Kipling Capital Inc.

MANAGEMENT TEAM

Principals

Richard E. Hake, Principal

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Richard E. Hake, Principal and Founder

Mr. Hake is the founder of Kipling Capital and has 40 years of experience and extensive long-term relationships in real estate, energy and other alternative investments. Since its inception in 1999, Kipling Capital has funded or participated in the funding of over 95 real estate programs that have purchased over 700 real estate properties, including office, industrial, retail, resort and residential properties valued in excess of $7.0 billion. From 1997 to 1999, Mr. Hake served as a real estate consultant and provided services in connection with the early stage development of Mayacama Golf Club in Sonoma County, California. From 1986 to 1997, Mr. Hake was President of Pacific Union Capital Corp., which provided equity capital for projects valued at over $1 billion, including pre-entitlement equity for the purchase and development of the 20,000-acre Rancho San Carlos/Santa Lucia Preserve, development equity for the Post Ranch Inn and the equity for the expansion and enhancement of Meadowood Resort. Mr. Hake was a General Partner of the Chileno Bay Club, a $1.3 billion dollar, 1,250 acre private oceanfront resort development in Cabo San Lucas.

In 1984, Mr. Hake founded Energy Partners, Inc. to invest in oil and gas development. In 2001, Mr. Hake co-founded Kipling Partners, LLC to invest directly in real estate related projects. Mr. Hake's early business career includes working for Xerox Corporation in Sales and Marketing for six years, acting as a General Partner in Oil and Gas investments, and teaching physics and science for three years. In 1993, Mr. Hake founded the Golden Gate Invitational Golf Tournament which has raised over $7MM for the benefit of the American Cancer Society. For over 25 years, he was an active board member and chairman. He has also worked pro-bono to raise a substantial portion of the investment funds used to create the Bay School of San Francisco. He holds a Bachelor of Arts in Science and Education degree from Providence College.