HXF Shelbourne Properties Iii

Shelbourne Properties III, Inc. Announces Last Trading Day to Be April 22, 2004 BOSTON, March 31 /PRNewswire-FirstCall/ -- Shelbourne Properties III, Inc. today announced that it intends to enter into a liquidating trust agreement (the "Trust Agreement"), on or about April 23, 2004 for the purpose of winding up affairs and liquidating its assets and that the last day of trading for the Company's common stock on the American Stock Exchange will be April 22, 2004. Shelbourne previously announced that it would be entering into the Trust Agreement on or about April 16, 2004 and that the last day of trading would be April 15, 2003. You should also read the risk factors that are discussed on periodic reports filed with the Securities and Exchange Commission, including the risk factors that are contained in our Form 10-K for the year ended December 31, 2003. You should be aware that the risk factors contained in that Form 10-K may not be exhaustive. Therefore, we recommend that you read the information in that Form 10-K together with other reports and documents that we file with the SEC from time to time, including our Forms l0-Q and 8-K, which may supplement, modify, supersede or update those risk factors. The Company assumes no obligation to update the forward-looking statements included in this press release. Further questions with respect to the foregoing may be addressed to Carolyn Tiffany at (617) 570-4600. DATASOURCE: Shelbourne Properties III, Inc. CONTACT:Carolyn Tiffany, Chief Operating Officer of Shelbourne Properties III, Inc., +1-617-570-4600

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