TORONTO, ONTARIO -- (MARKET WIRE) -- 05/01/08 -- John F. Driscoll, The Exchange Tower, 130 King Street West, Suite 2850, Toronto, Ontario M5X 1A4, together with joint actors, has acquired through the facilities of the Toronto Stock Exchange beneficial ownership and control of 101,000 trust units of Canadian Income Management Trust (the "Trust") (TSX: CNM.UN), representing approximately 2.06% of all issued and outstanding trust units of the Trust.

Immediately after the acquisition, John F. Driscoll, together with joint actors, beneficially owned and controlled 744,244 trust units of the Trust, representing in the aggregate approximately 15.18% of all issued and outstanding trust units of the Trust, calculated on a non-diluted basis. On a partially diluted basis, Mr. Driscoll beneficially owns and controls 858,639 trust units, or approximately 17.51% of all issued and outstanding trust units of the Trust. Mr. Driscoll's beneficial ownership and control of such securities are held through J.F. Driscoll Investment Corp. and Petro Assets Inc. (companies beneficially owned and/or controlled by John F. Driscoll).

John F. Driscoll, together with joint actors, acquired the 101,000 trust units of the Trust for investment purposes and may from time to time acquire additional securities of the Trust, in particular where the units of the Trust are trading at a discount to the net asset value per trust unit, dispose of some or all of the existing or additional securities of the Trust they respectively hold or will hold or may continue to hold their respective current position.

For further information or copies of the report filed in connection with this news release with the various securities commissions, please contact:

Ryan Caughey
The Exchange Tower,
130 King Street West, Suite 2850,
Toronto, Ontario M5X lA4
(416) 861-8729