Orion Realty Advisors, LLC Orion Realty Advisors, LLC was formed in June 2002 by Robert F. Rice and Gregory S. Leas. The company owns and/or manages approximately 1,200 apartment units in Wisconsin, Kentucky and North Carolina. ROBERT F. RICE Mr. Rice has over 25 years of professional experience since graduation from Marquette Law School in 1976. That experience has been gained through the private practice of law, serving as in-house counsel and various management positions. From 1984 until 1989 he served as a member of the Board of Directors, officer and general counsel for various affiliates of St. Francis Bank, F.S.B. The affiliates included a real estate development company, St. Francis Development Corporation, a real estate syndication firm, S-B-F Partners and a property management company, S-B-F Management, Inc. As chief operating officer of S-B-F Management, Inc. Mr. Rice was responsible for a portfolio of 21 properties in seven states. The portfolio was diverse as to type as well as location and included 11 shopping centers, 3 office buildings, 3 apartment communities, 3 nursing homes and 1 hotel. Additional responsibilities included assisting the bank in underwriting, documenting and closing loans on commercial real estate. In 1989 Mr. Rice formed Resource Alternatives, Inc. which provided legal and consulting services to the real estate industry and served as an RTC contractor. The company was responsible for structuring workouts, acquisitions and sales of distressed properties as well as the successful liquidation of the S-B-F portfolio. Mr. Rice joined a Milwaukee based syndication firm in 1993 and was responsible for overseeing all aspects of the real estate division. His duties included reviewing and structuring all acquisitions and dispositions, supervising property management and ensuring the profitability of assets under management. Apartment units owned or under management increased from 170 to over 1,000 while Mr. Rice was with the company. An additional 700 units were purchased, managed and sold during that time. Mr. Rice also served as General Counsel for the company. Mr. Rice is an active member of the Wisconsin and American Bar Associations. rrice@orionrealtyadvisors.com GREGORY S. LEAS Mr. Leas is a 12-year veteran of professional real estate management, including acquisition analysis, strategic planning, property management and investor relations. Mr. Leas is a 1983 graduate of the University of Wisconsin-Madison and received his J.D. degree in 1990 from Brooklyn Law School. Mr. Leas was admitted to the State of Wisconsin Bar in February 1994 and is a current member in good standing. From 1990 - 2002, Mr. Leas was an officer of a Milwaukee-based real estate operating company performing a wide range of functions including analysis, management feasibility analysis and development. During this analysis period, Mr. Leas participated in the acquisition and management of over 1500 apartment units, a 100,000 square foot office building and the development of an 18-hole golf course. As part of the senior management team, Mr. Leas participated in the preparation of legal documents for the company and its subsidiaries. Mr. Leas negotiated and structured the acquisitions. Mr. Leas also participated in the structuring and legal preparation of the company's real estate activities. Mr. Leas is a licensed securities principal, holding Series 24, Series 7, Series 63 and Series 22 licenses. gleas@orionrealtyadvisors.com