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Delma's shareholders have delegated the Investment Committee to evaluate individual investment opportunities as well as review the performance of the properties under management. The collective experience of this group is an invaluable asset as it offers access to the best practices learned from large real estate corporate organizations while allowing Delma to maintain the greater flexibility inherent in a smaller entrepreneurial enterprise.

The Investment Committee includes Messrs. Toroyan, Milelli and Mr. Nadim Zabaneh, a representative of Tema Development, a longtime, major investor in all of Delma's Funds, as well as unaffiliated individuals that have distinguished themselves in the global real estate investment market: Mr. Cesar Chekijian, Mr. Desmond McGowan and Mr. James Lynn.

Mr. Cesar J. Chekijian. MCR joined Delma's Investment Committee in 2001.

Since graduating from London University in 1968 (B.Sc. Engineering), pursued a career in corporate real estate with Tenneco, Warner-Lambert and JP Morgan Chase; as Senior Vice President in charge of Corporate Real Estate for 20 years, also as head of real estate for the predecessor banks (Chemical Bank & Manufacturers Hanover Trust), Mr. Chekijian was responsible for 40 million square feet of office and retail space in 1,300 building in over 50 countries. He also managed a 7 million square foot investment portfolio in 240 buildings, along with $1.0 billion in managed annual Revenues/Expenses.

Mr. Chekijian was elected "Corporate Real Estate Executive of the year" by his peers in 1993, co-authored the "Corporate Real Estate Handbook" and serves as a guest lecturer at the New York University School of Real Estate and other industry events. Since 2000, he has been active in Corporate Advisory, as Principal at Core-Serve, LLC, focusing on leveraging on corporate real estate in Corporate M&As, Turnaround and Spin-offs.
Mr. Desmond McGowan joined Delma’s Investment Committee in 2003. He recently completed a three year assignment as Chief Financial Officer of The Community Preservation Corporation, a mortgage lender and
equity investor specializing in affordable housing. Previously, he was Managing Director and Chief Operating Officer for DB Real Estate, Deutsche Bank's real estate private equity division. DB Real Estate operates in over a
dozen countries and as of December 2002 its investment portfolio consisted of over 200 investments in 19 countries with total asset value in excess of $10 billion.

Mr. McGowan is a graduate of Yale University with a Bachelor of Arts in Economics and American Studies, a CFA Charterholder and a candidate for the Expert’s Level Examination for the CIPM designation.
Mr. James Lynn, as an advisor to Delma's principals, will provide advice on strategic planning as well as acquisition, financing, management and disposition of specific investments. Currently, Mr. Lynn is a principal of Old Greenwich Investment Management, which serves as an advisor to a private European-based real estate valueadded fund. He has over 30 years of experience as a senior real estate executive. Previously, Mr. Lynn was a Managing Director and Board Member at Citicorp Securities, the investment banking subsidiary of Citibank, where he was in charge of Mortgage-Backed Securities and Treasury Bond trading, and was responsible for up to $10 billion in trading assets and more than 100 employees. Prior to Citibank, Mr. Lynn was a Vice President in Real Estate Finance at Salomon Brothers.

Mr. Lynn received a B.S. in Civil Engineering from Columbia University and a Masters in Urban Systems Analysis at the University of North Carolina.
Mr. Nadim Zabaneh is Vice President of Tema Development, Inc., based in Houston, Texas, which was founded in 1988 to invest in commercial real estate and private equity funds. He is responsible for the management and monitoring of Tema's investments and shareholder reporting. Prior to joining Tema in 2002, Mr. Zabaneh was a Project Engineer with CCC. He joined CCC in 1986 and worked on various projects in the United Arab Emirates, Jordan and in 1998 was transferred to the Morganti Group in the U.S. He was responsible for budgeting and cost control, procurement of project materials, sub-contracting and co-ordination with consulting engineers.

Mr. Zabaneh received a B.S. in Civil Engineering from California State University, Chico, in 1984 and an M.S. in Civil Engineering from the University of Michigan, Ann Arbor in 1985.