Shareholding in Investment Manager

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR         
     PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR     
     INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR        
     ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S.           
     PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN          
     OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION.                         
                                                                               
                       TwentyFour Income Fund Limited -                        
                                                                               
                      Shareholding in Investment Manager                       
                                                                               
     25 March 2015                                                             
                                                                               
     The Board of Directors (the "Board") of TwentyFour Income Fund            
     Limited (the "Company" and/or "TFIF") has been informed by TwentyFour     
     Asset Management LLP ("TwentyFour" or the "Investment Manager")           
     that it has entered into a strategic partnership with Vontobel Asset       
     Management, a multi-boutique asset manager and subsidiary of Vontobel     
     Group (or "Vontobel")                                                     
                                                                               
     Vontobel will acquire a 60% shareholding in TwentyFour, with the          
     working partners retaining a 40% stake in the business. The partners      
     remain fully committed to TwentyFour with long-term lock-ins. The         
     Investment Manager will remain autonomous, run by its partners, with      
     full control over day-to-day business decisions. TwentyFour's             
     investment strategies will continue to be managed by the existing         
     team, retaining the same investment process. To further strengthen        
     alignment, the partners of TwentyFour have agreed to reinvest a           
     significant share of their consideration into existing TwentyFour         
     funds.                                                                    
                                                                               
     Commenting on the announcement, Chief Executive of TwentyFour Asset       
     Management LLP Mark Holman said: "we believe that this is an exciting     
     and forward-looking transaction that will enable TwentyFour to            
     achieve its goals and visions for the firm without compromising on        
     the boutique approach and culture. The partnership unites                 
     TwentyFour's existing entrepreneurial and focused investment approach     
     with the stability and financial strength of an established European      
     financial institution. Vontobel is a family-controlled business with      
     a long heritage and is listed with a market cap of £1.8 billion. They     
     have an established footprint across continental Europe and the US        
     with total assets under management of US$83 billion.                      
                                                                               
     From Vontobel's perspective, the transaction strengthens its presence     
     in the UK market, extends its fixed income product offering and           
     underlines its commitment to broaden its asset management business        
     through targeted investments."                                            
                                                                               
     * The transaction is subject to FCA approval and final documentation      
     - the Company will make a further announcement in due course.             
                                                                               
     For further information:                                                  
                                                                               
     John Magrath/Alistair Wilson [phone]                          
     TwentyFour Asset Management LLP                                           
                                                                               
     Nathan Brown/Hugh Jonathan [phone]                            
     Numis Securities