Labrador Iron Ore Royalty Income Fund announces unitholder approval for plan of arrangement

May 19, 2010

Under the plan of arrangement, the Fund will distribute $248 million of subordinated notes to the unitholders and then complete a series of steps that will effectively result in unitholders exchanging their units for shares of Labrador Iron Ore Royalty Corporation. The common shares of Labrador Iron Ore Royalty Corporation and the subordinated notes held by the unitholders will then trade together as stapled units on the Toronto Stock Exchange. The unitholders will continue to receive a quarterly distribution on the 25th day of the month following the end of each quarter.

The arrangement remains subject to, among other things, the approval of the Ontario Superior Court of Justice. A hearing for the final order approving the arrangement is scheduled to be held on May 25, 2010.

It is expected that the transactions will be completed with effect on the first day of a calendar quarter in 2010.

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