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The Schaefer Fagan Land Company operates primarily in Florida with hundreds of successfully completed projects throughout Palm Beach and Martin counties, as well as individual projects in Orlando, Tampa and in Okeechobee County.

Florida Market Conditions
In Florida, Schaefer Fagan has acquired and developed more than 100 residential subdivisions, including Atlantic Ocean waterfront/beachfront communities and planned unit communities. In addition, the Company has developed and engineered numerous commercial and mixed-use properties for retail shopping centers, commercial parks and office buildings. The Company has also specialized in office condominium conversions. Schaefer Fagan is very experienced in developing real estate communities of all types in the Florida growth market.

The Georgia Market
Recently, Schaefer Fagan expanded their efforts into Georgia. The initial acquisition was in southeastern coastal Georgia, 28 miles north of the Florida border. The Riverfront Estates waterfront development encompasses 294 single-family homes on 375 acres with more than a mile of deep-water and marsh-front lots. The Georgia market, particularly the coastal areas and the Atlanta region, have become a major focus for future expansion by Schaefer Fagan. Abundance of available land and steady job growth in the state have proven to be an ideal market that is consistent with the Schaefer Fagan philosophy of identifying emerging markets and capitalizing on our expertise in development.

North Carolina Expansion
North Carolina is one of the fastest growing states with respect to new job growth and industrial development and will prove to be a vital link to the expansion of Schaefer Fagan Land Company's development in the future. Schaefer Fagan opened an office in Raleigh in the fall of 2006 to capitalize on this expanding market. The North Carolina office is currently developing a 97-acre lakefront development in Pinehurst, the golf capital of the world. The Company is designing an exclusive million-dollar lakefront community with a private lake, community dock and nature trails. In addition, Schaefer Fagan has been invited to assist a local developer with an 800-unit, mixed-use development located 20 miles outside of Charlotte. Several other acquisitions are in the negotiation stage and will be announced soon. Schaefer Fagan located its office in Raleigh because of the ease of travel to and from our main office. This allows the Company to provide any necessary support to our new North Carolina office.
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