General Donlee Income Fund Receives Final Court Order for the Plan of
Arrangement

TORONTO, July 28 /CNW/ - General Donlee Income Fund (the "Fund") (TSX: GDI.UN) is pleased to announce that it has successfully received a final order from the Nova Scotia Supreme Court approving the plan of arrangement under the provisions of the Canada Business Corporations Act (the "Arrangement") to convert the Fund into a corporation. The Arrangement was approved by the unitholders of the Fund at the Fund's annual and special meeting of unitholders held on June 14, 2010. Pursuant to the Arrangement, each holder of Fund units will receive for each Fund unit held one common share of General Donlee Canada Inc. ("GDI"). The shares of GDI have been conditionally approved for listing on the Toronto Stock Exchange ("TSX"). Subject to final approval of the TSX and other required approvals, it is anticipated that the Arrangement will become effective on or about January 1, 2011.

About General Donlee Income Fund

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 Limited's operating strategy focuses on targeting niche markets for products that are aligned with its sophisticated manufacturing capabilities and skilled workforce.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking information and statements are identified by words or phrases such as "anticipates", "expects", "believes", "estimates", "intends", "could", "may", "plans", "will" and other similar expressions or the negative of these terms and include, without limitation, forward-looking statements made in this press release relating to expected completion and timing of the Arrangement and listing on the Toronto Stock Exchange. Actual events or results may differ materially. Forward-looking statements included in this press release are made based on management's belief as well as assumptions made by, and information currently available to, management of the Fund. While such beliefs and assumptions are considered reasonable by the Fund, they are inherently subject to significant business, economic and competitive uncertainties and contingencies. A number of important factors could cause actual results to differ materially from those projected in the forward-looking statements. These uncertainties and risks include, but are not limited to changes in laws and regulations affecting the Fund or GDI, general economic and business conditions in the markets affecting the Fund or GDI, failure to satisfy the conditions of the conversion, inability to meet stock exchange listing requirements and inability to obtain required consents, permits or approvals for the conversion. The foregoing list is not exhaustive. 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, except as required by law, 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.

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SOURCE GENERAL DONLEE INCOME FUND

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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