Teranet Responds to Borealis Announcement

    TORONTO, Oct. 28 /CNW/ - Teranet Income Fund (TSX: TF.UN) (the "Fund")
issued the following statement in response to the news release today from a
special purpose investment entity managed by Borealis Infrastructure
Management Inc. ("Borealis") regarding Borealis' intention to reduce the price
of its previously announced cash offer (the "Offer") to acquire all of the
outstanding trust units of the Fund and all of the Class B limited partnership
units of Teranet Holdings Limited Partnership from $11 per unit to $10.25.
    The Special Committee of Teranet Inc. ("Teranet") and the Board of
Trustees of the Fund will review Borealis' revised offer and further
communicate with Unitholders in due course. Teranet noted that Borealis has
not revised or waived any of the conditions in its Offer and therefore this
reduced offer remains highly conditional.

    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 Risk
Factors section of the last quarter's MD&A, which is available on the Teranet
site at www.teranet.ca or at www.sedar.com. Risk Factors may cause actual
results to differ materially from those contained in forward-looking

For further information:

For further information: Tanis Robinson, Manager, Investor Relations,
(416) 643-1096, tanis.robinson@teranet.ca

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