IBI Income Fund Announces $20 Million Offering of Convertible Debentures

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES


IBI Income Fund (TSX:IBG.UN) ("IBI") announced today that it has reached an
agreement with a syndicate of underwriters led by TD Securities Inc. and CIBC to
issue, on a bought-deal basis, $20 million of convertible unsecured subordinated
debentures (the "Debentures"). IBI has granted the underwriters 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 $2
million of Debentures at the same offering price.


The Debentures have a maturity date of June 30, 2017; a coupon of 5.75% per
annum and will pay interest semi-annually in arrears on June 30 and December 31
in each year, commencing December 31, 2010. Each $1,000 principal amount of
Debenture is convertible into approximately 48.7329 units of IBI, at any time,
at the option of the holder, representing a conversion price of $20.52 per unit.


IBI intends to use the net proceeds from the financing for general purposes of
the fund, including contemplated acquisitions.


About IBI Income Fund

The Fund holds an indirect 72% 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 28% 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 46% 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.