Biographies of Key Members of The Carlton Group, Ltd.

Howard L. Michaels, Chairman
Howard L. Michaels, is the Chairman, and Chief Executive Officer of The Carlton Group, Ltd.,
Carlton Advisory Services.
He is a graduate of American University with a B.S. in Business Administration.  Mr. Michaels has been exclusively in the real estate industry throughout his career and has extensive real estate experience.  Until 1980, he was a Vice President at Connecticut General Life Insurance Company.  From 1980 on, he was involved as a principal in the acquisition, development, and syndication of over $1 Billion of real estate located throughout the country.
Since 1990, Mr. Michaels has been instrumental in the marketing, sale and financing of over $4 Billion dollars of commercial and residential assets through the development of The Carlton Group and its related entities.  The Carlton Group has thrived on his ability to develop and implement the creative and successful strategies necessary to flourish in this changing real estate environment.
In addition to his responsibilities as Chairman, Mr. Michaels directs Carlton’s Investment Finance Division.  In this capacity, he has personally closed over $1.5 Billion of debt and equity transactions since January of 1998.  Mr. Michaels has significant relationships with such firms as Goldman Sachs, Credit Suisse First Boston, Ocwen Financial, Salomon Smith Barney and many others.