The Consumers’ Waterheater Income Fund Announces Expiry of Its Unitholder Rights Plan

TORONTO, ONTARIO–(Marketwire – April 30, 2010) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) today announced that the Fund's 2007 Unitholder Rights Plan Agreement (the "Rights Plan") expired today in accordance with its terms. Based on its tabulation of proxies received as at the commencement of its annual and special meeting of unitholders held April 30, 2010, the required 66 2/3% of voting unitholders did not vote in favour of the reconfirmation of the Rights Plan. As a result, the Fund withdrew the reconfirmation of the Rights Plan from consideration at the meeting and therefore the Rights Plan ceased to be effective as of today.

The Fund stated that it is not aware of any pending or threatened takeover bid.

About The Consumers' Waterheater Income Fund

The Fund owns a portfolio of approximately 1.3 million installed water heaters and other assets, rented primarily to residential customers in Ontario. The Fund also owns Stratacon Inc., a leading "smart" sub-metering business, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.

Additional information regarding the Fund, including its current Annual Information Form, is available on SEDAR at www.sedar.com.