Patrick M. Arnold, JD- Partner, Powell & Coleman, L.L.P. Bruce G. Garrison, CFA- Vice President and Portfolio Manager,                                               Pinnacle Management & Trust Co. Bryan Goolsby, JD- Managing Partner, Locke Liddell & Sapp L.L.P. Scott F. McMullin- Senior Managing Director, Holliday Fenoglio Fowler, L.P. J. Mitchell Bell, JD- Partner, Locke Liddell & Sapp L.L.P. H. Walker Royall- President, Briarwood Capital Corporation

Patrick M. Arnold, JD
Mr. Arnold is a partner in the law firm of Powell & Coleman L.L.P. Previously, he was a partner in the law firm of Fulbright & Jaworski L.L.P., where he served as head of the Energy and Real Property Department of the Dallas office. Mr. Arnold's legal practice is focused primarily on transactions involving real property. In 2003, Mr. Arnold was named by D Magazine as one of the "Best Lawyers in Dallas" in the field of commercial real estate, and he was recognized as a "SuperLawyer" by Texas Monthly Magazine. Mr. Arnold is certified in Commercial Real Estate Law, Residential Real Estate Law, and Farm and Ranch Real Estate Law by the Texas Board of Legal Specialization. He is a Life Fellow of the Texas Bar Foundation, a Life Fellow of the Dallas Bar Foundation, and a member of the American Bar Association, the State Bar of Texas, the Dallas Bar Association, and the Dallas Real Estate Council. He currently serves as an officer of the Real Property Section of the Dallas Bar Association. He is also a member of the board of directors of Dallas Reads, a non-profit organization devoted to promoting literacy. Mr. Arnold received his B.A. from the University of Texas in 1977, his M.F.A. from Columbia University in 1979, and his J.D. from Harvard University Law School in 1983.

Bruce G. Garrison, CFA
Over the past 30 years, Mr. Garrison has specialized in the research of publicly traded real estate and related companies. His research work, which began at Morgan Guaranty Trust of New York in 1972, encompassed a wide universe of real estate entities ranging from land development companies to homebuilders and REITs. Before joining Pinnacle Management & Trust Co., Mr. Garrison was a managing director with a leading investment banking firm headquartered in New York. In this capacity, he participated in over $4 billion of financings (primarily equity) involving real estate investments trusts (REITs). Mr. Garrison is a member and former governor of the National Association of Real Estate Investment Trusts (NAREIT). He is also a Chartered Financial Analysts. In 1993 and 1994, he was voted II All American for REIT Research, first and second, respectively, and won the Realty Stock Review All-Star Analyst Award in 1992, 1993, and 1994. Mr. Garrison received his B.B.A. and M.B.A. from the University of Texas at Austin.

Bryan Goolsby, JD
Mr. Goolsby is the managing partner at Locke Liddell & Sapp LLP in Dallas, Texas, where he practices in the area of corporate and securities law with experience including numerous public and private offerings for various institutional and other corporate clients. Mr. Goolsby is also active in legislative matters on behalf of certain major industry groups. Mr. Goolsby is a member of the National Association of Real Estate Investment Trusts (NAREIT), a member of Pension Real Estate Association (PREA), the Executive Editor of REIT REVIEW (a quarterly publication addressing legal and business issues relevant to the real estate investment trust industry), an associate board member of the Edwin L. Cox School of Business at Southern Methodist University, and a member of the board of directors of Junior Achievement of Dallas. Mr. Goolsby holds a Juris Doctor Degree with Honors from the University of Texas School of Law (1977) and a Bachelor of Business Administration from Texas Tech University (1973).

Scott F. McMullin
Mr. McMullin, Senior Managing Director of the Holliday Fenoglio Fowler Los Angeles office, oversees the California operation of the debt and equity group of Holliday Fenoglio Fowler. Starting his career on Wall Street, Mr. McMullin has over fifteen years of investment banking and real estate experience. As a member of the Leadership Committee, Mr. McMullin participates in the overall focus and direction of Holliday Fenoglio Fowler. Focusing on institutional-grade assets, he has consummated over $2.5 Billion in transactions over the last three years. Prior to joining Holliday Fenoglio Fowler, Mr. McMullin was a Partner with The Parmenter Company, responsible for the accumulation, financial management, and disposition of the real estate portfolios of high-net-worth families. Mr. McMullin received his B.A. Degree from Duke University.

J. Mitchell Bell, JD
Mr. Bell is a partner at Locke Liddell & Sapp LLP in Dallas, Texas, where he practices in the area of real estate and corporate law with experience in representing financial institutions in secured transactions, owners and developers in asset based lending transactions, clients in the hospitality industry, clients in the acquisition, financing and management of properties, and commercial finance. Mr. Bell is a member of the American Bar Association, State Bar of Texas, Dallas Bar Association, Texas College of Real Estate Attorneys, The Real Estate Council, and the Pension Real Estate Association. Mr. Bell holds a Juris Doctor Degree with Honors from Southern Methodist University (1979) and a Bachelor of Business Administration from Texas Christian University (1976).

H. Walker Royall
Mr. Royall is the President of Briarwood Capital Corporation, a real estate investment vehicle with an emphasis on Texas retail properties. BCC and its principals have a combined 50 plus years of real estate experience and currently oversee a portfolio valued at more than $100 million. The current portfolio includes a diverse inventory of retail, multifamily, office, industrial, and land. Current transactions include the purchase of a NYSE company's 170,000 sq. ft. headquarter office building and the sale of a development site for $16.8 million. Mr. Royall graduated from Southern Methodist University with a BBA in Finance and Real Estate. After graduation, he was employed by the Paragon Group in Dallas. He has been involved in commercial real estate for 16 years as a principal and has been the President of Briarwood Capital for seven years.