IAT Air Cargo Facilities Income Fund

    RICHMOND, BC, Aug. 13 /CNW/ - IAT Air Cargo Facilities Income Fund (the
"Fund") (TSX: ACF.UN) announced today that it has filed on SEDAR a Notice of
Change to the Trustees' circular dated July 8, 2008 relating to the offer (the
"Offer") by FrontFour Holdings Inc. and FrontFour Capital Group LLC (together
"FrontFour") to acquire, at a price of $7.40 per unit, that number of units of
the Fund that would give FrontFour, together with their affiliates, 50% plus
100 units of the Fund.
    The Notice of Change is being mailed to all Unitholders commencing today.
The Offer expires at 5:00 p.m. (Vancouver time) on August 20, 2008.
    For the reasons set out in the Notice of Change, the Trustees have
unanimously decided not to make a recommendation with respect to acceptance or
rejection of the FrontFour Offer. Unitholders should consider the Offer
carefully and come to their own conclusions as to whether to accept the Offer
and deposit all, some or none of their units of the Fund to the Offer.
Unitholders who are in doubt as to how to respond should consult with their
own financial, legal or other professional advisor.
    Unitholders are urged to read carefully FrontFour's takeover bid circular
setting out the Offer (filed on www.sedar.com on June 24, 2008), the initial
Trustees' circular (filed on www.sedar.com on July 8, 2008), and the Trustee's
Notice of Change (filed on www.sedar.com on August 13, 2008). These documents
are also available on the website of the Fund's subsidiary, International
Aviation Terminals Inc. ("IAT"), at www.iat-yvr.com.

    The Fund is a limited purpose trust that owns all of the shares of IAT,
which owns and leases air cargo and aviation related buildings at Canadian
airports in Vancouver, Calgary, Edmonton, Saskatoon and Winnipeg. The Fund and
IAT specialize in the ownership, construction, management and marketing of
aviation-related facilities. IAT currently owns and manages approximately
1.1 million square feet of air cargo and aviation related facilities at five
of Canada's leading international airports. Approximately 65% of the Fund and
IAT's holdings are located at Vancouver International Airport, Canada's second
largest airport.

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS: Forward-looking statements,
including statements with respect to future growth opportunities, transactions
and investments, ongoing business strategies or prospects, possible future
Fund and IAT actions and other measures are based on information available at
the time they are made, assumptions made by the Fund, and the Fund's good
faith belief with respect to future events, and are subject to the risks and
uncertainties outlined in the Fund's annual information form that could cause
actual performance or results to differ materially from those reflected in the
forward-looking statements, historical results or current expectations. All
forward-looking statements may be affected by and are subject to the risks set
out under Risk Factors in the Fund's annual information form.

For further information:

For further information: IAT CONTACT: Robert J. Mair, Chairman, IAT Air
Cargo Facilities Income Fund, Telephone (604) 685-3456