Parkland Income Fund Provides Important Notice to Unitholders and Mails
Letter of Transmittal in Connection with Conversion to Corporation

RED DEER, AB, Nov. 15 /CNW/ - Parkland Income Fund ("Parkland" or the "Fund") (TSX: PKI.UN), Canada's largest independent fuel distributer and marketer, has mailed a Letter of Transmittal to holders of trust units of the Fund ("Fund Units"), class B units and class C units ("Rollover LP Units" and, together with the Fund Units, the "Units") of Parkland Holdings Limited Partnership (together, "Unitholders") of record on November 12, 2010. The Letter of Transmittal is in connection with the Fund's previously announced plan of arrangement transaction (the "Plan of Arrangement") to reorganize the Fund into a corporation (the "Arrangement"), as approved at the annual and special meeting of securityholders of the Fund held on May 3, 2010.

Unitholders will receive a Letter of Transmittal by which to transmit the certificates representing their Units in exchange for certificates representing common shares (the "Common Shares") of Parkland Fuel Corporation ("New Parkland"). 

**** Important Information for Unitholders ****

It is important that Unitholders complete, execute and deliver a Letter of Transmittal, together with the certificates representing their Units, to Valiant Trust Company (the "Depositary") in the manner specified therein.

Unitholders who hold their Units through brokers or nominees are strongly encouraged to deliver instructions to their broker or nominee for completion of the Letter of Transmittal as soon as possible following receipt of the Letter of Transmittal.

It is presently anticipated that the Arrangement will be completed on December 31, 2010 (the "Effective Date").  Unitholders will not receive common shares (or dividends and distributions on common shares following completion of the Arrangement) until they submit the certificates for their Units to the Depositary along with a duly completed Letter of Transmittal.  Each certificate(s) formerly representing Fund Units, Class B Units or Class C Units, as applicable, that is not deposited with all other documents as required pursuant to the Plan of Arrangement on or prior to the date that is five years less a day following the Effective Date shall cease to represent a right or claim of any kind or nature including the right of the Unitholder to receive the Common Shares (and any dividends and distributions thereon). 

Cautionary Statement Regarding Forward-Looking Information and Statements

Certain statements contained in this news release, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "propose", "plan", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, this news release contains forward-looking information and statements relating to the expectations of the Fund and the administrator of the Fund regarding the proposed Arrangement including, but not limited to the timing of completion thereof.

These forward-looking information and statements are based on certain assumptions and analysis made by the Fund in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to the Fund's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Fund's expectations. Such risks and uncertainties include, but are not limited to, failure to complete the Arrangement or to realize the anticipated benefits of the Arrangement. Consequently, all of the forward-looking information and statements made in this news release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Fund will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Fund or its business or operations. Readers are therefore cautioned not to place undue reliance on such forward-looking information and statements. Except as may be required by law, the Fund assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events or otherwise.

About Parkland Income Fund

Parkland Income Fund is Canada's largest independent fuel distribution and marketing company, delivering fuel products from regional refineries to retail, commercial and reseller customers coast-to-coast.  Through its network of 620 retail locations, 77 commercial branches, 71 cardlock locations and through wholesale agreements, the Company distributes 3.4 billion litres of fuel annually, representing 4.7% of the total Canadian fuel market (market share in some regions of operation is higher). 

Parkland currently distributes fuel to retail customers under its Fas Gas Plus, Fas Gas and Race Trac brands as well as through distribution agreements with 293 Esso locations.  Parkland also supplies propane, bulk fuel, heating oil, lubricants, industrial fluids and associated services to commercial and industrial customers across Canada under the Neufeld, United Petroleum, Columbia Fuels, Bluewave Energy and Great Northern Oil brands. 

Parkland offers investors a balance of yield and growth.  The Company is delivering value to unitholders by growing fuel volumes through carefully selected acquisitions, working closely with suppliers to achieve a material cost advantage and achieving greater efficiency through operational excellence. 

Parkland units and convertible debentures trade on the Toronto Stock Exchange (TSX) under the symbols PKI.UN and PKI.DB.  For more information visit www.parkland.ca.

For further information:

For investor and media inquiries, or to be added to the email news alert service, please contact Mike W. Chorlton, President and CEO; Ken J. Grondin, Senior Vice President and CFO; or Tom McMillan, Investor Relations Manager at 403-357-6400 or [email protected].