BOZZUTO DEVELOPMENT COMPANY PROMOTES
STEPHANIE WILLIAMS TO DEVELOPMENT MANAGER

Greenbelt, MD...Bozzuto Development Company has announced the promotion of Stephanie L. Williams to Development Manager.

In her new position, Ms. Williams will play a role in managing the development of multifamily housing projects from the preliminary financing feasibility stage through construction and lease-up. She will also be involved in expanding the company's joint venture development opportunities within the Washington metropolitan area. Ms. Williams joined Bozzuto Development Company in 2004 and previously served as a Development Associate.

"Stephanie has become a valued member of our development team and is ready to expand her responsibilities with this new position," said Toby Bozzuto, Executive Vice President of Bozzuto Development Company.

Ms. Williams has a Bachelor of Arts degree in Community & Environmental Planning from the University of Washington and a Master of Community Planning degree from the University of Maryland, College Park.

Active in both urban and suburban locations throughout the Mid-Atlantic and Northeast regions, Bozzuto Development Company provides development services for third party owners as well as for its own account. Projects include high-rise, mid-rise, and garden-style apartment communities as well as mixed-use developments. The recipient of numerous honors and awards for excellence, including the national Pillars of the Industry Award for Multifamily Development Firm of the Year in 2003, Bozzuto Development Company is one of The Bozzuto Group real estate companies. For more information on Bozzuto Development Company or The Bozzuto Group of companies, please visit www.bozzuto.com.