Citadel Income Fund Renews Normal Course Issuer Bid

TORONTO, Jan. 21 /CNW/ - Crown Hill Capital Corporation, the Manager (the "Manager") of Citadel Income Fund (the "Trust"), announced today that the Trust will renew its normal course issuer bid effective February 1, 2011 to permit the Trust to purchase up to 3,203,825 of the outstanding Trust Units ("Units") on the TSX from time to time. The Trust may purchase Units in the market for cancellation if the Manager determines that such purchases are accretive to holders of Units. Under the normal course issuer bid, the Trust may purchase up to 3,203,825 Units, representing approximately 10% of the public float of 32,038,257 Units. The issued and outstanding Units as at January 18, 2011 is also 32,038,257. Additionally, the Trust may not purchase more than 640,765 Units in any 30 day period, representing 2% of the issued and outstanding Units. These purchases will be made in accordance with applicable regulations over a maximum period ending January 31, 2012. Units purchased will be cancelled. The number of units purchased under the normal course issuer bid from February 1, 2010 to January 18, 2011 was 322,700 with a weighted average price paid per unit of $5.08627.

For further information:

Alexis Klein, Investor Relations & Marketing at 416.361.9673 or visit our website at www.crownhill.ca

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CITADEL INCOME FUND

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