Crescent Resources Names President for Residential Division

Charlotte, N.C., May 22, 2008 … James W. (Jim) Mozley has been named president of the residential division of Crescent Resources, LLC. He succeeds H. Thomas Webb III, who announced his departure from the company effective June 30.

“Back when we convinced Tom to join the Crescent team, he agreed to stay for one year,” said Art Fields, president of Crescent Resources. “Now, 10 years later, we are thankful that Tom decided to stay with us. He has been one of the key drivers of Crescent’s extraordinary success in residential development in the past decade, as well as a voice and vision for all of Crescent.  Tom’s dedication not only to the team, but to the community, has been an inspiration for all.  Having Tom on our side has always been a stabilizer for Crescent.”

“Jim is well-prepared for this challenge and opportunity,” added Fields. “We are indeed fortunate to have a leader of his caliber to step seamlessly into this role and guide our residential division.”

Mozley joined Crescent as senior vice president in 2001. He led the development of the company’s successful second-home communities including Palmetto Bluff in Bluffton, S.C., Oldfield in Okatie, S.C. and Crescent communities on Lake James near Morganton, N.C. Prior to joining Crescent, Mozley spent nine years as president and chief executive officer of Molokai Ranch, a 60,000-acre adventure resort in Hawaii. He had previously served as vice president and general manager of Amfac’s properties division in charge of the Kaanapali Resort and 15,000 acres of the company’s development land.

Mozley began his real estate career in 1973 with the Sea Pines Company in Hilton Head, S.C.  He moved next to Boca Raton, Fla., to join Arvida Corporation. In 1982, he formed Mozley Company, Inc., in Atlanta, Ga., which specialized in planning and designing large-scale, master-planned communities. He is a graduate of the Georgia Institute of Technology.

Crescent Resources, LLC is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte, N.C., Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate. Established in 1969, Crescent creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. More information is available at www.crescent-resources.com.