AvalonBay Communities Inc.

Director since May 2007. Since December 2002, Mr. Choate has served as Chief Executive Officer, President and Director of Watson Land Company, a privately-held real estate investment trust ("REIT") located in Carson, California. Prior to December 2002, Mr. Choate served since 1991 as Watson Land Company's Chief Financial Officer. Mr. Choate also serves on the Board of Directors of AvalonBay Communities, Inc., a publicly traded apartment REIT, and is the Chairman of AvalonBay's audit committee.

Bryce Blair is Chairman of the Board and Chief Executive Officer of AvalonBay Communities, Inc. Mr. Blair previously held the positions of Chief Operating Officer and Senior Vice President of Development, Acquisitions and Construction. He has overseen the development, construction, acquisition and management of over $10 billion of multifamily assets. Prior to the formation of Avalon Properties in 1993, Mr. Blair was a Partner with Trammell Crow Residential (TCR) from 1985 to 1993, overseeing multifamily investments in the New England area. Mr. Blair received his Masters degree in Business Administration from Harvard Business School. He graduated magna cum laude with an undergraduate degree in Civil Engineering from the University of New Hampshire. Mr. Blair is a member of the Young Presidents Organization (YPO), the National Association of Real Estate Investment Trusts (“NAREIT”) where he is on Executive Committee and the Board of Governors, and the Urban Land Institute (ULI) where he serves as a Trustee.

John J. Healy, Jr. has been a director of the Company since 1996. Mr. Healy is Co-Founder and CEO of Hyde Street Holdings, Inc., an investor in real estate and real estate related entities. Previously, Mr. Healy co-founded the Hanford/Healy Companies (1988), a real estate investment, asset management and consulting company, which was purchased by GMAC Commercial Mortgage, a subsidiary of General Motors, in September 1996. Mr. Healy has also held various management positions with real estate and financial firms including: The Federal Asset Disposition Association (predecessor to the Resolution Trust Corporation), Bank of America (COO and Director of Technical Services for a real estate subsidiary) and Manufacturers Hanover Trust Company (VP). Mr. Healy sits on the boards of AMB Alliance Fund III (Independent Council) and The Rosalind Russell Research Center for Arthritis (“UCSF”). Memberships in professional associations include: ULI, American Society of Real Estate Counselors (“CRE”), American Institute of Real Estate Appraisers (“MAI”), National Association of Corporate Directors (“NACD”), and Fellow—Royal Institution of Chartered Surveyors.

Mr. Rummell has served as Chairman and CEO of the The St. Joe Company, one of Florida's largest real estate operating companies and the state's largest private landowner, since January 1997. From 1985 until 1996, he served as President of Disney Development and then as Chairman of Walt Disney Imagineering, the division responsible for Disney's worldwide creative design, real estate, research and development activities. From 1983 until 1985, he was Vice Chairman of the Rockefeller Center Management Corporation in New York City.

Gilbert M. Meyer has been a director of the Company since 1978. Mr. Meyer is the Company’s founder and has been continuously involved with the Company as an executive officer, director and/or stockholder since 1978. Mr. Meyer served as Executive Chairman of the Company from the date of the Merger until his retirement from that position in May 2000. Prior to the completion of the Merger, Mr. Meyer served as the Company’s Chairman, President and Chief Executive Officer. Mr. Meyer is also the founder and remains President of Greenbriar Homes Communities, Inc., a private for-sale, single-family home building company in Northern California, and is a major stockholder in that company and indirectly owns significant interests in its limited liability company affiliates. He is also a member of the Haas School of Business Advisory Board, University of California at Berkeley, a member of the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics, University of California at Berkeley, and a member of the boards of philanthropic non-profit organizations.

Mr. Naughton, President, is responsible for the performance and coordination of development, construction, property operations, marketing and investments. Prior to assuming the COO role, Mr. Naughton served as the Chief Investment Officer, overseeing the company's investment strategy for real estate and non-real estate related investments. Prior to becoming the Chief Investment Officer, Mr. Naughton was a Regional Vice President Development and Acquisitions, with responsibility for the Mid-Atlantic and Midwest regions of the country. Mr. Naughton has been with the company or its predecessors since 1989. Mr. Naughton received his Masters Degree in Business Administration from Harvard Business School in 1987 and earned his undergraduate degree in Economics from the University of Virginia.

Mr. Sargeant is responsible for all of the financial operations, including capital markets/finance, financial reporting and financial services of AvalonBay. Prior to Avalon's formation, Mr. Sargeant served as Group Financial Officer for the Northeast Group, the Mid-Atlantic Group and the Midwest Group of Trammell Crow Residential. He was also responsible for financial services operations (including accounting and financial reporting, cash management, payroll, information systems and internal audit) and project finance for the Midwest Group of Trammell Crow Residential. Mr. Sargeant joined Trammell Crow Residential in 1986 as Controller and was promoted to Chief Financial Officer in 1989 and to Group Financial Officer in 1992. Prior to joining Trammell Crow Residential, Mr. Sargeant was with Arthur Andersen & Co., where he specialized in the construction and real estate industries, serving both private and publicly held clients. Mr. Sargeant, a certified public accountant, is a magna cum laude graduate of the University of South Carolina where he was elected to Phi Beta Kappa and the Honors College.

Charlene Rothkopf is responsible for the Human Resources function of AvalonBay Communities including Compensation, Benefits, Payroll, HR Systems, Employment, Associate Relations, Communications, and Training & Development. Prior to joining AvalonBay in 2000, Charlene was founder and President of Human Capital Group, a management consulting firm specializing in strategic planning and Human Resource Development. From 1996 to 1999, she was Vice President of Operations Human Resources for Host Marriott Services Corporation, and from 1993 to 1996 she was Vice President of Human Resources Planning and Development for Host Marriott Corporation. From 1983 to 1993, Charlene was employed by Marriott Corporation in a variety of positions including Director of Benefit Operations and Director of Training & Development. Charlene holds an Undergraduate Degree and a Master’s Degree in Administration and supervision from the University of Maryland, and she performed doctoral work at George Washington University in Human Resources Development and Management Science.

Leo S. Horey, 44, Executive Vice President Operations, is responsible for the management of all apartment communities for the Company. He has been Executive Vice President Operations since January 2004 and was Senior Vice President Property Operations from February 2001 through December 2003. Prior to assuming that office, Mr. Horey had served since the Merger as Regional Vice President Property Operations, primarily with oversight of the Company s West Coast operations. Prior to the Merger, Mr. Horey had served since 1994 as Vice President Property Operations for Avalon Properties with responsibility for numerous properties in Virginia, Maryland and the District of Columbia. Previously, Mr. Horey had worked for TCR since 1990, concentrating in acquisitions, dispositions and property management. Mr. Horey received his Masters of Business Administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill, where he was a Richard H. Jenrette Fellow. He also holds a Bachelor of Science degree in Computer Science and Economics from Duke University.

Bernard J. Ward, 42, is the Company s Senior Vice President-Property Operations and has oversight responsibility for all West Coast property operations. He joined the Company in 1997 and prior to that was with New Plan Realty Trust. Mr. Ward received a liberal arts degree from the University of California at San Diego.

As Senior Vice President of Development, Mr. Payne is responsible for initiating and managing new development activity in the Southern California region. Since joining AvalonBay in 2000, Mr. Payne has managed five new development opportunities in Southern California totaling 1,050 apartment homes. Prior to joining AvalonBay, Mr. Payne was the Senior Development Manager for Belmont Corp., a national assisted-living developer. Mr. Payne's role included managing Belmont's development interests from entitlements through construction on all Southern California developments. Prior to his employment with Belmont Corp., Mr. Payne was a Project Manager with Greystone Homes, a subsidiary of Lennar Corp. At Greystone, Mr. Payne was responsible for forward planning and land development for new single-family home communities throughout Southern California. Mr. Payne was awarded with honors, a Master of Real Estate Development degree from the University of Southern California in 1996. Mr. Payne was also awarded a Bachelor of Science degree in Business Administration from California State University Fullerton in 1991. In addition, Mr. Payne is a licensed California Real Estate Broker. His professional affiliations include the Urban Land Institute and the California Building Industry Association.

Mr. Bellman is Vice President for mid/high rise construction throughout all of AvalonBay's markets. Prior to joining Avalon Communities, Mr. Bellman spent 16 years with Boston Properties, most recently as Senior Vice President of Construction. With responsibility for all New York City construction he oversaw the building of the $125 million 599 Lexington Avenue, a 1 million square foot 50 story office tower, in addition to the Mercer Hotel an historic rehabilitation of a landmark property and the $550 million Columbus Center, a 3.3 million square foot 68 story office, retail and residential building. Prior to moving to New York, Mr. Bellman oversaw the construction of four office parks aggregating to over 1 million square feet in metropolitan Washington, DC. Mr. Bellman studied Engineering Administration at George Washington University and is a member of the New York City Builders Congress.

Ms Coombs is responsible for property operations in the Northern California and Pacific Northwest regions. These two regions include approximately 13,000 apartment homes in Seattle, San Francisco, San Jose and the East Bay. Prior to joining AvalonBay in July 2003, Ms Coombs was Area Vice President for the Southern California region of Equity Residential Property Management. She had day-to-day operational responsibility for 15,000 multi-family units, including over 50 communities and more than 400 employees. Ms. Coomb's multi-family experience began in 1984 in the Washington, D.C. area and transferred to the Northern California region as Divisional Manager for Trammell Crow Residential. Her diverse career included concept development, collateral design, exterior-interior amenity selection, marketing, budget projections and liaison between owners/developers and construction to provide quality control of new apartment communities. From 1989 to 1994, Ms. Coombs was the Regional Director of Operations for Lexford Properties of Dallas, Texas. She managed a portfolio of 5,000 multi-family units in Washington and Oregon. Ms. Coombs received her BA Degree in Education with Distinction from Purdue University. She is presently on the California Apartment Association's Leadership Council and Strategic Planning Committee. She was the 2005 President of the South Coast Apartment Association, a chapter of the California Apartment Association representing landlords throughout Orange and Southern Los Angeles Counties. Ms. Coombs is a Certified Property Manager ("CPM").

Edward M. Schulman joined AvalonBay in February 1999 as Vice President-General Counsel. Prior to joining AvalonBay, Mr. Schulman was a partner in the corporate department of Goodwin, Procter & Hoar LLP, where he worked extensively with real estate investment trusts. His experience includes a background in corporate acquisitions, public company mergers and securities transactions. Mr. Schulman is a Magna Cum Laude graduate of Harvard Law School. He received his undergraduate degree in economics from Princeton University, where he was elected to Phi Beta Kappa and graduated with high honors.

Frederick S. Harris joined AvalonBay in September 1998 as Vice President of Development. He is based in the company's New York City office and directs the company's development activities in New York City, Southern Westchester and Long Island. Since joining AvalonBay, he has overseen the development of over 2000 apartment homes, in seven communities, with a total development cost of over $500 million. Mr. Harris brings extensive experience in real estate development in the New York area. A former real estate attorney at Paul, Weiss, Rifkind, Wharton & Garrison, Mr. Harris was also Director of Real Estate for the Metropolitan Transportation Authority, managing development, acquisition and leasing of real estate for the New York City Transit Authority, the Metropolitan Transportation Authority, Metro-North Commuter Railroad, Long Island Railroad and Triborough Bridge and Tunnel Authority. Mr. Harris received an AB degree from Williams College, an MS from Polytechnic University and a JD from New York University School of Law. He is also a Director of the National Urban Reconstruction and Housing Agency, a not-for-profit South African Company dedicated to facilitating the delivery of low cost housing in South Africa and which has assisted in the creation of over 120,000 homes. He serves on the New York City Business Council of the Trust for Public Land and the Board of the NYU Law School Alumni Association. Mr. Harris resides in Montclair, NJ with his wife and two children.

J. Richard Morris is the Company's Senior Vice President-Head of Construction. Previously, Mr. Morris oversaw construction of garden style apartment communities throughout the entire portfolio. Prior to joining Avalon Properties in 1996, Mr. Morris worked for regional residential developers in the Mid-Atlantic area, constructing numerous large residential communities. Mr. Morris graduated cum laude from West Virginia State University with a B.S. in Building Construction. He also completed graduate courses in Engineering Management at the West Virginia College of Graduate Studies. Mr. Morris is a member of the National Association of Home Builders, where he has served on subcommittees for Codes and Standards. J. Richard Morris is the Company's Senior Vice President-Head of Construction. Previously, Mr. Morris oversaw construction of garden style apartment communities throughout the entire portfolio. Prior to joining Avalon Properties in 1996, Mr. Morris worked for regional residential developers in the Mid-Atlantic area, constructing numerous large residential communities. Mr. Morris graduated cum laude from West Virginia State University with a B.S. in Building Construction. He also completed graduate courses in Engineering Management at the West Virginia College of Graduate Studies. Mr. Morris is a member of the National Association of Home Builders, where he has served on subcommittees for Codes and Standards.

Ms. Lockridge, Vice President - Finance for AvalonBay Communities, Inc., is responsible for financial forecasting and budgeting as well as secured and unsecured financing activity, and is directly involved with capital market execution strategies. Prior to the merger of Bay Apartment Communities, Inc. and Avalon Properties, Inc. in June 1998, Ms. Lockridge had similar responsibilities and held various positions at Avalon since that company's formation in November 1993. Prior to Avalon's formation, Ms. Lockridge was the Financial Manager for the Northeast Group of TCR with responsibility for budgeting, development project analysis and project financings. Ms. Lockridge joined TCR as a Financial Analyst in 1989 and was promoted to Financial Manager in 1991. Before joining TCR, Ms. Lockridge was a Financial Analyst for Xerox Realty Corporation, where she was responsible for the analysis and asset management of commercial real estate property. Ms. Lockridge received her Masters in Finance degree from Fairfield University. She earned her undergraduate degree, magna cum laude, from St. Anselm College.

Mr. Cox, Senior Vice President of Development, is responsible for all new development activity in the Mid-Atlantic and Midwest regions. He joined AvalonBay Communities in 2003. Mr. Cox has over 16 years of multifamily residential development experience in the Washington D.C. area most recently as a Vice President with The Holladay Corporation. Prior to that Mr. Cox was with the Resolution Trust Corporation and was a Development Director in the Northern Virginia office of Trammell Crow Residential (TCR). He held earlier positions in property acquisitions for syndication sponsors, and he began his career as a CPA with Arthur Andersen & Co. Mr. Cox graduated from Case Western Reserve University and has an M.B.A. from The Wharton School. Mr. Cox is a member of the Urban Land Institute (ULI).

Kevin P. O Shea, 41, is the Company s Senior Vice President-Investment Management, with responsibility for the formation, structuring and capital raising of the Fund, as well as the debt financing, capital planning, investor relations and financial reporting activities of the Fund. Mr. O Shea joined the Company in July 2003. Prior to joining the Company, Mr. O Shea was an Executive Director in the Investment Research division of UBS AG, where he was an analyst providing equity research coverage of REITs. Previously, Mr. O Shea was a real estate investment banker with UBS, PaineWebber Incorporated and CIBC World Markets, and in that capacity executed public debt and equity offerings, raising capital for real estate companies, and advised in M&A assignments involving real estate companies. Mr. O Shea received his Masters Degree in Business Administration from Harvard Business School, his Juris Doctorate from Southern Methodist University and his undergraduate degree from Boston College.

Ms. Dunn is responsible for AvalonBay's national acquisition, disposition and redevelopment activity. She also helps to direct investment strategy and portfolio management initiatives. In addition, Ms. Dunn is the Managing Director of AvalonBay Value Added Fund, L.P., a discretionary institutional investment management fund. Over the last ten years, AvalonBay has acquired and sold approximately two hundred communities, valued at over $4 Billion. Ms. Dunn has served as a task force leader during the merger integration process between Avalon and Bay and also led the company's market research efforts for almost fifteen years. Before Avalon's formation, Ms. Dunn was responsible for asset management activities for the north region of Trammell Crow Residential. In 1992, Ms. Dunn relocated to Alexandria, VA to become Director of Business Development for the Mid-Atlantic region of Trammell Crow Residential and secured third-party management contracts. Ms. Dunn graduated with highest honors from the University of Michigan where she earned a Bachelor of Business Administration. She is an Executive Board Member of National Multi-Housing Council and also serves as the Chairman of the Finance Committee.

J. Richard Morris is the Company's Senior Vice President-Head of Construction. Previously, Mr. Morris oversaw construction of garden style apartment communities throughout the entire portfolio. Prior to joining Avalon Properties in 1996, Mr. Morris worked for regional residential developers in the Mid-Atlantic area, constructing numerous large residential communities. Mr. Morris graduated cum laude from West Virginia State University with a B.S. in Building Construction. He also completed graduate courses in Engineering Management at the West Virginia College of Graduate Studies. Mr. Morris is a member of the National Association of Home Builders, where he has served on subcommittees for Codes and Standards. J. Richard Morris is the Company's Senior Vice President-Head of Construction. Previously, Mr. Morris oversaw construction of garden style apartment communities throughout the entire portfolio. Prior to joining Avalon Properties in 1996, Mr. Morris worked for regional residential developers in the Mid-Atlantic area, constructing numerous large residential communities.

Sean J. Breslin is currently responsible for AvalonBay's Redevelopment and Portfolio/Asset Management platform, which includes redevelopment activity in the company's sixteen markets across the West, Mid-Atlantic, Northeast & Mid-West and portfolio/asset management initiatives nationally. Prior to assuming his current role, he led the company's West Coast Investment activity (including acquisitions/dispositions) for five years. During this period, Mr. Breslin executed transactions for both AvalonBay Communities, Inc. and the company's Investment Management Fund, known as the AvalonBay Value Added Fund, L.P. Prior to joining AvalonBay Communities, Mr. Breslin was the Chief Operating Officer of CWS Capital Partners, based in Newport Beach, California, where he was responsible for the company's operations and investment activity. During his tenure with CWS, Mr. Breslin was involved in real estate transactions related to approximately 18,000 multi-family units. Additionally, he directed the company's redevelopment efforts and the funding & completion of development joint ventures. He was also involved in the $650M sale of CWS's manufactured housing REIT. Since 1989, Mr. Breslin has been involved in the acquisition/disposition of more than 25,000 units with a value of roughly $3 Billion. Mr. Breslin is a California native with an MBA from the University of Texas at Austin and a Bachelors Degree from California State University, Long Beach. He is also a Registered Representative (inactive) of the National Association of Securities Dealers, a Certified Property Manager ("CPM") affiliated with the Institute of Real Estate Management, and is an active member of the National Multi Housing Council.

Stephen W. Wilson, 50, is the Company s Senior Vice President-Development, with responsibility for all development and redevelopment activity on the West Coast including Northern and Southern California and the Pacific Northwest. Prior to joining the Company in 1998, Mr. Wilson was a Senior Vice President and Chief Operating Officer for SU Development, Inc. of Bellevue, Washington and Senior Vice President of Continental Pacific, Inc. of Bellevue, Washington. Mr. Wilson received his B.A. in Business Administration (Accounting) from Washington State University. He is a member of ULI and The American Institute of Certified Public Accountants.

Tom A. Javits, is a Senior Vice President - Development for the Company, with responsibility for various development projects within New York City. Mr. Javits joined the Company in 2007 and has over 23 years of high-rise residential and commercial development experience including senior officer positions at Zeckendorf Realty, Boston Properties and Vornado Realty Trust. Mr. Javits received a B.S. in Environmental Management from the University of California at Berkeley and an MBA from the Harvard Business School.

Mr. McLaughlin, Senior Vice President, has been with AvalonBay Communities, Inc. or its predecessor Avalon Properties, Inc. for over thirteen (13) years. He is responsible for all of AvalonBay's development activity in Massachusetts, Connecticut, suburban New York (excluding Long Island), New Jersey and Rhode Island markets where AvalonBay currently owns 44 communities with 12,066 apartment homes. In addition, as of year end 2007, he oversees a pipeline of approximately $1.6 Billion in new construction and land in the entitlement process. Bill has also served as an advisory member of the Company's Management Investment Committee (MIC). Before joining AvalonBay, Mr. McLaughlin was with Lincoln Property Company for seven years, where he was responsible for multifamily development and acquisitions in eastern New England. Bill began his real estate career as a principal of a small residential development firm in Cambridge, MA and as a broker in Coldwell Banker Commercial's Boston office. He is the 2008 Chairman of the Greater Boston Real Estate Board (GBREB) and a two-time past President of its Rental Housing Association (RHA) division. Bill also serves on the Board of Directors at Caritas Communities; on the Board of Managers of the real estate holdings company JWF, LLC; and on the Board of Overseers at Newton Wellesley Hospital. In 2003, Mr. McLaughlin was named to Boston Business Journal's exclusive "40 under 40" list of Boston's most influential business leaders under 40. Bill lives in Newton, MA with his wife, Linda, and their six children. AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country. At September 30, 2007, AvalonBay owned or held an interest in 182 apartment communities containing 51,898 apartment homes in ten states and the District of Columbia, of which 19 communities were under construction and 9 communities were under reconstruction. In addition, we held future development rights for 52 communities. AvalonBay Communities, Inc.'s common stock trades on the New York Stock Exchange and under the ticker symbol "AVB."

Mr. Brockunier is responsible for AvalonBay's mid/high-rise construction activities on the East Coast. Prior to joining Avalon Properties in 1998, Mr. Brockunier spent 20 years managing construction projects for major New York City General Contractors and Real Estate Developers. The projects included retail, office, hotel, restaurant, school and computer/data facilities including new construction, alterations and additions to complete renovations of buildings. Most recently Mr. Brockunier was Vice President of Construction for Masterworks Development and responsible for the construction of hotels in New York City, Boston, Washington D.C., Philadelphia, Chicago and London. Mr. Brockunier earned a Bachelor of Science degree in Construction Management from Syracuse University.

Mr. Brockunier is responsible for AvalonBay's mid/high-rise construction activities on the East Coast. Prior to joining Avalon Properties in 1998, Mr. Brockunier spent 20 years managing construction projects for major New York City General Contractors and Real Estate Developers. The projects included retail, office, hotel, restaurant, school and computer/data facilities including new construction, alterations and additions to complete renovations of buildings. Most recently Mr. Brockunier was Vice President of Construction for Masterworks Development and responsible for the construction of hotels in New York City, Boston, Washington D.C., Philadelphia, Chicago and London. Mr. Brockunier earned a Bachelor of Science degree in Construction Management from Syracuse University.

Mr. Fritz joined AvalonBay in June '06 and is responsible for all development activities in the Pacific Northwest. Mr. Fritz is based in the company's Bellevue, Washington office and focuses on developing high-end residential and mixed-use projects throughout the region. Prior to joining AvalonBay Mr. Fritz was a Managing Director for Trammell Crow Residential where he oversaw the development activities and day to day operations for the Seattle, Washington region. Prior to TCR, Mr. Fritz worked with national developer JPI for over six years. During his tenure with JPI, Mr. Fritz was involved in the development and disposition of over 3,000 multifamily units in four states. Just prior to joining TCR, Mr. Fritz served as Regional Development Manager where he coordinated JPI's development efforts for the states of Colorado, Washington, and Minnesota. Mr. Fritz started his career in 1992 as a commercial real estate broker where he specialized in multifamily and retail transactions. Mr. Fritz attended the University of Wyoming.

Ms. Alders is Vice President of Operations for Southern California, responsible for property operations in the Southern California region, including Ventura, Los Angeles, San Bernadino, Orange, and San Diego counties. Since joining AvalonBay in 1997, she has led a variety of asset portfolios with up to 125 associates, and has been directly involved in a number of key projects in the region. Prior to joining AvalonBay, Ms. Alders led the LA/Orange County region for The ConAm Management Corporation, specializing in fee management. Her multi-family experience began in 1989 with Arnel Management, a prominent Orange County development and management company, where she began as a Leasing Agent and worked through positions of increasing responsibility, until departing in 1995. Ms. Alders received her BS in Marketing with a minor in Economics from Chapman College, where she was also a member of the women's varsity volley ball team. She is an active member of the South Coast Apartment Association, where she has served as a member of the board of director's for three terms, and currently acts as the Secretary.

Mr. Carlson earned his Bachelor of Science degree in Building Construction from Michigan State University. Mr. Carlson also has a Class B - General Contractors license in the State of California.

Karen Hollinger is Vice President of Operations of AvalonBay Communities, Inc. and is responsible for enhancing efficiencies of administrative tasks within property operations. Ms. Hollinger joined AvalonBay in 2001 and has held several Director-level positions within the Human Resources Department with oversight for administration, HR systems, and employee relations Prior to joining AvalonBay, Ms. Hollinger was a Director at a consultancy specializing in PeopleSoft systems implementation from 1998 to 2001. Prior to this, Ms. Hollinger held several management positions at KPMG from 1992 to 1998, where she was a management consultant specializing in accounting systems and IT strategy with clients in the US and in developing countries. Ms. Hollinger received her undergraduate degree in Finance from The College of William & Mary, graduating with Beta Gamma Sigma honors. Ms. Hollinger is accredited as a Senior Professional of Human Resources (SPHR).

Ms. Shea is responsible for overseeing all of AvalonBay's accounting operations, including its financial reporting and cash management functions. Ms. Shea joined AvalonBay in 2002 as Assistant Corporate Controller, where she focused primarily on financial reporting and corporate accounting, and was promoted to Corporate Controller in 2005. Prior to joining AvalonBay, Ms. Shea most recently served as the Corporate Controller for two start-up technology companies in the Washington, D.C. area. Prior to that, Ms. Shea was with Arthur Andersen LLP for eight years, where she provided both audit and mergers & acquisition due diligence services to clients in the real estate and financial services industries. Ms. Shea is a certified public accountant and has a B.B.A. in Accounting from the College of William & Mary.

Mr. Thompson joined AvalonBay Communities in 2000, bringing nearly fifteen years of diversified marketing & operations expertise to the multifamily industry. His previous experience includes Iams Petfoods (a subsidiary of P&G); Fruit of the Loom Apparel Company, and Promus Hotel Companies (parent corporation for Embassy Suites Hotel, Hampton Inn, and Harrah's Casinos). Mr. Thompson played an integral role in the development and implementation of a long-term strategic marketing platform that has positioned AvalonBay as the first "national brand" in the luxury segment of the apartment industry. He is responsible for all marketing, communication and customer service functions within AvalonBay Communities. This includes the development of the company's branding strategy and its implementation across all advertising, public relations and promotional materials. His pioneering focus on cybermarketing initiatives has positioned AvalonBay as the leader in internet marketing, and under his direction, the company's website, www.AvalonCommunities.com, was awarded the Pillars of Industry award for "Best Corporate Website" of 2003. In the September 2005 cover story of MultiFamily Executive magazine, Mr. Thompson was profiled and cited as one the industry's "up and comers" and has also been quoted in Forbes, New York Times, Red Herring Magazine, Multifamily Professional, and other leading publications. Mr. Thompson holds a Bachelor of Science degree from Western Kentucky University, and currently resides in historic Fredericksburg, VA with his wife and two children.

Lyn Lansdale is the Vice President of Strategic Business Services for AvalonBay Communities. In this position, Ms. Lansdale has responsibility for the due diligence, negotiation, and selection of telecommunications, Internet, and other service providers for new construction communities and the existing portfolio. Ms. Lansdale's group within AvalonBay Communities, Inc. acts as an incubation group for new products, services and business processes such as revenue management -- designing and implementing pilot programs for possible company-wide implementation. In addition, Ms. Lansdale is involved in the investigation and implementation of specific utility reimbursement, procurement, energy efficiency and energy conservation initiatives throughout the portfolio. Ms. Lansdale began her career with the company in June 1989 as Regional Manager for Trammell Crow Residential in the Mid Atlantic region where she remained on the operations side for seven years. She also assisted with Human Resources functions and training for several of those years. In 1996, she assumed her current position. She is an active member of the National Multi-Housing Council, participating in various lobbying efforts on Capitol Hill on behalf of multi-family apartment owners and is has served on the Board of the Independent Multi-family Communications Council (IMCC). Prior to joining the AvalonBay predecessor company in 1989, Ms. Lansdale worked in the hotel industry in the all-suite extended stay segment for five years. She holds an MBA from The Darden School at the University of Virginia and is a magna cum laude graduate of the University of South Carolina where she was elected to Phi Beta Kappa and the Honors College.

As Vice President of Development, Mr. Forlenza is responsible for new development activity in Connecticut and New York State. Since joining Avalon Properties, Inc. in 1995, Mr. Forlenza has managed the development activities for 16 stabilized communities totaling 3,484 apartment homes. Currently, Mr. Forlenza oversees development opportunities in the CT/NY area that total 2,484 apartment homes in nine communities. Previously, Mr. Forlenza was a Project Manager at Ginsburg Development Corporation from 1987 to 1992 where he managed the development and construction of luxury townhouses. Mr. Forlenza was awarded his Masters in Business Administration and Masters in City and Regional Planning from the University of North Carolina at Chapel Hill in 1995, where he was elected to Beta Gamma Sigma and graduated with high honors. He holds an undergraduate degree in Business from Fordham University, where he graduated summa cum laude. In addition, Mr. Forlenza is a member of the American Planning Association and Urban Land Institute, serves on the Board of Directors for the March of Dimes, serves on the Developer's Council of the Homebuilder's Association, and is a member of Brookfield's Planning and Zoning Commission and the Republican Town Committee.

Matthew B. Whalen rejoined AvalonBay in 2003 as Vice President of Development for the Long Island territory. He is responsible for leading the development and acquisition activity in the dynamic Long Island real estate market. He works out of the AvalonBay office in Melville, NY. Prior to rejoining AvalonBay, Matt was Director for the Northeast Region for Cogent Communications, an optical networking company bringing fiber optics to office buildings in New York, Philadelphia, and Boston. He was responsible for leading a team of professionals to build Cogent's nationwide network of multi-tenant office buildings and was also responsible for the daily operation of Cogent's New York office. Prior to Cogent, Matt was a Senior Director at AvalonBay responsible for acquisitions and development in the New York region in 1999 and 2000. In 1998, Matt was Vice President of Homestead Village; a NYSE extended stay hotel company and subsidiary of Security Capital Group. While there, Matt was responsible for the Urban Development program consisting of high-rise projects in the Northeast and Mid-Atlantic totaling over $400 million. In 1995, Matt was Vice President of Security Capital Group in Atlanta and Washington, D.C. responsible for acquisitions and development for the eastern region. Prior to Security Capital Group, Matt was Vice President of Crimson Partners of Herndon, Virginia, a private real estate investment company acquiring and developing commercial properties. He previously worked for Toll Brothers; a NYSE residential developer based in Philadelphia. Matt is a 1988 graduate of Princeton University where he received a B.A. in History. Matt was the sole captain of the 1987 Princeton varsity football team and subsequently captained the United States Rugby team on two tours in 1998 and 1999. In 2006, Matt was elected to the Long Island Builders Institute's Board of Directors for a two-year term and began serving as Treasurer in 2007. He is a Board Member of the Institute of Real Estate at Hofstra and also belongs to the Executive Board of both the Long Island Real Estate Group and the Real Estate Practitioners Institute. Matt is a member of the Long Island Association and serves on their Next Generation Housing Committee. He also sits on the Council of Advisors of the Community Development Corporation of Long Island. Matt is an active member of both the Association for a Better Long Island and Action Long Island. Matt received the Long Island Business News' annual award for one of Long Island's 40 rising stars under the age of 40 in 2004. The awards are established to recognize those making substantial contributions to the Long Island Business community. Matt is very active in the community and most recently participated in Habitat for Humanity's 2006 Long Island Builders Blitz where AvalonBay was involved in the effort that built five homes in five days. Matt, his wife and two children live in Garden City, Long Island.

As Vice President of Development, Mr. Roberts is responsible for initiating and managing new development opportunities in the Greater Boston Area. Since joining AvalonBay in 1997, Mr. Roberts has overseen the investment, redevelopment and development of over 4,700 apartment homes with a budgeted cost of over $700 million. Mr. Roberts has over 20 years of experience in the real estate industry where he has been involved in the development, redevelopment, acquisitions, and dispositions of over 19,500 apartment homes and 1.8 million square feet of commercial space. Prior to joining AvalonBay, Mr. Roberts worked for Edison Capital where he was responsible for the origination and investment in tax credit apartment developments. Prior to his employment with Edison Capital, Mr. Roberts worked for Winthrop Financial Associates as Vice President of Investments where he was responsible for originating and investing in both apartment communities and commercial properties. Mr. Roberts received his Bachelor of Arts degree in Economics from Dartmouth College in 1987.

Mr. Nootens joined AvalonBay Communities in 2007 as Vice President, Engineering and Maintenance, to oversee engineering and maintenance services and programs for their national portfolio. Mr. Nootens has more than 27 years of real estate and consulting experience. He previously served as Vice President of Engineering and Construction for Equity Office Properties' eastern portfolio. In this role his department managed capital planning and project management, redevelopment projects, physical due diligence, engineering training, and environmental and life safety programs for approximately 57 million square feet in over 190 properties. As Director of Engineering for the DC and NY Regions, he had direct operations and engineering management responsibility for six portfolios and 170 operating engineers. Before joining Equity Office in 1996, Mr. Nootens served as Regional Manager for a national engineering services company, where he had full P&L responsiblity for providing operations engineering labor and management services to commercial and institutional real estate clients. Prior to entering the real estate industry, Mr. Nootens spent over 5 years as an engineer specializing in utility power plant design and construction. Mr. Nootens earned his Master of Management degree from Northwestern University, and his Master and Bachelor of Science degrees in mechanical engineering from the University of Illinois. He is a licensed Professional Engineer in six states, holds IFMA's Certified Facility Manager designation, and is a member of ASHRAE.

Ms. Stahling is responsible for managing and overseeing all policies and procedures impacting property operations on a nationwide basis as well as the evaluation and deployment of new initiatives for AvalonBay Communities, Inc. Additionally, Ms. Stahling is responsible for all liaison activities coordinating property operations and other functional areas within AvalonBay. Ms. Stahling chairs the Operations Committee and is a member of the Technology Committee. Ms. Stahling began her career with Trammel Crow Residential in Richmond, Virginia in 1984. Prior to her current position, she was a Senior Portfolio Director overseeing communities in the Mid-Atlantic and Mid West regions of AvalonBay. She was integrally involved in determining the "Best Practices" during the merger of Avalon Properties and Bay in 1998. Ms. Stahling was involved as the lead subject matter expert on the design of Realeum Foundation for AvalonBay Communities, Inc. She received her Bachelor of Science Degree in Business Administration from the University of Maine.

Mr. Gniadek is responsible for AvalonBay investment activity in East Coast and Midwest markets which includes acquisitions, dispositions, redevelopment and asset management responsibilities. Prior to joining AvalonBay Communities, Mr. Gniadek was an Acquisition Partner and Area Vice President for JPI, handling multi-family acquisition and redevelopment activity for various East Coast and Southeast markets. Prior to joining JPI, Mr. Gniadek held positions in multi-family acquisitions and asset management for various real estate investment firms and has participated in the acquisition of over 10,000 multi-family units aggregating over $1B in total transaction volume. In addition to spending the past 10+ years engaged in real estate acquisitions and asset management, Mr. Gniadek spent the initial five years of his career as an accountant within the commercial real estate industry. Mr. Gniadek graduated from Indiana University with a BS in Accounting in 1991 and is a Certified Public Accountant.

Phil Wharton was hired by Avalon Bay in 2004 as a Senior Development Director in the New York Development office. He currently has direct responsibility for two major NY metro projects - Avalon Riverview North and Avalon on the Sound II, each in excess of $150 million development cost. In addition, Phil is actively pursuing new development business for Avalon Bay in Manhattan, Brooklyn, Queens and Westchester County. Phil has an extensive career in real estate development and investment, having worked previously in a development capacity at LCOR and Lincoln Property Company as well as investment manager for public and private pension funds at Lend Lease's investment advisory group and the Yarmouth Group. Phil is a graduate of Harvard College and the Wharton School of Business, where he earned an MBA in finance. He is a member of the Urban Land Institute and the Real Estate Board of New York as well as on the board of several charitable organisations. He is married with 3 daughters and currently resides in Larchmont, New York.

Mr. Salkovitz is Vice President of Construction leading construction efforts for AvalonBay in the Southern California region. Previously, Mr. Salkovitz held the position of Senior Project Manager in Quincy, Massachusetts before transferring to Newport Beach, California to become Senior Director of Construction. Prior to joining AvalonBay in 1997, Mr. Salkovitz owned and operated a general contracting firm and concentrating on single and multifamily projects in Massachusetts and southern New Hampshire. Mr. Salkovitz received AA's in Business Administration from Eckerd College and Building Materials & Technology from the University of Massachusetts. Mr. Salkovitz was a member of New Hampshire Builders & Remodelers Association of New Hampshire (NHBR), and Northeast Builders Association (NEBA) prior to relocating to California.

As Vice President of Development for New Jersey, Mr. Ladell oversees AvalonBay’s development and redevelopment activities throughout New Jersey. Mr. Ladell is based in the company’s Woodbridge, New Jersey office and focuses on developing premier residential and mixed-use communities in high barrier to entry markets. Prior to joining AvalonBay, he was the Vice President for Business Development for Pinnacle Communities responsible for commercial and multifamily developments. Mr. Ladell also served as the Vice President, General Counsel and Director of Development for a restaurant and hotel franchisee developing, constructing and operating Marriott hotels and TGI Friday’s and Wendy’s restaurants in the Northeast. Mr. Ladell began his professional career as a real estate and corporate attorney at Hannoch Weisman. He also was appointed and served as the Planning Board attorney for the Township of Livingston and as a member of Livingston’s Zoning Board of Adjustment. Mr. Ladell is a member of the New Jersey Apartment Association’s Board of Directors and previously served as a Board member for a special improvement district. He is a licensed real estate salesperson. Mr. Ladell received his JD from Rutgers University School of Law-Newark and his BA from Rutgers College, Rutgers University in New Brunswick. He also appears regularly as a panelist for real estate development, finance and legal topics and formerly as a political commentator for a radio talk show.

Sarah Mathewson, Vice President of Operations, is responsible for the Massachusetts and Rhode Island communities. Since joining AvalonBay Communities, Inc. in 1998 as a Portfolio Manager, she has been responsible for the lease-up or acquisition of 20 communities. Prior to joining AvalonBay, she worked as a a Senior Consultant for Peterson Consulting, specializing in construction and environmental litigation matters. Sarah has a B.S. in Civil Engineering from Lehigh University and an M.B.A. from Columbia University.

As Vice President of Construction, Mr. Kinter is responsible for all wood-frame construction activity in New England and New York State. Since joining Avalon Properties, Inc. in 1994, Mr. Kinter has been associated with the development and construction of twenty-four communities totaling 6,248 apartment homes. Mr. Kinter is currently overseeing 7 new communities under construction. Prior to joining Avalon Properties Inc. in 1994, Mr. Kinter was a field manager for Yvon Cormier Construction from 1986 to 1993 where he managed single-family home and condominium construction projects. Mr. Kinter graduated from North Adams State College in 1983, with a Bachelor of Science degree in Business Administration. He is an active member of the Builders Association of Greater Boston, Connecticut Home Builders Association, New York Home Builders Association, Associated Builders and Contractors, and National Fire Protection Association.

As Vice President of Development, Mr. Dale is responsible for initiating and managing new development opportunities in the Greater Boston Region. Since joining AvalonBay in 1998, Mr. Dale has been associated with the development and stabilization of over 1,000 apartment homes. He currently oversees 4 new communities under construction and a pipeline of 12 new development opportunities. Prior to joining AvalonBay in 1998, Mr. Dale was the Regional Real Estate manager for General Motors Worldwide Real Estate, managing all new retail development activities as well as an existing portfolio of real estate assets. Prior to General Motors, Mr. Dale was the Regional Real Estate Development Manager for Costco Wholesale, Inc., managing new store development in markets between Pennsylvania and New Hampshire. Mr. Dale holds a Bachelor of Science Degree in Civil Engineering from the University of Calgary. He also attended Boston University School of Management, from which he graduated Beta Gamma Sigma with a Masters Degree in Business Administration. He is an affiliated member of the Real Estate Investment Advisory Council, the Urban Land Institute, and the Association of Professional Engineers of Ontario.

Mr. Clark joined AvalonBay in 2005 and is based in the company's Encino office. He is responsible for initiating and developing high-end residential and mixed use communities in the Los Angeles and Ventura county regions. Before coming to AvalonBay, Mr. Clark worked for Meta Housing Corporation, a multifamily development company for nearly eight years. At Meta Housing he was responsible for the development a variety of multifamily product types including mixed income, tax-credit affordable and senior communities. During his tenure at Meta, Mr. Clark oversaw the development and rehabilitation of approximately 2,500 units, including the Burbank Senior Artists Colony. This project received the 2006 National Association of Home Builder's Gold Award as the best overall rental community in the multifamily housing category. Prior to joining Meta, he worked for the City of Glendale's Redevelopment Agency, where he was involved with major office developments, retail infill programs and the city's economic development efforts. Among his achievements were a 200,000 square-foot retail infill project, and a $10 million renovation of a local historic theater (the Alex Theater) into a performing arts center. Mr. Clark earned a Bachelor of Science degree in Business Administration and Real Estate from California State University, Northridge, and a Masters in Business Administration from Pepperdine University.

Ms. Brennan is the Vice President of Property Operations for the Mid Atlantic region, which include 25 communities in the Washington, DC and Baltimore metropolitan areas. Throughout her tenure at AvalonBay Communities, Ms. Brennan has been a team leader and a team member on many new policy and procedural issues and product standard boards since the formation of AvalonBay. Previously, Ms Brennan was the Vice President of Customer Service, a strategic initiative for AvalonBay Communities. She was responsible for developing AvalonBay's company-wide customer service program. Prior to November 2001, Ms. Brennan was Vice President of Property Operations for over 30 communities located in Massachusetts, Rhode Island, New Jersey, and Metro New York. Prior to the formation of Avalon Properties, Ms. Brennan served in several different capacities with Trammell Crow Residential. She began her career with TCR in 1986 in a sales capacity in Connecticut. In 1992, she was promoted from the position of Senior Community Manager of the company's largest asset to Divisional Manager. In 1994, Ms. Brennan relocated to Braintree, Massachusetts to start up the property operations division as a Regional Manager for the newly formed Avalon Properties, Inc. In this capacity, Ms. Brennan oversaw property operations in Massachusetts, Rhode Island, and several Connecticut communities. She has been involved in many third party property management contracts, acquisition, lease-up and disposition communities. Ms. Brennan held the position of Vice President of Boston's Apartment Association, the Rental Housing Association (RHA). Additionally, she was on the National Apartment Association's (NAA) Education Board. Ms. Brennan received her Bachelor of Science degree from Florida Southern College and has completed continuing education courses at Radcliffe College.

Suzanne Jakstavich joined Avalon Bay as a Vice President of Human Resources in June of 2007. She previously served as the Director of Human Resources at Crowell & Moring, LLP, an international law firm with more than 700 attorneys and staff members. At Crowell, Ms. Jakstavich managed a team of HR professionals who designed and implemented human resources programs to meet the needs of the short and long term goals of the firm. Prior to joining Crowell & Moring, Ms. Jakstavich served as Vice President, Human Resources, at BMO Financial Group in Chicago, IL. At BMO, Ms. Jakstavich coached executives on HR initiatives, developed transnational people strategies, and conducted various training sessions. Previous to that assignment, Ms. Jakstavich served in a number of HR leadership roles, including: Global Manager of Leadership Development for Perot Systems Corporation, and Human Resource Manager for Citibank's Global Consumer Group. In these roles, Ms. Jakstavich managed a worldwide staff of human resource professionals who focused on a host of prominent HR issues, including succession-planning, orientation programs, and performance assessment. A Chicago native, Ms. Jakstavich graduated from the University of Illinois, Urbana-Champaign, with a Master of Arts Degree in Labor and Industrial Relations/ Human Resources Management and a Bachelor of Science Degree in Finance. Ms. Jakstavich is a member of the Society of Human Resource Management and enjoys participating in the American Society for Training and Development. Currently a Northern Virginia resident, Ms. Jakstavich maintains a staunch allegiance to the Chicago Bears. In addition to football, she has many other outside interests, including bike riding and spending time with friends and family.

Ms. Blue is Vice President of Operations for Metro New York for AvalonBay Communities. Ms. Blue previously held the position of Senior Portfolio Director for Residential Services where she oversaw the operations of the Pacific Northwest market. She has overseen the operations and partnered with development, construction, acquisition of over $49 million of multifamily assets. Prior to joining AvalonBay in 2003, Ms. Blue was an officer of Archstone-Smith Communities for six years where she oversaw operations in the Pacific Northwest as well as marketing efforts for the entire West Coast. Ms. Blue also oversaw operations for five years in the Seattle market for Equity Residential Trust. Ms. Blue received her degree in Business Administration from the University of Washington. Ms. Blue is a member of the National Multi Housing Council (NMHC), the National Association of Real Estate Investment Trusts (NAREIT), National Apartment Association, and the Institute of Real Estate Management where she holds her Certified Property Manager (CPM) designation and is a national instructor. Ms. Blue also holds a Washington State Real Estate Broker's License.

Tsippora Dingott serves as AvalonBay's Vice President of Information Services, responsible for all internal technology and systems. Prior to that she worked for Realeum as the Senior Vice President of Engineering in charge of product development and operations for the Foundation property management system product line. Tsippora has 25 years of experience in the software industry with a strong focus on commercial enterprise software. She has led departments covering software development, product management, business development, quality assurance and help desk, for both large public companies as well as privately funded start-ups. Tsippora holds a Master of Science degree in Computer Science from Polytechnic Institute of New York.

H. Jay Sarles has been a director of the Company since September 2005. Mr. Sarles is a private investor and senior advisor to Nautic Partners, a private equity company that manages $1.5 billion in assets. Mr. Sarles retired as Vice Chairman of Bank of America in March 2005. Prior to joining Bank of America in 2004, Mr. Sarles served in a variety of executive positions with FleetBoston Financial Corporation and its predecessors, including Vice Chairman and Chief Administrative Officer from December 2002 and Vice Chairman, Wholesale Banking prior to that. Mr. Sarles is a director of Ameriprise Financial, Inc., Carlyle Capital Corporation, Limited, Dental Service of Massachusetts and DentaQuest Ventures, Inc., and MBNA Europe Bank Limited, an indirect subsidiary of Bank of America, and is a trustee of Mount Holyoke College.

Lance R. Primis has been a director of the Company since June 1998. Effective January 1, 2003, Mr. Primis was designated the Lead Independent Director of the Company (see “Board of Directors and its Committees—Lead Independent Director”). Since 1997, Mr. Primis has been the managing partner of Lance R. Primis & Partners, LLC, a management consulting firm with clients in the media industry. From 1969 to 1996, Mr. Primis was employed in various positions by The New York Times Company, including the positions of President and Chief Operating Officer, which he held from 1992 to 1996. In addition, Mr. Primis was the President and General Manager of The New York Times from 1988 to 1992. In addition, Mr. Primis is a member of the Board of Directors of Torstar Corporation, Metro International S.A., and Plum Holdings, LLC.

Mr. Walter is our President and Chief Executive Officer. He joined our Company in 1996 as Senior Vice President for Acquisitions, and was elected Treasurer in 1998, Executive Vice President in 2000, Chief Operating Officer in 2001 and Chief Financial Officer in 2003. He became our President and Chief Executive Officer in October 2007. Prior to joining our Company, Mr. Walter was a partner with Trammell Crow Residential Company and the President of Bailey Capital Corporation. He is on the Board of Directors of AvalonBay Communities, Inc., Friendship Public Charter School, the largest charter school system in the District of Columbia, and the National Kidney Foundation.