Series S-1 Income Fund

Series S-1 Income Fund

March 15, 2005 19:36 ET

Series S-1 Income Fund: 2004 Income Tax Information


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SERIES S-1 INCOME FUND

TSX SYMBOL: SRC.UN

MARCH 15, 2005 - 19:36 ET

Series S-1 Income Fund: 2004 Income Tax Information

CALGARY, ALBERTA--(CCNMatthews - March 15, 2005) - The following
information is intended to assist holders of Units of Series S-1 Income
Fund (TSX:SRC.UN) (the "Trust") in the preparation of their 2004 Income
Tax Return. This summary table below is directed to a Unitholder who,
for the purposes of the Income Tax Act (Canada) is a resident of Canada
and holds the Units as capital property.



------------------------------------------------------------------------
Record Capital Return of Total
Date Pay Date Income Dividends Gain Capital Distribution
------------------------------------------------------------------------
31-Jan-04 16-Feb-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
29-Feb-04 15-Mar-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-Mar-04 15-Apr-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
30-Apr-04 14-May-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-May-04 15-Jun-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
30-Jun-04 15-Jul-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-Jul-04 16-Aug-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-Aug-04 15-Sep-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
30-Sep-04 15-Oct-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-Oct-04 15-Nov-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
30-Nov-04 15-Dec-04 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
31-Dec-04 14-Jan-05 $ 0.0194 $ 0.0034 $ 0.0191 $ 0.0331 $ 0.0750
-----------------------------------------------------
$ 0.2328 $ 0.0408 $ 0.2292 $ 0.3972 $ 0.9000
-----------------------------------------------------
-----------------------------------------------------


Each Unitholder will receive a T3 supplementary slip for 2004 that will
indicate the amount of "Other Income" - Box 26 ,"Dividends" - Box 23 and
"Capital Gains" - Box 21 that are to be included in their tax return.
The dividends will be subject to the standard gross-up and federal
dividend tax credit rules. The T3 supplementary slips are prepared by
Computershare Trust Company of Canada and/or investment dealers.
Unitholders are advised to contact their investment dealer directly if
they do not receive their T3 supplementary slip.

The return of capital to the Unitholder is a non-taxable amount and will
reduce the Adjusted Cost Base of the Unitholder's Units.

If the Units were held within a RRSP, DPSP, or RRIF, then no T3 slip
will be received and no amount would be required to be reported on the
Unitholder's personal tax return.

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