Investor Relations

Montreal, May 11, 2009 – GENIVAR Income Fund (the “Fund”) announced today its financial and operating results (unaudited) for the first quarter of 2009. These results cover the period from January 1, 2009, to March 28, 2009.

Highlights

• Revenues for the first quarter of 2009 were $97.4 million, up from $70.1 million for the same period in 2008, representing an increase of 39.0%. Net revenues were $84.8 million, representing an increase of 24.7 million (41.0%).
• Net earnings before non-controlling interest were $10.4 million or $0.45 cents per unit for the first quarter of 2009. EBITDA increased 40.8% from $11.9 million in the first quarter of 2008 to $16.7 million for the same period in 2009.
• Cash flows from operating activities generated $13.1 million of cash. Adjusted distributable cash totalled $12.1 million of which $8.8 million was distributed to unitholders, representing an adjusted payout ratio of 72.2%.
• The Fund completed five acquisitions during the first quarter of 2009, adding approximately 100 employees in Ontario, Alberta and Quebec. Subsequent to the quarter-end, the Fund completed the acquisition of Algal & Associates, a firm specialized in power generation and transmission systems.
• ENAQ, a Montreal-based nuclear power group also joined GENIVAR as of May 2009. This small group of specialists provides GENIVAR with leading expertise in nuclear licensing, safety, risk management and engineering design.
• Backlog was $316.9 million as at March 28, 2009.

“We are very pleased with these first quarter results and are encouraged with the outlook for 2009 and beyond,” said Pierre Shoiry, President and CEO of the GENIVAR Income Fund. “Despite the downturn in private sector investment, as well as the general slowdown in the economy, we were able to deliver solid results and continue the execution of our business plan. Proposal activity was buoyant in this first quarter and we secured several contracts in all of our operating segments and regions,” concluded Mr. Shoiry.

Several mandates were awarded to the Fund in the first quarter in all of our regions. These mandates cover our multidisciplinary engineering, architectural and project management services for many clients, including Rio Tinto, the Ontario Ministry of Transportation, the Quebec Ministry of Transportation, the Montreal Ports Authority, the Montreal Harbourfront Corporation, Ryerson University in Toronto, La Cité Collégiale in Ottawa, Defence Construction Canada, Walmart, the Town of Markham and the City of Victoria.

About GENIVAR
GENIVAR is a leading Canadian engineering services firm providing private and public-sector clients with a complete range of professional consulting services throughout all project phases, including planning, design, construction and maintenance. Ranging in size and scope, GENIVAR’s clients primarily operate in the building, industrial, power, municipal infrastructure, transportation and environmental sectors. GENIVAR is one of Canada’s largest consulting engineering services firms by number of employees, with more than 3,500 managers, professionals, technicians, technologists and support staff in more than 65 locations in Canada and internationally.

NON-GAAP MEASURES
The Fund uses non-GAAP measures that are used by Canadian open-ended income funds as indicators of financial performance measures under GAAP and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable. The Fund believes these measures are useful supplemental measures that may assist investors in assessing an investment in units of the Fund.

Non-GAAP measures used by the Fund are net revenues, EBITDA, distributable cash, and payout ratio.

Net revenues
Net revenues are defined as revenues from consulting services less direct costs for subconsultants and other direct expenses that are recoverable directly from our clients. Net revenues are not a measure in accordance with GAAP and do not have standardized meaning prescribed by GAAP. Therefore, net revenues may not be comparable to similar measures presented by other issuers. Investors are cautioned that net revenues should not be construed as an alternative to revenues for the period (as determined in accordance with GAAP), as an indicator of the Fund’s performance.

EBITDA
EBITDA is defined as earnings before interest, tax, depreciation, and amortization. EBITDA is not an earnings measure in accordance with GAAP and does not have a standardized meaning prescribed by GAAP. Therefore, EBITDA may not be comparable to similar measures presented by other issuers.

Distributable cash

Distributable cash is calculated in accordance with the recommendations provided in CICA’s publication “Standardized Distributable Cash in Income Trusts and Other Flow-Through Entities.” Standardized distributable cash is defined as cash flows from operating activities as reported in the GAAP financial statements, including the effects of changes in non-cash working capital items and any operating cash flows provided from or used in discontinued operations, less adjustments for:

(a) total capital expenditures as reported in the GAAP financial statements; and
(b) restrictions on distributions arising from compliance with financial covenants restrictive at the date of the calculation of standardized distributable cash and limitations arising from the existence of a minority interest in a subsidiary.

The Fund also calculated an adjusted distributable cash, which is defined as standardized distributable cash adjusted for entity-specific adjustment items that management believes are appropriate for the determination of levels of distributions.

Payout ratio

Standardized payout ratio is defined as aggregate cash distributions divided by standardized distributable cash. Adjusted payout ratio is defined as aggregate cash distributions divided by adjusted distributable cash.

For further information, please contact:

Pierre Shoiry, President and CEO
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5104

Marlene Casciaro, Director of Communications
GENIVAR Income Fund
Phone: (514) 340-0046, ext. 5184