GID ANNOUNCES NEW SENIOR VICE PRESIDENT, PROPERTY OPERATIONS

Boston - (August 1, 2001) - The General Investment & Development Companies ("GID") announced today that Jeffrey A. Harris has joined GID as Senior Vice President, Property Operations and member of the Executive Committee. He will direct the activities of GID’s Property Operations Group and will participate in the formulation of GID’s short and long-term strategic goals and objectives. Prior to joining GID, Jeff was President and Chief Operating Officer of Post Properties, Inc., an Atlanta-based $2.5 billion, national multifamily real estate investment trust. Post Properties is a fully integrated organization with multifamily development, acquisition, operation and asset management expertise. The company has over 2,000 employees.

From 1995 - 1999, Jeff held the position of President, Post Apartment Management. In that capacity, Jeff was primarily responsible for directing the company’s property management activities for Post’s then 32,000-unit portfolio, inclusive of training and development, human resources, corporate suites and the landscaping companies. He also was responsible for overseeing RAM Partners, Inc., Post’s third-party fee management affiliate that managed at the time 15,700 apartment homes owned by third parties. Jeff joined Post Properties in 1984 upon graduation from The Amos Tuck School of Business Administration at Dartmouth College with a Masters in Business Administration. He graduated from Davidson College in 1980 with an A.B. in Economics, Cum Laude.