Issue of Equity

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA,
THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or solicitation of any
offer to buy or subscribe for, any shares in TwentyFour Income Fund Limited or
securities in any other entity, in any jurisdiction, including the United
States, nor shall it, or any part of it, or the fact of its distribution, form
the basis of, or be relied on in connection with, any contract or investment
decision whatsoever, in any jurisdiction. This announcement does not constitute
a recommendation regarding any securities.

15 October 2014

TwentyFour Income Fund Limited

(a non-cellular company limited by shares incorporated in the Island of
Guernsey under the Companies (Guernsey) Law 2008, as amended, with registered
number 56128 and registered as a Registered Closed-ended Collective Investment
Scheme with the Guernsey Financial Services Commission)

Issue of equity

Further to the announcements of 8 and 14 October 2014, the Board of Directors
(the "Board") of TwentyFour Income Fund Limited (the "Company") is pleased to
announce that the placing has closed, raising approximately GBP 22.6 million
before costs and expenses through the issue of 18,000,000 new ordinary
redeemable shares of 1p each in the capital of the Company (the "New Shares").

The New Shares were issued at 125.769 pence per share , calculated as a 5%
premium to the NAV per share as at 10 October 2014 of 121.28p, excluding 1.5p
per Share representing an amount equal to the dividend per share for the
quarter to 30 September 2014 to which the New Shares will not be entitled.

Applications will be made for the new Ordinary Shares to be admitted to the
premium segment of the Official List and to trading on the Main Market of the
London Stock Exchange. Admission is expected to become effective, and dealings
in the Ordinary Shares to commence, at 8 a.m. on 20October 2014.

As a result of this issue of equity, the Company's issued share capital will
consist of 284,908,712 Ordinary shares.

For further information, please contact:

Numis Securities Limited:              [phone]
Nathan Brown / Hugh Jonathan (Corporate Finance & Broking)

TwentyFour Income Fund Limited:        [phone]
John Magrath / Alistair Wilson

Important Information

Numis Securities Limited is acting only for the Company in connection with the
matters described in this announcement and is not acting for or advising any
other person, or treating any other person as its client, in relation thereto
and will not be responsible for providing the regulatory protection afforded to
clients of Numis Securities Limited or advice to any other person in relation
to the matters contained herein.