UK Mortgages Ltd - Net Asset Value(s)

UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 60440)

LEI 549300388LT7VTHCIT59

Final Net Asset Value

FUND NAME	NAV	ISIN	NAV DATE
UK Mortgages Limited	£0.7983	GG00BXDZMK63	31 January 2022

UKML RNS: Commentary accompanying UK Mortgages Limited January 2022 NAV

The UKML NAV per share was calculated for January 2022 month end at 79.83 pence per share, a decrease of 0.58 pence per share.

The main driver of NAV performance was the quarterly dividend payment of 1.25 pence per share which was declared in January.

Excluding the dividend payment, the primary driver of the monthly NAV came as a result of the positive running income being generated by the Company’s underlying investments, which contributed approximately 0.67 pence per share, although this was boosted slightly by an increased pull-to-par effect on the assets purchased at a discount due to the rise in swap rates which occurred during the month.

Following the announcement on 18 March 2022 that the resolutions proposed at that day’s Extraordinary General Meeting were approved, it is now expected that the proposed merger of UKML and TwentyFour Income Fund Limited will complete on 24 March 2022. As a result, this will be the final UKML NAV to be published.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham               44 (0)1481 745302
Date: 22 March 2022

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