Tree Island Wire Income Fund announced the completion of a previously announced conversion of the Fund to a corporation, Tree Island Steel Ltd. Pursuant to the conversion, all outstanding units of the Fund were exchanged for common shares of Tree Island Steel Ltd. on a one-for-one basis. As a result, Tree Island has 21,797,550 issued and outstanding common shares (on an undiluted basis). The common shares of Tree Island are expected to commence trading on the Toronto Stock Exchange under the symbol "TSL" on or about 3 October 2012. The convertible debentures of Tree Island are expected to commence trading on the Toronto Stock Exchange under the symbol "TSL.DB" on or about 3 October 2012.

Beneficial holders of units and debentures do not need to take any action as your broker will facilitate the conversion from units to shares. For registered holders of units of the Fund, Letters of Transmittal were mailed on or about 20 August 2012 requesting them to return completed and duly executed Letters of Transmittal, together with their certificates representing Units to Computershare Investor Services Inc. at its principal offices in Toronto in order to receive the consideration to which they are entitled. Moving forward, any shareholder wishing to receive a physical certificate representing their shares in the Company may do so by contacting their broker.

"The completion of the conversion today marks an important step for Tree Island. We have simplified our business structure and adopted a more flexible corporate structure," stated Amar S. Doman, Chairman of the Board of Directors of Tree Island.

Tree Island Steel Ltd. was incorporated on 2 August 2012 to facilitate the Plan of Arrangement undertaken pursuant to the conversion of the Fund to a corporation. Tree Island Steel Ltd. has a 100% ownership interest in Tree Island Industries Ltd. and its performance depends on the performance of Tree Island Industries Ltd.

Headquartered in Richmond, British Columbia, the Company produces wire products for a diverse range of construction, industrial, residential, manufacturing, and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. The company markets these products under the Tree Island, Halsteel, K-Lath, Industrial Alloys, Tough Strand, and TI Select brand names.