INCOME FINANCIAL TRUST ("Income Financial") announces annual financial results
for the year ending December 31, 2008.


By the end of 2008, the cumulative impact of the deterioration in financial and
economic conditions created record lows in business, investor and consumer
confidence and resulted in recessionary conditions throughout the world. In
addition, the de-leveraging of hedge funds and other similar funds during the
final months exacerbated market volatility and losses in financial markets.
Market indices experienced declines not seen since the Great Depression of the
1930s. In North America, declines of -35.82% and -44.62% respectively for the
S&P TSX Financial index and S&P 500 Financials index for the year ending
December 31, 2008 evidenced the deterioration of financial and economic
conditions on even these broad financial indices.


Throughout this difficult environment, the core holdings in the portfolio have
been negatively impacted. The net asset value per unit declined to $8.18 as at
December 31, 2008.


Distributions totaling $1.54 per unit were made during the period. A total of
125 distributions totaling $22.16 per unit have been paid since inception
(February 1999).




Selected Financial Information from the Statement of Operations:
For the year ending December 31, 2008
                                                               ($ Millions)

Income                                                               2.874

Expenses                                                            (1.012)
                                                                   --------

Net investment income                                                1.862

Realized option premiums and gain (loss) on sale of
 investments                                                        (1.377)

Change in unrealized depreciation of investments                   (41.480)
                                                                   --------

Decrease in net assets from operations before
 distributions                                                     (40.995)

Comparative financial information is available in documents filed on 
www.sedar.com.



Income Financial invests primarily in North American financial services
companies whose shares are included in the TSX Financial Services Index, the S&P
Financials Index or the S&P MidCap Financials Index. Quadravest Capital
Management Inc. actively manages the portfolio.
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