Williams Murdoch Announces Upstate New York Affiliate:

June 3 rd , 2004. New York, NY:

Williams Murdoch, Inc. has signed an affiliation with Research & Valuation Consultants of Rochester, NY, to broaden and improve its delivery of real estate valuation services through New York and the Mid-Atlantic States, and into the Midwest.

For Steve Williams, Chairman of Williams Murdoch, the affiliation typifies his company's approach to managed expansion: “Our business growth –both international and domestic- has to be assignment-driven, and our agreement with Research & Valuation Consultants is an excellent example of this. We first came across this company while seeking local support for a development analysis in the Rochester area, and having worked together successfully on that project, went on to joint-venture a series of multi-state assignments. This affiliation is, therefore, our formal recognition of a valuable relationship that sprang out of pre-existing demand for our combined services.”

For Luzette Eaves, Principal of Research & Valuation Consultants, the affiliation with Williams Murdoch expands her company's potential client base and service-platform: “By teaming up with Williams Murdoch, we can continue to improve services to our existing clients, at the same time acquiring a broader range of assignments from a more diverse group of service-users. While resource-sharing adds depth to our business, co-marketing adds breadth.”

Alastair Murdoch, President of Williams Murdoch, added “Research & Valuation Consultants is a proven, valuable partner, and fits well into our network of affiliates. Our Rochester and Manhattan locations combine to provide balanced coverage through our own highly diverse home state of New York, plus the demonstrated ability to deliver in neighboring Mid-Atlantic and Midwestern states.”

For more details on the services provided by Williams Murdoch, Inc. and its network of affiliates in New York City, Raleigh, Boston, Rochester, Hamburg and Hong Kong, please contact Alastair Murdoch on (212) 867-4778 or via e-mail at amurdoch@williamsmurdoch.com.

Williams Murdoch is delighted to announce a new joint-venture agreement with Birch/REA Partners, Inc. Based in Boston, MA, Birch/REA is a boutique real estate consultancy and Credit Tenant Lease specialist that has advised on more than 5,000 properties nationwide, and on transactions worth more than $10 billion in recent years.

Our new partners share our commitment to providing first class advisory services, blending professionalism and entrepreneurialism to produce innovative, effective solutions. Together with Birch/REA in Boston and our sister-firm Williams Appraisers in Raleigh, NC, Williams Murdoch is ideally positioned to serve its clients across local, national and international markets.

To learn more about our new affiliation and the ways in which our range of customizable consulting, advisory and valuation services can support our clients' real estate decision-making, please take a look at our new partners' website at http://www.birchrea.com/ and contact Alastair Murdoch in Williams Murdoch's New York office.