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  The merger, which is expected to take effect in the second quarter of 2005, creates a national organization of over 300 professionals in 13 cities from coast-to-coast, with a strengthened offering in terms of research, data, sector-specific knowledge and client service.
  As the real estate industry continues to grow in terms of both opportunity and complexity, we feel the time is right to combine forces to give clients access to the best possible knowledge, advice and value. Consolidation will provide clients with seamless access to a full spectrum of real estate consulting services with an expanded database and new layers of expertise for each firm.
  The firm’s critical mass means greater career opportunities for
staff — helping us to attract and retain the industry’s brightest professionals — and an unprecedented depth of independent market knowledge and advice for our collective clients.
Altus Group brings a commonly managed network of multi-disciplined consultants with a local presence in every major centre across Canada. Altus provides a broad range of consulting, valuation and property-tax services.
 
Merging with Helyar & Associates means that Altus and Derbyshire Viceroy can offer clients seamless access to professional development cost management counsel. For almost 50 years, Helyar has been managing construction and development budgets for owners, developers and lenders with a range of services covering the full spectrum of the cost side of the real estate equation.
 
Formed from the merger of Derbyshire Consultants and Viceroy Property Tax, Derbyshire Viceroy is one of Canada’s premier consulting companies, specializing in municipal assessment and property tax. Combining forces with Altus Realty Tax will create an unprecedented level of market intelligence – and a valuable database to help clients with portfolio management, compliance, assessment review and appeals.
 

The combined company will be a subsidiary of Altus Group Income Fund, which has filed a preliminary prospectus with the securities commissions in Canada for an offering of units led by BMO Nesbitt Burns Inc.

The securities being offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to, or for the benefit of U.S. Persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. This announcement does not constitute an offer for sale of securities in the United States.