General Donlee Income Fund Announces Election of Board of Trustees at Annual General Meeting

Toronto, Canada, Jun 29, 2006 - General Donlee Income Fund (TSX: GDI.UN) held
its annual general meeting in Toronto at 2:00 p.m. today. At the meeting, four
new Trustees were elected and they include Robert Normandeau, Michael Bregman,
Brian Luborsky and Melinda Lee, who join George Armoyan and Stan Spavold, the
re-elected Trustees.

    Unitholders also nominated Mr. Armoyan, Mr. Spavold and Mr. Thomas
Faucette, President and Chief Executive Officer of General Donlee Limited, as
candidates to serve as directors of General Donlee Limited.  The Board of
Trustees subsequently appointed Messrs. Armoyan, Spavold and Faucette as the
directors of General Donlee Limited.

    Newly appointed Chairman, Mr. Spavold commented that he and Mr. Armoyan
were looking forward to working with the new Trustees and Mr. Faucette as they
continue the review and assessment of the various strategic options available
to improve unitholder value.

    The Fund wishes to thank the four departing Trustees James Hall, Doug
Buchanan, Ron Cannata and Tom Faucette for their contributions to the Fund.

    General Donlee Income Fund is a trust established to hold the securities
of General Donlee Limited, which is a leading diversified manufacturer of
precision-machined products for the military, commercial and general aerospace
industries and also is a specialist in the manufacturer of precision-machined
products for the industrial products and power generation industries.

    Further information about the Fund can be found in the disclosure
documents filed by General Donlee Income Fund with the securities regulatory
authorities, available at www.sedar.com. or through the Fund's website at
www.generaldonlee.com.

For further information:
Ralph Barnes
Director, Investor Relations,
tel: 416.743.4417
email: rbarnes@generaldonlee.com

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