Kennedy-Wilson Inc.

Robert Shepard is Senior Managing Director and head of Kennedy Wilson Development,which focuses primarily on ground-up development opportunities across all income-producing property types: commercial, industrial, multifamily and retail/mixed-use. Mr. Shepard is based in Austin. Shepard has held a variety of senior positions with Kennedy Wilson since the firm he co-founded, SynerMark Companies, was acquired by Kennedy Wilson in 1999. Most recently, he was Senior Managing Director of the company's property management and leasing, acquisition, development, and mortgage and financing activities in the Southwest. Mr. Shepard has had direct involvement with the acquisition and development of more than 35 office buildings and warehouse properties representing 4.5 million square feet and $1 billion in value. In his role as Executive Vice President at SynerMark Companies, Mr. Shepard was responsible for managing development activities including feasibility analysis, site acquisition, budget preparation, site planning, architectural design, engineering, entitlements, construction, tenant build-out and occupancy. Previously, he was Vice President of Charter Management Company, with responsibility for a four million square foot portfolio of institutional-grade properties. Mr. Shepard received his B.B.A. degree from the University of Texas in Austin. He is a licensed real estate broker in the state of Texas and a Certified Property Manager (CPM).

Ms. Well manages all regional financial activities, overseeing a property accounting portfolio of 50 multifamily and multi-tenant office, industrial, and retail properties as well as strategic financial planning and execution for property acquisitions and dispositions and the various ownership entities. She is responsible for financial reporting, risk management, investor relations, management of the accounting staff, cash management, and tax compliance.

Bob Shepard was born and raised in the Rio Grande Valley and holds a Bachelor's degree in Business Adminstration from the University of Texas at Austin, graduating in 1972. Bob is very active in the area of higher education both statewide and locally. He was appointed by Governor George Bush to the 18 member Texas Higher Education Coordinating Board in 1997, and reappointed by Governor Rick Perry in 2004 and serves as Vice Chairman of the Board, and is Past-Chairman of the Development Board of the University of Texas at Brownsville. Bob is also a member of the University of Texas Pan American Business Council and served on the Board of Directors of the Valley Partnership. He has served as a former member and Chairman of the Board of Regents Pan American University in Edinburg. Bob also served on the Harlingen Economic Development Board from 1998 til 2004. He served as President from 2000 to 2004 Bob participates in many business related groups, serving as a member of the Texas Assoication of Independent Insurance Agents and the Independent Insurance Agents of America. He was formerly a member of the Harlingen Industrial Foundation and Past Chairman of the Harlingen Area Chamber of Commerce. He is a past member of the Advisory Board of Tex Pool.

Stephen Pyhrr is a Senior Managing Director at Kennedy Wilson with responsibility for the firm's southern regional portfolio, including acquisitions and investments in office, industrial, retail and multifamily properties, as well as the company's service lines including property management, brokerage/leasing and market research. Additionally, he is a Managing Principal and an Executive Board member of Kennedy Wilson's Property Fund I and II and oversees asset management and financial reporting for its portfolio properties. Previously, Dr. Pyhrr was President and CEO of SynerMark Investments, Inc., which Kennedy Wilson acquired in 1999. He directed the firm's acquisitions, marketing, research and consulting, asset management, and debt/equity financing activities. He managed a 2.5-million square foot portfolio of multifamily, retail and office properties, and a 700-acre business park. Prior to that, he served as President and CEO of Southwest Classic Properties, a multifamily and land development company in Austin, Texas. Dr. Pyhrr received a master's and Ph.D. in real estate and finance from the University of Illinois, and is a graduate of the School of Mortgage Banking at Northwestern University. For more than 18 years he taught as an associate professor of real estate and finance at The University of Texas (Austin). He serves as the Executive Director and was a past president of the American Real Estate Society and is on the Editorial Board of three real estate journals, including the Journal of Real Estate Portfolio Management (JREPM). He is a member of the International Real Estate Society, American Real Estate and Urban Economics Association, Urban Land Institute, and Pension Real Estate Association. He also is a member and served as past president of the Austin Commercial Real Estate Society. Dr. Pyhrr has written three books and over 40 articles and papers on commercial real estate (including the textbook Real Estate Investment: Strategy, Analysis, Decisions, which is used in the U.S., Europe and the Pacific Rim). He is recognized globally for his published research and strategy articles on real estate cycles and their impacts on investment performance.

Mr. Caven joined Kennedy Wilson in March, 2006. and oversees sourcing and acquisition activi-ties with initial investment values from $5 million to $50 million or more. He focuses on value-added and opportunistic investments throughout the South for repositioning, development, and disposition opportunities. Prior to joining Kennedy Wilson, Mr. Caven served as president of Austin-based Tressider Part-ners, a real estate development and investment company where he actively sourced and funded various real estate product types for his own account and other investment partners. From 2002 to 2004, Mr. Caven sourced and structured acquisition and development opportunities throughout the Southwest for Olive Hill Development. From 1991 to 1996, he provided consult-ant and analyst services in mergers and acquisitions and in the valuation of privately held busi-nesses and real estate assets. He has also served as CFO of a venture-backed software com-pany that supplied customer relationship management solutions to the sports and entertainment industry. Mr. Caven is a member of the Real Estate Council of Austin (RECA) and is a member of the Central Texas CCIM Chapter. Mr. Caven holds an MBA from J.L. Kellogg Graduate School of Management at Northwestern University, where he was named an FC Austin scholar, and he received a BA from Stanford University. He is a member of the Real Estate Council of Austin (RECA) and the Central Texas Chapter of CCIM.

Michael. Looney, as a marketing director, provides leasing and sales brokerage expertise to numerous building owners, investors, landlords, and tenants alike, and specializes in office and retail properties. He presently handles leasing activities for four retail properties and over ten multi-tenant office properties in the Austin area for institutional and individual owners. He conducts weekly cold calling on prospective tenants and solicit new leases from area brokers. Mr. Looney works very closely with owners to formulate and implement a custom leasing plan designed to increase occupancy and add value to all projects represented and advises owners on recommended property enhancements and how their property compares to competing projects. Prior to joining Kennedy Wilson, Mr. Looney was a commercial real estate agent handling both sales and lease transactions for Synermark Real Estate Companies and its predecessor, Davis and Associates, in Austin. Mr. Looney is a licensed Texas real estate agent and sits on the board of directors for Commercial Leasing Brokers Association (CLBA). He is a member of the Central Texas Chapter of CCIM, and heads the commercial section of the Austin Board of Realtors. He holds leadership positions with the Austin Business Referral Association and First Friday Brokerage Network. He received a bachelor's degree from the University of Texas (Austin).

William "Bill" Foster is a senior marketing director, handling both leasing and sales transactions, with a specialty in retail and special-use properties. He has brokered over $5.6 million in retail sales transactions. Previously Mr. Foster was with Synermark Management Company, predecessor by merger with Kennedy Wilson, and handled leasing and sales assignments. He was involved in marketing and leasing for several shopping centers. Prior to joining Synermark, he was vice president at Grubb & Ellis for 15 years, and received a 1995 Top Producer award. Throughout the 1970s, Mr. Foster was involved in the development, management, leasing, and marketing of retail properties in Austin. He is a licensed real estate broker in Texas and is a member of International Council of Shopping Centers (ICSC), the Real Estate Council of Austin (RECA) and Texas Association of Realtors (TAR). He holds a B.B.A. from Baylor University.

Prior to joining Kennedy Wilson, Ms. Finney managed a 350,000-square-foot commercial portfolio at Transwestern Property Company and managed 1,005,500 square feet of retail, office, and industrial properties for Hunt Properties.

Grant Walker is an asset manager for several properties in a $150 million commercial real estate portfolio and performs portfolio-level buy sell hold financial analyses. He also serves lead analyst providing detailed financial analyses for the southern region's acquisition team responsible for identifying and selecting investment properties for acquisition. He is directly involved in preparing investment presentations, conducting due diligence investigations, coordinating re-financings, and closing transactions. Experience to date at Kennedy Wilson includes direct involvement in over $400 million of acquisitions and over $200 million of dispositions, consisting of office, industrial, multifamily, and retail property.