Associated Brands Appoints New Executive Chairman.

TORONTO -- Associated Brands Income Fund (TSX:ABF.UN) announced today that Mr. Morris Perlis has been appointed as a Trustee and Executive Chairman of Associated Brands Operating Trust effective February 23, 2006.

Mr. Perlis is a seasoned operating and financial executive with over thirty years' experience in both public and private companies. Most recently, he was President & CEO of Mad Catz Interactive, the world's leading 3rd party interactive video company. Mr. Perlis was President of Counsel Corporation, a public merchant bank, from 1992 to 2000, and was President of American Express Canada, Inc. from 1988 to 1992. Mr. Perlis currently serves as a director of Sears Canada, Inc. and as a trustee of Connors Brothers Income Fund.

"We are pleased to have attracted Mr. Perlis to Associated Brands. His broad business background as well as his significant successes in building businesses will enable him to contribute to Associated Brands' turnaround as we seek to achieve improved levels of profitability and growth," commented Rob Dougans, President and Chief Executive Officer.

John Currie, who was most recently non-executive Chairman of Associated Brands Operating Trust, will continue as a trustee of Associated Brands Operating Trust and as a trustee and non-executive Chairman of Associated Brands Income Fund.

Associated Brands Income Fund (TSX:ABF.UN), through its operating subsidiaries, is a leading North American manufacturer and supplier of private-label dry blend food products and household products. Since beginning operations in 1985, Associated Brands has grown to become one of the three largest suppliers of a diverse range of private-label dry-blend food products in North America, producing over eleven million cases annually across multiple product categories currently sold to 44 of the 50 largest North American food retailers. More information can be obtained at www.associatedbrands.com.

This press release contains certain forward-looking information and statements. Forward-looking information typically contains statements with words such as "consider", "anticipate", "believe", "expect", "plan", "intend", "may", "likely" or similar words suggesting future outcomes or statements regarding an outlook for, or future changes in, the Fund's financial performance, results of operations or other expectations, future events or performance. Readers should not place undue reliance on forward-looking information and should be aware that forward looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of Associated Brands Income Fund to differ materially from those suggested by the forward-looking statements. These factors include, but are not limited to, the possible failure to successfully plan and execute business improvement strategies; the absence of long term sales contracts; possible failure of new product offerings; operating hazards; sensitivity of sales to weather conditions; compliance or changes in environmental, health and safety and other regulations; possible declines in vertical industry markets (grocery, foodservice, industrial and contract manufacturing); competition; reliance on key personnel; possible labour action; volatility in commodity prices and other input materials; prices; foreign exchange exposure; and restrictive covenants contained in the Fund's credit agreement and under the terms of its exchangeable debentures.

The above list of important factors affecting forward-looking information is not exhaustive, and reference should be made to the other risks discussed in Associated Brands Income Fund's filings with Canadian securities regulatory authorities. Associated Brands Income Fund undertakes no obligation, except as required by law, to update publicly or otherwise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information.

Associated Brands Income Fund (TSX:ABF.UN)