MICHAEL SALES is a Managing Director & CIO, Property at Henderson Global Investors. Mr. Sales is primarily responsible for running the Global Investment team. He is Chairman of the Property Investment Committee and is a member of the Warburg-Henderson KAG Supervisory Board and a Director of the Henderson Italian SGR. He is the Fund Director for the Henderson European Retail Fund, the Henderson Central London Office Fund, the Henderson UK Property Fund and the Henderson Indirect (European) Fund. Prior to joining Henderson in 1994, Mr. Sales worked in investment and development at Morgan Grenfell Laurie. Mr. Sales has an Honors BA in Business Studies and a Masters of Philosophy in Land Management. He is also a Member Associate of the Royal Institute of Chartered Surveyors and a member of IPF.