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Portfolio Update as at 29 March 2024

Please see below issued by the Services Provider today with a Portfolio Update as at 29 March 2024:

Dear Shareholder

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

Portfolio Update as at 29 March 2024

At the reporting date of 29 March 2024, the Fund held 29 life insurance policies with a total net death benefit of $101.6 million. The average policy size (net death benefit) was approximately US$3.50 million. The portfolio covered 17 illnesses, 19 lives and 15 insurance companies. Based upon weighted net death benefit, 97% of the portfolio was represented by insureds who were aged 80 or over, with an overall weighted average age of 93.5 years.

Despite the age distribution, none of the policies have an expiry date set before 2027 or before their expected date of maturity. On a discretionary basis, a decision can still be made for a policy to lapse if keeping it active is expected to negatively impact the future performance of the Fund.

At the start of 2024, the Fund’s independent valuation agent, Maple Life Analytics, projected portfolio maturities for the year of $23.9 million (with a range of between $0.9 million and $55.9 million). In 2024, there were 2 reported maturities with a total net death benefit of $1.72 million.

The NAV per Share of the Cells increased over the last quarter following the receipt of $10.2 million from a successful class action settlement, offsetting the continued rise in discount rates.

The effects of currency movements on the non-USD-denominated Cells over the first two months of the year were on average around 0.69% (GBP), 1.88% (EUR) and 2.68% (SEK). In March the GBP/USD movement was -0.19%. As a result, during the period the overall NAV per share of the Cells all increased (range 8.18% to 13.77%).

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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