Henry S. Miller Companies Announces Major Corporate Expansion

DALLAS, TX - March 15, 2002--Vance C. Miller, Chairman and Chief Executive Officer of Henry S. Miller Companies, today announced a major corporate expansion and key personnel changes.

“These are significant advancements for the Henry S. Miller Companies,” said Mr. Miller, “and they reflect our pro-active, positive position in the commercial real estate industry.”

•  Thirty new shopping centers in the next three years is the goal of a newly launched development program of Henry S. Miller Companies.

• J. Stephen Harris has been named President of Henry S. Miller Investments Co.  He was formerly Executive Vice President and Chief Financial Officer of the parent company.

• Robert DuBois, formerly Vice President, Secretary and Treasurer, has been named Chief Financial Officer of the parent company.

• James C. Brownlow, President and Owner of Stonehill Realty Capital Group, has agreed to merge his company to create Henry S. Miller Investment Banking Group. This new company includes the Henry S. Miller Capital Markets division, headed by Mark Baldwin, who will continue as Managing Director.

 “Jim Brownlow brings a wealth of experience to us as President of this new investment banking group and will continue his excellent relationships with major life insurance companies, pension fund advisors, major Wall Street investment firms and private equity sources,” said Sam Kartalis, President of Henry S. Miller Commercial.

Jim Brownlow has been in the financial services area of real estate since 1971, having led the Dallas office of Lomas & Nettleton before joining Vantage Properties as Senior Vice President – Finance. 

In 1987 Brownlow recapitalized Vantage Financial Services under the name Stonehill Realty Capital, Inc.

Steve Harris, as President of Henry S. Miller Investments Co., will be responsible for acquisition and development of real estate investments, as well as overseeing Miller’s $100 million shopping center portfolio.

“Mr. Harris and Vaughn Miller, President of the Retail division of Henry S. Miller Commercial, are orchestrating a program that will result in the development of 30 new shopping centers in the next three years. These will be neighborhood shopping centers anchored by a major retailer, in strategic locations in cities throughout the Southwest,” Vance Miller said.

                “This aggressive retail development program, which illustrates an ambitious expansion of our Investment Group,” Mr. Miller said, “is being funded in part from the sale of our residential brokerage and finance operations to Cendant.”  Henry S. Miller Companies sold its residential real estate and mortgage operations in Texas and Colorado for an estimated $60 million to the group that operates the Coldwell Banker Residential Real Estate franchise.

Henry S. Miller Commercial, founded in 1914, is Texas’ largest independent commercial real estate firm and a member of The Commercial Network, one of the largest affiliations of commercial real estate firms in the nation.