UK Mortgages Ltd Net Asset Value(s)

 
TIDMUKML 
 
UK MORTGAGES LIMITED 
 
 (a closed-ended investment company incorporated in Guernsey with registration 
                                number 60440 ) 
 
Final Net Asset Value 
 
         FUND NAME                  NAV                ISIN             NAV DATE 
 
   UK Mortgages Limited           GBP0.9016          GG00BXDZMK63     31st March 2017 
 
UKML RNS: Commentary accompanying UK Mortgages Limited March 2017 NAV 
 
The UKML NAV per share was calculated for March month-end at 90.16 pence per 
share. 
 
 
The positive change in the NAV was driven by a number of factors: 
 
With the fund's investable capital now fully deployed following the acquisition 
of the CHL portfolio in February, the cash-drag effect of holding those 
un-invested funds has now been significantly reduced, and the acquired assets 
are levered via the initial warehouse financing and generating income for the 
fund. 
 
In addition, as was reported in the acquisition announcement, the loans in the 
CHL portfolio were originated a number of years ago and as such some of those 
mortgages will prepay from time to time (for example as borrowers sell their 
properties or refinance their loans). As the portfolio was purchased at a 
discount, these prepayments therefore generate a profit for the fund.  A small 
amount of prepayments were experienced this month, contributing to the NAV 
performance. 
 
Furthermore, the amortised cost valuation of the portfolio benefited from the 
discounted purchase price and added to the performance. 
 
Further details on the portfolio and pipeline will be available in the fund's 
factsheet to be published shortly. 
 
Enquiries: 
 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Andrew Bonham 44 (0)1481 745302 
 
Date: 12 May 2017 
 
 
 
END

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