Davis + Henderson Income Fund Amends Proposed Unitholder Rights Plan

TORONTO, May 2, 2007 (Canada NewsWire via COMTEX News Network) — The Fund Extends Deadline to Deliver Completed/Amended Proxy

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the revised proposed Rights Plan amends the redemption and waiver provisions such that the Rights Plan cannot be withdrawn once put into effect without prior unitholder approval in accordance with the plan.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.

%SEDAR: 00017092EF

SOURCE: Davis + Henderson Income Fund

Stephen Rotz, Vice President, Corporate Development, Davis + Henderson, Limited Partnership, Tel: (416) 696-7700; Website: www.dhltd.com