Chesswood Income Fund
TSX : CHW.UN

Chesswood Income Fund

December 22, 2006 17:30 ET

Chesswood Income Fund Files Augmented Version of Business Acquisition Report

TORONTO, ONTARIO--(CCNMatthews - Dec. 22, 2006) - Chesswood Income Fund (TSX:CHW.UN)(the "Fund") has filed an augmented version of its Business Acquisition Report in respect of its acquisition of Pawnee Leasing Corporation of Colorado ("Pawnee"). The report was originally filed on July 24, 2006 and included the pro forma consolidated financial statements for the Fund and consolidated financial statements of Pawnee which were included in the Fund's May 2, 2006 initial public offering prospectus.

Pawnee's financial results since its acquisition by the Fund have been reflected in the interim consolidated financial statements filed by the Fund in respect of its financial periods ended June 30 and September 30, 2006. The addition to the Fund's previously filed Business Acquisition Report is to include Pawnee's consolidated financial statements for the nine months ended March 31, 2005 and 2006, being the period following the latest financial statements included in the Fund's prospectus and prior to consolidation in the Fund's interim financial statements. Also included in the augmented Business Acquisition Report are the consolidated financial statements for cars4U Ltd. (the corporation which was converted into the Fund) for the twelve months ended August 31, 2005, August 31, 2004 and August 31, 2003 as well as for the six months ended February 28, 2006 and 2005.

About Chesswood Income Fund

Chesswood Income Fund is a financial services trust with operating businesses in both Canada and the U.S.

For more information visit www.ChesswoodFund.com.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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