OFI Income Fund Appoints New COO



    OTTAWA, Dec. 14 /CNW/ - OFI Income Fund (TSX: OFB.UN), a producer of
fibreglass insulation products, today announced the appointment of Edward
(Ted) Bowles to the newly established position of Chief Operating Officer.
    "Ted Bowles brings to OFI extensive senior management experience in
manufacturing and in the industrial packaging industry in Canada and the
United States. His accomplishments include developing effective marketing
strategies, growing sales, and increasing profitability and cash flow for the
companies for which he has worked," said Joseph Skarzenski, President and
Chief Executive Officer
    Prior to joining OFI, Mr. Bowles was President and Chief Executive
Officer of PCL Packaging, Oakville, Ontario, having been recruited to lead the
turnaround of that business, as well as to manage the sale and disposition of
various assets. Previously, he was the President and Chief Executive Officer
for FLEXIA Corporation in Brantford, Ontario, a manufacturer of packaging and
building construction materials.
    Earlier, he served as the Western Region Manager for Amcor-Twinpak, in
Vancouver, Washington, running its western Industrial Coatings and Laminations
Division with responsibilities for marketing, sales, and manufacturing. His
initial management roles included positions with Canadian Forest Products in
Prince George, B.C., and Portco Corporation, a manufacturer of plastic and
paper materials, based in Vancouver, Washington. Mr. Bowles holds Higher
National Certificate in chemistry from the Royal Institute of Chemistry (UK).

    About OFI Income Fund

    Since 1980, OFI has been manufacturing and distributing a broad range of
fibreglass insulation products, including fibreglass ceiling tiles, designed
for thermal and acoustical applications and destined for the Canadian, U.S.,
and international residential and non-residential/industrial markets. OFI
operates under a low-cost structure and has been profitable for the past
23 years. Additional information is available at www.sedar.com or the
company's website at www.ofigroup.com.

    %SEDAR: 00022462E




For further information:

For further information: Catherine Skarzenski, Executive Vice President
and Chief Financial Officer, Tel. (613) 247-7116, Fax (613) 736-7281, e-mail
investors@ofiincomefund.com

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OFI INCOME FUND

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