Parkland Income Fund Declares Special Distribution Payments

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Red Deer, Alberta, December 15 2006: Parkland Income Fund (TSX: PKI.UN) is pleased to
announce that special distributions totaling $2.25 per unit will be paid to unitholders of record on
December 29, 2006. The payments are expected to be made as a combination of $1.05 per unit
in cash to be paid January 15, 2007 and $1.20 in trust units to be issued February 15, 2007. The
number of units will be established with reference to the weighted average trading price on the
date of record. No fractional units will be issued. The Fund reserves the right to make the
February 15, 2007 distribution entirely or partly in cash, rather than units, at the discretion of its
Board of Directors. In exercising such discretion, the Board of Directors will consider a number
of factors, including the impact of the anticipated Federal government transition rules related to
income trust taxation as well as the Fund’s cash requirements. The combination of these special
distributions and the regular monthly distribution of $0.22 per trust unit will result in unitholders
receiving a total of $1.27 per trust unit on January 15, 2007 plus $1.20 in units or cash or a
combination thereof on February 15, 2007, both subject to applicable Canadian withholding tax
for non-resident unitholders.
The special distribution reflects the strength of the financial performance for the year ended
December 31, 2006 and is being paid after due consideration of the sustainability of the regular
monthly distributions. The decision to pay a portion of the distribution in cash was made in
consideration of unitholders’ income tax liabilities. Any taxable income in excess of these
distributions will be retained by a corporate entity owned by the Fund and used to provide a cash
reserve. Management believes maintaining a cash reserve is prudent in view of the seasonal
weakness of the Fund's business and the potential for growth opportunities which may present
themselves in 2007.
Parkland Income Fund operates retail and wholesale fuels and convenience store businesses
under its Fas Gas Plus, Fas Gas, Race Trac Fuels and Short Stop Food Stores brands and through
independent branded dealers, and transports fuel through its Petrohaul division. With over 550
locations, Parkland has developed a strong market niche in western and northern Canadian nonurban
markets. To maximize value for its unitholders, the Fund is focused on the continuous
refinement of its retail portfolio, increased revenue diversification through growth in non-fuel
revenues and active supply chain management. Parkland maintains ownership of the Bowden
refinery near Red Deer, Alberta and recently re-activated the site for toll production of drilling
fluids.
DMSLegal\054655\00002\ 2505884v1 P:\My Documents\Parkland Industries Ltd\Press Release - Special Distribution Payment 2006.doc
Forward – Looking Statements
The information in this news release includes certain information and statements about
management's view of future events, expectations, plans and prospects that constitute forward
looking statements, including, but not limited to, statements regarding the payment and
aggregate amount of expected distributions, the Fund's seasonal performance, cash requirements
and growth opportunities and the impact of anticipated rules regarding "undue expansion".
These statements are based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially from those
anticipated and indicated by these forward looking statements. Although the Fund believes that
the expectations reflected in forward looking statements are reasonable, it can give no assurances
that the expectations of any forward looking statements will prove to be correct. The Fund
disclaims any intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information, future events, changes
in assumptions, changes in factors affecting such forward looking statements or otherwise.
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For further information, contact:
Parkland Industries Ltd., Administrator of Parkland Income Fund:
Red Deer: Michael W. Chorlton, President and CEO (403) 357-6400
John G. Schroeder, Vice President and CFO (403) 357-6400
or visit Parkland’s web site at www.parkland.ca.