Net Asset Value(s)

UK Mortgages Ltd - Net Asset Value(s)

PR Newswire

London, August 20

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

EI 549300388LT7VTHCIT59

Final Net Asset Value

UKML RNS: Commentary accompanying UK Mortgages Limited June 2021 NAV

The UKML NAV per share was calculated for June 2021 month end at 77.79 pence per share, an increase of 1.15 pence per share.

As highlighted in last month’s NAV release commentary, this includes the final two elements from the sales of the two Coventry portfolios; the share tender discount realisation and the Expected Credit Loss (ECL) provision release, both of which made a positive contribution to the NAV.

The uplift from the most recent share tender, contributed 0.20 pence per share to the NAV, as referred to in last month’s NAV commentary.

Furthermore, with the June NAV coinciding with Company’s year-end, this also included a recalculation of the ECL provision, which occurs semi-annually under IFRS 9 accounting standards. This led to a 0.55 pence per share improvement in the NAV, driven by a combination of the existing provision for the Coventry portfolios being discharged following the portfolio sales plus the release of a portion of the previous provision, subject to final audit, following a recalibration of the modelled scenarios and weightings to reflect the improving economic conditions.

The remainder of the positive monthly NAV movement came as a result of the running income generated by the Company’s underlying investments, net of a minor adjustment from the semi-annual hedge effectiveness calibration.

The Company’s remaining investments continue to perform in line with expectations. More details will be available in the Company’s next factsheet to be published shortly.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Bonham 44 (0)1481 745302

Date: 20 August 2021