Hunt Companies Inc

FOR IMMEDIATE RELEASE

August 28, 2007


DEDICATION OF HISTORIC ‘BUILDING 89’ CAPS
PHASE I OF FORD ISLAND MASTER DEVELOPMENT

PEARL HARBOR — Today’s dedication of the “Building 89” Conference Center on Ford Island represented the completion of the first phase of the U.S. Navy’s extensive Ford Island Master Development project, which provides the necessary infrastructure foundation to set the stage for the Navy to further utilize the island as the centerpiece of Naval Station Pearl Harbor operations.

Hunt Development Group LP and Fluor Federal Services LLC, which completed the work as Ford Island Properties, LLC, refurbished the old Ford Island movie house, originally completed during World War II, and presented it to the Navy as a new conference center as part of the extensive improvements to Ford Island that included upgrades to electrical, telecommunications, sewage and roadway systems. Ford Island Properties, LLC, worked closely with the Navy to develop a master plan that ensured the preservation of the island’s many historical features, including Building 89, which is on the National Registry of Historic Buildings.

Reverend David Kaupu officiated a traditional Hawaiian blessing of the new conference center. Participating in the dedication ceremony with remarks were U.S. Senator Daniel K. Inouye, U.S. Congressman Neil Abercrombie, City and County of Honolulu Mayor Mufi Hannemann, and Rear Adm. Townsend G. Alexander, commander of Navy Region Hawaii, and commander of Naval Surface Group – Middle Pacific. Representing Ford Island Properties, LP were Steve Colón, president of Hunt Development Group – Hawaii Division, and Ken Smith, senior vice president and chief development officer of Fluor Government Group.

“Today, we are proud to quite literally hand over the keys to this world-class facility, which represents so much of the work we have successfully completed on Ford Island,” Smith said. “This is a project that ties us to history — to some of the most remarkable moments in this nation’s history — in the same way that the Admiral Clarey Bridge ties Ford Island, called Moku‘ume‘ume by the ancient Hawaiians, to this hallowed harbor and the remainder of Oahu. It was work well done by all involved.”

“On Oct. 20, 2004, we broke ground on Ford Island in the first stage of breathing new life into this place of extraordinary history,” Colón said. “This is just the beginning, and we are very proud to be a part of the revitalization of Ford Island.”

In 2002, Hunt and Fluor were selected by the Navy for the Ford Island Master Development project. As part of the project, Fluor completed $83.9 million worth of in-kind design-build projects on Ford Island, funded by private development revenues rather than tax-payer dollars.

In 2004, the Hunt-Fluor partnership joined with union and non-union labor organizations to sign the Aloha Stabilization Agreement, a first-of-its kind project labor agreement that allowed both union and non-union workers to participate in the work, thus ensuring jobs for local workers to build-out of the project. The Aloha Stabilization Agreement established a level playing field with a uniform set of rules and common ground for dispute resolution.

The utmost care was taken to refurbish the old Building 89 theatre to its original specifications. Its original construction began in August 1941 but was delayed due to the Dec. 7, 1941, attack on Pearl Harbor and is believed to have been completed in 1943. The result of its refurbishment is a blend of historic architectural and design features with new technology, ADA accessibility and mixed-use features that allow the Navy to hold conferences and events within Naval Station Pearl Harbor.

Refurbished elements and features of Building 89 include:
• Entry doors with a blue, green and gold Air Corps wing and decorative ceiling, re-painted by Waikiki artist Kahi;
• Stage archway;
• Grill work on ballroom walls;
• 22 original theatre seats placed on first and second floors;
• Historic brim, a 4-foot edge running alongside the building;
• Metal railings in entry lobby;
• Ticket booths in front entry portico and outdoor function area (outdoor lanai);
• Basement “bunker” featuring restroom facilities; and
• Royal palms preserved; and surrounding landscape kept similar to 1940s-era.

A reception and self-guided tour of Ford Island Building 89 Conference Center followed the dedication ceremony.

About Fluor Federal Services, LLC
Headquartered in Irving, Texas, Fluor Corporation is one of the world’s largest publicly traded engineering, procurement, construction and maintenance services companies. For approximately 100 years, Fluor employees have designed, built and maintained many of the world’s most complex and challenging projects in ways that increase clients’ competitiveness and their long-term business success.

Consistently rated as one of the world's safest contractors, Fluor's primary objective is to develop, execute and maintain capital projects on schedule, within budget and with operational excellence. With a work force of more than 35,000, Fluor maintains a network of offices in more than 25 countries across six continents. Fluor is a FORTUNE 200 company that serves clients in the chemicals and petrochemicals; commercial and institutional; government; life sciences; manufacturing; microelectronics; mining; oil and gas; power; telecommunications; and transportation infrastructure industries.

Fluor's reputation is well regarded worldwide, as one of the engineering & construction industry’s “Most Admired Companies,” both in the U.S. and globally, as recognized by FORTUNE magazine. Additionally, Engineering News-Record (ENR) magazine consistently ranks Fluor among the top three in its Top 500 Design Firms, Top 150 Global Design Firms, Top 200 International Design Firms and Top 100 Contractors by New Contracts. For more information, visit www.fluor.com.

About Hunt Development Group, LP

Founded in 1947 and operating in Hawaii since 1991, Hunt Development Group (HDG), an affiliate of Hunt Building Corporation, is one of the nation’s leading developers and builders, specializing in public-private ventures, military housing, mixed-use, light industrial, residential and retail. Hunt Development Group and its affiliated companies provide a full range of development, design, construction, investment, and asset/property management services across the country.

Hunt has developed over $8 billion in projects across the United States, Puerto Rico and Guam, and has built and renovated more than 3,500 homes for the Army, Navy, Air Force and the Marine Corps throughout Hawaii.

In 2002, Hunt was selected by the Navy as the Master Developer for Ford Island, which involved the development of $84 million of infrastructure, the renovation of a historic conference center, and the redevelopment of five underutilized former Navy properties including 2,000 homes at the former Iroquois Point and Barbers Point Navy housing areas.

In 2005, Hunt was selected to help develop a significant portion of the entire 500 acres, working in partnership with the University of Hawaii. Specifically, Hunt will develop all 298 acres of Phase One, comprising a new residential community, mixed-use parcels, an elementary school and parks.

Every development reflects Hunt Development Group’s focus on quality and integrity, and commitment to be involved in the communities in which it serves. Hunt Development Group proudly supports local community and non-profit organizations, including the Honolulu Chamber of Commerce, Nature Conservancy, Military Appreciation Month, Honolulu Council Navy League and Pacific Aviation Museum.
Other Hunt affiliated companies are Hunt Building Company, Hunt Communities, HBC Property Managers, Hunt NR, and Hunt Administrative Services.

For more information, visit the company's website at www.huntcompanies.com.