May 7, 2007

TorQuest Acquires Operating Business of Associated Brands Income Fund

Toronto, Ontario – Associated Brands Income Fund (the "Fund") (TSX:ABF.UN – News) announced today that it has completed the previously announced sale of the Fund's operating subsidiaries to a wholly-owned subsidiary of a fund managed by an affiliate of TorQuest Partners Inc. ("TorQuest").

The proceeds of the sale will be paid to the Fund's unitholders by way of the redemption of the outstanding Fund units at a cash redemption price of $0.82 per unit. The redemption of the Fund's units is expected to occur on May 10, 2007.

About Forward-Looking Information

This press release contains certain forward-looking information and statements. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "may", "likely" or similar words suggesting future outcomes or statements regarding an outlook for, or future changes in, the expected redemption of the Fund's units or other expectations, future events or performance. Readers should not place undue reliance on forward-looking information and should be aware that forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the completion of the expected redemption of the Fund's units or actual results, performance or achievements of the Fund to differ materially from those suggested by the forward-looking statements. The Fund undertakes no obligation, except as required by law, to update publicly or otherwise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information.