ACORN INCOME FUND LIMITED                                   
     (a closed-ended investment company incorporated in Guernsey with registration         
                                     number 34778)                                         
                                                                                           
    15 February 2017                                                                       
                                                                                           
                               Acorn Income Fund Limited                                   
                                                                                           
                                 Dividend Announcement                                     
                                                                                           
    The Directors are pleased to declare a first interim dividend for the year             
    ending 31 December 2017 of 4.5 pence per Ordinary Share. This represents an            
    increase in the quarterly dividend of 12.5% (from 4.0 pence to 4.5 pence).  In         
    recent years the Directors have increased the dividend in the second quarter,          
    the last such increase being from 3.5 pence to 4.0 pence in June 2016.   Having        
    reviewed the revenue projections for the year ahead and taking note of the             
    Company's healthy revenue reserve the Directors have felt confident in bringing        
    forward the 2017 increase to the first quarter.                                        
                                                                                           
    Acorn pays quarterly interim dividends and its practice in recent years has            
    been to at least maintain the level of dividends each quarter. If the Company          
    was to maintain the quarterly dividend at 4.5 pence per Ordinary Share                 
    throughout 2017, the total distribution for 2017 would be 18 pence per Ordinary        
    Share, an increase of 16.1% on the 15.5 pence per Ordinary Share distribution          
    for 2016.*                                                                             
                                                                                           
                                                                                           
    Ex Dividend Date              9 March 2017                                             
                                                                                           
    Record Date                   10 March 2017                                            
                                                                                           
    Payment Date                  31 March 2017                                            
                                                                                           
    Dividend per Share            4.5 pence per Ordinary Share (Sterling)                  
                                                                                           
                                                                                           
                                                                                           
    Northern Trust International Fund Administration Services (Guernsey) Limited           
    Company Secretary +44 (0) 1481 745498                                                  
                                                                                           

    * These statements relating to potential dividends represent estimates or
    targets only, are not profit forecasts, and there can be no guarantee or
    assurance that they will be met.