March 11, 2002 EPSTEIN TO PROVIDE CIVIL AND STRUCTURAL ENGINEERING FOR DYNAMIC MIXED-USE DEVELOPMENT LAKESHORE EAST A. Epstein and Sons International, Inc. (EPSTEIN) has been chosen to provide both civil and structural engineering services for the infrastructure of Phase I of Lakeshore East, Chicago's exciting new mixed-use 'neighborhood' slated for a Spring, 2002 construction start. Lakeshore East is a 28-acre "town within a city" located on what is believed to be one of the largest tracts of undeveloped acreage in a major urban downtown area. The development blends 15 new residential and commercial structures with a public elementary school and six-acre park just steps from Chicago's lakefront. The development is located within the 83 acre Illinois Center site and is bounded by Michigan Avenue, Wacker Drive, Lakeshore Drive and Randolph Street. It will occupy the portion east of Columbus Drive, an area currently vacant. This area was left underdeveloped by the real estate slump Chicago experienced in the early 1990's and is currently home to an interim nine-hole golf course and driving range. The developer of this urban neighborhood is Lakeshore East Development Group, which is principally owned by Magellan Development Group Ltd. and Near North Properties Inc. The firm of Skidmore Owings & Merrill, LLP is the master planner for Lakeshore East and one of the principal architects/engineers for the community. As civil and structural engineer, EPSTEIN will provide the design for the infrastructure and roadway system including 16,000 feet of sewer and water mains, the construction of a pre-cast, 4-span concrete bridge founded on drilled caissons, a new storm water outfall to the Chicago River and extensive earthwork manipulation. The residential portion of the development will encompass seven condominium towers, containing approximately 2,350 units, five rental buildings containing 2,300 apartments and some 200 townhome residences. A number of the residential units are planned to be located atop the office buildings and one of the hotels. The non-residential facilities will include two mixed-use office towers with approximately 2.4 million square feet of leasable space. Additionally, one or possibly two hotels with a total of 1,500 rooms and up to 200,000 square feet of retail space are planned for the development. The first phase of construction will include two condominium towers, 50 townhouses and the neighborhood park. Sales are expected to begin this summer for these first units. A. Epstein and Sons International, Inc. (EPSTEIN) is an 80-year-old, Chicago-based architecture and engineering firm. Founded in 1921, the firm provides companies worldwide with expertise in architecture, engineering, construction, interior design and graphic design. In addition to its Chicago headquarters, EPSTEIN also maintains offices in Los Angeles, California and Warsaw, Poland, with satellite offices formed as needed. The firm currently has projects in progress in excess of $1 billion.