IBI Income Fund receives court approval for conversion to corporate structure

TORONTO, Aug. 10 /CNW/ - IBI Income Fund (the "Fund") (TSX: IBG.UN) announced that the final order of the Ontario Superior Court of Justice with respect to the previously announced conversion of the Fund's income trust structure to a corporation by way of a plan of arrangement was obtained today. The conversion is expected to be effective on or about January 1, 2011.

Forward-Looking Statements

Statements in this news release regarding the conversion and its effective date constitute "forward-looking" statements. Such forward-looking statements reflect management's current expectations regarding future events and speak only as of the date of this news release. These statements involve a number of risks and uncertainties, including those described under the heading "Risk Factors" in the Fund's Annual Information Form dated March 31, 2010. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Fund cannot assure investors that actual results will be consistent with these forward-looking statements.

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 71.7% 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 28.3% of IBI Group is owned by IBI Group Management Partnership. On a partially diluted basis, assuming the exchange of its units of IBI Group for units of the Fund, IBI Group Management Partnership together with IBI Group Investment Partnership holds a 46.3% interest in the Fund.

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SOURCE IBI Group Inc.

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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