SPECHT PROPERTIES, INC.

Greg Specht began his career in real estate in 1975, when he built his first duplex in Salem, Oregon. Fifteen years later he incorporated Specht Properties to perform all day to day management functions for the various Specht partnerships and holding companies. Specht Properties also provides construction and project management services to a wide range of third party clients on a fee basis.

The basic business objective of Specht Properties is to provide quality, customized real estate advice to our partners, our tenants and to our clients. We really like what we do, and we believe we do it very well.

SPECHT DEVELOPMENT, INC.

Specht Development was formed in 1992 as the development services arm for all related Specht entities and is located in the Lincoln Tower in Portland, Oregon. Specht Development has been involved in all sides of real estate transactions; as advisor, buyer, seller, partner and developer. This perspective enhances our ability to achieve market and client goals and to offer cost effective and creative solutions to real estate opportunities.

Since its founding, Specht (and its affiliated entities) has been responsible for developing or providing project and construction management on over 12 million square feet of commercial and industrial real estate with a cost basis of over $1 billion.