The Crosland Group, Inc. Appoints Edward F. Long Chief Financial Officer

Charlotte, NC, October 3, 2000 - Edward F. “Ned” Long, formerly a financial executive of ProLogis Trust, has joined The Crosland Group, Inc. as chief financial officer, CEO Todd Mansfield announced today.

In announcing the appointment, Mansfield said, “Ned has a strong and diverse base of financial management and capital markets experience and we are very pleased he is joining our team.” Long was formerly senior vice president for financial operations at Prologis Trust, a $6.7 billion publicly-traded real estate investment trust that is the largest in the industrial sector.

“At ProLogis Trust, Ned was responsible for leading a large finance and accounting operation and participated in a number of complex equity and debt financings,” Mansfield said.

Long holds a master’s degree in business administration from Vanderbilt University and a Bachelor of Arts degree from the College of Wooster and is a Certified Public Accountant.

Long was vice president/controller of ProLogis Property Management Company in 1995 and 1996 before becoming senior vice president for financial operations. He started his business career with Coopers & Lybrand, LLP in 1981. In 1984, he became vice president of finance and administration for Florida Land Company, a diversified real estate development company, where he was promoted to chief financial officer in 1986.

In 1991, he returned to Coopers & Lybrand as director, financial advisory services, Central Florida Practice, and built the Central Florida consulting practice from inception. In 1994, Coopers & Lybrand promoted him to lead and grow a much larger Carolinas practice based in Charlotte. He moved from that position to ProLogis in 1995.

The Crosland Group, Inc. is a 63-year-old, privately-held, diversified real estate investment and management firm active in commercial, retail, multi-family and single family residential real estate, land development, and general contracting, with offices in Charlotte and Raleigh, N.C.