Geoffrey W. Arens, 45, has been a director since April 2004. Mr. Arens is a Managing Director of ING Capital LLC (investment management/proprietary trading) which is a subsidiary of the ING Group, an Amsterdam-based banking, investment banking and insurance institution. Since prior to 1998 until May 1998, Mr. Arens was a Vice President of ING Barings Securities Limited.

Phillip R. Burnaman II, 50, has been a director since September 1997 and has been our Chairman of the Board since October 2008. Mr. Burnaman was Head of Structured Products for NewStar Financial Inc., a specialty finance company focused on non-investment grade credit opportunities from 2004 until December 2007. Mr. Burnaman was Senior Managing Director of ING Barings Services Limited (investment management/proprietary trading) which is a subsidiary of the ING Group, an Amsterdam-based banking, investment banking and insurance institution from February 2001 until March 31, 2004. Mr. Burnaman was Managing Director and global head of the Strategic Trading Platform of ING Barings from prior to 1998 until February 2001.

Marti. P. Murray, 50, has been a director since November 2007. Ms. Murray is a Managing Director and Portfolio Manager at Babson Capital Management, LCC, a registered investment advisor. In April 2008, Ms. Murray sold the distressed debt investment management business of Murray Capital Management, Inc., a firm she founded in April 1995, to Babson Capital. Prior to founding Murray Capital, Ms. Murray was a Senior Managing Director and Portfolio Manager at Furman Selz Incorporated, and a Senior Vice President and Investment Analyst at Oppenheimer & Co.

Raymond J. Pacini, 54, has been a director and our President and Chief Executive Officer since May 1998. Prior to then he was our Executive Vice President, Chief Financial Officer, Secretary and Treasurer. Mr Pacini also serves on the Board of Directors of Cadiz, Inc., which manages water and real estate resources in California, and he is the chairman of that company's audit committee.

Sandra G. Sciutto, 49, has served as Senior Vice President, Chief Financial Officer, Treasurer and Corporate Secretary of California Coastal Communities, Inc. ("CALC") since 1998. Ms. Sciutto is responsible for all of CALC's financial reporting, accounting, treasury, human resources and corporate administration. Ms. Sciutto graduated with honors from Cal Poly State University in San Luis Obispo, California in 1982 and received her CPA license from the state of California in 1984.

Michael J. Rafferty, 55, has been President and Chief Operating Officer of Hearthside Homes, Inc. ("Hearthside") since 1995. Mr. Rafferty is responsible for all of Hearthside's homebuilding operations in Southern California and has utilized his extensive contacts with land developers, owners and brokers to enable the Company to complete the purchase of 700 residential lots in 2004-2005. Mr. Rafferty received a B. A. from Saint Michael's College in Burlington, VT in 1976.

John W. Marshall, 59, has been Senior Vice President of Hearthside since 1996. Mr. Marshall is responsible for arranging bank financing for all of Hearthside's homebuilding projects in Southern California, financial planning and analysis of project performance and due diligence for all land acquisitions. Mr. Marshall received a B. A. from UCLA in 1972, and his CPA license from the state of California in 1975.

Ed Mountford, 54, has been a Senior Vice President of Hearthside since May 1998. Mr. Mountford is responsible for all of Hearthside's land entitlement activities in Southern California. In April 2005, Mr. Mountford obtained approval from the California Coastal Commission to build 349 homes at Bolsa Chica, near Huntington Beach, CA and in December 2005 the Commission issued the Coastal Development Permit for this project. Mr. Mountford is also responsible for Hearthside's entitlement activities for a 1,500 unit residential development called SouthShore, which is adjacent to the City of Oxnard in Ventura County. Mr. Mountford received a B. A. from California State University, Fullerton in 1977 and a M.P.A from California State University, Long Beach in 1979.

Doug Woodyard, 49, has been a Vice President of Hearthside since 1998. Mr. Woodyard is responsible for directing all of Hearthside's sales and marketing activities in Southern California. In addition, Mr. Woodyard works closely with third party architectural firms to design homes that meet buyers' desires in each marketplace, including modest, up-scale and luxury styling. His expertise also includes final negotiations with special situation buyers, pricing of homes and oversight of Hearthside's profitable buyer option program. Mr. Woodyard earned a B. S. from the University of Utah in 1982 and a Masters in Business and Public Administration from the University of California at Irvine in 1984.