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MBK REAL ESTATE LTD. NAMES NEW PRESIDENT
Stefan Markowitz promoted from post as president of MBK's home building division


IRVINE, CALIF. (April 1, 2003). Irvine, California-based MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co. Ltd., the world's third largest corporation, announced today the appointment of Stefan Markowitz as president. Markowitz has been promoted from his previous post as president of MBK Homes Ltd., the home building division of MBK Real Estate. Markowitz's new position involves responsibility for both the housing and retail divisions under the MBK Real Estate umbrella.

Markowitz assumes the position from Mike Voss, who has served as MBK's president since 1990 and built the company into a recognized leader within the real estate industry. Mr. Voss is stepping down in order to devote more time to his other interests and activities.

"Stefan Markowitz is not only a fine individual, but an extremely talented businessman with an ambitious plan in place for MBK's future," said Voss. "Our parent company Mitsui has every confidence that MBK, with its highly seasoned team of professionals in each division, will continue on the strong growth path that has established it as one of the premier retail development and new home building companies in the nation."

Markowitz has served as president of MBK Homes since its inception in 1997. Under his leadership, the division has grown from a small start up company to delivering more than 300 homes per year and building in some of Southern California's finest new home communities. MBK's retail group has also experienced impressive growth over the past several years, having developed more than 4.5 million square feet of retail/entertainment space throughout the western states.

Prior to joining MBK, Markowitz was president of the Irvine Division of Barratt American, where he was responsible for the development of homes and planned communities throughout Southern California. Previously, he served as vice president of real estate for the development arm of a large California based savings and loan. Markowitz received his degree in Finance from California State University, Fullerton.

"It has been a privilege to work with Mike Voss during my six years with MBK Homes and I look forward to the challenges and rewards ahead," said Markowitz. "Our individual retail and housing divisions are well positioned for continued growth within their established business models, and we expect to enhance our business approach by bringing together our two emphases in response to industry trends, including mixed-use development."

Company Background
MBK Real Estate Ltd. and its three wholly-owned subsidiaries, comprise the U.S. real estate development arm of Mitsui & Co., Ltd., the world's third largest corporation. The company's core business activities include the acquisition, redevelopment and development of retail and entertainment properties, and the development and sale of for sale housing.

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 800.566.7100; fax (949) 789-9300; or visit its Web site at www.mbk.com.

Posted on April, 1st 2003

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