FOR IMMEDIATE RELEASE - November 4, 2004

Developer’s Demolition Signals Start of Major Construction, New Retail Jobs

Montgomery, Alabama - Demolition this morning of one of the buildings in Montgomery’s popular Zelda Place Shopping Center signaled the official beginning of three new shopping centers and the expansion and remodeling of another to house four new Publix Super Markets in the city.

“Our investment in these four community centers, with approximately 500,000 square feet of retail space, reflects our company’s strong confidence in the vitality of our city’s economy and in the growth we expect from industrial development in the years ahead” Aronov Realty Chairman Jake Aronov said, “and, we are pleased this morning to announce that the four new shopping centers, which open in the fall of 2005, will add more than 1,570 additional retail jobs to the already growing Montgomery employment base.”

At Zelda Place, Mr. Aronov said the company will add a 45,600 square foot Publix and expand the shopping complex southward to Carter Hill Road. He said St. James Holt Crossing Baptist Church at the corner of Zelda and Carter Hill will move its facility across the street from its current location, and that the CVS Pharmacy now in Hillwood Shopping Center will move to a new store to be built in the church’s current location. All existing Zelda Place and Hillwood Center buildings will be remodeled, and others will be added for an expanded Zelda Place that runs a half-mile south along Zelda Road from north of Malone Drive to Carter Hill Road. New entrances in the expanded center located in the heart of the upscale, trendy Midtown market will also be added and streets widened to enhance traffic flow.

Groundwork also has begun on a new 118,000 square foot Aronov development at Vaughn and Taylor Roads to be called The Shoppes at Cornerstone. It will include a 54,340 square foot Publix store, some 20 retail shops, including a fashion department store. There will also be 9 additional businesses located on properties surrounding the center.

A third Aronov developed center, called Taylor Junction, is being built at the corner of the Atlanta Highway and Taylor Road. It will be anchored by a 38,997 square foot Publix with additional small shops.

Aronov has leased a fourth location to Publix at the former site of Kmart on the Atlanta Highway between Mitchell Avenue and Hunter Lane. Removal of the old building and site preparation is currently underway.

In total, 75 new stores, banks, restaurants and shops will be added at these four neighborhood centers on a total of 75.1 acres of land in four distinct geographic sectors of the city.

Aronov Realty, formed in Montgomery in 1952, is the largest privately held full service real estate company in the Southeast. It performs development, management, leasing, acquisitions and brokerage services for its more than 100 properties and those owned by third parties.

Publix began in Winter Haven, Florida in 1930 and is the largest employee-owned supermarket chain in the country with 834 markets in the Southeast and retail sales of nearly $17 billion. Fortune Magazine ranks it as one of the “100 Best Companies to Work For.” With the opening of the Montgomery supermarkets, Alabama will be home to 24 Publix Markets.

CONTACT: Robin Raiford, 334/277-1000