April 19, 2007 20:08 ET

TerraVest Income Fund Announces April 2007 Distribution and Date of Annual Meeting

EDMONTON, ALBERTA--(CCNMatthews - April 19, 2007) - TerraVest Income Fund (TSX:TI.UN) announced today that it has declared a cash distribution of $0.08333 per Unit, effective with the distribution to be paid on May 15, 2007 to Unitholders of record on April 30, 2007. The ex-distribution date is April 26, 2007.

The Exchange Ratio for the Exchangeable Shares of TerraVest Industries Inc. has increased from 1.38942 to 1.40726, effective April 30, 2007. Further information about TerraVest's exchangeable shares and the calculation of the Exchange Ratio can be found at http://www.terravestindustries.com/invinfo_cash.htm. There are currently 1,411,112 Exchangeable Shares outstanding.

The Fund's 2007 annual and special meeting of unitholders will be held on May 22, 2007 at the Marriott Hotel, 110 - 9 Avenue S.E., Calgary, Alberta at 1:00 p.m. (Mountain Time). The 2006 annual report and Management Information Circular will be mailed to unitholders on or about April 26.

TerraVest Income Fund is an income trust whose Units trade on the Toronto Stock Exchange. Its mandate is to invest in a diversified group of income producing businesses to provide its Unitholders with stable and increasing cash returns. TerraVest has made six investments:

- RJV is one of the largest providers of wellhead processing equipment for the natural gas industry in western Canada.

- Stylus is one of Canada's leading made-to-order upholstered furniture manufacturers.

- Don Park is one of Canada's largest manufacturers and suppliers of heating, ventilation and air conditioning (HVAC) products.

- Diamond is a market leader in providing well servicing to the oil and natural gas sector in south-western Saskatchewan, with a growing presence in Alberta.

- Beco is one of Canada's largest designers, manufacturers and importers of home textile products.

- Ezee-On manufactures heavy-duty equipment for large acreage grain farms and livestock operations.

Visit us at: www.terravestincomefund.com

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