Randal Kell Quotations

JBG has bought all our residential properties in Alexandria and have agreed to also take all our employees. They will continue to operate the properties as they have been under the Winkler Company.

The Botanical Preserve is a separate 501 C3 organization operated by a separate board of directors under an endowment established by the Winkler family. That will continue.

These are presently all rental properties but they could be converted. However, I don't believe there is any intention to do that presently.

All of Winkler's commercial office projects in Alexandria, most of the remaining development land and the commercial office management and development operations of the Mark Winkler Company will be sold to Duke Realty. The residential apartment properties and the shopping center at Mark Center in Alexandria will be sold to JBG Investment Fund.

This has always been zoned for high rise development and could be developed as either residential or office space under the zoning.

The impact this will have on Alexandria couldn't have come out better. Duke Realty will be using this as a base for their expansion into the east and they will be taking all our employees as well as the properties.