Please see below issued by the Manager today with a Portfolio Update as at 30 September 2022:

Dear Shareholder

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

Portfolio Update as at 30 September

At the reporting date of 30 September 2022, the Fund held 37 life insurance policies with a total net death benefit of $124.9 million. The average policy size (net death benefit) was approximately US$3.38 million.The portfolio covered 22 illnesses, 24 lives and 20 insurance companies.Based upon weighted net death benefit, 95.49% of the portfolio was represented by insureds who were aged 80 or over, with an overall weighted average age of 92.7 years.

At the start of the year, the Fund’s independent valuation agent, Maple Life Analytics, projected portfolio maturities for 2022 of $55.0 million (but with a range of between $17.8 million and $90.1 million).In the nine months ending 30 September 2022, there were 8 reported maturities with a total net death benefit of $44.2 million.

The NAV per Share of the USD-denominated Cells increased over the last quarter, ranging from 7.29% to 8.54% depending on the Cell. The increase over the last quarter was largely driven by five maturities totalling over $30m.

The effects of currency movements on the non-USD-denominated Cells over the last quarter were on average around 8.45% (GBP), 6.60% (EUR) and 8.06% (SEK). As a result, during the period the overall NAV per share of the GBP-denominated Cells (range 15.73% to 18.26%), the EUR-denominated Cells (range 13.94% to 16.22%), and the SEK-denominated Cells (15.25% to 17.55%) all increased over the quarter.

Following the end of the quarter, the Fund redeemed approximately $1.73m of shares across all Continuing Cells in respect of the 3 October 22 Redemption Day.

Finally, the Board has confirmed that a distribution of $10m will be made to holders of Run-Off Cells in January 2023.

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

Yours faithfully

Martyn Roussel
Director
EEA Fund Management (Guernsey) Limited