General Donlee Income Fund Announces New Normal Course Issuer Bid



    TORONTO, Aug. 21 /CNW/ - General Donlee Income Fund (TSX: GDI.UN)
announced today that it 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, up to 407,913 of its units, representing
approximately 10% of the public float outstanding as of July 31, 2008. As of
August 19, 2008, there are 5,690,417 issued and outstanding units. From
February 1, 2008 to July 31, 2008, the average daily trading volume of General
Donlee units was 9,100 units. Under the TSX rules, the Fund may purchase up to
25% of the average daily trading volume, or 2,275 units, on any day. Purchases
may commence on August 25, 2008 and will terminate on August 24, 2009.
    The Trustees and Senior Management of General Donlee are of the opinion
that from time to time the purchase of units at the prevailing market price
would be a worthwhile investment and in the best interests of the Fund and its
Unitholders. As at July 31, 2008, General Donlee acquired 691,296 units by
means of open market transactions pursuant to the normal course issuer bid
that expired on August 20, 2008, at a weighted average price of $10.01 per
unit.

    Company Profile

    The Fund is a trust established to hold the securities of General Donlee
Limited ("General Donlee" or the "Company"). General Donlee is a leading
diversified manufacturer of precision-machined products for the military,
commercial and general aerospace industries, and also a specialist in the
manufacture of precision-machined products for the industrial products and
power generation industries. The Fund was established on March 14, 2002 and
commenced operations on May 3, 2002, when it completed an initial public
offering and purchased all of the outstanding shares of General Donlee
Limited.
    General Donlee's operating strategy focuses on targeting niche markets
for products that are aligned with its sophisticated manufacturing
capabilities and skilled workforce. Management believes that the future growth
of the Company is dependent on its ability to leverage these resources into
long-term contracts for complex machining programs.

    %SEDAR: 00017571E




For further information:

For further information: Gerald Thain, Chief Financial Officer,
Telephone: (416) 743-4417, E-mail: gthain@donleeprecision.com, Web site:
www.generaldonlee.com

Organization Profile

GENERAL DONLEE INCOME FUND

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