FOR IMMEDIATE RELEASE

PEABODY PLACE ENTERTAINMENT AND RETAIL CENTER TO GIVE AWAY SHOPPING SPREE AND PRIZES

Retail Center and Local Bank Partner for "Makin' Life Easy" Giveaway

Memphis, TN (Aug. 12, 2003) - Memphis' one-stop-shop for fun, shopping and entertainment wants to make life a bit easier for a few lucky visitors during its "Makin' Life Easy" Giveaway - giving shoppers yet another reason to visit downtown's 300,000-square-foot entertainment and retail complex.

"The giveaway is another way to add to the great mix of shopping, dining, movies and entertainment at the Center," said Andrew J. Groveman, senior vice president of Belz Enterprises, owner and developer of Peabody Place Entertainment and Retail Center.

Visitors can enter the Center's "Makin' Life Easy" giveaway to win the grand prize of a $3,000 shopping spree to Peabody Place Entertainment and Retail Center, courtesy of First Tennessee. First prize is a choice of four movie tickets to Muvico Peabody Place 22 Theater every week for one year or a year's worth of meal vouchers for two people good at the Center's 14 restaurants. Second prize is a choice of one annual pass to Peabody Place Museum or 52 rounds of golf at The Putting Edge glow-in-the-dark miniature golf course.

The "Makin' Life Easy" giveaway offers participants three ways to enter: bring receipts from any Peabody Place retailer totaling $20 or more to Morgan Studios or Muvico Peabody Place 22 Theater to receive an entry form, go to First Tennessee and pick up an entry form or collect five proof-of-visit stamps from participating stores, restaurants or theaters to receive one "Makin' Life Easy" entry form. Participants may enter to win as often as they wish between August 11 and September 7, 2003 and may also visit participating retailers for complete details.

About Belz Enterprises

Headquartered in Memphis, Tennessee, Belz Enterprises is a leading innovator in real estate development with interests throughout the Southern United States, including Peabody Place Entertainment and Retail Center at 150 Peabody Place. Throughout the nation, Belz develops, owns and/or manages more than 30 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels including The Peabody Hotels in Memphis, Orlando and Little Rock. Additional information about Belz Enterprises is available at www.belz.com .