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Callahan Pentz Properties, Pleasanton CPS, A Commercial Real Estate Company ("CPS") is a California Corporation which was founded in 1977 by Joseph W. Callahan, Jr. and George B. Pentz. CPS's original office is located in Sunnyvale, California. During the several years following its inception, CPS concentrated on brokering commercial and industrial real estate in the Bay Area. However, the desire to become actively involved in the development side of the real estate business led the founders to form a development affiliate known as Callahan Pentz Properties ("CPP"). An affiliated partnership known as Callahan Pentz Properties, Pleasanton ("CPP-Pleasanton") was created in 1980 to administer and manage CPP's development activity related to Hacienda Business Park. In 1979 CPP acquired, subdivided and sold to Prudential 277 acres in Milpitas which was subsequently developed by Prudential into Oak Creek Business Park and was marketed through CPS. Construction and leasing activities began in the summer of 1979 and within three years, 3 million square feet of office and industrial space were completed and leased or sold. The relationship between CPS/CPP and Prudential has resulted in the development of over 6.5 million square feet of office and research and development space in the San Francisco Bay Area. In addition to Oak Creek Business Park, the two companies have worked together to develop and market Moffett Park, a 521 gross acre project in Sunnyvale, and Town Center Business Park, a 103 gross acre project in Milpitas. Prudential and CPP-Pleasanton's current co-development project is Hacienda Business Park, which is expected to be one of the largest contiguous business parks in Northern California. CPS/CPP opened an office in Pleasanton in 1981 to handle the marketing for Hacienda Business Park and to expand its overall brokerage activities in the East Bay. The brokerage focus of CPS continues to be leasing and sales activities in the South Bay and East Bay, with emphasis on high technology and office clients. In 1983, the two offices of CPS leased over 2.6 million square feet of office and R&D space and sold over 183 acres of land and ll buildings totalling 401,347 square feet. Principals of CPS and partners of CPP involved in the development of Hacienda include the following individuals: Joseph W. Callahan, Jr.. Mr. Callahan founded CPS. a Commercial Real Estate Company in 1977. He founded CPP-Pleasanton in 1978. Prior to his involvement at CPS, he was with Coldwell Banker Commercial REal Estate Services, Inc., in San Jose, California where he ranked second in sales nationwide. He received a Bachelor of Science Degree from the U.S. Naval Academy and received a graduate degree in Business Administration from George Washington University. Patrick J. O'Brien. Mr. O'Brien joined CPS in 1983 after serving as the firm's independent Certified Public Accountant since inception. He maintained -33-