Greenwich Loan Income Fund Limited

NAV Update for the quarter ended 31 December 2010

25 February 2011

Greenwich Loan Income Fund Limited ("GLIF" or "the Company") announces that as at 31 December 2010, its preliminary unaudited net asset value (NAV) per share was 77.9p.  This compares to the NAV of 77.6p per share as at 30 September 2010.

The weighted average market bid for the Company's investment portfolio at the quarter end was 93.4% of par, and for the liabilities 82.2%. This compares to last quarter's figures of 91.8% of par and 79.9% respectively. The relatively static NAV resulted from the consistent movement of prices for both assets and liabilities, while the US dollar/GBP ratio was little changed.

As previously described to shareholders, under International Financial Reporting Standards (IFRS), the consolidated results of operations for the Company include the impact of carrying its investments and its liabilities at fair value. Shareholders should be aware that the Company's realisation of the full NAV is unlikely.  The NAV, as calculated in accordance with IFRS, reflects the theoretical fair value of the liabilities of the CLO but, because the market is rather illiquid, it may be difficult for the Company to acquire any or a significant portion of those liabilities.

The other two values customarily calculated to provide further clarity as to the dynamics within the value of the business are as follows:

- the value based upon assets at market value and liabilities at par was  45.4p per share as at 31 December 2010, compared to 41.1p per share as at 30 September 2010.

- the value based upon CLO assets as calculated for interest diversion purposes, remaining assets at market, and liabilities at par was 52.8p per share as at 31 December 2010, compared to 50.2p as at 30 September 2010.

It should also be noted that the year-end audit is still in progress, and the results of operations and NAV are subject to possible adjustment. The Company expects to file their accounts for the year ended 31 December 2010 by 31 March 2011.

Contacts:

Geoffrey Miller

Greenwich Loan Income Fund Limited

+353 1 4433 466

Patrick Conroy

Greenwich Loan Income Fund Limited

+1 203 983 5282

Philip Secrett

Nominated Adviser

Grant Thornton Corporate Finance

+44 207 383 5100

James Maxwell

Singer Capital Markets Limited

+44 (0) 20 3205 7622

Ed Gascoigne Pees

Financial Dynamics

+44 (0) 207 269 7132