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FOR IMMEDIATE RELEASE

Faison Expands Southeast Management Team

Atlanta - March 15, 2004 - Faison Enterprises, Inc. (www.faison.com) announces that Chuck Borysiak has joined its Southeast Regional Office as director of retail development. In this role Borysiak will oversee the pre-development, design and construction of Faison’s retail projects in the Southeast region, which includes Georgia, Alabama, Tennessee, and Kentucky.

“Chuck’s wealth of experience in retail development will help Faison continue our rapid expansion and rebuild our brand in the Southeast,” said Michael Cohn, senior managing director of Faison’s Southeast region. “Chuck will be instrumental in the delivery of 1.3 million square feet of retail currently under development in the region.”

Having participated in the development of 25 million square feet of commercial space during his career, Borysiak has faced a myriad of development challenges and resolved them with creative solutions that keep projects on time and on budget. His expertise in architecture and development enable him to effectively lead any project team. Prior to joining Faison, Borysiak worked with Greenberg Farrow’s Atlanta office for 11 years. Most recently he served as development manager where he coordinated the due diligence, design and construction of large retail projects throughout the Southeast. Borysiak earned a Bachelor of Landscape Architecture from Ball State University.

Faison Enterprises, Inc. is a privately-held real estate investment company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.3 billion, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD., Washington DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.

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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669