New Boston Fund Announces Promotions for Key Team Members in Investor Relations

David Keiran Tapped as Director and Charles Nolfi Promoted to Senior Vice President


Boston, June 12, 2007 - New Boston Fund, Inc., a private equity real estate investment, development and management firm, has tapped two key team members to take on expanded roles within the company. Longtime New Boston Fund senior executive David Keiran will serve as Director of Investor Relations and will continue with his role as Senior Vice President. Charles Nolfi was promoted to Senior Vice President of Investor Relations and will now join the senior management team.

David Keiran, as Senior Vice President and new Director of Investor Relations, is responsible for marketing the firm to prospective high net worth and institutional clients and providing ongoing client service to both investors and consultants. He is directly responsible for marketing and client management in the Northeast, South and Southeast regions of the United States. In addition, he is the Portfolio Advocate for the Urban Strategy America ("USA") Fund, for which he has helped attract marquee investors. He also serves as Chairman of the New Boston Compliance Committee and is a member of the Investment Committee. Mr. Keiran has worked at the New Boston Fund for seven years.

As part of the senior management team, Charles Nolfi is also responsible for marketing the firm to prospective investors as Senior Vice President, Investor Relations. In his new role, he is directly responsible for new business development and client management in the New England, Mid-Atlantic, Mid-West, Northern California and Pacific Northwest regions of the United States. In addition, he has expanded responsibilities for raising assets, marketing, and client management across the firm. Since joining New Boston in 2005, Mr. Nolfi has been instrumental in defining and institutionalizing sales and client management, managing New Boston Fund`s marketing strategy and improving client communications and reporting capabilities. Mr. Nolfi has held various senior-level positions in the investment management industry, including roles at Yankee Advisors, Fidelity Investments and Noosh, Inc.

New Boston Fund has recently launched the New Boston Real Estate Investment Fund VII, a $350 million, diversified value-add fund. As with New Boston`s previous funds, Fund VII focuses on capital preservation and value enhancement with extensive diversification across geography, strategy and property type. Fund VII follows six value-add investment funds organized between 1993 and 2006 that have rewarded investors with solid growth, capital preservation and portfolio diversification. Both Keiran and Nolfi will be integral in fundraising for Fund VII.

"In their expanded roles, David and Charles will continue to provide services to all New Boston Fund investors from individuals to family- and multi-family offices, to pension funds, with superior long-term returns," said Jerry Rappaport Jr. CEO of the New Boston Fund. "We look forward to both continuing to be instrumental in defining and institutionalizing our sales and client management model as well as managing our equity raising strategy."

About New Boston Fund

New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.6 billion including 19 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.