Sixth Year Results
Program Summary
State Fiscal Year 2005

Basking Ridge, NJ—March 30, 2005— The sixth year of the Tax Transfer Program was a complete success. A total of 225 companies applied to participate in the Program this year. We are pleased to announce that TTC represented over 150 of the participating companies, and placed approximately $40 million of the $58 plus million sold this year. All of the closings and transfer of funds were completed for our clients prior to the Christmas holiday. The Tax Transfer Team was able to facilitate all the necessary paperwork seamlessly and with the least amount of interruption to our clients.

In looking forward, TTC is pleased to have succeeded since the inception of the Program, in establishing solid relationships with more than a dozen substantial buying companies. This is very significant in that it sets us apart from the competition which relies on one or possibly two buyers. By having so many companies from different industries, the risk from an economic downturn or company specific event that significantly reduces the need for tax benefits is minimized for our sellers. It is for this reason that TTC is able to commit to our Buyers in January and has been able to close on 100% of the certificates in a timely manner.

We have been informed that the Program will be continuing for State Fiscal year 2006. TTC anticipates submitting over 225 applications on behalf of our clients prior to the June 30, 2005 deadline.

For more specific information please contact us.

908-630-0087

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