BFI Canada Income Fund
TSX : BFC.UN

BFI Canada Income Fund

August 11, 2005 15:03 ET

BFI CANADA INCOME FUND APPOINTS THOMAS COWEE INTERIM CFO Succeeds Joseph Quarin who is rejoining financial services sector

TORONTO, ONTARIO--(CCNMatthews - Aug. 11, 2005) -

BFI Canada Income Fund (the "Fund") (TSX:BFC.UN) today announced that Chief Financial Officer, Joseph D. Quarin, will be leaving the Fund in the next few months to assume a senior position with a global asset management firm.

Keith Carrigan, President and Chief Executive Officer of BFI Canada has appointed Thomas J. Cowee as interim CFO while a search is undertaken for a permanent successor to Mr. Quarin. Mr. Cowee is currently Vice President, Integration 4264126 Canada Limited, Senior Vice President, Chief Financial Officer, Treasurer and Assistant Secretary of IESI Corporation, the Fund's U.S. operations. Mr. Quarin will remain with BFI Canada during the transition period.

"Joe has been an important part of the team that has built BFI Canada into one of North America's largest non-hazardous solid waste management companies and one of Canada's leading income funds, and we wish him every success in the future." said Mr. Carrigan. "One of Joe's key accomplishments has been the development of a strong financial team at BFI Canada. This team will ensure that the transition to our interim, and ultimately our new, CFO will be seamless. In Tom Cowee, we are fortunate to have one of North America's most experienced waste management industry financial executives. Tom will work out of our Toronto office effective immediately and assume full responsibility for our financial management until a new CFO is appointed."

Mr. Cowee has been IESI Corporation's Chief Financial Officer, Treasurer and Assistant Secretary since 1997. In his capacity as Vice President Integration, and because he was a key member of the merger and integration team that managed BFI Canada's acquisition of IESI, Tom has full working knowledge of the Fund.

Mr. Cowee has over 25 years of financial management experience in the solid waste management industry. From 1995 to 1997, he was Assistant Corporate Controller of USA Waste Services, Inc. Prior to that Mr. Cowee held various positions with Waste Management. From 1994 to 1995, Mr. Cowee was Division Vice President and Controller of its Texas operations, and from 1993 to 1994 he was Vice President and Regional Controller of its Pennsylvania Hauling Region- East Group. Mr. Cowee has a B.Sc. in accounting from Ohio State University.

Mr. Quarin commented, "I am leaving BFI Canada with mixed emotions. BFI Canada is a strong company with a great team and enormous growth potential, and I have enjoyed my experience as a public company executive immensely. However, the opportunity to return to my roots in the financial services sector, with the Canadian arm of Fortress Investment Group, is very appealing. I look forward to working with Tom to ensure a smooth transition."

Mr. Quarin will join Fortress Canada Investment Corp. as Managing Director and will be Chief Financial Officer of Northcastle Trust, an open-ended unit trust managed by Fortress Canada. Northcastle Trust invests in a wide variety of real estate and corporate loans and direct investments, selected private equity transactions and a growing portfolio of income trust units. Fortress Canada Investment Corp. is a subsidiary of Fortress Investment Group, which is a global alternative investment and asset management firm headquartered in New York.

About BFI Canada Income Fund

The Fund, through its operating subsidiaries, is one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and disposal services for municipal, commercial, industrial and residential customers in five provinces and nine states in the United States ("U.S."). The Fund serves approximately one million customers with vertically integrated collection and disposal assets. The Fund's Canadian segment operates under the BFI Canada brand and is one of Canada's largest full-service waste management companies providing integrated non-hazardous solid waste collection and landfill disposal services in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec. The Canadian segment operates one and owns and operates four landfills, carries on solid waste collection operations in 19 markets and operates four transfer collection stations, seven material recovery facilities ("MRFs") and one landfill gas to energy facility. The Fund's U.S. operations provide integrated non-hazardous solid waste collection and landfill disposal services in two geographic regions as follows: the south, consisting of various service areas in Texas, Louisiana, Oklahoma, Arkansas and Missouri, and the northeast, consisting of various service areas in New York, New Jersey, Pennsylvania and Maryland. The U.S. south and northeast segments operate in 35 markets, and include 41 collection operations, 23 transfer stations, 17 landfills and seven recycling facilities. The Fund's units are listed on the Toronto Stock Exchange under the symbol BFC.UN.

For more information on the Fund, visit www.bficanada.com.

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