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MBK HOMES ANNOUNCES RETIREMENT OF CEO TIM KANE AFTER MORE THAN 20 YEARS WITH THE COMPANY


Real Estate Veteran and MBK Executive Craig Jones Promoted to President, Effective April 1, 2017

IRVINE, Calif. - (March 28, 2017) - After more than 20 years with MBK Homes, LLC, President and CEO Timothy Kane has announced his retirement, effective March 31, 2017. During his time as President and CEO, Kane reinvigorated the company's focus to customer satisfaction and quality construction while driving a culture of hospitality and efficiency throughout the organization. Under Kane's leadership, MBK Homes successfully navigated operations and profitability during the housing crisis of 2009, while garnering "The Eliant" an impressive seven times from 2009 to 2017. The Eliant is the highest possible honor awarded to homebuilders on an annual basis, as measured by their customers. Craig Jones, Vice President of Acquisitions and Asset Management will succeed Kane as President, effective April 1, 2017.

"MBK Homes has always prided itself on creating developments that enhance communities, lifestyles, and families, and I strongly believe that Craig Jones will carry on that tradition and use his expertise and leadership to take MBK Homes to the next level." said Kane. "Craig and I have worked closely together during the past five years and share the same passion for the industry. I am confident that Craig will continue to lead the company to new and exciting opportunities. I'm grateful for the talented and committed people I've had the privilege to work alongside for the past 20 years as well as the milestones we've been able to accomplish as a team during that time."

Kane joined MBK Homes in 1996. He became President in 2003 and was promoted to CEO in 2014. Kane was instrumental in expanding MBK Homes' operations into residential sectors beyond homebuilding. In addition to the development of for-sale single and multi-family housing communities, the expansion included the development of rental housing communities, apartment property acquisition, and distressed asset renovation, which provided new opportunities that led to long-term sustainability and growth.

"Under Kane's leadership we diversified our housing solutions and redefined our mission from strictly being a 'homebuilder' to a 'provider of shelter'," said MBK Real Estate Chairman, Kain Matsumoto. "Kane's leadership and innovation has had a tremendous impact on the success of MBK Homes. We wish him all the best in his future endeavors."

Craig Jones brings more than 20 years of experience in acquisition, asset management, strategic planning, and market research to his new role as President of MBK Homes. Jones has been with MBK since February 2012, where he developed MBK's apartment investment strategy and the establishment of MBK Rental Living, including sourcing and land acquisition for the development of multi-family and single-family communities throughout California. In addition, he oversaw asset management of existing apartment communities and product development. Prior to joining MBK, Jones spent 11 years at The Irvine Company where he was responsible for apartment portfolio asset management and the acquisition of over 7,200 apartment units valued at $2.2 billion. He began his career managing research and client services at Grubb and Ellis.

"I'm humbled and honored for this opportunity to serve as President at MBK Homes," said Jones. "I have tremendous respect for Tim and what he has done as a leader at MBK Homes and within the homebuilding industry. I look forward to expanding his vision and leadership with a continued focus on 'Building Happiness' for our customers, as well as within our company's culture, while continuing to diversify our investment platform."

About MBK Homes
MBK Homes is active in the development of for-sale single and multi-family housing communities, rental housing, and apartment property acquisition. Their mission is to provide top quality shelter to residents throughout California with its various housing solutions. MBK Homes has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship. For the last three years, MBK Homes was named one of the top three companies by Orange County Business Journal's "Best Places to Work in Orange County" campaign, 2014 through 2016.

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 companies span a wide spectrum of real estate development, including homebuilding, apartment development, and senior housing divisions. MBK Homes is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1000, Irvine, CA 92614; phone (949) 789-8300; fax (949) 789-9300; or visit the website at www.mbkhomes.com.

Posted on March, 30th 2017

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