An anonymous trustee reports

CITADEL INCOME FUND ANNOUNCES ANNUAL REDEMPTION OF UP TO 891,432 UNITS

Citadel Income Fund unitholders will have the opportunity to redeem up to 891,432 units of the fund.

The annual redemption date has been set for Nov. 29, 2022. Units will be redeemed for an amount per unit equal to net asset value less redemption costs (as contemplated in the fund's declaration of trust which is available on the fund's SEDAR profile). If requests for redemptions exceed 891,432 units, units will be redeemed on a pro rata basis.

In order to redeem their units, holders must deliver a redemption notice to their broker sufficiently in advance to ensure that such notice is then delivered to the fund's transfer agent by no later than 5 p.m. ET on Nov. 8, 2022. Unitholders wishing to participate in the redemption should contact their brokers if they have any questions about how to provide a redemption notice.

Units tendered for this redemption will be entitled to receive the October, 2022, distribution which, as previously announced, will be paid on Nov. 15, 2022.

On or about Dec. 7, 2022, the fund will announce the annual redemption price and the fund expects to pay the redemption proceeds to redeeming unitholders on or before Dec. 20, 2022.

For further information, please contact your financial adviser, call Artemis Investment Management's investor relations line at 416-934-7455 or visit the fund's website.