Cypress Makes Early Warning Report

    VANCOUVER, Aug. 2 /CNW/ - Cypress Capital Management Limited ("Cypress")
today announced that as a result of the acquisition of 915,000 shares,
Cypress, on behalf of its clients, now has direction over:

    -   3,351,686 shares (or 10.70% of the outstanding shares calculated on a
        fully diluted basis) of Supremex Income Fund (SXP.UN).

    The acquisition of these securities by Cypress, on behalf of its clients,
was made in the ordinary course of business for investment purposes and was
not for the purpose of influencing the control or direction of Supremex Income
Fund (SXP.UN).

For further information:

For further information: Dean Alexander, Chief Compliance Officer,
Cypress Capital Management Limited, (604) 659-1850

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