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Richard Frary was elected as a director of Tarragon effective April 22, 2004. Mr. Frary is one of the founding partners in 1990 of Tallwood Associates, Inc. ("Tallwood"), a New York City-based private investment firm. Prior to organization of Tallwood, Mr. Frary was for eleven years (from July 1979 to January 1990) a Managing Director of Drexel Burnham Lambert, Inc. where he was head of the Corporate Finance Department's real estate group and a member of the Department's Executive Committee. Mr. Frary also had experience with a big eight accounting firm (June 1971 through January 1974), a national homebuilder (January 1974 through September 1976) , and served as Chief Financial Officer of a New York Stock Exchange-listed real estate investment trust (September 1976 to July 1979). A graduate of The Johns Hopkins University, Mr. Frary holds a Masters of Business Administration from Harvard University School and is a Certified Public Accountant. Mr. Frary is a trustee of the Johns Hopkins University. | 