IBI Income Fund Announces $10 Million Private Placement Offering of Units

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


IBI Income Fund (TSX:IBG.UN) ("IBI"), announced today it has entered into an
agreement with Raymond James Ltd. to sell, on a private placement basis, 775,200
trust units ("Units") at a price of $12.90 per Unit, for gross proceeds to IBI
of $10.0 million (the "Financing"). IBI has granted Raymond James an
over-allotment option ("Over-allotment Option"), exercisable in whole or in part
at any time up to 30 days after closing, to purchase up to an additional 116,280
Units at the same offering price. Should the Over-allotment Option be exercised
in full, the total gross proceeds of the offering would be approximately $11.5
million. The Units will be offered pursuant to prospectus and registration
exemptions in each of the provinces and territories of Canada, as well as in the
United States under applicable private placement exemptions. The Financing is
expected to close on or about May 28, 2009 and is subject to regulatory
approvals. Concurrent with the Financing, IBI Group Management Partnership will
purchase approximately $3 million in Units of the Fund at $12.90 per Unit, which
will result in the Partnership's ownership interest in IBI being approximately
26%.


IBI intends to use the net proceeds from the Offering for general corporate
purposes, including repayment of debt.


About IBI Income Fund

The Fund holds an indirect 69% interest in IBI Group, a partnership which
provides professional services, including planning, design, implementation,
analysis of operations and other consulting services in relation to four main
areas of development, being urban land, building facilities, transportation
networks and systems technology. The remaining 31% of IBI Group, represented by
Class B Units, is owned by IBI Group Management Partnership. On a fully diluted
basis, IBI Group Management Partnership has a 49% interest in the Fund.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, which may be made only by means of a prospectus, nor shall
there be any sale of the Units in any state, province or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under securities laws of any such state, province or other
jurisdiction. The Units of IBI Income Fund have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered, sold or delivered in the United States absent registration or an
application for exemption from the registration requirements of U.S. securities
laws.