CPI IQ Real Return ETF

Capital Properties, Inc. Announces GTECH Groundbreaking and Declares Special Dividend EAST PROVIDENCE, R.I., Dec. 3 /PRNewswire/ -- Capital Properties, Inc. (AMEX:CPI) today announced that GTECH Corporation is breaking ground today for the construction of its new world headquarters building containing approximately 210,000 gross square feet of office and retail space which will be built on Capital Properties, Inc.'s Parcel 9 in Providence, Rhode Island. GTECH, in its S.E.C. 10-Q filing of October 6, 2004, describes itself as "the world's leading operator of highly-secure online lottery transaction processing systems, doing business in 53 countries worldwide." The building will contain six floors of office space above a three-story parking garage with retail and commercial space integrated on the building's ground floor It has been fourteen years since construction began on the last building erected in the Capital Center in downtown Providence on Capital Properties' land. Yesterday, at a special meeting, the Board of Directors of the Company declared a special dividend of $.18 per share on the Company's outstanding Class A and Class B common stock payable on December 24, 2004 to shareholders of record as of the close of business on December 10, 2004. You may recall that the Company did not declare any regular dividends between April 2002 and July 2003 (a total of six passed dividends) pending resolution of its property tax appeals against the City of Providence, which are now settled. The Board declared this special dividend in an amount equal to those passed dividends. Certain written statements made in this press release may contain "forward-looking statements," which represent the Company's expectations or beliefs concerning future events. Certain risks, uncertainties and other important factors are detailed in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-KSB and 10-QSB. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Contact: Barbara J. Dreyer, Treasurer (401) 435-7171 DATASOURCE: Capital Properties, Inc. CONTACT: Barbara J. Dreyer, Treasurer of Capital Properties, Inc., +1- 401-435-7171

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