Secured Income Fund : Factsheet 30 April 2021

Secured Income Fund Plc

Factsheet│30 April 2021

Key Benefits

1. Diversified exposure to SME borrowers across key markets in the UK, Europe and USA.
2. Lending against business critical assets providing downside protection.

Investment Objective

The Secured Income Fund Plc is managed with the intention of realising all remaining assets in the Portfolio in a prudent manner consistent with the principles of good investment management and with a view to returning cash to Shareholders in an orderly manner.

The Company will pursue its investment objective by effecting an orderly realisation of its assets in a manner that seeks to achieve a balance between maximising the value received from those assets and making timely returns of capital to Shareholders. This process might include 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

Market Capitalisation	£31.1m
Share Price		59.00p
NAV		£33.7m
NAV per share		63.92p
Premium / (Discount)	-7.7%
Gearing		None
Management		0.75%
Fees2
Ongoing charges		2.0%
Ticker		SSIF:LN
ISIN	GB00BYMK5S87

Share Price Performance

Since inception

120
100
80
60
40
20
0
9/2015	9/2016	9/2017	9/2018	9/2019	9/2020
		Share Price		NAV

Performance¹

Total return, cum income, %

To 30/04/2021	SI	3y	1y	6m
Share price	2.19	1.46	7.35	16.48
NAV	3.27	0.75	-1.29	-3.18

1 Annualised for periods longer than one year.

12M discrete	30/04/2017-	30/04/2018 -	30/04/2019 -	30/04/2020 -
30/04/2018	30/04/2019	30/04/2020	30/04/2021
Share price	1.56	5.64	-7.90	7.35
NAV	5.20	6.23	-2.48	-1.29

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 Loans	72.7	0-6 months	37.0	1
Direct Loan	16.68%		(KKV originated)
		6-18 months	7.5	2
Direct Loan	12.61%
Direct Loan	11.77%		Cash	14.8	18-36 months	32.6	3
Co-investment	10.44%		Co-invested and		>36 months	22.9	4
Direct Loan	7.50%	12.4
Direct Loan	6.78%	solely owned debt
	Weighted average maturity	1.8 years
Direct Loan	5.24%	Peer-to-peer /	0.0
Direct Loan	4.91%
Crowdfunded
Direct Loan	2.51%			Currency breakdown
Direct Loan	2.39%	Geographical breakdown (%)
Total	80.83%
Total number of holdings	15		UK	72.6	GBP	£23,698,000	70.2%
			USD	$8,039,000	17.2%
Average loan size	£1.92m	Europe	13.6
EUR	€4,878,000	12.6%
Weighted average yield	9.17%
	US	12.3
			Offshore Britain	1.5	No currency hedging used4

1. Portfolio exposures are calculated as the present balance outstanding plus investment receivables less any impairment/ expected credit loss provision.
2. 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.

April Investment Highlights

During April, the amortising direct loans have continued to perform well; we continue to receive capital and interest as scheduled for these loans.

We received a tax credit from Australia in relation to a film finance and have received sales proceeds for our other film financing positions. Furthermore, we have received the quarterly distribution from our Irish SME investment. This distribution included some capital return as the investment is now in its harvest period. These receipts allow us to continue to make regular distributions to Shareholders.

There is one performing loan remaining with our final peer to peer lending platform, which is due to mature in August 2021.

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