GID LAUNCHES REAL ESTATE SECURITIES HEDGE FUND

Boston - (March 30, 2006) - An affiliate of The General Investment & Development Companies (“GID”) announced today that it is sponsoring a new hedge fund effort targeting global real estate securities. The fund - Merestone Partners LP – is being managed by GID Securities LLC. The as-yet unregistered limited partnership began portfolio operations after receiving initial funding in early January 2006 and will begin targeting institutional and high-net-worth investors after completing an unspecified period wherein GID hopes to establish a solid positive performance record.

The Fund is currently being managed by a two-person investment team at GID Securities LLC consisting of Andrew St.Pierre (President and Portfolio Manager) and Fernando Diaz (Senior Analyst and Assistant Portfolio Manager). Merestone Partners LP will utilize several sub-styles of investing within its stated rubric of equity long/short and has the ability to invest up to 50% of its assets in real estate securities outside the United States.

For more information, please contact Andrew St.Pierre, President of GID Securities LLC at 617-854-6611 or F.X. Jacoby, CFO of The General Investment & Development Companies at 617-854-6601.