Half-Yearly Report 30 June 2021

Contents

Strategic Update
Introduction	3
Highlights and Company Performance	4
Chairman's Statement	5
Key Performance Indicators (KPIs)	7
Directors' Statement of Principal Risks and Uncertainties	8
Directors' Statement of Responsibilities
in Respect of the Financial Statements	8
Financial Statements
Condensed Statement of Comprehensive Income	10
Condensed Statement of Financial Position	11
Condensed Statement of Changes in Equity	12
Condensed Cash Flow Statement	13
Notes to the Condensed Financial Statements	14
Additional Information
Additional Information	21
Shareholder Information
Company Information	25
Glossary	26

Half-Yearly Report 2021 /Life Settlement Assets PLC /1

Introduction

COMPANY STRUCTURE

Life Settlement Assets PLC operates through its Board, and strategic partnerships with service providers covering investment management, actuarial, administrative, company secretarial, and tracking services.

Reflecting the development of the Company through the acquisition of portfolios of interests in life settlement policies, each portfolio was placed into a separate asset trust and reflected by a separate Share Class.

Following the merger of the D Ordinary Shares and E Ordinary Shares into the A Ordinary Shares on 30 April 2020 and the merger of the B Ordinary Shares with the A Ordinary Shares on 28 May 2021, the Company structure as at

30 June 2021 was as follows:

A Ordinary Shareholders

Services Agreement

Acheron Capital Ltd

Beneficial interest

(attributable to the A Ordinary Shares)

Investment

Management

Agreement

Acheron Portfolio Trust*

US Life Insurance Policies

The Company's principal strategic partner relationship is with the Trust's Investment Manager, Acheron Capital Ltd, which provides investment management services.

As more fully described in the Chairman's Statement on page 5, the A and B Share Classes were merged on 28 May 2021.

Half-Yearly Report 2021 /Life Settlement Assets PLC /3

Highlights and Company Performance

HIGHLIGHTS

• Distributions totalling USD 2.6 million made during the period
• Total maturities for the first six months amounted to USD 25.8 million (HY2020: USD 12.2 million), generating gains
  from life settlement portfolios of USD 14.2 million (HY2020: gains of USD 0.6 million)
• Total net profit of USD 8.6 million (HY2020: loss of USD 2.9 million)

COMPANY PERFORMANCE

Performance analysis by Share Class is provided in the tables below.

* To aid comparison these figures have been restated to include the Class B share figures at 31 December 2020.

• As at 31 December 2020, there were 58,320,157 total shares in issue within Classes A and B. To aid comparison the post-merger shares in issue of 49,826,784 has been used for 31 December 2020.
• The 31 December 2020 closing price reflects the share price for Class A only.

* This includes a contribution of USD 2,355,000 in respect of the B Share Class profit in the period before the merger.

4 /Life Settlement Assets PLC /Half-Yearly Report 2021