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August 2007

SOUTHWORTH DEVELOPMENT PURCHASES 50% OF LUXURY RESORT DEVELOPMENT ON LAKE WINNIPESAUKEE

Southworth Development has acquired a half interest in a 400+/- acre, lakefront, mixed use development on Lake Winnipesaukee in New Hampshire and will assume the day to day development and operations role of the project. Meredith Bay is a gated luxury residential community which includes a 73-slip marina and breathtaking vies of Lake Winnipesaukee. Meredith Bay, originally named Akwa Soleil, was founded by Richard Mailloux, Chairman of Atom Contracting, one of New Hampshire's largest road building companies.

A view of Lake Winnipesaukee from Lot 128 atop Meredith Bay

Phase I of the development consists of the marina and beach club along with a gated 129 lot subdivision. Future phases call for a mix of approximately 470 residential units consisting of both single-family and multi-family homes. There are also 60 acres of commercial development and additional acreage suitable for an 18-hole championship golf course.

"David Southworth's reputation for quality and developing luxury communities such as Willowbend on Cape Cod complements our vision for Meredith Bay. We are very pleased to have Southworth Development as a partner," said Richard Mailloux, Founder of Meredith Bay.

"Once you pass through Meredith Bay's gates, you recognize the uniqueness of this community. From the views of the lake, to the marina, to the home sites, all of the ingredients of a luxury community exist," said David Southworth, President and CEO of Southworth Development.
CATHY CHAUVIN RETURNS TO SOUTHWORTH DEVELOPMENT
After two years working for the Bay Club in Mattapoisett as Controller, Cathy Chauvin returns to Southworth Development in the role of Corporate Controller. Cathy began working for the Willowbend/Southworth team in 1994. Prior to that she worked as the Controller for the Peters-Hartel Group, a real estate development company in Mashpee, Massachusetts. Cathy has a strong background in both golf operations and development accounting. Cathy attended Bentley College in Waltham, Massachusetts.
MACHRIHANISH DUNES LAUNCHES NEW WEBSITE
Construction is well underway at the Machrihanish Dunes Golf Club being built on the southwest coast of Scotland and recently we launched a new website for the project which includes progress reports of recent activity taking place at the site. Please feel free to visit the site and check it out by clicking on the black sheep below or visiting www.TheWayGolfBegan.com.

MEREDITH BAY LOOKS TO THE FUTURE WITH THE APPOINTMENT OF CHRIS DUPREY, PROJECT EXECUTIVE

Meredith Bay has announced the appointment of Chris Duprey as Project Executive. Chris brings a wealth of expertise and know-how to New England's newest luxury residential and resort developments. In his role, Chris Duprey will oversee all aspects of Meredith Bay's development and growth into one of Lake Winnipesaukee's premier private communities.

With twenty-five years of experience in real estate and golf course development as well as brokerage expertise, Chris' presence at Meredith Bay will be a tremendous asset to the property as it continues to grow. Most recently Chris was Project Executive at Turner Hill in Ipswich, MA. Prior to that, Chris served as Vice President of Development and Asset Manager for Willowbend Development LLC. During Chris' 8 years with Willowbend Development, he served as Project Executive for a 1,600 unit, residential resort project in Tucson, AZ called the JW Marriott Starr Pass Resort & Spa and worked on Willowbend's Liberty National Golf Club project located in Jersey City, NJ.

Prior to Willowbend, Chris was the Senior Vice President of Golf Realty Advisors, a consulting firm providing third-party development and project management consulting services to clients seeking to develop golf courses and golf residential communities.

"Throughout my career I've been fortunate enough to be part of the development of a number of phenomenal golf clubs, residential and resort developments throughout the United States, however, as a New Hampshire native, none have evoked the excitement and anticipation I feel about the future here at Meredith Bay," said Duprey. "Meredith Bay's beauty and access to the Lake is already turning heads. I am ecstatic to be here taking part in building one of New England's next great luxury residential and resort treasure."

Southworth Development LLC | 120 Wells Avenue | Newton, MA 02459
617.630.4900 | fax 617.630.4901 | www.southworthdevelopment.com


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