Issue of Equity

ACORN INCOME FUND LIMITED (THE 'COMPANY')

ISSUE OF SHARES

3 December 2015

The Board of Acorn Income Fund Limited (the "Company") announces that on 2 December 2015 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:

100,000 Ordinary Shares at £3.905 per share; and

134,232 ZDP Shares at £1.31125 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:

 1,400,972 Ordinary Shares; and

1,880,547 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 15,785,692.

For further information about this announcement, please contact:

Numis                                                                                           [phone]
Nathan Brown

Northern Trust International Fund Administration
Services (Guernsey) Limited                                                             [phone]
Cara De La Mare