Substantial Issuer Bid

TerraVest Income Fund (the "Fund", TSX: TI.UN) announced the final results of its substantial issuer bid dated July 16, 2012 (the "Offer"), to purchase for cancellation up to 5,000,000 of the issued and outstanding units ("Units") of the Fund (or such greater number of Units that the Fund determines it is willing to take up and pay for) from holders of Units at the purchase price of $2.75 per Unit. The Offer expired at 5:00 p.m. (Toronto Time) on Monday, August 20, 2012.