On August 29, 2008, FrontFour Holdings Inc. ("FrontFour") announced that it had taken up and agreed to pay for all 2,415,553 units of IAT Air Cargo Facilities Income Fund (the "Fund") deposited to its offer dated June 24, 2008 to purchase for cash 2,801,184 units ("Units") of the Fund. The 2,415,553 Units represent approximately 34.7% of the outstanding Units of the Fund, or approximately 38.4% of the Units outstanding that were not already owned by FrontFour and its affiliates prior to the take up. FrontFour and its affiliates now beneficially own a total of approximately 3,098,653 Units or approximately 44.5% of the outstanding Units of the Fund. FrontFour Capital Group LLC is a privately owned hedge fund management company based in Stamford, Connecticut. FrontFour Holdings Inc. is a British Columbia corporation and a wholly owned subsidiary of FrontFour Capital Group LLC. FrontFour was advised in this transaction by Fasken Martineau with a team that included, among others, Georges Dubé, Martin Fisher-Haydis and Jeff Hergott (securities), Ronald Nobrega (tax) and Brian Wright (banking).