Newport Partners Income Fund
TSX : NPF.UN

December 08, 2006 17:02 ET

Newport Partners Income Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Dec. 8, 2006) -

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Newport Partners Income Fund (TSX:NPF.UN) "Newport" or "the Fund") announced today that it has filed a notice with the Toronto Stock Exchange and received its approval to purchase for cancellation, through the facilities of the Toronto Stock Exchange, up to 1,924,572 of its units, representing approximately 5% of its issued and outstanding units, which is 38,491,445 units as at December 7, 2006. Purchases may commence on December 13, 2006, and will terminate on December 12, 2007. Management and the Trustees of the Fund are of the view that purchases of units of the Fund from time to time at the prevailing market price would be a worthwhile investment and in the best interests of the Fund and its unitholders. The Fund has not previously purchased its units under a normal course issuer bid.

ABOUT NEWPORT

Newport is an unincorporated, open-ended trust created to hold through the Company's investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, ("NPY") a limited partnership established under the laws of the Province of Ontario. Newport began trading on the TSX on August 8, 2005 under the symbol NPF.UN.

Newport is a leading Canadian asset manager. Newport invests in the private business asset class -- a major growth engine of the Canadian economy. Our objective is to make long-term equity investments in leading private businesses that have a track record of strong earnings and potential for future growth. Newport's portfolio currently consists of 17 high-quality businesses representing a diverse cross-section of the Canadian economy. Newport unitholders participate in the cash flows, growth and diversification of the portfolio through monthly distributions. Newport's management has decades of investment experience and a significant ownership position.

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