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GEORGE SCHADER JOINS MBK HOMES LTD. AS VICE PRESIDENT, LAND ACQUISITION


IRVINE, CA- (August 2, 2000). MBK Homes Ltd., a division of MBK Real Estate Ltd., has hired George Schader as vice president, land acquisition. Schader is now working at the company's Irvine, California headquarters and is responsible for all aspects of land acquisition and forward planning.

"George comes to MBK Homes with considerable experience in the home building industry," said Stefan Markowitz, president of MBK Homes Ltd. "George's knowledge of the Southern California residential real estate market and his experience in land acquisition, forward planning, government processing and entitlements are essential to MBK Homes' expansion plans over the next several years. We are extremely pleased to have George as part of the MBK team."

"MBK has an excellent reputation in the industry," said Schader. "The company has an outstanding growth strategy and is committed to doubling its home deliveries over 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, Schader served as vice president, land acquisition for Richmond American Homes of California, where he was responsible for land acquisitions and forward planning for four Southern California homebuilding regional offices. He has also held similar positions at The Presley Company, Larwin Company and Carlan Homes.

MBK Homes is currently building and purchasing land in San Bernardino, Riverside, Los Angeles, Ventura and Orange Counties. MBK is currently increasing its homebuilding activities and will 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 August, 2nd 2000

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