B. Wayne Hughes, Jr. became a member of the Board of the Company in January 1998. He was employed by the Company from 1989 to 2002, serving as Vice President--Acquisitions of the Company from 1992 to 2002. Mr. Hughes, Jr. is currently Vice President of American Commercial Equities, LLC and its affiliates, companies engaged in the acquisition and operation of commercial properties in California. He is the son of B. Wayne Hughes.
