IBI Income Fund announces the closing of a merger of Tetra Design, Inc. with
the IBI Group of Firms

TORONTO, Nov. 20 /CNW/ - IBI Income Fund (The "Fund") (TSX:IBG.UN) announced today the closing of the merger of Tetra Design, Inc. Architects, ("Tetra") within the IBI Group of firms. The practice will continue with the name "Tetra - IBI Group Architects, Planners".

For the past 34 years, the firm currently known as Tetra has practiced architecture, interior design, and master planning in California, operating from its base in Los Angeles. The practice is led by Robert Uyeda, Blossom Uyeda and their colleague Jerry Penrose. Together with the senior and other professional staff, the Tetra complement is currently approximately 30 people. Tetra has established a remarkable reputation with a wide range of public agencies including the Port of Los Angeles, the Port of Long Beach, Los Angeles Unified School District, Los Angeles Community College District, The City of Los Angeles, the County of Los Angeles, and other agencies along with various private clients in the health care and real estate industries in the performance of their architectural design work.

Phil Beinhaker, Chairman Director and CEO of the IBI Group of Firms noted that, "Bob, Blossom and Jerry, together with their staff have established a truly remarkable broad reach and reputation for creative and competent design in the fields of education, transportation, libraries, administration facility and a wide range of other building types. The leaders of the firm have committed to continue their roles of leadership in management, to achieve the integration of this practice within the practice of IBI Group in California and more broadly in the United States. Tetra will become another key component of the national educational practice that IBI is building across the United States of America. Additionally, the geographic base of this firm in Los Angeles will enable IBI for the first time to have an operating base in this major market area. IBI will provide additional strength to enable Tetra to take on the broader, larger assignments, as well as to add to the scope of services. With the integration of Tetra, the total complement of professionals in the IBI Group will now be some 2,300 people operating through 68 offices worldwide.

The consideration for the merger is in the form of exchangeable partnership units for the value agreed for the goodwill. A total of 95,495 IBI units may be issued pursuant to the exchangeable partnership units issued on closing, with additional exchangeable partnership units to be issued on the first and second anniversaries of closing, estimated to be exchangeable for up to 31,832 IBI units on each of the first and second anniversaries, subject to adjustment".

Robert Uyeda, Managing Principal of Tetra stated that "This integration of Tetra within the IBI Group provides for continuity and strengthening of the practice which Blossom, Jerry and I have built with our clients. We are all three committed to continue along with our creative and hard working staff. We have been honoured by the outstanding reaction of our clients in supporting us in this move, our having reassured them that we are continuing, now strengthened with the depth of architectural resources within IBI Group, as well as the diversity of additional services that IBI offers and to which our clients have indicated interest. Accordingly, we look forward to the continuity, further growth and broadening of our practice in serving the development of the urban environment and architectural facilities in the Greater Los Angeles area".

About IBI 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 71.4% in the 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 28.6% of the IBI Group is owned by IBI Group Management Partnership which together with its share in the indirect interest of the Fund holds a combined 46.9% interest.

%SEDAR: 00021044E

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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