¹Includes $0.35 special cash distribution
²Special non-cash distribution
³Includes $0.10 special cash distribution
⁴Includes $0.05 special cash distribution
⁵On December 19, 2008, the Fund declared a special one-time, cash distribution of $0.20 per unit to unitholders of record of December 31, 2008, paid on January 20, 2009 and was in addition to the normal monthly distribution of $0.13 for December. By declaring the special cash distribution, the Fund did not report any taxable income in 2008.
⁶On December 19, 2008, the Fund declared a special one-time, non-cash distribution with estimated value of $0.25 per unit to unitholders of record of December 31, 2008, paid on January 20, 2009 and was in addition to the normal monthly distribution of $0.13 for December. These Fund units were distributed on a pro rata basis and included in the unitholders’ taxable income for the 2008 calendar year.

No.

Because units must be purchased through a licensed investment broker, and cash payments are made to the unitholders through the broker, any directions regarding these payments should be discussed with the broker.

Industrials – Building Product.

The Fund's transfer agent & registrar is Computershare Investor Services Inc.; email: service@computershare.com ; telephone: 1-800-564-6253; address: 9 th floor, 100 University Ave., Toronto , Ontario , M5J 2Y1 ; website: www.computershare.com.

The units have traded since July 2005 on the Toronto Stock Exchange under the symbol VIC.UN, and a price history is available on www.tsx.com or www.globeinvestor.com.

Vicwest Income Fund's 2008 AGM was held on May 20, 2009 at
10:00 am ET at the TSX Broadcast Centre in Toronto. Please see the News & Events section to view the presentation.

The year end is December 31; the annual report is usually mailed and filed on SEDAR.com in April; and the AGM is usually in May.

Email ir@vicwestfund.com or call Wendy Olds at 905-469-5701.

The Fund's policy is not to provide guidance on earnings but on outlook of market performance. And following generally accepted disclosure practices, we do not endorse nor disseminate any investment analyst reports about the Fund.

We believe that some of our strengths, relative to our competitors, are:

• A diverse range of quality products, backed by attentive service
• Well established relationships with a wide base of customers in a variety of industries
• Operating resilience, with an experienced and entrepreneurial workforce
• Established brands and strong market shares in most domestic markets in which we compete
• Unique position as a national supplier with a manufacturing, distribution and sales network
• Relatively low annual maintenance capital expenditures - typically about 1% of revenues
• Solid balance sheet enabling leverage to finance further growth.

The Fund plans to achieve its primary financial objectives through two key strategies:

1. Sustain our core businesses and market shares

• Working closely with customers to meet their evolving needs with a broad range of effective products and services,
• Taking advantage of our unique national presence to cross-sell more products,
• Containing costs by further extending our lean manufacturing program and optimizing procurement, and
• Cultivating strong relationships with our employees, who drive the bottom line by satisfying customers.

2. Increase and further diversify earnings

• Expanding internally with new value-added products that have excellent growth potential,
• Leveraging our national logistics capabilities to distribute additional complementary products,
• Increasing international business development primarily in the agricultural sector, and
• Pursuing other accretive acquisitions to strengthen our market shares, expand our product offering in growth markets, and add new earnings streams.

92647T.

The Fund's sales depend on construction and agricultural markets that are both seasonal and cyclical. Many factors influence product demand in these markets including crop growing conditions, agricultural economics, commodity supply and pricing, domestic and international economic growth, interest and currency exchange rates, and government incentives. Since steel raw material accounts for about half of the Fund's cost of goods sold, the price of steel (which fluctuates with global supply and demand) will affect the selling prices of the Fund's products. While grain harvests and building construction have been robust in recent years, an appreciating Canadian dollar may continue to increase competition from imported products and reduce the value of the Fund's significant gains in export sales. In addition, although western Canada is a major grain supplier to global markets, its harvests could be at risk of climate change in the long term.

More than 1,000 employees.

It is the market segment of industrial, commercial and institutional buildings; industrial includes buildings used for manufacturing and processing, communications or other utilities, or agricultural, forestry or mining; commercial buildings include office towers, banks, hotels, warehouses and transportation terminals, theatres, pharmacies, grocery stores and shops, sports facilities, commercial centres, repair and service centres, funeral homes; institutional buildings include schools, universities, hospital, health clinics, day care centres, churches, museums and nursing homes.

Large North American mutual funds and other institutional investors.

The Fund's units are qualified investments for registered retirement savings plans (RRSPs), registered education savings plans (RESPs), deferred profit sharing plans (DPSPs) and registered retirement income funds (RRIFs) and tax-free savings accounts (TFSAs) under the Canadian Income Tax Act.

Fund unitholders who hold units outside these plans will generally be required to include in their income, for a particular taxation year, the portion of the distributions received that are taxable as other income (included on T3 or T5 income tax slips). The tax deferral of a portion of distributions arises as the Fund's capital cost allowance and expenses significantly reduce the Fund's income that would otherwise be taxable. The tax-deferred portion of distributions represents a return of capital for Canadian income tax purposes and reduces the adjusted cost base of the trust units. Generally a trust unit is considered to be capital property. The actual or deemed disposition of a unit will give rise to a gain (or loss) equal to the amount by which the proceeds of disposition of a trust unit are greater (or less) than the adjusted cost base of the unit and any associated selling expenses.

The Fund's distributions in 2007 and 2008 were completely taxable to unitholders.