1 CleveTrust Realty Investors A Real Estate Trust 2001 Crocker Road Telephone 216/899-0909 Suite 400 Fax 216/899-1507 Westlake, Ohio 44145 clevetrust@aol.com NEWS RELEASE CONTACT: John C. Kikol, President CleveTrust Realty Investors FOR IMMEDIATE RELEASE (216) 899-0909 CLEVELAND REALTY INVESTORS EXTENDS LETTER OF INTENT FROM RM CROWE CONCERNING PROPOSED ACQUISITION OF TRUST Westlake, Ohio, April 1, 1997-John C. Kikol, Chairman and President of CleveTrust Realty Investors (CTRIS-NASDAQ), announced today that the Trust has agreed to extend the due diligence period and the negotiation of a definitive agreement with RM Crowe Company, a Texas Corporation ("RMC"), from March 31, 1997 to April 4, 1997. The Trust previously announced that it had entered into a letter of intent (the "Letter") for RMC to acquire all the Shares of the Trust at a price of $6.42 per Share, in cash. The proposed transaction is subject to completion of due diligence and the final negotiation of a definitive agreement between the Trust, RMC and certain major shareholders of the Trust. RMC has the right to terminate the Letter on or before April 4, 1997 in its discretion. Assuming satisfactory completion of due diligence and the execution of a definitive agreement, the parties currently contemplate that the acquisition will be completed during the month of May, 1997. The definitive agreement, if executed, will be subject to many conditions customary in such transactions, and there can be no assurances that the definitive agreement will be executed, or that the acquisition will be completed. # # # # "CleveTrust Realty Investors is a Massachusetts business trust which was organized to operate as a real estate investment trust and its governed by the terms of a Second Amended and Restated Declaration of Trust as of February 21, 1992 and as amended by an Amendment dated February 21, 1995. No obligation of the Trust is personally binding upon, nor shall resort be had to the private property of any of the Trustees, shareholders, officers, employees or agents of the Trust, but the Trust properly or a specified portion thereof only shall be bound."