C Share Investment Update

14 October 2016

SQN Asset Finance Income Fund Limited

C Share Investment Update

The Board is pleased to announce that, on 13 October 2016, it received notification from the Company's Investment Managers that the majority of the net proceeds from the issue of C Shares in November 2015 were invested. As such, the C Shares will convert into Ordinary Shares in accordance with the terms set out in the Company's prospectus dated 18 September 2015 (the "Prospectus").

The Calculation Time will be set at 5.00 p.m. today and the NAVs attributable to the Ordinary Shares and the C Shares as at the Calculation Time, together with the Conversion Ratio, are expected to be announced on or around 21 October 2016.

Terms used and not defined in this announcement have the meanings given in the Prospectus unless the context otherwise requires.

For further information please contact:

Notes to Editor

The Company invests in equipment lease and asset finance arrangements across a diverse portfolio of assets and industries predominantly in the UK, Northern Europe and US. The Company focuses on business-essential, revenue-producing (or cost saving) equipment and other assets with high in-place value and long economic life relative to the investment term.

The Company's Investment Managers are SQN Capital Management, LLC, a Registered Investment Advisor with the United States Securities and Exchange Commission and its subsidiary, SQN Capital Management (UK) Limited. The principals responsible for managing the portfolio are Jeremiah Silkowski and Neil Roberts.