General Donlee Income Fund Appoints Executive Chairman

Toronto, Canada, May 22, 2007 - The trustees of the General Donlee Income Fund
(the "Fund") (TSX: GDI.UN) today announced the appointment of Kenneth W.
Chalmers as Executive Chairman of the Fund. This appointment is effective
immediately.

    Mr. Chalmers is the former President and Chief Executive Officer of PBB
Global Logistics Income Fund, a leading North American international third
party logistics company. He led PBB through a period of rapid growth and
business transformation while generating attractive rates of return for
Unitholders. He is an experienced public company executive and board member
with more than 20 years of legal experience.

    As Executive Chairman of the Fund, Mr. Chalmers will be responsible for
leading its strategic initiates and overseeing its overall operations and
business affairs. George Armoyan, trustee of the Fund said, "I have worked
with Ken during the past several years and I am delighted to have him join the
team. Ken brings a unique set of skills and experience which I believe will
greatly assist the Fund in moving to the next level and in continuing to
maximize Unitholder value".

    Mr Chalmers said, "I am very excited to be joining the Fund at a time
when its momentum is so strong and its prospects are so bright". The trustees
of the Fund and the management and employees of the operating company have
done an excellent job in improving productivity and financial performance and
in delivering superior returns to Unitholders. I look forward to working with
all stakeholders to build upon what has already been accomplished."

    The Fund is a trust established to hold the securities of General Donlee
Limited, a leading diversified manufacturer of precision-machined products for
the military, commercial and general aerospace industries, and a specialist in
the manufacture of precision-machined products for the industrial products and
power generation industries. General Donlee's operating strategy focuses on
targeting niche markets for products that are aligned with its sophisticated
manufacturing capabilities and skilled workforce.

    Forward-Looking Information

    As with all forward-looking statements, caution must be exercised to
ensure that appropriate interpretation is made. Certain forward-looking
statements are based on information currently available to Management, but are
subject to a number of uncertainties and risks that could cause actual results
to differ materially from the results discussed in the forward-looking
statements. These uncertainties and risks include, but are not limited to:
dependence on commercial aircraft sales and defence procurement; dependence on
power generation sales and sales to the industrial sector; production rates;
shipping schedules and timing of deliveries; dependence on key customers;
dependence on third party suppliers and manufacturers; raw material costs;
competition; satisfying product specifications; product liability and warranty
claims; environmental and other government regulation; quality certification
requirements; hedging effects; interest and foreign exchange rates; leverage
and restrictive debt covenants; continued availability of credit facilities;
regulatory requirements; reliance on key personnel and our skilled workforce;
changes in accounting policies; the ability to obtain orders, contract awards
and terminations; input costs; possible changes to the tax laws affecting
income trusts; and domestic and international economic conditions. In
addition, these forward-looking statements relate to the date on which they
are made. Although the forward-looking statements contained herein are based
upon what Management believes to be reasonable assumptions, the Fund cannot
assure Unitholders that actual results will be consistent with these
forward-looking statements, and the Fund disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. In formulating the forward-looking
statements herein, Management has assumed that business and economic
conditions affecting it will continue substantially in the ordinary course,
including without limitation with respect to industry conditions, general
levels of economic activity, regulation, taxes, foreign exchange rates and
interest rates, that there will be no material changes in its facilities,
equipment, customer and employee relations, credit arrangements or credit and
collections experience, and that the integration of new equipment will proceed
relatively smoothly. Further information 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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