Fieldstone Appoints William H. McFarland CEO, Chad Ogden President

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William H. McFarland, formerly executive vice president and director of The Irvine Company was appointed Chief Executive Officer of FNE Holdings, LLC (FNE), the primary parent company within the Fieldstone Group of Companies (Fieldstone).

We are exceptionally fortunate that Bill McFarland will serve as CEO of FNE," said Peter Ochs, company co-founder and chairman of the board of FNE. "Bill has had a most distinguished career in residential real estate for more than 35 years.

William H. McFarland, formerly executive vice president and director of The Irvine Company was appointed Chief Executive Officer of FNE Holdings, LLC (FNE), the primary parent company within the Fieldstone Group of Companies (Fieldstone). The announcement was made today by Peter Ochs, company co-founder and chairman of the board of FNE. Keith Johnson, company co-founder and vice chairman of the board of FNE announced the promotion of Chad Ogden, formerly the regional president overseeing Texas and Utah operations, to president of FNE.

"We are exceptionally fortunate that Bill McFarland will serve as CEO of FNE," said Ochs. "Bill has had a most distinguished career in residential real estate for more than 35 years." Ochs added, "We were honored when Bill chose to join Fieldstone's board of directors in 2009 and have greatly valued his contributions to date. I know I speak for the full board to say we see Bill's talents and experience as a perfect match for Fieldstone's needs at this time."

At The Irvine Company, McFarland oversaw the design and development of the internationally acclaimed master planned communities on the Irvine Ranch. In addition to serving as executive vice president and a director of The Irvine Company, he also served as CEO and president and a director of Irvine Community Development Company, the community development subsidiary. McFarland also served as CEO and president and a director of Irvine Apartment Communities until 1999, when the company was taken private by The Irvine Company.

McFarland's contributions to the homebuilding industry were recognized in 1996 when he was elected to the California Building Industry Foundation Hall of Fame. Since leaving The Irvine Company, McFarland has served on numerous corporate and nonprofit boards.

Noted Johnson, "I am very pleased to announce that we have strengthened our executive management team with the appointment of Chad Ogden as president. reporting to Bill McFarland." He added, "As regional president, Chad deftly managed Fieldstone's operations in San Antonio, Texas and Salt Lake City, Utah. With this appointment, David Greminger, California division president; Fred Wyborski, Texas division president; Troy Gabler, Utah division president and Alan Arthur, senior vice president and chief financial officer will report to Chad."

Ogden has managed operations for the Central Region since 2005. Starting in 2008, he also served as Utah division president and became increasingly involved in corporate matters.

He has supervised land acquisition, entitlement, construction, sales and marketing of new communities. Before joining Fieldstone in 2004 as senior project manager, he spent six years with the management consulting firm McKinsey & Company in its Houston and Austin offices and one year with Caltex Australia Ltd. in Sydney, Australia. He graduated from the Stanford University Graduate School of Business with a master's degree in business administration.

Prior to these appointments, an Executive Committee comprised of Ochs, Johnson and board member Kenneth L. Beall led Fieldstone. The Executive Committee was formed when former CEO Frank Foster retired in 2008.

"Keith, Ken and I look forward to our continued board involvement and actively supporting Fieldstone and our new management team," said Ochs. "With homebuilding poised for gradual recovery after the worst years since the 1930s, we are excited about the opportunities which are beginning to appear. This top-notch team, backed by a strong board, positions us to capitalize on value creation for the company as we move forward into 2010 and beyond."

About Fieldstone

FNE Holdings, LLC is currently the primary parent company within the Fieldstone Group of Companies (Fieldstone) and directly or indirectly owns all of the currently active companies within Fieldstone. Fieldstone has operated through multiple entities since the first company was founded in 1981. Since inception, companies within Fieldstone have built nearly 26,000 homes in Southern California, Utah and Texas with a total sales volume of approximately $6.6 billion. Currently, Fieldstone has 23 active new home communities.

For more information, visit http://www.Fieldstone-homes.com

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Donna St. Jean Conti
Gladstone International
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