Stephen R. Quazzo is Co-Founder and CEO of Pearlmark Real Estate Partners, L.L.C. Headquartered in Chicago and founded in 1996 as Transwestern Investment Company, Pearlmark is a private real estate principal firm with approximately $4 billion of U.S. property investments under management. Stephen R. Quazzo is the Chief Executive Officer and has been the Managing Director and co-founder of Transwestern Investment Company, L.L.C., a real estate principal investment firm, since March 1996. From April 1991 to March 1996, Mr. Quazzo was President of Equity Institutional Investors, Inc., a subsidiary of Equity Group Investments, Inc. Mr. Quazzo has been a Director of the Company since April 1999, and was a Trustee of the Trust, since August 1995. Mr. Quazzo is a son of Ugo R. Quazzo of New York and Jacqueline M. Stamato of Rome and of Essex Fells, N.J. He graduated from the Deerfield Academy and cum laude from Harvard College, and received an M.B.A. degree from Harvard. His father is president of Orbis International, a New York import-export company.