Badger Income Fund Announces Results for the First Quarter Ended March 31, 2009

Badger Income Fund (BAD.UN - TSX), is pleased to announce its financial and operating results for the quarter ended March 31, 2009. Overall revenues increased by approximately 8 percent to $37.4 million for the first quarter of 2009 from $34.8 million for the same period in 2008, due to a 48 percent increase in United States revenues. As a result of the increase in revenues, EBITDA and funds generated from operations also increased. Badger's EBITDA increased to $11.3 million in the first quarter of 2009 from $10.0 million in the same quarter of 2008, while funds generated from operations increased to $10.2 million in the first quarter of 2009 from $9.7 million in the same quarter of 2008

Badger had 418 daylighting units at the end of the first quarter of 2009, reflecting the addition of 13 daylighting units to the fleet to date in 2009 and the retirement of eight units. The Fund had 413 daylighting units at December 31, 2008.