General Donlee Income Fund Announces Results of Substantial Issuer Bid for its Units

Toronto, Canada, Apr 3, 2008 - General Donlee Income Fund (the "Fund")
(TSX:GDI.UN) announced today the final results of its previously announced
offer (the "Offer") to purchase for cancellation up to 1,171,253 of its
outstanding units ("Units"), which expired at 5:00 p.m. (Eastern Time) on
Wednesday, April 2, 2008.
    Based on the final report by the depositary for the Offer, 1,518,003
Units were deposited as at the expiration of the Offer. The Fund will purchase
for cancellation 1,171,253 Units (subject to adjustments to avoid the purchase
of fractional Units) at a price of $8.75 per Unit. As a result, Unitholders
who have deposited Units pursuant to the Offer will have approximately 77% of
their deposited Units purchased for cancellation by the Fund.
    The Fund and the depositary for the Offer expect that the final
pro-ration factor and exact number of Units to be taken up and paid for under
the Offer will be determined on or about April 4, 2008. Payment for Units
tendered and accepted for purchase will be made as soon as practicable in
accordance with the Offer. Return of Units not purchased due to pro-ration or
invalid deposit will be made as promptly as possible.
    The repurchase of Units represent approximately 15% of the Units
outstanding as of April 1, 2008. After giving effect to the repurchase,
approximately 6,637,101 Units will remain outstanding.

    Certain forward-looking statements contained in this news release 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, power generation sales and
sales to the industrial sector, production rates, timing of deliveries,
dependence on key customers, dependence on third party suppliers and
manufacturers, competition, 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,
insurance availability and coverage, regulatory requirements, reliance on key
personnel and our skilled workforce, changes in accounting policies, the
ability to obtain orders and domestic and international economic conditions.
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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