William W. Cleverly

WILLIAM W. CLEVERLY has served as Chairman of the Board and Co-Chief
Executive Officer of the Company since the Merger on December 31, 1996.
Mr. Cleverly co-founded the Monterey Entities in 1986 and served as
President and director of the Monterey Entities until the Merger on
December 31, 1996. From 1983 to 1986, Mr. Cleverly was the President
and founder of a real estate development company which developed and
marketed multi-family projects. Mr. Cleverly received his undergraduate
degree from the University of Arizona, and is a member of the Central
Arizona Homebuilders’ Association of Arizona and the National
Homebuilders’ Association.