19 October 2004
Gienow Windows & Doors Income Fund Closes Initial Public Offering

CALGARY, October 19, 2004 - Gienow Windows & Doors Income Fund (TSX: GIF.UN) (the "Fund") announced today that it has completed its initial public offering of 16,500,000 trust units for gross proceeds of $165 million. An additional 8,647,500 trust units were sold to Gienow Building Products Ltd. ("GBPL") at the initial public offering price of $10.00 per unit. The Fund has also granted the underwriters of the offering an over-allotment option to purchase up to an additional 825,000 trust units at $10.00 per unit. The over-allotment option expires 30 days from closing.

The Fund used the net proceeds of the offering, together with amounts drawn under a senior secured credit facility and the proceeds of the sale of units to GBPL, to indirectly invest in the Gienow Windows & Doors Limited Partnership (which owns and operates the window and door manufacturing, distribution and sales businesses previously conducted by GBPL, Award Windows Inc., and Architectural Windows & Doors Inc.) for an initial 98% limited partnership interest, and to indirectly purchase all of the outstanding shares of Farley Windows Inc., a window manufacturer based in Alexandria, Ontario. The Gienow Group is now one of the largest Canadian window and door manufacturers and one of only two Canadian window and door manufacturers with a national manufacturing and sales presence.

The Fund's units commenced trading today on the Toronto Stock Exchange under the symbol "GIF.UN". The initial cash distribution of the Fund for the period from closing to November 30, 2004 is expected to be paid on or before December 15, 2004 and is estimated to be $0.14 per unit.

The initial public offering was underwritten by a syndicate led by RBC Capital Markets and BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., GMP Securities Ltd., National Bank Financial Inc. and TD Securities Inc.

As a result of the direct purchase of units by GBPL and a subsequent transfer of units to a trust established for the benefit of certain employees, GBPL now owns 7,647,500 trust units representing approximately 30.4% of the outstanding units (approximately 27.1% if the over-allotment option is exercised in full). GBPL acquired the units for investment purposes and has no current intention to acquire additional units.

No Canadian securities regulatory authority has expressed an opinion about the securities being offered. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to, or for the benefit of U.S. Persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to an exemption therefrom. This release does not constitute an offer for sale of securities in the United States.

For further information, please contact:

Laura Wellon
NATIONAL Public Relations Inc.
T.: (403) 531-0331