Altus Group Income Fund Completes Offering.

TORONTO -- Altus Group Income Fund (the "Fund")(TSX:AIF.UN) today announced it has completed its initial public offering of 7,500,000 units at a price of $10 per unit for total gross proceeds of $75,000,000.

The proceeds of the offering were used to indirectly acquire approximately 65 percent of the limited partnership units of Altus Group Limited Partnership, with the balance retained, as to approximately 15 percent, by the existing investors of the Altus Group, the Helyar Group and Derbyshire Viceroy and, as to approximately 20 percent by Altus Investors Management Partnership, a general partnership established by the existing investors and certain employees. Altus Investors Management Partnership has agreed not to transfer or encumber its limited partnership units held in the capital of Altus Group Limited Partnership if, following such transfer, it would own less than 20 percent of the issued and outstanding units of the Fund on closing (on a fully-diluted basis), subject to prescribed exceptions.

The offering was underwritten by a syndicate led by BMO Nesbitt Burns Inc., that includes CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc. and Canaccord Capital Corporation.

The Fund's units have commenced trading on the Toronto Stock Exchange under the symbol AIF.UN.

The initial monthly cash distribution for the period from closing to and including June 30, 2005 is expected to be paid on or about July 15, 2005 and is estimated to be $0.1368 per unit.

The units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration or applicable exemption from the registration requirements of that Act. This news release does not constitute an offer for sale of these securities in the United States of America.

Through its operating divisions, currently operated by the Altus Group, a valuation and research and realty tax management firm, Helyar & Associates, a construction cost and development cost management firm, and Derbyshire Viceroy, a realty tax management firm, the Fund will be the leading independent multidisciplinary provider of real estate consulting and advisory services in Canada, provided by a staff of over 300 professionals from a national network of offices in 13 cities. Its clients will include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords.

Altus Group Income Fund (TSX:AIF.UN)