Ms. Hudson-Wilson was the Founder of Property & Portfolio Research, Inc. (PPR) and remains a member of its Board of Directors. PPR is an independent real estate research and portfolio strategy firm that provides leading institutional real estate market participants with objective research on real estate cycles and their implications for investment strategy.

Prior to founding PPR, Ms. Hudson-Wilson was Director of Portfolio Strategies, a member of the Board of Directors of Aldrich, Eastman & Waltch, and held senior research positions at John Hancock Properties, Inc., and UNUM Life Insurance Company.

She is a trustee and Executive Committee member of the Harvard University Medical School's Schepens Eye Research Institute. She is a Trustee of the University of Vermont and serves on their investment and audit committees. In addition to speaking regularly at national investor conferences, she has also lectured at the Center for Real Estate at MIT, Harvard's Graduate School of Design, the Wharton School at the University of Pennsylvania, The University of Wisconsin and at New York University and has moderated conferences and authored proceedings for the CFA Institute. She co-edited the book Managing Real Estate Portfolios (1994, Business One Irwin) and edited Modern Real Estate Portfolio Management (2000, Frank Fabozzi & Associates).

She served on the CFA Institute's Candidate Curriculum Committee and was a CFA examination grader. She served on the advisory board of the Boston University School of Medicine's Alzheimer's Disease Center, was a Trustee of the Urban Land Institute and is a current Governor of ULI.

A member of Lambda Alpha International, Mrs. Hudson-Wilson holds a B.A. cum laude in Economics from the University of Vermont and a M.A. in Economics from Boston University, where she pursued further postgraduate studies. She is a CFA charter-holder.

Mr. Smith has been an Advisory Director of Morgan Stanley since July 2000. From May 1997 (the date of the merger between Morgan Stanley and Dean Witter) to July 2000, Mr. Smith was a Managing Director of Morgan Stanley and Head of Morgan Stanley Realty.

From 1987 to May 1997 Mr. Smith was an Executive Vice President and Head of the Investment Banking Department of Dean Witter. Mr. Smith joined Dean Witter in 1982 as a co-founder of Dean Witter Realty where he was a Managing Director and co-Head from 1982 to 1987.

Mr. Smith began his 33 year investment banking career at Paine Webber in 1967. When he left Blyth Eastman Paine Webber in 1982, he was a Managing Director and Head of the Real Estate and Financial Institutions Groups in the Investment Banking Department.

Mr. Smith graduated from the University of Notre Dame in 1965 and received a Master of Business Administration from The Wharton School at the University of Pennsylvania in 1967. He is a member of the Board of Directors of Pulte Homes.

Ms. Mariucci spent the vast majority of her professional career in the large-scale community development and homebuilding business. From 1984-2003, she served in a variety of senior management capacities at Del Webb Corporation, culminating as President. During her tenure, Del Webb was the nation's leading developer of large-scale planned communities with annual revenues exceeding $3.5 billion. Ms. Mariucci led Del Webb through its 2001 merger with Pulte Homes, which at the time was the largest transaction in homebuilding history. Since retiring from Pulte in 2003, Ms. Mariucci has been involved in private equity and personal investment, real estate and otherwise. She is a Director of Southwest Gas (NYSE:SWG), Scottsdale Healthcare (private hospital system) and a member of the Arizona Board of Regents, which oversees the 3 major Arizona universities.

Formerly she was a Director of the Arizona Retirement System (ASRS), Vice Chair of its investment committee and Chairman of its Real Estate Committee. Prior to employment with Del Webb in 1984, Ms. Mariucci spent three years with American Continental Corporation and three years with KPMG.

Ms. Mariucci is a CPA and received her Bachelor's degree in Accounting and Finance from The University of Arizona.