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MBK HOMES EXPANDS HOMEBUILDING DIVISION INTO NORTHERN CALIFORNIA


IRVINE, CA (August 9, 2005). MBK Homes today announced the expansion of its homebuilding operations into Northern California with the introduction of a new division, MBK Homes Northern California LLC. Based in Sacramento, CA, the new division will allow MBK to capitalize on a housing market widely considered to be among the strongest in the nation.

"The extremely deep Northern California market offers a tremendous expansion opportunity for MBK Homes," said Stefan Markowitz, chairman of MBK Homes. "It is projected that the region-wide demand for new homes will continue for many years to come and we are excited to introduce MBK's impeccable standards for new homes into this market. We believe MBK and Northern California will be a perfect fit, one that will benefit both our business and the overall quality of local homes."

The trends in this booming market are compelling. According to the Wall Street Journal, population in Sacramento alone is growing faster than 3.5% a year. This growth has led to a strong demand for all new home product. As a result, the Sacramento Bee reports a 23 percent spike in home values over the past year. Coupled with the consistently strong performance from MBK Homes' Southern California division, the boom in the Northern California housing market should allow the company to double its sales overall in the next three years.

MBK Homes brings to the Northern California marketplace its reputation as a building industry leader, producing award-winning homes catering primarily to first-time and move-up homebuyers. As a member of the Sunset Western Home Alliance, MBK Homes' Southern California division has met strict criteria for excellence in sustainable and environmentally responsible building and development, customer service, and innovative use of interior space. MBK Homes also recently achieved a #1 ranking in "Overall Homebuyer Satisfaction" for both the Southern California region and for all regions nationwide from Eliant, the largest independent consumer research firm in the building industry.

"The type of premium quality homes we build at MBK are very much in demand in the Northern California region," said Markowitz. "MBK Homes has developed a strong brand based simply on the philosophy of providing superior quality and service to our homeowners, and we believe MBK Homes Northern California will benefit by leveraging off our success in Southern California. We are excited to continue our legacy of exceptional customer service and homebuyer satisfaction in an entirely new region."

There is no greater indicator for the desirability of MBK's product line than its current and future plans in Southern California-MBK Homes recently opened a new office in Burbank and is currently building or actively selling residential neighborhoods in Los Angeles, Orange, Riverside, and San Bernardino counties.

Heading MBK Homes' new Northern California division will be Jon D. Tattersall, who brings more than 14 years of experience within the residential real estate industry to his new position. Prior to joining MBK, Tattersall served as Vice President for Morrison Homes in Sacramento, where he was responsible for asset acquisition, forward planning, and land development for more than $250 million in annual business.

Company Background
MBK Homes is active in the development of both attached and detached housing product, catering primarily to first-time and first and second move-up homebuyers throughout California. MBK Homes prides itself on its award winning customer satisfaction and its reputation for delivering quality housing that is innovative in design, comfort and craftsmanship, all at an excellent value. MBK Homes Southern California builds residential neighborhoods in Los Angeles, Orange, Riverside and San Bernardino Counties. MBK Homes Northern California focuses its efforts in the Sacramento market and its six surrounding counties. For more information, please contact MBK Homes Northern California at 916.783.1150, MBK Southern California at 888.943.HOME or visit the company's website at www.mbkhomes.com

MBK Homes is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world's largest corporations. MBK Real Estate's multidisciplinary concerns span a wide spectrum of real estate development, including homebuilding, retail and senior housing divisions.

MBK Real Estate Ltd. is headquartered in Irvine, CA, with regional offices in Portland, OR and Sacramento, CA. Corporate offices are located at 175 Technology Drive, Irvine, CA 92618; phone 800.566.7100; fax (949) 789-9300; or visit its Web site at www.mbk.com.

Posted on August, 9th 2005

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