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Lease Harbor Announces Release of Second-Generation Application - Harbor Flex

June 30, 2004

CHICAGO, June 30, 2004 -- Lease Harbor LLC, an industry-leading provider of hosted software services that address the needs of corporate real estate departments and their service providers, announced today the release of its second-generation application, Harbor Flex. The release of Harbor Flex is the culmination of a twelve-month investment and development effort to update virtually every aspect of the software service, from the underlying infrastructure and architecture to the resulting set of new features.

The success of its current release of real estate lease administration software, Lease Harbor, prompted many of the company’s clients to ask for a broader use of the software within their organizations, in some cases outside the conventional real estate department. “Over the last four years we have continually enhanced our product based on client requests, in tandem with our strategy for consistent innovation,” said Scott Williams, Chief Executive Officer of Lease Harbor. “But due to a broadening range of individual client needs, we felt that some enhancements were best achieved in a separate application so that we did not run the risk of over-engineering a product that has a very satisfied installed client base.” Williams added, “Harbor Flex provides the flexibility to meet and exceed the expanded needs of our clients, and it is positioned to grow along with their future needs.”

While retaining the look and feel of the first generation Lease Harbor product, Harbor Flex offers expanded functionality for portfolio management, as well as the ability to track items that may fall outside the traditional boundaries of leased and owned property, such as asset management or contract management needs. The core real estate application retains all the capabilities of Lease Harbor, while providing much greater flexibility in user access and security, an all-new proprietary custom reporting tool, and a completely re-engineered platform for payment and expense-tracking. Harbor Flex has full proration capabilities for expenses and also supports parallel management of cash basis and straight-line rent, creating journal entries if necessary. Support for multi-dimensional accounting allows for expense and payment allocation along unlimited cost centers and accounting codes for a seamless integration with clients’ accounting system requirements.

“We believe that the current version of Lease Harbor will continue to serve the standard lease administration needs of our clients for quite some time to come,” said Williams, “However, through Harbor Flex we are pleased to be able to deliver greatly enhanced functionality to our clients with broader needs, both for traditional real estate portfolio management and for expanded uses within their businesses.” Consistent with the company’s operating strategy of providing the best value, software, and support in the industry, Harbor Flex will be offered at pricing comparable to the company’s current product.

About Lease Harbor

Lease Harbor LLC is an industry-leading Application Service Provider (ASP) providing state-of-the-art lease administration tools for corporate real estate departments worldwide. By using Lease Harbor LLC's web-based technology, corporate real estate users can easily and cost-effectively administer their lease and real property portfolios from any location via the Internet. Lease Harbor LLC currently serves over 180 companies with portfolio administration software needs, including Time Warner Inc., Kraft Foods, Whirlpool and Grubb & Ellis. For more information on Lease Harbor, please visit the company's website at www.leaseharbor.com.

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