Teranet Responds to Borealis Announcement

    TORONTO, Sept. 4 /CNW/ - Teranet Income Fund (TSX: TF.UN) issued the
following statement in response to the press release today by Borealis
Infrastructure Management Inc. ("Borealis") announcing their intention to make
an offer to acquire the outstanding trust units of Teranet Income Fund and
Class B limited partnership units of Teranet Holdings Limited Partnership for
$11 in cash per unit.
    The Board of Teranet will review any offer made to Teranet unitholders by
Borealis and will further communicate in due course. As Teranet stated in its
press release of August 28, 2008, Teranet has been looking at a variety of
options to maximize unitholder value. Teranet has already initiated contact
with a number of parties in order to determine whether a sale process would
maximize unitholder value, and has retained RBC Dominion Securities Inc. and
CIBC World Markets Inc. as financial advisors. Borealis was contacted and
offered the opportunity to participate on the same basis as the other parties
in this process. By announcing their intention to make an offer, it appears
that Borealis has signaled its desire not to participate in the process that
Teranet has established. The Board of Teranet will continue to explore all
options to maximize unitholder value and the Board of Teranet will make a
recommendation with respect to the offer following the receipt of the formal

    About Teranet

    Teranet offers e-services to the legal, real estate, government,
financial and healthcare markets. Teranet provides exclusive access to
Ontario's Electronic Land Registration System ("ELRS"), enabling customers to
conduct electronic registrations as well as title and writ searches relating
to real property. Teranet has also leveraged its core competencies to create
electronic service offerings in complementary areas. Teranet's comprehensive
products and services include property information, transaction management,
collateral risk management, geospatial information, workflow software and
enterprise solutions. Teranet Income Fund units are listed on the Toronto
Stock Exchange under the symbol TF.UN. For more information about Teranet,
visit www.teranet.ca.

    Forward-Looking Statements

    This news release contains statements that, other than statements of
historical fact, may be forward-looking statements about the objectives,
financial condition and results of operations of the Fund. These statements
are forward-looking and reflect management's current views and are based on
certain assumptions and expectations. Actual results could be materially
different from expectations if known or unknown risks affect the business, or
if estimates or assumptions turn out to be inaccurate. No forward-looking
statement is a guarantee of future results. Investors are cautioned not to
place undue reliance on such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring items announced or occurring after the statements are made may
have on the business. Teranet disclaims any intention or obligation to update
any forward-looking statement even if new information becomes available, as a
result of future events or for any other reason, except as required by law.
These statements are subject to a number of risks described in the Risks and
Uncertainties section of the last quarter's MD&A, which is available at
www.sedar.com. Risks and Uncertainties may cause actual results to differ
materially from those contained in forward-looking statements.

For further information:

For further information: Brian Kyle, VP and CFO, (416) 643-1108,

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