Koury Corporation is a locally owned real estate development and management company with strong loyalties to Greensboro, North Carolina. Founded by Joseph S. Koury, the company has quietly been a pioneer in developing, constructing and managing office buildings, retail developments, industrial facilities, hospitality and recreational facilities, multifamily properties, and single family residential subdivisions. By carefully managed diversification, the company has become one of the most successful local real estate development organizations in the United States.

A man of great vision, Mr. Koury served as Chairman and Chief Executive Officer of the corporation he started in 1952 until his death in March 1998. He left the company with a management group comprised of experienced professionals who share his philosophy of quality construction, long-term ownership, hands-on management, and commitment to customer satisfaction. This management team's diversification of talents and many years of coordinated work experience provide a solid foundation for the continued success of the company.

Mr. Koury's 46-year real estate career began with development of residential properties, and he subsequently completed subdivisions containing more than 8,000 homes. The company began developing commercial real estate in 1960 with a commitment to excellence, which set the standard for Greensboro's future development of retail, hospitality, industrial, apartment and office markets. As the commitment evolved, the company produced the Sheraton Four Seasons, which opened in June 1970, followed by the Four Seasons Mall, which opened in October 1974. Subsequent expansion of this multi-use project known as Four Seasons Town Centre has resulted in what is recognized as one of the nation's largest and most progressive hospitality, retail and office complexes. The Joseph S. Koury Convention Center was constructed in 1992 and was subsequently expanded to a total of 250,000 square feet. The Sheraton at Four Seasons was recently expanded to more than 1,000 guestrooms with a 28-story tower.

Koury Corporation is a fully integrated real estate construction and management organization with approximately 1,000 employees. The staff includes land planning, architectural, engineering, construction and facilities management personnel supported by legal, business development, financial, public relations and governmental affairs professionals. The facilities management division employs numerous certified and technical trained professionals.

The strong financial condition of Koury Corporation allows the company to maintain a very competitive position in the real estate industry. The company has valued relationships with its lead banks, Bank of America and Wachovia, as well as its major sources of long-term real estate financing including Teachers Insurance and Annuity, Aetna Life and Casualty, Metropolitan Insurance, Massachusetts Mutual Insurance, and Jefferson-Pilot Financial.

Office and Industrial Properties
Koury Corporation and its affiliated entities own and manage more than 1,300,000 square feet of Office and Industrial properties in the Greensboro area. Many of these properties are occupied as corporate headquarters or for regional operations of nationally recognized companies. Koury has a well-earned reputation for first class construction and management of O & I properties in the area.

Retail Properties
Koury Corporation owns and manages approximately 750,000 square feet of retail space located in seven (7) convenient neighborhood community centers. The company developed Four Seasons Mall, a super regional mall property in Greensboro that was recently exchanged for an equity interest in General Growth Properties, the second largest owner of retail properties in the United States.

Multifamily and Hotel Properties
Koury owns and manages more than 1,300 apartment units geographically dispersed throughout Greensboro. The corporation also owns and operates the 250,000 square foot Joseph S. Koury Convention Center in conjunction with its three Greensboro hotel properties, which have a total of 1,450 guestrooms. These hospitality properties experience occupancy and room rates well above industry wide and local averages. The Sheraton Four Seasons is the largest hotel facility between Washington D.C. and Atlanta, GA.

Mixed Use Developments
The Grandover development, consisting of approximately 1,500 acres of land bordering Interstate 85 in the southwest Greensboro metropolitan area, is being developed into an innovative multi-use office, residential, hospitality and retail project, complete with state-of-the art communications capabilities. The infrastructure for this unique development is in place, and the championship golf courses and clubhouse facilities were opened in 1996. Single family residential construction and sales activities are well under way. The initial stage of the Grandover Resort and Conference Center, with 247 guestrooms and 45,000 square feet of meeting facilities, opened early in 1999 and has become the premier conference center in the state. The headquarters of the Atlantic Coast Conference relocated to the office park at Grandover, and several other office buildings have subsequently been developed by Koury at Grandover.

The Village at North Elm is a mixed-use development in northwest Greensboro that includes 48,000 square feet of Class A office space, 72,000 square feet of ground-floor upscale retail space and over 100 luxury residential apartments. The Village offers a unique setting for people to live, work, shop and dine.

Other Land Holdings and Future Developments
Other land holdings for future development by Koury Corporation include industrial properties located at Interstate Industrial Park with direct access to I-85 and I-40, residential subdivisions in established Greensboro neighborhoods, 130 acres of land located on Holden Road currently being developed as a corporate park, individual office building sites in a variety of locations within Greensboro, and several tracts zoned for multifamily development.