CHARTER REALTY & DEVELOPMENT CORP. NEW ENCLOSED MALL DIVISION

Charter Realty & Development Corp. is pleased to announce the formation of an Enclosed Mall Division.

The Division will bring the same vision and expertise to Enclosed Malls as Charter Realty has brought to the open center area for the past 16 years.

The Enclosed Malls Division will offer leasing, redevelopment, management, and lenders advisory services for enclosed malls throughout the eastern United States. Charter will also pursue joint venture relationships in certain opportunistic instances.

This new division will be headed up by industry expert Peter Elliott. Peter brings extensive experience in the enclosed mall field. He has previously been with Simon Property Group, Pyramid Company, Urban Retail Properties, Commonwealth Development and Forest City. Peter has been involved in the leasing and redevelopment of enclosed malls totaling over 32 million square feet in 7 states (Massachusetts, Rhode Island, New York, Georgia, Virginia, Connecticut, and New Jersey).

For more information or to contact Charter regarding its 13 million square feet of shopping centers contact Dan Zelson, Charter Realty & Development Corp., 183 Main Street, Westport, CT 06880, office (203) 227-2922, fax (203) 227-8388. For additional information on our company and project, access our website at www.chartweb.com.