Adam Hochfelder Acquires Full Ownership of Max Capital; CEO Leads 300-Strong Premier Private Ownership, Investment Company Into New Period of Growth and Enrichment.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 17, 2002

Adam C. Hochfelder, President and Chief Executive Officer of Max Capital Management Corp., today announced his acquisition of New York City's premier independent commercial real estate ownership and investment company.

Max Capital, co-founded by Mr. Hochfelder, has a portfolio which includes more than 7 million square feet of premium Manhattan office buildings valued in excess of $2.5 billion, and a corporate infrastructure of more than 300 full-time professional employees.

Mr. Hochfelder, who will now be the Chairman and CEO of Max Capital, bought out his long-time partner N. Richard Kalikow (who previously served as the company's Chairman.) The entire portfolio will remain with Mr. Hochfelder and Max Capital.

"I am proud of what we have created in the last six years," Mr. Hochfelder said. "We will continue to look for prime acquisitions with the goal of enhancing value utilizing our institutional quality management. I have a clear vision for Max Capital, and I am committed to building on our successful track record. Richard and I had a successful and rewarding partnership and I enjoyed working with him."

Max Capital was founded by Mr. Hochfelder and N. Richard Kalikow in 1996. Starting with a management portfolio of approximately 2,000 residences, Mr. Hochfelder leveraged long-standing relationships with RMB Realty, Inc., of Fort Worth Texas, Credit Suisse First Boston and J.P. Morgan Chase to support Max Capital's artful, aggressive commercial property acquisition campaign. Focused exclusively on key Manhattan office buildings, Max Capital's portfolio today includes the landmark 230 Park Avenue, 237 Park Avenue, 1440 Broadway, 450 West 33rd Street and 350 Madison Avenue.

Commenting on the change of ownership, a spokesperson for RMB Realty, said "Max Capital is and continues to be a strategic partner for us. Adam has shown an ability to find value in under-performing assets, which fits with our own contrarian investment strategy. We continue to see New York as a prime market to invest."

Max Capital has earned a reputation for investment acumen, having been among the first to invest in office properties in the Garment Center area of Midtown. While the firm maintains ownership of 1440 Broadway - home to prestigious tenants such as Conde Nast Publications - it enhanced the value of other assets to the point where three of its major holdings in the area were sold for double their purchase price, netting the company more than $70 million in profits in the last three years.

Mr. Hochfelder is also credited with having keen long-term vision for the properties in the Max Capital portfolio. He directed the successful redevelopment of 350 Madison Avenue for multi-tenant use and plans construction projects to deliver new office space to existing structures at 237 Park Avenue and 450 West 33rd Street. In addition, Mr. Hochfelder conceived and executed the development of one of the most substantial private real estate ownership operations in the nation, making Max Capital home to experts in the areas of investment, finance, leasing, construction and property management.