Davis + Henderson Income Fund Amends Proposed Unitholder Rights Plan

The Fund Extends Deadline to Deliver Completed/Amended Proxy

TORONTO, May 2 /CNW/ - Davis + Henderson Income Fund (TSX: DHF.UN) today
announced that it has amended its proposed Unitholder Rights Plan (the "Rights
Plan"). In light of these proposed changes, the Fund also announced that it
has extended the deadline to deliver completed proxies to Monday, May 7, 2007,
at 2:30 p.m. (Toronto time). The Rights Plan, as now amended, is to be voted
on at the Fund's Annual and Special Meeting of unitholders to be held in
Toronto at 4:00 p.m. on May 8, 2007.
The initial definitions and terms of the Rights Plan text precluded the
possibility of partial bids from benefiting from the "permitted bid" exemption
clauses. In addition, the initial text did not provide for an exemption from
the plan being put in effect if a significant holder of units was subject to a
lock-up agreement within well defined parameters as now set forth in the
revised text of the plan. Finally, the revised proposed Rights Plan amends the
redemption and waiver provisions such that the Rights Plan cannot be withdrawn
once put into effect without prior unitholder approval in accordance with the
plan.
Davis + Henderson worked with Institutional Shareholder Services Canada
Corp ("ISS") to revise the Rights Plan text. All holders are encouraged to
read the revised Rights Plan, the text of which is now available on our
website at www.dhltd.com and will be available at www.sedar.com, and to
consult with their professional advisors.
The Fund recommends that any unitholder who has not yet voted in
connection with the Annual and Special Meeting of May 8, 2007, to vote "FOR"
the proposed Rights Plan as now revised. Any unitholder that has already voted
"FOR" the proposed Rights Plan need not take any action, as their votes will
be counted. Any unitholder who has "WITHHELD" their vote in respect of the
previously proposed Rights Plan, is encouraged to change its vote and vote
"FOR" the now proposed Rights Plan. Those unitholders who wish to change their
vote may deposit completed proxies for the Annual and Special Meeting until
2.30 p.m. (Toronto time) on May 7, 2007 by facsimile (416-368-2502) to CIBC
Mellon Trust Company or you may vote, if eligible, in person at the meeting.

The Toronto Stock Exchange ("TSX") does not accept responsibility for the
adequacy or accuracy of this news release.

Davis + Henderson and its predecessors have been serving the Canadian
financial services industry since 1875. Through integrated service offerings,
Davis + Henderson is a market leader in providing programs to customers who
offer chequing account and lending services within Canada. Davis + Henderson
Income Fund is listed on the Toronto Stock Exchange, 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.

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