June 25, 2007

Strong Sales Activity at Phillips Park —- A New Community Offering 46 Estate Home Sites on Foxhall Road in Washington, DC

Phillips Park --- an enclave of 46 luxury estate home sites located in the exclusive Foxhall Road neighborhood of Washington, DC --- has experienced strong activity during the spring sales season.

"We are seeing very strong activity from the market, and we now have 30% of these rare estate home sites under contract. Given the level of interest, we are confident that half of our inventory will be sold by early fall," said William Pryor, Managing Member of Phillips Group, the project's developer.

The 16-acre community, which is adjacent to 200 acres of national parkland and just minutes from Georgetown, offers the opportunity for residents to build totally custom homes designed by pre-approved architects and builders of their choice.

"Our vision for Phillips Park is taking shape," said Mr. Pryor. "Our clients realize that building a totally custom home in the heart of the exclusive Foxhall neighborhood is an opportunity that we will never see again."

The award-winning architectural firm of Barnes Vance is serving as project architect for the initial planning, excavation and infrastructure phases of Phillips Park, which are well underway and will be completed by late summer. Estate home sites will begin delivering in early fall.

Preservation of the natural environment

Since the inception of Phillips Park, the developer has made a commitment to preserving surrounding wetlands and the property's park-like environment. As part of a major landscaping initiative, Phillips Group will replace diseased and damaged trees by planting a multitude of trees for each one removed. An arborist and forestry engineer is working with the project management team to preserve healthy trees and identify complementary, as well as unique replacement species. As an additional eco-friendly feature, any appropriate timber will be recycled and milled for use in the community.

46 Estate Home Sites

The former estate of philanthropists Marjorie and Duncan Phillips, Phillips Park is designed to accommodate residences from approximately 4,500 to 9,000 square feet. The 46 estate home sites, which ranged from 9,000 square feet to 17,000 square feet, have been situated with very generous "set backs" in order to make the homes adjacent to parklands and other surrounding properties as inconspicuous as possible and to fit within the context of the existing neighborhoods.

(Aerial photo available upon request)