Life Settlement Access Fund SP

( U.S Investor )
Fund Structure

Investor’s Bank Account

Delaware LP
Annual Audit Auditor
Manager Rankin Berkower (Cayman) Ltd
Meixin Management LLC Life Settlement Access Fund US LP
Capital flow
supervision Administrator
HC Global
Subscribe to underlying fund

Underlying Fund Analysis Company

CG Analysts Ltd

Compartment 1 Compartment 2 … Life Securities S.a.r.l

Underlying Investment Advisor
Countrywide Group, UK
Invest to

US life settlement case 1 US life settlement case 2 … US life settlement case n

Access Fund Terms

Access Fund Name Life Settlement Access Fund US LP

Underlying Fund Name Life Securities S.a r.l.

Underlying Policy Analyst CG Analysts

Investment Strategy US Life Settlement

Expected Annualized Return (Net) 10%-15%

Investment Period 24-month lock-up

Investment Minimum $100,000, $10,000 incremental

Monthly subscription; quarterly redemption at the end of each calendar quarter

Subscription / Redemption
(90 days redemption notice period)

Fund Category Long-term, open-ended

Fund Fee 1.5% subscription fee (upfront), 2% management fee/year, 15% performance fee

Investment Currency US Dollar

Investor’s Qualification U.S Accredited Investors

There is no guarantee that the estimated return and dividend will be achieved, and they are for reference only. The investors must understand the high risk of
alternative investment and the uncertainties of the return. The investor should be willing to and able to take the risk of investment loss. Please read the risk
statement in the fund document carefully. The investor should understand and pay the bank transaction fees; In addition, an extra $30 should be added in the
payment to guarantee the correct amount of investment reaches the account after the charge of East West Bank or any intermediary bank fees, to make sure the
subscription taking effect without delay (if the fee is less than $30, the excess amount will be returned together with the capital and the return on the settlement
day)
Fund Performance (Updated through Q4 of 2021)

Life Settlement Access Fund SP Returns

Q1 Q2 Q3 Q4 YTD Annualized • The returns listed are net of fees and
taxes (gross of audit, fund
2018 —— +6.5% +3.2% +1.5% +11.6% +15.7% administration, and other operational
fees. US Investors should consider
2019 +2.0% +4.9% +2.2% +3.6% +13.3% +13.3% additional taxes to be deducted from
the returns).
2020 +0.1% +2.7% +4.6% +2.2% +9.9% +9.9%
• CG Analyst submits quarterly NAV to
2021 +0.2% +1.3% +3.0% +4.9% +9.7% +9.7% be independently audited by Ernst &
Young each calendar quarter.
• The return rates above are for the
Inception to Date Returns (2018.04.01-2021.12.31) overall fund, which can be slightly
different from investor returns;
please refer to your individual
Annualized Cumulative Volatility Sharpe Ratio
quarterly statement for actual returns.

LSAF +11.9% +52.4% 7.5% 1.6 • Life Settlement US LP may have

different returns due to different fund
HFRX Global and operational expenses.
Hedge Fund Index
+3.4% +13.3% 5.2% 0.7
Introduction of underlying Fund Analysis Agency

CGA is a subsidiary of Cambridge Guarantee Group, has global blue-chip partners. It provides professional services for longevity and life settlement
institutions. CGA is a globally recognised leader, they work with main financial institution including world famous investment banks, asset management
companies and insurance company. Their services cover 18289 cases and the total cumulative policies under analysis reaches 86.8 billion US$.

CGA has over 10 years’ experience in the life settlement industry, the company has expertise in financial, actuarial, medical and IT field with
accumulated 80 years experience. The company has their policy analysis software CLA® developed by their subsidiary CG Web Systems in 2013. In
excess of $6m was spent on extensive research and development, the company has built an enviable reputation for their expertise of policy
evaluation and policy analysis within the industry. The professional policy analysis software CLA® has been use in many institution for policy analysis,
policy valuation and due diligence. The CLA® has also been used in the daily work of 102,000 senior advisers across the US.

Cambridge Guarantee Ltd CG Analysts CGA CGWs

Cambridge Guarantee Group works with
family offices, US life insurance brokers,
life settlement investors and rating
agencies to provide professional life
settlement and life insurance consulting
services, bespoke bespoke studies and
reports relating to life settlement sector.
And provide policy analysis to individual
clients.
CGA provides a range of professional
service including policy and portfolio
evaluation and analysis, due diligence,
policy investment and portfolio
structuring and restructuring, premium
optimisation and they collaborate with
third party expertise in order to provide
the best consultancy services and policy
analysis service.
CGWs mainly work on the life analysis
research, Cambridge Life Analytics
(CLA) is a secure online software used in
policy evaluation in life settlement and
life insurance industry, it helps in
estimation of life expectancy and
premium optimisation. It is used by life
settlement investors, analysts, fund
managers, brokers and providers.
Introduction of underlying Fund Analysis Agency
Services
Policy and portfolio evaluation, analysis
and due diligence service; policy
documentation, vehicle and portfolio
structuring, premium optimisation; and
expertise third party service.
Partners
Investment funds, pensions, banks,
rating agencies, law firms, auditors,
investment committees, special purpose
vehicles, insurance companies, family
offices, accountants and liquidators.
Clients
• A “top 25” banks with over $1.4t of
assets
• A “top 50” world bank with over $750b
of assets
• A global insurance company with over
$500b of assets
• A $5b life settlement serving
company
• A $3b life settlement fund
Cooperation with state owned
insurance company in China with
a view to discussing a potential JV for
the Chinese life settlement sector
Services cover 20% of the
whole market
The CLA software provide
service to 20% of the whole
market
ISO9001:2015
CGA obtains ISO9001:2015
certification. It is the only one
policy analysis company who
holds the ISO certificate.
Work with international
rating company
Work with Moody’s and carried out
extensive study into US senior
population life expectancy
Publisher of a range of
white books.
CGA has published a range of
Advantages white papers about the life
expectancy research. A white
book is an official document
with international recognition.
CGA was appointed by
court trustees to provide
premium analysis for policies
in excess of $1.7B death
benefit within a portfolio
containing in excess of 3400
policies..
CG Analyst
Appointed by court trustees to provide premium
analysis for policies in excess of $1.7B death
C)$%,"%;6 !"#$%&'()** Cambridge Guarantee
creates database of benefit within a portfolio containing in excess of
Cambridge +,"%"-.))*+%2,3**
102,000 senior advisers 3,400 policies.
2$."&-5**
Guarantee, working across the US. November: CLA policy valuation software
8D<EFFG6HFFI CG Web Systems launched.
with a top three 1)%.&7&1".&2-0
Development of Policy
commences development November: Voting member of the China-Britain Management Portal.
German bank and @2.":*32:&1&)5*,-')%** of Cambridge Life Business Council and the British Chamber of Total cumulative policies
Moody’s, carries "-":;5&5*)J1))'*KG0HL** Analytics® (CLA). Commerce in China. under analysis exceed
!"#$%&'()** out extensive study ')".M*$)-)7&.0 September: Cambridge White papers published: $82.8B death benefit.
+,"%"-.)) /.'0** into US senior 9%)#&,#*C&-"-1) /&7)** Guarantee Ltd. becomes -Illustrated vs adjusted premiums for life insurance
population life 8-5,%"-1)*92:&1;*9,.** UK government approved and life settlements.
&-12%32%".)'0 visa sponsor. - How to maximise policy performance.
expectancy. <3.&2-*=/899<>?**
Total cumulative policies -Shocking statistics in the life insurance sector.
')B):23)'*"-'**
under analysis exceed Total cumulative policies under analysisexceed
:",-1M)'0 $5B death benefit. $24.8B death benefit. S

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Launched CLA policy premium projections

N"%1M6*!"#$%&'() +,"%"-.))
4,(,5.6*/&7)** T2:'&-(5*/.'0 &-12%32%".)'0
N"%1M6*!"#$%&'()*+,"%"-.))*/.'0**
8-5,%"-1) 92:&1;**
$)12#)5 " 5,$5&'&"%; 27 !"#$%&'()**
9,.*<3.&2-**
+,"%"-.))*T2:'&-(5 /.'0
=/899<>?
@%"')# "%A N"%1M6*!+*/899<*4:3M"*/.'0**
%)(&5.)%)'0 &-12%32%".)'*"5*"*5,$5&'&"%;*27**
/899<> !"#$%&'() +,"%"-.)) T2:'&-(5 /.'0**
=1M"-()'*.2*!+*U)$*D;5.)#5*/.'**
')B):23# )-.**
HV*P,:; HFGW?0
12##)-1)'0
N"%1M6*!+*/899<*L%"B2*/.'0**
&-12%32%".)'*"5*"*5,$5&'&"%;*27**
!"#$%&'() +,"%"-.)) T2:'&-(5 /.'0**
=1M"-()'*.2*!+*4-":;5.5*/.'0*HW**
43%&: HFGH?0
N"%1M6*!%)'&.*%&5A** software. March: Launched CLA life February: CG Analysts
&-5,%"-1)*12B)% 72%** June: Launched CLA policy valuation and expectancy estimation Ltd. approached by
investment appraisal software. software.
/899<>*3%2',1.** state owned insurance
September: Voting member of the Life December: CLA cost of
"33%2B)'*,3 .2 company in China with
KH0OL*&- ')".M**
Insurance Settlement Association (LISA). insurance API feature
a view to discussing a
$)-)7&.0
October: Life Policy Analysis (LPA) service released to thesoftware
potential JV for the
for premium optimization, policy valuation
suite.
P,-)6*Q9N+*%)32%.** and due diligence launched. Chinese life settlement
December: White paper
2-*/899<>*3%2',1.** November: Cambridge Life Analytics® sector.
published: The impact of
12-1:,')5*.M".*&. M"5 Trademark registered. February: Cambridge
cost of insurance changes
"*2-)R&-R"R#&::&2-** December: White paper published:
Guarantee Group
3%2$"$&:&.;*27** Examining the potential impact of the 2014 on the life insurance and
obtains ISO9001:2015
')7",:.0 VBT primary tables on the life settlement life settlement sectors.
industry. Total cumulative certification.
@2.": 1,#,:".&B) Total cumulative
Total cumulative policies under analysis policies under analysis
32:&1&)5 ,-')%
exceed $7.8B death benefit. exceed $51.8B death policies under
"-":;5&5 )J1))'
KH0EL*')".M $)-)7&.. benefit. analysis exceed
$86.8B death benefit.
CGA Directors
Sue Bates
Director
!"#$%&$'#&()*&%+,#$-)'$./#$0123.)3012$$
)(#'1.%)*&$)-$./#$4)5(1*26$!/#$%&$1,&)$./#$$
*15#0$789$)--%4#'$1*0$:;$)--%4#'6$;'%)' .)$$
<)%*%*=$./#$4)5(1*2>$!"#$/10$'),#&$1.$./#$$
?'%.%&/$@5+1&&2$%*$A1&/%*=.)*$:B>$%*%.%1,,2$$
C%./$./#$?'%.%&/$B)"*4%,$1*0$./#*$C%./$./#$$
DEF&$G1.%)*1,$B'%5%*1,$H*.#,,%=#*4#$!#'I%4#$$
JKGBH!KL$,%1%&%*=$C%./$DE$1*0$D!$$
=)I#'*5#*.$1=#*4%#&6$8"4/$)-$/#'$C)'M$$
%*I),I#0$.'1I#,$./')"=/)".$./#$D*%.#0$$
!.1.#&$)*$+#/1,-$)-$GBH!>$'#('#&#*.%*=$./#$$
&#'I%4#$%*$%.&$0#1,%*=&$C%./$./#$D!$$
=)I#'*5#*.$1*0$%*.#,,%=#*4# =1./#'%*=6
!"#$/1&$1,&)$)(#'1.#0$/#'$)C* +"&%*#&&#&$$
%*$+)./$./#$DE$1*0 7"&.'1,%16
Sean Quinn
Director
!#1* /1& C)'M#0 %* ./# -%*1*4%1, &#4.)' -)'
NO 2#1'& 1*0 /1& +##* 14.%I#,2 %*I),I#0 %*
./# ,%-# &#..,#5#*. %*0"&.'2 &%*4# NOOP6 !#1*
/1& =1%*#0 1 C#1,./ )- #Q(#'%#*4# %* ./#
%*0"&.'2 1*0 +"%,. "( 1 &.')*= '#(".1.%)* %*
./# &#4.)' +2 %*.')0"4%*= %**)I1.%I# *#C
%*&"'1*4# (')0"4.& .) ./# 51'M#.> )*# )-
C/%4/ C1& "&#0 1& 1 '%&M .'1*&-#' 1*0 4'#0%.
#*/1*4#5#*. 5#4/1*%&5 C%./%* ./# ,%-#
&#..,#5#*. &#4.)' 1*0 C1& 0##5#0 +2 )*#
)- ./# R + % = - ) " ' S 144)"*.%*= -%'5& .) /1I#
1 )*#T%*T1T5%,,%)* 0#-1",. '%&M6 ! # 1 * S & %*T
0#(./ M*)C,#0=# )- ./# ,)*=#I%.2 51'M#.&
/1& +##* =1%*#0 C)'M%*= C%./ 1*0
1,)*=&%0# 51<)' +1*M&> -"*0& 1*0 '1.%*=
1=#*4%#&6 U# %& '#=",1',2 1&M#0 .) &(#1M 1.
%*0"&.'2 #I#*.&6
Glenn Read
Director
V,#**$1&&%&.#0$C%./$./#$#1',2$&.1=#$$
&.'"4."'%*=$)-$./#$4)5(1*2$1*0$%&$1$$
-)"*0#'$&/1'#/),0#'6$U#$/1&$1$.'14M$$
'#4)'0$%*$+"&%*#&&$=)%*=$+14M$)I#'$PO$$
2#1'&$1*0$+'%*=&$#Q.#*&%I#$4)55#'4%1,$$
#Q(#'%#*4#$.)$./#$4)5(1*2>$+)./$%*$$
.#'5&$)-$I1,%01.%*=$./#$+"&%*#&&$1*0$$
-%*1*4#$5)0#,$)*$1$'1.%)*1, 4)55#'4%1,$$
+1&%&$1*0$%*$)(#'1.%)*1,$.#'5&$./')"=/$$
#--#4.%I#$(##' '#I%#C6
CGA Key Personnel
Liam Bodemeaid MSc
– Head of Actuarial
Department
! Liam obtained a Master’s degree with
distinction in International Finance and a
Bachelor’s degree in Mathematics and
Management Studies, both from the
University of Leeds Business School.
! Liam is currently completing his studies for
Fellowship of the UK Institute and Faculty of
Actuaries and holds a Diploma in Actuarial
Techniques.
! Heading up the company’s actuarial
department, Liam has been instrumental in
the development of the specialist life
settlement valuation and analysis software,
Cambridge Life Analytics® and is widely
recognised for his expertise. Liam is called
upon to speak at industry conferences and
has authored several white papers for the life
settlement industry.
"#$%&#'()*+$'(),-. /
012#3$4 5'21676#816
! Having obtained a BSc of Pharmacy at
Shenyang Pharmaceutical University and a PhD
of Physiology at the University of Manchester
! Ivy is a member of the Royal Society of Medicine
in the UK through which she undergoes a
programme of continuous professional
development in order to stay abreast of medical
developments.
! Ivy joined the company in May, 2015 to focus on
medical underwriting and mortality studies.
Working with the actuarial department, Ivy has
assisted with the development and calibration of
mortality tables specifically relevant to the senior
and affluent subsection of the United States
population. The tables have been designed to
closely correlate with those used within the life
settlement industry and are now incorporated
into the specialist life settlement valuation and
analysis software, Cambridge Life Analytics®.
Chris Sabin – Head of I T
Department
! Chris has wide experience in project
management and a range of programming
languages including PHP, C, C#, ASP, AJAX
etc.
! Chris joined the company in February 2015,
having spent the previous ten years in an IT
management and software development
position within the insurance sector.
Heading up the company’s IT and software
development department and as the
company’s named individual for the
Microsoft Partner network, Chris oversees
internal and remote IT networks and
security along with software development
(including the Cambridge Life Analytics®
suite, Policy Management Portal and a
range of other bespoke solutions).
Investment Advisor

!"#$%&'()*+ ,&"#-

. !"#$%&'()*+/, & " # - 0 1 / *+*)23%+*/4)5+/1+%%4+6+$%/1%355/738+/3--&"9)63%+4'/:;/'+3&1/<+9-+&)+$2+/*)&+2%4'/)$/%7+//

4)5+/1+%%4+6+$%/5)+4*/)$/3**)%)"$/%"/"8+&/=>/'+3&1/<+9-+&)+$2+/)$/%7+/()*+&/)$1#&3$2+/63&?+%1/%&3*)$@/)$//
A 4 " ' * 0 1 / "5/A"$*"$/3$*/%7+/)$%+&$3%)"$34/63&?+%/-432+/34"$@/()%7/*+23*+1/)$/311+%/-&"%+2%)"$/3$*/5)$3$2)34//
3*8)1"&' 1+&8)2+1B
. C7+/@&"#-/$"(/+6-4"'1/"8+&/DE/1%355/)$24#*)$@/3/F3&&)1%+&G/1"4)2)%"&1G/+)@7%/HIJ1/3$*/$#6+&"#1/%&#1%//
1-+2)34)1%1B/H$/3**)%)"$/%"/)$K7"#1+/HIJ1G/2"#$%&'()*+/,&"#-/*+341/()%7/)$/+92+11/"5/;GEEE/"%7+&/HIJ/5)&61/"$ 3//
&+5+&&34/F31)1/23%+&)$@/5"&/%+$1/"5/%7"#13$*1/"5/24)+$%1/3$*/73$*4+1/)$/+92+11/"5/:GEEE/%&3$132%)"$1/-+& (++?B

. !"#$%&'()*+/731/%7+/43&@+1%/F&"?+&/"5/%7+/7"#1+/6"&%@3@+/4"3$/*+-3&%6+$%/)$/%7+ LMB/N8+&/O:B>P/F)44)"$
6"&%@3@+/4"3$/(31/73$*4+*/)$/;E:DB/C7+/2"6-3$'/2"8+&1/7)@7KQ#34)%'/5)$3$2)34/-&"*#2%1/)$/%7+/63&?+% 3$*
-&"8)*+1/)$8+1%6+$%/2"$1#4%3$2'/"$/4)5+/)$1#&3$2+/3$*/@+$+&34 )$1#&3$2+B
Overview
Disclosures / This document is for information purposes only and
does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction in which

Disclaimers an offer, subscription or sale would be unlawful. The

information contained in this document is subject to
updating, completion, modification and amendment
in final form. Any fund investment should be made
through a formal confidential private placement
memorandum and other fund documents. Potential
investors should read the risk factors in the private
placement memorandum of securities issuance.
Potential investors may choose if necessary to
consult with their own professional advisers, and
receive advice on any investment, legal, tax or
accounting issues related to fund investments.
Table of
Contents I. What is a Life Settlement?

II. Why Invest In Life Settlements?

III. Why Life Securities S.à r.l.?

IV. The Strategy

What is a
Life Settlement?
THE MARKET OPPORTUNITY

A Life Settlement is simply a life insurance

policy that is sold by its original owner to a
What is a third party for more than its Cash Surrender
Value but less than its Death Benefit Value.
Life Settlement?
§ Cash Surrender Value = the amount that the
insurance company would pay to the policy owner
if the policy is voluntarily cancelled by the owner.

§ Death Benefit Value = the amount that the

insurance company would pay upon the death of
the insured.
THE MARKET OPPORTUNITY
Cash Surrender Value Factors
§ Premiums paid to date
Commissions paid by insurer to agents
What is a §

§ Cost of insurance
Life Settlement? §
§
Policy related charges and fees
Returns on insurer’s investments

Sale Value Factors

§ Death Benefit
§ Insured’s life expectancy
§
Expected remaining premiums to be paid
§ Investor’s target return
Why Invest in
Life Settlements?
THE MARKET OPPORTUNITY

§ Potentially attractive risk/reward

Why Invest in profile
Life § Alternative investment for possible
Settlements? portfolio diversification
§ Tax neutral if properly managed

§ Regulated and maturing market,

with the potential for growth
 A DATA-DRIVEN OPPORTUNITY

Potentially Attractive Risk/Reward Profile

Life Securities life settlements vs other asset classes

165 § Steady, consistent growth
potential with low volatility
155

145 § Performance may exceed

bonds of comparable risk
135
rating
125

115

105

95

85

75
Jun-18

Jun-19

Jun-20
Sep-18

Feb-19

Sep-19

Feb-20

Sep-20

Feb-21
Jul-18

Jul-19

Jul-20
Nov-18

Nov-19

Nov-20
Oct-18

Oct-19

Oct-20
Dec-18

Dec-19

Dec-20
Apr-18

Apr-19

Apr-20

Apr-21
Jan-19

Jan-20

Jan-21
May-18

May-19

May-20
Mar-18

Mar-19

Mar-20

Mar-21
Aug-18

Aug-19

Aug-20
Life Securities Cpt 1 S&P 500 FTSE 100 Hang Seng Nikkei 225 S&P 500 Bond Index S&P Global REIT
ALTERNATIVE INVESTING
OPPORTUNITY

Potential § Negligible correlations to equity,

fixed income, commodity and
Source of other financial markets
Diversification § Alternative for reducing overall
portfolio volatility

§ Potential for delivering returns in

all market conditions
A SOLIDIFIED MARKET
§ Mistakes and big losses in early years highlighted
the need for strong oversight
Regulated
§ Currently, 46 states regulate life settlements
and Maturing
§ Regulations govern secondary markets, protecting
Market both policy sellers and investors

§ State legislation is being enacted to encourage

consumer choice, which oblige insurers to inform
insureds of alternatives to lapse and surrender

§ States are introducing legislation to benefit insureds

who sell their policies and use the proceeds for their
long-term care
Industry Timeline 1911-2007
INCREASING REGULATIONS AS MARKET EVOLVED

1911 U.S. Supreme Court establishes that life insurance policies are assets freely assignable for value

1993 Adoption of the National Association of Insurance Commissioners’ Living Benefits (NAIC) Model Act

1997 Americans over age 65 begin to sell life insurance policies in the secondary market

2001 The NAIC Model Act is amended to address fraud, govern advertising and civil remedies

2005 Industry regulations in effect in 25 states, as market reaches ~$5 billion

2007 Industry regulations in effect in 35 states

NAIC strengthens consumer protections

National Conference of Insurance Legislators (NCOIL) recommends provider and broker licensing and disclosures

NCOIL prohibits stranger‐originated life insurance (STOLI) in its model

The U.S. Supreme Court affirms regulation of life settlement industry at the state level
Industry Timeline 2008-2020
HIGHLY REGULATED AND GROWING MARKET

2008 Legislation to regulate and restrict life settlements and STOLI introduced in 12 states

2010 NCOIL mandates insurers notify certain policy owners about life settlement and other alternatives to lapse or surrender

2013 Berkshire Hathaway purchases $300 million life settlement portfolio

Conning & Co. forecasts an average annual gross market potential for life settlements of $180 billion for the next 10 years,
2014
and average annual volume of $3 billion

2016 Market estimated at more than $100 billion, representing growth in both secondary and tertiary market volumes1

2017 Market growth estimated 19% over previous year2

2018 Market growth estimated 37% over previous year2

2020 Market growth estimated 12.6% over previous year3

1. Source: Rocky Roland, CFA, Life Settlement Tertiary Market Dynamics 2009-2016, 2016
2. Source: Magna Life, Life Settlement Industry Report, 2018
3. Deal Life Settlement Report, May 2021
A MARKET WITH THE POTENTIAL FOR GROWTH

Increasing Demand from Sophisticated Investors

HEDGE FUNDS BANKS INSURANCE

COMPANIES

PENSION SOVEREIGN GLOBAL

FUNDS WEALTH FUNDS INSTITUTIONS
Vast Market § 80% of seniors own life insurance1

Supply § Nearly 50% are unaware policies can be sold for cash1

Potential §

§
88% of policies lapse/surrendered prior to maturity2

71% of agents believe their clients would benefit from life settlements as a financial
tool3

§ $19.6 trillion total in force life insurance coverage outstanding in 20184

§ $3.8 trillion in face value lapsed or surrendered in 20184

§ Addressable market of qualifying policies estimated at $60 billion in 2018

§ Approximately $4 billion traded in secondary market 20185 = huge growth potential

1. Source: Golden Gateway Financial, Inc. and Insurances Studies Institute, 2009 study
2. Source: Lapse-Based Insurance by Daniel Gottlieb and Kent Smetters, The Wharton School, The University of Pennsylvania, April 15, 2014
3. Source: Agent’s Sales Journal, March 2006
4. Source: ACLI Life Insurance Fact Book 2019
5. Source: The Life Settlement Report
Why Life
Securities S.à r.l.?
BUILDING ON DECADES OF
SPECIALIZED INDUSTRY
EXPERIENCE
§ Focus on risk management
Why Life § Long history of research and
Securities development

S.à r.l.? § Deep industry knowledge

§ Compensation aligned with

investor interests
SPECIALIZED INDUSTRY
EXPERIENCE

§ Policy value hinges on scientifically backed

life expectancy calculations and proper
Focus on Risk documentation

Management § Our analysis accounts for multiple dimensions

and levels of risk:

§ Corporate and partnership

§ Legislative and regulatory
§ Systems and processes
§ Policy and documentation
SPECIALIZED INDUSTRY
EXPERIENCE
§ Medical and actuarial teams
In-House determine probabilities with high
Expertise degree of confidence

Minimizes § Calculations are validated against

Third-Party Risk third-party estimates

§ Due diligence team’s stringent

requirements helps ensure policy
benefits will be paid
SPECIALIZED IN-HOUSE
EXPERIENCE

§ Determine profit and loss probability,

Market-Specific and reasonable purchase price for
Actuarial policy value

Intelligence § Continuously monitor for changes, COI

rates and other relevant developments

§ Adjust premium projections to the

minimum required to keep policies in
force
SPECIALIZED IN-HOUSE
EXPERIENCE
§ Examine insured’s background, family
Market-Specific medical history, and medical records

Medical § Determine estimated life expectancy

Intelligence § Continuously monitor for changes in
health status

§ Continuously monitor medical industry

advancements, and other relevant
developments
SPECIALIZED INDUSTRY
EXPERIENCE

We examine every aspect of the policy

Due Diligence and documentation
§ Examine insured’s background and full financial
status

§ Verify accuracy of all data provided

§ Ensure insurable interest and insurability

§ Evaluate and minimize fraud potential

§ 100% compliance required before policy purchase

SPECIALIZED INDUSTRY
EXPERIENCE
More than $6 million on R&D prior to first fund
A Long History §
launch
of Research & § Sophisticated valuation and pricing analytics
tools developed
Development § Legislative and regulatory research and analysis
§ Systems and processes developed and in place
§ Periodic research studies uncover new market
intelligence
BACKED BY ROBUST TECHNOLOGY

Proprietary Policy Management Portal

ü Manages and tracks each policy

through all phases of purchase and
resale process

ü All parties, including external auditors,

lawyers, and custodian banks have
access to the portal

ü Provides detailed audit trail

ü Ensures transparency while

respecting privacy of the insured
INVESTOR-ALIGNED
METHODOLOGY

We Make Money § Performance fees based on your

realized returns when policies are sold
If You Make or mature or you exit the fund
Money –
§ No interim performance fees on
and When unrealized gains

§ Ensures our interests are aligned with

those of our investors
THE STRATEGY:

Buy and Sell

PROGRAM HIGHLIGHTS
The Strategy: Buy and Sell

WE AIM FOR CONSISTENT MONTH-OVER-MONTH GROWTH UNTIL POLICY MATURITY OR SALE.

Portfolio structure: Diversified across multiple dimensions:

§ Unconvertible 20-year bond § Insurance carriers

§ Underlying assets: life insurance policies § Regulatory jurisdictions

and cash / cash equivalents
§ Medical impairment type
§ Redemption permitted after two years year
lock-in period, with 90 days notice and 20- § Life expectancy
year legal final
§ Death benefit
§ Designed to maximize tax efficiency
§ Carrier rating
TERMS & DUE DILIGENCE
High Bar for Purchase Decisions

We aim to buy only top-quality policies:

§ Target returns: > 10% IRR

§ Minimum probability of profit: 85%

§ Minimum profit to loss ratio: 3:1

§ Minimum investment grade of carrier: A- (AM Best)

UNANIMITY OF INVESTMENT COMMITTEE IS

REQUIRED FOR PURCHASE AND SALE DECISIONS.
TERMS & DUE DILIGENCE
Sales Capture Higher Available Profits

We closely monitor resale value We will sell provided that:

for opportunities:
§ Change in insured’s health status
§ Movement in tertiary market prices
§ Large-scale buy programs from select
major investors
§ The sale IRR exceeds what we expect
from holding policy to maturity
§ The proceeds can be redeployed into
new policies

§ Other value-drivers
Opportunity Summary

WHY INVEST IN LIFE SETTLEMENTS

WHY INVEST IN LIFE SETTLEMENTS?
WITH LIFE SECURITIES S.à r.l.?

§ Attractive risk/reward profile § Fanatical focus on risk

management
§ Powerful alternative investment
for portfolio diversification § Long history of research and
development
§ Tax neutral if properly managed
§ Deep specialized industry
§ Regulated and maturing market, knowledge
poised for growth
§ Compensation aligned with
investor interests
Disclaimers

Certain information is provided by the fund manager and not produced or examined by UpMarket. Hence UpMarket cannot validate
its accuracy but believes it to be reliable.
1) An investment possesses a certain level of risk, to include potential loss of principal. Past performance is not indicative of future
performance and does not guarantee future returns.
2) The source and data of the material are considered to be reliable. However, there is no guarantee of its accuracy or completeness.
The Company has no obligation to disclose or revise or modify this statement or any forward-looking statements as circumstances
change or as a result of subsequent events.
3) The information contained herein is not investment advice and does not constitute a recommendation to buy or sell any securities
and is provided for informational purposes only.
4) Any fund investment should be conducted through a formal confidential private placement memorandum and other fund
documents. Potential investors should carefully read the risk factors in the private placement memorandum of securities issuance,
and consult their own professional advisers, and receive advice on any investment, legal, tax or accounting issues related to fund
investments.
5) Private equity funds are only suitable for specific qualified investors. Sales of fund interests within the United States are exempt
under Regulation D of the U.S. Securities Act of 1933; and are only applicable to potential investors who are eligible as "Qualified
Investors" under Regulation D . Sales outside the United States are exempt under Regulation S of the U.S. Securities Act of 1933.
6 Meixin Management LLC is the fund manager and Meixin Management LLC is an Exempt Reporting Adviser that is not required to
register as an adviser with the U.S. Securities Exchange Commission ("SEC"). Any securities described in the information contained
herein are not recommended, approved or disapproved by the U.S. Securities and Exchange Commission or any state regulatory
agency. Nor does the aforementioned authorities have any judgment as to the accuracy or adequacy of the information contained in
this document. The private equity fund is sold through UpMarket Securities. UpMarket Securities is a U.S. registered broker-dealer,
FINRA / SIPC member.