Refinanced credit facility

T2 Income Fund Limited
23 July 2007

                 T2 Income Fund Limited ('the Company' or 'T2')

                    Announces Refinancing of Credit Facility

GUERNSEY - 20 July 2007.  T2 Income Fund Limited (TIDM:T2I) announces that on 19
July 2007 the Company's subsidiary, T2 Income Fund CLO I Ltd.,  has completed
the sale of approximately £125 million of long-term notes ('Notes') to
refinance the previously announced credit facility that had been established
with Merrill Lynch.

The Notes have a 12-year term and a weighted average interest rate of LIBOR plus
75 basis points.   The net proceeds of the Notes (after repayment of the Merrill
Lynch credit facility) will be used to make new investments.

 About T2 Income Fund Limited

T2 is a closed-ended Guernsey based exempt investment company which invests
primarily in the debt and equity securities of small to medium sized companies.
Companies interested in learning more about financing opportunities should
contact Barry Osherow at [phone]

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent
uncertainties in predicting future results and conditions. Any statements that
are not statements of historical fact (including statements containing the words
'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates' and similar
expressions) should also be considered to be forward-looking statements. Certain
factors could cause actual results and conditions to differ materially from
those projected in these forward-looking statements. We undertake no obligation
to update such statements to reflect subsequent events.



Enquiries

T2 Advisers, LLC

Patrick Conroy         [phone]

Grant Thornton Corporate Finance

Philip Secrett         0870 991 2578


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