UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 60440 )
LEI 549300388LT7VTHCIT59

Final Net Asset Value

UKML RNS: Commentary accompanying UK Mortgages Limited March 2019 NAV

The UKML NAV per share was calculated for March 2019 month end at 82.08 pence per share.

The 0.36 pence decrease in the NAV is primarily driven by the significant flattening of the yield curve which occurred during the period, affecting both the pull to par effect from the Oat Hill transaction and the fair value movements of the swaps held in the underlying portfolios.

Without this flattening, the movement in the NAV would have been positive, and we note that the curve subsequently steepened in April, reversing more than half the flattening in March, which should therefore be reflected in the following month’s NAV.

The fund’s investments continue to perform exceptionally well, in line with expectations and more details will be available in the fund’s next factsheet.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Bonham 44 (0)1481 745302

Date: 14 May 2019