Phoenix Capital Income Trust

Phoenix Capital Income Trust

October 16, 2006 16:15 ET

Phoenix Capital Income Trust-Trading Suspended

TORONTO, ONTARIO--(CCNMatthews - Oct. 16, 2006) - Phoenix Capital Income Trust announces that it has been notified by the TSX Venture Exchange that trading in its securities will be suspended. The Trust also advises that pursuant to previously disclosed discussions it expects to complete an arrangement with an affiliate of its major investor to facilitate the realization of value from the existing portfolio of assets owned by its subsidiary Phoenix Capital Inc.

About Phoenix Capital Income Trust:

Phoenix provides liquidity to the Canadian real estate syndicate market by acquiring interests from persons involved in financially sound but illiquid partnerships or managed joint ventures that own real property primarily located in Canada.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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