Wajax Income Fund (the “Fund”) has made monthly cash distributions, generally payable to unitholders of record on the last business day of each calendar month and to be paid on or about the 20th day of the following month. The Fund may make special cash and/or special non-cash distributions at the end of the year to ensure, as provided in the Fund’s Declaration of Trust, that the Fund’s total distributions for the year are equal to its taxable income for the year. Cash distributions are dependent on, among other things, the cash flow of the Fund.

Holders of units who are non-residents of Canada will be required to pay all withholding taxes in respect of any distributions of income by the Fund, whether such distributions are in the form of cash or additional Fund units.

2010 Distributions

The Fund has declared the following cash distributions at the rates shown since January 1, 2010.

Period Record Date Payment Date Rate Per Unit
January 2010 January 29, 2010 February 22, 2010 $0.15
February 2010 February 26, 2010 March 22, 2010 $0.15
March 2010 March 31, 2010 April 20, 2010 $0.15
April 2010 April 30, 2010 May 20, 2010 $0.15
May 2010 May 31, 2010 June 21, 2010 $0.15
June 2010 June 30, 2010 July 20, 2010 $0.15
July 2010 July 30, 2010 August 20, 2010 $0.15
August 2010 August 31, 2010 September 20, 2010 $0.15
August 2010 - Special August 31, 2010 September 20, 2010 $0.20
September 2010 September 30, 2010 October 20, 2010 $0.15
September 2010 - Special September 30, 2010 October 20, 2010 $0.20
October 2010 October 29, 2010 November 22, 2010 $0.15
October 2010 - Special October 29, 2010 November 22, 2010 $0.20

2009 Distributions

The Fund has declared the following cash distributions at the rates shown since January 1, 2009.

Period Record Date Payment Date Rate Per Unit
January 2009 January 30, 2009 February 20, 2009 $0.36
February 2009 February 27, 2009 March 20, 2009 $0.36
March 2009 March 31, 2009 April 20, 2009 $0.20
April 2009 April 30, 2009 May 20, 2009 $0.20
May 2009 May 29, 2009 June 22, 2009 $0.20
June 2009 June 30, 2009 July 20, 2009 $0.20
July 2009 July 31, 2009 August 20, 2009 $0.20
August 2009 August 31, 2009 September 21, 2009 $0.15
September 2009 September 30, 2009 October 20, 2009 $0.15
October 2009 October 30, 2009 November 20, 2009 $0.15
November 2009 November 30, 2009 December 21, 2009 $0.15
December 2009 December 31, 2009 January 20, 2010 $0.15

2008 Distributions

The Fund has declared the following cash distributions at the rates shown since January 1, 2008.

Period Record Date Payment Date Rate Per Unit
January 2008 January 31, 2008 February 20, 2008 $0.33
February 2008 February 29, 2008 March 20, 2008 $0.33
March 2008 March 31, 2008 April 21, 2008 $0.33
April 2008 April 30, 2008 May 20, 2008 $0.33
May 2008 May 30, 2008 June 20, 2008 $0.34
June 2008 June 30, 2008 July 21, 2008 $0.34
July 2008 July 31, 2008 August 20, 2008 $0.34
August 2008 August 29, 2008 September 22, 2008 $0.35
September 2008 September 30, 2008 October 20, 2008 $0.36
October 2008 October 31, 2008 November 20, 2008 $0.36
November 2008 November 28, 2008 December 22, 2008 $0.36
December 2008 December 31, 2008 January 20, 2009 $0.36


2007 Distributions

The Fund has declared the following cash distributions at the rates shown since January 1, 2007.

Period Record Date Payment Date Rate Per Unit
January 2007 January 31, 2007 February 20, 2007 $0.32
February 2007 February 28, 2007 March 20, 2007 $0.32
March 2007 March 30, 2007 April 20, 2007 $0.32
April 2007 April 30, 2007 May 22, 2007 $0.32
May 2007 May 31, 2007 June 20, 2007 $0.32
June 2007 June 29, 2007 July 20, 2007 $0.32
July 2007 July 31, 2007 August 20, 2007 $0.32
August 2007 August 31, 2007 September 20, 2007 $0.33
September 2007 September 28, 2007 October 22, 2007 $0.33
October 2007 October 31, 2007 November 20, 2007 $0.33
November 2007 November 30, 2007 December 20, 2007 $0.33
December 2007 December 31, 2007 January 21, 2008 $0.33
December 2007 (special) December 31, 2007 January 21, 2008 $0.47


2006 Distributions

The Fund has declared the following cash distributions at the rates shown since January 1, 2006.

Period Record Date Payment Date Rate Per Unit
January 2006 January 31, 2006 February 20, 2006 $0.23
February 2006 February 28, 2006 March 20, 2006 $0.23
March 2006 March 31, 2006 April 20, 2006 $0.25
April 2006 April 28, 2006 May 23, 2006 $0.25
May 2006 May 31, 006 June 20, 2006 $0.27
June 2006 June 30, 2006 July 20, 2006 $0.27
July 2006 July 31, 2006 August 21, 2007 $0.27
August 2006 August 31, 2006 September 20, 2006 $0.30
September 2006 September 29, 2006 October 20, 2006 $0.30
October 2006 October 31, 2006 November 20, 2006 $0.30
November 2006 November 20, 2006 December 20, 2006 $0.32
December 2006 December 31, 2006 January 22, 2007 $0.32
December 2006 - Special December 31, 2006 January 22, 2007 $1.12



2005 Distributions

The Fund has declared the following cash distributions at the rates shown since conversion on June 15, 2005.

Period Record Date Payment Date Rate Per Unit
June 15 - July 31,2005 July 29, 2005 August 22, 2005 $0.2750
August 2005 August 31, 2005 September 20, 2005 $0.1833
September 2005 September 30, 2005 October 20, 2005 $0.1833
October 2005 October 31, 2005 November 21, 2005 $0.1833
November 2005 November 30, 2005 December 20, 2005 $0.2100
December 2005 December 31, 2005 January 20, 2005 $0.2100
December 2005 - Special December 31, 2005 January 20, 2005 $0.6500


On December 31, 2005, a special non-cash distribution of $0.14 per unit was paid by way of additional Fund units. Immediately after the issuance of the additional units, the outstanding Fund units were consolidated such that the number of Fund units was unchanged from the number held immediately prior to the special non-cash distribution.