Acacia Capital

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Mr. Darling joined Acacia in 2002 and serves as Chief Operating Officer with management responsibilities in its Income Property Division. He is also a member of Acacia’s internal investment committee. Mr. Darling has been actively involved in real estate investment for over 16 years. He has extensive experience in the acquisition, financing, and disposition of income property throughout the western United States. Prior to joining Acacia, he was responsible for the western region acquisition activity of Lend Lease, a large pension fund advisor. Mr.

Ms. Bray joined Acacia in 2002 and serves as Executive Vice President with responsibility for overseeing multifamily asset management. Ms. Bray has been actively involved in the management of apartment properties for over 25 years. Prior to joining Acacia, she was employed by Archstone-Smith, a large apartment REIT, as a Vice President responsible for the management of over 5,000 apartment units located in Northern California. She has significant experience with major renovations and value added property repositioning.

Ms. Jarab joined Acacia in 2004 and serves as Executive Vice President and Controller with responsibility for managing Acacia’s accounting staff and all internal accounting and control functions. She has over 25 years of experience in accounting and finance in the real estate industry. Prior to joining Acacia, Ms. Jarab was the controller for a privately held construction company based in Phoenix. She earned her BS in Business Administration with an accounting emphasis from the University of Phoenix and is a certified public accountant.

Mr. Benson, who was an employee of Acacia for 8 years, now serves as an Advisory Director and a member of Acacia’s internal investment committee. Prior to joining Acacia, Mr. Benson held senior management positions with both public and private homebuilding companies, including one of the nation’s largest builders, Pulte Homes. His experience includes positions as S.V.P. of Operations, Chief Financial Officer, Chief Operating Officer and President. He has been actively involved in the homebuilding business for over 25 years.

Mr. McLaughlin joined Acacia in 2005 and serves in a full time capacity as Senior Vice President with primary responsibility for underwriting all site development and entitlement issues for Acacia‘s Housing Division. Mr. McLaughlin has held senior management positions with both public and private homebuilding and land development companies, including one of the nation’s largest builders, MDC Homes. His experience includes positions as V.P. of Land Acquisitions, and General Counsel. He has been actively involved in the homebuilding/land development business for over 15 years. Mr.

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