Bird Construction Income Fund Announces Project Awards

    TORONTO, July 23 /CNW/ - Bird Construction Income Fund announces that a
consortium, of which a subsidiary of the Fund is a member, has been named as
the preferred proponent in the pursuit of the Alberta Schools Alternative
Procurement project and a second subsidiary of the Fund has been awarded a
contract by Fort Hills Energy L.P.
    Bird is a member of the B&B Alberta Schools consortium that has recently
been selected as the preferred proponent to design, build, finance and
maintain eighteen schools in the Province of Alberta. Bird's role relates to
the design and construction of the schools in joint venture with Graham
Construction. The Consortium expects to conclude a project agreement in the
fall of 2008 and complete construction of the schools in 2010. There can be no
assurances that Bird will receive a contract award related to this project.
    Bird has been awarded a design-build construction contract with Fort
Hills Energy L.P. The contract is for the design and construction of six
buildings located at Fort Hills' north oil sands location near Fort McMurray,
Alberta. Construction of some of the buildings is expected to commence this
fall and it is expected that the buildings will be completed at various dates
ranging from September 2010 until approximately May 2011.
    Petro-Canada Oil Sands Inc., (PCOSI), a wholly-owned subsidiary of
Petro-Canada, will operate and lead the development of the Fort Hills oil
sands project on behalf of FHELP limited partners, Petro-Canada, UTS Energy
Corporation and Teck Cominco. The Project remains subject to regulatory
approval and a final investment decision.
    The aggregate contribution of these projects to Bird's third quarter
backlog will be approximately $310 million. These projects will not be
included in the backlog figures contained in the Fund's second quarter
financial statements which have not yet been released.

    This press release contains forward-looking statements that involve a
number of risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. Many factors could cause actual
results and developments to differ materially from those expressed or implied
by these forward-looking statements.

    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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