Arizona Land Income Corp.

Dallas E. Lucas is Chief Executive Officer and a member of the Board of Directors of Pacific Office Properties Trust, Inc., which he helped to found in 2008. Prior to the formation of Pacific Office, Mr. Lucas served for five years as Executive Vice President and Chief Financial Officer of Maguire Properties (NYSE: MPG), a real estate investment trust focused on the Southern California market. During his tenure, Mr. Lucas was instrumental to Maguirea s initial public offering and to the growth of its market capitalization from $1 billion to $3 billion. From 1998 to 2002, Mr. Lucas was involved in the crafting of corporate strategy for NorthStar Capital Investment Corp., a $2.5 billion privately held real estate investment company, as its Director, Vice President, and Chief Financial Officer. From 1993 to 1998, Mr. Lucas was the Senior Vice President and Chief Financial Officer of Crescent Real Estate Equities Company (NYSE: CEI), where he was integral to the companya s 1994 initial public offering and its subsequent four-fold growth in total market capitalization to $1.6 billion. Mr. Lucas began his career as an auditor with Arthur Andersen & Company in 1984, leaving the firm as an audit manager in 1993 to join his then-client, Crescent. Mr. Lucas received a bachelora s degree in business administration from the University of Oklahoma and is a Certified Public Accountant.

Matthew J. Root is the Chief Investment Officer of Pacific Office Properties Trust, Inc. and a principal of its advisor, Pacific Office Management, Inc., responsible for property acquisitions, leasing and dispositions. Mr. Root has also been a Partner of The Shidler Group since 1997. In this capacity, he led The Shidler Group's original acquisition of Pacific Office's current portfolio and has helped to develop and implement leading edge capital structures to maximize both property and equity level returns. Prior to joining The Shidler Group, Mr. Root was Senior Asset Manager for American Assets, Inc. with responsibility for an office and retail portfolio in excess of two million square feet. He started his career as a turnaround and restructuring specialist with the Lomas Santa Fe Group focusing on commercial properties in Southern California. A graduate of Louisiana State University, Mr. Root is a current or former board member of NAIOP-San Diego, Positive Digital Solutions and HGM Associates, and is active as a trustee of several charitable organizations, including the HeadNorth Foundation.

Thomas R. Hislop served as Chairman of the Board and Chief Executive Officer of Arizona Land Income Corporation, our predecessor registrant, from 1988 until its reincorporation as Pacific Office Properties Trust, Inc. in March 2008 and has remained on our Board of Directors. He has been a Managing Director of Wedbush Morgan Securities since September 2008. Mr. Hislop served as Chief Executive Officer and a director of Peacock, Hislop, Staley and Givens, a full-service securities brokerage firm, from the time of that company s formation in 1989 through its acquisition by Wedbush Morgan Securities in September 2008. He had been a director of Young, Smith & Peacock, a securities brokerage firm, from 1967 through its acquisition by Peacock, Hislop, Staley and Givens in 1989. Mr. Hislop received a B.S. degree in finance from Arizona State University.

James R. Ingebritsen is Executive Vice President of Pacific Office Properties Trust, Inc. and a principal of its advisor, Pacific Office Management, Inc., responsible for raising debt and equity captial and overseeing operations in the western region. Mr. Ingebritsen is also a Partner of The Shidler Group. In this capacity, he led the financing and development of the capital structures for Pacific Office's current property portfolio. Mr. Ingebritsen has also overseen the operations of Pacific Office's western region portfolio since its original acquisition by The Shidler Group. Mr. Ingebritsen joined The Shidler Group as an associate in 1987 becoming a Partner in 1993. During this time he has been directly involved with the financing, acquisition and asset management of more than $2 billion of commercial property located in California, Arizona, Texas and Hawaii. A graduate of the University of California San Diego, Mr. Ingebritsen holds an MBA in Real Estate and Capital Markets from the University of California Berkeley, Haas School of Business.

Lawrence J. Taff has been our Executive Vice President, Honolulu Operations since January 2009. Mr. Taff has been the Executive Vice President of our Advisor since February 2008. He has also been a partner of The Shidler Group since 1995, responsible for overseeing financial management and property operations in Hawaii. Mr. Taff began his career with Arthur Andersen LLP in 1980. Rising to the position of Tax Partner in 1993, he was responsible for real estate consulting as well as tax compliance and consulting. Mr. Taff received a bachelor s degree in accounting from California Polytechnic University, Pomona and is a certified public accountant.

David W. Miller , age 59, has served as an Unaffiliated Director of the Company since March 2004. Mr. Miller served as Secretary of the Company from September 22, 1988 to March 2004. Mr. Miller has served as Managing Director, Chief Financial Officer and Secretary of Peacock since June 1989. Prior to that date, Mr. Miller served in various capacities with YSP, where he was employed from 1971 until he joined Peacock.

Robert L. Blackwell , age 85, has served as an Unaffiliated Director of the Company since May 12, 1992. Mr. Blackwell has extensive experience in managing assets for various trusts, and is currently self-employed as a manager of various trust portfolios. He has been involved with real estate in Arizona for more than twenty-five years. Mr. Blackwell is a native of Kansas. He is a graduate of the University of Kansas and has resided in Arizona since 1957.

Michael W. Brennan has been a member of our Board of Directors since March 2008. From 1999 to 2008, Mr. Brennan served as President and Chief Executive Officer of First Industrial Realty Trust, Inc. (NYSE: FR) and from 1994, the year he co-founded First Industrial, to 1999, he served as its Chief Operating Officer and Chief Acquisitions Officer. Mr. Brennan joined The Shidler Group as its principal acquisitions executive in 1986 and was named partner of its Mid-West region in 1988. Mr. Brennan has 25 years of real estate experience. He holds a bachelor s degree in finance from the University of Notre Dame. Mr. Brennan is also a director of Strategic Hotels & Resorts, Inc. (NYSE: BEE) and the Chicago Public Library Foundation Board.

Mr. Higbee has over 25 years of experience as an investment banker. During his entire investment banking career has worked with middle-market companies. Mr. Higbee has particular expertise in private equity transactions and middle market advisory services. Before joining G.C. Andersen Partners in 2001, Mr. Higbee was a Managing Director of Deutsche Banc Alex. Brown, having joined Bankers Trust in 1996. From 1990 to 1996, Mr. Higbee was a Managing Director and head of the Industrial Group at PaineWebber, and from 1981 to 1990, he worked at Drexel Burnham Lambert where he became a Managing Director and head of the Energy Group. Mr. Higbee started his career at Shearson Loeb Rhoades. At each firm where he was a senior investment banker he served on underwriting, commitment and management committees. Mr. Higbee has served as a board member to public and private companies and currently serves as a board member of several companies that G.C. Andersen Partners has an investment including ComCam International and Risk Solutions International. Mr. Higbee received an A.B. in Economics from Princeton University and an MBA from the Wharton School.

Clay W. Hamlin, III has been a member of the Board of Trustees since 1997 and was appointed Vice Chairman effective April 1, 2005. He was Chief Executive Officer from October 1997 until his retirement on April 1, 2005. From May 1989 until joining COPT, Mr. Hamlin was the Managing Partner of The Shidler Group's Mid-Atlantic region, where he supervised the acquisition, management and leasing of over four million square feet of commercial property. He has been active in the real estate business for over 30 years. Mr. Hamlin is a founding shareholder of First Industrial Realty Trust, Inc. and also serves as a Director/Trustee of TractManager, Inc. and the National Prostate Cancer Coalition.

Kimberly F. Aquino has been our Corporate Secretary since March 2008. Ms. Aquino joined The Shidler Group in 1991 and is currently Senior Vice President of The Shidler Group. Prior to joining The Shidler Group, Ms. Aquino managed the national and international referral network at a large real estate brokerage firm.

Robert L. Denton is a member of our Board of Directors. Mr. Denton is a Managing Partner with The Shidler Group and the resident principal in its New York office. Mr. Denton is responsible for directing the implementation of The Shidler Groupa s new investment vehicles, including sourcing, strategy, and financing. Prior to joining The Shidler Group in 1994, Mr. Denton co-founded Providence Capital, Inc., a private investment bank. Providence Capital was the successor company to First Pacific U.S. Securities Limited, a Hong Kong domiciled broker-dealer that specialized in the sale of U.S. securities to Asian investors. Mr. Denton was responsible for all U.S. activities and the mergers and acquisitions business. First Pacific was merged into Jefferies & Company in 1987 and Mr. Denton became co-head of Jefferiesa mergers and acquisitions division. Prior to joining First Pacific in 1985, Mr. Denton was a principal with Booz Allen & Hamilton, Inc. where he provided acquisition strategic advisory services to U.S. and international companies. Mr. Denton has completed numerous mergers and acquisitions transactions and consulting assignments during his career. Mr. Denton graduated with a B.S. degree from the University of Pennsylvania and received his MBA from the Wharton School. Mr. Denton serves as a member of the Board of Directors of Corporate Office Properties Trust (NYSE: OFC).