First Development Corporation ("FDC") has been in business since 1978 and is primarily a developer of specialty and convenience shopping centers in the Chicagoland area. FDC develops properties primarily for the personal portfolios of its principals and is compensated on a fee basis. FDC has developed a number of new strip shopping centers anchored by White Hen Pantry, the premier Chicago area convenience grocery store that is one of the largest convenience store chains in Chicagoland. FDC has also re-developed in-city street-front retail strips. We also act as a land assembler and re-developer. By example, we purchase key parcels, then assemble adjacent properties to create larger development opportunities, and assist with whatever municipal approvals and/or re-zoning is required for the parcels. Recent efforts resulted in development of new freestanding Target and Walgreens stores in the Chicago suburbs of Villa Park and Hillside. Our company is also in the process of subdividing and completing site improvements for a four-acre commercial parcel fronting on a new exit ramp for the Tri-State Tollway (I-294) in the Chicago suburb of Alsip, Illinois. One of the parcels will be developed with a new motel facility and another with a full service sitdown restaurant that FDC will be developing on a build-to-suit basis. FDC is also embarking upon its first residential development. Semi-custom single family homes are planned for a parcel which FDC has had in inventory and which is now ripe for such development. FDC has also purchased and successfully cleaned-up several former gas station sites, which have been developed into convenience retail centers.

Walter Daniels is president of FDC and is also the owner of Walter Daniels Construction Company, Inc., a commercial general contractor for over 35 years in the Chicagoland area, who has built or remodeled all FDC shopping centers, and whose primary business is building restaurants for clients such as McDonald's, Chi-Chi's, Bob Evans, Wendy's, Denny's, Big Apple Bagels, Applebee's, Caribou Coffee, Popeye's Chicken and Burger King, as well as various on going municipal construction for the City of Chicago at O'Hare Airport, both restaurant and non-restaurant, as well as White Hen Pantry Plazas, and facilities for NBD Bank, Little City Foundation and numerous municipal facilities. He is a member of the Northwest Builder's Association.

James V. Persino is vice president of FDC and an Illinois licensed real estate broker who owns Jasper Realty Corporation. Since 1971, he has been actively involved in property management, lease negotiations, brokerage and development. He has completed millions of dollars in transactions with such clients as Payless ShoeSource, Radio Shack Corporation, Bedding Experts, New York Life Insurance Company, Moore Business Forms, General American Life Insurance Company, White Hen Pantry, Baskin-Robbins, Caribou Coffee, FlatTop Grill, Ultimate Exposure and Einstein's Noah Bagels. He is also past president and founding member of the Chicagoland Association of Shopping Center Owners (CASCO), which represents many Chicago area strip shopping center owners. He is past president of the Building Owners and Manager's Association (BOMA) of Suburban Chicago and holds the Real Property Administrator (RPA) designation from BOMI. Mr. Persino is also a member of the International Council of Shopping Centers (ICSC), National Association of Realtors (NAR) and Northern Illinois Commercial Association of Realtors (NICAR) and is chairman of the Economic Development Commission of the Village of Lincolnwood, a suburb north of Chicago.

Angela Ortega has been with the company since 1986 and is our property manager and administrative assistant. She handles all accounts payable/receivable, monthly and annual property reports, tenant and lender relations, available properties information including maintaining multiple listing updates, in addition to clerical duties. Her duties also include occasional property showings to prospective tenants and periodic property inspections. Angela oversees our custodians' duties to be sure all maintenance work is performed to our high standards and that of our fine tenants. Ms. Ortega is our liaison with our property maintenance contractors such as snow plowers, roofers, electricians, plumbers, HVAC companies and suppliers. She also interacts with our insurance agent, attorneys, accountants, environmental consultants, architects, engineers and other professionals.

Walter Kramer is our project administrator and newest staff member.  He is a graduate of the University of Denver and holds a B.S. degree in Business Administration with a major in Real Estate Construction Management. He is currently handling our new home residential division where he is overseeing completion of all site improvements on an 11-lot subdivision which will result in buildable lots being available in late 2005 or early 2006.  He is also researching possible retail development sites and retail buildings requiring rehab for us to purchase and develop.