Tree Island Wire Income Fund

Tree Island Wire Income Fund

October 30, 2006 16:00 ET

Tree Island Announces Appointment of Daniel McAtee as President and CEO

Board Appoints New Chair and Vice Chair

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 30, 2006) - Tree Island Wire Income Fund (the "Fund") (TSX:TIL.UN) today announced that Daniel McAtee has been appointed President and Chief Executive Officer of Tree Island Industries ("Tree Island") and a Trustee of the Fund effective today. Mr. McAtee succeeds Ted Leja, who is retiring after a distinguished 45-year career, including 12 years as Tree Island's President and CEO. Mr. Leja has accepted the Board's request to serve as Vice Chair of the Board of Trustees.

The Fund also announced that Keith Purchase has been appointed Chair of the Board of Trustees. Mr. Purchase, a member of the Board since 2003, is the former CEO of TimberWest and former COO of MacMillan Bloedel. He succeeds Rod Senft, who is stepping down as Chair in order to respond to increasing demands within his own business. Mr. Senft will continue to serve on the Board.

"We are delighted to welcome Dan McAtee as Tree Island's new CEO," said Keith Purchase. "Dan is a dynamic leader with exceptional management experience gained during nearly two decades with GE and Tyco. At a time when the wire products business is becoming increasingly influenced by global opportunities and competition, Dan has the ability to guide Tree Island's growth while maintaining its strict focus on operational efficiency and a strong balance sheet. His expertise in building international markets and infrastructure for a wide range of commodity products, his impressive background as a product and technical innovator, and his mastery of Six Sigma management disciplines make him ideally suited to lead Tree Island."

Mr. McAtee comes to Tree Island from Tyco, where he served as President of the A&E Products Group, a plastic products company with operations in over 30 countries. In this role, he significantly expanded the company's foot print and supply chain in China, Southeast Asia and the Middle East. Prior to joining Tyco, Mr. McAtee held progressively senior management positions across five different GE businesses including GE Corporate R&D, GE Superabrasives, GE Quartz, GE Lighting and GE Industrial Systems. His roles included the direct leadership and management of a variety of GE's global business units. While leading these businesses, he achieved a track record of growth through market and product expansion and consistent cost reduction through operational and supply chain efficiency programs. Mr. McAtee holds a degree in Chemical Engineering from the University of Colorado.

Added Mr. Purchase, "On behalf of the Board, I want to thank Ted Leja for guiding Tree Island so long and so well, and congratulate him on his new position as Vice Chair of the Board of Trustees. I also thank Rod Senft for his contributions as Chair. We are delighted that we will continue to benefit from the counsel of these two highly knowledgeable individuals."

Tree Island produces a diverse range of wire products primarily for customers in Western Canada and the Western United States. The company's products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. Headquartered in Richmond, British Columbia, the company markets these products under five highly respected brand names: Tree Island, K-Lath, Halsteel, Tree Island Wire and Industrial Alloys.

Tree Island Wire Income Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. There are 21,918,400 units of the Fund outstanding, representing a 100% ownership interest in Tree Island.

Forward-Looking Statements

This press release contains forward-looking statements based on assumptions considered reasonable at the time they were prepared. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These statements speak only to the conditions in existence as of the date of this press release, and the Fund maintains no obligation to update such statements.

Forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Such risks and uncertainties include, but are not limited to, risks associated with operations such as competition, dependence on the construction industry, supplies of raw materials, dependence on key personnel, labour relations, regulatory matters, environmental risks, the successful execution of acquisition and integration strategies, foreign exchange fluctuations, the effect of leverage and restrictive covenants in financing arrangements, product liability, the ability to obtain insurance, energy cost increases, the ability to fund necessary future capital investments, and changes in tax legislation.

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