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Capital Automotive Names Paul M. Higbee to Board of Trustees

October 31, 2003

Capital Automotive REIT, a specialty finance company for automotive retail real estate, on Oct. 31 announced that Paul M. Higbee has been named to its Board of Trustees. Higbee will be replacing Lee P. Munder. Munder has resigned to devote more time to his expanding business interests, according to Capital Automotive.

Higbee is currently a partner of Andersen & Company, LLC, a merchant banking firm engaged in private equity investments and investment banking for middle-market companies. He has been an investment banker for more than 25 years.

Prior to joining Andersen & Company in 2001, he was a managing director at Deutsche Banc Alex Brown, managing director and head of the Industrial Group at PaineWebber, managing director and head of the Energy Group at Drexel, and started his career at Shearson Loeb Rhoades.

Higbee has worked with many real estate companies including Toll Brothers, Blue Bell Funding, TriNet Corporate Realty, First Industrial Realty Trust, and Corporate Office Realty Trust. He received an AB in Economics from Princeton University and an MBA from the Wharton School.

"We are very pleased to have Paul join our Board as he adds tremendous experience in both capital markets and business strategy," said Thomas D. Eckert, president and CEO. "We are very fortunate to attract an executive of Paul's caliber to our Board. I would also like to thank Lee for his significant contributions to our company during his five years on our Board."

About Capital Automotive

Capital Automotive, headquartered in McLean, Va., is a self-administered, self-managed real estate investment trust that acquires real property and improvements used by operators of multi-site, multi-franchised automotive dealerships and related businesses.

Additional information on Capital Automotive is available at

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