Arizona Land Income Corp. Notes Stock Price Increase

Business Wire, Dec 28, 2004

PHOENIX -- Arizona Land Income Corp. ("AZL")(AMEX: AZL) has noticed the recent run-up in its share price and has no explanation for such run-up. Thomas R. Hislop, CEO and chairman, notes that the company has been in liquidation for a number of years as noted in its annual filings with the Securities and Exchange Commission, and that the company has periodically declared extraordinary dividends as its properties have been liquidated.

Hislop notes that such an extraordinary dividend was recently declared and will be paid on Jan. 17, 2005. This dividend was in the amount of $1.00 per share in addition to the regular quarterly dividend of $.10 per share. AZL notes that the vast majority of the total $1.40 paid out in 2004 will be return of capital. While the company sold two properties for a total gain of more than $5,450,000 in 2004, it must be pointed out that these were the final sales of any substantial real estate properties owned by the company and such successes will not be repeated. All transactions in real estate, including those that closed after the close of the company's third quarter, are disclosed in the company's report on Form 10-QSB for the quarter ended Sept. 30, 2004.