NAV Performance

The NAV % Total Return for July 2023 was +0.57%, which takes the NAV % Total Return to +2.56% over the past six months, and +4.92% over the past 12 months.

The NAV as at 31^st July 2023 was 92.20 pence per Ordinary Share, which was 0.52 pence higher than at 30^th June 2023. This overall gain comprised positive interest income of 0.60 pence per Ordinary Share, net of expenses, and a decrease in portfolio valuations of 0.08 pence per Ordinary Share.

Portfolio Activity

As at 31^st July 2023, the Company's invested portfolio had an aggregate valuation of £122 million across 38 investments. The average yield was 10.09%, with a weighted average loan life remaining of circa 1.80 years¹⁰. Overall, the portfolio is 96% invested in private market assets and 4% in public bonds. The Investment Manager's focus on creating a portfolio of high yielding and short duration loans that do not hold significant exposure to interest rate movements, ensures the portfolio remains well positioned against any further interest rate increases by global central banks.

Update on Strategic Review

On 11^th August 2023, GCP Infrastructure Income Limited ("GCP Infra") announced a proposed combination with GCP Asset Backed Income Fund Limited, and separate ongoing discussions with RMII regarding a potential combination.

On the same day, the Board of RMII confirmed that it had received a proposal from GCP Infra regarding a potential partial combination, to be effected by way of a scheme of construction of RMII, and the associated transfer of certain assets of RMII to GCP Infra, in exchange for the issue of new shares in GCP Infra to RMII shareholders. It is expected that RMII's existing CBIL assets would not be subject to the potential combination and would remain in RMII, to be realised in a timely and effective manner for RMII shareholders.

The Company is also considering one other proposal that it has received, highlighted in the announcement on 31 July 2023, however at this time there remains no certainty that either of the proposals received will develop into a recommendable transaction.

The Company continues to assess both proposals and will update RMII Shareholders as appropriate.

The Company also announces that the Monthly Report for the period to 31 July 2023 is now available to be viewed on the Company website:

RM Infrastructure Income Plc ("RMII" or the "Company") is a closed-ended investment trust established to invest in a portfolio of secured debt instruments.