Phi Q. Le — Managing Director & Partner of PAG Real Estate at PAG

Mr. Phi Q. Le serves as Managing Director & Partner of PAG Real Estate at PAG. Mr. Le serves as Managing Director and Head of Investment Management Department No. 1 at Secured Capital. He joined the Secured Capital team in 1996 and is responsible for the portfolio management of Secured Capital's opportunity funds. Prior to relocating to Japan in 2001, Mr. Le was in charge of the underwriting and analytics group for Secured Capital Corp (currently Eastdil Secured) in Los Angeles from 1996 to 2001. He holds a BS degree in Economics with concentrations in both Finance and Operations and Information Management from the Wharton School of the University of Pennsylvania.