T2 Income Fund Limited
01 October 2007



                             T2 Income Fund Limited

                         Company Trading Update Report

                            As of September 28, 2007



T2 Income Fund Limited has today updated the market as to its portfolio
statistics and composition.  Those details are provided below.


Key Statistics

Total Invested Assets                        £130 million

Number of Investments                                  41

Average Investment Size                      £3.2 million

Weighted Average Spread                       Libor + 381

Weighted Average Maturity                         6 years

% 1st Lien                                            86%

% 2nd Lien                                            14%


T2 Income Fund Diversity Overview                       %    T2 Income Fund Diversity Overview (S&P)               %
(Moody's)
Aerospace & Defense                                  1.9%    Aerospace & Defense                                1.9%
Automobile                                           3.4%    Automotive                                         3.4%
Beverage, Food & Tobacco                             2.2%    Brokers                                            3.4%
Broadcasting/Entertainment                           3.4%    Building & Development                             5.3%
Buildings & Real Estate                              5.3%    Business Services                                 13.1%
Cargo Transport                                      2.3%    Cable and Satellite television                     1.5%
Containers, Packaging & Glass                        1.1%    Containers and Glass Products                      1.1%
Diversified Manufacturing                            2.3%    Ecological services & equipment                    2.1%
Diversified Natural Resources                        1.9%    Electronics                                       17.0%
Diversified Services                                 6.9%    Financial Intermediaries                           3.0%
Ecological                                           2.1%    Farming & Agriculture                              3.4%
Electronics                                         17.0%    Food Products                                      2.2%
Finance                                              6.5%    Forest Products                                    1.9%
Farming & Agriculture                                3.4%    Healthcare                                         5.5%
Healthcare, Education & Childcare                    9.5%    Industrial Equipment                               0.8%
Hotels, Motels, Inns and Gaming                      6.5%    Leisure Goods                                      1.9%
Machinery                                            0.8%    Lodging & Casinos                                  6.5%
Mining, Steel                                        1.9%    Oil & Gas                                          3.4%
Oil & Gas                                            3.4%    Publishing                                         4.9%
Printing & Publishing                                4.9%    Steel                                              1.9%
Telecommunications                                  13.2%    Surface Transport                                  2.3%
                                                   100.0%    Telecommunications                                13.2%
Includes allocated deals through September 28, 2007                                                           100.0%


Company                               Amount      Headquarters/Other Areas of Operations   S&P Industry
Atlantic Inertial Systems Inc.     £2.5 million Cheshire, Connecticut.                     Aerospace & Defense
                                                Plymouth, U.K.  Global.
Attachmate Corporation             £4.5 million Seattle, Washington.                       Electronics
                                                Europe, Middle East and Africa.
Cavtel Holdings, LLC               £5.9 million Richmond, Virginia.                        Telecommunications
CBA Group                          £3.5 million Conklin, New York.                         Electronics
                                                The Netherlands.
Connor Steel Products              £2.5 million San Angelo, Texas.                         Steel
Corel Corporation                  £5.9 million Ottawa, Canada.                            Electronics
                                                Europe, Middle East and Africa.
CPM Holdings                       £2.0 million Waterloo, Iowa.                            Farming & Agriculture
                                                Global.
Data Transmission Network, Inc.    £2.5 million Omaha, Nebraska.                           Farming & Agriculture
Emdeon Corporation1                £0.7 million Elmwood Park, NJ.                          Healthcare
Express Energy Services Op., L.P.  £4.5 million Houston, Texas.                            Oil & Gas
Ford Motor Company                 £4.4 million Dearborn, Michigan.                        Automotive
                                                Global.
Georgia Pacific LLC1               £2.5 million Atlanta, Georgia.                          Forest Products
                                                Global.
Hudson Products1                   £1.0 million Sugarland, Texas.                          Industrial Equipment
                                                Europe, Mexico, China.
InfoNXX, Inc.                      £3.5 million New York, New York.                        Telecommunications
                                                France, Italy, Ireland and Switzerland.
Infor Enterprise Solutions         £3.0 million Berlin, Germany.                           Electronics
Holdings, Inc.                                  Switzerland and Luxembourg.
Inverness Medical                  £2.5 million Waltham, Massachusetts.                    Healthcare
                                                U.K., Germany, Israel, China, Japan.
Investools Inc.                    £4.5 million Draper, Utah.                              Brokers
Krispy Kreme Doughnut Corporation  £2.9 million Winston-Salem, North Carolina.             Food products
                                                Global.
Merrill Communications LLC         £4.5 million St. Paul, Minnesota.                       Publishing
Metrologic Instruments, Inc.       £3.0 million Blackwood, New Jersey.                     Business Services
                                                Europe, Middle East and Africa.
MR Default Services LLC            £1.0 million Roswell, Georgia.                          Building & Development
National Processing Company Group, £4.0 million Louisville, Kentucky.                      Financial Intermediaries
Inc.
NaviSite, Inc.                     £2.0 million Andover, Massachusetts.                    Telecommunications
                                                U.K., India.
Nova Analytics Corp.               £2.8 million Weilheim, Germany.                         Ecological services &
                                                                                           equipment
Nuvox, Inc.                        £3.5 million Greenville, South Carolina.                Telecommunications
One Communications Corp.           £2.4 million Rochester, New York.                       Telecommunications
Oshkosh Truck Corporation          £3.0 million Oshkosh, Wisconsin.                        Surface Transport
                                                Global.
Peacock Engineering Company, LLC   £1.5 million Geneva, Illinois.                          Containers and Glass
                                                                                           Products
Pegasus Solutions, Inc.            £5.4 million Dallas, Texas.                             Lodging & Casinos
                                                London and Singapore.
Prodigy Health Group, Inc.         £4.0 million Amherst, New York.                         Healthcare
ProQuest-CSA                       £4.3 million Bethesda, Maryland.                        Business Services
                                                Global.
Realogy Corporation                £6.0 million Parsippany, NJ.                            Building & Development
SelectRemedy (Koosharem            £6.0 million Santa Barbara, California.                 Business Services
Corporation)1
Sirsi Corporation                  £0.9 million Huntsville, Alabama.                       Business Services
                                                United Kingdom, Germany, Spain, France and
                                                Denmark.
Skillsoft Corporation              £3.0 million Dublin, Ireland.                           Business Services
                                                Global.
Stratus Technologies, Inc.         £3.5 million Maynard, Massachusetts.                    Electronics
                                                Europe, Middle East and Africa.
Tribune Company                    £2.5 million Chicago, Illinois.                         Leisure goods
Tropicana LandCo (Wimar Landco     £3.0 million Fort Mitchell, Kentucky.                   Lodging & Casinos
LLC)
TVC Communications, Inc.           £2.0 million Annville, Pennsylvania.                    Cable and Satellite
                                                Europe, Canada and Latin America.          television
Workflow Management, Inc.          £2.0 million Greenwich, Connecticut.                    Publishing
X-rite, Incorporated               £2.0 million Grandville, Michigan.                      Electronics
                                                Regensdorf, Switzerland.
Total                                 £130.4
                                     million

(1) Includes allocated deals through September
28, 2007.




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