FrontFour Holdings Inc. announces take-up of 2,415,553 units of IAT Air Cargo Facilities Income Fund (TSX: ACF.UN) under its offer dated June 24, 2008

    VANCOUVER, Aug. 29 /CNW/ - FrontFour Holdings Inc. ("FrontFour") is
pleased to announce that it has 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 "Offer"). The 2,415,553 Units validly deposited to
the Offer and not withdrawn by Fund unitholders prior to the take up by
FrontFour on August 29, 2008 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. All
conditions to the Offer have been satisfied or waived.
    Following take-up of the 2,415,553 Units, FrontFour and its affiliates
beneficially own a total of approximately 3,098,653 Units or approximately
44.5% of the outstanding Units of the Fund.

    About FrontFour

    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

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Zachary George at (203) 274-9050

Organization Profile

FrontFour Capital Group LLC

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