Toronto – (June 30, 2005) Newport Private Yield LP (Newport) today announced that a
preliminary prospectus has been filed with the securities regulatory authorities in all provinces and
territories in Canada in connection with an initial public offering of units of the Newport Partners
Income Fund.

Newport is in the asset management business and partners with successful entrepreneurs. Newport
forms operating partnerships by acquiring an ownership interest in the entrepreneur’s business with
the entrepreneur typically retaining a significant equity interest and maintaining operating

The underwriting syndicate to be formed in connection with the offering will be led by RBC
Capital Markets.

Following the closing, Newport will have ownership interests in 10 operating partnerships
generating more than $339 million in annual revenues across four business segments: financial
services, distribution, marketing and oil and gas services. These businesses include: Elliott Special
Risks, Morrison Williams Investment Management, EZEE/On-Site ATM, Newport Partners,
Brompton Funds, Jutan/AVS, Gemma Communications, Capital C Communications, Sports and
Entertainment and NPC Integrity Energy Services. The operating partnerships are generally service-
oriented businesses with limited capital expenditure requirements and strong cash flow generation.
Newport’s share of distributable cash flow was approximately $60 million for the 12 months ended
March 31, 2005.

About Newport Partners Income Fund
Newport Partners Income Fund is an unincorporated, open-ended trust created to hold, through the
Fund’s investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, a
limited partnership established under the laws of the Province of Ontario.

About Newport
Newport partners with successful entrepreneurs who have a proven track record and operate
businesses with a history of profitability and consistent cash flows. Newport’s business strategy
allows each entrepreneur to make the operating decisions for the business while the Newport
principals and the entrepreneur make the strategic, investment and capital allocation decisions for
the business. Entrepreneurs are attracted to Newport by the opportunity to diversify their personal
wealth while still maintaining operational control of their business and benefiting from access to
low-cost capital.

                                         Newport Partners Income Fund
  Scotia Plaza, 40 King Street West, Suite 5012, Toronto, Ontario, Canada M5H 3Y2 ⏐ Ph 416-867-7555 ⏐ Fx 416-867-7595
The securities offered have not been, and will not be, registered under the United States Securities
Act. The securities offered have not been, and will not be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or any applicable exemption from the registration requirement of such Act.

This press release does not constitute an offer to sell or the solicitation of any offer to buy nor will
there be any sale of these securities in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities laws
of any such province, state or jurisdiction.

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Contact: Kelly Willis, Newport Partners (416)-867-8590

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