Company Taken Over

Effective September 28, 2007, Golf Town Income Fund was taken over by OCPI Golf Inc. for a total cash consideration of $17.15 per unit, consisting of a $12.00 special distribution and redemption proceeds of $5.15 per unit. Unitholders will receive a tax information slip in respect of the fund's 2007 taxation year including the special distribution. Because of the somewhat complex nature of this event, we encourage unitholders to consult with their tax preparers regarding the tax implications of this takeover.