1999 YEAR END SUMMARY

$1,310,947,824 IN 1999 TRANSACTIONS
Another Successful Year Achieved By George Smith Partners, Inc.

140 closed transactions were placed with over 55 lenders/sources. George Smith: "In view of last year’s rate turmoil and capital market disruptions, we had an extremely successful year and look forward to 2000." Financings encompassed a broad spectrum of property categories and debt and equity types. 1999 saw a more diversified group of financings: Bridge/Reposition volume increased considerably, along with Private Placement transactions. GSP placed a record amount of land loans. Interestingly, CMBS ranked number 1 in total number of loans, yet lagged in total volume behind bank financing. Not included in these figures were the consulting assignments, primarily expert witness engagements. Lender categories included banks (including construction, mini-perms and credit lines), CMBS, finance companies, thrift & loans, S&L’s, insurance companies, pension funds, FNMA and private investors. Once again, our ability to access a diverse array of capital sources, develop financing strategies and add transactional value was in evidence. Our staff grew to 30 professionals. We enter 2000 with a substantial pipeline of transactions in process.