PRESS RELEASE

INCOME FINANCIAL PLUS - Announces Normal Course Issuer Bid

TORONTO, ONTARIO - June 1, 2004 - Income Financial Plus Trust ("IFPT") (TSX:INZ.UN), announced today acceptance by the Toronto Stock Exchange of notice of IFPT's intention to purchase from time to time, if it is considered advisable, up to 474,469 of its outstanding units through the facilities of the Toronto Stock Exchange representing 5% of the 9,489,386 units of IFPT issued and outstanding as at the date hereof. The Board of Directors of Quadravest Inc., the Manager, on behalf of IFPT, believes that such purchases may from time to time be in the best interests of IFPT and a desirable use of investment trust funds. Purchases of units may be made pursuant to this notice in the 12-month period commencing June 3, 2004 and ending June 2, 2005. All units of IFPT purchased pursuant to this notice will be cancelled by IFPT.

IFPT invests 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. IFPT may also invest up to 50% of the portfolio in non-Financial services companies selected from the S&P 500 Index. Quadravest Capital Management actively manages IFPT's investment portfolio.

For further information, please contact Quadravest Capital Management:
Wayne Finch, Chairman & Chief Investment Officer; Laura Johnson, Vice President; Peter Cruickshank, Chief Financial Officer