Gilbane's Office of the Chairman Announces New Leadership Roles for New England's Largest Construction Company.

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PROVIDENCE, R.I.--(BUSINESS WIRE)--Dec. 29, 2003

Gilbane is announcing key changes to the company's Office of the Chairman with new roles and strategic responsibilities taking effect on January 1, 2004. Thomas F. Gilbane Jr. takes the reigns as chairman and chief executive officer of the Gilbane Building Company, while current CEO, Paul Choquette Jr., focuses his efforts as chairman of Gilbane, Inc. on bringing more synergy to clients through the holding company's two subsidiaries--Gilbane Building Company (GBC) and Gilbane Properties, a real estate development firm. William J. Gilbane Jr. becomes president and chief operating officer for the Gilbane Building Company.

Gilbane is a 130-year-old privately run firm that is currently operated by fourth generation family members. It is New England's largest construction firm and is nationally ranked as the sixth largest domestic general building firm and fourth largest at-risk construction manager by Engineering News-Record magazine. The full-service construction company is ranked by Forbes magazine as the 58th largest privately held firm with more than $ 2.7 billion in sales for 2002.

All three members of Gilbane Building Company's Office of the Chairman will continue their client relationships and close involvement on major GBC projects. Thomas and William Gilbane will share the duties of overseeing GBC's nine operating regions and market sector groups. In addition to overseeing Gilbane, Inc., Choquette will concentrate on bringing greater value to clients who would benefit from a more integrated delivery of Gilbane's real estate development capabilities and construction services.

Thomas Gilbane, 56, is known throughout the company and the construction industry for being a hands-on leader and relationship-builder with customers. Throughout his 33-year tenure, he has worked closely with Choquette to execute on a strategic plan for geographic growth that has transformed Gilbane Building Company into one of the largest construction firms in the nation with offices in 24 major cities. The company has expanded offices this year into Milwaukee, Wis.; Jersey City, N.J.; Raleigh/Durham, N.C.; San Diego, Calif.; San Jose, Calif.; and will have a new office opening soon in Puerto Rico. As the new CEO, Mr. Gilbane plans on continuing with smart, manageable growth.

Thomas Gilbane graduated from Harvard University's Graduate School of Business Advanced Management Program and holds a master's degree in civil engineering and project management from the Massachusetts Institute of Technology (MIT). He also graduated from Babson College, where he earned a B.S.B.A. in business management. He attained a certificate in building construction from the Rhode Island School of Design and attended Brown University for three years studying liberal arts. He is a member of Sigma XI, National Scientific Research Honorary Society, MIT Chapter.

Thomas is a member of the Associated General Contractors (AGC) of America Private Industry Advisory Council and chairman of the AGC National/Regional Contractor's Committee. He presently serves on the Brown University President's Advisory Committee. He has served on the Board of Directors of the United Way of America after previously serving as Campaign Chairman and Chairman of the Board for the United Way of Southeastern New England. In addition, he was national chairman of the Alexis de Tocqueville Society and chairman of the In-Sight Pro Am. He is also a member of the United States Golf Association Sectional Affairs Committee, board member of the U. S. Lacrosse Foundation. Thomas and his wife, Mary, have four children and reside in Providence, R.I.

William Gilbane assumes his new position after successfully serving as executive vice president. In that role, he was the driving force behind establishing an industry-leading client satisfaction and operational excellence program as well as providing executive leadership towards employee learning and development through Gilbane University. He previously served as senior vice president of the company's New England Region for 18 years where he was responsible for 400 employees and approximately $500 million of annual construction work. William Gilbane also established five new district offices in New England. In his new role, he will continue to oversee Gilbane's New England region, working closely with the regional management team and maintaining close client relationships.

William Gilbane is a graduate of Brown University. He is a member of the Board of Advisors for Portsmouth Abbey School, a member of the University of Rhode Island Civic and Environmental Engineering Advisory Council and the Advisory Committee for the NCAA Hockey Championship. He and his wife, Nancy, have five children and live in Barrington, R.I.

Choquette has been CEO for more than 20 years and is recognized for his visionary leadership with his ability to anticipate market trends and understand client needs, which helped to grow the firm into a national company. He has served as CEO for more than 20 years and is the sixth consecutive family member to lead the company since its founding.

Choquette plans to continue his active community participation in his new role. He is co-chairman, along with Governor Don Carcieri, of Rhode Island's Economic Policy Council. He serves as a member of the boards of directors of both FleetBoston Financial and Carlisle Companies, Inc. He is a trustee emeritus of Brown University and director of the Greater Providence Chamber of Commerce.

Choquette received his bachelor's degree from Brown University. He is director of the National Football Foundation and College Hall of Fame. He received his LL.B. degree from Harvard Law School. He and his wife, Elizabeth, have four children and live in Warwick, Rhode Island.

Founded in 1873 as a carpentry business in Providence, Rhode Island, Gilbane Building Company is now a leader in the construction industry, managing high-profile national and local projects such as the World War II Memorial and Capitol Visitor's Center as well as Adriaen's Landing in Hartford, Conn.; University of Connecticut Football Stadium in East Hartford, Conn.; T.F. Green Airport Bruce Sundlun Terminal in Warwick, R.I.; Narragansett Bay Commission's Combined Sewage Overflow project in Providence, R.I.; Verizon Wireless Arena in Manchester, N.H.; University of New Hampshire's Mills Hall Residence and Commons Dining Hall in Durham, N.H.; Logan Airport Modernization in East Boston, Mass.; and the McCormack Federal Courthouse in Boston, Mass. Gilbane has also managed the construction of multiple projects for corporate clients such as Pfizer, Bayer, Fidelity and FleetBoston Financial.

About Gilbane

Gilbane is a full-service construction and real estate development company comprised of Gilbane Building Company (www.gilbaneco.com) and Gilbane Properties, Inc. One of the largest construction and program managers in the nation, the company provides a full slate of facilities-related services for clients in the educational, healthcare, life sciences, mission-critical, corporate, sports and recreation, criminal justice and aviation markets.

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