Citadel Income Fund Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Feb. 4, 2013) - Citadel Income Fund (TSX:CTF.UN) (the "Fund"), today announced that the Fund will renew its normal course issuer bid effective February 6, 2013 (the "Bid").

Under the Bid, the Fund may purchase up to 2,248,541 units of the Fund ("Units") representing 10% of the 22,485,417 public float Units as at February 1, 2013. The Fund may not, in any 30 day period, purchase more than 449,708 Units, representing 2% of the Units issued and outstanding. There are 22,485,417 issued and outstanding Units of the Fund as at February 1, 2013. All Units purchased pursuant to the Bid will be cancelled. Unit purchases will be made only through facilities of the TSX and will be in accordance with TSX rules and policies.

The Bid will commence on February 6, 2013 and terminate on the earlier of the date on which the Fund completes its purchases pursuant to the Bid or February 5, 2014. The number of Units purchased under the normal course issuer bid from February 1, 2012 to January 31, 2013 was 3,255,300 with a weighted average price paid per unit of $4.00. The Fund believes that it may be accretive to unitholders to engage in repurchases of its Units, from time to time, when they are trading at prices which the Fund believes reflect a discount from the underlying value of its Units.