Altus Group Income Fund
TSX : AIF.UN

Altus Group Income Fund

May 15, 2006 16:39 ET

Altus Group Income Fund Closing of Offering of Subscription Receipts

TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) -

Not for release over US newswire services

Altus Group Income Fund (the "Fund")(TSX:AIF.UN) today announced the closing of the bought deal offering of 2,450,000 subscription receipts of the Fund, each of which entitles the holder thereof to receive one trust unit of the Fund upon the closing of the previously announced acquisition of All West Surveys, which is expected to close later today. The subscription receipts were issued at a purchase price of $14.75 per unit, for gross proceeds of $36,137,500. The net proceeds will be used indirectly by the Fund to pay a portion of the purchase price of the acquisition. The offering was underwritten by a syndicate co-led by Canaccord Capital Corporation and BMO Nesbitt Burns Inc., which includes RBC Dominion Securities Inc. and Sprott Securities Inc.

Neither the subscription receipts nor the units have been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.

About Altus

Altus Group Income Fund is the leading independent multidisciplinary provider of real estate consulting and advisory services in Canada, with a staff of over 386 professionals. Altus has a national network of offices in 13 cities and operates as: Altus Helyar Research, Valuation and Advisory; Altus InSite; Altus Helyar Cost Consulting; and Altus Derbyshire Realty Tax Consulting. Altus' clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords.

Certain statements in this news release may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Altus and its subsidiary entities, including Altus Group Limited Partnership and Altus Group Limited, or the industry, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in Altus' publicly filed documents (which are available on SEDAR at www.sedar.com) Those risks and uncertainties include: the ability to maintain profitability and manage growth; reliance on and retention of professionals; competition; performance obligations and client satisfaction; fixed price and contingency engagements; collectibility of accounts receivable; general state of the economy; possible acquisitions; possible future litigation; interest rate fluctuations; insurance limits; legislative and regulatory changes; revenue and cash flow volatility; operating risks; residential market risk; protection of intellectual property; appraisal mandates; restrictions on growth. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Altus cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and, except in accordance with applicable law, Altus assumes no obligations to update or revise them to reflect new events or circumstances. Additionally, Altus undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus, its financial or operating results, or its securities.

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