Please see below issued by the Manager today with a Portfolio Update as at 31 December 2022:

Dear Shareholder

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

Portfolio Update as at 31 December 2022

At the reporting date of 31 December 2022, the Fund held 35 life insurance policies with a total net death benefit of $124.0 million. The average policy size (net death benefit) was approximately US$3.54 million. The portfolio covered 20 illnesses, 22 lives and 19 insurance companies. Based upon weighted net death benefit, 95.45% of the portfolio was represented by insureds who were aged 80 or over, with an overall weighted average age of 93.0 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 year ending 31 December 2022, there were 10 reported maturities with a total net death benefit of $45.1 million.

The NAV per Share of the USD-denominated Cells decreased over the last quarter, ranging from -1.29% to -1.79% depending on the Cell. The decrease over the last quarter was largely driven by non-recurring professional fees.

The effects of currency movements on the non-USD-denominated Cells over the last quarter were on average around -6.92%% (GBP), -7.88%% (EUR) and -5.61% (SEK). As a result, during the period the overall NAV per share of the GBP-denominated Cells (range -7.82% to -9.85%), the EUR-denominated Cells (range -8.47% to -10.01%), and the SEK-denominated Cells (-6.51% to -7.52%) all decreased over the quarter.

Following the end of the quarter, the Fund redeemed approximately $8.41m of shares across all Continuing Cells and $10m of shares across all Run-Off Cells in respect of the 3 January 23 Redemption Day.

The Fund has also provided an update regarding the proposed rollover into a new closed-ended fund to be admitted to trading on the London Stock Exchange, which his also available at https://www.eeafmg.com/news.

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