June 10, 2003

KIRBY’S STEAKHOUSE COMING TO THE WOODLANDS TOWN CENTER ™

THE WOODLANDS, TX - (June 10, 2003) - Kirby’s Steakhouse has purchased a site at the southwest corner of Timberloch Place and I-45 in The Woodlands Town Center for construction of an 8,500-square-foot restaurant, according to Greg Jordan, director of commercial sales and leasing for The Woodlands Operating Company, L.P.

Scheduled to open early next year, the new restaurant will feature views of Lake Robbins, nearly 300 seats, three banquet/meeting rooms, valet parking, and a full bar with a patio overlooking the lake where live entertainment will be offered. Kirby’s famous prime steak menu will be complemented by an extensive wine list. According to owner Jim Ingram, Kirby’s is the original steakhouse in Dallas opened in 1954 by B.J. Kirby. The Woodlands location will be the fourth Kirby’s Steakhouse in Texas.

“The Woodlands location and demographics are almost identical to those of our most successful restaurant in the Dallas area,” Ingram said. “We chose The Woodlands because we feel it’s the best possible location for us to be in our Texas expansion.”

Kirby’s was represented by Chuck Keller of Strode Property Company, and Jordan represented The Woodlands Operating Company, L.P.

The Woodlands is a 27,000-acre, master-planned community located 27 miles north of downtown Houston. It is a project of The Woodlands Operating Company, L.P., a Crescent Real Estate Equities and Morgan Stanley limited partnership.