“Phantom Light” By Jim Booth

Coen Capital, LLC, is a real estate development firm that specializes in land acquisition and real estate

development in South Carolina. Founded by Richard H. Coen, Coen Capital has developed some of the most notable

and successful projects in the tradition-rich Lowcountry. All of these projects represent vision, attention to detail,

quality craftsmanship and a significant contribution to the community.

Morris Island LighthouseCharleston Harbor, South carolina

Sound real estate and development strategies are built on convictions which stand the test of time. Our philosophy is simple. We believe the most profitable business plan is generated by concentrating on land and developments that are unique and valuable because of site-specific and area-specific characteristics that are not duplicated elsewhere. Examples would include waterfront property, in-fill projects, large tracts well suited for mixed-use development, tracts of land that are in primary growth corridors, and sites that are positively impacted by roadway and / or bridge construction. Critical to this conviction is the underlying strength and sta-bility of the marketplace. History and statistics support our convictions and will continue to validate our philosophy.

CONVICTION

The convictions we hold as a real estate development firm manifestthemselves in the discipline we use to select our individual projects.

Acquire land for future opportunities to takeadvantage of market conditions.

Maintain a diverse portfolio of projects which allexhibit unique characteristics with the potential

to exceed normal rates of return.

Build portfolios using a process which enhances andmaximizes value through the zoning, entitlement,

master-planning and subdivision process.

If needed, provide infrastructure and vertical construction to result in the highest return on the initial investment.

Buy and sell timely thus not becoming emotionallyattached to any project or property. The discipline to always

purchase and sell timely is fundamental to the process.

These disciplines ensure that the bestinvestments and largest holdings are maximized

while the impact and possibility of a marketdownturn is minimized.

Discipline

Clarity

Consistency… the ability to conform to previous practice. Often times in today’s fast-paced real estate world, people overlook what is perhaps the most telling aspect of performance. Value and performance are only as great as the ability to reproduce an equal or better result in the future. Coen Capital recognizes the importance of performance over time and the resulting consistency of returns on investment. Our past record stands as justification of our philosophy and illustrates our ability to produce far-above average returns. Our wealth of long term relationships with bankers, lawyers, investors, and the political leadership of the region have pro-duced a level of consistency that is unparalleled in the business.

Consistency

• Convey our approach in a manner which is both clear and concise.

• Completely and thoroughly understand the investment objectives.

• Establish a business plan for each and every project, and determine how that plan relates to our overall company goals.

• Commence a dialog between our employees, consultants and clients that is maintained and updated on an ongoing basis.

South Carolina is home to Charleston, a well known city which established itself as a prominent seapor t in Pre-Revolutionary America. Today’s Charleston has become much more than a city of early American history. Although the rich history, culture, and architecture of the South Carolina Lowcountry remain, the area has been on a progressive economic track in recent years. The history and strong sense of tradition in Charleston is untainted by the ebb and flow of the national real estate market. The result is a strong foundation for real estate investors that has en-abled Coen Capital to build a solid reputation for providing a unique and disciplined strategy to maximize opportunities for return on investment in the acquisition and development arena.

The Charleston and coastal region of South Carolina has experienced tremendous growth in the past 20 years because of opportunistic attitudes towards business expansion, development, and recruitment. Much of this can be attributed to the underlying quality of life and natural beauty of the area. Richard H. Coen recognizes this unique characteristic and has utilized it throughout his sales, market-ing, construction and development career to create value within the projects that he has developed.

Charleston and the Lowcountry of South Carolina are some-what insulated from national real estate and economic trends and enjoy a strong tourism, shipping, real estate, and business climate. Recognizing opportunities before they become a trend and capitalizing before those trends fall out of favor has been paramount to Coen Capital’s business model. All of the projects have been unique in terms of the site, product, architecture, or overall quality compared to what had previ-ously existed in the marketplace. Knowing where, how, and what to build as well as understanding the end-user are the fundamentals of success in the Charleston market.

Developing uniquely enough to differentiate from the crowd without creating a disconnect between the project and the marketplace is essential to maximizing value while minimizing risk. Coen Capital continues to concentrate all efforts on real estate investment and development opportunities with a focus on land acquisition and entitlements.

Focus

In the volatile real estate and economic markets that exist today, it is imperative to have a seasoned team of professionals making construction, development, master-planning and investment decisions that can flow with the market. Coen Capital has developed all types of real estate. We utilize our market knowledge and past experiences to make decisions with the benefit of input from our partners, consultants and professional relationships that we have locally, regionally and across the country.

Feasibility studies only reflect recent or past history. Above market returns require vision, passion, and most of all, experience. These attributes allow our company to create opportu-nities by sharing that vision with land planners, architects, engineers, governmental authorities and ultimately users or buyers. It is through experience that our development team can create opportunities for our existing and future projects that compliment our core acquisition and development business. Coen Capital knows when to stay the course, how and when to alter the course, and can adapt to whatever conditions, obstacles, or opportunities present them-selves in the development process.

Experience

In Charleston, South Carolina your good name is the most valuable asset you own. We have resolved to provide real estate services for ourselves and our investors with four specific characteristics:

Commitment

We have developed our business model based on our commitment to follow a proven process. Coen Capital’s priority is to meet or exceed the expectations of our consultants, investors and the community we work in as a whole.

Conviction DisciplineConsistency Clarity

Richard H. Coen has a successful career of real estate brokerage, construction, and development. After several years as a commercial agent with Merrill Lynch Realty, Richard formed The Coen Company, Inc., Coen Construction, and Coen Masonry. After three years of buying, renovating, restoring and selling, he diversified into commercial construction and development. In 1989, Charleston was devastated by Hurricane Hugo which shifted the company’s focus to the rebuilding effort of the Lowcountry.

In 1992, Coen was recruited to Miami, Florida to oversee the Hurricane Andrew rebuilding effort for oneof the most prestigious developers in the area. This experience gave exposure to the massive construction and development industry

In 1996, Coen moved back to Mt. Pleasant where he developed Charleston Harbor Resort which included a Hilton Resort Hotel and Cottages, the Charleston Harbor Marina, and the Patriots Point Links Golf Course. From there, Coen purchased and developed Lowcountry Business Park, Bridgeport Center, Eastport Village, Tides Condominiums, and The Landing Hotel on Shem Creek. Coen Capital has acquired, entitled, and developed specialty projects in Mt. Pleasant since 1996. Their development interests are concentrated to the Lowcountry where local knowledge and broad experience can continue to be utilized to develop distinctive real estate. The company is streamlined and has a bold attitude towards their ability to create successful real estate development projects.

Background

Summary Coen Capital’s history of successful projects has enabled the company to develop projects that are rewarding not only to our own team, but our investors as well. Like the earthquake bolts that protect historic buildings in Charleston, Coen Capital has practiced a method of risk management which is constantly thinking ahead to anticipate the unforeseen and unexpected. As a result, our team is able to plan, engineer, design and develop complex projects which have led to a sound reputation within the real estate development community. Our goal for the future is to continue to offer the following services which compliment our core development business.

Land Acquisition

Land Planning / Master Planning

Entitlement / Zoning

Feasibility Studies

Density Determination and Allocation

Development and Construction Services

Site Selection

Contract Negotiation

Investor Reporting / Relations

It is our belief that coastal and waterfront property will continue to remain in great demand. Growth patterns and statistics validate this business plan. In addition, the coastal regions of the Carolinas and Georgia are among some of the most sought after travel destinations in the nation. All of these factors will continue to fuel the desire for more recreational, residential, commercial, retail and hotel sites. Coen Capital has a proven strength for identifying exceptional properties and development projects.

Coen Capital continues to build upon its past successes by focusing on properties that have yet to reach their full potential. This solid business strategy allows Coen Capital and its investors to capitalize on land and development opportunities which are likely to produce exceptional returns.

Major Past Projects include:

• Charleston Harbor Resort and Marina, 1996

• Lowcountry Business Park, 1999

• Bridgeport Center, 2003

• Eastport Village, 2003

• Tides Condominiums, 2004

• The Landing, 2007