MOW. Regards, A CONFIDENTIAL SDNY_GM_00172477 EFTA_00,94 33 EFTA01304568 05/30/2005 10:35 FAX 4149304525 THE NEV ALBANY CO. p;002/004 Now Albany Company (korgetown 'Managed Properties' Comparison of Estimated Value and Performance Fee For the Pence's 1/1/2002 and 12/31/2004 Eatlealedleeforaittecef