TCT Town & Country Trust

The Town and Country Trust Announces Income Tax Treatment of 2004 Dividends BALTIMORE, Jan. 21 /PRNewswire-FirstCall/ -- The Town and Country Trust (NYSE:TCT), announced today the Federal income tax characteristics of the distributions it paid in 2004 on its common shares as they will be reported on Form 1099-DIV. The classifications are as follows: CUSIP 892 081 100 Declaration Record Payable Cash Taxable Return of Distribution Ordinary Date Date Date Per Share Dividend Capital 02/18/04 03/01/04 03/10/04 $0.43 28.00% 72.00% 05/05/04 05/21/04 06/10/04 $0.43 28.00% 72.00% 08/05/04 08/20/04 09/10/04 $0.43 28.00% 72.00% 11/05/04 11/19/04 12/04/04 $0.43 28.00% 72.00% Totals $1.72 28.00% 72.00% No portion of the Company's distributions in 2004 represented capital gains. The Company's distributions in 2004 are not "qualified dividends" and, therefore, are not eligible for capital gains rates. The Town and Country Trust, a multifamily real estate investment trust, owns and operates 13,065 apartment homes in 38 multifamily properties in the Mid-Atlantic and Southeast. Additional information regarding The Town and Country Trust can be found on the Trust's web site at http://www.tctrust.com/. DATASOURCE: The Town and Country Trust CONTACT: Alan W. Lasker, Senior Vice President and CFO of The Town and Country Trust, +1-212-407-2151 Web site: http://www.tctrust.com/

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