The Schonbraun McCann Group LLP Announces Name Change to 'Cornerstone Accounting Group LLP'

Business Wire, July 15, 2008

Well-Known Real Estate Industry Leader Stanley R. Perla Joins Cornerstone Accounting Group as Managing Partner

Firm Announces Four Promotions to Equity Partner

NEW YORK -- The Schonbraun McCann Group LLP, the nation's only public accounting firm dedicated to the real estate industry, announced today that it has changed its name to Cornerstone Accounting Group LLP. The firm also announced that Stanley R. Perla, CPA, has joined Cornerstone Accounting Group as managing partner and that Stuart Backer, Harry Dublinsky, Marge Filippelli and Dan Vitulli have been promoted to equity partners in the firm. Cornerstone Accounting Group provides high-level assurance services to private equity funds, hedge funds, real estate investment trusts (public and private), pension advisors and private real estate companies.

According to Bruce S. Schonbraun, who founded the firm in 1973 and serves on its board, "It has long been a clear and strong vision that the accounting and assurance services firm and consulting firm would need to grow and prosper in different ways, each with their own industry profiles and identity, especially in today's business environment, which encourages separate platforms. The recent acquisition of the consulting firm provided an ideal opportunity to carve out a distinct identity for and announce the expansion of the independent accounting and assurance services firm. The name change to 'Cornerstone Accounting Group' commemorates this new course for growth in a more focused, independent way.

"As part of this initiative, the firm is thrilled to welcome Stan who will help direct the firm's expansion. He is a nationally known expert and highly regarded in real estate and accounting industry circles. We look forward to his hands-on leadership in bringing Cornerstone Accounting Group to the next level," Schonbraun added.

Cornerstone Accounting Group Looks to Both New and Long-Standing Leadership for Growth

Perla joins Cornerstone Accounting Group from Vornado Realty Trust where he was vice president and director of internal audit. He previously served as the national director and partner-in-charge of real estate accounting services for Ernst & Young. Perla is an active member of the National Association of Real Estate Investment Trusts' (NAREIT) and National Association of Real Estate Consultants' (NAREC) accounting committees, as well as American Institute of Certified Public Accountants (AICPA) and New York State Society of Certified Public Accountants (NYSSCPA). He is director and audit committee chair for Madison Harbor Balance Strategies and American Mortgage Company, and former director and audit committee chair of Lexington Properties Trust. He earned an MBA in taxation and a BBA in accounting from Baruch College.

"No other accounting and assurance services firm is more knowledgeable about real estate and its unique requirements and opportunities. I look forward to working hand-in-hand with the real estate industry's leaders who already rely on the firm for its vast accounting and assurance services experience and real estate expertise. Our goal is to build Cornerstone Accounting Group into a real estate accounting powerhouse with the critical mass and depth of expertise that the consulting firm has long enjoyed," Perla said.

On the promotions of Backer, Dublinsky, Filippelli and Vitulli, some of whom have been with the firm for nearly 20 years, Perla added, "Stuart, Harry, Marge and Dan have contributed significantly to the firm's growth and success. I am proud to welcome them as equity holders in the firm and look forward to working closely with them."

About Cornerstone Accounting Group LLP

Cornerstone Accounting Group LLP, previously known as The Schonbraun McCann Group LLP, is a national real estate accounting and assurance services firm, headquartered in midtown Manhattan, with offices in New Jersey and Florida. Established in 1973, the firm has a staff of approximately 80 professionals and provides the following services: financial statement audits; investment company audits; special-purpose SEC acquisition audits; agreed upon procedures reports; regulated real estate project audits; reviews and compilations; analysis of public filings, and other attest services.

For more information visit www.cagllp.com.