Newport Partners Income Fund
TSX : NPF.UN

December 18, 2007 07:56 ET

Newport Partners Income Fund Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2007) -

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Newport Partners Income Fund (TSX:NPF.UN)("NPF" or "the Fund") announced today that it has filed a notice with the Toronto Stock Exchange and received its approval to make a Normal Course Issuer Bid ("NCIB") permitting the Fund to purchase for cancellation up to 5% of its issued and outstanding units, or 2,070,348 units. The Fund has 41,406,957 units issued and outstanding as at December 17, 2007.

The Fund may buy back units from time to time during the twelve month period beginning on December 20, 2007 and ending on December 19, 2008. Any purchases under the NCIB will be made through the facilities of the Toronto Stock Exchange.

In accordance with the rules of the Toronto Stock Exchange, the maximum number of units that can be purchased on a daily basis by the Fund is 20,019 units, subject to the block purchase exception.

The Fund implemented a similar NCIB beginning on December 13, 2006 under which the Fund completed the approved total purchase of 1,924,572 units at a weighted average price of $6.04 per unit.

The Fund is renewing the NCIB because 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.

ABOUT NEWPORT PARTNERS INCOME FUND

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

NPF is a publicly-traded diversified fund that invests in well-established, successful Canadian private companies. We target above-average rates of return by putting our money to work behind talented entrepreneurs who have a record of success in their business and a growth opportunity for the future. Our unit holders share in the income generated by these businesses as well as their value appreciation. The Fund currently has approximately $600 million of investments in 18 companies representing a diverse cross-section of the Canadian economy.

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