Press Releases

FOR IMMEDIATE RELEASE
May 8, 2002

SHELTER GROUP PARTNERS PROMOTED

COMPANY POSITIONS FOR GROWTH AS DUKER, GOLDEN, AND HETTLEMAN ARE PROMOTED

BALTIMORE, MD--The Shelter Group, a nationally known developer and manager of luxury apartment communities, affordable multi-family housing, and senior living communities, recently promoted three partners: Marilynn K. Duker, Philip C. Golden, and Jeffrey K. Hettleman.

Marilynn Duker becomes President and Chief Operating Officer of Shelter Development, LLC.
Jeff Hettleman becomes Executive Vice President and Chief Development Officer of Shelter Development, LLC. Over its 25 years, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while also meeting the goals of its investors.

Phil Golden becomes President and Chief Operating Officer of Shelter Properties, LLC, the company's property management arm while also continuing to serve as Chief Financial Officer of The Shelter Group. Shelter Properties is responsible for operating and managing a national portfolio of communities with over 22,000 units, making Shelter one of the 50 largest property management companies in the country. The managed portfolio is valued at more than $2 billion and a large portion of that portfolio is managed on behalf of third party owners who include large financial institutions, established not-for-profit organizations, and government agencies.

In making the announcement, Shelter's Chairman, Arnold I. Richman, noted that "the partners believe that these changes will strengthen the organization by clarifying responsibilities, sharpening our focus, and helping position us for future growth. The promotions are also a vote of confidence in the ability of these three partners to continue to successfully lead our organizations into the future and address the evolving needs of their clients and respective marketplaces. Mark Joseph and I will continue to work closely with the team to make sure Shelter's future activities and accomplishments are built around the same core values which have been so important to the company's successes over the last 25 years."

About The Shelter Group
From its founding by Mark K. Joseph as a two-person development company in 1977, Shelter has grown into a top-ranked national development and property management. The company's
portfolio contains a broad range of properties, including conventional multi-family real estate,
independent and assisted senior living communities, and affordable housing for both families and the elderly. Shelter has Regional Offices in Baltimore, Dallas, and Atlanta with additional
concentrations of properties in Florida, Tennessee, and North Carolina. In addition to its financing, development, and acquisition capabilities, the company is known for its seniors products, its dedication to superior client service and its ability to successfully repositioning troubled properties, restoring both the property's financial health and resident confidence.

About The Shelter Group Partners
Marilynn K. Duker joined Shelter in 1982, after serving as a Presidential Intern at the U.S. Department of Housing and Urban Development where she worked in the Baltimore Office, as well as in the Regional and Headquarters Offices of the Department. She also worked for the Boston Housing Authority.

At Shelter, she has worked in every area of the business and had responsibility for both development and property management operations at various points in her career.

Marilynn is a member of the Board of Directors of the National Multi-Housing Council and the Advisory Council for the Housing Authority of New Orleans. She also sits on the Enterprise Foundation Baltimore Advisory Board and the Board of the Charles Street Development Corporation. She is a graduate of the Leadership Program of The Greater Baltimore Committee. A graduate of the College of Wooster, she also holds a Master's Degree in City Planning from the Massachusetts Institute of Technology.

Philip C. Golden came to Shelter from Deerfield Healthcare Corporation where, as Vice President of Development, he developed senior day care facilities throughout Maryland and the East Coast. His career experiences also include serving as Controller of the HealthCare Division of Genesis Health Ventures and five years with Meridian Healthcare where he became Vice President of Finance.

A Chartered Financial Analyst (CFA), Phil is active in the Maryland Assisted Living Association and serves on the Board of Young Life-Baltimore City and Mid-Atlantic Life Span, a senior service alliance of over 400 providers. He is a graduate of the Baltimore County Leadership Program. Phil earned a BA in Economics from the University of Virginia and an MBA in Finance and Marketing from The Wharton School at the University of Pennsylvania.

Before joining Shelter in 1994, Jeffrey K. Hettleman was an attorney with the Baltimore-based firm of Piper & Marbury, where he specialized in structuring and closing real estate and corporate transactions. He serves on the boards of the National Multi-Housing Council and the Maryland Affordable Housing Coalition. Jeff is a member of the National Housing Rehabilitation Association.

A Trustee of The Park School and several other local non-profit organizations, Jeff is also involved in various community activities. He is a graduate of the Leadership Program of The Greater Baltimore Committee. After earning a B.A. in political science from Haverford College, Jeff went on to receive a J.D. from the Yale Law School.

For further information please contact:

Arnold I. Richman, Chairman
(410) 962-0595

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