The Consumers’ Waterheater Income Fund Obtains Court Approval for Conversion to a Corporation

TORONTO, ONTARIO–(Marketwire – Nov. 29, 2010) – The Consumers' Waterheater Income Fund ("Fund") (TSX:CWI.UN) and The Consumers' Waterheater Operating Trust ("Trust") today announced that the final order approving the Fund's conversion from an income fund to a dividend-paying corporation (the "Conversion") was granted by the Ontario Superior Court of Justice today. The Conversion is expected to become effective on January 1, 2011.

About The Consumers' Waterheater Income Fund

The Fund and Trust own 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. and EnerCare Connections Inc., leading "smart" sub-metering companies, with metering contracts for condominium and apartment suite s in Ontario, Alberta and elsewhere in Canada.

Additional information regarding the Fund and Trust, including their respective current Annual Information Forms, is available on SEDAR at www.sedar.com.

Forward-looking Information

Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding the Fund's, the Trust's, EnerCare Inc.'s and EnerCare Solutions Inc.'s growth, results of operations, performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. These factors include risks associated with the inability to obtain required consents or approvals, and failure to realize the anticipated benefits of the Conversion. Although the forward-looking information is based on what management believes to be reasonable assumptions, the Fund and Trust cannot assure investors that actual results will be consistent with this forward-looking information. Except as required by applicable securities laws, none of the Fund, EnerCare Inc., the Trust nor EnerCare Solutions Inc. intend and do not assume any obligation to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.