Zeneca Inc. Selects SIMEON Commercial Properties to Purchase its Richmond Facility.

Business Editors

RICHMOND, Calif.--(BUSINESS WIRE)--Oct. 17, 2001

Local company plans to develop campus for research and

development companies at well-located site on bay front

near Interstates 580 and 80 intersection

Zeneca Inc. has selected SIMEON Commercial Properties to purchase its Western Research Center property in Richmond, Calif., the two companies announced today. The sale and development of the property will be conducted in phases. Terms were not disclosed.

The 86-acre property is located between the San Francisco Bay shoreline and Interstate 580 at the southern end of Richmond, adjacent to the University of California's Richmond Research Center. Zeneca Inc. made a business decision to sell the property following a corporate divestment of its Agricultural Products business. Zeneca Inc.'s parent, AstraZeneca, is one of the world's leading pharmaceutical companies.

In divesting the property, Zeneca Inc. implemented a highly strategic, comprehensive approach to identify and select an appropriate buyer supported by North American Realty Advisory Services, its real estate consultant. The process resulted in the submission of nearly a dozen proposals from local and national commercial development firms.

"We were looking for a highly reputable buyer that not only had experience, sound financing, and a well-conceived vision for the property, but one that shared our company's commitment to redeveloping the site in order to maximize the benefits to the community of Richmond," explained Brian Spiller, General Manager, Zeneca Inc. "We are pleased to have selected SIMEON Commercial Properties."

"Given the large number of proposals to purchase the property by well-established local and national commercial and residential builder/developers, SIMEON is delighted to be chosen as the most qualified company to redevelop this very important and extremely well-located site," said J. Russell Pitto, CEO of SIMEON Commercial Properties. "Because of its size and bay front location, we will be able to plan a true campus for the area's growing research and development companies."

Pitto added that there is already 150,000 square feet of existing research and development space on the property. "That will be the cornerstone of the project's future direction," he said. "Given the site's adjacency to Interstate 580 and proximity to Interstates 80 and 680, it's closeness to UC Berkeley and the amount of affordable housing in the surrounding areas, we fully expect to get the attention of companies from all parts of the Bay Area. It will truly be an exciting project."

About Zeneca Inc.

Zeneca Inc.'s parent, AstraZeneca (NYSE:AZN) is a major international healthcare business engaged in the research, development, manufacture and marketing of ethical (prescription) pharmaceuticals and the supply of healthcare services. It is one of the top five pharmaceutical companies in the world with healthcare sales of $15.8 billion and leading positions in sales of gastrointestinal, oncology, anesthesia (including pain management), cardiovascular, central nervous system (CNS) and respiratory products. In the United States, AstraZeneca is an $8 billion healthcare business with more than 10,000 employees.

About SIMEON Commercial Properties

Founded in 1984, SIMEON Commercial Properties is a full-service real estate firm that develops and acquires office, tech, R&D and mixed use properties in strategic in-fill locations throughout the San Francisco Bay Area. SIMEON also provides asset management, property management and leasing services for its own portfolio and those of third parties. SIMEON Commercial Properties is a member of the SIMEON group of companies, which also includes SIMEON Residential Properties, a developer of master-planned communities in Colorado and California and SIMEON Residential Construction, LLD.