ICG Longbow Snr Sec UK Prop Dt Inv : Extension to Existing Loan & Pipeline Update

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26 January 2018

ICG-Longbow Senior Secured UK Property Debt Investments Limited

(the 'Company' or 'Group')

Increase and extension to existing loan
and
pipeline update

The Company is pleased to announce that it has agreed to fund an increase and extension to an existing loan secured by a North London retail park (the 'Meadow Loan'). The increase, which takes the aggregate loan to £20 million, is on substantially the same terms and conditions as the existing facility, with an increased LTV of 69.4% and the final maturity date extended to January 2020.

Following completion of the increase and extension, the Company's weighted average investment coupon increases to 6.29% (31 October 2017: 6.26%), and LTV increases to 61.3% (31 October 2017: 60.1%).

As noted in the factsheet for the quarter ending 31 October 2017, Intermediate Capital Managers Limited (the 'Investment Adviser') is currently executing two new loans representing approximately £33 million of new investment. The first loan relates to a multi-let office property in Bristol, with an expected initial LTV of approximately 67%, rising to a maximum 77% following drawdown of a committed capital expenditure facility. The second relates to a London industrial estate with an expected LTV of approximately 65%. Each loan will enhance the weighted average investment coupon of the portfolio, extend the weighted average portfolio maturity, and will be accretive to shareholders.

The Investment Adviser continues to develop an encouraging pipeline with over £100 million of potential new opportunities currently under review, across all the main property sectors and in a mix of UK regions. It is also continuing to engage with the Company's existing borrowers to support loan increases, extensions and recapitalisations as required. The risk and return profile of these deals is comfortably in line with that envisaged at the time of the continuation vote, with loan-to-value ratios, on average, below 75% and investment coupons above the Company's current weighted average.

The proposed investments all remain subject to contract and due diligence, and there can be no assurance that they will complete. However, if progressed, the Board will need to consider a further fundraising under the Company's current approved placing programme. The size of any share issuance will be determined in due course in light of the existing cash resources, any potential loan redemptions in the near term and the development of the broader pipeline, in order to ensure that the Company does not experience avoidable cash drag.

For further information please contact:

Estera International Fund Managers (Guernsey) Limited:
James Christie	[phone]
Cenkos Securities:
Will Rogers Alex Collins Tom Scrivens Oliver Packard Andrew Worne	[phone] [phone] [phone] [phone] [phone]
Maitland Consultancy Limited:
Seda Ambartsumian	[phone]
ICG-Longbow Martin Wheeler David Mortimer	[phone] [phone]

ICG Longbow LEI: 2138008BKBH3OP2CA764

The content of this announcement has been prepared by, and is the sole responsibility of, ICG-Longbow Senior Secured UK Property Debt Investments Limited.

Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement. The distribution of this announcement into jurisdictions other than the United Kingdom may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws or regulations of any such jurisdiction.

In particular, this announcement should not be distributed, forwarded to or transmitted, directly or indirectly, in whole or in part, in into or from the United States, Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction where to do so may constitute a violation of the securities laws or regulations of any such jurisdiction.

Certain statements made in this announcement are forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Such statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements.

The information contained in this announcement is subject to change without notice and the Company does not take any responsibility or obligation nor does it intend to revise or update publicly this announcement to reflect events or circumstances after the date of this announcement (except to the extent required by the FCA, the London Stock Exchange or by applicable law, the Listing Rules, the EU Market Abuse Regulation No. 596/2014 or the Disclosure Guidance and Transparency Rules).

This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor.

None of the Investment Adviser or Cenkos Securities plc ('Cenkos'), or any of their respective affiliates, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or for any loss howsoever arising from any use of the announcement or its contents aside from the responsibilities and liabilities, if any, which may be imposed by FSMA, as amended or the regulatory regime established thereunder or any other applicable regulatory regime. The Investment Adviser and Cenkos and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.