Bird Construction Income Fund announces receipt of rectification order



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR FOR DISTRIBUTION IN
    THE UNITED STATES/

    TORONTO STOCK EXCHANGE SYMBOL: BDT.UN

    TORONTO, July 4 /CNW/ - Bird Construction Income Fund ("Fund") today
announced that the Saskatchewan Court of Queen's Bench has granted its
wholly-owned subsidiary, Bird Construction Company Limited ("Company"), a
rectification order relating to the documentation required in order to
correctly reflect the intentions of the Fund and the Company with respect to
certain capital transactions between the entities. As a result of this order,
income tax liabilities totaling $8.5 million which were previously accrued in
the financial statements of the Fund will no longer become payable. The tax
accruals and the related income tax expense will be reversed in the
consolidated financial statements of the Fund for the quarter ended September
30, 2008.

    In fiscal 2007 and the first quarter of 2008, the Fund and the Company
completed certain transactions related to the stated capital of the common
shares of the Company owned by the Fund that resulted in unintended income tax
liabilities of the Fund totaling $6.6 million in 2007 and $1.9 million in the
first quarter of 2008.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this release.





For further information:

For further information: P.A. Charette, Chairman and C.E.O., Bird
Construction Company Limited as Administrator of Bird Construction Income
Fund, 5403 Eglinton Avenue West, Toronto, ON, M9C 5K6, Phone: (4l6) 620-7122,
Fax: (416) 620-1516

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Bird Construction Income Fund

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