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The Water Blast Group
 
 
EXCHANGE INDUSTRIAL INCOME FUND ANNOUNCES CLOSING OF THE ACQUISITION OF THE WATER BLAST GROUP

Winnipeg, Manitoba, March 16, 2007 - Exchange Industrial Income Fund ("EIIF") (TSX Venture: EIF.UN) announced today that it has completed the acquisition of The Water Blast Group ("Water Blast") which was previously announced on December 21, 2006.

The purchase price of approximately $20 million was funded with the proceeds of the private placement of Fund units completed on February 15, 2007 and the issuance of 392,773 units of the Fund to the vendors of Water Blast at an issue price of $12.73.

Additional information relating to EIIF, including all public filings is available on SEDAR (www.sedar.com)