Income Opportunity Realty Investors, Inc. Announces a 3-for-1 Stock Split

Business Wire, May 14, 2005

DALLAS -- Income Opportunity Realty Investors, Inc. (AMEX: IOT). The Board of Directors is pleased to announce that the Company will effect a 3-for-1 forward split of the Common Stock with a record date of June 10, 2005. This forward split will entitle stockholders to receive two additional newly-issued shares of Common Stock for each share of Common Stock held as of the record date. Certificates for the new shares will be mailed to stockholders on or about June 14, 2005.

Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment company.