Secured Income Fund : Factsheet 28 Feb 2021

Key Benefits

Investment Objective
1.	Diversified exposure to SME	The Secured Income Fund Plc is managed with the intention of realising all remaining assets in
borrowers across key	the Portfolio in a prudent manner consistent with the principles of good investment management
markets in the UK, Europe	and with a view to returning cash to Shareholders in an orderly manner.
and USA.
The Company will pursue its investment objective by effecting an orderly realisation of its
2.	Lending against business	assets in a manner that seeks to achieve a balance between maximising the value received from
critical assets providing	those assets and making timely returns of capital to Shareholders. This process might include
downside protection.	sales of individual assets, mainly structured as loans, or running off the Portfolio in accordance
with the existing terms of the assets, or a combination of both.

Fund Information Key facts

Share Price Performance Since inception

150

Market Capitalisation £35.2m

100

Share Price 66.75p

NAV £41.2m

50

NAV per share 78.18p

Premium / (Discount) -14.6%

0 9/2015 9/2016 9/2017 9/2018 9/2019 9/2020

3/2017

3/2018

3/2019

3/2020

3/2021

Cash

Share Price

NAV

Gearing

None

Direct loans (KKV originated)Platforms

Management Fees2

• 0.75% Performance¹

  Total return, cum income, %

  Ongoing charges

• 2.0% To 28/02/2021

Ticker

SSIF:LN

Share price NAV

SI 0.97 3.87

3y -0.19 1.99

1y -6.08 0.06

6m 5.66 0.31

ISIN

GB00BYMK5S87

1 Annualised for periods longer than one year.

2 As per the resolution detailed in the Circular issued on 20th August 2020, the management fee reduced to 0.75% for 12 months from 18th September 2020.

Fund Portfolio3

Portfolio exposure (%)

Maturity breakdown (%)

Top 10 Holdings (%)

Direct Loan 15.89%Direct Loans (KKV originated)

66.7

Direct Loan 10.73%

Direct Loan 9.98%

Cash

19.4

Co-investment 8.82%

Direct Loan 6.30%

Direct Loan 5.44%

Co-invested and solely owned debt

0-6 months 6-18 months 18-36 months >36 months

24.21 26.22 30.23 19.44

13.8

Direct Loan 4.76%

Direct Loan 4.50%

Peer-to-peer / Crowdfunded

Weighted average maturity

1.7 years

0.1

Direct Loan 4.31%

Co-investment 3.92%

Currency breakdownGeographical breakdown (%)

Total 74.65%

Total number of holdings

17

UK 73.4

GBP

£30,539,000 73.9%

USD

$8,854,000 15.4%

Average loan size

Weighted average yield

£1.96m 8.53%

Europe 11.6

EUR

€5,104,000 10.7%

US 11.1

Offshore Britain 3.9

No currency hedging used4

• 3 Portfolio exposures are calculated as the present balance outstanding plus investment receivables less any impairment/ expected credit loss provision.

• 4 Please note currency hedging was removed during September 2020

Dawn Kendall

CIO & Lead Fund Manager

Dawn has 34 years' experience in financial services, including 25 years' experience managing fixed income portfolios at distinguished financial institutions, including in her role as Partner and Portfolio Manager at TwentyFour Asset Management, as CIO for IAM, a fund of hedge funds, and Portfolio Manager for The Codelouf Trust, a family office. Additionally, Dawn has held senior investment and management positions at Newton, Axa (Architas) and Investec Wealth. Dawn has a degree in European and English Law and an MBA.

February Investment Highlights

Amortisation of our biggest wholesale exposure continues and we have three more of our direct loans all repaying interest and capital as scheduled. Other direct investments have distributed cash from sales of assets.

We have continued to receive a trickle of tax credit and sales proceeds from our film financings. We continue to monitor these positions and highlight to Shareholders that these loans have taken longer to repay due to the Covid pandemic and we expect this to remain the position for the remainder of the year.

A further legacy loan was repaid from our one remaining platform. This now leave four loans outstanding, two are performing and two are impaired.

A Circular has been published and an EGM proposed to distribute cash by way of a B Share scheme with the hope that this can be implemented before the tax year end for

investors to receive capital proceeds from distributions.

Please note, we no longer hedge our foreign exchange exposures and provide details of the USD and EUR allocations in the data provided in the factsheet to allow shareholders to consider their own hedging, if they so required.

Disclaimer:

Secured Income Fund plc (the "Company") is an investment company, incorporated in England with registered number 09682883, whose shares have been admitted to trading on the Specialist Fund Segment of the Main Market of London Stock Exchange plc. The Company is an alternative investment fund for the purposes of the Alternative Investment Fund Managers Directive. The Company has appointed Kvika Securities Limited ("KSL") as its alternative investment fund manager, and KKV Investment Management Limited ("KKV") has been appointed as the Company's portfolio manager. This Factsheet is provided for information purposes only and should not be relied on by any person in making an investment decision. The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back less than the original amount invested. Past performance is not a reliable indicator of future performance and investors may not get back the original amount invested. There is no guarantee that the market price of the Company's shares will fully reflect their underlying Net Asset Value. Whilst it is the intention to achieve the investment objectives of the Company, there can be no assurance that the objectives will be met. Any forecast, projection or target is indicative only and not guaranteed in any way. All reasonable endeavours have been used to ensure the accuracy of information contained in this Factsheet, but there is no guarantee as to the completeness or accuracy of such content. This material should not be considered as advice or an investment recommendation. No warranty of accuracy is given. For an overview of the terms of investment, risks and costs and charges, please refer to the Annual Report and Key Information Document from which the risk indicator is taken. If you are in any doubt as to the suitability of the Company for your investment needs, please seek investment advice. This Factsheet is a financial promotion and is not intended to be investment advice. It is issued and approved solely for the purpose of section 21(2)(b) of the Financial Services and Markets Act 2000 (as amended) by KSL which is authorised and regulated by the Financial Conduct Authority. It is entered on the Financial Conduct Authority's register under registered number 538806. KSL is a private limited company incorporated in England (registered no. 06801718) with its registered office at 25 Upper Brook Street, London, England, W1K 7QD. KKV is a private limited company incorporated in England (registered no. 12475228) with its registered office at 25 Upper Brook Street, London, England, W1K 7QD. Copyright © (2021) Kvika Securities Ltd. All rights reserved.

KKV Investment Managmeent

25 Upper Brook Street Mayfair

London W1K 7QD United Kingdom

For more information, please contact:[e-mail]

Company Broker | FinnCap Ltd | One Bartholomew Close, London, EC1A 7BL

William Marle |[e-mail]| [phone]

Mark Whitfeld |[e-mail]| [phone]

Secured Income Fund plc

Closed-ended Investment Company | Listing: London Stock Exchange Main Market Specialist Segment | Domicile: UK