To SAGE Income Fund Unitholders:

SAGE Income Funds Distribution Reinvestment Plan (the "Plan") provides existing unitholders with a convenient and economical way to maximize their investment in SAGE. The Plan provides participants an opportunity to reinvest distributions into trust units to benefit from compounding returns.

Unitholders can enroll in the DRIP program by contacting their Investment Advisor/Stock Broker and request that they be enrolled in the Trust's Distribution Reinvestment Plan. Investment Advisors are required to notify their distribution/dividend department in order to enroll a client in the DRIP program. Unitholders must submit their request so that it is received on or before a distribution record date.

Sincerely,

W. Garth Jestley
President and Chief Executive Officer