THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME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 +44 (0)20 7015 8900 TwentyFour Asset Management LLP Nathan Brown/Hugh Jonathan +44 (0)20 7260 1000 Numis Securities