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DENISE PETERSEN BRINGS YEARS OF EXPERIENCE AS PROJECT MANAGER TO MBK HOMES


IRVINE, CA- (September 25, 2000). MBK Homes Ltd., a division of MBK Real Estate Ltd., has hired Denise Petersen as Project Manager. Petersen is working at the company's Irvine, California headquarters and is responsible for all aspects of project management.

"Denise brings to MBK Homes more than 12 years of experience in the home building industry with both publicly and privately owned companies," said Stefan Markowitz, president of MBK Homes Ltd. "Denise's knowledge of the Southern California residential real estate market and her experience in project development, government processing and entitlements are essential to MBK Homes' expansion plans over the next several years. We are extremely pleased to have Denise as part of the MBK team."

"MBK has an excellent reputation in the industry," said Petersen. "The company has an outstanding growth strategy and is committed to doubling its home deliveries within the next two years. It is also dedicated to providing a product that is built on integrity and quality. I'm truly pleased to be associated with such a company."

Prior to joining MBK, Petersen served as forward planning manager for Ryland Homes, where she was responsible for project development and entitlements for the Orange, San Bernardino and Los Angeles markets. She has also held similar positions at Lennar Communities, Richmond American and Akins Development. Denise has been an active member of the Building Industry Association throughout her career and served on the executive committee of the Home Builders Council in the early 1990's.

MBK Homes is currently building and purchasing land in San Bernardino, Riverside, Los Angeles, Ventura and Orange Counties, and is increasing its homebuilding activities with plans to deliver more than 300 homes in 2000, on its way to more than 550 deliveries in 2002.

Company Background
MBK Homes Ltd. is active in the development of single-family home communities for first-time and move-up homebuyers throughout Southern California. Through its "Better ways and Greater means," MBK Homes delivers quality housing that is innovative in design, comfort and craftsmanship, all at an excellent value. With more than a decade of experience constructing homes in Southern California, MBK prides itself on its ability to meet the needs of today's most discriminating homebuyers. Currently, MBK Homes is building residential neighborhoods in Los Angeles, Orange, Riverside and San Bernardino counties, and is aggressively pursuing additional land acquisitions throughout the Southland. For more information about MBK Homes Ltd., please contact MBK Homes at (888) 943-HOME, or visit its Web site at www.mbkhomes.com.

MBK Real Estate Ltd. and its three wholly-owned subsidiaries, comprise the U.S. real estate development arm of Mitsui & Co., Ltd. The company's core business activities include the acquisition, redevelopment and development of retail/entertainment, commercial, office and industrial properties; and the development and sale of single-family homes.

MBK Real Estate Ltd. is headquartered in Irvine, CA, with regional offices in Los Angeles, CA, and Portland, OR. Corporate offices are located at 175 Technology Drive, Irvine, CA 92618; phone 888-MBK-TODAY; fax (949) 789-9300; or visit its Web site at www.mbk.com.

Posted on September, 25th 2000

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