Falcon Investment SICAV p.l.c. re The Merlin Secure Yielding
Care Home Fund
SmartCity Malta SCM 01, Suite 502, Ricasoli SCM 1001, Malta
Registered Number SV 184
Tel No. +356 2090 8900
Fax No. +356 2090 8910
COMPANY ANNOUNCEMENT
The following is a Company Announcement issued by Falcon Investment SICAV plc on
behalf of the Merlin Secure Yielding Care Home Fund in terms of the Listing Rules of the
Malta Financial Services Authority
Quote
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS OF
THE MERLIN SECURE YIELDING CARE HOME FUND (THE “FUND”)
FOR THE YEAR ENDED 30 JUNE 2015
The Board of Falcon Investment SICAV plc is pleased to announce the Annual Report and
Consolidated Financial Statements for the year ended 30 June 2015 for the Merlin
Secure Yielding Care Home Fund (the “Annual Accounts”).
Dear Investor
We have pleasure in enclosing the audited annual report for the Fund up to 30 June
2015.
The operating revenue from the care homes is in Euros, and showed only a very small
increase on the previous year. In the attached accounts this is shown as a decrease to
₤705k from ₤771k reported in June 2014. This decline is solely due to the weakening of
the Euro against the Pound Sterling as there was no movement in the operating revenue
reported in Euro which is the original currency of the care homes.
When compared to the previous year the valuation of the care homes has increased by
€71k, equivalent to ₤54k. For details please refer to the Property Advisors report.
These items taken together show an earnings per share of £17.20. The operating profit
after eliminating the exchange rate movement on the care home would amount to
₤444k. Therefore, the adjusted NAV as at 30 June 2015 after eliminating the FX
movement amounts to ₤1,702.12 per share. This represents a solid performance for the
underlying assets of the Fund, which are all based in Spain.
You will read in the accounts an operating loss of ₤974k (2014: ₤582k) which is mainly
the result of the adverse exchange rate movement between the Euro and the Pound
Sterling on the value of the care homes. The exchange rate movement on the care
homes amounted to ₤1,418k.
Falcon Investment SICAV p.l.c. re The Merlin Secure Yielding
Care Home Fund
SmartCity Malta SCM 01, Suite 502, Ricasoli SCM 1001, Malta
Registered Number SV 184
Tel No. +356 2090 8900
Fax No. +356 2090 8910
In Pound Sterling terms the loss per share is ₤341.42 (2014: ₤220.32).
Investors are encouraged to take care in looking at the performance of the Fund and to
consider the exchange rate fluctuations when considering the value of their investment.
For example, in the period between this reporting period and the date of this letter the
movement in the exchange rate alone would have increased the Pound Sterling value of
the assets in the Fund by just over 1.27%.
The acquisition and development of further care homes remain in progress. The Fund
has, since the conclusion of this reporting year, agreed to make initial investment in two
further projects by initially taking an option on development land.
Unquote
By Order of the Board
5 November 2015

Using the data provided by www.xe.com the €:£ rate on the 30th June was €1=0.709
and on the 30th October was €1=0.718 – an increase of 1.27%.