SLF Realisation Fund : 2023 06 30 SLF FS V5

SLF REALISATION FUND LIMITED

Annual Report and Audited Consolidated Financial Statements

for the year ended 30 June 2023

SLF Realisation Fund Limited

Annual Report and Audited Consolidated Financial Statements for the year ended 30 June 2023

GROUP METRICS FOR THE YEAR ENDED 30 JUNE 2023

As at 30 June 2023, 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. The Group's base currency is Sterling.

(25.80)% per Ordinary

Share1

(2.71)% per 2016 C Share1

NAV total return per share for the year ended 30 June 2023

£9.97 million for Ordinary

Shares

£8.61 million for 2016 C

Shares

Market capitalisation as at

30 June 2023

6.94p per Ordinary Share	(59.65)% Ordinary Share1
8.28p per 2016 C Share	(25.12)% 2016 C Share1
NAV per Share as at	Share price discount to NAV
30 June 2023	as at 30 June 2023
£21.36 million for the	£3.56 million for the
Ordinary Share class	Ordinary Share class
£13.89 million for the 2016 C	£3.47 million for the 2016
Share class	C Share class
Return of capital to shareholders	Return of capital to
during the year ended 30 June	shareholders after the
2023	reporting year ended 30 June
	2023

The comparatives for the other group metrics detailed above are disclosed on page 7.

• These are alternative performance Measures; refer to pages 98 to 100 for details.

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SLF Realisation Fund Limited

Annual Report and Audited Consolidated Financial Statements for the year ended 30 June 2023

GROUP METRICS FOR THE YEAR ENDED 30 JUNE 2023 (CONTINUED)

The key drivers of the change in Net Asset Value ("NAV") between 1 July 2022 and 30 June 2023 are highlighted in the graphs below:

Ordinary Shares

2016 C Share

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SLF Realisation Fund Limited

Annual Report and Audited Consolidated Financial Statements for the year ended 30 June 2023

Index	Page
Financial Metrics and Performance Summary	5 - 7
Company Overview	8
Chairman's Statement	9 - 11
Strategic Report	12 - 22
Investment Report	23 - 29
Directors' Report	30 - 33
- Statement of Directors' Responsibilities	32 -33
Directors' Biographies	34
Corporate Governance Report	35 - 42
Audit and Risk Committee Report	43 - 46
Statement of Compliance with the UK Code of Corporate Governance	47
Independent Auditor's Report	48 - 55
Consolidated Statement of Comprehensive Income	56
Consolidated Statement of Financial Position	57
Consolidated Statement of Changes in Equity	58
Consolidated Statement of Cash Flows	59
Notes to the Financial Statements	60 - 97
Alternative Performance Measures	98 - 100
Company Information	101
List of Acronyms	102

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SLF Realisation Fund Limited

Annual Report and Audited Consolidated Financial Statements for the year ended 30 June 2023

FINANCIAL METRICS AND PERFORMANCE SUMMARY

Financial Metrics

NAV Total Return1

The NAV total return measures how the NAV per Ordinary share and 2016 C share has performed over a period, taking into account both capital distributions and dividends paid to shareholders. The NAV total return achieved by the Group is detailed in the table below:

Period	Ordinary Shares	2016 C Shares
Year to 30 June 2023	(25.80)%	(2.71)%
3 year2	(13.13)%	14.83%
Since inception	(31.40)%	(7.59)%

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. During the year ended 30 June 2023, the Company made a return of capital on three separate occasions, as detailed below, returning a total of £21,358,540 to Ordinary shareholders and £13,892,422 to 2016 C shareholders.

	Ordinary Shares	2016 C Shares
Record date	Amount	Amount returned to	Amount	Amount returned to
	per Share	shareholders	per Share	shareholders
25 July 2022	1p	£3,559,757	5p	£6,946,211
5 December 2022	1.5p	£5,339,635	1.5p	£2,083,863
19 April 2023	3.5p	£12,459,148	3.5p	£4,862,348

• Refer to pages 98 to 99 for the calculation of these alternative performance measures.
  2 NAV total return over a 3-year period from 1 July 2020 to 30 June 2023.

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