COMPLETED AND PAID OFF CONSTRUCTION LOAN PROJECTS

CONSTRUCTION LOAN FUND COMPLETES FIRST PROJECT The first loan extended by the Fund was completed on time and within budget. The project is an office building and parking garage in a redevelopment zone in Glendale California built for the County of Los Angeles Department of Social Services. The permanent financing was provided by the NECA-IBEW Southern California Pension Trust. This project provided 65,000 hours of union labor to that market. Dave Parker, the developer of the project said: "It was a pleasure working with the Fund on our project in Glendale. They were a major factor in making the project a success. I look forward to working with them on projects in the future."

BOSTON MASSACHUSETTS PROJECTS PAY OFF

WASHINGTON MINOT Located in the South End of Boston, the Washington Minot project encompassed the conversion of an 1860's building to residential condominiums with a large wrap-around addition. This construction project created over 90,000 hours of union labor and was paid in full in June 2003.

70-72 NORTHAMPTON STREET Also located in the South End of Boston, 70-72 Northampton was successfully completed and paid off in June 2003. The project consisted of the renovation and addition to an existing brick structure to 27 loft residential condominiums. 13 roof decks and underground parking were included. This project created over 35,000 hours of union labor.

INDEPENDENCE HOUSE, PHILADELPHIA, PENNSYLVANIA Independence House, a conversion of two existing office buildings to 66 luxury apartments on Walnut Street in the Center City section of Philadelphia, Pennsylvania. The buildings overlook Independence Park, home of the Liberty Bell. This project created over 62,000 hours of 100% union labor and was paid in full.