Net Asset Value(s)

Acorn Income Fund Ld
05 July 2006

The directors of Acorn Income Fund Limited today announce that the Net Asset
Value per Ordinary Share based on mid market prices as at 30 June 2006 was
188.31 pence.

The Net Asset Value per Ordinary Share based on bid prices as at 30 June 2006
was 187.15 pence.

The Directors have written down the value of the holding in Alpha Airports by
50% from the pre suspension price



Enquiries to:               Collins Stewart Fund Management Limited

                                 No 1 Le Truchot

                                 St Peter Port

                                 Guernsey

                                 GY1 4AE




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