Biegel & Company, LLC

REAL ESTATE DEVELOPMENT MANAGEMENT AND CONSULTING

• Development Management
• Mixed-Use Master-Planned Developments
• Urban Retail & Regional Mall Properties
• Residential Subdivisions
• Governing Body Entitlement Approvals

• Public/Private Development Agreement Negotiation
• Financing & Equity Acquisition
• Bond Community Financing
• Exit Strategy Analysis & Development
• Loan Workout/Restructuring

RICHARD BIEGEL, BIOGRAPHY

Richard Biegel began his career in the retail industry at the age of 10 working in a chain of family owned drive-in restaurants located in Phoenix, Arizona. After high school, Richard spent 3 years in the United States Marine Corps. In 1980 he entered the Engineering program at Arizona State University, where he ultimately received his Bachelor of Science in Real Estate.

In 1986 Mr. Biegel obtained his real estate brokerage license and aggressively pursued brokerage and development opportunities. As a result of his success, in 1988, Mr. Biegel was offered a partnership position in a Phoenix real estate company that specialized in the redevelopment of urban retail properties and large scale land developments.

Taking advantage of the downturn in the real estate industry, Mr. Biegel returned to school and in 1992 received a Master of Real Estate Development degree from the University of Southern California. Thereafter, as an independent contractor, he worked concurrently in the fields of real estate investment banking and the forefront of the merging worlds of entertainment and retail development. For the real estate investment banking affiliates of G.E Capital Corporation, Goldman Sachs, Meryl Lynch and Morgan Stanley he underwrote over $1 billion in real estate assets. As a member of a team of Disney, Rouse, LucasArts and Apple's Multimedia Lab alumni, he provided consulting to cutting edge retail tenants and developers.

Since 1988, Mr. Biegel, his company Biegel & Co, LLC have been involved in the development and redevelopment of over 1,000,000 square feet of office and retail space and over 45,000 acres of land.

Mr. Biegel is actively involved in his home community of Durango, Colorado where he develops affordable housing, is on the City of Durango's Land Use and Development Board of Appeals, and as an active member of Kiwanis, is responsible for one of the community's largest fundraisers for children.

PROJECT LIST

• Current General Managing Partner of Black Mountain Resort Park, a 2,000 acre, Low density, Master-Planned Development overlooking Laughlin Nevada, currently in the planning stage while completing an exchange with the Bureau of Land Management.

• Current General Managing Partner of the commercial componant (67 acres) of Cimarron Lake, a 300 acre master-planned community located adjacent to the Colorado River, South of Bullhead City, Arizona.

• Assisted in 2002 in restructing the development management, and debt and equity capital structure of the 1,900 acre Traverse Mountain Master-Planned Community in Salt Lake City.

• Provided co-development management in 2001 of Southbank, a 535 acre master-planned development located on the southwestern suburban edge of Minneapolis, Minnesota.

• In a partnership with Accredited investors in 2000, developed El Mirador, a 60 acre, 47 lot, hillside custom home subdivision in Gold Canyon, Arizona with average lot prices of $300,000.

• Created a retail, entertainment and restaurant destination redevelopment plan and provided anchor tenant negotiations for the 1999 redevelopment of the 300,000 square foot Desert Fashion Plaza in downtown Palm Springs, California.

• Secured a portion of the equity required in 1999 for the development of Sun Valley, a "next-cycle," 13,282 acre master-planned community, located on the far edge of the Phoenix metropolitan area, in the town of Buckeye, Arizona.

• Provided interim Project Management Assistance in 1996 for Estrella, the second largest master-planned community in the Western United States.

• Managed the Re-Development in 1994 and 1995 of the 450,000-square-foot Scottsdale Galleria regional specialty and entertainment center in Scottsdale, Arizona.

• Co-Developed Nogales Plaza in 1993, a 168,000 square foot neighborhood shopping center in Nogales, Arizona anchored by Bashes and Pepboys.

• In 1993 Co-Developed the Pan American Center Douglas, Arizona, an 80 acre retail site anchored by Wal-Mart, Kmart and Safeway.

• In 1992, provided interim asset management and due-diligence of the development potential for Northgate, a 1,200 acre master-planned, mixed-use community located along the eastern side of the Interstate 25 corridor in northern Colorado Springs, for the Resolution Trust Corporation.

• Co-Managed the Redevelopment of a 25,000-square-foot retail and office, historic preservation and new construction development (FAR of 4.0) in downtown Tempe, Arizona 1990.

• In 1988, assembled 11 properties and became a partner in the development of Litchfield East, a 1,234 acre master-planned community located in Litchfield Park, Arizona (a suburb of Phoenix).

• 1986 negotiated the purchase of the 860 acre Wigwam Creek master-planned community in Litchfield Park for Balcor, a division of American Express.