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      Stonesfair's Senior Management          

Mr. Bakhtiari and Ms. Fair have spent the past nine years successfully acquiring and operating approximately 2,400 apartment units in Northern California. Since 1993, they have been active in the marketplace and have won many highly competitive negotiations. Their success is due not only to their skills and experience, but also to their hands-on approach to acquisitions and management.

Karl E. Bakhtiari is the President/CEO, and director of Stonesfair Financial Corporation, a California corporation. Mr. Bakhtiari has a long history of successes in the real estate industry. He served as a Board member for ten years for The Stoneson Development Corporation and Stoneson Associates, two major real estate development and construction corporations in the San Francisco Bay Area. The company developed and owned the Stonestown Galleria, a 1,000,000 square foot regional mall, and the Stonestown Apartments, an 820 unit complex, in San Francisco. These projects were successfully sold to JMB Realty in 1990. Prior to this, Mr. Bakhtiari was at Tandem Computers, Inc. where he served in a number of senior management roles, between 1984 and 1992, in the marketing and information systems divisions.

Additionally, Mr. Bakhtiari was a consulting manager at Accenture between 1978 and 1984. In 1977, Mr. Bakhtiari lectured in accounting in the College of Business at Chico State University. He holds MBA and BS degrees from California State University, Chico. Mr. Bakhtiari is vice chairman of Chico State Universityís business advisory board. He is the 2003 recipient of the College of Businessí Distinguished Alumni Award.

Maryann E. Fair has many years of experience in operations and project management as a result of her 10-year role in management with Bank of America. Ms Fair became actively involved in land development in 1989 and is well known among various Northern California developers for her high degree of competence and knowledge in land entitlement.

In 1993, Ms Fair joined Stonesfair as the Company began its successful path towards the acquisition and syndication of large multi-family projects in Northern California and Montana. In 1996, both Ms Fair and Mr. Bakhtiari started Stonesfair Management, a successful and well known property management firm. Today, Ms Fair is the Vice President and a Director of Stonesfair Financial Corporation and a Managing Member of Stonesfair Management, LLC. Ms Fair holds a current California Real Estate Brokerís License and a Bachelorís Degree from St. Maryís of Notre Dame, Southbend, Indiana..

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