Dividend Declaration

Acorn Income Fund Ld
05 March 2003


Acorn Income Fund Limited - First Interim Dividend

SECURITY TITLE                       : Ordinary Shares
MNEMONIC CODE                        : AIF
SEDOL CODE                           : 482-943
DIVIDEND AMOUNT                      : 1.50p
PERIOD                               : 31-12-03
PROVISIONAL EX DATE                  : 12-03-03
RECORD DATE                          : 14-03-03
PAYMENT DATE                         : 26-03-03


Enquiries to:

Collins Stewart Fund Management Limited
TSB House
Le Truchot
St Peter Port
Guernsey

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