PRESS RELEASE

INCOME FINANCIAL - Announces Normal Course Issuer Bid

TORONTO, ONTARIO - June 1, 2004 - Income Financial Trust ("Income Financial") (TSX: INC.UN), announced today acceptance by the Toronto Stock Exchange of notice of Income Financial's intention to purchase from time to time, if it is considered advisable, up to 182,791 of its outstanding units through the facilities of the Toronto Stock Exchange, representing 5% of the 3,655,825 units of Income Financial issued and outstanding as at the date hereof. The Board of Directors of Quadravest Inc., the Manager of Income Financial, believes that such purchases may from time to time be in the best interests of Income Financial 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 Income Financial purchased pursuant to this notice will be cancelled by Income Financial.

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