Crosland Announces New President and Senior VP of Retail Division

Charlotte, N.C. (April 24, 2003) - Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, has promoted Peter B. Pappas to president of Crosland’s retail division, succeeding Alex Dmyterko. Alex Dmyterko has formed Dmyterko Enterprises, which will be based in Chicago, Ill. In a related promotion, Susan S. McGuire has been promoted to senior vice president of operations.

“The Crosland organization is fortunate to have such strong internal candidates to elevate to these positions of responsibility,” stated Todd Mansfield, CEO for Crosland. “Peter has been with our organization almost 20 years, and he has participated in the development and leasing of more than 3.5 million square feet of retail space.”

Most recently, Peter spearheaded the leasing and retail development effort on Birkdale Village. Currently, Crosland Retail is actively planning and developing an additional one million square feet in the Carolinas.

Mansfield added, “Equally impressive is Susan’s eight-year Crosland tenure managing daily operation of three million square feet of retail shopping centers including developing and implementing leasing programs, and oversight of the division’s Lease Administration and Property Operations Departments. In both cases, we have professionals who have demonstrated an outstanding ability to remain focused on our corporate mission which is to design, develop and manage properties that make our communities better places to live, work and shop.”

Pappas received his undergraduate degree in Industrial Management from The Georgia Institute of Technology. He also earned an MBA from The University of South Carolina. He will report to Mr. Mansfield.

Susan received a B.S. in Education from The University of North Carolina at Greensboro. Susan will report to Peter Pappas.