PROSPECT PROPERTY GROUP - Key Persons

Job Titles:

• Founding Partner
• PARTNER
• ASSET MANAGEMENT / ENGINEERING / CONSTRUCTION / OPERATIONS

Alex Walker is a founding partner of Prospect Property Group. Mr. Walker has over 25 years of experience in the real estate investment business. Before the formation of PPG in 2003, Alex was General Partner of Prospect Realty Partners ("PRP"), an opportunistic investment group set up to acquire distressed REO assets from the RTC, FDIC and commercial banks. Between 1995 and 1998, PRP purchased a portfolio of office, flex and retail properties at distressed prices and subsequently achieved significant value enhancement through dramatic leasing velocity, repositioning, and capital and market improvements. The portfolio included 14 properties containing just less than one million square feet and was sold between 2000 and 2002 returning a twenty-eight percent return to Limited Partners. Prior to PRP, Mr. Walker was an officer in the Midtown Manhattan headquarters of Cushman and Wakefield. During his 12 year tenure he acquired extensive expertise in the development, leasing, marketing, acquisition and disposition of real estate. He was the lead professional in procuring, analyzing, negotiating and closing over 90 lease transactions with an aggregate value of over $700 million. Alex has a well developed understanding of the transaction process, an ability to intimately understand markets and their dynamics and a thorough understanding of the residential condominium discipline. Mr. Walker has a B.S. in engineering from the University of Vermont.

Job Titles:

• Director of Property Management for Prospect
• Vice President - Residential Management

Since 2004, Mr. Fossum has served as Director of Property Management for Prospect, overseeing leasing and property operations for Prospect. He previously served in a similar capacity for Fifteen Asset Management, LLC and AIMCO, with national and regional responsibilities involving turnaround and distressed properties. Mr. Fossum began his real estate career with Southmark/Johnstown/McNeil in Dallas, and holds the Certified Property Manager designation. Mr. Fossum earned a Bachelor of Science Degree in Business Administration from Northern Arizona University.

Job Titles:

• Executive Vice President, Operations
• Executive Vice President of ZMG Construction

Jonas Brugge is Executive Vice President of ZMG Construction. In this position, he is responsible for general project progress, estimating, scheduling, field administration, and staffing the field operations. He brings extensive experience in design/drafting, construction management, and structural engineering, and is one of the ZMG qualifiers. Prior to joining ZMG in 2003, Mr. Brugge spent four years as VP of Operations at a similar construction company. Before that, he worked six years as a Construction Manager for an industrial/ commercial developer and contractor where he managed new construction of 300,000+ SF of industrial warehouse buildings, as well as the construction/renovation of more than 100 offices, retail businesses, and restaurants. Mr. Brugge has a Bachelor of Science Degree in Civil Engineering from Sweden, and a Master of Science in Engineering Management from the University of Central Florida. In addition to Florida, he is a Licensed Contractor in the states of California, Georgia, Mississippi, North Carolina, South Carolina, and Virginia.

Job Titles:

• Founding Partner
• PARTNER
• Member of the American

Mark Filburn is a Founding Partner of Prospect Property Group and the CEO of ZMG. Prior to Prospect/ZMG, Mr. Filburn was a partner with Ruden, McClosky, Smith, Schuster & Russell, P.A. He has more than 20 years of experience in real estate and construction law. Mr. Filburn was admitted to the Florida Bar in 1990. He is was also admitted to the Supreme Court of the State of Florida, the United State District Court for the Middle District of Florida, the United States Court of International Trade, the United States Court of Appeals, Federal Circuit, the United States Court of Federal Claims, and the Supreme Court of the United States of America. Mark is a member of the American, Florida and Orange County Bar Associations. He also served as a board member for the Orlando-Orange County Expressway Authority, MetroPlan Orlando, and the Board of Visitors for Lake Highland Preparatory School. He is a member of the Board of Visitors for the Wake Forest University School of Law. Mr. Filburn obtained his BA from Miami University in Oxford, Ohio and his JD from Wake Forest University in Winston Salem, NC.

Job Titles:

• Senior Vice President, Development
• Senior Vice President of Development for Prospect / ZMG

Scot Hamilton is the Senior Vice President of Development for Prospect/ZMG. In this role, he is responsible for business development, client relationships, and pre-construction management and budgeting. Mr. Hamilton has vast expertise in the entire development process - from site selection and land acquisitions through completion of construction and sale of assets. Scot joined Prospect/ZMG in 2010. Before that, he spent ten years at Del American Realty Group where he was the Senior VP of Real Estate Development, specializing in class A multi-family development and construction. He was also a Senior Project Manager of Construction at Essex Builders Group. Mr. Hamilton's construction management experience spans from single-family homes, apartment buildings, and two $20 million timeshare resorts to $50 and $100 million infrastructure projects. Scot has a Bachelor of Science in Building Construction from the University of West Florida in

Job Titles:

• Manager - Residential Management

Ms. Gerwens joined Prospect Property Group in October 2009 working with property operations at Waterside at Coquina Key, PPG's condominium development in St. Petersburg, Florida. She brings eight solid years of property management experience obtained while working with real estate companies such as United Dominion, Fieldstone, and Landmark Residential. Her background and expertise in resident retention, marketing, customer satisfaction, bookkeeping, and human resources make Shana a valued addition to the Prospect Property Group management team.

Job Titles:

• Vice President Land Development
• Vice President of Land

Tim Moxley is the Vice President of Land Development, ensuring the quality and integrity of the construction process from the identification of an opportunity through the closeout of the project. He manages planning, subcontractors, budgeting, quality control, and governance of the core construction processes. Prior to joining ZMG in 2008, Mr. Moxley was the Vice President of Operations for Ashton Woods Homes of Orlando, Florida, where he managed teams in Construction, Purchasing, Warranty, Land Development, and Commercial Construction. From 1998 to 2008, Tim was with Pulte Homes of Ohio with his final position being Director of Construction. While based in Ohio, he also held a position as Production Superintendent for M/I Schottenstein Homes from 1993 to 1995. Mr. Moxley was part of the NFL and World League of American Football from 1989-1993. He was drafted by the Washington Redskins as an Offensive Lineman in 1989 and was also an Offensive Lineman for the New York / New Jersey Knights. Tim's professional affiliations include Chairman of the OSU Construction Systems Management Professional Review board from 2000 - 2006, where he worked with industry representatives and University faculty to evaluate student performance and curriculum to assure student readiness for the marketplace. Mr. Moxley has a Bachelor of Arts in Natural Resource Administration from Ohio State University.