Vicwest Income Fund Announces Approval of Normal Course Issuer Bid

    OAKVILLE, ON, Dec. 20 /CNW/ - (TSX: VIC.UN): Vicwest Income Fund
("Vicwest" or the "Fund") announced today that the Toronto Stock Exchange has
approved the Fund's normal course issuer bid application for a portion of its
units. As approved, the purchases may be made between the period December 24,
2007 and December 23, 2008.
    Vicwest intends to acquire up to 900,000 units for cancellation over the
next 12 months, which represents approximately 4.8% of the Fund's outstanding
units. Daily purchases will be limited to 7,119 units, subject to certain
regulatory exceptions. Purchases will be made at market prices through the
facilities of the exchanges as appropriate opportunities arise from time to
time. Vicwest intends to fund the purchases out of its available cash and
credit facility. Vicwest believes that the purchase of its units represents an
investment opportunity for the Fund and a worthwhile use of its resources.

    About the Fund

    The Fund, headquartered in Oakville, Ontario, is one of Canada's leading
manufacturers and distributors of construction building products including
metal roofing, siding and other metal building products. The Fund fabricates
and markets these products under the Vicwest, Mercury Metals and Valley Truss
& Metal trade names. Under the Westeel trade name, the Fund is Canada's
foremost manufacturer of steel containment products for agricultural storage
of grain and fertilizer. The Fund's petroleum storage tanks and accessories
are manufactured and distributed under the trade names Westeel, Northern Steel
Industries and NSI. The Fund has 15 manufacturing facilities strategically
located throughout Canada with approximately 1,000 dedicated employees
committed to providing quality products and excellent service to customers in
domestic and international markets.

    This press release contains forward-looking information within the
meaning of applicable securities laws. Forward-looking information is subject
to certain factors, including risks and uncertainties, that could cause actual
results to differ materially from what the Fund currently expects and there
can be no assurance that such statements will prove to be accurate.
Accordingly, readers should not place undue reliance on forward-looking

    Further information can be found in the disclosure documents filed by
Vicwest Income Fund with the securities regulatory authorities, available at and on the Fund's website

For further information:

For further information: Mr. John Slattery, Executive Vice President and
CFO, (905) 469-5706; Mr. Colin Osborne, President and CEO, (905) 469-5700

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Vicwest Inc.

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