Greenwich Loan Income Fund Limited ("GLIF" or the "Company")

CLO Test Results

 18 November 2010

The Company announces the test results as of 2 November 2010 pursuant to the indenture of T2 Income Fund CLO I Ltd (the "CLO"), of which the Company owns all of the residual economic interest. The report summarising the results of those tests can be found at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/3897W_-2010-11-18.pdf

With respect to the various tests required under the CLO indenture, the CLO passed all of the collateral and coverage tests, but failed one portfolio percentage limitation test, which relates to limitations on loans rated "Caa1" or lower by Moody's Investors Service, Inc.  It should be noted that the consequence of failing this percentage limitation test is that each new investment made by the CLO must "maintain or improve" the test result.  While the current month's results are not controlling as to the January 2011 payment test, it may be worth noting that had this been a payment period, there would have been no interest diversion and a full payment would have been paid to the Company.

It should be noted that these results do not reflect the acquisition of Stratus equity from the CLO by the Company, as that transaction did not settle until 9 November 2010. That transaction will be reflected in the next monthly test results.

As described in previous press releases, the CLO indenture contains a variety of covenants, compliance with which, as well as curing existing defaults, could be made more difficult or impossible should credit markets deteriorate or the loans held by the CLO fail to make expected payments or otherwise not perform as planned, and which if violated could result in principal paydowns of the CLO's notes and/or interest diversion.  

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 UK LLP

+44 (0) 20 7383 5100

James Maxwell

Singer Capital Markets Limited

+44 (0) 20 3205 7622

Ed Gascoigne Pees

Financial Dynamics

+44 (0) 20 7269 7132