ACORN INCOME FUND LIMITED (THE 'COMPANY')                   

                                    ISSUE OF SHARES                                

                                    6 January 2016                                 

    The Board of Acorn Income Fund Limited (the "Company") announces that on 5
    January 2016 it issued for cash, from the current shares held in Treasury,
    ordinary shares of 1p each in the capital of the Company (the "Ordinary
    Shares") and also redeemable zero dividend preference shares of 1p each in the
    capital of the Company (the "ZDP Shares") as follows:

    75,000 Ordinary Shares at £4.015 per share; and

    100,674 ZDP Shares at £1.3175 per share.

    As a result of the issue of shares set out above, the Company's issued share
    capital will remain as:

    17,186,664 Ordinary Shares

    23,069,931 ZDP Shares

     Of which the following are held in Treasury:

     1,325,972 Ordinary Shares; and

    1,779,873 ZDP Shares.

     The ZDP Shares do not have the right to attend or vote at any general meeting
    of the Company unless the business of the meeting includes any resolution to
    vary, modify or abrogate any of the special rights attached to the ZDP Shares.
    Accordingly, the total number of voting rights in the Company is 15,860,692

    For further information about this announcement, please contact:

    Numis                                                               +44 207 260
    1425
    Nathan Brown

    Northern Trust International Fund Administration
    Services (Guernsey) Limited                                 +44 1481 745 498
    Cara De La Mare