Don Augustine

Mr. Augustine has been one of the two principals and a manager of Arlen Capital since 1989. Arlen Capital's primary business for the past five years has been to identify, invest in, and manage strategic real estate-based "opportunistic investments." Prior to forming Arlen Capital with the second principal, Lynn Wells, Mr. Augustine was actively involved in the securities and real estate industries for more than 30 years. From 1956 to December 1982, Mr. Augustine was a partner in his own San Diego-based law firm specializing in real estate securities law. From January 1983 to November 1986, Mr. Augustine was "of Counsel" with the national law firm of Rogers & Wells, and from April 1987 through March 1989, he was a partner with the law firm of Gipson Hoffman & Pancione.

Mr. Augustine has held a variety of appointed positions, including Chairman of the State of California Department of Corporations' Blue Ribbon Committee which was organized to draft proposed rules of offering and sales of real estate securities. In 1981 and 1982, Mr. Augustine served as a special member of the National Association of Security Dealers subcommittee on real estate securities. He was also Chairman of the Regulatory, Legislation and Taxation Committees of Real Estate Securities and Syndication Institute. From 1970 through 1990 Mr. Augustine was co-chairman of the workshop on "Real Estate Securities," sponsored by the New York Law Journal, and from 1980 to 1990, he was co-editor of the Real Estate Syndicator monthly publication. Mr. Augustine holds a J.D. from the University of California at Hastings.

Lynn T. Wells

Lynn Wells has been one of two principals and a manager of Arlen Capital since 1989. Arlen Capital's primary business is identifying, investing in, and managing real estate-based "opportunistic investments" for its own account and for certain strategic investment partners. Prior to forming Arlen Capital with Mr. Augustine, Mr. Wells was active in the real estate industry for over twenty-five years. Between 1971 and 1985, he managed his own real estate company, Dimension Investments, Inc., where he specialized in the development, sale, and management of commercial and income properties and acted as General Partner for several private limited partnerships. From 1985 through 1988, he was Senior Vice President, and later President, of a public real estate syndication company, originally located in Dallas and later relocated to San Diego. Mr. Wells has provided real estate consulting services in financing, sales, and marketing to developers, syndicators, and lending institutions. Mr. Wells has taught real estate financing and exchange seminars and classes and has authored articles on real estate financing, valuation, and exchanges for various publications, including Real Estate Review and the Real Estate Syndicator. Mr. Wells received a B.S. degree in Mechanical Engineering from the University of Utah in 1961. He received his M.S. degree in Engineering Mechanics in 1963 from Ohio State University, and a Ph.D. degree in Engineering Mechanics in 1970, from Ohio State University.