The Crosland Group Inc. Appoints Four Outside Directors To Board Of Directors

Charlotte, NC, August 8, 2000 - The Crosland Group, Inc., a diversified real estate investment and management company, has appointed four outside directors to provide an external perspective and strategic guidance in the company’s operations and growth, Chairman John Crosland, Jr. and CEO Todd W. Mansfield announced today.

The new directors who have joined The Crosland Group’s seven-member board of directors are:

• William A. Hodges, managing director of the Bank of America’s Real Estate Group;
• Paul R. Leonard, retired executive vice president of Centex Real Estate Corporation;
• Dr. Peter D. Linneman, Albert Sussman Professor of Real Estate, Finance and Public Policy at the Wharton School of Business, University of Pennsylvania and principal of Linneman Associates, a financial and real estate strategic advisory firm;
• Philip W. Norwood, president and CEO of Faison Enterprises, Inc.

In addition to Chairman Crosland and CEO Mansfield, John Crosland III also serves on the board.

“With their experience, judgment and relationships, we know these new directors will contribute significantly to the future success of The Crosland Group. In addition to their valuable external perspective, they will provide us strategic guidance as we grow The Crosland Group of companies,” said Mansfield. “The business and real estate experience they bring to our board further strengthens our company in important ways. We are fortunate to have such capable individuals share their expertise with our company.”

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.

William A. Hodges heads the Bank of America group responsible for managing client and customer relationships in the real estate industry and for providing a broad range of bank and capital markets services. Hodges began his career at NationsBank as a credit analyst in 1972. He since has served as credit policy executive for the bank’s Florida operations, management executive for corporate banking and real estate lending and senior credit policy executive for the company’s Southeast banks.

More recently, Hodges served as president of NationsBank in the greater Washington, DC area, and was responsible for leading the bank’s area management team in a broad base of business and community activities. He also served as Commercial Banking executive for the Mid-Atlantic Banking group. A Charlotte native, Hodges holds a bachelor’s degree in history from the University of North Carolina at Chapel Hill and a master’s degree in finance from Georgia State University.

Paul R. Leonard held a variety of executive positions with the John Crosland Company from 1974 to 1987, including serving as president. In 1987, he joined Centex Real Estate Corporation, where he retired as executive vice president of Centex in 1995. Leonard is active in community service ranging from serving as a director of Habitat for Humanity International to serving as a Trustee of Pfeiffer University. He holds a bachelor’s degree from Davidson College, a B.D. degree from the University of Chicago, and a master’s degree in business from Emory University.

Dr. Peter D. Linneman is a long-time member of the faculty of the Wharton School of Business of the University of Pennsylvania and principal of Linneman Associates, a financial and real estate strategic advisory firm. For more than 20 years, Linneman has served as a consultant to many leading international corporations on their domestic and international business opportunities and investment strategies. He was one of the founders of Equity International Properties, where he also served as senior managing director and continues as a strategic advisor. He also served as managing director and vice chairman of the investment committee of Amerimar Realty and chairman of Rockefeller Center Properties. He was an Urban Land Institute Research Fellow and is a member of numerous professional organizations.

Linneman also has served as director of the Wharton Real Estate Center at the Wharton School of Business for 13 years, and was the founding chairman of the Wharton School’s Real Estate Department. He is one of the founding co-editors of The Wharton Real Estate Review. He earned his master’s and doctorate degrees in economics from the University of Chicago, and is a graduate of Ashland University.

Philip W. Norwood is president and CEO of Faison Enterprises, Inc. Previously he was associated with the Trammell Crow Company for 14 years in a variety of capacities before joining Faison. Following six years in the private practice of law, Norwood began his real estate career as Crow’s office building development partner in Washington, DC. In 1982, he was named chief administrative officer and partner for financing services for the entire organization in Dallas and later became co-founder of Trammell Crow Ventures, a real estate investment banking entity that completed more than $6 billion of property sales and financings. He also served as president of Trammell Crow Real Estate Investors, a New York Stock Exchange-listed Real Estate Investment Trust, and CEO of Trammell Crow Realty Advisors, an investment advisory firm which acquired and managed more than $2.4 billion of commercial real estate assets.

In 1994, Norwood became president and chief executive officer of Faison and Associates, a Charlotte-based real estate development and management firm and was serving in that position in July 1998 when the Trammel Crow Company acquired the fee service business of Faison. Norwood became vice chairman of Trammel Crow. In January 2000 he became president and CEO of Faison Enterprises. He has an undergraduate degree from Washington & Lee University, a master’s degree from Duke University and a law degree from the University of Georgia School of Law.