New Valley

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New Valley, a Delaware corporation, is engaged in the real estate business and seeks to acquire additional operating companies. New Valley has a 50 percent ownership interest in Douglas Elliman Realty, which operates one of the largest residential real estate brokerage companies in the New York metropolitan area and is one of the largest residential real estate brokerage companies in the United States. Douglas Elliman Realty owns Douglas Elliman, one of the largest residential real estate brokerage companies in Manhattan; Prudential Douglas Elliman Realty, one of the largest real estate brokerage companies on Long Island; Douglas Elliman Property Management, a leading manager of rental, co-op and condominium housing in the New York Metropolitan area; and Preferred Empire Mortgage Company, a residential mortgage broker. New Valley also owns, through its New Valley Realty division, a 50 percent interest in the Sheraton Keauhou Bay Resort & Spa in Kailua-Kona, Hawaii. New Valley is headquartered in Miami.