Acorn Income Fund Limited                           

                                    (the "Company")                                

    Notification of Transactions by Persons Discharging Managerial Responsibilities
                            ("PDMRs") and Connected Persons                        

    30 December 2016

    1.  Details of PDMR / person closely associated with them ("PCA")                                       
                                                                                                            
    a)  Name         David Warr                                                                             
                                                                                                            
    b)  Position /   Non-Executive Director                                                                 
        status                                                                                              
                                                                                                            
    c)  Initial      Initial Notification                                                                   
        notification                                                                                        
        / amendment                                                                                         
                                                                                                            
    2.  Details of the transaction(s): section to be repeated for (i) each type of                          
        instrument; (ii) each type of transaction; (iii) each date; and (iv) each place                     
        where transactions have been conducted                                                              
                                                                                                            
    a)  Description  Ordinary shares                                                                        
        of the                                                                                              
        financial                                                                                           
        instrument                                                                                          
                                                                                                            
    b)  Nature of    Purchase of shares                                                                     
        the                                                                                                 
        transaction                                                                                         
                                                                                                            
    c)  Price(s) and Price(s)                                  Volume(s)                                    
        volume(s)                                                                                           
                     £3.5892                                   30,000                                       
                                                                                                            
    d)  Aggregated                                                                                          
        information  N/A                                                                                    
        Aggregated                                                                                          
        volume                                                                                              
        Price                                                                                               
                                                                                                            
    e)  Date of the  29 December 2016                                                                       
        transaction                                                                                         
                                                                                                            
    f)  Place of the London Stock Exchange                                                                  
        transaction                                                                                         

    Enquiries
    Company Secretary
    Northern Trust International Fund Administration Services (Guernsey) Limited
    PO Box 255, Trafalgar Court
    Les Banques
    St Peter Port
    Guernsey GY1 3QL

     +44 (0)1481 745001