Changes to Investment Manager

T2 Income Fund Limited 23 September 2005 T2 Income Fund Limited Changes to Investment Management Staff T2 Income Fund Limited (the 'Company') announced today that Lee Stern, Chief Transaction Officer of the Company's investment manager, T2 Advisers, LLC, notified the Company of his intention to leave T2 Advisers, LLC prior to the end of 2005. Mr. Stern currently remains a director of T2 Income Fund Limited and the board of directors of the Company is reviewing Mr. Stern's continued participation on the board in light of his resignation from T2 Advisers, LLC. In addition, three other investment professionals of the Company's investment adviser, Branko Krmpotic, David Grossman and Matt Bass resigned effective 21 September 2005 to pursue an opportunity with Mr. Stern. Mr. Stern said, 'I expect to remain at T2 Advisers, LLC for a sufficient period of time to ensure a smooth transition for the firm. It's been a pleasure working with the group at T2 Advisers, and I am looking forward to working with them going forward as I pursue my new opportunity.' T2 Advisers, LLC has commenced an active search to replace the departing professionals and expect to begin filling the positions in the near future. Mr. Stern will continue working as Chief Transaction Officer at T2 Advisers, LLC in order to facilitate a smooth transition as additional personnel are hired to enhance its investment team. The board thanks Mr. Stern for his contributions and hopes to continue its relationship with him in his new role. We express our confidence in the senior management of T2 Advisers, LLC. The two most senior officers at T2 Advisers, LLC, Jonathan Cohen (Chief Executive Officer) and Saul Rosenthal (President and Chief Operating Officer) expressed their appreciation to Mr. Stern for his historic and continuing service to T2 Advisers, LLC. This information is provided by RNS The company news service from the London Stock Exchange