Altus Group Announces Consultancy Service Agreement with IRR-Residential, LLC


September 18, 2008

Altus Group Income Fund (“Altus”) (TSX:AIF.UN) announced today that it has agreed to terms to engage the services of IRR-Residential, LLC, an established residential appraisal and management firm, to identify opportunities and support Altus’ efforts in the U.S. to provide residential collateral valuation expertise and products through technology platform solutions. IRR-Residential, one of the largest U.S. residential appraisal companies, is owned in part by certain members of Integra Realty Resources. Subject to the completion of due diligence, a binding letter agreement will be executed.

“With more than 45 affiliate offices across the United States, IRR-Residential has a broad base that will help Altus identify and evaluate possible acquisition opportunities for future growth,” said Gary Yeoman, CEO, Altus Group. “With an increasing importance being placed on the independent nature of mortgage appraisals, this agreement allows Altus to take advantage of this opportunity to extend and strengthen our platform in the United States.”

IRR-Residential’s independently-owned and operated affiliate offices provide lenders with local knowledge, experience and quality appraisals. All affiliate offices are headed by a Managing Director with a track-record of demonstrated success in their local market with a dedication to providing high-quality services to their clients.

“We are excited about the opportunity to work with Altus Group, a well-respected firm recognized as a growing industry leader,” said John Wood, President and COO, IRR-Residential. “Our strong client relationships will help us to identify strategic growth opportunities for Altus.”

About Altus Group
Altus Group is the leading multidisciplinary provider of independent real estate consulting and professional advisory services worldwide. With a staff of over 1,300, Altus Group has 30 offices in 23 cities throughout Canada and 8 offices throughout the UK. We operate as: Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting, Altus Geomatics; Altus InSite; Altus Geocom; Altus Edwin Hill; and Altus Andrews. Altus’ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.

About IRR-Residential
Kansas City based IRR-Residential is a national residential valuation services company providing services in all 50 states. IRR-Residential provides valuation services through its 48 franchise affiliate offices in 42 markets and 21 states and through an appraiser fee panel for areas beyond affiliate coverage. IRR-Residential is an outgrowth of Integra Realty Resources, the largest independent commercial real estate valuation and consulting services organization in the United States.

As an investor and franchisee in IRR-Residential, I am very excited about this. With the merger of Integra and Altus, I have come to have great respect for the leaders of Altus. The relationship will strengthen the IRR-Residential brand considerably. For more information on IRR-Residential and how we may be able to help with your residential appraisal needs, give me a call.

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