In any organization, it is ultimately the people that make the difference. Our professional staff consists of our two partners, Roger A. Russell and Michael A. Michalske. Our partner, Robert A. Kendall, is retired. Following are the qualifications and legal and business experience in the real estate industry of each of our partners.

Roger A. Russell

Mr. Russell and our retired partner, Robert A. Kendall, met in 1972, when Roger was an investment attorney for Occidental Life Insurance Company and other Transamerica subsidiaries. Roger soon moved to Pacific Mutual Life Insurance Company (now known as Pacific Life Insurance Company), where he served first as Associate General Counsel, performing and supervising legal work for the company's Investment Division, and where he was later appointed department head of the company's Investment Division. In this capacity, Mr. Russell was responsible for Pacific Life's $3 billion plus mortgage and equity investment portfolio, encompassing establishment of investment policy for acquisitions, sales, asset management and mortgage lending, and management of property acquisitions, morgage lending, realty and mortgage documentation and closings, mortgage servicing and appraisals. Roger was also a founding director of Pacific Life's pension fund advisory company, a member of the company's investment committee which directed the investment of the company's assets in stocks, bonds, and real estate, and a member of its Economics Forum which reviewed and established investment strategy on a quarterly basis.

When Roger moved to the non-institutional sector, he served as Regional Vice-President for Cavan Associates, Ltd., a western regional real estate development firm based in Phoenix, Arizona. During that time he established its offices and bas of operations in California, and was responsible for all management and legal matters for its California operations, including the financing, development and construction of a 300,000 square foot office complex.

Mr. Russell's desire to more closely control his own destiny was realized withthe co-founding of Windrose Development Company, of which he was Chairman and CEO, and its related construction company, of which he was a director and General Counsel. Windrose completed nine office, industrial and retail projects valued at over $50 million.

Having been actively involved in conducting or supervising legal matters in all of his various previous positions, it was a simple transition when Roger decided to return to full-time law practice. He brings with him theimportant perspective of the client's view of the lawyer; and it is likely that most any deal he is asked to do for a client of our firm, he will already have done for himself.

Roger holds a BA degree from Occidental College and a JD from the University of Southern California. He is a member of the California bar.

Robert A. Kendall

Bob Kendall obtained his early experience and training at the Los Angeles law firm of Adams, Duque & Hazeltine. He later served as mainland counsel for Dillingham Corporation, a public company based in Hawaii, and as general Counsel for a multi-state residential developer. He has shared or had sole responsibility for management, business development and bottom line profitability for (a) His own real estate development, brokerage and consulting business, (b) the regional devision of a national real estate developer, and (c) a real estate management and development company co-owning and operating urban office buildings and engaged in multi-use commercial real estate development projects, where he served as executive vice-president and operating partner.

Mr. Kendall was co-founder and co-managing partner of the Newport Beach law firm of Rhoddes, Kendall & Harrington, a 15 attorney real estate, tax and busiess law firm where he practiced for many years. The firm's clients included banks, title companies, and several local and national development companies. Clients represented by Mr. Kendall included Metropolitan Life Insurance Company, Prudential Life Insurance Company, developer Robert Maguire, dillingham Corporation and subsidiaries, Leadership Housing Systems. Inc., Tishman Realty and Construction Company, Tammell Crow Company, Safeco Title Insurance Company, Pacific Life Insurance Company, McLachlan Investment Company, the Pacesetter Companies and the Polygon Group of Companies.

In early 1998, Mr. Kendall was persuaded to leave private practice to serve as Senrio Vice President and General Counsel for his then client, Burnett Polygon, later knwon as Polygon Development, engaged in the acquisitio and development of major mixed-use commercial real estate projects in southern California. When, due to management changes and the health problems of the principal owner of the copany, Polygon made the decision to cease taking on new projects and towind down its operations, Bob welcomed the opportunity to join Roger and Mike in founding this firm.

Mr. Kendall holds B.A. and J.D. degrees from the University of Southern California. He is now an inactive member of the California bar, having reitred in 2003.

Michael Michalske

After obtaining his law degree and serving as a naval officer, Mike began his law practice as a real estate attorney at First Interstate Bank, and later as Associate General Counsel for Coldwell Banker Management Corporatoin in Los Angeles. He first met Roger when he moved to Pacific Life, where he was to become a department head and Associate General Counsel, with primary responsibility for all major real estate equity and financing transactions. During this time he also met Bob Kendall, whose firm was representing Pacific Life at the time.

At Genesis Group, a major development company, and its affiliates, Independence Savings & Loan Association and Silverado Country Club, Mike was responsible for negotiating and documenting majorloans, acquisitions and sales, land use and government entitlements, constructoin contracts, property management and executive level administration responsibilities. Later, he became General Counsel for Newbridge/Equifax, a regional real estate broker/investment representative in thebusiness of identifying and evaluating specialized properties for acquisition by institutional investors. In each of these positions Mike's broad responsibilities included negotiatoin and documentation of large-scale secured debt and real estate equity investments, development, entitlements and land use issues, constructon, leasing, property management, and the organization of management of investment entities.

Mr. Michalske also has extensive experience in complex conduit financings involving mortgage securitization and equity investment participation through wall street investment firms.

Mike hols a B.S. from St. Louis University (where he was a National Merit Scholar), a J.D. from Case Western Reserve University (where he was an Elihu Root Scholar), and an MBA in Finance from the University of Southern California. He is a member of the California bar.