David Hunter – Career History

• 2005-present
  Managing Director, Hunter Advisers
• 2004-2005
  Managing Director, Arlington Property Investors
• 2001-2004
  Managing Director, Aberdeen Property Investors
• 1996-2001
  Managing Director, Argyll Property Asset Managers/RREEF
• 1985-1996
  Property Director, Scottish Amicable

Current Directorships

• Hunter Advisers
• Hunter Capital Partners
• Gruinard Residential
• Yatra Capital (listed on Euronext)
• NR Nordic and Russian Properties (listed on Euronext)
  Senior Independent Non-executive Director
• South African Property Opportunities (listed on Aim)
  Chairman
• TAL CPT Ltd
• British Property Federation

Hunter Advisers

David Hunter created Hunter Advisers in 2005 as a company focused on offering advice to organisations launching or managing property funds. As a result, Hunter has been involved in a wide range of activities, covering property funds, listed companies and specific development projects encompassing the UK, Europe, India and Africa.

Most recently, Hunter has been actively involved either as an adviser or as a director in a number of public companies, including Treveria where he was instrumental in the stabilisation of the company and the internalisation of management following major corporate problems.

These roles capitalise on Hunter's extensive real estate experience, management and communications skills and energy, to deliver solutions to the benefit of shareholders and investors.

Hunter also has current and past experience of chairing Investment Committees, where his background as an investor allows him to work closely with managers in assessing purchase and sale recommendations.

Investment Performance

Although the specific numbers are confidential, Hunter's clients over his period as a leading fund manager were accustomed to above-benchmark, and often top quartile, performance.

Representation

Hunter was President of the British Property Federation in 2003/04, during which time exceptional progress was made with Government on the introduction of UK REITs. Hunter remains at the front line of these discussions.

He is a property advisor to the National Association of Pension Funds and a member of the Bank of England Property Forum. He is also a frequent conference speaker and provider of articles to a wide range of journals, including the national press.

Awards

• Pensions World Property Fund Manager of the Year
  Personal. 1994
• Property Fund Manager of the Year
  Argyll Property Asset Managers. 1999
• Property Fund Manager of the Year
  Aberdeen Property Investors. 2002
• Property Innovation of the Year
  Member of REIT negotiation team. 2004
• Scottish Property Personality of the Year
  Personal. 2004
• Shortlisted for UK Property Personality of the Year
  Personal. 2004

Growing and managing a businesss

Between 1990, when the Scottish Amicable business won its first external mandate, and 2005 when he stepped down from Arlington Property Investors, Hunter built, managed and protected one of the UK's foremost property fund management businesses.

Ultimately reaching £6.5bn in the UK and Europe, assets under the control of the business grew substantially over that 15 year period despite fluctuating as a result of external corporate events. Hunter's achievements in retaining the loyalty of clients and key staff throughout potentially disruptive ownership changes in 1996, 2001 and 2004 are testament to his personal and communications skills.

The ultimate acquisition of the business, by Arlington Securities in May 2004, was driven by Hunter who remained for over a year with the post-merger business to ensure successful integration.

Significant Transactions

Over the years Hunter has been involved in many of the UK's leading property transactions. These ranged from the acquisition and subsequent sale to Greycoat of Moor House, London Wall in 1987, generating a virtual 100% profit over 18 months, to the acquisition of an £80 million portfolio of pubs in 1995, representing the first serious property industry move into that sector.

Hunter led Scottish Amicable into the development of Central London offices at the low point of the cycle in 1994, generating a £50 million profit for the client with two developments at 33 Old Broad Street and Fox Court, Grays Inn Road.

More recently, Hunter was instrumental in the creation and financing of Chiswick Park, an award winning West London office project.

Hunter is perceived as a contrarian thinker, able to identify opportunity in the less fashionable parts of the market and also willing to sell on properties which he sees as ex-growth.

Philosophies

Hunter has long argued the place of property as a mainstream asset class and had success in convincing most of his clients to maintain an overweight stance, a position vindicated by the medium and long-term outperformance by property. The recent re-rating of property yields is entirely in line with his forecasts.

As part of the weighting argument, he has also supported strongly the benefits of including an indirect element within a portfolio. He also supports including an international component in a portfolio through indirect investment.

His approach to asset and fund selection involves a balance of research and instinct and he expects fund managers to operate in the same way.

He believes that transparency and customer service are essential ingredients in a successful fund management business.

Personal

David Hunter, 56, lives in Glasgow with his wife and two daughters. Away from business his interests include field sports, golf and music. He is Honorary Swedish Consul to Glasgow.

David Hunter