COMPANY OVERVIEW
THE WALTERS GROUP
The Walters Group (Walters) is a multi-disciplined residential and commercial real estate organization with core competencies in the areas of land planning, acquisitions, development, construction, marketing, management, and environmental remediation. With a focus on bringing difficult projects to fruition, Walters takes on unique property challenges with the potential to add value and create developments that benefit both private and public sectors. Walters is active throughout southern New Jersey and eastern Pennsylvania. Projects include for-sale residential custom homes and planned communities; multi-family rental properties; off-campus student housing; affordable housing; and large scale mixed-use developments. The Walters Group began as Walters and Sons Construction Company, founded in 1984 as a single-family custom homebuilder, The company has evolved into a leading developer of diverse properties with a focus on Ocean County. Today, Walters employs a talented staff of professionals through its ownership and development entities as well as operating divisions including: • Walters Homes: Single-family custom and planned community homebuilders • Walters Development: Land acquisition, approvals and environmental remediation • Walters Contracting: construction management and general contracting • Walters Management: Property management and leasing of commercial and multi-family rental properties Philosophy: Throughout the past two decades, Walters has approached new development by establishing strong public/private partnerships with a sensitivity to the preservation of the natural environment. The organization attributes its progress to its willingness to become involved in projects with a variety of challenges and then using its resources to overcome the obstacles to development. The group’s activities respond to changing demographics and market demand, combining opportunistic investments with carefully planned development initiatives and a commitment to community, civic, business and charitable endeavors. This balance of objectives creates enhanced benefits for the company and for those municipalities in which it is active, ultimately contributing to an improved lifestyle for residents, businesses and visitors. The founders’ passion, progressive vision, and integrity have become a blueprint for continuing success.

EXECUTIVE BIOS
EDWARD WALTERS JR.
Edward Walters, Jr., founder and partner, has been influential in cultivating the business opportunities that sparked the growth of the company since its inception. While earning a B.A. in English from St. Joseph’s University, Philadelphia, Pa., in 1984, he began his career as a carpenter and an entrepreneur. His first construction projects involved custom single-family homes in communities around Long Beach Island and in the Forked River region of Ocean County, N.J. Building on this activity, he expanded into the creation and planning of residential communities with a vision to develop vibrant neighborhoods where families could live, work and grow. The affinity he demonstrated for development in previously underdeveloped areas produced stable growth and investment for the region and for his firm. To this day, Mr. Walters, a member of the New Jersey Builders Association (NJBA), upholds the promotion, protection and improvement of the building industry. He serves as a guide for the growth of his organization and remains involved in all aspects of the business with a focus on the company’s construction projects.
TIMOTHY REGAN
Timothy Regan, chief financial officer and partner of Walters Group, oversees property development, business development, and finance for the company. Since joining the organization in 1992, Mr. Regan has spearheaded the closing of more than $300 million in financing for construction, development, and permanent mortgages. Prior to joining Walters, Mr. Regan worked as an asset manager at Vesterra Corporation, a shopping center development and management firm in Blue Bell, PA. His responsibilities included managing more than one million square feet of space. Mr. Regan also specialized in the real estate and banking industries while serving with the audit and management consulting departments of KPMG. Mr. Regan is a member of the NJBA and serves on the advisory board of Penn Liberty Bank, headquartered in Wayne, PA. He earned a B.S. in financial management (accounting) in 1985 from St. Joseph’s University.
JOSEPH A. DELDUCA
Joseph A. DelDuca, partner and general counsel, is responsible for all of the company’s legal activities relating to land use, public/private partnerships, approvals, and environmental matters. Before officially joining Walters Group in 2004, Mr. DelDuca had a 10-year relationship with the company, where he was an integral part of the team that spearheaded the growth of Walters Group. Prior to joining Walters, Mr. DelDuca was a partner at Madden, Madden and DelDuca, where he represented retail and residential clients including Walters Homes, Commerce Bank, Home Depot USA, and the Haddonfield Planning Board. Mr. DelDuca has authored several law review articles and is often invited to speak publicly on land use, environmental law, and real estate issues. After obtaining his B.A. in history from Ursinus College, Collegeville, PA, he went on to earn his J.D. at Rutgers University in New Jersey.
GREG WALTERS
Greg Walters, partner, has been a key member of the organization since 1984. Mr. Walters is primarily responsible for overseeing the Walters Homes’ homeowner warranty division. He has been instrumental in developing the finest reputation in the construction industry for customer satisfaction. In addition to managing the warranty dept, Greg also assists in the overseeing of onsite property management for all of Walters’ properties. His extensive experience in all areas of construction makes him a valuable asset to Walters Contracting in the varied construction projects that the organization undertakes.
KEN DEMAYO
Ken DeMayo, vice president of construction, joined Walters in 1995 and currently oversees all aspects of site development management, construction personnel, purchasing and estimating. Since joining the organization, Mr. DeMayo has directed construction of hundreds of single-family homes and apartment units, more than 100,000 square feet of retail and office space, and a number of site and road improvement projects. Presently, Mr. DeMayo coordinates with the sales, marketing and warranty departments at Walters Homes. Most recently, he received the 2005 Director/V.P. of Construction of the Year Award from New Jersey Shore Builders Association (NJSBA). Prior to joining Walters, Mr. DeMayo served as project manager for the Garden State Land Group, where he was responsible for the construction of more than 200 high-end single-family homes in Mercer County, N.J. Mr. DeMayo earned a B.A. in Economics from Bethany College in West Virginia.
JON PARKER
Jon Parker, construction manager, joined Walters in 1994 and currently oversees all field aspects of new home construction from permit to certificate of occupancy. Since joining the organization, Mr. Parker has constructed approximately 500 homes and has managed the construction of apartment buildings for the Atlantic Heights project. He was the recipient of the New Jersey Builders Association SAM award for Project Superintendent of the Year for 2000. Mr. Parker holds a residential construction building inspectors license and has attended Ocean County College.
PAMELA SCHUSTER
Pamela Schuster, sales and marketing manager, joined the company’s sales department in 1993. Today, Ms. Schuster oversees all residential and corporate marketing, and residential sales and closings for single- and multi-family for-sale communities. Previously, Ms. Schuster was an administrative assistant with the Stewardson-Dougherty real estate firm in Princeton, N.J., and worked as a sales representative and sales processor for The Linpro Group. Most recently, she received the 2005 Sales Manager of the Year and 2004 Community of the Year Award from New Jersey Shore Builders Association (NJSBA). Ms. Schuster has served on the Stafford Township School District Special Education Committee and is a current member of the Southern Regional Home and School Association (SRHSA). She obtained her NJ Real Estate License after attending Rider College in New Jersey. .
MELISSA GIARRATANO
Melissa Giarratano, asset manager, joined Walters in 2002 as community manager. Ms. Giarratano oversees property management of the organization’s diverse portfolio of residential and commercial properties. Ms. Giarratano began her career as a leasing agent where she served as assistant manager in a community with 294 units. She previously received an award for “Assistant Community Manager of the Year” at Zom Residential Services in Orlando, Fla., for achieving 100% occupancy during the lease-up process. She received her Florida real estate license while attending Florida Atlantic University. Ms. Giarratano obtained her NALP designation through the New Jersey Apartment Association (NJAA) in 2003 and is an active member of the NJAA.
KEVIN PRICE
Kevin Price, co-controller, joined Walters in 2002 as the accounting supervisor. Mr. Price oversees all aspects of accounting including financial analysis; general, cost, and property accounting; accounts payable; and the preparation of interim and annual financial statements. Mr. Price has accounting experience in both public and private accounting. He earned a B.S. in accounting from Rutgers University and is also a certified public accountant and a member of the NJ Society of Certified Public Accountants.
WAYNE BACSKAI JR.
Wayne Bacskai Jr., co-controller, joined the company in 2003 as an accounting supervisor. Mr. Bacskai prepares financial analysis of operations, including interim and final financial statements with supporting schedules. He also is involved in the supervision of general, property, and cost accounting; internal auditing; and budgeting controls. Mr. Bacskai has more than seven years of experience in public accounting and attended the Richard Stockton College in New Jersey, where he earned a B.A. in accounting.

ATLANTIC HEIGHTS
BARNEGAT, NJ
Walters Group’s apartment community development, Atlantic Heights in Barnegat, New Jersey, is a 310-unit multi-family project situated on 48 acres in southern Ocean County. Amenities include an onsite clubhouse, resort-style swimming pool and state-of-the-art fitness center. Atlantic Heights combines quality construction and design with affordability for individuals and families. The beautiful surrounding area provides easy access to local businesses and highways, including the Garden State Parkway, as well as access to Long Beach Island and serene Barnegat Bay. For more information, visit www.atlanticheights.com. FOR MORE INFORMATION, VISIT WWW.ATLANTICHEIGHTS.COM.

WEST CHESTER COMMONS
WEST GOSHEN, PA
In 2004, Walters undertook the environmental challenges of redeveloping an old abandoned warehouse into its first off-campus, student housing project. Located in the proximity of West Chester University in Pennsylvania, this student housing facility offers housing for 459 students in 128 apartments. The one- to four-bedroom units also include common living rooms, dining rooms, and kitchens. Recreational amenities include a state-of-the-art fitness center, volleyball court, basketball court and pool tables. FOR MORE INFORMATION, VISIT WWW.WCCOMMONS.COM.

COLLEGE ARMS
WEST CHESTER, PA
College Arms Apartments is a renovated off-campus student housing development in West Chester, PA. The structure was created for West Chester University students, offering 41 independent living units with 101 beds. Residents are able to use all of West Chester Commons’ amenities. Amenities include picnic areas with grills, basketball courts, a volley ball court and a state of the art fitness center. Recent and ongoing renovations along with its’ quaint architectural appeal and close proximity to the West Chester University main campus makes College Arms a highly desirable place to live. FOR MORE INFORMATION, VISIT WWW.COLLEGE-ARMS.COM.
ALBERTSON VILLAGE
HADDON TOWNSHIP, NJ (COMING SOON)
A new lifestyle of comfort and convenience is emerging in Haddon Township, New Jersey. Walters plans to redevelop a 3-1/2 acre former industrial site into luxury multi-family housing. Walters Group has proposed a 66-unit apartment complex for the project, strategically located near Camden with proximity to stores, restaurants, and the high-speed rail line to Philadelphia.

BARNEGAT VILLAGE SQUARE
BARNEGAT, NJ
Located in historic Barnegat, New Jersey, Walters Group developed this 70,000-square-foot shopping center in 1998. It remains an important part of the community today. Tenants include Genuardi’s food market, Burger King, and an additional 22,000 square feet of smaller retail shops.
ATLANTIC COMMONS
BARNEGAT, NJ
This phased professional business park on Barnegat Boulevard in Barnegat is nearing completion. The park includes four buildings, consisting of 5,370 square feet of office space each. Building 400, constructed in 1998, originally served as the headquarters for Walters Group and houses Bright Start Nursery School. Walters Group expanded and relocated its headquarters to Building 100 in the fall of 2005. Two new tenants, Crossroads Realty and the Van Dyk Group, occupy Buildings 300 and 400. Crossroads Realty is currently serving as exclusive leasing agent for Building 200, which is available for lease.
STAFFORD PARK
STAFFORD, NJ (COMING SOON)
Stafford Park, the exciting and imaginative new mixed-use redevelopment to rise on the site of a former landfill in the New Jersey Pinelands, is on the way to becoming a reality. A project of the Walters Group, a leading residential and commercial real estate developer based in Barnegat, N.J., the 370-acre redevelopment will feature spectacular residential, retail and recreation components. Featuring a village center theme, the development will integrate 667 housing units, 25,000 square feet of office space and 650,000 square feet of retail and recreation, the latter including a 71,000-square-foot twin ice skating rink. The residential component will consist of 565 age-restricted housing units and 112 affordable housing units. The focal point of the retail center will be a Main Street with adequate outdoor seating and lighting. The center itself will consist of three major anchor stores and eight mid-sized retail tenants and a dozen boutiques and restaurants. Target has already announced plans to be the main anchor of the complex and plans to begin construction in June, with its opening scheduled for the summer of 2008. Work on Stafford Park was underway in early December with the excavation of a landfill on the property, part of the Walters Group’s agreement with Stafford Township to undertake a $31 million landfill cleanup. The landfill capping and relocation of the township’s recycling facility, country municipal offices and an animal shelter to another section of the park is the first order of business, along with the environmental remediation process that includes the relocation of various threatened animal and plant species. Stafford Park is the result of three years of intensive scrutiny and negotiations with Stafford Township, the New Jersey Pinelands Commission and the New Jersey Department of Environmental Protection. It was an effort that paid off in many ways, not the least of which was the projects recognition by the Delaware Valley Smart Growth Alliance for meeting the Alliance’s stringent criteria for smart growth. Those criteria include location, density design and diversity of use, transportation, environment, and community assets and participation. The Alliance’s endorsement validated all of the work involved, bringing the vision of Stafford Park to fruition. With the development of the retail component first on the agenda, the Walters Group has retained Metro Commercial Real Estate, Inc., the region’s premier full-service retail real estate company, as the retail center’s exclusive leasing agent. It is expected that the center will attract a variety of national, regional and local tenants. The project will involve the full resources of the Walters Group, including Walters Homes, builders of single-family and planned communities; Walters Development, specialists in land acquisitions, approvals and environmental remediation; Walters Contracting, construction management and general contracting experts; and Walters Management, the property management and leasing arm.
OCEAN ACRES
BARNEGAT, NJ
This ambitious residential development of luxury single-family homes is located in the historic town of Barnegat, New Jersey, just minutes from Long Beach Island. Ocean Acres consists of 1,350 buildable lots of which Walters is the majority lot owner. Construction is currently underway on the Colonial-style homes which will be built in phases over 10 years. The home designs feature bright and airy spaces with large windows and an open flow from room to room. The minimum design has four bedrooms and 2 ½ baths, with two-car garages and soaring two-story entryways. Prices begin in the upper $300,000s with floor plans as large as 3,100 square feet. Ocean Acres is a public/private partnership, which incorporates smart growth initiatives and protection of the New Jersey Pinelands through development within designated regional growth areas. Walters became involved in 1998 when it purchased the development rights and began acquiring individual lots. Consequently, the company was designated to develop the project’s infrastructure, including roads, sewer, water, and utilities at an estimated cost of more than $50 million. To date, Walters has invested several million dollars on planning, design, and engineering studies for Ocean Acres. Additionally, they have been working with The Pinelands Commission and the Township to define acreage eligibility for development and conservation areas of the project. Walters reached an agreement with the Pinelands Commission in 2003 that involved protection of rare plants and endangered animal species (primarily snakes) and an expansion of the conservation zone. Approximately 40% of Ocean Acres’ designated development will remain in its natural state.

WHISPERING HILLS
BARNEGAT AND STAFFORD, NJ
Located in southern Ocean County’s Barnegat and Stafford Townships this multi-family project is ideally positioned near abundant recreational amenities including swimming, fishing, and boating. This highly anticipated residential community is situated on 78 acres and will consist of single-family homes, town homes, and affordable apartments. The project is awaiting final site plan approval and completion of infrastructure improvements. It is expected to commence in the fall of 2006.

LUXURY HOMES
BUILDING QUALITY HOMES
Whatever your dreams may hold for a new luxury home, Walters has the experience and capacity to make it a reality. Regardless of a project’s complexity in architectural style or landform issues, Walters Homes offers the expert way to build the lifestyle of your dreams without ever second guessing its certainty.
ALBERSTON VILLAGE
HADDON TOWNSHIP, NJ
A new lifestyle of comfort and convenience is emerging in Haddon Township, New Jersey. Walters plans to redevelop a 3-1/2 acre former industrial site into luxury multi-family housing. Walters Group has proposed a 60-unit apartment complex for the project, strategically located near Camden with proximity to stores, restaurants, and the high-speed rail line to Philadelphia.