Press Release

Year End Financial Results
(For Release 9:00 a.m. EDT, May 23, 2000)

Toronto, May 23, 2000: 60Plus Income Trust announces results for the period from commencement of operations February 8, 1999 to December 31, 1999. Total results from financial operations amounted to $22.0 million or $5.09 per unit which includes both realized and unrealized capital gains and losses. Net assets were $115.1 million or $26.39 per unit. Distributions to Unitholders amounted to $10.0 million or $2.30 per unit, which included a special dividend of $0.50 in December 1999.

60Plus Income Trustıs investment objectives are to provide Unitholders with a stable stream of quarterly distributions of at least $0.50 per Unit. The Trust intends to achieve its investment objectives by investing in a diversified portfolio consisting principally of common shares issued by corporations selected from the S&P/TSE 60 Index. The Trust may also, from time to time, invest up to 20% of the cost amount of its assets in (i) common shares issued by the top 60 corporations selected on the basis of market capitalization from the S&P 100 Index or (ii) American Depository Receipts ("ADRs") of the top 60 corporations selected on the basis of market capitalization whose ADRs are trading on the New York Stock Exchange or NASDAQ. To generate additional returns above the dividend income earned on the portfolio, the Trust will from time to time, write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest.

The Trustıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Trust Units are listed on The Toronto Stock Exchange under the symbol SIX.UN.

Selected Financial Information:
($ millions)

Statement of Net Assets 1999
Assets $ 117.4
Liabilities 2.3
Net Assets
(Unitholders Equity)
$ 115.1
Statement of Financial Operations
Income $ 2.3
Expenses 1.4
Net Investment Income 0.9
Net Gain on Investments 21.1
Total Results from Financial Operations $ 22.0

For further information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Donald Biggs, Vice President, Mulvihill Capital Management


60 Plus Income Trust
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172