25 April 2002
BFI Canada Income Fund Closes $175,000,000 Initial Public Offering

TORONTO, April 25 /CNW/ - BFC.UN - BFI Canada Income Fund (the "Fund") is pleased to announce that it has completed an initial public offering of 17,500,000 units at a price of $10.00 per unit for gross proceeds of $175,000,000. The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. and National Bank Financial Inc. and included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation and Desjardins Securities Inc. The Fund has granted to the Underwriters an over-allotment option to purchase an additional 2,625,000 Units on the same terms and conditions, exercisable at any time within 30 days following the closing of the initial public offering. 9,000,000 Units of the Fund have been retained to the existing securityholders of 3743276 Canada Inc., the parent company of BFI Canada, in connection with the acquisition of the business currently carried on by BFI Canada and its affiliates.

The Fund's Units have commenced trading today on The Toronto Stock Exchange under the symbol "BFC.UN". The Fund will make monthly distribution to Unitholders of its available cash to the maximum extent possible. The initial cash distribution for the period from the closing of the offering to May 31, 2002 is expected to be paid on or before June 15, 2002 and is estimated to be $0.11667 per Unit.

The net proceeds from the Offering will be used to, among other things, acquire the business currently carried on by BFI Canada and its affiliates and to pay down existing indebtedness.

BFI Canada was initially organized in June 2000 by a group led by Keith Carrigan, BFI Canada's current President and Chief Executive Officer, with financing led by EdgeStone Capital Partners, Canada's leading mid-market focussed merchant bank. BFI Canada is a full-service waste management company providing non- hazardous solid waste collection and landfill disposal services for commercial, industrial and residential customers in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec. Based on revenues, BFI Canada is one of the three largest non-hazardous solid waste management companies in Canada. The Company owns and operates three landfills, carries on collection operations in 18 markets, and operates three transfer collection stations, seven material recovery collection facilities and one landfill gas to energy facility. BFI's business does not include any management, collection or disposal of hazardous or liquid waste.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province or jurisdiction.

BFI Canada Income Fund Units have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application for exemption from the registration requirements under U.S. securities laws.

Not for distribution to U.S. News wire services or dissemination in the U.S.

For further information, contact
Joe Quarin
Tel: (416) 401-7722
Email:joe.quarin@bficanada.com