The Meteor Senior Life Settlements Sterling Fund is part of EEA Life Settlements Fund PCC Limited.

As you will be aware, EEA has been working hard to develop restructuring proposals for the Fund with due attention to legal and regulatory requirements. On 4th February we received confirmation from EEA that two of the three potential restructuring proposals had been submitted to the Guernsey Financial Services Commission (“GFSC”) for approval. This is detailed in the Letter to Shareholders dated 4th February 2013. EEA have provided a further update in a further letter dated 21st March 2013.

Copies of the letter and update have been added below together with previous updates. Please note that Meteor Nominees Limited holds the shares on behalf of investors and is therefore the registered shareholder; the EEA letters and updates would not have been sent directly to investors in the Meteor Fund.

We will notify investors and their advisers of the options available as soon as the details have been finalised and notified to us by EEA.

Background

Following a meeting on 30 November 2011 of the Board of Directors (the 'Board') of EEA Life Settlements Fund PCC Limited (the 'Fund'), the Board declared an immediate suspension of the valuation of the net asset value of all classes of participating shares in each cell of the Fund and of the issue, sale, purchase, redemption and conversion of shares of each such class, which the Board was entitled to do in accordance with the Fund's Articles of Incorporation and Offering Memorandum.

As a result of this decision Meteor is not able to deal with any requests for share purchases or sales during the period of suspension.

The Board was forced to take this drastic action to protect both the short term and long term interests of all investors, following significantly increased requests for redemptions. These requests followed comments in a Guidance Consultation on traded life policy investments (also known as traded life settlements or senior life settlements) issued on 28th November 2011 by the Financial Services Authority ('FSA'), the regulator of financial services in the UK. The paper indicated that, in the FSA's view, such investments are generally unlikely to be suitable for retail investors and this caused some unease amongst some investors.

We would emphasise that the FSA’s concerns were not directed specifically at the EEA Life Settlements Fund. Our literature highlights the risks identified by the FSA and the structure of the Fund mitigates these risk factors. Following the suspension, the Fund and the Fund's Manager, EEA Fund Management (Guernsey) Limited (“EEA”) put together a list of frequently asked questions. A copy of the FAQs can be accessed below.

On 19th March 2012 the Directors of EEA Life Settlements Fund PCC Limited issued a letter to all shareholders regarding the possible ways of restructuring the Fund once the FSA’s consultation exercise has concluded and the FSA has published its final guidance.

On 25th April 2012, the FSA published its Finalised Guidance on traded life policy investments (“TLPIs”) after a period of consultation. Both EEA and Meteor submitted views to FSA as part of the consultation process . The FSA’s Guidance can be found here. On 26th April 2012 EEA Fund Management Ltd ("EEA") provided a response in which they noted the FSA have acknowledged that TLPIs may be suitable for particular clients, provided that introducing advisory firms are able to provide detailed and robust justifications for their suitability assessments.

Meteor will continue to update customers on this website and in the six monthly statements sent to customers.