All West Surveys Limited Partnership
All West Surveys LP (now part of Altus Geomatics) is one of Western Canada's leading providers of advanced geomatic solutions, specializing in oil and gas sector projects. Originally founded in 1974, All West Surveys is capable of undertaking a variety of consulting projects using: global positioning technologies; geographic information systems; digital mapping and remote sensing; 3-D laser scanning; software and application development solutions. Clients are primarily natural resource companies and government bodies.

Altus Clayton
Altus Clayton (now part of Altus Research, Valuation and Advisory) specializes in real estate market analysis, land use planning issues, consumer spending and borrowing research, and building products demand and currently employs 14 people. Over the years it has gained a reputation for intelligent and independent analysis and advice, based on extensive in-house expertise, a unique information base, leading edge analytical techniques and extensive contacts throughout Canada.

Altus Cost Consulting
Founded in 1958, Altus Cost Consulting is the foremost professional quantity surveying firm and construction development consultant in Canada. The group provides a range of services designed to help clients understand and control construction and development costs, while still achieving the required standards, quality and functionality sought by all stakeholders. Clients are chiefly, but not exclusively, developers; architects; federal, provincial and municipal governments; universities; school boards; industrial and commercial clients; pension funds; insurance companies; trust companies; and other major lending institutions.

Altus Derbyshire Realty Tax Consulting
Altus Derbyshire specializes in the field of real property assessment and taxation, ensuring that the real estate holdings of their clients are properly valued for tax purposes, so that they do not pay more than their fair share of property taxes annually. By combining the forces of the former Altus Group Realty Tax and Derbyshire Viceroy with recent acquisitions, Roy Sanche Gold and Associates, and the property tax practice of accounting firm KPMG, Altus Derbyshire offers a full spectrum of real estate tax consulting services that include assessment appeal (including expert witness); tax due diligence; vacancy rebate counsel; new construction/preliminary property assessment studies; as well as ongoing property tax management and budgeting. Clients include commercial, industrial, multi-residential and institutional clients across Canada.

Altus Edwin Hill Altus UK LLP
With a solid reputation for over 50 years, Edwin Hill is a national property consulting partnership based in London, UK that has earned a respected reputation as a top performer in its field, servicing a broad client base that includes blue chip corporations, real estate companies and investment funds. The company employs 132 staff composed of 17 partners, 72 other professional and para-professionals and 43 administrative staff, and has six offices based in some of the fastest-growing regions throughout the UK. With a focus on property owners and developers, Edwin Hill's vision is to provide professional advice on all aspects of commercial property.

Altus Geomatics
Altus Geomatics is one of Western Canada’s leading providers of advanced geomatic solutions, specializing in oil and gas sector projects. With over 30 years of experience, Altus Geomatics combines the strengths of two of Western Canada’s best respected survey firms – All West Surveys Ltd, established in 1974 and Condon Group Surveys, established in 1969, to produce an valuable base of experience, shared knowledge and expertise.

Our team of professionals is capable of undertaking a variety of consulting projects using: global positioning technologies; geographic information systems; digital mapping and remote sensing; 3-D laser scanning; software and application development solutions.

We have developed a solid reputation for being able to develop client-specific solutions that utilize innovative technological applications to assure the highest level of quality and efficiency. Our proven experience working within aboriginal communities and in the northern areas of Canada also provide us with a solid understanding of the complex social, economic and political issues associated with projects impacted by land claims related issues.

Altus Group
Altus Group Income Fund, operates as Altus Group Limited, including Altus Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax Consulting; Altus Geomatics; Altus InSite; and Altus Edwin Hill Altus UK LLP. It is the leading provider of real estate consulting services, geomatics and environmental services worldwide.

Altus Group Limited Partnership Class A and B Units
Altus Group Income Fund is dependent upon the operations and assets of Altus Group Limited and All West Surveys LP which are owned by Altus Group Limited Partnership (“LP”). The Fund indirectly holds an approximate 69.28% interest in Altus Group Limited Partnership ("LP"). The Fund's interest in LP is comprised of 10,487,825 Class A partnership units. The management and certain employees of Altus hold 4,649,684 Class B, partnership units of LP, representing the remaining 30.72% interest in LP. Approximately 2.25 million of the Class B partnership units are permanently retained in a management partnership. The Class B partnership units are exchangeable into 4,649,684 units of the Fund on a one for one basis, subject to adjustment, commencing no earlier than December 31, 2007 for those units held directly by the unitholders and December 31, 2010 with respect to the units held in the management partnership. In addition, the management and these certain employees and management partnership hold 4,649,684 Special Voting Units of the Fund. These 4,649,684 Special Voting Units are the only Special Voting Units currently outstanding. Each Special Voting Unit will be cancelled upon the exchange of a Class B exchangeable Partnership Unit of the LP.

Altus Group Research, Valuation and Advisory
Altus Research, Valuation and Advisory is regarded as Canada’s leading provider of real estate valuation-oriented research and advisory services. Originally formed in 1999 as a strategic alliance between 11 long-standing independent practices, the group’s services range from annual property/portfolio valuation and acquisition/disposition services through to customized market research and legal related support. Clients include pension funds, public real estate companies, REITs, financial institutions, private investors (both domestic and foreign), developers, various governmental bodies, law firms, insurance companies, trust companies and other major lending institutions.

Altus InSite
Altus InSite is considered the commercial real estate industry’s primary provider of national office market data and perspective. For over ten years, the company has collected and published real estate market data that is national, consistent, accurate, timely, credible, transparent and independent. Services range from conducting thorough market surveys through to providing independent market commentary and benchmarking, as well as feature access to Canada’s most comprehensive and up-to-date national online office market database. Clients include Canada's largest pension funds, public real estate companies and private investors.

Altus Realty Tax Consulting
Altus Realty Tax Consulting specializes in the field of real property assessment and taxation, ensuring that the real estate holdings of their clients are properly valued for tax purposes, so that they do not pay more than their fair share of property taxes annually. By combining the forces of the former Altus Group Realty Tax and Derbyshire Viceroy with recent acquisitions, Roy Sanche Gold and Associates, and the property tax practice of accounting firm KPMG, Altus Realty Tax Consulting offers a full spectrum of real estate tax consulting services that include assessment appeal (including expert witness); tax due diligence; vacancy rebate counsel; new construction/preliminary property assessment studies; as well as ongoing property tax management and budgeting. Clients include commercial, industrial, multi-residential and institutional clients across Canada.

Crape Geomatics
Crape, an Alberta-based company that provides an array of survey services, was founded in 1993. Working primarily in the oil and gas and municipal sectors, Crape uses a broad range of disciplines to create detailed and accurate quality digital images to address the individual needs of each client. Crape consistently strives to be the leading expert in geomatics by combining technological innovation with dynamic processes.

The company employs 79 staff, comprising 38 field workers, 22 computer-assisted drafting technicians, 7 professional land surveyors, 6 project managers and 6 administrative and supervisory personnel located in offices in Calgary, Edmonton, Grand Prairie and Dartmouth, Nova Scotia.  Crape operates as part of Altus Geomatics.

Distributable Cash
Distributable cash does not have a standardized meaning prescribed by GAAP, but is a measure generally used by Canadian open-ended income funds as an indicator of financial performance.  The Fund defines distributable cash as net earnings before interest, depreciation, amortization, income taxes, and after interest paid, capital expenditures, income taxes paid and contributions to any reserves that the Trustees of the Fund deem to be reasonable and necessary for the operation of the Fund.

The Fund's method of calculating distributable cash may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to distributable cash as reported by such entities.  The Fund believes that its distributable cash is a useful supplemental measure that may assist investors in assessing the return on their investment in units.

For unitholders, distributable cash flow is a liquidity measure that is an indicator of Altus' ability to generate cash flows at a level that can sustain or support an increase in monthly cash distributions paid. It is also the quantitative standard used throughout the investment community with respect to publicly traded partnerships.

EBITDA
EBITDA is an acronym for "earnings before interest, taxes, depreciation and amortization." It is calculated by taking operating income and adding back to it interest, depreciation and amortization expenses. EBITDA is used to analyze a company's operating profitability before non-operating expenses (interest) and non-cash charges (depreciation and amortization). As such, it can be used to analyze the profitability between companies and industries, eliminating the effects of financing and accounting decisions.

Fund (The Fund)
Refers to Altus Group Income Fund, an unincorporated, open-ended, limited-purpose trust established under the laws of the Province of Ontario.

GAAP
These are accounting guidelines, formulated by the Canadian Institute of Chartered Accountants (CICA) Accounting Standards Committee, that govern how businesses report their financial statements to the public.

Géocom Recherche Inc. and Géocom Sondages Inc.
Acquired by Altus Group in March of 2008, Géocom is a Quebec-based company providing retail research and market analysis to help clients better understand market trends, including growth prospects, the competitive environment, customer profiles, customer behaviours and overall customer satisfaction. Incorporated in 1997, Géocom was the merger of two firms with over 20 years of experience between them. Géocom has assembled significant data relating to a number of competitive sectors that gives the company an edge in identifying optimal locations and determining market potential. Géocom employs 27 staff, which includes 5 experienced partners, complemented by 10 market analysts, 4 GIS analyst, 2 technicians, 3 support staff and 3 call centre technicians.

Income Trust
Income Trusts, also known as Income Funds, are trusts generally structured to own debt and equity of an underlying entity that carries on an active business, or a royalty in revenues generated by the assets thereof. The income trust sector is comprised of the following four categories:

• Business Trusts
• REITs
• Resource Trusts
• Utility Trusts

Income trusts have become popular with investors because earnings from the business are distributed to investors each month or quarter. Given their potential to deliver higher yields than bonds, income trusts have increased in popularity. The current low interest rate environment has made these potentially higher yields attractive even when compared with cash investments such as GICs.

Income trusts eliminate or significantly reduce corporate tax. The trust pays little or no tax on its earnings because most of the income is distributed directly to the unitholders. Hence, distributions to income trust investors are generally higher than dividends from an equivalent corporate entity.