Tree Island Wire Income Fund

Tree Island Wire Income Fund

May 17, 2006 13:29 ET

Tree Island Wire Income Fund Board of Trustees Approves Unitholder Rights Plan

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - May 17, 2006) - Tree Island Wire Income Fund (TSX:TIL.UN) announced today that its trustees have adopted a Unitholder Rights Plan (the "Rights Plan"). The Rights Plan is designed to ensure fair treatment for all unitholders in the event of a take-over bid or any other attempt to acquire a controlling interest in the Fund.

Tree Island Wire Income Fund is not aware of any specific take-over bid for the Fund that may be contemplated.

Provisions of the Rights Plan include the limitation on unitholder ownership at 20% of outstanding units in the absence of a take-over bid for all outstanding units and a requirement for a take-over bid to be open for a minimum of 60 days. The plan will be available for viewing at

The Rights Plan is subject to acceptance by the TSX. The Rights Plan is effective immediately and must be confirmed by unitholders within six months.

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