Director/PDMR Shareholding

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 / status	Non-Executive Director
c)	Initial notification / amendment	Initial Notification
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 of the financial instrument	Ordinary shares
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £3.5892 30,000
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	29 December 2016
f)	Place of the transaction	London Stock Exchange

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

 [phone]