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GERSHMAN INVESTMENT CORP. SECURES OVER $27.5 MILLION IN FINANCING FOR TWO FACILITIES IN APRIL

ST. LOUIS, May 16, 2003— Gershman Investment Corp. announced that it has arranged for over $27.5 million in financing for two facilities in April.

Gershman secured $18,774,000 in FHA insured financing with the issuance of GNMA securities for The Fountains of Ellisville. The facility is a 160-unit apartment complex for the elderly. The Fountains of Ellisville is currently under construction and located in Ellisville, MO.

For the Four Seasons Living Center, Gershman arranged $8,686,400 in FHA insured financing with the issuance of GNMA Securities for refinancing. Located in Sedalia, MO, the Four Seasons Living Center is a 212-bed skilled nursing home.

The oldest independent mortgage company in St. Louis, Gershman Investment Corp. has been providing financing for the St. Louis community for 50 years. Named one of the nation’s “Top Commercial Servicers” by Mortgage Servicing News, Gershman is one of only 58 lenders in the country approved for MAP (Multi-family Accelerated Processing) for apartments, assisted living, and nursing homes. Gershman, one of the largest independent mortgage bankers in Missouri, services over $350 million in loans for multi-family apartments and nursing home facilities. Incorporated in 1953, Gershman is active in providing financing for multi-family projects, most of which are HUD insured, in more than 10 states nationwide. The company specializes in providing and servicing all types of financing for apartments, nursing homes, assisted living facilities, and hospitals utilizing tax free and taxable bonds. Ranked among the largest mortgage lenders in the metropolitan St. Louis area, Gershman is one of the area’s leaders in FHA/VA and conventional single-family home loans, having financed over 50,000 loans in the St. Louis area alone.

Gershman Investment Corp. has offices in Clayton, St. Peters, and Fairview Heights, IL and can be found on the web at www.gershman.com. Gershman’s Clayton office is located at 7 North Bemiston. The main phone number is (314) 889-0600 or 1-800-GERSHMAN.