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GENIVAR Income Fund announces strong fourth quarter to close its first year-end results

Montreal, March 13, 2007 – GENIVAR Income Fund (the "Fund") announced sustained growth in revenues and EBITDA for its fourth quarter and for the period from May 25, 2006 to December 31, 2006. This is the third reporting period for the Fund since it commenced business operations on May 25, 2006. In order to provide investors with a meaningful assessment of its performance, we have included selected financial information of the Fund, for the 12 months ended December 31, 2006 and its predecessor company GENIVAR inc. (the Engineering services business) for the twelve months ended December 31, 2005.

Highlights

• For the full year 2006, revenues grew from $130.0 million in 2005 to $176.1 million, representing a 35.5% increase. Net revenue was $128.0 million up 32.5% from $96.6 million in 2005. EBITDA stood at $26.0 million (20.2% of net revenues), up 49.4% from $17.4 million in 2005.
• Revenues in the fourth quarter of 2006 were $49.7 million, up 48.8% for the same period in 2005. Net revenues increased 30.6% to $36.7 million compared to $28.1 million in the fourth quarter of 2005. EBITDA reached $7.4 million (20.2% of net revenues) for the period from October 1 to December 31, 2006.
• Distributable cash generated in the fourth quarter totalled $6.3 million of which $4.7 million was distributed to Unitholders, representing a payout ratio of 74.7%. Since the May 25, 2006 IPO, EBITDA totalled $17.8 million on net revenues of $84.7 million generating $15.7 million of distributable cash of which $11.4 million was distributed to Unitholders representing a payout ratio of 72.5%.
• Since its Initial Public Offering (IPO) in May 2006, the Fund completed five acquisitions, adding 415 new employees across Canada.

"We are pleased with these excellent results for our first annual reporting period,” said Pierre Shoiry, President and CEO of the GENIVAR Income Fund. "The industry conditions are excellent in all our market segments, backlog is strong and our staff is highly motivated by the dynamism and growth prospects of the Fund.”

Consolidation in Quebec and Ontario and Expansion in Western Canada

Since our IPO, the Fund actively pursued its business strategy and reached a significant number of milestones. "We created a solid base in the Toronto region following the acquisition of MacViro, a Toronto-based engineering firm with 170 employees specialized in urban infrastructure, industrial, power and environment.

Kazmar Associates, another Toronto-based firm with 25 employees in structural engineering, joined GENIVAR as at January 1, 2007, strengthening our national platform in building engineering and enlarging our presence in Ontario.

The Martoni, Cyr & Associates acquisition, as at December 1, 2006, a Montreal-based firm, consolidated our expertise in building engineering with 70 employees and added internationally recognized know-how in telecommunication tower design,” said Shoiry.

On January 1, 2007, GENIVAR acquired the Western Canada-based engineering consulting firm Cochrane Design Group (CDG) which has over 150 employees with offices in British Columbia, Manitoba, Saskatchewan and Ontario. "The acquisition of CDG represents a major step forward in pursuing strategic growth opportunities. We gained an important foothold in Western Canada where CDG is an industry leader. We also expanded our operations in Ontario," added Shoiry.

On February 24, 2007, GENIVAR also completed the acquisition of Groupe G.L.D. inc. and established a presence in the Beauce Region, in the province of Quebec and enhanced our building expertise in the greater Quebec City Region. The firm has 50 employees.

These acquisitions added a solid base of national repeat clients in all of our market segments. The integration of these firms is well advanced and cross-marketing initiatives have been initiated in Ontario, Quebec, in Western Canada, as well as internationally.

More acquisitions targeted

The workforce of the GENIVAR Income Fund now totals more than 1,800 employees across Canada and internationally in more than 40 offices. "We will pursue our business strategy and growth in the Canadian marketplace both through organic acquisition by the cross-selling of services and through strategic acquisitions. The Fund expects to pursue its acquisition strategy and has, in that sense, proceeded in identifying potential acquisition targets in all provinces," concluded Shoiry.

GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, who are of varying sizes, fall into various market segments such as building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada, in terms of number of employees, with more than 1,800 managers, professionals, technicians and technologists and support staff, in over 40 offices in Canada and abroad. The Fund's units trade on the Toronto Stock Exchange under the symbol GNV.UN.

The Fund's audited consolidated financial statements, as well as management's discussion and analysis of this year-end reporting period can be obtained via the GENIVAR website, in the Investor Relations section, at www.genivar.com or at www.sedar.com.

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For further information, please contact:

Pierre Shoiry, President and CEO
GENIVAR
Tel.: 514 340-0046, ext. 5104

For media inquiries:

Marlene Casciaro, Director of Communications
GENIVAR
Tel.: 514 340-0046, ext. 5184