Changes to Investment Manager

T2 Income Fund Limited
23 September 2005


T2 Income Fund Limited
Changes to Investment Management Staff

T2 Income Fund Limited (the 'Company') announced today that Lee Stern, Chief
Transaction Officer of the Company's investment manager, T2 Advisers, LLC,
notified the Company of his intention to leave T2 Advisers, LLC prior to the end
of 2005. Mr. Stern currently remains a director of T2 Income Fund Limited and
the board of directors of the Company is reviewing Mr. Stern's continued
participation on the board in light of his resignation from T2 Advisers, LLC. In
addition, three other investment professionals of the Company's investment
adviser, Branko Krmpotic, David Grossman and Matt Bass resigned effective 21
September 2005 to pursue an opportunity with Mr. Stern.

Mr. Stern said, 'I expect to remain at T2 Advisers, LLC for a sufficient period
of time to ensure a smooth transition for the firm. It's been a pleasure working
with the group at T2 Advisers, and I am looking forward to working with them
going forward as I pursue my new opportunity.'

T2 Advisers, LLC has commenced an active search to replace the departing
professionals and expect to begin filling the positions in the near future. Mr.
Stern will continue working as Chief Transaction Officer at T2 Advisers, LLC in
order to facilitate a smooth transition as additional personnel are hired to
enhance its investment team.

The board thanks Mr. Stern for his contributions and hopes to continue its
relationship with him in his new role. We express our confidence in the senior
management of T2 Advisers, LLC.

The two most senior officers at T2 Advisers, LLC, Jonathan Cohen (Chief
Executive Officer) and Saul Rosenthal (President and Chief Operating Officer)
expressed their appreciation to Mr. Stern for his historic and continuing
service to T2 Advisers, LLC.


                      This information is provided by RNS
            The company news service from the London Stock Exchange