March 1, 2005

Dear Friends:

Hello again from all of us at SB&OH Exchange Accommodators, LLC.  March is a wonderful month full of surprises.  The weather is fickle and undecided whether to be winter or spring or somewhere in between.  We have high hope that the Mariners with all their additions will surprise us with a winning season.  Of one thing you can be certain:  SB&OH will be here to serve you whenever you call.

One thing that is constantly changing because of our growth is our schedule of continuing education classes for the real estate professional.  We continue to add new subject matter to our current classes and additional classes as a result of our close working relationship with several local real estate companies and several title insurance companies.  To keep you abreast of our class schedule, we have enclosed the latest class calendar with this mailing.  You can also find an updated calendar as well as current information on the subject of real estate exchanges on our website (www.sbohexchange.com).  We are committed to continuing education as a foundation of our business and welcome your suggestions about new subject matter we might add.

Another area of change that requires attention is the interest various states are showing in real estate exchanges; particularly those states with state income taxes who are looking at this as another revenue source.  Nevada already has specific rules for exchanges of property into or out of the state.  California also has various proposals being considered by their legislature.  It is therefore all the more important that you plan well in advance of your exchange to maximize the advantages and minimize the surprises.

We at SB&OH Exchange Accommodators are kept continually informed of all the changes of this nature.  You can be assured you will have the most current information available as we work together to structure your exchange to achieve the maximum economic benefit for you.

We look forward to being of service to you.

Sincerely,

Your Friends at SB&OH Exchange Accommodators