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Laurel Spelman Named Director of Residential Real Estate Development for Vulcan Inc.

SEATTLE, WA - March 08, 2006
Vulcan Inc. today announced the hiring of Laurel Spelman as director of residential real estate development.

In her position she will direct development activities for Vulcan's residential projects in the Pacific Northwest.

Spelman brings with her more than 25 years of experience in urban residential and mixed-use development, finance, acquisitions and leasing.

"Laurel is a seasoned professional who brings a wealth of experience to our development team," said Ada M. Healey, vice president of real estate.

Prior to joining Vulcan, Spelman worked for the Downtown Emergency Service Center in Seattle to expand housing opportunities for chronically homeless persons with persistent and acute mental illness. Additionally, she was managing partner of a 156 unit mixed use residential project on Capitol Hill in partnership with the Murray Franklyn Company.

Spelman was also formerly a principal at The Seneca Group, a real estate company providing development and management services for public and private sector clients and a Vice President of Intrawest Corporation.

Spelman earned a master's degree in business administration from the Stanford Graduate School of Business and a Bachelor of Arts degree in American History from Stanford University.

Vulcan Inc., which owns approximately 60 acres in Seattle's South Lake Union neighborhood, now has 12 development projects totaling approximately three-million square feet that are either under development, completed or planned for the near future.

Vulcan's vision for South Lake Union is to partner with the community to encourage a vibrant, connected neighborhood that blends housing, retail, office, life sciences research, open space, public transportation, culture and education.
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ABOUT VULCAN REAL ESTATE
Vulcan Real Estate directs all real estate strategies for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate creates a diversified portfolio of high-performing, quality assets. The company's experienced, talented team of real estate professionals offers a full range of development services from site selection to build-to-suit construction. Vulcan's real estate model is based on quality, sustainable development that builds new value across the entire community. For more information, please visit our Web site at www.vulcanrealestate.com.
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