An anonymous director reports

CITADEL INCOME FUND ANNOUNCES APPROVAL OF SPECIAL REDEMPTION OF UNITS AT SPECIAL MEETING OF UNITHOLDERS AND REDEMPTION DATE

At Citadel Income Fund's special meeting of the unitholders of the fund held today, the unitholders approved an extraordinary resolution authorizing the fund to redeem an aggregate of not less than 7,186,900 units of the fund at an amount per unit equal to the net asset value per unit less redemption costs equal to 4.5 per cent of the net asset value per unit plus applicable taxes.

The redemption date for the special redemption has been set for Dec. 7, 2023. If requests for redemptions exceed 7,186,900 units, then the units will be redeemed on a pro rata basis.

In order to redeem their units, unitholders 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. (Toronto time) on Nov. 16, 2023.

On or about Dec. 14, 2023, the fund will announce the special redemption price and the fund expects to pay the redemption proceeds to redeeming unitholders on or before Jan. 3, 2024.

Unitholders wishing to participate in either redemption should contact their brokers if they have any questions about how to provide a redemption notice.

There will be no annual redemption due to the passing of the extraordinary resolution approving the special redemption.

We seek Safe Harbor.