Davis + Henderson receives regulatory approvals related to offer to acquire Resolve

TORONTO, July 21 /CNW/ - Davis + Henderson Income Fund (TSX: DHF.UN)
("Davis + Henderson") and Resolve Business Outsourcing Income Fund (TSX:
RBO.UN) ("Resolve") today announced that Resolve and 2206997 Ontario Inc. (the
"Offeror"), a company established by Davis + Henderson, have received all
necessary regulatory approvals forming part of the conditions to the Offeror's
previously announced offer (the "Offer") to acquire all of the outstanding
units of Resolve on the basis of 0.285 Davis + Henderson units for each unit
of Resolve.
The Offer is open for acceptance until 12:00 p.m. (Toronto time) on July
27, 2009, unless withdrawn, modified or extended.

ABOUT DAVIS + HENDERSON

Davis + Henderson uses its market-leading capabilities to meet the
evolving needs of the financial services industry in Canada and abroad.
Founded in 1875, the company today provides innovative programs to customers
who offer chequing and credit card accounts, and a comprehensive array of
technology-based solutions to support our customers' credit lifecycle
management services. Davis + Henderson Income Fund is listed on the Toronto
Stock Exchange under the symbol DHF.UN. Further information can be found in
the disclosure documents filed by Davis + Henderson Income Fund with the
securities regulatory authorities, available at www.sedar.com.

ABOUT RESOLVE

Resolve works with businesses as an outsourced resource taking on
critical processes and managing them better, faster and more cost-effectively.
Resolve has over 35 years' experience managing processes for clients in the
financial services, retail, government, consumer goods and communications
industries. Headquartered in Toronto, Canada, Resolve employs more than 4,700
people in 28 locations and is listed on the Toronto Stock Exchange as Resolve
Business Outsourcing Income Fund, symbol RBO.UN. For more information, visit
www.resolve.com.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any state in the United States in which such offer, solicitation
or sale would be unlawful. The securities referred to herein have not been and
will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.

%SEDAR: 00017092EF