Frank Schaich (born: 1959) has been the CEO of Fair Value REIT-AG since September 17, 2007. Mr. Schaich qualified as a bank clerk and was previously a member of the IC Immobilien Holding AG’s management board, where he was responsible for the fund business. He has held executive positions in various departments since IC GmbH was founded in 1988. From 1993 onwards he was a managing director for several IC Real Estate Group companies and the funds under management by IC. In total, he has 25 years’ experience on international real estate markets. Frank Schaich has been able to gain extensive experience in syndicating, financing, and placing closed-end real estate funds as well as in asset and portfolio management.

Prof. Dr. Heinz Rehkugler (born: 1943) studied business administration and obtained his doctorate from the University of Munich and went on to become managing director at a management consulting firm. He became a university professor in 1977 and was head of the Financial Economics and Banking department at the University of Freiburg from 1994 to 2009. In addition to his entrepreneurial activities, Prof. Rehkugler has gained an excellent reputation as a result of his many publications on financial economics and real estate. He is professor for real estate investments at Steinbeis University, Berlin and scientific director of the Center for Real Estate Studies at DIA Freiburg and Steinbeis University.

Christian Hopfer (born: 1940) graduated in business administration and held various positions at IBM Germany, the Realkredit- und Finanzierungsgesellschaft Berlin AG, coop AG and SEB AG. He became an interim manager at SchmidtBank Hof in January 2002, where he was responsible, among other things, for the revision and termination of all participation interests through disposals and closures. In addition, he supervised SchmidtBank’s real estate holdings and leased premises.

Dr. Oscar Kienzle (born 1947) is Chairman of the Supervisory Board of IC Immobilien Holding AG and founder of the IC GmbH. Until August 23, 2011, he was CEO of the IC Immobilien Holding AG. Before founding IC in 1988, Dr. Kienzle held various positions in the real estate sector of WestLB Group, including general manager of RWI (fund initiator), member of the board of EUPIC (today Rodamco), an European open-ended real estate fund and lastly as Director of the WestLB Real Estate Group. Dr. Kienzle was a lawyer by profession. He completed a second degree in mathematics and macroeconomics with an MBA at Fontainebleau. He is a Fellow of the Royal Institute of Chartered Surveyors (FRICS).