KEY PERSONNEL

Scott T. Boyd, Owner/President

Mr. Boyd graduated from North Park University, Chicago, Illinois, in 1977. His initial business experience was in public accounting for approximately 5 years with Ernst & Ernst and Price Waterhouse. In 1981, he accepted a position with The Centennial Company (later known as CNL Group, Inc.), an investment and development firm in Orlando, Florida. Mr. Boyd spent 8 years with CNL, the last three years as President of the development company, CNL Properties, Inc. His responsibilities there were to coordinate development, leasing and management functions. In addition, Mr. Boyd and the other principals of the firm developed Vista Centre in Lake Buena Vista, a 110-acre tourist/commercial project, including a number of hotels and restaurants. In 1991 Mr. Boyd formed Boyd Development Corporation.

Mr. Boyd has resided in Orlando, Florida since 1980 and has been married for more than 25 years. The Boyd's have three children and are members of First Baptist Church of Orlando. Mr. Boyd has served on the Board of Trustees of the church (as chairman in 2001) as well as on the school board for The First Academy, a K-12 college preparatory school on the church campus.

Paige A. Teague, Vice President

Ms. Teague joined the company in 1994, after spending six years at SunTrust Bank. Ms. Teague is involved in all aspects of Boyd Development's operations, including contract and lease negotiations, project management, due diligence activities, acquisition, disposition and finance. Ms. Teague graduated in 1985 from Florida Southern College, with degrees in Accounting and Finance. At SunTrust Bank, she was involved in both internal and external audits of the company and its customers. Ms. Teague is a Licensed Real Estate Broker in the State of Florida.

Michael M. Mullenix, Director of Acquisitions

Mr. Mullenix has been with Boyd Development eight years and brings a valuable appraisal background to the company, having previously owned his own appraisal firm. Mr. Mullenix is responsible for new site selection, including research and financial analysis, and initial contract negotiations. He graduated from Western Illinois University with a Business Degree, holds the MAI designation with the Appraisal Institute, and is a State Certified General Real Estate Appraiser and Licensed Real Estate Broker in the State of Florida.

Dennis R. Seliga, Project Manager

Mr. Seliga joined the company in 1999, after graduating from Southern Illinois University - Carbondale. He is responsible for all aspects of project development, including due diligence, design, permitting, and construction. Mr. Seliga regularly meets with local municipalities and governing agencies, and directs various consultants, including architects, engineers, surveyors, environmental engineers and general contractors.

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