Comrev Investments Limited announces conversion of debentures for units of
Chesswood Income Fund

TORONTO, Jan. 22 /CNW/ - As previously disclosed, Comrev Investments Limited ("Comrev") held a $1,800,000 principal amount convertible debenture of Chesswood Income Fund ("Chesswood"). Comrev has fully exercised its conversion rights under the debenture, and as a result has been issued 514,285 units of Chesswood. Comrev and persons acting jointly or in concert with Comrev now own an aggregate of 1,115,017 units of Chesswood, representing approximately 12.36% of the issued and outstanding units based on the mandatory exchange of certain securities issued by Chesswood and its subsidiaries.

This announcement is not being made as a result of an increase in the beneficial ownership percentage of Comrev and persons acting jointly or in concert with Comrev in Chesswood, but rather this announcement is being made as a result of the conversion by Comrev of a previously issued debenture into units of Chesswood.

The debenture of Chesswood was acquired, and the units of Chesswood issued on its conversion continue to be held, by Comrev for investment purposes.

SOURCE CHESSWOOD INCOME FUND

For further information: For further information: For additional information, or to obtain a copy of the report required pursuant to the early warning reporting requirements, please contact: Comrev Investments Limited, 2300 Yonge Street, P.O. Box 2386, Suite 500, Toronto, ON, M4P 1E4, Attention: Edward Sonshine, Phone: (416) 866-3018

Organization Profile

CHESSWOOD INCOME FUND

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