<PAGE>
MIP PROPERTIES, INC.
2020 SANTA MONICA BLVD., SUITE 480
SANTA MONICA, CA 90404
----
(310) 449-4444 FAX (310) 449-4456
August 28, 1995
AN IMPORTANT REMINDER
---------------------
Dear Stockholder:
Proxy material relating to the 1995 Special Meeting of Stockholders of MIP
Properties, Inc. was previously mailed to you. According to our records, your
proxy card for this important meeting, which is scheduled for Wednesday,
September 27, 1995, has not yet been received.
Regardless of the number of shares you own, it is important that they are
represented and voted at the meeting. FOR THE REASONS SET FORTH IN THE PROXY
MATERIALS PREVIOUSLY MAILED TO YOU, THE BOARD OF DIRECTORS OF THE COMPANY
UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR APPROVAL AND ADOPTION OF THE MERGER
AGREEMENT AND THE MERGER. You are encouraged to sign, date and mail the enclosed
duplicate proxy today. Your interest and participation in the affairs of the
Company is sincerely appreciated.
Thank you for your continued support.
Very truly yours,
/s/ Carl C. Gregory, III
-------------------------------
Carl C. Gregory, III
Chairman of the Board
Chief Executive Officer
IF YOU HAVE RECENTLY MAILED YOUR PROXY, PLEASE
ACCEPT OUR THANKS AND DISREGARD THIS REQUEST.
