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AGM Presentation June 2019
Disclaimer • This document and the information contained herein have been prepared solely for the purpose of providing general information about Life Settlement Assets PLC (the "Company") and its operations. This document is not to be used for any other purpose and in particular does not purport to provide a complete overview of all matters concerning the Company, and does not contain sufficient information to make an investment decision. This document is not intended to constitute a financial promotion and in any event is directed only at persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of, or a person falling within Article 49(2) (High net worth companies, unincorporated associations, etc.) of, the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 of the United Kingdom. By being in receipt of this document, or attending the associated presentation, you will be deemed to have: (a) agreed to all of the restrictions and made the undertakings contained in this disclaimer; and (b) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of this document. The information given in this document and in the presentation is confidential and may not be distributed, published, reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients, to any other person. If you are in any doubt about any of the information contained in this document, please consult your financial or other professional adviser. • This document and its contents are confidential and may not be distributed, published, reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients, to any other person without prior agreement by the Company or the Company's investment manager, Acheron Capital Limited ("Acheron"). This document and the information contained herein does not and is not intended to constitute a solicitation of interest in respect of the acquisition of any shares or securities or the provision of investment management, advisory or other services. This document is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of any securities or investment strategies discussed in this document for the circumstances of any particular investor. If you do require investment advice, please contact an independent broker or financial adviser. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investing. Prospective investors should be aware that investment in the Company carries a significant degree of risk and is suitable only for investors who are aware of and understand the risks involved and are able to withstand the loss of all or part of their invested capital. • This document and the information contained herein are not for publication or distribution, directly or indirectly, to US Persons (as defined under Regulation S of the United States Securities Act of 1933) or to persons in Australia, Canada, Japan or any other jurisdiction where local law or regulations may result in a risk of civil, regulatory, or criminal exposure or prosecution if this document or the information contained herein is sent or made available to a person in that jurisdiction. Persons into whose possession this document comes, or who attend the associated presentation, should be aware that the publication of this document or such attendance may be restricted by law in certain jurisdictions, and should inform themselves about and observe such restrictions. Any failure to comply with such restrictions could result in a violation of the laws of such jurisdiction, and neither the Company nor Acheron accepts any liability in relation thereto. Whilst each of the Company and Acheron will endeavour to ensure that the information contained in this document is accurate, neither the Company nor Acheron represents, warrant or promise (whether expressly or impliedly) that any information contained in this document is or remains accurate, complete and up-to-date, or fit or suitable for any purpose. No responsibility or liability is accepted by Acheron, the Company or any of their respective directors, officers, employees, advisers, representatives or other agents for any such information or any of the opinions contained in this document or for any errors, omissions or misstatements. In all cases, each recipient of this document should conduct its own investigations and analysis of the Company and its operations. • The information contained in this document is given at the date of its publication and not as of any future date (unless otherwise stated), and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the publication date. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its completeness or accuracy. The contents of this document have not been verified by the Acheron the Company and the document has not been approved by any competent regulatory or supervisory body. • Past performance is not necessarily indicative of future results, and nothing in this document should be interpreted to state or imply otherwise. The value of an investment and the income from it can go up as well as down, it may be affected by exchange rate variations and you may not get back any amount invested. There can be no assurance that the Company will achieve comparable results to those contained in this document, that any targets will be met or that the Company will be able to implement its investment strategy. • This document may contain statements, beliefs and opinions which are forward-looking and reflect current expectations and projections about future events as of the date of this document. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by forward-looking statements which could adversely affect the outcome and financial effects of the plans and events described. Forward looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You are cautioned not to put undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made, and Acheron assumes no obligation to update or revise any of them in light of new information, future events or otherwise.
Agenda Investment overview Financial highlights Portfolio composition Maturity updates
1. Investment Overview Principal Activity The principal activity of the Company is to manage portfolios of whole and fractional interests in life settlement policies issued by life insurance companies operating predominantly in the United States. The life settlement market enables individuals to sell their life insurance policies to investors at a higher cash value than they would otherwise receive from insurance companies (if they were cancelled or surrendered at the date of sale). The Company aims to manage portfolios of life settlement products so that the realised value of the policy maturities exceeds the aggregate cost of acquiring the policies, ongoing premiums, management fees and other operational costs.
The Investments • The Company’s investment objective is to generate long-term returns for investors by investing in the life settlement market. We seek to achieve this through each of our separate Share Classes: • Ordinary A Share Class (“LSAA”) invests in life insurance policies acquired from special or "distressed" situations, with exposure to both HIV (average age mid to late 50s) and elderly insureds (average age mid to late 80s). It is widely diversified by gender and the number of lives with circa 4,600 underlying policies. LSAA has exposure to whole and fractional policies. • Ordinary B Share Class (“LSAB”) invests in life insurance policies exposed only to elderly insureds (average age mid to late 80s). Class B has exposure to whole and fractional policies. • Ordinary D & E Share Classes (“LSAD” and “LSAE”) - both these Share Classes invest in separate portfolios comprising predominantly fractional policies with exposure to both HIV or elderly insureds, where the LSAA and/or LSAB are already fractional owners.
3. Portfolio Composition (as at 31/12/2018) HIV and Non-HIV Exposed Policies (values in USD)
4. Maturity Updates 01/01/2018 -31/12/2018 01/05/2018 - 30/04/2019 12
