

| Principal Profiles _____________________________________________________________________________ Michael Townsend has been involved in the retail real estate industry since 1986. He is also President and CEO of Townsend & Associates, a national tenant representation and retail consulting firm. Prior to joining Pecos, Michael was an executive with Virgin Entertainment Group where he managed real estate strategy. Prior to Virgin, Michael was an associate with CB Richard Ellis. Michael attended the University of Arizona. email _____________________________________________________________________________ Steve Townsend Prior to joining Pecos, Steve was a managing director with Asia Pacific Securities, Prior to Asia Pacific, Steve was an associate with Gruber McBaine Capital Management, a hedge fund with approximately $1.2 billion under management. Steve is a graduate of the University of California Berkeley and Harvard University. email _____________________________________________________________________________ Eric Weatherholtz has been involved in the retail real estate industry since 1992. He is also President of Pecos Management, LLC an Atlanta-based asset management firm. Eric is also a Managing Member of Healey Weatherholtz Properties, LLC, a real estate operating company. Prior to joining Pecos, Eric held various management positions with The Ellman Companies, an Arizona-based real estate developer and owner of the Phoenix Coyotes NHL franchise. Prior to Ellman, Eric held various management positions with Regency Centers (NYSE:REG), a national shopping center owner and developer. Eric is a graduate of the University of Virginia. email _____________________________________________________________________________ "I knew the optimal buyer was one who understood retail and had the finesse to work through the property's challenges...I was convinced Pecos could select the right retailers to merchandise the property and obtain the premium rents required to pencil the project. I also believed they would bring to bear all the resources necessary to work through the property's challenges." - Steve Nelson Urban Retail Group CB Richard Ellis |