NEWS FLASH

IBI Income Fund Announces the Closing of the Acquisition of the Practice of Rhon Ernest-Jones Consulting Engineers of Coral Springs, Florida
Tuesday May 13, 6:11 pm ET

TORONTO, May 13 /CNW/ - IBI Income Fund (the "Fund") (TSX:IBG.UN - News) announced the closing today of the acquisition by IBI Group, Inc. of the practice of Rhon Ernest-Jones Consulting Engineers, Inc. (REJCE) of Coral Springs, Florida.

REJCE provides a full range of professional consulting services in civil engineering, land planning, traffic engineering & transportation planning and landscape architecture. The Firm has been serving clients involved in projects of mixed-use developments combining retail, office and commercial as well as transportation planning and engineering services, from its offices in Coral Springs, Jupiter and Lake Placid for over fifteen years.

Phil Beinhaker, Chairman Director and CEO of IBI Group noted that, "Rhon Ernest-Jones has established a very fine practice that has successfully completed a wide range of projects in urban development and transportation consulting. IBI has concluded arrangements for Rhon Ernest-Jones and Alan Tinter, along with their senior colleagues and other members of the staff, to continue with the practice within IBI. The integration of this practice with its total complement of 38 professional staff is a significant step in further broadening and strengthening the presence of IBI in Florida, enhancing the effectiveness of IBI in serving clients. The addition of the transportation practice led by Alan Tinter, adds functional skill to the Florida practice of IBI. This is a significant step in extending IBI Group's services in the Florida and south-eastern United States markets."

Rhon Ernest-Jones stated "We at REJCE are delighted to be joining the IBI Group. The coming together of the two firms provides an opportunity to expand the range of services to our existing clients in Florida and a platform to extend the good work of REJCE to a worldwide market."

About IBI Income 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 63% interest in 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 37% of IBI Group is owned by IBI Group Management Partnership.

For further information

Philip H. Beinhaker, IBI Income Fund, 230 Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930

	REJCE provides high quality professional Civil Engineering, Transportation Planning and Traffic Engineering, Land Planning, and Landscape Architecture services for both private and public sector clients, predominantly specializing in land development, government services and building construction projects. The firm also provides Environmental Engineering and Litigation Support, including Expert Witness services. Founded in 1992 by Rhon Ernest-Jones on the principles of professionalism and close attention to client service needs, the firm has expanded to a multi-disciplined and cohesive team of professional engineers, land planners, landscape architects and technical / support personnel. Its select but diverse roster of clients includes state and local government authorities, national leaders in business and the property development industry, hospitals, appraisers, architects, law firms, financial and religious institutions, oil companies, utilities, franchises and regulatory agencies. In addition to providing traditional design services, the firm also offers comprehensive project management services from initial "due diligence" and site investigation reports, detailed project scheduling, governmental fee management and representation throughout the complex approval processes typical of the South Florida area. The firm embodies a strong commitment to community involvement and support, and to the continued professional development of its staff.

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