Press Release
For Immediate Release
February, 2005

Troxler Acquires Rice Ranch In Santa Barbara With Partner

Calabasas, Calif., February, 2005 - Troxler, a California based firm specializing in providing joint venture equity for commercial, industrial, hospitality, residential, land entitlements and development, announces the acquisition of Rice Ranch in Santa Barbara County, California, with partner JHS Development.

The 580 acre master planned project situated in Orcutt, is slated to include single-family homes, condominiums, a park with soccer and Little League fields, four smaller parks and approximately 345 acres of open space.

Troxler, a division of The Troxler Group of Companies, is an innovator in the industry having successfully created a unique branded platform of operating in specific opportunistic segments of the real estate market throughout the Western United States. We have invested in projects with terminal values in excess of $7 billion and continue to demonstrate our ability to partner with our clients across cycles and to deliver consistent returns.

Troxler serves the financial needs of corporations, institutional clients and high-net-worth individuals. Since our beginning in 1990, we have maintained leadership positions in equity in investment banking, private equity and wealth and asset management services. For more information, visit our Web site at www.troxler.com.