Wajax Announces Improved Fourth Quarter Results and Record Revenue and Earnings for 2006

Market Wire, March, 2007

Wajax Income Fund (TSX: WJX.UN) -

(Dollars in millions,                    Three Months           Year Ended
 except per unit data)              Ended December 31          December 31
                                    -----------------    -----------------
                                       2006      2005       2006      2005

---------------------------------------------------------------------------

Revenue                              $294.5    $276.8   $1,206.5  $1,049.4

Net earnings from continuing
 operations                           $18.1     $15.8      $71.5     $35.6

Net earnings                          $19.4     $15.8      $72.8     $33.1

Basic earnings per unit:
 - From continuing operations         $1.09     $0.95      $4.31     $2.19
 - Net earnings                       $1.17     $0.95      $4.39     $2.04

Distributable cash (1)                $18.6     $15.5      $74.0     $33.5

Basic distributable cash
 per unit (1)                         $1.12     $0.94      $4.46     $2.02

Cash distributions declared
 per unit                             $2.06     $1.25      $4.43     $1.89

(1) Denotes non-GAAP measure. See Non-GAAP Measures section in the attached
    Management's Discussion and Analysis (MD&A). 2005 full year amounts are
    for the June 15 to December 31 period since conversion.

Wajax Income Fund today announced improved fourth quarter 2006 results and record revenue and earnings for the full year.

Fourth Quarter Highlights

- Revenue increased $17.7 million, or 6% compared to last year. Mobile Equipment revenues decreased 4% as the comparative period included revenue from the sale of several large pieces of mining equipment not repeated in 2006. Revenue in Industrial Components and Power Systems increased 14% and 23% respectively, as all regions posted revenue gains with particular strength in the Alberta energy sector.

- Net earnings from continuing operations for the quarter were $18.1 million or $1.09 per unit compared to $15.8 million or $0.95 per share recorded in 2005. Stronger sales in Industrial Components and Power Systems and higher Mobile Equipment margins led to improved earnings in all three business segments. Compared to the previous year, Mobile Equipment segment earnings were up 6% to $9.8 million, Industrial Components increased 4% to $4.4 million and Power Systems improved by 51% to $8.4 million.

- Basic distributable cash (See Non-GAAP Measures section in MD&A) amounted to $1.12 per unit for the quarter, a 19% increase compared to $0.94 per unit in the previous year. Cash distributions declared in the quarter were $2.06 per unit, which included a December special distribution of $1.12 per unit. Unitholder tax information relating to 2006 distributions is available on the Fund's website at www.wajax.com .

- The Fund announced a monthly distribution for March of $0.32 per unit ($3.84 per unit annualized), payable on April 20, 2007, to unitholders of record on March 30, 2007.

- The Fund disclosed that it has already secured over $60 million of orders from a number of customers for mining loading equipment for delivery in 2007. As well, it has received GE Energy bio and natural gas engine orders for 2007 in excess of $30 million. Prospects for additional orders in these two product categories remain strong.

Commenting on the fourth quarter results and the outlook for 2007, Neil Manning, President and CEO, stated "The financial performance of the Fund continued to be very strong in the fourth quarter and we posted record revenue and earnings for the 2006 full year. Looking forward to 2007, we expect another good year for the Fund. While we expect activity in certain sectors of the economy, such as the western Canada oil and gas and Canadian housing market to moderate somewhat compared to 2006, we believe we have opportunity to negate the impact of these factors by capitalizing on a number of other growth opportunities. Not only do we expect to benefit from sales opportunities for mining loading equipment and GE Energy engines in 2007, but we also expect to further improve operating results through a number of additional profitability improvement initiatives across all three businesses."

Wajax Income Fund is a leading Canadian distributor and service support provider of mobile equipment, industrial components and power systems. Reflecting a diversified exposure to the Canadian economy, its three distinct core businesses operate through a network of over 100 branches across Canada. Its customer base spans natural resources, construction, transportation, manufacturing, industrial processing and utilities.

Wajax will Webcast its Fourth Quarter Financial Results Conference Call. You are invited to listen to the live Webcast on Tuesday, March 6, 2007 at 2:30 p.m. ET. To access the Webcast, enter www.wajax.com and click on the link for the Webcast on the Investor Relations page. The archived Webcast will be available at the above mentioned website within 24 hours after the conference call.