Key Information Document March 2024PurposeThis document provides you with key information about this investment product. It is not marketing material. The information is required by law and is intended to help you understand the nature, risks, costs, potential gains, and losses of this product and to help you compare it with other products.Residential Secure Income PLC (the “Company” or “ReSI”) ISIN: GB00BYSX1508Website: www.resi-reit.com ReSI is managed by Gresham House Asset Management Ltd, a wholly owned subsidiary of Gresham House Ltd. Call 020 7382 0900 or email resiplc@greshamhouse.com for further information. What is this product? Type: The Company is a closed-ended alternative investment fund with unlimited life operating as a Real Estate Investment Trust. The Company has only one class of shares (the Product) and all shareholders have the same voting rights. There is no recommended holding period for the ordinary shares (although a holding period of 5 years has been used for the purposes of the calculations in this document). The return from an investment in the ordinary shares will be driven by the price at which the ordinary shares are sold compared to the original purchase price, and by any dividends paid by the Company to the investors in its ordinary shares during the holding period. The price at which an investor may dispose of ordinary shares will depend on the prevailing secondary market price, which may, or may not, reflect the prevailing net asset value per ordinary share.Investment objective: The Company’s investment objective is to provide shareholders with an attractive level of income, together with the potential for capital growth, from acquiring portfolios of homes across residential asset classes that comprise the stock of statutory registered providers. Principal areas of focus to date have been investments in portfolios of shared ownership and retirement rental properties throughout the UK. Management of these properties is outsourced to a housing association or reputable provider. Portfolios are acquired to deliver stable inflation-linked income, with the potential for capital growth.Intended investor: An investment in the Company is intended for institutional investors and professionally advised or knowledgeable retail investors. It is suitable for investors who can evaluate the risks and merits of such an investment and who have sufficient resources to bear the economic risk of a substantial or entire loss of their investment and who can accept that there may be limited liquidity in the shares.Maturity Date: The Company has an unlimited life and there is no maturity date for the ordinary shares. What are the risks and what could I get in return?Risk indicator The summary risk indicator is a guide to the level of risk of the Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the market or because we are not able to pay you. We have classified this Product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely have an impact on our capacity to pay you.The risk indicator assumes you hold the Product for five years.This Product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay what is owed, you could lose your entire investment. The Company is a closed-ended investment fund, as such you do not have discretion to cash out your investment early however an investor may transfer all or any of his or her shares in any manner which is permitted under the articles of association of the Product or in any other manner which is approved by the Board. The following are some of the other risks materially relevant to the Product which are not considered in the summary risk indicator:• Portfolio fails to perform in line with objective • Borrowings will magnify any gains or losses • No protection from future market performance, you could lose all or some of your investmentYou should refer to the Prospectus for the Product for further information on relevant risk factors. Investment Performance Information The main factors that will affect the performance of the Company are the general economic conditions for the residential property real estate market, particularly independent retirement rentals and shared ownership rentals, in the United Kingdom; as well as trading conditions specific to the Company’s property investment locations that could impact on capital values and rental yields. Factors that are likely to affect the performance of the Company are the ability to collect rents, the execution of asset management plans, the ability to identify and secure funding for future investment opportunities, and to successfully deliver on promising investment opportunities. Performance will also be affected by the continued support of Government to provide capital grants for shared ownership housing, and continued demand for additional retirement living housing.Since the Company began trading in July 2017 until February 2024, the Product has had an average rolling five-year shareholder total return of -0.3% per annum.The Company’s forward-looking ex-ante moderate performance scenario return is 1.97% per annum over the recommended holding period of five years. The Company has used this ex-ante return to model the reduction in yield in the ‘What are the Costs?’ section below.To examine evidence for the longer-term performance characteristics of the Product, we identified a proxy backfilling the Company’s Total Return with the FTSE EPRA Nareit UK REITs Total Return Index. This gives a representative performance proxy (the proxy) with a history dating back to January 2007.The volatility of the Company’s share price will vary. The average volatility observed over a rolling five-year period for the Product was 23.6% per annum, however, during the Covid-19 pandemic, the volatility temporarily rose to 36.4% per annum.What could affect my return positively?Specific factors that could affect returns positively would be an increase in the market valuations of properties within the Company’s portfolio and the scope for rental increases, which is driven by increasing demand for affordable home ownership and an increasingly older population; the ability of the Board to effectively manage the property portfolio and make promising acquisitions; and the ability of the Company to pay a dividend. General factors that affect positive returns for the Product would be an extended period of UK economic growth and fiscal stability. An increase in demand for UK social residential space is likely to benefit the returns of the Company.Quantitatively, the most favourable one-year shareholder total return possible was 39.3%. Over the longer period available from the proxy’s history, the proxy experienced a favourable five-year rolling shareholder total return of 25.1% per annum.What could affect my return negatively?Specific factors that affect returns negatively would be a decrease in demand in the UK residential property real estate market (as was the case during the Covid-19 pandemic), a decrease in occupancy levels across the property portfolio, which is likely to lower rental income across the portfolio, a series of poor investment decisions which could lower capital returns to shareholders, and poor management of tenancy lease terms (resulting in volatile rental income). A general factor that is likely to affect returns negatively would be a period of recession and economic uncertainty. In addition, a sharp decrease in property valuations could impact on the Company’s financing terms and limit growth opportunities.Quantitatively, the most unfavourable one-year shareholder total return possible was -43.9%. Over the longer period available from the proxy’s history, the most unfavourable one-year and five-year shareholder total return was -69.2% and -17.9% per annum respectively.What could happen under severely adverse market conditions?Between September 2022 and February 2024 the market capitalization of the company reduced by 53.3%. In addition, during the financial crisis from February 2007 to March 2009 the proxy experienced a loss of 79.6%. Under severely adverse market conditions, the value of the Product may fall by similar amounts relative to the scale of a market crash. During such periods of stress, there is a risk that the capital value of an investment in the Company’s shares could reduce significantly, potentially down to zero. What happens if ReSI is unable to pay out?The Company is not required to make any payment to you in respect of your investment. If the Company were liquidated, you would be entitled to receive a distribution equal to your share of the Company’s assets, after payment of all of its creditors. There is no compensation or guarantee scheme in place that applies to the Company and, if you invest in the Company, you should be prepared to assume the risk you could lose all you investment. What are the costs? 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. Please note that the target investment returns quoted under “What is this product?” are given net of these costs.The amounts shown here are the cumulative costs of the Product itself, for three different holding periods. The figures assume you invest £10,000. The figures are estimates and may change in the future.Costs over timeAny person selling you or advising you about this Product may charge you other costs. If so, this person should provide you with information about these costs and show you the impact that all costs will have on your investment over time. Investment If you If you If you sell sell sell after 5 after 1 after 3 years year years (Recommended minimum holdingperiod) Total costs£120£382£677Impact on return (RIY) per 1.20% 1.22% 1.22% annumComposition 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 holdingperiod; •The meaning of the different cost categories. This table shows the impact on return per year over five years based on the moderate scenario The impact of the costs you pay whenEntry costs 0.0%*entering your investment. (This is the One-off costs most you could pay and you could payless). The impact of costs alreadyincluded in the price.The impact of the costs of exiting yourExit costs0.0% investment when it matures. (Thisproduct has no maturity date). The impact of the costs of us buying andPortfolio transaction costs per year 0.0%selling underlying investments for the Recurring costsproduct.The impact of the costs paid by us eachOther ongoing costs** 1.22% yearfor managing your investments.Performance fees 0.0% The fund manager does not Incidental costsreceive any performance basedCarried interest 0.0%fees.*Stamp taxes may apply to secondary purchases of shares on the market.**Other ongoing costs outlined in the table above represent the costs to the Company which are deducted from its assets, including an investment management fee as well as expenses incurred through the Company’s other service providers. They do not include any financing costs associated with the underlying investments as these are deemed to be an embedded component of the ongoing management of the asset. The additional contribution of financing costs within ‘Other ongoing costs’ is 3.96%. How long should I hold the investment and can I take money out early? Recommended minimum holding period: Five years. The Product is appropriate for long-term income driven investors seeking to achieve stable returns with the potential for capital growth. There is no set period for holding shares in the Company. Shares can be freely bought or sold on demand via markets. There is no fee or penalty for selling your investment before the end of the recommended minimum holding period. How can I complain? As a shareholder of the Company you would not have the right to complain to the Financial Ombudsman Service (FOS) about the management of ReSI. Complaints about the company or the key information document should be sent in writing via post or email: Gresham House Asset Management Ltd, Gresham House, 80 Cheapside, London EC2V 6EE. complaints@greshamhouse.com