Phillip Stephens

President

Stephens Property Group, LLC

Biography:

January 2004 Phillip E. Stephens is president and chief executive office of Stephens Property Group, LLC, an Atlanta-based investor and developer of shopping centers and other commercial properties located in the Southeastern United States. Formed in 1998 the firm currently has four projects in development: APEX TOWN SQUARE, APEX, NC This 350 acre mixed use development is located at the southwest corner of US 1 and NC55 in Apex, North Carolina, about 12 miles southwest of Raleigh. The project will consist of a 750,000 SF retail lifestyle center with two department stores, a cinema, restaurants, offices and forty acres in outparcels. The site also includes 580 multi-family and townhouse units and a 650,000 SF office park. Construction is expected to commence in 2004. THE ALEXAN BUCKHEAD, ATLANTA, GA A $37 million mixed-use development in the heart of the Buckhead Village in Atlanta. The project consists of 18,000 SF of retail and a 5-level apartment complex with 231 units and related parking facilities. Construction was completed in September 2002. The project is a joint venture with Trammell Crow Residential of Atlanta. EASTERN SHORE CENTRE, SPANISH FORT, AL A 525,000 SF lifestyle center anchored by Dillard's, Barnes and Noble and Bed Bath and Beyond, this lifestyle center includes 275,000 SF of specialty stores. The project also includes a 200,000 SF power center. The project is expect to open in Fall, 2004 and is a joint venture with the Herring Group of Dallas, Texas, and The Trotman Company and Foshee Realty, both of Alabama. SOUTHPARK VILLAGE, HOLLY SPRINGS, NC A mixed use development located in Holly Springs, North Carolina, about 15 miles Southwest of Raleigh. This project is a joint development with York Properties, a Raleigh realtor/developer. The 60 acre site will consist of 165,000 SF of retail space and 60, 000 SF of offices and will also include seven outparcels, and a 150 unit multi-family and townhouse complex.

Biography: January 2004 Phillip E. Stephens is president and chief executive office of Stephens Property Group, LLC, an Atlanta-based investor and developer of shopping centers and other commercial properties located in the Southeastern United States. Formed in 1998 the firm currently has four projects in development: APEX TOWN SQUARE, APEX, NC This 350 acre mixed use development is located at the southwest corner of US 1 and NC55 in Apex, North Carolina, about 12 miles southwest of Raleigh. The project will consist of a 750,000 SF retail lifestyle center with two department stores, a cinema, restaurants, offices and forty acres in outparcels. The site also includes 580 multi-family and townhouse units and a 650,000 SF office park. Construction is expected to commence in 2004. THE ALEXAN BUCKHEAD, ATLANTA, GA A $37 million mixed-use development in the heart of the Buckhead Village in Atlanta. The project consists of 18,000 SF of retail and a 5-level apartment complex with 231 units and related parking facilities. Construction was completed in September 2002. The project is a joint venture with Trammell Crow Residential of Atlanta. EASTERN SHORE CENTRE, SPANISH FORT, AL A 525,000 SF lifestyle center anchored by Dillard's, Barnes and Noble and Bed Bath and Beyond, this lifestyle center includes 275,000 SF of specialty stores. The project also includes a 200,000 SF power center. The project is expect to open in Fall, 2004 and is a joint venture with the Herring Group of Dallas, Texas, and The Trotman Company and Foshee Realty, both of Alabama. SOUTHPARK VILLAGE, HOLLY SPRINGS, NC A mixed use development located in Holly Springs, North Carolina, about 15 miles Southwest of Raleigh. This project is a joint development with York Properties, a Raleigh realtor/developer. The 60 acre site will consist of 165,000 SF of retail space and 60, 000 SF of offices and will also include seven outparcels, and a 150 unit multi-family and townhouse complex.

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