Press Release March 27, 2003

Exchange Option Completed

Middlefield Group, on behalf of MAXIN Income Fund ("MAXIN"), is pleased to announce that units of income trusts, representing approximately $27.8 million, have been deposited under the exchange option ("Exchange Option"). The Exchange Option provided prospective investors with an alternative method of payment to cash, through the exchange of units of certain exchange eligible income trusts for units of MAXIN.

The number of units of MAXIN to be issued in exchange for deposited units of each exchange eligible income trust issuer is based on an exchange ratio determined by dividing the weighted average trading price of units of each exchange eligible income trust over three consecutive trading days up to and including March 26, 2003 (the "Pricing Period") by the offering price of $10.00 per unit of MAXIN. Holders of units of exchange eligible income trusts who have deposited their units will continue to be holders of record up to the date of closing of the offering of units of MAXIN and will receive all distributions in respect of units deposited up to but not including the date of closing.

MAXIN intends to take up all units of exchange eligible issuers deposited pursuant to the Exchange Option. The following table sets forth the weighted average trading price of units of each exchange eligible issuer on the Toronto Stock Exchange during the Pricing Period, the number of units of each exchange eligible issuer that MAXIN intends to acquire, the exchange ratio and the number of units of MAXIN to be issued in exchange for units of each exchange eligible issuer.

The above noted results of the Exchange Option will be incorporated in the final long form prospectus of MAXIN, which will be sent to all prospective purchasers including those who have participated in the Exchange Option.

The syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Dundee Securities Corporation, First Associates Investments Inc., Middlefield Securities Limited, Raymond James Ltd., and Wellington West Capital Inc.

For further information, please contact Sylvia Stinson at 416-362-0714 ext. 205.

This press release contains forward looking information. Actual future results may differ materially. A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in certain provinces of Canada and the Yukon Territory but has not yet become final for the purpose of a distribution to the public. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or acceptance of an offer to buy these securities in any province of Canada or the Yukon Territory prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province and territory.