February 11, 2002 - Bristol Investment Group Renders Fairness Opinion to Gilman & Ciocia, Inc.

NEW YORK- Bristol Investment Group, a leading merchant banking form, announced today that it provided a fairness opinion to the Board of Directors of Gilman & Ciocia, Inc. (NasdaqNM - GTAX) with regard to possible financing alternatives that they were considering. Bristol was please to work with Gilman & Ciocia in determining the appropriate financing possibility and structures.

About Gilman & Ciocia, Inc.

Gilman & Ciocia, Inc. provides financial advisory services to individuals in two segments: (1) tax return preparation and (2) tax related financial planning services, including mutual funds, variable annuities, managed money products and insurance products. Financial planning services account for 80% of revenue while tax preparation services account for the remaining 20%. GTAX focuses on cross-selling its financial advisory services to the client base of its tax preparers. Accordingly, GTAX is able to offer comprehensive financial services to its clients and maximize the revenue generated by each employee. These services also help to develop strong client loyalty, resulting in a stable, recurring source of revenue.

• Revenue has doubled over the past three years to $106 million in fiscal 2001.
• $8 billion in investor accounts.
• 350,000 customers.
• 140 offices in 16 states.
• 675 Registered Representatives.
• 250 Tax Preparers
• GTAX prepared over 142,000 tax returns, including 34,000 online tax returns, in fiscal 2001.
• Significant opportunity to cross-sell services.
• Substantial recurring revenue from tax preparation and financial planning.
• Sound acquisition model reduces acquisition risk and encourages growth.
• Revenue and earnings have grown despite a weak market.
• Current valuation is cheap relative to competition.