Board of Directors

Mr. Ryan has served as a Director since August 1995, as Chief Executive Officer since January 1997 and as Chairman since April 2000. He also served as President of the Company from January 1997 until July 2000. Prior to being named Chief Executive Officer, he was Executive Vice President and Chief Investment Officer of Acacia Research from 1996 through 1997 and Vice President, Capital Management, of Acacia Research from 1995 through 1996. He was formerly co-founder and general partner of the American Health Care Fund, L.P., held positions with Young & Rubicam, Ogilvy & Mather, and Merrill Lynch and was a private venture capital investor. Mr. Ryan holds a B.S. from Cornell University and attended the New York University Graduate School of Business.

Mr. Harris has served as a Director since April 2000 and as President since July 2000. Prior to joining Acacia, Mr. Harris founded Entertainment Properties Trust (NYSE: EPR) and was President and Director from 1997 to July 2000. From 1993 to 1997 Mr. Harris led the International Division and served as Senior Vice President of AMC Entertainment. From 1984 to 1992 Mr. Harris served as President of Carlton Browne and Company, Inc., a holding company and trust with assets in real estate, insurance and financial services. He also serves on the Board of Directors of True Religion Brand Jeans.

Mr. Anderson has served as a Director since August 2007. Mr. Anderson is the Chairman and CEO of National Beverage Properties, Inc. and is also a Director of 1st Century National Bank and Topa Insurance Company. Mr. Anderson is a Board Advisor to new Belgium Brewing Company and sits on the Advisory Boards of PGP Capital Advisors, LLC and Lineage Capital Partners. Mr. Anderson is the former Executive Vice President of Topa Equities, Ltd. and President of Topa Properties Ltd. and Vice-Chairman of the Board of Southland Title Company, a former Director of Mellon First Business Bank and a former Trustee of the Provident Investment Counsel of Mutual Funds and was an attorney with O'Melveny & Myers in Los Angeles. Mr. Anderson received his B.A. from Bowdoin College, a Master's from Boston University, and a J.D. from the UCLA School of Law.

Mr. de Boom has served as a Director since February 1995. Mr. de Boom has been a principal in Sonfad Associates since June 1993. Sonfad Associates is a Los Angeles-based investment banking firm that is involved in mergers and acquisitions, private debt and equity placements, strategic and financial business planning, leveraged buy-outs and ESOP funding, bank debt refinance, asset based and lease financing, and equity for debt restructuring. Previously, he was employed as a Vice President of Tokai Bank for five years and as a Vice President of Union Bank for eight years. Mr. de Boom received his B.A. degree from Michigan State University and his M.B.A. degree from the University of Southern California.

Mr. Frykman has served as a Director since April 1996. Mr. Frykman has been an Account Executive with Crowell, Weedon & Co. since 1992. Previously, Mr. Frykman served as Senior Vice President of L. H. Friend & Co. Both Crowell, Weedon & Co. and L.H. Friend & Co. are investment brokerage firms located in Southern California. In addition, Mr. Frykman was a Senior Account Executive with Shearson Lehman Hutton where he served as the Manager of the Los Angeles Regional Retail Office.

Mr. Graziadio has been a Director since February 2002. Since 1990, Mr. Graziadio has held the positions of Chairman and Chief Executive Officer of Second Southern Corp., the managing partner of Ginarra Partners, L.L.C., a California company engaged in a wide range of investment activities and business ventures. He also serves as a director of Graziadio Development Company, California Rice Bran Co., Inc., Beachcliff Real Estate, Inc., Boss Holdings, Inc. and Boss Manufacturing, Co.