Mr. Morris is the Chairman and Senior Partner of PRM Realty Group, LLC, Stonehill-PRM Realty's strategic joint venture partner. Mr. Morris' real estate activities include major investment activities, as well as consultation in connection with real estate acquisition, financing, development and planning. Morris currently owns or co-owns an interest in approximately $1 billion of real estate properties. Among the most significant are (i) approximately 1,000 acres on the Hudson River in Cold Spring, New York, which is under pre-development for use as an exclusive estate residential community; (ii) two high-end, unique beachfront/oceanfront properties comprising 15 acres in Wailea, Maui, Hawaii, with a planned single-family resort home development well in excess of $150 million; (iii) an approximately 100,000 square foot high-end commercial research and development property for the bio-technology industry on the Charles River in Cambridge, Massachusetts (recently sold for approximately $38 million); and, (iv) approximately $30 million worth of apartment projects. In addition to investment holdings, Morris' real estate activities in connection with these projects have included land assemblage and acquisition, and consultation in connection with all planning and marketing phases, including architectural and landscape design, marketing strategy and general conceptual planning. Investors in these properties include major institutions and individuals from Europe, Japan, the Middle East and the United States.

From 1982 until 1989, Morris was founder, principal and executive officer of a real estate investment and development company with approximately $7 billion worth of real estate assets in major business and vacation centers throughout the United States. Morris' partners in this company were Xerox Corporation, the Robert Van Kampen Merrit Bond Fund and Joel Stone. The company raised in excess of $3 billion of public and private debt and equity capital through vehicles such as REITs and public and private limited partnerships. Holdings included 30,000 apartments, 15 million square feet of commercial space, 55 hotels and numerous strategic land assemblages in New York, New York; Key Biscayne, Florida; Los Angeles, California; Washington, DC; and Maui, Hawaii. During his tenure, the company was one of the largest independent hotel owners in the United States and under Morris' direction, the company acquired land and created development plans and land entitlements yielding profits in excess of $250 million. Major hotel properties owned, development and/or renovated by Morris and his staff include the Maui Surf Westin, the Kauai Surf Westin, the Maui Hyatt, the Waikiki Hyatt, Rock Resorts, the Boca Raton Resort and Beach Club, Frenchmen's Reef in St. Thomas, U. S. Virgin Islands and the Santa Barbara Biltmore Four Seasons Hotel, among numerous other well known properties in the United States and the Caribbean.

Morris' corporate development activities include financial advisory services for funding and merger and acquisition activities, as well as strategic planning and feasibility analysis. Since 1991, Morris has provided planning and investment advisory services in connection with an investment in Medical Science Partners, a venture capital fund established by the Harvard Medical School for investment in novel technologies developed in the School. Business development partners of companies Hoffman-LaRoche and WellCome, Massachusetts General Hospital, Duke University, John Hopkins University, the Cleveland Clinic and international financial investors, including Saudi Arabian governmental institutions, as well as private individuals and companies located in Saudi Arabia and the United Arab Emirates. In particular, Morris has provided consulting and financial services in all phases of development, including becoming a founding shareholder and Director of Worldcare, Inc., a telecommunications-based diagnostic service which utilizes the satellite transmission of radiological images. In connection with investments in Medical Science Partners, Morris also provided financial and corporate development advisory services to numerous additional small- to medium-sized businesses, including businesses such as printed circuit board manufacturers, business and food mail order companies and target marketing companies mainly located in the Midwestern United States.

Morris graduated from Harvard Law School (J.D., cum laude) in 1975, having simultaneously engaged in studies at the Harvard Graduate School of Business Administration. Morris graduated from the Woodrow Wilson School at Princeton University (B.A., summa cum laude) in 1971, with a major in Public Affairs and Economics and a minor in East Asian Studies.

During his academic career, Morris was the recipient of numerous awards, including the Lt. William Larkin Memorial Prize for Best Thesis, combining the fields of public policy and economics, from the Woodrow Wilson School at Princeton University. He is the author of a number of publications focusing on rehabilitation of housing.

Morris has varying degrees of proficiency in speaking French, Chinese, Japanese, Spanish and Italian.