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14 June 2019

Marble Point Loan Financing Limited

Unaudited Net Asset Value and Publication of Monthly Report

As at the close of business on 31 May 2019, the estimated unaudited net asset value ("NAV") per Ordinary Share of Marble Point Loan Financing Limited ("MPLF") is as follows:

MPLF's NAV total return was (0.69%) in May.  During this same period, the CSLLI, the ICE BAML HYI and the S&P 500 Index registered monthly total returns of (0.23%), (1.27%) and (6.35%), respectively.⁽²⁾

Leveraged loans gave back a portion of April's gains in May as the market digested renewed global trade tension in the latter half of the month and continued retail fund outflows generated selling pressure.  On the demand side of the market, CLO new issuance in May remained healthy, albeit lower than the record level seen in April. The average price of the CSLLI moved down to 96.72% as at 31 May 2019 from 97.45% as at 30 April 2019. Net retail fund outflows abated slightly in May to $2.9 billion from $3.3 billion in April following the first quarter where the market experienced total net outflows of more than $11 billion, according to JP Morgan. Primary loan supply picked up slightly in May as $16.2 billion of M&A related issuance entered the market, the highest total since February, according to S&P/LCD.  Subsequent to month end, the CSLLI has moved up to 97.03% as at 12 June 2019.

Subsequent to month end, MPLF completed its previously announced investment of $17.4 million for a 53.6% interest in the equity tranche of Marble Point CLO XV in connection with the closing of the transaction on 6 June 2019.

MPLF's total investment in loan accumulation facilities ("LAF") increased to $38.0 million as at 31 May 2019, of which $17.4 million was used to fund the Marble Point CLO XV investment noted above.  During the month, MPLF funded $9.5 million into a new LAF which is presently accumulating loans with the intention of converting into a new CLO issuance in the future.

There were 21 new U.S. CLOs issued in May, representing approximately $10.0 billion of issuance, bringing the YTD total to $54.9 billion as compared to $54.6 billion for the corresponding 2018 YTD period, as reported by S&P/LCD. May also saw $0.9 billion of CLO reset issuance and $3.1 billion of CLO refinancing activity, bringing the full year totals to $9.1 billion and $8.2 billion, respectively.

One constituent of the S&P/LSTA Leveraged Loan Index - Empire Generating Co. - defaulted in May, keeping the lagging 12-month default rate unchanged at 1.01%, as reported by S&P/LCD.  MPLF had no exposure to Empire Generating Co.

MPLF's May 2019 Monthly Report is available on its website: www.mplflimited.com 

⁽¹⁾ NAV figures are provided for informational purposes only and are unaudited, estimated by Marble Point Credit Management LLC ("Marble Point"), the investment manager of MPLF, and subject to adjustment. Marble Point estimates MPLF's NAV on a monthly basis. Estimates with respect to a date falling on a calendar quarter end are subject to revision when the quarterly NAV is determined. NAV is calculated as the sum of the value of MPLF's investment portfolio, any cash or cash equivalents and other assets less liabilities. NAV total return figures shown are estimated, unaudited and subject to adjustment and reflect the net total NAV return, inclusive of dividends, for the periods shown and as from MPLF's admission to the Specialist Fund Segment of the London Stock Exchange on 13 February 2018, after taking into account listing and offering costs and pre-admission profits and loss. Monthly and cumulative performance figures are non-annualised and such results reflect the deductions of applicable management fees and expenses at the underlying investment levels.

⁽²⁾ The Credit Suisse Levered Loan Index ("CSLLI") tracks the investable universe of the US dollar denominated leverage loan market. The ICE BofAML US High Yield Index ("ICE BofAML HYI") tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. The S&P 500 tracks the performance of US equity markets. Index returns do not reflect any deductions for fees, expenses or taxes. You cannot invest directly in an index.

Note: Past performance is not indicative or a guarantee of future performance.

This release contains inside information.

Enquiries:

Marble Point Loan Financing Limited

Investor Relations

T:  +44 (0) 20 7259 1500

E:  ir@mplflimited.com 

Website: www.mplflimited.com 

Corporate Broker:

Stifel Nicolaus Europe Limited

Neil Winward, Corporate Broker - Investment Funds

T:  +44 (0) 20 7710 7600

IMPORTANT INFORMATION

Marble Point Loan Financing Limited (the "Company") is a closed-ended investment company incorporated in Guernsey with its ordinary shares ("Shares") admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange (ticker: MPLF.LN). The Company is invested in a diversified portfolio of US dollar denominated, broadly syndicated floating rate senior secured corporate loans via CLOs, loan accumulation facilities and other vehicles managed by Marble Point Credit Management LLC ("Marble Point") or its affiliates. Marble Point is an investment adviser registered with the U.S. Securities and Exchange Commission.

This document is provided for informational purposes only and does not constitute an offer to sell any Shares, notes or other securities (collectively, "Securities") issued by the Company or a solicitation of an offer to purchase any such Securities in the United States, Australia, Canada, the Republic of South Africa, Japan or any other jurisdiction. This document may not be relied upon, and should not be used, for the purpose of making any investment decision. This document and the information and views included herein do not constitute investment advice or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. Any recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of any investment and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such investment. This document has been issued by the Company and is the sole responsibility of the Company.

The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold in the United States to, or for the account or benefit of, U.S. persons unless they are registered under applicable law or exempt from registration. The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act.

The information shown herein is estimated, unaudited, for background purposes only, representative as of the dates specified herein, subject to adjustment and not purported to be full or complete. Nothing herein shall be relied upon as a representation as to the current or future performance or portfolio holdings of the Company or any strategy or investment vehicle. Certain information presented herein has been obtained from third party sources and is believed to be reliable. However, neither the Company nor Marble Point represents that the information contained in this document (including third party information) has been independently verified or is accurate or complete, and it should not be relied upon as such. Index information, if any, has been provided for illustration purposes only. Any such information does not reflect the effect of transaction costs, management fees or other costs which would reduce returns. An investor cannot invest directly in an index.

There is no guarantee that any of the goals, targets or objectives described in this document will be achieved. The investment strategies of the Company may not be suitable for all investors and are not intended to constitute a complete investment program. Neither Marble Point nor the Company makes any representation or warranty (express or implied) with respect to the information contained herein (including, without limitation, information obtained from third parties) and each of them expressly disclaims any and all liability based on or relating to the information contained in, or errors or omissions from, these materials; or based on or relating to the use of these materials; or any other written or oral communications transmitted to the recipient or any of its affiliates or representatives in the course of its evaluation of the information herein.

Any of the views or opinions expressed herein are current views and opinions only and may be subject to change. Statements made herein are as of the date of this document and should not be relied upon as of any subsequent date. All information is current as of the date of this document and is subject to change without notice.

Past performance is not a reliable indicator of current of future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital.

A Note on Forward Looking Statements. This document includes forward-looking statements. Forward-looking statements include all matters that are not historical facts. Actual results may differ materially from any results projected in the forward-looking statements and are subject to risks and uncertainties. Such statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, and other factors that may cause actual results to differ materially from the anticipated results expressed or implied by such forward-looking statements. The Company and Marble Point caution readers not to place undue reliance on such statements. Neither the Company nor Marble Point undertakes, and each specifically disclaims, any obligation or responsibility, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's and/or Marble Point's expectations and estimates.

None of the Company, Marble Point or any of their respective parent or subsidiary undertakings, or the subsidiary undertaking of any such parent undertakings, or any of such person's respective partners, shareholders, directors, members, officers, affiliates, agents, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information or opinions presented or contained in this document nor shall they accept any responsibility whatsoever for, or make any warranty, express or implied, as to the truth, fullness, accuracy or completeness of the information in this document (or whether any information has been omitted from the document) or any other information relating to the Company, Marble Point or their respective subsidiaries or associated companies, in any form whatsoever, howsoever transmitted or made available or for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. This shall not affect any liability any such person may have which may not be excluded under applicable law or regulation.