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Investment Objective
NAV YTD 1 Mth 3 Mth 6 Mth 12 Mth 24 Mth 2009
per share % % % % % % %
USD Class A 145.92 2.11% 0.79% 2.11% 4.30% 9.08% 19.64% 9.48
8.93%Euro Class A 136.64 2.05% 0.77% 2.05% 4.27% 8.81% 19.69% 9.48
7.32%GBP Class Dist * 106.02 2.19% 0.84% 2.19% 4.47% 9.17% 21.15%
9.51 9.49%GBP Class Acc 135.21 2.17% 0.82% 2.17% 4.41% 9.22% 21.48%
9.53 9.99%GBP Class A 124.80 2.07% 0.79% 2.07% 4.25% 8.72% 20.42%
9.00 9.60%USD Class Dist * 102.31 2.30% 0.94% 2.30% 4.49% 9.26%
20.15% 9.65 9.63%Euro Class Dist* 102.10 2.10% 0.82% 2.10% 4.19%
8.56%USD Class Acc 105.43 2.17% 0.84% 2.17% 4.61% 9.49%
The aim of the EEA Life Settlements Fund (the Fund) is to
provide a benchmark 8% annual net return on a stable long-term
basis,with a target annual net return of 9% to 10%.
* Distributions Reinvested
EEA Life Settlements FundFact Sheet April 2010
The United States life insurance market is estimated to have
totalinsurance coverage of approximately US$21 trillion*. The
valueof polices purchased by the Life Settlements industry
isconsidered to be in the region of US$12 billion annually*.We
believe that there is a sustainable and rapidly evolvingopportunity
for Life Settlements to become a significantasset class appealing
to a wide range of private andinstitutional investors.
Market Overview:
Fund size circa US$782,000,000
Total Sum Assured circaUS$1,227,000,000
593 polices held by the fund
Policies issued by 92 Life Companies
Average original life expectancy45 months
Policies matured 104
Average current life expectancy
29 months
More than 95% of NAV of life
policies with life companies whose
AM Best rating is at least A
Average policy size US$2,069,616
Cash from policies matured
US$130m
Fund Statistics - 1st April 2010:
NAV per share performance at 31st March 2010
USD Class A NAV per share since inception
AnnualisedSince inception
%
Source: International Administration (Guernsey) Limited
*Source: Conning Research & Consulting, Inc. (2009)
Source: International Administration (Guernsey) Limited
An Absolute Return, Historically Uncorrelated Investment
SolutionAccording to Conning Research & Consulting, Inc. (2009)
investors often view life settlements as a non-correlated asset,
that is, changes inequities or fixed income markets do not affect
life settlement returns.
Jan06
Feb06
Mar06
Apr06
May06
Jun06
Jul06
Aug06
Sep06
Oct06
Nov06
Dec06
Jan07
Feb07
Mar07
Apr07
May07
Jun07
Jul07
Aug07
Sep07
Oct07
Nov07
Dec07
Jan08
Nov05
9 Nov
05Dec05
Feb08
Mar08
Apr08
May08
Jun08
Jul08
Aug08
Sep08
Oct08
Nov08
Dec08
Jan09
130.00132.00
134.00136.00138.00
140.00142.00144.00146.00
Mar09
Apr09
May09
Jun09
Jul09
Aug09
Sep09
Oct09
Nov09
Dec09
Jan10
Feb10
Mar10
Feb09
NAV
pershare
128.00
126.00
124.00
122.00
120.00
118.00
116.00
114.00
112.00
110.00
108.00
106.00104.00
102.00
100.00
98.00
96.00
This document is being directed only at persons who are
professional clients or eligible counterparties for the purposes of
the FSAs Conduct of BusinessSourcebook. Other persons should not
act or rely on it in any circumstances. Your attention is drawn to
the regulatory information and notices at theend of this document.
Shares in the Fund are offered only on the basis of information
contained in the Funds Offering Memorandum and Supplements.Any
further information or representations given or made by any other
person should be disregarded and, accordingly should not be relied
upon.
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Contact Information
Important Information: This material is being issued by EEA Fund
Management (Guernsey) Limited (which is licensed by the Guernsey
Financial Services Commission to carry onthe restricted activities
of promotion, subscription, dealing, management, advising and
administration in connection with Category 1 Collective Investment
Schemes and Category 2General Securities and Derivatives under The
Protection of Investors (Bailiwick of Guernsey) Law, 1987 as
amended), and has been approved by EEA Fund Management
Limited(which is authorised and regulated by the Financial Services
Authority (FSA").
The Fund is not a recognised collective investment scheme for
the purposes of the Financial Services and Markets Act 2000 of the
United Kingdom (the Act). The promotion of theFund and the
distribution of this material in the United Kingdom is accordingly
restricted by law. Therefore, this material is being directed only
at persons who are professionalclients or eligible counterparties
for the purposes of the FSAs Conduct of Business Sourcebook.
This material is exempt from the scheme promotion restriction
(in Section 238 of the Act) on the communication of invitations or
inducements to participate in unrecognisedcollective investment
schemes on the grounds that it is being issued to and/or directed
at only the types of person referred to above. To the extent that
this material is issued by EEA
Fund Management Limited, shares in the Fund are only available
to such persons and this material must not be relied or acted upon
by any other persons.Any recipient of this material who is an
authorised person may (if and to the extent it is permitted to do
so by the FSA rules applicable to it) distribute it or otherwise
promote theFund in accordance with Section 238 of the Act but not
otherwise. Any recipient of this material who is not an authorised
person may not distribute it to any other person.
Reliance on this material for the purpose of engaging in any
investment activity without professional advice may expose an
investor to significant risk of losing the amount invested.This
note does not provide or offer financial or other advice and should
not relied on as such. Potential investors in the Fund should
always seek their own independent advice. It isexpressly agreed
that while all reasonable efforts have been made to ensure this
document is accurate and up to date, no representations or
warranties are given as to the reliability,accuracy or completeness
of information. Any opinions expressed are judgments at the time of
writing and are subject to change without notice. No liability is
accepted for anydamage or loss, including loss of profit whether
direct, indirect or consequential, in respect of the use of this
material. Investors are reminded that the value of investments may
godown as well as up and may be affected by changes in rates of
exchange. Reference should be made to the Offering Memorandum and
Supplements for full details. Pastperformance is not necessarily a
guide to future performance. Investments in the Fund do not provide
capital guarantees like a deposit account and are not readily
accessible. Therules on taxation can change and/or the tax
treatment of the Fund could be challenged. Any person who is in any
doubt about investing in the Fund should consult an
authorisedperson specialising in such investments.
Key FactsLaunch Date: November 2005
Currencies: USD, Sterling and Euro
Non-Eligible Investors: US Investors
Valuation: Monthly
Minimum Subscription: $50,000 / 25,000 /35,000
Minimum Top Up: $10,000 / 5,000 /7,000
Dealing Day: First business day of each monthSubscription:
Monthly - complete instruction and cleared funds to be
received three business days before deal dateRedemption: Monthly
- instruction and complete documentation to
be received by 15th of each month
Initial Charge: Up to 5%
Management Fee: 1.50% per annumPerformance Fee: Payable above 8%
return, net of all fund charges and
taxes, per annum (i.e. 37.5% to EEA, 37.5% toViaSource, 25% to
the Investor)
Manager: EEA Fund Management (Guernsey) Limited
Marketing Agent: EEA Fund Management LimitedInvestment Adviser:
ViaSource Funding Group, LLC, New Jersey, US
Custodian: BNP Paribas Trust Company (Guernsey) Limited
Sub Custodian and Escrow Agent: Bank of New York Mellon, New
York, US
Servicing Agent: Mills, Potoczak & Company, Cleveland,
Ohio
Administrator: International Administration (Guernsey)
Limited
Auditor: Ernst & Young LLP, Guernsey
Accounting Date: 31st December
Bloomberg Tickers: GBP A Class EPICLSA GUGBP Dist Class EPICLSS
GUGBP Acc Class EPICLSC GU
ISIN Codes: Euro A Class GB00B0MT9184Euro Dist Class
GG00B1JROT74USD A Class GB00B0MT9309USD Acc Class GG00B4TH5937USD
Dist Class GG00B2NW9S76GBP A Class GG00B2NBJC85GBP Dist Class
GB00B0MT2Q49GBP Acc Class GG00B1P8D518
UK Reporting Status: Yes
Sales and Marketing:
Peter WindersMarketing DirectorEEA Fund Management Limited
t: +44 (0) 20 7553 2366e: [email protected]
Institutional:Robert DrysdaleEEA Fund Management Limitedt: +44
(0)203 102 3436e: [email protected]
UK Intermediaries:Yannis KatsisEEA Fund Management Limitedt: +44
(0)20 7553 2369e: [email protected]
General Enquiries:Barry JohnEEA Fund Management Limitedt: +44
(0)20 7553 2367e: [email protected]
Dealing and Administration:EEA Fund Management
(Guernsey)LimitedPO Box 282Regency CourtGlategny Esplanade
St Peter PortGuernseyGY1 3RHt: +44 (0)1481 740900e:
[email protected]
Fact Sheet April 2010
Why Invest?
Historically uncorrelated to traditional asset classes
Low volatility
Diversify and reduce portfolio risk
Aims for absolute return
Some specific risks associated with the Fund
The underlying insured may live longer than expected
The Fund may not have access to liquid assets
There may be a delay claiming the death benefit due to
missing policyholder / documentation
There is a counterparty risk in respect of the solvency of
the insurance companies
Aims to achieve a benchmark net return of 8% per annum with a
target net return of 9-10% per annum
SEDOL Codes: Euro A Class B0MT918Euro Dist Class B1JRO77USD A
Class B0MT930USD Acc Class B4TH593USD Dist Class B2NW9S7GBP A Class
B2NBJC8GBP Dist Class B0MT2Q4GBP Acc Class B1Z2ZR9
www.eeafm.com
Euro A Class EPICLSE GUUSD A Class EPICLSU GUUSD Dist Class
EPICLBC GU
