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Portfolio Update as at 29 December 2023

Please see below issued by the Services Provider today with a Portfolio Update as at 29 December 2023:

Dear Shareholder

EEA Life Settlements Fund PCC Limited (the “Fund”)

Portfolio Update as at 29 December 2023

At the reporting date of 29 December 2023, the Fund held 31 life insurance policies with a total net death benefit of $103.3 million. The average policy size (net death benefit) was approximately US$3.33 million. The portfolio covered 18 illnesses, 20 lives and 17 insurance companies.Based upon weighted net death benefit, 95.17% of the portfolio was represented by insureds who were aged 80 or over, with an overall weighted average age of 93 years.

At the start of 2023, the Fund’s independent valuation agent, Maple Life Analytics, projected portfolio maturities for the year of $33.1 million (but with a range of between $4.3 million and $65.0 million). In 2023, there were 4 reported maturities with a total net death benefit of $20.65 million.

The NAV per Share of the USD-denominated Cells decreased over the last quarter. The range was between -3.13% to -2.06% depending on the Cell. The decrease can continue to be attributed to the ongoing shortfall in policy maturities coupled with a continued rise in discount rates.

The effects of currency movements on the non-USD-denominated Cells over the last quarter were on average around -3.51% (GBP), -3.72% (EUR) and -7.05% (SEK). As a result, during the period the overall NAV per share of the GBP-denominated Cells (range -7.22% to -5.25%), the EUR-denominated Cells (range -7.24% to -5.35%), and the SEK-denominated Cells (-10.49% to -8.12%) all decreased over the quarter.

At the EGM that was convened on Wednesday 24 January 2024, following separate Class Meetings of its shareholders, all resolutions put to shareholders at each meeting respectively were passed.

The passing of the Shareholder Resolutions (as such term is used in the shareholder circular of the Company dated 13 December 2023 (the Circular)) means that the Proposals and 2024 Reconstruction (each as defined in the Circular) may now be implemented.

I will write to you again in around three months’ time with a further update on the Fund.

Yours faithfully

Martyn Roussel
EPIC Investment Partners (Guernsey) Limited

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