STEPHEN P. HOULE

Mr. Houle joined The Chiofaro Company in 1997 and has overall responsibility for accounting, financial management, reporting systems and administration. His other duties relate to partnership and mortgage lender relationships and cash management. He spends much of his time working with banks and other financial institutions involved with the business of the firm. Prior to joining The Chiofaro Company, Mr. Houle was a Vice President in the Portfolio Management Group at AEW Capital Management, L.P. Mr. Houle has over 20 years of financial experience in real estate.

He began his career with the Big-6 public accounting firm, KPMG Peat Marwick, focusing on the real estate industry. Mr. Houle obtained the Certified Public Accounting designation in 1987. Mr. Houle graduated from Babson College with a Bachelor of Science degree in Accounting in 1984.