Kipling Capital Inc.

MANAGEMENT TEAM

Principals

Richard E. Hake, Principal

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Richard E. Hake, Principal

Mr. Hake, is the founder of Kipling Capital and has over 35 years of experience combined in real estate, energy and other alternative investments. Since its inception in 1999, Kipling Capital has funded or participated in the funding of over 450 real estate projects, including office, industrial, retail, resort and residential properties valued in excess of $6.5 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 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. For over 25 years, Mr. Hake was active with the San Francisco Area American Cancer Society as a board member and as chairman of the Golden Gate Invitational Golf Tournament. 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.