (MSREF) in New York, after having worked for an American subsidiary of the Arcelor Group.

Julien RUGGIERI is a graduate of the European Business School; he holds a DESS post-graduate degree in Audit from IAE, Aix-en-Provence, and an MBA from Johnson School (Cornell University).

Aged 53, Olivier PIANI was the permanent representative of GE Capital Corporation, Member of the Board of Bail Investissement Foncière. Chairman and CEO of GE Real Estate Europe, he is recognised as an expert in French and European real estate markets and for his comprehensive knowledge of the stakeholders in these markets. He has been a member of the company’s Supervisory Board since 23 October 2006.

Aged 63, Pierre LATROBE is a Director of CIC (Department of Major Accounts, Major Corporations and Institutional Investors). He has been a Member of the Board of Bail Investissement Foncière since 19 December 2003. He has extensive expertise in the evaluation of new investments combined with many years’ experience in real estate and finance. He has been a member of the company’s Supervisory Board since 23 October 2006.

Aged 30, Romolo Bardin is Director of Finance of Delfin Sarl. Before joining Delfin he worked at SunglassHut Europe in London and at Luxottica Group in Italy. He is a member of the Board of Delfin and Aterno.

Romolo Bardin is graduated in Business management at Ca’Foscari University in Venice.