Result of AGM

Fair Oaks Income Limited

22 June 2018

FAIR OAKS INCOME LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

RESULTS OF AGM

The Board of the Company is pleased to announce that, at the fourth Annual General Meeting of the Company held earlier today, the following proposed resolutions were approved by shareholders on a poll.

The number of Shares voted in person or by proxy on the resolutions, each of which was proposed as an ordinary resolution, was as follows.

1. THAT the Financial Statements of the Company for the year ended 31 December 2017 with the Report of the Directors and Auditors thereon be received and adopted.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against . No votes were withheld.

2. THAT Claudio Albanese be re-elected as a Director of the Company.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against. No votes were withheld.

3. THAT Jonathan Bridel be re-elected as a Director of the Company.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against. No votes were withheld.

4. THAT Nigel Ward be re-elected as a Director of the Company.

354,911,185 votes were in favour of the resolution (99 % of votes cast) and 3,745,201 votes were against (1% of votes cast). No votes were withheld.

5. THAT KPMG Channel Islands Limited be re-appointed as Auditors of the Company for the year ended 31 December 2018.

315,241,359 votes were in favour of the resolution (88 % of votes cast) and no votes were against. 43,415,027 votes were withheld (12% of votes cast).

6. THAT the Directors be authorised to fix the remuneration of the Auditors for their next period of office.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against. No votes were withheld.

7. THAT the Company's dividend policy be approved.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against. No votes were withheld.

The following was proposed as a special resolution:

8. THAT that the Company be and is hereby generally and unconditionally authorised in accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) (the "Law") (subject to all applicable legislation and regulations) to make market acquisitions (as defined in the Law) of its 2014 Shares and 2017 Shares in issue.

358,656,386 votes were in favour of the resolution (100% of votes cast) and no votes were against. No votes were withheld.

9. THAT the Directors of the Company be and are hereby empowered to issue up to a maximum number of 45 million 2017 Shares.

358,597,386 votes were in favour of the resolution (99.98% of votes cast) and 59,000 votes were against (0.02% of votes cast). No votes were withheld.

(Conditional on Resolution 9 being passed)

10. THAT the Directors of the Company be and are hereby empowered to issue up to a maximum number of a further 45 million 2017 Shares.

311,384,051 votes were in favour of the resolution (86.82% of votes cast) and 47,272,335 votes were against (13.18% of votes cast). No votes were withheld.

Enquiries:

Fair Oaks Income Limited

Email: contact@fairoaksincome.com

Web: www.fairoaksincome.com

Fair Oaks Capital Limited

Hayley Stewart

DDI: +44 (0) 20 3034 0406

Email: hstewart@fairoakscap.com

Praxis Fund Services Limited

Ben Le Prevost

DDI: +44 (0) 1481 755524

Email: Ben.LePrevost@praxisifm.com

Numis Securities Limited

Nathan Brown, Corporate Broking

DDI: +44 (0) 20 7260 1426

Email: n.brown@numis.com 

Fair Oaks Income Limited

Fair Oaks Income Limited is a registered closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange (now the Specialist Fund Segment of the Main Market of the London Stock Exchange) on 12 June 2014.

The investment policy of the Company is to invest (either directly and/or indirectly through the Master Fund and/or Master Fund II) in US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The Company will implement its investment policy by remaining invested in the Master Fund and making new investments in Master Fund II.