Dominion Citrus Income Fund Applies for Voluntary Delisting of Units and Announces the Initial Distribution of Proceeds from the Sale of the Assets of the Fund

TORONTO, ONTARIO--(Marketwired - Aug. 5, 2016) - Dominion Citrus Income Fund (TSX:DOM.UN) (the "Fund") following the recently announced unitholder approval of the sale of all or substantially all of the assets of the Fund and the closing of the sale transaction on July 29, 2016, the Fund has applied to the TSX for voluntary delisting of the units of the Fund from the TSX. The intention to apply for voluntary delisting was disclosed in the Fund's information circular for the July 25^th, 2016 unitholders' meeting. The delisting is scheduled to occur at the close of markets on Tuesday August 23, 2016. The initial distribution of proceeds from the sale of the assets of the Fund will be made on Wednesday, August 31, 2016 to unitholders of record on August 26, 2016. The Fund intends to retain Computershare Investor Services Inc. as its paying agent for the distribution of the funds to unitholders. In the initial distribution the Fund will distribute to unitholders $0.48 per unit, being $8,135,717 of the aggregate $8,644,200 cash proceeds from the sale of its assets after reduction of the promissory note received as part of the purchase price for the assets and the Fund will retain the remaining $508,483 as a reserve for expenses of the Fund including expenses related to the orderly winding-up of the Fund and for indemnity obligations. The trustees of the Fund intend to wind-up the Fund and distribute any funds remaining from such reserve on or before the second anniversary of the sale of the assets of the Fund.

Cautionary Statement Regarding Forward Looking Information and Statements

Certain statements contained in this press release contain "forward-looking information" pursuant to Canadian securities laws ("forward-looking statements"). Forward-looking statements relate to future events or the Fund's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. These forward-looking statements may be affected by the risks and uncertainties in the Fund's business. The forward-looking statements in this press release include proposed winding up of the Fund and the proposed distribution, after winding up and other expenses, of the net proceeds of the sale of assets to unitholders of the Fund. Any forward-looking statements speak only as of the date of this press release, and the Fund assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release except as required by applicable securities laws.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.