General Donlee Announces Normal Course Issuer Bid

Toronto, Canada, Jan 24, 2008 - Kenneth Chalmers, Executive Chairman of General
Donlee Income Fund ("General Donlee" or "the Fund") (TSX: GDI.UN), announced
today that the Fund has filed a notice with the Toronto Stock Exchange and
received its approval to purchase, through the facilities of the Toronto Stock
Exchange for cancellation, a portion of its convertible unsecured subordinated
debentures due 2014. Under the normal course issuer bid, General Donlee
intends to repurchase up to $4,976,900 in aggregate principal amount of its
2014 convertible debentures, representing 10% of the public float of
$49,769,000 in aggregate principal amount of the 2014 convertible debentures
issued and outstanding as of December 31, 2007. As of December 31, 2007, there
was $50 million in aggregate principal amount of the 2014 convertible
debentures issued and outstanding. Purchases may commence on January 25, 2008
and will terminate on January 24, 2009.

    From July 1, 2007 to December 31, 2007, the weighted average daily
trading volume of the Fund's 2014 convertible debentures was $69,896 in
aggregate principal amount of its 2014 convertible debentures. Under the TSX
Rules, General Donlee may purchase up to 25% of the weighted average daily
trading volume on any day, which is $17,474 in aggregate principal amount of
its 2014 convertible debentures, subject to a weekly "block purchase"
exemption.

    The Trustees and senior management of General Donlee are of the opinion
that the purchase of the convertible debentures from time to time at the
prevailing market price would be a worthwhile investment and in the best
interests of the Fund and its unitholders.

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

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