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MBK HOMES NORTHERN CALIFORNIA LLC NAMES NEW PRESIDENT


MBK Homes announces Tattersall appointment as MBK expands into Northern California

SACRAMENTO, CA (August 9, 2005). Irvine, California-based MBK Homes has announced the appointment of Jon D. Tattersall as president of the company's newly formed Northern California division, MBK Homes Northern California LLC, which is based in Sacramento, California. Tattersall will be responsible for all aspects of the company's homebuilding operations in Northern California.

Tattersall assumes the position at MBK as part the company's planned expansion of its very successful homebuilding operation. This year, MBK's Southern California homebuilding division is projecting to complete 400 new homes. The creation of the Northern California homebuilding division is expected to allow the company to double its sales in the next three years.

"Jon is a welcome addition to our management team and he will be instrumental in helping us achieve our expansion goals," said Stefan Markowitz, chairman of MBK Homes. "Jon's extensive experience and outstanding reputation in Northern California's highly competitive homebuilding market will be essential in expanding our homebuilding operation and establishing a strong presence for MBK in Northern California. It takes a particularly accomplished executive to spearhead entry into a new market, and we believe Jon is the ideal candidate for the task. We are very pleased to have Jon join the team at MBK."

Tattersall and his team will initially focus their attention in Sacramento and its surrounding six-county region, which is recognized as one of the state's top housing markets. The enormous growth in that area has led to a strong demand for all new home product, both attached and detached.

MBK Homes' success as a building industry leader in Southern California producing award-winning homes makes it well positioned to take advantage of the favorable opportunities in Northern California. MBK Homes delivers quality housing that is innovative in design, comfort and craftsmanship, all at an excellent value. MBK Homes prides itself on its ability to meet the needs of today's most discriminating homebuyers and is recognized throughout Southern California as a leader in homeowner satisfaction.

"I am privileged to work with the talented and dedicated team at MBK and I look forward to the challenges and rewards ahead. Expansion is a high priority at MBK Homes, and there is perhaps no better market to expand into than ours," said Tattersall. "MBK is committed to building a strong and permanent presence in Northern California. I am excited about the chance to broaden MBK's operations and to continue the company's history of providing award winning homes and service to a new audience of homebuyers in the greater Sacramento area and beyond."

Tattersall's more than 14 years of experience within the residential real estate industry has given him a deep knowledge of all homebuilding aspects, including land acquisition, project management, forward planning and land development. 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. He has also held executive positions with Pulte Homes of Northern California and A. Teichert & Sons Inc.

Tattersall received a Bachelor of Arts Degree from the University of Oregon. He sits on the Affordable Housing Finance Committee of Contra Costa County, and is an active member of the Urban Land Institute and the Building Industry of America Superior California chapter.

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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