General Donlee Income Fund Announces New President and CEO

TORONTO, June 29 /CNW/ - General Donlee Income Fund (TSX: GDI.UN) ("General Donlee" or "the Trust") announced today that Mike Snow will be joining General Donlee Limited as President and Chief Executive Officer, effective July 26, 2010. Mr. Snow has over 25 years of experience in various manufacturing entities including The Irving Group, Emerson, and Omron Canada. The Trustees and Management of General Donlee are looking forward to working with Mr. Snow and having his knowledge and experience guide the Trust to continued success in the future.

General Donlee is a trust established to hold the securities of General Donlee Limited, which is a leading manufacturer of precision-machined products for the military, commercial, and general aerospace industries and is also 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: 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 with the securities regulatory authorities, available at www.sedar.com. or through the Fund's website at www.generaldonlee.com.

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For further information: Gerald Thain, Chief Financial Officer, General Donlee Limited, [phone], email: [email protected], website: www.generaldonlee.com