Annual Financial Report

Fair Oaks Income Limited

17 April 2020

FAIR OAKS INCOME LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

ANNUAL FINANCIAL REPORT

The Board of Fair Oaks Income Limited is pleased to release the Annual Report for the period ended 31 December 2019.

Highlights

· Fair Oaks Income Limited's (the "Company") Net Asset Value ("NAV") per 2017 Share was down 0.7% (31 December 2018: up 0.5%) for the year ended 31 December 2019 on a total return basis (with dividends reinvested).

· As at 31 December 2019, the Company's total market capitalisation was US$307 million.

· The Company's 2017 share price closed at a mid-price of US$0.6775 on 31 December 2019. The 2017 Shares traded at an average discount to NAV of -2.77% during the year.

· On 1 April 2019, the Company completed a final compulsory redemption of all remaining 21,942,137 2014 Shares previously in issue. This was completed via a cash redemption funded by FOMC II LP and (for those so electing) in specie distributions of 2014 Shareholders' pro rata exposure to the Company's interest in FOIF LP.

· The Company declared dividends of 11.2 US cents per 2017 Share in 2019, equivalent to a 16.5% dividend yield on the closing mid-share price on 31 December 2019. Cumulative dividends since the inception of the Company per 2017 Share are 61.0 US cents.

Click on, or paste the following link into your web browser to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0862K_1-2020-4-17.pdf 

LEI: 2138008KETEC1WM5YP90

Enquiries:

Fair Oaks Income Limited

Email: [email protected]

Web: www.fairoaksincome.com

Fair Oaks Capital Limited

Investor Relations

DDI: +44 (0) 20 3034 0400

Email: [email protected]

Praxis Fund Services Limited

Ben Le Prevost

DDI: +44 (0) 1481 755524

Email: [email protected]

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: +44 (0) 20 7260 1426

Email: [email protected] 

Fair Oaks Income Limited

Fair Oaks Income Limited is a registered closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange (now the Specialist Fund Segment of the Main Market of the London Stock Exchange) on 12 June 2014.

The investment policy of the Company is to invest (either directly and/or indirectly through FOMC II LP) in US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing.