COMPENSATION REPORT

Highest Cash Compensation Among Washington Area Executives in 2003

Company Executive Title Total Cash
Friedman, Billings, Ramsey Group Inc. Emanuel J. Friedman Co-Chairman and Co-CEO $9,457,838.00
Friedman, Billings, Ramsey Group Inc. Eric F. Billings Co-Chairman and Co-CEO $9,457,838.00
Fairchild Corp. Jeffrey Steiner Chairman and CEO $7,756,405.00
Friedman, Billings, Ramsey Group Inc. James R. Tonkel Executive Vice President $5,325,000.00
Federal National Mortgage Association Franklin D. Raines Chairman and CEO $5,172,615.00
Lockheed Martin Corp. Vance D. Coffman Chairman and CEO $4,984,615.00
Mills Corp. Laurence C. Siegel Chairman and CEO $4,400,000.00
Friedman, Billings, Ramsey Group Inc. Richard J. Hendrix Chief Investment Officer $4,238,974.00
Gannett Co. Douglas H. McCorkindale Chairman, President and CEO $3,850,000.00
Nextel Communications Inc. Timothy M. Donahue President and CEO $3,698,461.00
General Dynamics Corp. Nicholas D. Chabraja Chairman and CEO $3,600,000.00
Danaher Corp. H. Lawrence Culp, Jr. President and CEO $3,377,060.00
SLM Corp. Albert L. Lord CEO and Vice Chairman $3,250,000.00
NVR Inc. Dwight C. Schar Chairman, President and CEO $3,240,000.00
Fairchild Corp. Eric Steiner President and COO $3,024,680.00
MCI Inc. Michael D. Capellas President and CEO $3,000,000.00
Coventry Health Care Inc. Allen F. Wise President and CEO $3,000,000.00
MCI Inc. Richard R. Roscitt President and COO $2,830,800.00
Friedman, Billings, Ramsey Group Inc. Robert S. Smith COO $2,716,946.00
Lockheed Martin Corp. Robert J. Stevens President and COO $2,641,154.00
SLM Corp. Thomas J. Fitzpatrick President and COO $2,550,000.00
Harman International Industries Inc. Sidney Harman Executive Chairman $2,450,000.00
CapitalSource Inc. Jason M. Fish President $2,400,000.00
CapitalSource Inc. John K. Delaney CEO $2,400,000.00
Harman International Industries Inc. Erich A. Geiger Chief Technology Officer $2,338,873.00
Harman International Industries Inc. Bernard A. Girod CEO and Vice Chairman $2,300,000.00
AES Corp. Paul Hanrahan President and CEO $2,162,000.00
Marriott International Inc. J. W. Marriot Jr. Chairman and CEO $2,118,000.00
Rouse Co. Anthony W. Deering Chairman, President and CEO $2,004,577.00
Federal National Mortgage Association Daniel H. Mudd COO and Vice Chairman $2,002,252.00
Harman International Industries Inc. Gregory P. Stapleton President and COO $2,000,000.00
W.R. Grace & Co. P.J. Norris Chairman and CEO $2,000,000.00
MCI Inc. Wayne E. Huyard President/U.S. Sales and Services $1,862,200.00
Federal National Mortgage Association Timothy Howard CFO and Vice Chairman $1,822,010.00
CACI International Inc. J. P. London Chairman, CEO and President $1,801,172.00
Nextel Communications Inc. Thomas N. Kelly, Jr. COO $1,792,846.00
Fairchild Corp. Donald Miller Executive Vice President $1,774,840.00
Fairchild Corp. John Flynn CFO $1,699,856.00
American Capital Strategies Ltd. Malon Wilkus Chairman, President and CEO $1,688,416.00
Host Marriott Corp. Christopher J. Nassetta President and CEO $1,608,000.00
FTI Consulting Inc. Stewart J. Kahn President and COO $1,600,000.00
FTI Consulting Inc. Jack B. Dunn, IV Chairman and CEO $1,600,000.00
Harman International Industries Inc. Frank Meredith CFO $1,600,000.00
Coventry Health Care Inc. Thomas P. McDonough COO $1,600,000.00
Coventry Health Care Inc. Dale B. Wolf CFO $1,598,077.00
ManTech International Corp. George J. Pedersen Chairman, CEO and President $1,595,560.00
Marriott International Inc. William J. Shaw President and COO $1,587,200.00
Nextel Communications Inc. Paul N. Saleh CFO $1,573,569.00
MedImmune Inc. David M. Mott President, CEO and Vice Chairman $1,491,667.00
Lockheed Martin Corp. Dain M. Hancock Executive Vice President $1,440,285.00
Highland Hospitality Corp. Douglas W. Vicari CFO $1,420,000.00
Gannett Co. Gary L. Watson President/ Newspaper Division $1,410,000.00
Lockheed Martin Corp. Albert E. Smith Executive Vice President $1,408,885.00
Lockheed Martin Corp. Robert B. Coutts Executive Vice President $1,408,885.00
Nextel Communications Inc. Morgan E. O'Brien Vice Chairman $1,401,569.00
Allied Capital Corp. William L. Walton Chairman and CEO $1,381,154.00
Federal National Mortgage Association Robert J. Levin Executive Vice President $1,368,943.00
MCI Inc. Jonathan C. Crane President/ International and Wholesale Markets $1,350,800.00
CACI International Inc. L. K. Johnson President/U.S. Operations/CACI Inc.-Federal $1,292,806.00
MCI Inc. Fred M. Briggs, III President/Operations and Technology $1,275,800.00
Rouse Co. Thomas J. DeRosa CFO and Vice Chairman $1,275,000.00
USEC Inc. William H. Timbers President and Chief Executive Officer $1,272,448.00
ManTech International Corp. Eugene C. Renzi Executive Vice President $1,222,187.00
Federal National Mortgage Association Thomas E. Donilon Executive Vice President $1,221,512.00
Choice Hotels International Inc. Charles A. Ledsinger, Jr. President and CEO $1,217,374.00
Danaher Corp. Patrick W. Allender CFO $1,172,260.00
Danaher Corp. Philip W. Knisely Executive Vice President $1,149,702.00
AvalonBay Communities Inc. Bryce Blair Chairman, President and CEO $1,146,796.00
Primus Telecommunications Group Inc. Neil L. Hazard COO and CFO $1,146,250.00
Talk America Holdings Inc. Gabriel Battista Chairman and CEO $1,145,000.00
United Defense Industries Inc. Thomas W. Rabaut President and CEO $1,130,940.00
Orbital Sciences Corp. Garrett E. Pierce Vice Chairman and CFO $1,128,000.00
Rouse Co. Alton J. Scavo Executive Vice President $1,125,050.00
Micros Systems Inc. A. L. Giannopoulos Chairman, CEO and President $1,123,000.00
American Capital Strategies Ltd. John R. Erickson CFO $1,100,315.00
American Capital Strategies Ltd. Ira J. Wagner COO $1,100,315.00
Danaher Corp. Steven E. Simms Executive Vice President $1,100,106.00
Watson Wyatt & Co. Holdings John J. Haley Chairman, President and CEO $1,095,300.00
AES Corp. Barry J. Sharp CFO $1,070,000.00
Primus Telecommunications Group Inc. John F. DePodesta Executive Vice President $1,058,750.00
WGL Holdings Inc. James H. DeGraffenreidt, Jr. Chairman and CEO $1,054,100.00
American Woodmark Corp. James J. Gosa President and CEO $1,033,703.00
Criimi Mae Inc. Barry S. Blattman Chairman of the Board and CEO $1,000,000.00
BearingPoint Inc. Randolph C. Blazer Chairman, President and CEO $1,000,000.00
Corporate Executive Board Co. James J. McGonigle Chairman and CEO $991,667.00
Nextel Communications Inc. Leonard J. Kennedy Senior Vice President $987,495.00
General Dynamics Corp. Michael J. Mancuso CFO $985,000.00
Anteon International Corp. Joseph M. Kampf President and CEO $975,023.00
Friedman, Billings, Ramsey Group Inc. Kurt R. Harrington CFO $972,000.00
Strayer Education Inc. Robert S. Silberman Chairman and CEO $970,000.00
Marriott International Inc. James M. Sullivan Executive Vice President $968,885.00
Marriott International Inc. Arne M. Sorenson CFO $959,790.00
Allied Capital Corp. Joan M. Sweeney COO $957,308.00
MedImmune Inc. Wayne T. Hockmeyer, Ph.D. Chairman $950,000.00
AES Corp. John R. Ruggirello CEO $950,000.00
General Dynamics Corp. Arthur J. Veitch Executive Vice President $950,000.00
Mills Corp. James A. Napoli President/Operating Division $948,457.00
Capital One Financial Corp. John G. Finneran, Jr. Executive Vice President $947,805.00
Federal Realty Investment Trust Donald C. Wood President and CEO $925,000.00
Marriott International Inc. Joseph Ryan Executive Vice President $920,040.00


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