General Donlee Income Fund Announces November and December Distributions and
2011 Dividend Policy

TORONTO, Nov. 15 /CNW/ - General Donlee Income Fund (TSX:  GDI.UN) announced today that it has declared a cash distribution of $0.09 per Unit for the last two payments as a Trust. A payment of $0.09 per Unit will be made November 30 to Unitholders of record at the close of business on November 25, 2010.  The ex-distribution date for the November payment is November 23, 2010. A payment of $0.09 per Unit will be made December 31 to Unitholders of record at the close of business on December 28 with an ex-distribution date for the December payment of December 22, 2010.

General Donlee Income Fund pays cash distributions to Unitholders near month end, with a record date usually three business days earlier.  Holders of Units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

As previously announced, effective January 1, 2011 the Fund will convert to a corporation and will trade under the name "General Donlee Canada Inc".  Once the conversion has been effected, the Fund intends to establish a dividend policy under which it will declare annual dividends of $0.66 per share to be paid quarterly. The first dividend of $0.165 is expected to be announced in mid March 2011 and payable for the period ending March 31, 2011.

"We are very pleased that General Donlee's operations should be able to support an annual dividend of $0.66 and feel this is an appropriate dividend level. Our cash management policy will enable us to pay regular quarterly dividends to shareholders while allowing General Donlee the flexibility to maximize long term shareholder value by implementing a strategy of operational excellence and focus on growth", said Michael Snow, President and CEO. The declaration of dividends will be subject to the discretion of the board of directors of General Donlee Canada Inc. and may vary depending on restrictions under credit facilities, the requirements of the Canada Business Corporations Act on the declaration of dividends, and other conditions existing at such future time.

The Fund also announced today that, in support of the Company's growth strategy, it has approved a $3.3 million capital expenditure budget for 2011. The majority of this amount will be allocated to the acquisition of capital equipment catering to growth opportunities to enable the Company to meet future customer demands.

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 Income Fund with the securities regulatory authorities, available at www.sedar.com. or through the Fund's website at www.generaldonlee.com.

%SEDAR: 00017571E

For further information:

Gerald Thain, Chief Financial Officer
Telephone: [phone]
E-mail:  [email protected]
Web site: www.generaldonlee.com