The Allen Group Names Edward Romanov President and Chief Operating Officer

SAN DIEGO (April 4, 2006) — The Allen Group, a major developer of office and industrial properties, including rail-served distribution and logistics parks, named Edward B. Romanov, Jr., as President and Chief Operating Officer of the Company. Romanov has been with the Company since October 2004 in a consulting role.

Romanov works closely with Allen Group Founder and Chief Executive Officer Richard S. Allen to establish and implement the Company’s national strategy for industrial property development and California-focused plans for office and mixed-use development.

In addition to extensive executive experience in real estate development and finance, Romanov has held senior management positions with public and private enterprises ranging from health care to entertainment software and Broadband communications.

“Ed is a seasoned, well-rounded executive whose proven real estate and financial sophistication will help move The Allen Group forward,” said Richard Allen. “Be it identifying and analyzing opportunities, structuring joint ventures and financings, or overseeing major property developments, Ed’s insight and expertise will well serve the Company and its clients.”

Romanov added: “The Allen Group is embarking on a variety of new challenges, including developing new distribution and logistics parks outside of California. I’m excited by the opportunity to help grow the Company and expand its portfolio of high-quality industrial and office properties that serve Fortune 500 and other users.”

Some highlights from Romanov’s career:

• In the 1990’s, he formed ElderTrust, a health care REIT, purchasing $385 million in health care real estate assets from several East Coast health care operators. After successfully completing a $125-million IPO, ElderTrust was listed on the New York Stock Exchange. Romanov served as ElderTrust’s President and Chief Executive Officer.
• In the late 1980’s, Romanov owned and operated WesTerra Development, where he developed 500,000 square feet of office and flex space in the San Diego and Northern Virginia markets. Earlier, he was Chief Operating Officer of San Diego-based Torrey Enterprises, where he played a key role in the redevelopment of downtown San Diego, with landmark projects such as the 27-story First National Bank Building and the twin towers of the Marriott Hotel and Marina on the harbor. The total value of projects developed while he was with Torrey Enterprises exceeded $350 million.

Romanov holds both a B.S. in Economics and M.B.A. from Lehigh University and was a licensed CPA in both California and Pennsylvania.