SLF Realisation Fund : 2021 12 31 SLF Interim FS Final

SLF Realisation Fund Limited

(formerly known as KKV Secured Loan Fund Limited)

Half-Yearly Report and Unaudited Condensed Consolidated Financial Statements for the six months ended 31 December 2021

GROUP METRICS FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

As at 31 December 2021, the investment objective of SLF Realisation Fund Limited (the "Company" and together with its subsidiaries, the "Group") is to realise all remaining assets in the portfolio of the Ordinary Share class and the 2016 C Share class in a prudent manner consistent with the principles of good investment management and to return cash to shareholders in an orderly manner.

(3.97)% per Ordinary Share1	19.15p per Ordinary Share	(37.49)% Ordinary Share1
(0.25)% per 2016 C Share1	31.56p per 2016 C Share	(33.62)% 2016 C Share1
NAV total return per share for	NAV per Share	Share price discount to NAV
the six months ended	as at 31 December 2021	as at 31 December 2021
31 December 2021
£42.61 million for the	£21.36 million for the	£3.56 million for the
Ordinary Share class	Ordinary Share class	Ordinary Share class
£29.10 million for the 2016	£38.90 million for the 2016	£13.89 million for the
C Share class	C Share class	2016 C Share class
Market capitalisation as at	Return of capital to	Return of capital to
31 December 2021	shareholders during the period	shareholders after the
ended 31 December 2021	reporting period ended 31
December 2021

The NAV total return for the six months ended 30 December 2020 was 9.2% for Ordinary Shares and 3.4% for 2016 C Shares. The comparatives for the other group metrics detailed above are disclosed on page 3.

1 These are Alternative Performance Measures, refer to pages 39 and 40 for details.

GROUP METRICS FOR THE SIX MONTHS ENDED 31 DECEMBER 2021

The key drivers of the change in net asset value ("NAV") per share between 1 July 2021 and 31 December 2021 are highlighted in the graphs below:

Ordinary Share

2016 C Share

Index	Page
Financial Metrics and Performance Summary	1 - 3
Company Overview	4
Chairman's Statement	5 - 6
Investment Report	7- 16
Statement of Directors' Responsibilities	17
Unaudited Condensed Consolidated Statement of Comprehensive Income	18
Unaudited Condensed Consolidated Statement of Financial Position	19
Unaudited Condensed Consolidated Statement of Changes in Equity	20
Unaudited Condensed Consolidated Statement of Cash Flows	21
Notes to the Unaudited Condensed Consolidated Financial Statements	22 - 38
Alternative Performance Measures	39 - 40
Company Information	41
List of Acronyms	42

FINANCIAL METRICS AND PERFORMANCE SUMMARY

Financial Metrics

NAV Total Return1

The NAV total return details the change in NAV from the start of the relevant period and assumes that dividends paid to shareholders are reinvested at NAV. The NAV total return achieved by the Group is detailed in the table below:

Relevant Period	Ordinary Shares	2016 C Shares
Six months to 31 December 2021	(3.97)%	(0.25)%
Year to 31 December 2021	(9.79)%	10.03%
3 year2	(54.05)%	(11.74)%
Since inception	(27.19)%	(8.31)%

The NAV total return since inception is illustrated in the graph below:

Return of Capital

The investment objective of the Ordinary Shares and the 2016 C Shares is to realise all remaining assets in a prudent manner consistent with the principles of good investment management and to return cash to shareholders in an orderly manner. For the six month period ended 31 December 2021, the Company has made a return of capital on two separate occasions, as detailed below, returning a total of £21,358,540 to Ordinary shareholders and £38,898,782 to 2016 C shareholders.

Ordinary Shares	2016 C Shares
Record date	Amount per Share	Amount returned to shareholders	Amount per Share	Amount returned to shareholders
20 July 2021	3p	£10,679,270	7p	£9,724,695
2 September 2021	3p	£10,679,270	21p	£29,174,087

Please refer to note 15 for full details of the Company's return of capital.

Post period-end, the Company made one further return of capital to Ordinary shareholders and 2016 C shareholders. Refer to note 18 for further details.

• 1 Refer to pages 39 to 40 for the calculation of these alternative performance measures.

• 2 NAV total return over a 3 year period from 1 January 2019 to 31 December 2021.

1