Title: Key Information Document: GG00B90J5Z95 URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=9e0be342-6847-46f4-a899-d01a93f11405&user=C32rzusfImKuXh03xXKGw9swnIGmArSlGPuoVR/z/3Y= Published Time: Wed, 18 Feb 2026 14:29:44 GMT Number of Pages: 3 Markdown Content: KEY INFORMATION DOCU MENT (KID) # TwentyFour Income Fund Limited (TFIF) # Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you comp are it with other products. # PRODUCT Product: TwentyFour Income Fund Limited ("TFIF", "the Company") - Ordinary Shares Product code: GG00B90J5Z95 Manufacturer name: TwentyFour Income Fund Limited Website: https://twentyfourincomefund.com/ Regulator: Guernsey Financial Services Commission (GFSC) Document valid as at: 31 May 2025 # WHAT IS THIS PRODUCT? Type: TFIF is a non -cellular company limited by shares incorporated in Guernsey under the Companies (Guernsey) Law 2008, as amended, with registe red number 56128.TFIF is an Alternative Investment Fund (AIF), listed on the London Stock Exchange as a closed -ended investment company.The ordinary shares are bought and sold via the main market of the London Stock Exchange. Typically, the price an investor pays for an ord inary share will be higher than the price at which that ordinary share could be sold. The return to investors is dependent on the performance of the share price of the ordinary shares, which is largely determined by the performance of the underlying investments. Term: This fund is not subject to any fixed term. Objectives: The investment objective is to generate attractive risk -adjusted returns, principally through income distributions, by investing directly in a diversified portfolio of predominantly UK and European asset -backed securities (ABS), that provide indirect expos ure to pools of financial assets. These assets include, but are not limited to, residential and commercial mortgages, credit card receivables, automobile, boat and recreati onal vehicle leases and loans, instalment sales contracts, bank loans, leases, corpo rate debt securities and various types of accounts receivables, and which are typically more difficult to sell but have greater return potential for the Company, and which the Company's portfolio manager believe repres ent attractive relative value. The Com pany's portfolio (Portfolio) is subject to geographical restrictions and issuer restrictions, but will typically look to hold at least 50 securities. The Portfolio will include assets that are linked to interest rates; their value will therefore be expecte d to change in line with interest rates. The Company targets a dividend of 8 pence per Ordinary Share or such higher Dividend Target as the Directors determine . The Company may, from time -to -time, utilise derivatives (contracts where value is linked to the value of an underlying investment) to try to mitigate the risk of potential losses. The Company may also, from time -to -time, employ gearing and /or derivatives, as well as borrowing (up to a limit of 25% of the Company's NAV) for investment purposes. The Company may have more than one loan, repurchase or stock loan facility in place. The value of an investment in the Company depends on the value that its shares are traded at on the main market of the London Stock Exchange, which, in tur n, largely determine d by the performance of the Portfolio which may be affected by the income the Company generates, prevailing interest rates and global economic conditions. The Company is valued by the Company's administrator. Details on how the Company's assets are valued are set out in the Company's most recent Prospectus. Realisation Elections may be made at 3 year intervals where investors may elect to realise all or part of their investment, or, alternatively, continue their investment in the Company. Intended Retai l Investor: Typical investors in the PRIIP are expected to be institutional investors and professionally -advised or financially sophisticated non -advised private investors who understand and are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses (which may equal the whole amount invested) that may result from such an investment # WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN? Risk indicator 1 2 3 4 5 6 7 > Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less than your original investment. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because the Company is not able to pay you. We have classified this product as class 3 out of 7, which is a medium - low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact the capacity of the Company to pay you. This product does not include any protection from future market performance so you could lose some or all of your investment. The Portfolio may include illiquid assets which may not be able to be sold at the desired price and/or over the desired timef rame. Please refer to the Prospectus for further details. INVESTMENT PERFORMANCE INFORMATION Performance Information Main Factors The performance of the Company depends on a number of factors, such as changes in underlying economic conditions including, f or example, interest rates, rates of inflation, industry conditions, competition, political and diplomatic events and trends, tax l aws; and the extent to which the Company borrows money to invest. The return to the investor depends on the performance of the shares of the Company and the dividends they generate. As the shares are traded, the share price depends on both the supply and d emand for the shares of the Company and the Net Asset Value of the Company. Consequently, the return to the investor may be higher or lower than the return of the Company. Please refer to the Prospectus and Prospectus Supplement for the full list of the ri sks and potential rewards associated with an investment in the Company. Performance Information Comparator The Company is actively managed and no index is used for the purposes of determining or constraining the composition of the P ortfolio. What could affect my return positively? The Company's return may be positively affected by an increase in the value of asset -backed securities and other securities the Company is invested in as a result of macro -economic conditions, or positive events af fecting interest rates or the credit quality of the Portfolio. What could affect my return negatively? The Company's return may be less favourable in a market environment that does not favour certain regions, sectors and industr ies, or if negative ev ents affect interest rates or the credit quality of the Portfolio. In addition, if the demand for the Company shares on the L ondon Stock Exchange is low when you sell your investment, or you are doing so during severely adverse market conditions, or both, this can result in your return on the shares being lower than the return of the Company and may also mean that you receive back less than your original investment amount. # WHAT HAPPENS IF TWENTYFOUR INCOME FUND LIMITED IS UNABLE TO PAY OUT? As a shareholder in the Company, you would not be covered by an investor compensation body (such as the Financial Services Co mpensation Scheme (FSCS)) or guarantee scheme; therefore should the Company be unable to pay you any dividends or returns it may el ect to pay from time -to -time, or if it were unable to pay any amounts due on a winding up, you would not be able to make any claims. An investment in TFIF the refore carries the risk of full capital loss. # WHAT ARE THE COSTS? The person selling you or advising you about this product may charge you other costs (for example broker commissions, platfor m fees or stamp duty). If so, this person will provide you with information about these costs, and show you the impact that all cos ts will have on your investment over time. Costs over Time The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one -off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest 10,000 GBP. The figures are estimates and may change in the future. The figures are based on th e Company NAV and not its share price. Investment GBP 10 000 If you cash in after 1 year If you cash in after 3 years If you cash in after 5 years Total costs 120.68 GBP 439.06 GBP 887.45 GBP Impact on return (RIY) per year 1.21 % 1.21 % 1.21 % Composition of Costs The table below shows: * The impact each year of the different types of costs on the investment return you might get at the end of the recommended h olding period. * The meaning of the different cost categories. One -Off costs Entry costs 0.00% The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. The impact of costs are already included in the price. This includes the costs of distribution of your product. Exit costs 0.00% The impact of the costs of exiting your investment when it matures. Ongoing costs Portfolio transaction costs 0.13% The impact of the costs of the buying and selling of the underlying investments for the product. Other ongoing costs 0.96% The impact of the costs that are taken each year for managing your investments and the costs associated with running the Company. Incidental costs Performance fees N/A TFIF does not charge a performance fee. Carried interests N/A TFIF does not pay carried interest. # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY? Recommended minimum holding period: 5 years The recommended minimum holding period of 5 years (as above) has been selected for illustrative purposes only and reflects th e long -term nature of the Company’s investment objectives. The broker may levy a fee for the service it provides to you. No exit ch arges will be levied by the Company. Investments may be sold on any day that the London Stock Exchange is open for business provided there is demand in the market. There is n o guarantee that your broker will be able to sell your investment at the quoted ma rket price, at a price equal to the proportionate value of the Portfolio, or at all. Realisation Elections may be made at 3 year intervals where investors may elect to realise all or part of their investment, or, alternati vely, continue their investment in the Company, further details of which are available in the Prospectus. # HOW CAN I COMPLAIN? In case of any unanticipated problems in the understanding or handling of this product and this document, please feel free to directly contact the Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited, either in wr iting to the Company's registered office, or by email or by telephone. The Company will handle your complaint and endeavour to provide you with a response as soon as possible. Telephone: Postal address: +44 1481 745 724 Northern Trust, PO Box 255, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3QL E-mail: GSY_Board_Relationship_Team@ntrs.com • The cost performance and risk calculations included in this document follow the methodology prescribed by UK KID rules. • The Company makes available a number of additional documents before and after you invest in accordance with UK KID and nation al law. Cop ies of these documents and the latest copy of this document are available at https://twentyfourincomefund.com/. These documents i nclude: (i) TFIF Investor Disclosure Document; (ii) Prospectus; (iii) Notice of annual general meeting; and (iv): Annual Report and financial statements. • Investors should take care when making investment decisions and refer to all available information including the Prospectus, Financial Statements and factsheets as well as the KID and any other relevant material. • TFIF Alternative Investment Fund Manager (AIFM) is Waystone Management (IE) Limited (Waystone), effective 21 June 2024 upon retirement of the previous AIFM, Apex Fundrock Ltd (Apex). • Alongside this document, we invite you to carefully consult the Prospectus on the Company 's website at https://twentyfourincomefund.com/ # OTHER RELEVANT INFORMATION