THE KOR GROUP Bradford Korzen   Chief Executive Officer and Principal Jeffrey Smith   Chief Investment Officer and Partner Frank Iaffaldano   President, Chief Operating Officer and Partner Brenda Tscharner   Senior Vice President, Human Resources KOR HOTEL GROUP Nicholas Clayton   President KOR DESIGN & CONSTRUCTION Michael Paneri   Senior Vice President, Hotel Development Randy Printz   Senior Vice President, Design and Construction KOR REAL ESTATE SALES & MARKETING Greg Ashley   President and Partner W. Scott Brown   Chief Sales Officer THE KOR GROUP Bradford Korzen   Chief Executive Officer and Principal As the founder of Kor Realty Group, Brad Korzen has developed a dynamic portfolio of resorts, hotels, multiple-family properties and commercial investments while guiding the diverse corporation behind its growth and operations. In just over a decade, Korzen has mined his unique understanding of contemporary financial and cultural climates to build, market and manage real estate assets that are at once traditionally profitable and creatively progressive. Under his direction, the Kor Group has grown from a real estate acquisition and property administration firm to a multi-faceted corporation with fully integrated acquisitions, development, construction, sales, marketing and management capabilities. Recognized in the trade and popular media as a leading force on the contemporary boutique hotel scene, Korzen is perhaps best known for his burgeoning collection of Southern California hospitality destinations, including the award-winning hotels Viceroy Palm Springs and Viceroy Santa Monica, and Beverly Hills' famed Avalon Hotel and Maison 140. In 2005, he introduced the company's first international properties, Viceroy Anguilla and the Riviera Maya Resort, and announced a partnership with The Related Group of Florida to create two Viceroy destinations in Miami and South Beach. Korzen has also repositioned Kor-owned flagged hotel properties. Under the Kor Hotel Group banner, the renovated Sheraton LAX Gateway is experiencing renewed popularity and profitability; the former Sheraton Four Points Santa Monica is now operating as Sheraton Delfina Santa Monica, a full-service business and leisure destination; and the Summerfield Suites West Hollywood debuted in mid-2005 as the Chamberlain, a metropolitan boutique hotel. In addition to his success in the hospitality market, Korzen has acquired and developed a collection of multi-family properties throughout Southern California. Presently numbering 3,000 units, the apartment portfolio includes Pegasus, an award-winning residential conversion of the landmark Standard Oil headquarters in downtown Los Angeles. Korzen is also leading his organization's foray into loft condominium development in notable Los Angeles locations. Molino Street Lofts, a live-work compound in the emerging Arts District, began pre-sales in Fall 2004 and sold out by early 2005. Construction and pre-sales activity are now underway on three more loft condominium developments, including conversion of the art deco treasure Eastern Columbia in downtown Los Angeles and the former Broadway department store at Hollywood and Vine, as well as a ground-up development in the popular Silver Lake district. A Chicago native and graduate of the University of Illinois, Korzen holds a Juris Doctorate from University of Miami School of Law. TOP OF PAGE Jeffrey Smith   Chief Investment Officer and Partner Jeffrey Smith has used his financial expertise and real estate experience to guide the Kor Group to mounting profitability and recognition in the contemporary real estate development arena. Since joining forces with founder Brad Korzen in 1998, Smith has successfully grown the company's asset value to over $2 billion and maintained vigorous investment performance for its shareholders. At the helm of Kor's financial activities, Smith directs analysis and execution of potential acquisitions and dispositions, refinance and debt evaluation, deal sourcing, and other asset management functions. In leading Kor's hotel and multi-family acquisition opportunities, Smith has successfully completed over $500 million of strategic acquisitions—including the financing and purchase of six hotels, Kor's international resorts, and thousands of multi-family units. In addition to growing Kor's domestic hotel and residential portfolio, Smith has been particularly active in the strategic expansion of Kor's presence internationally—leading all current acquisition and resort development initiatives in Latin America and the Caribbean. Current asset locations include Anguilla (British West Indies), the Riviera Maya area and Zihuatanejo in Mexico; Buenos Aires; and Punta del Este (Uruguay); with projects totaling in excess of $1.5 billion in development costs. Smith is also leading Kor's exploration of new markets overseas, namely Europe, the Middle East, and South Asia, in both urban and resort locations. He plays a key role in developing relationships with top-tier capital and development partners in these regions, and advancing the Viceroy and Tides brand platforms. Prior to joining Kor, Smith worked as a Senior Analyst for eight years with the real estate consulting firm of Flavell, Tennenbaum & Edwards, where he focused on single-asset and portfolio real estate bankruptcy workouts and real estate litigation assignments. Smith holds a B.S. in Finance from California State University, Northridge. TOP OF PAGE Frank Iaffaldano   President, Chief Operating Officer and Partner Frank Iaffaldano oversees all operating divisions of the Kor Group and each of its subsidiaries. Iaffaldano focuses on the management and coordination of the Acquisitions, Construction, Development, Sales, Marketing and Property Management groups on all projects; he is also responsible for the creation and implementation of long-term strategic planning for Kor and managing its growth through strategic financial planning and controls. While maintaining effective accounting, information technology, reporting and risk management functions, Iaffaldano oversees and is directly responsible for cash management, information technology, tax matters, risk management, development reporting and investor, banking and lender relations for all Kor projects. Iaffaldano is currently acting as Chief Financial Officer for the company. Under Iaffaldano's leadership, The Kor Group has grown to over 2,000 total employees with offices located in Los Angeles, Pasadena, Dallas, Miami, Playa del Carmen, Anguilla, and Vancouver. He plays a central role in assuring that Kor has the necessary infrastructure and human resources in place to foster and enable continued growth into new markets around the world. Iaffaldano began his career at Sheppard, Mullin, Richter & Hampton in 1989, becoming a partner in 1998. In 2001 he joined the Los Angeles office of Paul, Hastings, Janofsky & Walker, as a partner in the Real Estate Department and a member of the Recreation and Resort practice group. Iaffaldano has extensive experience in acquisitions, sales, construction and development, leasing and real estate financings for hotel, resort, office, retail, industrial, multi-family, condominium and mixed-use real estate projects. Iaffaldano received a B.A. degree in Political Science, as well as his J.D., from Northwestern University. TOP OF PAGE Brenda Tscharner   Senior Vice President, Human Resources Brenda Tscharner began her tenure with Kor in early 2001, as the Kor Group began significantly expanding its commitments in real estate development and hospitality. In her role, Tscharner is responsible for training and development, employee relations, benefits and compensation administration, recruitment and retention, career and succession planning, as well as employee recognition. Under her direction, Human Resources has set up and supervised systems and practices integral to the expansion of Kor's coveted boutique brands-from its hotels and resorts to its multi-family properties. Under her auspices, Kor continues to build its reputation as an employer of choice. With a focus on long-term retention, Tscharner seeks to staff the corporate team with the highest caliber professionals at every level, and to ensure that each property hires employees who place a premium on service. Prior to her position with Kor, Tscharner spent 14 years in a diverse array of human resources management positions with Four Seasons Hotels and Resorts. In addition, Tscharner was a Corporate Trainer for Four Seasons Hotels from 1994-2000. Tscharner holds a Bachelor's Degree in Political Science with an emphasis in International Relations from the University of California, Santa Barbara. TOP OF PAGE KOR HOTEL GROUP Nicholas Clayton   President As President of Kor Hotel Group, Nicholas Clayton ensures that Kor's existing and under-development boutique hotels and resorts remain dedicated to the highest standards of excellence. He oversees expansion efforts for the company's growing portfolio while maximizing value in current operations. Clayton brings to Kor extensive senior management experience at key international properties, as well as demonstrated success in impacting revenue growth and strong customer service cultures. A 20-year veteran of the luxury hospitality industry, he has worked with leading hospitality groups, including Four Seasons and The Ritz-Carlton hotels and resorts. Most recently, he served as Senior Vice President of Operations for Hong Kong-based Mandarin Oriental Hotel Group, where he was responsible for the group's Asian and European properties, as well as the entire portfolio's Food & Beverage and Spa divisions. In this role, Clayton proved instrumental in developing innovative processes to further build and differentiate the brand. Clayton's career has been distinguished by a series of significant accomplishments. For more than ten years, Clayton served as General Manager for several high-profile Ritz-Carlton hotels and resorts, where he developed and implemented sales and marketing strategies that substantially increased revenue, as well as developing focused management teams that improved both finance and quality measurements. Building on his success, he was appointed Director of Operations for Ritz-Carlton's Australia properties and assigned to restore profitability to their two five-star hotels in Sydney. In 1998 he became Managing Director for the Ritz-Carlton Millenia in Singapore. In this post, he led a team of 750 associates in the successful implementation of total quality management that improved market share for the property and elevated guest satisfaction ratings. As a result, the hotel was frequently recognized both regionally and internationally for outstanding customer service and overall quality. Clayton holds a Bachelor's of Business Administration, Finance degree from the University of Texas, Arlington. TOP OF PAGE DESIGN & CONSTRUCTION Michael R. Paneri   Senior Vice President, Hotel Development With almost 25 years of experience in premiere resort, hotel, hospitality and leisure project development worldwide, Michael Paneri brings an invaluable skill set to the Kor team. A licensed architect and seasoned corporate executive, Michael's vast expertise includes initial site assessment/project feasibility, design and construction, business development and operational management. At Kor, his work will primarily target properties in Anguilla, Mexico, San Francisco and South Beach/Miami. Most recently, he headed his own firm, Michael Paneri Consulting, with projects including the major renovation of New York's venerable Plaza Hotel. Previously, Paneri was Vice President, Design & Construction for Rosewood Hotels & Resorts. During his six-year tenure, he was a key member of the company's corporate leadership through a period of significant worldwide growth, and he developed and administered Rosewood's luxury quality standards. Among the many new resorts and hotels Paneri focused on were the Grand Cayman Resort/Grand Cayman Island, Copley Square/Boston, Deer Crest Resort/Deer Valley, UT and the Al Corniche/Jeddah and Al Faisaliah/Riyadh in Saudi Arabia. Prior to Rosewood, Paneri was Director of the Board, Vice President and Senior Principal at Wimberly, Allison, Tong & Goo. During 14 years there, he managed some of WATG's largest resort, hotel, casino, retail and entertainment projects including The Venetian and Caesars Palace in Las Vegas. Paneri holds a BS in Architecture from California Polytechnic State University, San Luis Obispo and studied Land Development & Management at University of California, Irvine. He is a licensed architect in California, Nevada and New Jersey, and is NCARB certified. TOP OF PAGE Randy Printz   Senior Vice President, Hotel Development Randy came to the Kor Group in 2004 with over 25 years of experience in major resort and leisure development projects. During his career, he has managed projects ranging in value up to $1.8 billion, including several renowned leisure projects for Disney and Universal Studios. For Disney, Randy was the Project Executive for such developments as Disney-MGM Studios, Mickey's ToonTown and the Indiana Jones attraction at Disneyland. He also was responsible for a number of projects across the United States and in Europe. Randy was also the Project Executive for the Universal Orlando Resort development. This project included the Islands of Adventure theme park, CityWalk Orlando, 21,000 spaces of structured parking and 400 acres of infrastructure development. He received both his Bachelors and Masters degrees from the University of Southern California. TOP OF PAGE KOR REAL ESTATE SALES & MARKETING Greg Ashley   President and Partner As President and Partner of The Kor Group's newly formed sales and marketing company, Greg Ashley will be pivotal in creating and building an organization and team that will lead all real estate sales and marketing efforts for Kor's residential, resort and hotel development, as well as for select third-party real estate developers. Alongside his extensive background in real estate sales and marketing, Ashley brings to Kor a proven track record in building a brand and business platform, leading an organization with diverse international operations, and fostering a corporate culture that maximizes employee potential. Ashley joined Kor after a successful 14-year career at Intrawest ULC, the world's leading developer and operator of village-centered resort real estate destinations. While at Intrawest, he was instrumental in the feasibility, planning, design, marketing and sale of more than 19,000 homes at resorts throughout North America, Mexico, Europe and the Caribbean. As founding president of Intrawest's Playground Destination Properties, he established and grew the start-up organization into a recognized industry leader. In just five years, the company achieved approximately $6 billion in sales, with over 500 resort real estate sales and marketing professionals working on four continents, in eight countries and at over 30 locations. During his tenure at Playground, Ashley led an executive team that was responsible for leading real estate sales and marketing efforts in some of the world's most prestigious resort locations, including Maui, Hawaii; Whistler, British Columbia; Snowmass/Aspen, Colorado; Les Arcs, France; and off the coast of Africa on the island nation of Mauritius, to name a few. Ashley and his teams have represented real estate branded by such the leading global hotel operators as Marriott, Westin, Hilton, Rosewood, Fairmont and Four Seasons. Most recently, Ashley and his team established a European operation based in Lausanne, Switzerland with over 60 employees to oversee an expanding European portfolio. Prior to joining Intrawest, Ashley was involved with the analysis, acquisitions, design, development, sales and marketing of urban real estate with Quadrant Development (a division of Weyerhaeuser) in British Columbia. He also held a position at CIBC Wood Gundy in Vancouver as investment adviser, where his primary focus was fixed-income securities. Ashley holds a Bachelor's degree in Economics from Simon Fraser University, Canada. TOP OF PAGE W. Scott Brown   Chief Sales Officer Scott Brown was appointed Chief Sales Officer for Kor's strategic real estate sales and marketing operations in late 2006. In this role, Brown oversees overall sales and marketing performance across an international portfolio of Kor developed, branded and operated projects and select third-party-developed urban and resort projects. He is also responsible for defining and evolving the buying and ownership experiences for Kor-branded real estate products and services. To ensure the company meets sales objectives, Brown leads the assembly and development of an expert team committed to continually innovating the marketing and sales of real estate-based travel and leisure products and services. In addition to pledging that its real estate products meet exacting quality standards, the team focuses on consummate service experiences for both homeowners and select third-party developer partners. Most recently, he served as Senior Vice President with Intrawest/Playground, where he oversaw a billion-dollar-per-annum portfolio as the senior leader of the Pacific Northwest and Hawaii, West US, Central US, Southeast US and Caribbean geographic regions. A key member of Playground's Executive Management Team, Brown was directly responsible for leading strategic partnerships and negotiated a significant joint venture that expanded Playground's business to Asia, Australia and New Zealand. Prior to joining Playground, he focused on organizational development consulting, providing strategic services and sales culture performance and enhancement expertise to leading North American organizations in the real estate, financial services, resort, automotive and technology industries. A consummate partner and people leader known for building buyer-centric, integrity-based, strategic approaches to sales and marketing, Scott is also a sought-after coach and industry speaker. He earned a Bachelor of Commerce degree from the University of Saskatchewan, and graduated with distinction. TOP OF PAGE 1212 South Flower Street   Los Angeles, CA 90015   T +1 323 930 3700   F +1 323 930 3701 HOME | LEGAL | CONTACT | PRIVACY | TOP OF PAGE