MEHMET BAYRAKTAR

Chairmain & CEO

Mr. Bayraktar is the founder of Flagstone Property Group and oversees all the day-to-day activities of the company and its subsidiaries. Mr. Bayraktar, who has traveled to the U.S. regularly since he completed his education in Ohio, relocated his family from his native Turkey to Florida in 2001 with the aim of expanding his real estate development business to the U.S.

Prior to his current position, Mr. Bayraktar was the Chairman and CEO of Bayraktar Holding, the holding company of his family's portfolio of businesses, ranging from real estate development to automotive component manufacturing and distribution, tourism, food processing and distribution, banking and financial services. Within Bayraktar Holding, Mr. Bayraktar also pioneered and was directly responsible for the family's real estate endeavors. Some of the real estate projects Mr. Bayraktar envisioned and developed include The Ataköy Complex in Istanbul; The Carousel mixed-use project in Bakirköy,Istanbul; and The Izmit Outlet Center in Izmit.

Mr. Bayraktar has served various industry associations and organizations, including:

• Member of the Young Presidents' Organization, Dallas, TX. Former Chairman of Education and Chapter Chairman, Istanbul Bosphorus Chapter
• Member of Urban Land Institute, Washington, DC. Former member of ULI Mix Use Council, Blue Flight
• Member of International Council of Shopping Centers. Former board member of ICSC Worldwide Commission. Former member of the ICSC's European Advisory Board
• Member of the National Retail Federation, Washington, DC. Former member of International Advisory Committee
• Founding Chairman of Turkish Council of Shopping Centers and Retailers
• ormer Chairman and Current Member of Young Executives and Businessmen's Association in Turkey
• Founding Chairman of Turkish Young Businessmen Confederation
• Former member of the Turkish Industrialists and Businessmen's Association

Mr. Bayraktar holds a bachelors degree with majors in Marketing and Management from the University of Akron Business School in Ohio, which he attended after graduating from St. Vincent St. Mary High School in Akron, Ohio.

SHERWOOD M. (WOODY) WEISER

In His Memory
Sherwood Woody Weiser
1931- 2011

Member of the Advisory Board

Mr. Weiser is a member of the advisory board of Flagstone Island Gardens. In this capacity, Mr. Weiser, together with his firm, The Continental Companies, oversees all design and development aspects of the hospitality component at Island Gardens. Mr. Weiser and his team play a key role in working with Island Gardens? hotel flag. Mr. Weiser will also lead the asset management of the two hotels at Island Gardens.

Mr. Weiser is a partner and owner in the Ritz-Carlton, Key Biscayne and the Ritz-Carlton Philadelphia hotels. Since purchasing his first hotel more than 40 years ago, he has developed, owned and/or operated hundreds of hotels throughout the United States, the Caribbean and Latin America, among which are some of the most successful hotels in the world. Some of his best known Miami area hotel developments are the Grand Bay Hotel in Coconut Grove (Miami's first five-star hotel) built in the early 1980s and the Sheraton River House at Miami International Airport. Additionally he developed and operated internationally acclaimed Grand Bay Resort in Manzanillo, Mexico and the Grand Bay Hotel in New York City.

In 2000, Mr. Weiser, along with partners, purchased a 49% preferred stock ownership in Interstate Hotels (NYSE). Interstate is the largest independent hotel management company in the U.S., with over 300 hotels under management in the U.S. and in Russia.

Mr. Weiser is also Chairman and Chief Executive Officer of The Continental Companies, the surviving hotel company after the sale of Carnival Hotels to Penn National Gaming in April of 2001. Prior to the sale, Mr. Weiser was the Chairman and Chief Executive Officer of Carnival Hotels, a hotel and gaming management and development firm headquartered in Miami. In 1997, Carnival Hotels had entered into a merger agreement for part of the company with Patriot American Hospitality, now known as Wyndham Hotels (NYSE). Prior to the merger, Carnival Hotels, had total revenues of approximately $1.1 billion with some 17,000 employees and more than 85 hotels under management or development, comprising approximately 19,000 rooms.

Mr. Weiser, together with partner, Donald Lefton, founded The Continental Companies in the early 70s after having spent several years as special counsel and hotel consultant to ITT, including negotiating the acquisition of several hotels as well as the acquisition of Sheraton Corporation by ITT. Prior to this role, Mr. Weiser practiced law in Cleveland, Ohio and subsequently bought his first hotel in 1959.

Mr. Weiser has been honored with several awards, including the Joseph Wharton Business Statesman Award (1994), the Dade County Tourism Professional of the Year (1992), the Florida International University Award for outstanding community service (1992) and the Humanitarian Award from the National Conference of Christians and Jews (1998). He has also been extremely active in numerous civic organizations and has chaired various civic boards including:

• Carnival Corporation (NYSE), 1988 to 2003
• Mellon United National Bank, 1978 to present
• Winsloew Furniture Group, 1994 to 1999
• Wyndham International (NYSE), 1997 to present
• Interstate Hotels & Resorts (NYSE), 2000 to present
• Watsco (NYSE), 2003 to present

• University of Miami: Chairman/Executive Committee, 1995 to 2000; Trustee, 1988 to present, Life Trustee
• Performing Arts Center Foundation of Greater Miami: Chairman of the Board of Directors, 1993 to present
• Coconut Grove Playhouse: Co-Chairman/Board of Advisors, 1985
• Florida International University Foundation: Trustee, 1984 to 1994
• New World Symphony: Trustee since 1987, Chairman of the Board, 1991 to 1993
• Concert Association of Greater Miami: Director, 1986 to 1991
• Florida Society of Trustees of National Conference of Christians & Jews: 1986 to present
• Big Brothers/Big Sisters of Greater Miami: Board of Advisors, 1982 to present
• Ransom-Everglades School: Chairman of the Board, 1980 to 1982, member of the Board, 1974 to 1982
• Case Western Reserve University School of Law: Member of Society of Fellows
• Orange Bowl Committee: 1990 to present
• Anti-Defamation League: 1994 to present

Mr. Weiser is a 1952 graduate of the School of Business at Ohio State University and a 1955 honors graduate of Case Western Reserve University School of Law.

JEAN-LOUIS SOLAL

Member of the Advisory Board

A pioneer of the modern shopping center industry, Jean-Louis Solal innovated the suburban mall concept in Europe with the creation of the Société des Centres Commerciaux in 1962, and the opening of such widely acclaimed centers as Parly 2, Vélizy 2, Rosny 2, La Part Dieu, City 2 et Madrid 2 for which he won numerous awards. The outstanding success and strong performances of these and over 55 other centers developed or managed by SCC in France and elsewhere since has made the name of Jean-Louis Solal synonymous with the highest industry standards for regional shopping centers throughout Europe.

Mr. Solal has spent extensive time in the United Sates, attending George Washington University for his Bachelor of Arts and Master of Arts degree. He has extensive knowledge of the U.S. shopping center development industry, has long-term and close friendships with many leading U.S. shopping centers developers and investors.

In his shopping center development activities, he has adapted and adjusted the design and management features of U.S. enclosed malls to European market with strong attention to visual impact and circulation features. He has combined these features with a U.S. approach to anchor agreements, tenant leases and marketing concepts, which consistently have maintained his centers in the forefront of evolving demographics and retail consumer trends.

In addition to his activities in Europe, Mr. Solal has participated in the development concepts and leasing of several outstanding centers in the United States. His management intensity, vision, and marketing style has established a strong reputation reflected in close relationships with the leading retail chains throughout Europe.

M. Solal was born in 1928, is married with two children. He is widely travelled and enjoys an exceptional reputation in the shopping center development and management industry around the world. He is a former Trustee of the International Council of Shopping Centers and a founder and for 16 years Chairman of the Council's European Committee.

He was Chairman of the First World Congress of Shopping Centers (Hong Kong 1990). He is a founding member trustee of the Real Estate Center advisory Board of the Wharton School of Business of the University of Pennsylvania and is noted and frequent industry spokesman as author of the shopping centers "Mega Trends" (1991).

Mr. Solal founded his own company JEAN-LOUIS SOLAL INVESTISSEMENT in 1992. He was co-developer with Gerald D. Hines of Diagonal Mar in Barcelona.

He is co-developing with MAB "La Fiesta" in Saint-Quentin-en-Yvelines and leasing it (opening end 2004).

In recognition of his personal contributions and influence on the evolution of retail industry in France, M. Solal was made Officer of the French Legion deHonneur in 1999.

ERIC R. KUHNEL

Concept Architect [and Member of the Advisory Board]

Mr. Kuhne is the concept architect of Island Gardens and a member of the advisory board of Flagstone Island Gardens. In this capacity, Mr. Kuhne, together with Mr. Bayraktar, developed the conceptual design of Island Gardens.

Mr. Kuhne is also the Managing Partner and founder of Eric R. Kuhne and Associates, an international research and design consulting firm dedicated to the reintegration of architecture, landscape and civic arts. Mr. Kuhne and his team at Eric R. Kuhne and Associates have played an important role in the development of the design of the Project. Mr. Kuhne has been working as an international designer and consultant for nearly 30 years and is dedicated to applying a research and market-oriented approach to design.

His numerous and award-winning projects span four continents, some of which are:

• Bluewater - a 1.6 million square foot retail and leisure complex in Dartford, Kent (UK) built in an abandoned chalk quarry. The project, which has 320 shops, three department stores and over 40 restaurants, is the largest shopping center in Europe and attracts 27 million visitors per year. Mr. Kuhne was the chief researcher, master planner, architect, landscape designer, graphic designer and civic artist of the project. The project was presented with the European Award for Design Excellence and the International Lighting Award by the International Council of Shopping Centers in 2000.
• Darling Park - a 1.1 million square foot waterfront mixed-use development in Sydney, Australia. Consisting of two 30-story office towers, Darling Park is the largest waterfront development in Australia. The master plan of the project was developed to convert what was an abandoned, highway-splintered, eyesore waterfront site into a unique center of Sydney by restoring Darling Park?s ground plane to a vibrant, landscaped, multi-use professional and civic-minded venue. The project was presented with the BOCA Best Practice Award (1995), International Lighting Award (1999) and Energy Award (1996).
• Cockle Bay Wharf - an 80,000 square foot dining and leisure development in Sydney, Australia, containing 14 waterfront restaurants. The project, which is the most successful waterfront development in Sydney, offers residents and tourists a variety of dining choices at various price points in a vibrant setting. The project was presented with the Award for Design Excellence by the International Council of Shopping Centers in 2000.

In addition to awards for the above-mentioned projects, Mr. Kuhne has received numerous awards, including:

• River Walk Civic Spaces, Urban Design Citation, Progressive Architecture Magazine Annual Awards (1990)
• Cannon, Haskell Prize for Architectural Journal Design (1989)
• Columbus Carscape Competition, First Place Winner (1984)
• American Institute of Architects, Henry Adams Gold Medal for Scholastic Excellence, Princeton University (1983)
• William Ward Watkin Traveling Fellowship Design Excellence (1973)

Mr. Kuhne is a member of the American Institute of Architects, and is a registered architect in New York State.

Mr. Kuhne earned a Masters of Architecture degree with honors from Princeton University and Bachelor of Art degrees in Art and Architecture from William Marsh Rice University.

FERIT FERHANGIL

Chief Operating Officer and Member of the Advisory Board

Mr. Ferhangil is Chief Operating Officer and Advisory Board Member of Flagstone, and, in this role, he is responsible for the overall financial planning and strategy of Flagstone Property Group. Mr. Ferhangil and Mr. Bayraktar have known each other for over 15 years, having first met during the development of the Atak?y Complex project.

Mr. Ferhangil is also a Managing Director of BF Capital Partners LLC, a financial advisory and investment banking firm focused on complex, advisory-intensive assignments in real estate, steel and base metals industries, and other manufacturing businesses.

Prior to joining BF Capital Partners, Mr. Ferhangil held several positions including:

• Co-founder and Chief Executive Officer of FerrousExchange Inc, the first online ?bid/offer? exchange to provide the global steel industry with real-time trading of steel forward and futures contracts. Together with 35 professionals from the steel and futures industries, Mr. Ferhangil designed and implemented the first real-time forwards exchange and designed a futures exchange for the steel industry.
• Chief Executive Officer of Balli Steel plc, which he grew organically and through acquisitions to a $2 billion business and then second-largest independent trading company for steel worldwide. During his 10 years in various positions at Balli, Mr. Ferhangil pioneered the idea of transparent global distribution agreements in the steel industry by introducing formula-based service contracts. His work influenced the process by which producers around the world gained direct access to end-users of steel and iron products.
• Project Manager of Fame City, an indoor amusement center acting as an anchor tenant at the Galleria, part of the Atak?y Complex in Istanbul.

Mr. Ferhangil is an associate member of the Urban Land Institute and a member of the American Iron and Steel Institute.

Mr. Ferhangil earned a Masters of Business Administration from the Amos Tuck School at Dartmouth College and a Bachelor of Arts degree in Business Administration from Bosphorus University.

JOSEPH L. HERNDON

Project Director

Mr. Herndon joined Flagstone in 2002 as the Project Director of Island Gardens, where he is responsible for obtaining approval of all project entitlements, programming, planning, governmental approvals, permitting, design, construction and opening, consistent with project budget and schedule Prior to joining Flagstone, Mr. Herndon has spent 24 years in the industry and has built a track record in project planning and management. His past experience includes:

• Owner's Representative, Boca Resorts, Inc., Boca Raton, Florida, which included the Boca Resort & Club’s new 1,300 parking garage, restaurants, bar & retail, 40,000 sf spa and the Bahia Mar Mega-Yacht Marina and Bahia Mar master Plan.
• Owner's Representative, Olympus Hospitality Investments, Inc., Scottsdale, Arizona, which included the Warwick Hotel (Houston, TX) rehabilitation, Rosario Resort (Orcas Island, WA) renovations, Park Plaza Hotel (Dubai, Düsseldorf and Cairo) franchiser representation and due diligence responsibilities throughout the U.S., Europe, and the Middle East.
• Principal, Development Management Services, Inc., Miami, Florida, including acting as primary consultant to governmental entities, master planning, design, project & construction management, governmental approvals, of various projects for Eisenhower Foundation & Republic of Turkey, the Master Plan for the Panama Canal (ARI & ACP), Miami-Dade County Division of Parks & Recreation, Spillis-Candela & Partners, Sandy Lane Hotel (Barbados) redevelopment plan, and redevelopment plans for Club Med Sandpiper (Florida), and Club Med Punta Cana (Dominican Republic) and for Club Corporation of Asia for destination Golf and Beach Resorts in Malaysia, Singapore, Jakarta, Bangkok, Guanzchou, and Toyko.
• Director of Development, Desaru International Resorts, Singapore, including master and business plan for a planned $1.6 billion, 17 kilometer beach front, mixed-use golf, hotel, condo, retail entertainment complex, and self-sustaining support community of 14,000 employees.
• Director of Development, Lynn Wilson Associates, Miami, Florida and Paris, France, including renovations for Disney Mediterranean Design (Orlando, FL), Disney Polynesian Hotel Renovation (Orlando, FL), Hyatt Airport Hotel (Orlando, FL), Canyon Ranch Spa (Lenox, MA), Port de Plaisance (St. Maarten, Netherlands Antilles), Xanadu Condominiums (Freeport, Bahamas) and Hemmeter Grand Lido Design (St. Maarten, Netherlands Antilles).
• Owner's Representative, Biltmore Hotel, Coral Gables, Florida, a 285 room 17 story historic rehabilitation, including competitive turn-key development proposal, award, and negotiations, general partner’s representative, master planning, programming, business plan, governmental liaison & approvals, media representative, architectural & interior design, construction management, purchasing, pre-opening, demolition, design and construction, purchasing, installation and opening in 14 months duration.
• Principal, The Ehrenkrantz Group PC, Architects & Planners, Washington, DC, including turn-key development or master planning and design of One Church Street Office/Retail Complex (Nashville. TN), Germantown Historic Residential District (Nashville, TN), Big South Fork National River and Recereation Area National Park (Rugby, TN), Rugby Historic Community Redevelopment (Rugby, TN), Old Post Office Redevelopment (Washington, DC), Renwick Gallery of Art (Washington, DC), US General Services Administration (Washington, DC), White House Solar Energy program (Washington, DC) and Antiquities Restoration Riyadh & Darryah (Saudi Arabia).
• Faculty Member, Columbia Graduate School of Architecture & Planning, New York, New York

  Mr. Herndon is a member of numerous professional associations and organizations, including the Florida Association of Commercial Realtors, the Urban Land Institute, the International Council of Monuments & Sites (UNESCO), the Miami Board of Realtors and the National Trust for Historic Preservation. He also holds a Florida Real Estate Salesperson License, General Contrator's License, and a Professional Architectural License in Florida for his firm, DMS Architects.

  Mr. Herndon has received various awards, including Hospitality Design Magazine, Grand Prize Gold Key Award for Resorts & Spas (2002), Restaurant and International Design Magazine (1989), Florida Trust for Historic Preservation, Distinguished Service Award (1988), Dade Heritage Trust, Distinguished Service Award (1987), Keys to the City, Coral Gables, Florida (1986), Progressive Architecture Magazine, First Award (1986), Commercial Design Award and Residential Design Award, City of Nashville (1984), American Society of Landscape Architecture, Planning Honor Award (1982), National Trust for Historic Preservation, Special "Main Street" Consultant (1981), U.S. General Services Administration, Administrator's Task Force (1979), U.S. National Park Service, National Heritage Task Force (1977) and American Society of Interior Designers, Dora Brahams’ Award (1975).

  Mr. Herndon holds a BA from the University of the South at Sewanee and a MS from Columbia University, Graduate School of Architecture & Planning. Additionally, he was a postgraduate fellow at the University of London, Bedford College and an Eisenhower Fellow to the Republic of Turkey.