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- KPMG LLP Chartered Accountants Suite 3300 Commerce Court West PO Box 31 Stn Commerce Courl Toronto ON M5L 1 B2 Canada Telephone Fax Internet (416) 777-8500 (416) 777-8818 www.kpmg.ca ~ AUDITORS' REPORT TO THE UNITHOLDERS We have audited the consolidated balance sheets of IBI Income Fund as at December 31, 2006 and December 31, 2005 and the consolidated statements of earnings and deficit and cash flows for the years then ended. These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. . In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2006 and December 31, 2005 and the results of its operations and its cash flows for the years then ended in accordance with Canadian generally accepted accounting principles. ;'/1'#1& L.r..P ---------- Chartered Accountants Toronto, Canada March 21, 2007 KPt"lG LL~ IS a Canadian limited lIabll!ty partnership and a member firm of the KPMG nelwork of Independent memhef flrm~ "ffillilted wllh KPMG International. a SWISS cOOptm:lI""~