Press Release
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                               Cedar Bay Company
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Cedar Bay Company has announced that pursuant to its cash tender offer, which
expired on March 27th, Cedar Bay Company has acquired 1,893,038 shares of common
stock of Cedar Income Fund, Ltd., representing approximately 84% of the
outstanding common stock of the Fund. The following persons have been elected
directors of the Cedar Income Fund.

Mr. J.A.M.H. der Kinderen
Mr. Everett B. Miller III
Mr. Leo S. Ullman