Net Asset Value(s)

FAIR OAKS INCOME FUND LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

Monthly Announcement of Unaudited Net Asset Value

As at the close of business on 31 January 2017 the estimated unaudited Net Asset Value of the Company's shares was as follows:

The monthly performance update can be found at the following link:

http://www.fairoaksincomefund.com/reports/monthly-performance-updates/2017.aspx

Enquiries:

Praxis Fund Services Limited

Ben Le Prevost

DDI: +44 (0) 1481 755524

Email: Ben.LePrevost@praxisifm.com

Fair Oaks Capital Limited

Hayley Stewart

DDI: +44 (0) 20 3034 0406

Email: hstewart@fairoakscap.com

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: +44 (0) 20 7260 1426

Email: n.brown@numis.com

Notes:

The Net Asset Value in this announcement is an estimate, and is based on unaudited estimated valuations. The final Net Asset Value of the Company may be materially different from the estimated value, which should only be taken as an indicative value which has been provided for information only and upon which no reliance should be placed. Actual results, performance or achievements may differ materially from estimated results, performance or achievements. Except as required by applicable law, the Company expressly disclaims any obligation to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise.

 This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.