Jay Tubbs Vice President of Development for Ryan Companies US, Inc.

PHOENIX (June 22, 2006) – Ryan Companies US, Inc., one of the largest developers of commercial and office projects in the Valley, announced today that Jay Tubbs has been promoted to Vice President of Development.

Mr. Tubbs has been with Ryan Companies for nine years; five of which he served as Director of Asset Management, and the past four as Director of Development. During this time, Mr. Tubbs worked on a variety of projects including the development and leasing of the Phelps Dodge Tower in downtown Phoenix, the Desert Ridge Medical Office complex and numerous other Ryan developments including Riverside Distribution Center, Power Marketplace and the US Bank retail center.

“This is a well-deserved move for Jay, whose tenacity, integrity and active involvement in all aspects of the development process have helped build our development portfolio to well over 12 million square feet,” said John Strittmatter, president of Ryan Southwest.

Mr. Tubbs holds a BS in Accounting from Northern Arizona University and holds an Arizona Real Estate broker’s license.

Ryan Companies US, Inc. is a leading national commercial real estate firm offering integrated construction and development as well as asset, property and facilities management services to customers. In addition to its Phoenix office, Ryan has offices in Minneapolis, Chicago, San Diego, Tampa, Cedar Rapids and Des Moines, Iowa . Since formally opening a Southwest regional office in Phoenix in 1994, Ryan has been responsible for constructing projects totaling more than 12 million square feet in the greater Phoenix area for premier companies such as Allied Signal (now Honeywell), Motorola, Phelps Dodge, Wells Fargo Bank, Dial Corporation, ConocoPhillips, Sears, Phoenix Newspapers, Del Webb, Avnet, Mayo Clinic and Target.