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					News release


TERRAVEST COMPLETES ACQUISITION OF BECO INDUSTRIES LTD. AND
  INCREASES ANNUAL UNITHOLDER DISTRIBUTION $0.05 PER UNIT


Edmonton, Alberta (December 6, 2005) -- TerraVest Income Fund (TSE: TI.UN)
today announced that it has completed the purchase of an 80% interest in Beco
Industries Ltd., the largest Canadian designer, manufacturer and importer of
home textile products. Beco, headquartered in Montreal, is the Fund’s sixth
acquired business since commencing operations in July 2004.

As a result of the accretive nature of the Beco acquisition, TerraVest’s trustees
approved a $0.05 increase in the annual distribution to $1.38 per Unit, effective
with the distribution to be paid on January 15, 2006 to Unitholders of record on
December 31, 2005. The Fund has increased distributions by 30% since it
began operations 17 months ago.

TerraVest invested approximately $34 million for its interest in Beco, using
existing financial resources and drawing down funds from its new $110 million
debt facility. Beco was privately owned by Sydney, Alan and Richard Pinchuk.
Richard and Alan represent the third generation of the family who founded the
business in 1946. Richard and Alan, respectively CEO and President of Beco,
along with two other senior managers, will hold a 20% minority interest.

With 385 employees, Beco’s revenue and EBITDA for 2005 are projected to be
$54.0 million and $7.0 million, respectively, for the 12 months ended December
2, 2005.

From three manufacturing and distribution facilities in Montreal, the Company
sells a wide variety of household textile products through retailers in Canada
(60% of revenues) and the United States (40%). Its major customers include
Walmart, Loblaws Superstores and Zellers in Canada, and Kohl's, Ross Stores,
Meijer and Fred Meyer in the United States.

Beco’s revenues come from imported products, domestically manufactured
goods and combined import and manufactured offerings. It operates showrooms
and sales offices in Montreal and New York, and sourcing and buying offices in
Shanghai, China and Faisalabad, Pakistan. Beco sources raw materials and
products from factories in China, Bangladesh, India, Pakistan, Korea and
Thailand.
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Beco specializes in the development of private label, branded and licensed textile
products for sale by its retail customers. The Company sells full product lines of
sheets, comforters, bedspreads, duvet covers, decorative pillows, blankets,
natural and synthetic duvets, mattress covers, bed pillows, window coverings,
juvenile bedding and textile products, and sleeping bags. The Company recently
expanded into kitchen and bath textiles and accessories.

“Beco places great importance on its ability to innovate for its customers,” said
Richard Pinchuk, Beco’s Chief Executive Officer. “We maintain separate design
groups for individual customers, and staff works closely with our people in sales
and marketing as well as with our retail partners. Combined with our
accumulated expertise and experience in international sourcing and
manufacturing textile products, we have been successful in meeting the ever-
changing requirements of the marketplace.”

“Beco meets all of our investment criteria,” said Dale Laniuk, TerraVest’s Chief
Executive Officer. “TerraVest will benefit from the investment by Beco in its deep
customer relationships and extensive experience in global sourcing that bring
with them many future growth opportunities. “

“As well, the Fund’s investment in Beco represents additional diversification and
new markets that will provide further stability for our distributions to Unitholders in
the future,” said Mr. Laniuk.

Further information about Beco can be obtained at the TerraVest web site:
http://www.terravestindustries.com, or at http://www.becoindustires.com

Management of TerraVest and Beco will host a conference call today at 10:00
a.m. Eastern Standard Time. Shareholders and others may call toll free at (416)
695-9747 in Toronto (Toll-Free Access: [877] 888-4483) to listen to a
management presentation.

TerraVest is a publicly traded income trust with a portfolio of diversified
businesses and whose stated objective is to provide stable and increasing cash
returns to its Unitholders. The Fund has announced increased per Unit
distributions of more than 30% since its inception in July, 2004. Its mandate is to
build a diversified portfolio of high quality, mid-sized companies for outstanding
growth in per Unit distributions and income stability.

Information about TerraVest Income Fund

The Fund now has six investments:

   •   RJV is one of the largest providers of wellhead processing equipment for
       the Canadian natural gas industry.
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   •   Stylus is one of Canada’s leading made-to-order upholstered furniture
       manufacturers.

   •   Don Park is one of Canada’s leading manufacturers and suppliers of
       heating, ventilation and air conditioning equipment.

   •   Diamond Energy Services is an oil and natural gas well servicing company
       with operations in Saskatchewan and Alberta.

   •   Beco Industries is the largest Canadian designer, manufacturer and
       importer of home textile products.

   •   Ezee-On manufactures heavy duty equipment for large acreage grain
       farms and livestock operations.



Further information:       J. Patrick Howe
                           Investor Relations
                           TerraVest Income Fund

                           (416) 929-0512
                           ir@terravestindustries.com

                           Tom Kileen
                           Chief Financial Officer
                           TerraVest Income Fund

                           (612) 868-0556
                           tkileen@terravestindustries.com

Visit us at:               www.terravestincomefund.com


                            BECO INDUSTIES LTD.
                                Fact Sheet

   •   Founded in 1946 by Archie Pinchuk in suburban Montreal to manufacture
       head wear for the Canadian army

   •   Beco has been owned by Sydney, Richard and Alan Pinchuk, second and
       third generation Pinchuks

   •   Beco has become the largest Canadian designer, manufacturer and
       importer of home textile products
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•   Approximately 60% of 2005 projected sales of $54.0 million is in Canada,
    with the remainder (40%) sold into the United States

•   Three manufacturing and distribution facilities in suburban Montreal with
    300,000 square feet of space

•   Through retailers, the Company sells full product lines of sheets,
    comforters, bedspreads, duvet covers, decorative pillows, blankets,
    natural and synthetic duvets, mattress covers, bed pillows, window
    coverings, juvenile bedding and textile products, bathroom textile
    accessories, kitchen textile and decorative products, and sleeping bags

•   Known as a “category specialist” by managing customer product lines in
    home furnishings, bedding, camping and, most recently, bath and kitchen
    goods for high volume retail operations

•   Beco specializes in developing private label, branded and licensed textile
    products for its retail customers

•   Operates showrooms and sales offices in Montreal and New York, and
    sourcing and buying offices in Shanghai, China and Faisalabad, Pakistan.
    Beco. sources raw materials and products from factories in China,
    Bangladesh, India, Pakistan, Korea and Thailand

•   Largest customer is Walmart Canada, where its bedding and camping
    departments carry Beco products

•   Its major customers in Canada include Walmart Canada, Loblaws
    Superstores and Zellers

•   U.S. customers include Kohl's, Meijer, Fred Meyer and Ross Stores

•   385 employees

•   Beco is the sixth business acquired by TerraVest since it started
    operations in July 2004


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