IBI Income Fund announces completion of public offering



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

    TORONTO, Dec. 20 /CNW/ - (TSX: "IBG.UN") - IBI Income Fund (the "Fund")
announced today that it has completed its previously announced equity offering
consisting of 2,083,333 trust units ("Units") at a price of $24.00 per Unit
for gross proceeds of $49,999,992. The offering was led by CIBC World Markets
Inc. with the syndicate of underwriters including TD Securities Inc.,
Blackmont Capital Inc., BMO Capital Markets, Canaccord Capital Corporation,
Genuity Capital Markets, National Bank Financial Inc. and Raymond James Ltd.
IBI Group Management Partnership has retained an interest of approximately
46.6% in the Fund (on a fully-diluted basis) following the completion of the
offering by exercising its pre-emptive rights arising as a result of the
offering to acquire 20% of the Units issued pursuant to the Offering in Units
of the Fund.

    About IBI Income Fund

    The Fund is a TSX listed income trust, which pays monthly distributions
and trades under the symbol "IBG.UN". The Fund holds an indirect 68% interest
in IBI Group, a partnership which, directly and through its subsidiary
entities, 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 32%
of IBI Group is owned by IBI Group Management Partnership.
    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.

    %SEDAR: 00021044E




For further information:

For further information: Philip H. Beinhaker, IBI Income Fund, 230
Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930

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IBI Group Inc.

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