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December 27, 2004

Richard Tolentino promoted to President and CEO of Belfonti Properties

HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today the promotion of Richard Tolentino to the position of President and CEO of Belfonti Properties.

Belfonti Properties facilitates the entire management operations of all of the real estate assets in the Belfonti portfolio. In earlier years, especially during the Savings & Loans crisis, Belfonti Properties fee managed assets for many prestigious institutions, such as Fleet Bank, People's Bank, and American Express/IDS.

"As our related companies began acquiring more real estate, fee management became less profitable for us and we decided to focus strictly on managing and adding to the assets in our own portfolio," said Michael Belfonti.

The appointment of Richard Tolentino as the company's new president was made in response to the many different business opportunities that Belfonti Associates, LLC and its related companies have been pursuing with regards to new acquisitions through geographic diversification.

Before his promotion, Richard Tolentino served as the Vice President of Belfonti Properties for 17 years. He has over 30 years of executive-level experience in real estate management, investment and development.

"Dick Tolentino is one of the most talented real estate professionals that I know, and I am confident that he will serve in this new position with the same professionalism and expertise he has always exemplified," said Michael Belfonti.

Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.