General Donlee Income Fund Reports Retirement of CEO

Toronto, Canada, Dec 2, 2009 - announced today that Thomas Faucette, 
the Chief Executive Officer of General Donlee Limited, has advised 
the Trustees that he intends to retire effective January 29, 2010.

It is anticipated that an interim CEO will be appointed early next year 
pending the identification and appointment of a permanent replacement CEO.

The Trustees wish to thank Mr. Faucette for his valued contributions to 
the business over the past 31 years and wish him all the best in 
retirement.

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 manufacture of 
precision-machined products for the industrial products and power 
generation industries.

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: 
the ability to identify and hire a replacement CEO, 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, pension performance, 
funding and expenses, 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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