Meteor Senior Life Settlements Sterling Fund EEA Life Settlements Fund PCC Limited Continuing Shares End of Lock- Up period Your Questions Answered

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1 Meteor Senior Life Settlements Sterling Fund EEA Life Settlements Fund PCC Limited Continuing Shares End of LockUp period Your Questions Answered The following information outlines some things shareholders may wish to consider before making a request to redeem their shares as well as explaining the factors that influence whether or not a redemption request will be met. When does the LockUp period end? The Lockup period in respect of Continuing Shares of EEA Life Settlements Fund PCC Limited ( EEA ) ends on 30 th November From that date, it is possible for Continuing Shares to be redeemed at their prices calculated as at the 31 st December 2015 valuation, which is the first Redemption Day. However, in the event a shareholder makes a request to redeem their shares, it is not guaranteed that this will be met. What is the background of Continuing Shares? Following the suspension in the creation and trading of EEA shares in November 2011, EEA shareholders were provided with the option of Continuing or RunOff shares under a Restructuring Proposal put to investors by EEA in September The restructuring became effective on 1 st January Under the terms of the restructuring, Continuing Shares cannot be redeemed until the end of 2015, although a 5% redemption window was available at the end of Shareholders are now able to request a full redemption of their Continuing Shares. What if I hold RunOff Shares? Holders of RunOff Shares are unable to redeem their Runoff Shares. EEA assesses its cash position each six months in its June and December valuations to determine if it has sufficient available cash to make a payment to RunOff shareholders. If so, such a payment will be met by redeeming RunOff Shares at the prevailing share price. The information in this fact sheet relates only to Continuing Shares. When can Continuing Shares can be redeemed? Continuing Shares can only be redeemed on quarterly Redemption Days, which are the last business days of March, June, September and December each year from 2016, with an initial Redemption Day of 31 st December In order for a redemption request to be valid, it needs to be received by EEA at least 95 days before the Redemption Day. In order for Meteor to collect and collate redemption requests, we need to receive any requests in advance of the EEA deadline dates and any request for a redemption on 31 st December 2015 needs to be received by us no later than 18 th September 2015.

2 Details of the deadline dates for later Redemption Days will be updated on our website and in your sixmonthly statements. What price will be paid for my shares? The price that will be paid for your shares will be the price calculated as at the relevant Redemption Day, not the price prevailing at the time you need to make a request for a redemption. For example, if you apply for a redemption on the 31 st December 2015 Redemption Day, you will need your request to reach us by 18 th September At that time, the last published price is likely to be that from the valuation at the end of July 2015 which should be published in mid to late August Any Continuing Shares that are redeemed would be sold at the December 2015 price calculated in January Any portion of your request which is not met and carried forward to subsequent Redemption Days will be settled at the price(s) prevailing on those subsequent Redemption Day(s) There may be a significant change in the share price between the date you make an application to redeem your shares and the Redemption Day on which the shares are redeemed. Will redemption requests be met? There is no guarantee that redemption requests will be met at any Redemption Day. This will depend on two key factors The amount of available cash held by EEA within your cell The number of shares in your cell in respect of which redemption requests have been received In the following circumstances, EEA has the discretion to limit the level of redemptions it will allow: If, for a particular cell, the level of redemption requests exceeds the amount of cash available to that cell If, for a particular cell, the level of redemption requests exceeds 10% of the Net Asset Value of that cell If the level of redemption requests across all Continuing cells exceeds the amount of cash available across all Continuing cells. In the event of one or more of these circumstances arising at a Redemption Day, EEA may postpone or defer redemptions or redeem shares on a prorata basis depending on which one or more of the conditions exist and how much cash is available and carry forward the unmet part of any redemption requests to the next Redemption Day. It is also possible that EEA may charge an antidilution levy in the event of a high level of redemption requests being met. If any one or more of the conditions exist at the next Redemption Day, a similar prorata redemption will take place, and so on. It is possible that no cash will be available for any

3 redemptions to be made on a particular Redemption Day. Please see below for details of how the amount of available cash is determined. There are fourteen Continuing cells within the EEA structure, two of which relate to Meteor investors. One of the Meteor cells relates to investments made where the initial charge was paid in full at the outset (Option 1) and the second to investments where the initial charge was deferred over a 5 year period (Option 2). The cells are named Meteor Senior Life Settlements Sterling Fund and Meteor Senior Life Settlements Sterling Fund II respectively by EEA. In the event that EEA does make prorata redemptions, the proportion of a shareholding that EEA will allow to be redeemed is likely to differ between the two cells. What is available cash? Not all of the cash held by EEA is available to meet redemption requests. In particular, the cash required to pay the next two years premiums on the remaining policies is excluded from the cash that is available to meet redemption requests. At its AGM in August 2015, a proposal was passed that allows extra discretion to the Board of EEA with regard to the amount of cash held in reserve to pay premiums. It may now allow the reserve to fall below the 2 years premium requirement but not so that it falls to below the amount required to pay one year s premiums. An update provided by EEA in July 2015, suggested that the cash held by EEA at 30 th June 2015 was less than the amount required to pay two years premiums. The amount of cash available at 31 st December 2015 will depend very heavily on policy maturities in the remainder of Policy maturities i.e. when the life assured dies and the sum assured can be collected add to the cash held by EEA. EEA also benefits from the fact that premiums are no longer payable in respect of those policies, however the premiums payable on the remaining policies held by EEA can increase significantly over time. Although, redemption requests from Continuing shareholders were met in respect of the 5% redemption window at the end of 2014 this was only at the discretion of the EEA Directors; strictly the cash criteria to allow the 5% redemptions were not met at that time. At the same time, EEA also held insufficient available cash to make a payment to RunOff shareholders. During 2015, the rate of policy maturities has remained slow (although August 2015 did see a reversal of this trend) which suggested that unless the volume of redemption requests was very low and/or there was a dramatic upsurge in policies maturing in the remainder of 2015, the available cash position at the end of 2015 was unlikely to be sufficient to meet redemption requests in full, if at all. The sale of policies announced on 4 th September 2015 should improve this position. Sale of policies in October 2015 EEA had previously indicated that it may consider selling policies to improve liquidity and announced on 4 th September 2015 that it was in advanced negotiations to sell 188 policies

4 from the portfolio. From the sales proceeds as well as the savings that will be made from no longer having to pay premiums on those policies, EEA has indicated that Continuing Cells will enjoy an increase in Available Cash of $62.4 million. This will significantly improve its ability to pay redemption requests, but the extent to which it is able to meet such requests after the December 2015 valuation also remains subject to the level of redemption requests received and the ongoing experience of the Fund in the remainder of the year. What will happen to my request if EEA has insufficient available cash to meet all redemption requests on a particular Redemption Day? If you have made a request and EEA is unable to meet the request in full, your request will automatically stay in place until the next Redemption Day and, if applicable, to subsequent Redemption Days. Once a request has been made to EEA it is irrevocable. If I make a redemption request for a particular Redemption Day, which is not met in full, how long will it be before my remaining shares are redeemed? As mentioned above, your request will be automatically carried forward to the next Redemption Day in those circumstances. However, the same circumstances may prevail at the next Redemption Day and on subsequent Redemption Days. If the level of redemption requests is high, such circumstances may continue to prevail for some time, particularly if the rate of policy maturities continues to remain slow. In such circumstances, your shares are likely to redeemed periodically over a period of time depending on the cash available to EEA at each Redemption Day but that would be a decision that EEA will make based on the level of requests it receives. The decision on the extent to which redemption requests can be met rests with EEA and not Meteor. Meteor cannot predict the level of redemption requests that might be received, but will endeavour to provide information on our website to give an indication of the proportion of shares which have been the subject of redemption requests for the two Meteor Continuing cells. Do I have to request to redeem all of my shares at the same time? No, you can choose to redeem a proportion of your shares at any given Redemption Day. However, in the event that EEA is only able to meet requests in part on any Redemption Day, your request will be scaled down. For example, if you elect to sell 10% of your shares and EEA is only able to meet 10% of all redemption requests at that Redemption Day, only 1% of your shares will be redeemed on that Redemption Day and your request in respect of the other 9% will be carried forward as described above. Can I withdraw a redemption request? No, once we have submitted a redemption request to EEA it cannot be withdrawn. Will the change in the basis on which policies are valued effect how much I get?

5 In January 2015, EEA announced that, from the December 2014 valuation, its methodology for valuing a policy held in the portfolio had changed and has the right to change the method again at any other time if it believes it is appropriate to do so. If share prices go down in the future you will receive a higher redemption amount than you would do by waiting until a later date. However, the reverse is also true and if prices go up you would receive a greater amount by deferring your decision to sell your shares until a later date. However, there are a number of other factors which will influence the share price between Redemption Days principally the rate at which maturities occur. It should also be noted that the exchange rate between the US Dollar and Sterling can have a marked impact on share prices. If a redemption occurs when Sterling is relatively strong against the US Dollar, the share price will be lower than it would have been if Sterling had been comparatively weak against the US Dollar. Will EEA be making any new investments? As outlined in the Restructuring Proposal, EEA s aim is to make new investments which are as described in the Restructuring Proposal and in subsequent EEA documents. It will make new investments in respect of a cell or cells if that cell or cells holds available cash in excess of the amount(s) required to meet redemption requests in respect of that cell or cells. As mentioned in other part of this document, available cash does not include, in particular, the amounts required to meet premiums for the next two years. No such investments have been made by any cells at present. In the event that such investments are made in respect of a Meteor cell or cells, the satisfaction of any redemption request in respect of any Redemption Day after such investments are made will additionally become subject to the liquidity related to the new investments. Should I take advice? Meteor does not provide advice and is unable to determine if waiting to redeem your shares would provide a better outcome than redeeming them earlier. It is strongly recommended that you seek advice from your financial adviser before deciding whether to redeem your shares. This information was last updated on 10 th September 2015