Steve LeonardFounder & Chief Investment Officer

After his graduation from UCLA in 1977, Steve began managing his family’s stockportfolio while entering the real estate business as his primary profession. He formedPacifica Holding Company with two partners in the early 1980’s to take advantage of the depressed commercial real estate prices that emerged from a severe recession.Pacifica assembled a private portfolio in Los Angeles through acquisition and development with several private investors. As prices became inflated in the late1980’s, Pacifica began selling its holdings, and looking elsewhere for opportunity.

Mr. Leonard took the same business plan to recession-plagued Denver in 1989 andrepeated those successes, but on a much grander scale. Pacifica Colorado establishedthe largest private commercial portfolio in Colorado and later began partnering withinstitutional investors. The 8 million square foot portfolio was sold for approximately$750 million in 1998 as market values began to peak. Pacifica then saw opportunities to build in SouthernCalifornia and began developing another commercial real estate portfolio of approximately 4 million square feet. In 2004 Pacifica sold the last property in the portfolio for a total price of approximately $400 million.

� “ ...Mr. Leonard has proved himself one of the

shrewdest real-estate investors west of the Mississippi.”–Nancy Holt, The Wall Street Journal

�At the encouragement of several of Pacifica’s private real estate investors who were looking to diversify, Mr. Leonardformed Pacifica Capital Investments upon returning to Southern California in 1998. Those investors were eagerto have the same investment philosophy that worked so well in real estate applied to public equities. Steve hasbeen able to achieve the type of above market returns that he produced with his family’s portfolio over the twentyyears prior to forming PCI.

Steve has served on the board of directors for both public and private companies, including Colorado Gamingand Entertainment, BJ’s Restaurant & Brewhouse, and First American State Bank. Mr. Leonard is also founder ofBrokers for Battered Kids, a charitable organization that has raised almost $2 million for disadvantage children in theDenver area. With his wife Cindy, the couple has two teenage children and resides in Rancho Santa Fe, California.

Executive Team at Pacifica Capital Investments

www.PacificaCapital.Netwww.PacificaCapital.Net

Blake IsaacsonDirector of Sales & Marketing

Mr. Isaacson has had a professional, personal and investment relationship with Steve Leonardand Pacifica for approximately 25 years. He began working for its real estate brokerage affiliate in 1985 before initiating Pacifica’s entry into the Colorado commercial market in1988 as Director of Acquisitions. After that portfolio was acquired in 1998, he established

another one in Las Vegas which was sold in the mid 2000’s as prices became unsustainable.

Mr. Isaacson added the proceeds of those real estate sales to his account at Pacifica Capital Investments that hehad opened a few years earlier. As growing numbers of his real estate investors inquired about new investment opportunities and became interested in PCI, Mr. Isaacson joined Pacifica as Director of Sales & Marketing. During his tenure in that position, assets under management at Pacifica have more than doubled to $191 million.

Mr. Isaacson was a Founder of a community bank. He is a licensed real estate broker in California where hehas also been active in politics. In fact, he was appointed to full time positions in both Gubernatorial andPresidential administrations while living in Sacramento and Washington, DC. His wife, Kelly, and he live inSan Diego, California with their three young sons.

Kari PembertonDirector of Research

Kari began working with Pacifica Capital Investments as a Research Analyst in 2002. Prior tothat time she was employed in the technology sector and later as a Financial Analyst in the TaxDepartment at the accounting firm of KPMG. Kari graduated Magna Cum Laude and PhiBeta Kappa from the University of Puget Sound. She currently lives in Austin, Texas with her husband and two young children.

Clifford (“Kip”) Lord, Jr.Sales & Marketing, Pacific Region

Mr. Lord has been associated with Pacifica since 1991. He was involved in acquisitions forPacifica's California portfolio from 1999 to 2002. Mr. Lord also co-founded Pacifica CapitalGestion (PCG) in Madrid, Spain. In 2003, PCG acquired the Kentucky Fried Chicken franchise in Spain directly from Yum Brands, Inc., which he sold in 2006 to a Spanish private

equity firm. PCG continues to control over 600 acres of land in the city of Madrid. Mr. Lord joined the PCI teamin 2009. He lives in West Los Angeles, California with his wife and two children.

Graham RileySales & Marketing, Rocky Mountain Region

Mr. Riley began his investment career with Pacifica in 1995 as it was building a substantialcommercial real estate portfolio in Denver. He then went on to work for First Industrial Realty Trust which purchased Pacifica’s industrial portfolio. Mr. Riley was promoted toRegional Director for the Denver region in 2004 where he handled acquisitions, dispositions,development, asset management and personnel. He then went on to start his own development company in 2007.

Mr. Riley reunited with Pacifica in 2009 and is now working with PCI in Sales and Marketing for the RockyMountain Region. He lives in Evergreen, Colorado with his wife and two children.

Executive Team at Pacifica Capital Investments

5119 El Mirlo - Rancho Santa Fe, CA 92067 • Phone: (858) 759-9970

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