Released By Crescent Resources News Release
April 18, 2001

TWO RESIDENTIAL REAL ESTATE VETERANS

Charlotte, N.C., March 6, 2001 … Two long-time Crescent Resources, LLC residential real estate professionals have been promoted to senior vice president, it was announced by Tom Webb, Crescent senior vice president of residential real estate. Art Raymond and Steve Schreiner assume their new titles and responsibilities immediately.

"Both Steve and Art are a large part of our formula for success," said Webb. "Their project management experience is invaluable to us. These are two extremely well-deserved promotions."

Schreiner has responsibility for Crescent Communities in North and South Carolina. His communities include SailView on Lake Norman, Overlook and StoneWater on Mountain Island Lake, The Landing and Woodland Bay on Lake Wylie, as well as communities on Lake James near Morganton, N.C. and Lake Keowee near Clemson, S.C. Schreiner’s communities had homesite sales in excess of $60 million in 2000. Schreiner is also in charge of lake protection and environmental issues for residential real estate at Crescent.

Raymond is in charge of primary home planned communities in the Charlotte area. He has overall responsibility for Crescent’s country club communities: The Point and The Peninsula on Lake Norman and Ballantyne Country Club and Highgrove in south Charlotte. In 2000, one of Raymond’s communities – The Point – broke a company sales record by selling $20 million in homes and homesites in just one month. In addition to his other responsibilities, Raymond provides strategy for residential Web site development at Crescent.

Schreiner joined Crescent in 1989. His experience includes serving as project manager for Firstmark Development in Charlotte, as branch manager for Costin Engineering in Colorado Springs and as project manager for Woolpert Consultants in Cincinnati. The Cincinnati native earned degrees in construction and landscape architecture from Purdue University.

Raymond joined Crescent in 1992. Prior to joining Crescent, he worked with Nicklaus/Sierra Development Corporation. He earned both his undergraduate degree and an MBA from Loyola University and an M.S. degree in mechanical engineering from the University of Illinois.

Crescent Resources, LLC is a land management and real estate development company. Formed more than 30 years ago by Duke Energy, the company has land interests in eight states in the southeast and western United States. Crescent creates award-winning country club communities, neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers.

In addition to the communities Raymond and Schreiner are responsible for, the company’s other country club communities include Sugarloaf Country Club near Atlanta and Oldfield in Hilton Head, S.C. The company is also involved in the country club communities of Chaparral Pines and The Rim in Payson, Ariz. In addition, Crescent has an interest in LandMar Group, developer of the communities LandMark and Grand Haven, among others. The company also has developed approximately 12 million square feet of commercial and industrial space in cities such as Charlotte; Nashville, Tenn.; Tampa, Fla.; Orlando, Fla.; Washington, D.C.; and Atlanta.

More information about Crescent Resources is available on the Internet at www.crescent-resources.com

Contact: Kathryn Blanchard
Phone: 704/376-3434
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Email: Kblanchrd@crown-com.com
Contact: Tonja Jones
Phone: 704/376-3434
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