Life Settlement Assets PLC

Contents

Strategic Report

Introduction                     

History 



Company Performance 



Chairman’s Statement 



 6

Investment Manager’s Report 



Strategic Report Key Issues including Section 172(1) Statement



 13

Company Structure



 19

Key Performance Indicators (KPIs) 



 20

Overview of Strategy and Investment Policy



 21

Risks 



 24

Viability Statement and Other Disclosures 



 28

Governance

Board of Directors 



 32

Report of the Directors                  33

Statement on Corporate Governance 



 37

Audit Committee Report 



 40

Directors’ Remuneration Report 



 42

Statement of Directors’ Responsibilities 



 47

Independent Auditor’s Report to the Members of

Life Settlement Assets PLC 



 48

Financial Statements

Statement of Comprehensive Income 



 58

Statement of Financial Position 



 59

Statement of Changes in Equity 



 60

Cash Flow Statement 



 61

Notes to the Financial Statements 



 62

Shareholder Information

Notice of Annual General Meeting 2026 



 86

Notes to the Notice of the AGM 



 88

Company Information 



 91

Glossary 



 92

Form of Proxy 



 93

Annual Report 2025

Life Settlement Assets PLC

Strategic

Report

History

Life Settlement Assets PLC (“LSA” or the “Company”)

closed-ended

investment

trust

company

which invests in, and manages, portfolios of whole

interests in life settlement policies issued by life

insurance companies operating predominantly in the

United States

The well-established US life settlement market

enables individuals to sell their policies to investors at

a higher cash value than they would otherwise receive

from insurance companies if they were cancelled

or surrendered at the date of sale Some of the

investments by the Company in these life settlement

assets have been made at a signiﬁcantly discounted

acquisition cost from distressed situations where the

original purchaser of the Policy is in liquidation

Corporate Objective

The Company’s objective is to generate long-term

returns for investors by managing its portfolios of

life settlement interests so that the realised value

of the Policies at maturity exceeds the aggregate

cost of acquiring the Policies, ongoing premiums,

management fees and other operational costs

Core Competencies

Through the combination of its Board and its

strategic partnerships with service providers, LSA has

core competencies in the following areas:

•

assessment of the underlying value of life

settlement policy portfolios;

•

access to investment opportunities, especially to

portfolios of policies where the Company already

has an interest;

•

management of strategic partnerships with service

providers

providing

investment

management,

actuarial, administration, company secretarial and

tracking services to enable the eﬃcient operation

of its business; and

•

cash ﬂow management to balance returns to

Shareholders with ﬁnancing ongoing costs.

Through these competencies the Company has

developed a successful track record of creating value

for Shareholders

The Company’s shares are for professional investors

only and not suitable for retail investors

The life settlement market in the USA has developed

since the 1980s and was estimated at USD 5 billion

in 2023 The market continues to generate interest

among

investors

seeking

assets

with

lower

correlations to larger market movements such as

the volatility in interest rates and equity markets

The underlying rationale for policyholders to

transact in the primary market for life settlement

policies is generally to release the value inherent

in their policies to address short term or alternative

ﬁnancial requirements. This can be especially

important for medical costs where there is no state-

ﬁnanced provision of healthcare.

The secondary market for life settlement policies

emerged from the consolidation or failure of

purchasers in the primary market. One of the ﬁrst

participants in this secondary market was Acheron

Portfolio

Corporation,

the

forerunner

the

Company

supporting

secondary

market

for

life

settlement policies the Company provides a

source of liquidity for policies traded in the primary

market, and protects the value of these existing

assets, thereby indirectly underpinning conﬁdence

in the life settlement market in the USA, which has

become an important source of capital for some

policyholders

Acheron Portfolio Corporation listed its portfolios

of assets in Luxembourg until acquisition by

the Company in 2018 The Company’s shares

were admitted to trading on the Specialist Fund

Segment of the Main Market of the London Stock

Exchange on 26 March 2018 The Company was

formed for the purposes of continuing the activities

of Acheron Portfolio Corporation (Luxembourg)

SA (the “Predecessor Company”) within the more

developed London market Life Settlement Assets

PLC acquired the entire beneﬁcial ownership in each

of the four Trusts through which the Predecessor

Company’s portfolios of life settlement policies

were held, following which the Predecessor

Company delisted from the Luxembourg Stock

Exchange on 6 March 2018 The four Trusts were

merged into one Trust on 31 March 2020

In March 2023, the Company announced that it

has acquired the policies from the Mutual Beneﬁts

Keep Policy Trust for a gross consideration of

USD 24 million

Introduction

Life Settlement Assets PLC

Annual Report 2025

Performance analysis is provided in the table below

A Shares

Notes

As at

31 December

2025

As at

31 December

2024

restated

Percentage

change

(%)

Net assets attributable

to Shareholders (USD ‘000)

106,282

103,651

25

Shares in Issue

44,143,469

45,402,943

(28)

NAV per share (USD)*

2.41

228

57

Closing share price (USD)*

1.63

185

(119)

Discount to NAV (%)*

(32.4)

(189)

(135)

Total maturities (USD ‘000)*

20,618

23,139

(109)

Split of maturities

HIV (USD ‘000)*

8,690

9,047

(39)

non-HIV (USD ‘000)*

11,928

14,092

(154)

Total income from portfolio (USD ‘000)

14,574

11,760

239

Proﬁt for year (USD ‘000)

6,855

3,286

1086

Earnings per share (cents)

0.154

0068

1265

Running costs (%)*

5.4

50

04

* Alternative Performance Measures

The ﬁgures for 31 December 2024 have been restated in line with the prior year adjustment discussed in note 30 on page 84.

The above tables display the key performance indicators that the Board uses as Alternative Performance

Measures (“APMs”) to measure the performance, thereby assisting Shareholders in assessing how the Company

is performing against its objective

Further details are given on page 20 and in the Glossary on page 92

Company Performance

Annual Report 2025

Life Settlement Assets PLC

Chairman’s Statement

I am pleased to present my seventh Annual Report as

Chairman of LSA and your Company’s eighth report

since its admission to the London Stock Exchange

in March 2018

This year has seen ongoing volatility in ﬁnancial

markets,

reﬂecting

continuing

uncertainties

global trade and geopolitical tensions, now further

exacerbated by war in the Middle East However, the

diﬀerentiated nature of your Company’s asset class,

which is minimally correlated to risk in the global

ﬁnancial markets, continues to oﬀer an attractive

investment opportunity

During the year the life settlement market continued

to be supported by structural demand drivers,

particularly seniors’ need for liquidity to fund

retirement and health-related expenses driven by

the increasing costs of long-term care These cost

pressures reinforce the role of life settlements as

a potential funding option for seniors and families

assessing how to meet care needs

This trend was also supported by market data

conﬁrming the availability of achieving better returns

through trading life settlement assets compared to

lapse or surrender of polices

Investment Portfolio

Overview

Overall, the portfolio structure includes the remaining

policy interests previously held by Mutual Beneﬁts

Keep Policy Trust (“MBC”) with fractional interests in

policies now consolidated into policies 100% owned

and controlled by Acheron Portfolio Trust (“APT”)

Income from maturities was in line with expectations

across the portfolio for the year as a whole with strong

results in the non-HIV segment supported by a good

outturn in the HIV segment

In its announcement on 9 March 2026 the Board drew

Shareholders’ attention to the emerging trend in the

HIV policy segment of the portfolio, where observed

mortalities of elderly HIV insureds were consistently

exceeding previously modelled outcomes Following

the annual independent actuarial valuation by Lewis

& Ellis (”L&E”), and in discussion with the Investment

Manager, the Board approved a recommendation to

update the long-term assumptions in the valuation

model to better reﬂect these observed mortalities.

This resulted in an uplift in the portfolio valuation

of some USD 8 million compared to the November

2025 NAV This amount is included in the year end

portfolio valuation of the policies of USD 720 million

as at 31 December 2025 as computed by L&E

The emphasis on the HIV policy segment of the

portfolio, in both number of policies and face value

means that managing the risks around mortalities

in this segment remains key to the investment case

for your Company, and the updating adjustment

reinforces the Board’s conﬁdence in our valuation

model

Prior Year Adjustment

On 25 June 2025, the Company announced that it

had completed a detailed review of all LSA’s MBC

policies This review was initiated following concerns

raised on 28 March 2025 regarding the incorrect

valuation of a life policy held on the Company’s

behalf. The Board conﬁrmed that the review identiﬁed

no additional overvalued policies

However, with the enhanced visibility gained from the

consolidation of all policies with Vespera, the servicing

agent, the Board was advised that one speciﬁc

group of policies had been undervalued due to the

incorrect application of term age The valuation of this

group of policies required an upward adjustment of

approximately USD 3 million, representing an uplift of

around 3% in NAV

The Directors concluded that this correction relates

to prior periods and therefore should be treated as

a prior year adjustment, requiring restatement of the

ﬁnancial statements for the year ended 31 December

2024 Full details are included in note 30 on page 84

NAV

Including the increase in NAV referred to above,

the year-end NAV attributable to Shareholders

was USD 1062 million (2024: USD 1037 million),

representing USD 241 per share (2024: USD 228 per

share) The total number of shares in issue during the

year reduced from 45,402,943 to 44,143,469

The NAV result is shown in the table on page 5 Further

details of the NAV result for the year is contained

Life Settlement Assets PLC

Annual Report 2025

in the Investment Manager’s Report set out in this

Strategic Report on pages 9 to 12

Maturities

During the year the non-HIV policy component

of the portfolio produced a high relative level of

maturities, while the HIV policy component had

somewhat less On an aggregated basis, this has

meant higher than expected cash receipts Maturities

totalling USD 206 million were declared – of

these, USD 119 million were non-HIV policies, and

USD 87 million were HIV policies

The full year actual to expected (“A/E”) ratio of the

non-HIV segment of the portfolio was 154% in terms of

maturity amounts, arising from the maturity of a small

number of large value policies It is noted, however,

that this reﬂects the irregularity of the results from the

reducing size of the non-HIV portfolio The A/E ratio

of the HIV segment was 101% in terms of maturity

amounts although the ratio was 92% in terms of the

number of lives Allowing for maturities typically

incurred during the year but not reported, this ratio

would increase to 97%

Costs

Despite inﬂationary pressures, total costs were

marginally lower in 2025 However, after taking

account of the eﬀect of share buybacks and dividends

on average net assets, the total ongoing charges ratio

increased from 50% to 54% of average net assets

Excluding policy servicing fees and legal costs the

ongoing charges ratio increased from 27% to 30%

of average net assets The Board continues to work

through opportunities to manage the Company’s

cost base in a way which is commensurate with

the most eﬃcient use of resources and the careful

management of risk. Inﬂationary pressures on costs

continue to underline the importance of the Board’s

work in this area

MBC Action

The administrative arrangements relating to the MBC

Action are nearing ﬁnalisation and the ﬁnal proceeds

are expected to be received during 2026

The strategy to take full control of all our policies,

removing the dependence on external third parties

to maintain their value, has been demonstrated and

the Board is pleased that this matter is approaching

closure with a satisfactory result for the Company

Independent Actuarial Valuation

As in previous years the Company has engaged

L&E to provide an independent actuarial valuation

of the portfolio of interests in life policies in its asset

base. They have conﬁrmed that the approach taken

by our Investment Manager, including the principal

assumptions used by it, is appropriate and the net

asset value of the portfolio represents fair value The

adjustment to the assumptions relating to the HIV

segment of the portfolio is noted above

Since their initial engagement in 2006 the L&E

valuation methodology has covered the portfolio

of interests acquired by the Company in 2005, and

any additional viatical and life settlement policies

purchased since then The factors taken into

account in arriving at the valuation include prior

mortality experience, future mortality assumptions,

a projection of maturities and premiums, and other

relevant adjustments to model annual future cash

ﬂows, and their net present value. The valuation may

be adjusted from time to time to reﬂect long term

changes in future mortality assumptions, premium

projections and discount rates

The NAV of the Company is determined by the

Investment Manager based on this methodology,

together with other assets and liabilities on the

Balance Sheet including cash and taking account

of current and future expenses Further details can

be found in the Investment Manager’s Report on

pages 9 to 12.

Share buybacks

In the year to 31 December 2025 the Company bought

back and cancelled 1,259,474 shares, representing

28% of the issued share capital as at 31 December

2024 at a total cost of USD 22 million

Since the year end the Company has bought back

and cancelled a further 415,954 shares at a total cost

of USD 07 million representing 09% of the issued

share capital as at 31 December 2025 As at the date

of this report there were 43,727,515 shares in issue

Annual Report 2025

Life Settlement Assets PLC

Dividends

On 29 September 2025 the Company declared a special dividend of

4.5307 cents per share, totalling USD 2.0 million, which was paid on

30 October 2025 to Shareholders on the register at 10 October 2025

As a result of updating the portfolio valuation model as described above,

the forecast cashﬂows expected from the portfolio are better than

previously forecast, which in turn has allowed the Company to reduce

the level of cash reserves it has built up Accordingly, on 9 March 2026

the Company was able to declare a special dividend of 67960 US cents

per share, totalling USD 30 million, which was paid on 14 April 2026 to

Shareholders on the register on 20 March 2026

No ﬁnal dividend will be declared for the year ended 31 December 2025.

Outlook

The delivery of the three core components of the Company’s strategy

– comprising monitoring and reﬁning the accurate measurement and

forecasting of NAV, control of costs, and the delivery of returns to

Shareholders remain the principal focus of the Board

The year has ended with your Company being in a strong cash position,

and with positive actual to expected ratios across both the non-HIV and

HIV policy segments of the portfolio The opportunity to update the

assumptions underlying the valuation model of the HIV segment of the

portfolio has been welcome and is based on the discussions with our

actuary and Investment Manager in line with our methodology It also

reﬂects observations arising from a larger number of data points than

has been previously available

Accordingly, the Board now takes a more optimistic view than it did during

2025 of the future cash inﬂows arising from the forecast maturity proﬁle

of the portfolio as it migrates from the emphasis on non-HIV policies to

an entirely HIV-based set of policies We were delighted that we were

able to declare a special dividend during March 2026, and, reﬂecting this

improved cash position the Board will continue to explore opportunities

to provide satisfactory returns to Shareholders through dividends and

share repurchases

Michael Baines

Chairman

27 April 2026

Chairman’s Statement

continued

Life Settlement Assets PLC

Annual Report 2025

The Life Settlement Market

The life settlement market in 2025 continued to be

supported by structural demand drivers, particularly

seniors’ need for liquidity to fund retirement and

health-related expenses A key catalyst remained

the aﬀordability of long-term care (“LTC”). CareScout’s

2025 Cost of Care Survey, released in March 2026,

reported that the national median cost of assisted

living rose to USD 74,400 per year (+5%), while in-

home non-medical caregiver services increased

to USD 80,080 per year (+3%) Nursing home costs

increased to USD 114,975 per year for a semi-private

room and USD 129,575 per year for a private room

CareScout also began separately reporting skilled

nursing in the home in 2025, at a national median of

USD 90 per hour These persistent cost pressures

reinforce the role of life settlements as a potential

funding option for seniors and families assessing how

to meet care needs

Market data also continued to indicate meaningful

consumer value relative to lapse or surrender In its

2024 Market Data Collection Survey (published May

12, 2025), the Life Insurance Settlement Association

(“LISA”)

reported

that

licensed

LISA

provider

members completed 2,699 transactions and paid

over USD 600 million to consumers – USD 500 million

more than consumers would have received through

lapse or surrender – and that settlement proceeds

averaged more than 65× cash surrender value

Legal and regulatory developments remained an area

of focus In 2025, LISA (an industry trade association)

ﬁled an amicus curiae brief in a Ninth Circuit appeal

involving whether a policy’s conversion right can be

exercised after a life settlement transfer, and whether

treating such a conversion as “new insurance” would

re-open insurable-interest arguments LISA urged

the court to resolve the dispute narrowly – ie to

decide only the speciﬁc contract and statutory issues

in that case, without creating a broad rule that could

aﬀect policy conversions or settled policies more

generally – and noted that an adverse precedent

could introduce uncertainty for established market

practices

Portfolio Overview

Policy structure

LSA’s current portfolio has been categorised into

policies linked to either HIV policyholders or non-HIV

policyholders Class A Shareholders collectively hold

a gross face value of USD 35 million for life settlements

related to non-HIV policies and USD 387 million for

HIV policies For the non-HIV segment, the face value-

weighted average age now stands at 792 years old

This average age corresponds to a life expectancy

of 10 years for men and 115 years for women in the

population at large

Assessing the life expectancy of individuals with

HIV is more challenging The present face value-

weighted average age of the HIV population is now

over 65 years old Their actual mortality rate exceeds

the one implied by their age, indicating characteristics

of a population biologically signiﬁcantly older. Life

expectancy for this group is lower than their non-HIV

counterparts in the same age bracket

Despite these observations, uncertainties persist

There

exists

ongoing

‘race’

between

the

cumulative impact of the retrovirus over time

and advancements in medical treatment While

the life expectancy of HIV policies remains lower

than that of the general population, it has shown a

consistent expansion over the last decades Yet

medical research has shifted its attention from HIV

to other diseases, such as Alzheimers This dynamic

reﬂects the evolving landscape of HIV treatment and

the complex interplay of medical advancements, and

the persistent challenges posed by the virus

Premiums and interests

The current annual sum of premiums and interest

paid on LSA’s portfolios stands at approximately

USD 128 million Looking ahead to next year, we

have set aside USD 12 million as the foundation for

projecting premiums and interest This projection

takes into account anticipated reductions from policy

lapses and maturities, as well as potential increases

stemming from possible cost-of-insurance (“COI”)

adjustments

Investment Manager’s Report

Annual Report 2025

Life Settlement Assets PLC

Valuations

The following table provides information on the Company’s policies by exposure to

HIV positive insureds and non-HIV insureds, as of 31 December 2025

Group policies have expiration terms that depend on the speciﬁc contract

and employment conditions and are conservatively modelled to expire at

age 75 The largest portion of these policies relates to US federal government

coverage, commonly known as FEGLI Around mid-2025 a review of FEGLI

contracts conﬁrmed that they do not have a ﬁxed expiry age; coverage continues

indeﬁnitely provided premiums are paid. The updated assumption has already

been incorporated into the 31 December 2025 L&E valuation

HIV and Non-HIV Exposed Policies (all values in USD)

LSA

HIV

Non-HIV

Total

Number of policies

3,599

3,668

Total gross face value

386,871,764

35,440,579

422,312,343

Valuation

63,444,050

8,548,742

71,992,792

Percentage of face value

164%

241%

170%

The US actuary, Lewis & Ellis Inc, has provided valuations for the year 2025

A/E ratio trends

An actual-to-expected (“A/E”) mortality study was performed for the HIV policy

population on an insured basis, covering the period from 1st January 2010 to

31 December 2025 For 2016–2024, annual A/E results ranged from 100%–121%

(ie generally at or above expectations) Based on the expected-versus-actual

experience, Lewis & Ellis concluded that the prior mortality curve had generally

understated observed mortality, critically, the observed deviation is concentrated

in older cohorts (ages 70+), where actual mortality has been materially higher than

model expectations L&E therefore adjusted select and ultimate mortality factors at

ages 70+

As for 2025, in terms of facial amount the A/E is currently at 101%, and terms of lives

the A/E is currently at 92% Allowing for typically 4 Incurred but Not Reported (“IBNR”)

maturities would increase 2025 A/E from 92% to 98% (we observed on average 4

subsequent IBNR in past years)

The trends in A/E ratios are visually represented in Graphs 1 and 2 below These

graphs oﬀer a graphical depiction of the observed versus expected mortality ratios,

providing valuable insights into the performance and adjustments made in the

mortality assumptions over time

Investment Manager’s Report

continued

Life Settlement Assets PLC

Annual Report 2025

Graph 1: HIV Actual to Expected Ratio

140

120

100

202

2016

2017

2018

2024

2020

2021

2022

2023

2019

Actual to expected (with 4 possible IBNRs added for 2025)

5 year average

Graph 2: Non-HIV Actual to Expected Ratio

160

120

100

2010 2011 2012 2013 2014 2015 2016 2017 2018

2022

Actual to expected

16 year average

2019 2020

140

2021

2024

2023

2025

Annual Report 2025

Life Settlement Assets PLC

Maturities

The following maturities and A/E were reported for the calendar year 2025:

Maturities (USD)

HIV

8,690,702

Non-HIV

11,927,757

Total

20,618,459

A/E in Dollar terms

HIV

101%

Non-HIV

154%

A/E in lives*

HIV

92%

Non-HIV

118%

*In the number of lives, from Lewis & Ellis Inc 2025 reports, excluding IBNR

The non-HIV segment exceeded expectations, surpassing forecasts by approximately

18% in the number of insureds and 54% in dollar terms In 2025, 15 policies held by

10 insureds matured, contributing a signiﬁcant USD 11.9 million to the segment’s

performance It is important to acknowledge that the ongoing reduction in the size

of the non-HIV portfolio may result in heightened volatility and irregularity in future

maturities, and the year 2025 may just be such an instance

On the other side, the A/E ratio in HIV segment is 101% in monetary terms

until December for the year under review The A/E ratio equally falls short by 8%

in the number of lives We believe that the A/E ratio shortfall in lives is mainly due

to IBNR maturities These historically average four maturities annually Six 2025

maturities have been identiﬁed in 2026. Five were identiﬁed in January and February

and were therefore already included in the December accounts A further one was

identiﬁed in March 2026.

Going forward

Following the L&E’s update to the HIV mortality curve this year, we expect modelled

cash ﬂow projections to be more reﬂective of future portfolio experience. Over the

next few years, the remaining non-HIV portfolio is expected to continue to mature

at a faster rate than the HIV portfolio This will progressively increase the portfolio’s

concentration in HIV policies As the HIV insured population continues to age,

progressively reaching the standard life settlement age range (70+), the portfolio

cashﬂows will become increasingly driven by HIV mortality and ongoing premium

requirements

We continue to closely monitor emerging evidence on mortality and treatment trends

in long-term HIV populations and assess potential impacts on maturities, premium

persistence, and valuation assumptions

Acheron Capital

27 April 2026

Investment Manager’s Report

continued

Life Settlement Assets PLC

Annual Report 2025

Strategic Report Key Issues

including Section 172(1)

Statement

The Strategic Report of this Annual Report on pages 4 to 29 has been prepared to help Shareholders understand

the Company’s progress on key matters and assist them in assessing the extent to which the Directors have

performed their legal duty to promote the success of the Company in accordance with section 172 of the

Companies Act 2006

The Chairman’s Statement on pages 6 to 8 and Investment Manager’s Report on pages 9 to 12 includes

a comprehensive analysis of the development of the business during the ﬁnancial year and the position of the

Company’s main investments at the end of the year

Basis of Preparation

The Strategic Report has been prepared in accordance with the requirements of Section 414A to 414D of the

Companies Act 2006 (the “Act”) The Strategic Report also discloses the Company’s risks and uncertainties

as identiﬁed by the Board, the key performance indicators used by the Board to measure the Company’s

performance, the strategies used to implement the Company’s objectives, the Company’s environmental,

social and ethical policy and the Company’s anticipated future developments

Section 172(1) Statement

Under Section 172 (“s172”) of the Companies Act 2006 the directors of a company are required to act in the way

they consider in good faith will most likely promote the success of the company for the beneﬁt of its members

as a whole In doing this, s172 requires directors to include the factors listed in the table below:

Further, the Companies (Miscellaneous Reporting) Regulations 2018 require directors to explain how they

have discharged their duties under section 172(1) of the Companies Act 2006 in promoting the success of

their company for the beneﬁt of members as a whole.

The likely consequences of any decisions

in the long term

The likely consequences of any decisions in the long term is

clearly a key consideration as the aim of the Board is to meet

its Corporate Objective and ensure the long-term success of

the Company

The Company seeks to generate long-term returns for

investors by investing in the life settlement market The

Company aims to manage its investment in portfolios of life

settlement products so that the realised value of the policy

maturities exceeds the aggregate cost of acquiring the

policies, ongoing premiums, management fees and other

operational costs The Company’s investment Objective and

Policy are stated on page 21

During the year under review, the Directors have acted in a

manner most likely to promote the Company’s long-term

objective The Directors believe that in achieving this objective

it is of beneﬁt to Shareholders and wider stakeholders.

Interests of the company’s employees

The Company has no employees as it engages third parties

to provide all necessary services to the Company

The need to foster the company’s

business relationships with suppliers,

customers and others

The Board’s has identiﬁed the Company’s key stakeholders

who are shown on pages 15 to 17 along with the approach

taken to each one

Annual Report 2025

Life Settlement Assets PLC

The impact of the company’s operations

on the community and environment

As an investment trust, the Company outsources its activities

to third parties, has no oﬃces of its own nor any employees.

Where possible, meetings are held electronically to reduce

the Company’s impact on the environment The Company

has minimal greenhouse gas emissions from its operations,

nor does it have responsibility for any other emissions

producing sources under the Companies Act 2006 (Strategic

Report and Directors’ Reports) Regulations 2013

For the same reasons, the Company considers itself to be a

low energy user under the Streamlined Energy and Carbon

Reporting regulations and therefore it is not required to

disclose energy and carbon reports

The Company does not make any political or charitable

donations

Desirability of the company maintaining a

reputation for high standards of business

conduct

It is the Company’s policy to conduct all of its business in

an honest and ethical manner, and it is committed to acting

professionally, fairly and with integrity in all of its business

dealings and relationships

The Company has a number of policies and procedures in

place to assist with maintaining a culture of good governance

as detailed in the Statement of Corporate Governance on

pages 37 to 39

In line with other Investment companies the Company

delegates authority for day-to-day administration and

management of the assets to third parties

At every Board meeting a review of ﬁnancial and operational

performance, as well as legal and regulatory compliance,

is undertaken The Board also reviews other areas over the

course of the ﬁnancial year including the Company’s business

strategy; key risks; stakeholder-related matters; diversity and

inclusivity; environmental matters; corporate responsibility

and governance, compliance and legal matters

The need to act fairly as between

members of the Company

The Board recognises that all material decisions it makes will

impact the various stakeholders to a greater or lesser degree

and it seeks to assess that impact when making any decision

It acknowledges the need to act fairly between members of

the Company when considering the buyback of shares

It is acknowledged that every decision the Board makes

will not necessarily result in a positive outcome for all

stakeholders By considering the Company’s purpose and

objectives together with its strategic priorities and having

a process in place for decision-making, the Board does,

however, aim to make sure that decisions are fully evaluated

before implementation

Strategic Report Key Issues

continued

Section 172(1) Statement

continued

Life Settlement Assets PLC

Annual Report 2025

In line with the Companies (Miscellaneous Reporting) Regulations 2018, during the year under review the

Board considered and agreed the following should be regarded as stakeholders

Shareholders

The Board recognises the importance

of the Shareholders to the long-term

success of the Company and is committed

understanding

their

views

and

maintaining communication with them

The Company has communicated with its Shareholders

during the year as follows:

Annual General Meeting

The Company encourages all Shareholders to attend and

participate at its AGM Whilst the formal business is the

primary purpose of the meeting, members of the Board are

available to answer questions directly from Shareholders

Published Reports

The Company produces the Annual Report and Financial

Statements which are posted to all Shareholders who have

requested to receive hard copies and made available to

others through the Company’s website The Half-Yearly

Report is available to view and download from the Company’s

website The publication of these reports is considered

the prime method of communication with Shareholders

and other readers of the reports and provides detailed

information on the portfolio, performance over the period

and an assessment of the outlook for the Company Reports

from the various committees of the Board are included, as

are descriptions of the Company’s corporate governance

arrangements Whilst the structure and layout of these

reports is often prescribed by regulatory requirements the

Board seeks to ensure that the report is readable and is

mindful that it should be fair, balanced and understandable

Fact Sheets/Monthly Net Asset Value

The Investment Manager provides monthly fact sheets which

are available on the Company’s website

The net asset value of the Company is announced to the

London Stock Exchange monthly

Feedback from Shareholders

During the year, the Board received information to understand

the interests and views of the Company’s Shareholders

This information was distributed in a range of diﬀerent formats

including reports and presentations on the Company’s

ﬁnancial and operational performance, non-ﬁnancial KPIs,

risk and the outcomes of speciﬁc engagements with

stakeholders As a result, the Board have received useful

feedback which allows them to understand the nature of any

Shareholder concerns and to comply with the s172 duty to

promote the success of the Company

As a result of the feedback received the Board made the

following decisions during the year:

Section 172(1) Statement

continued

Annual Report 2025

Life Settlement Assets PLC

Shareholders

continued

The Board recognises the importance

of the Shareholders to the long-term

success of the Company and is committed

understanding

their

views

and

maintaining communication with them

Dividends

1

Following

the

receipt

monies

from

maturities

during the year, the Board undertook a review and an

assessment of cash ﬂows to utilise the cash and return

monies to Shareholders Views of major Shareholders

were sought,and a USD 2 million dividend was paid out

in October 2025

2

On 9 March 2026 the Company declared a special dividend

of 67960 cents per share, totalling USD 30 million, which

was paid on 14 April 2026 to Shareholders on the register

on 20 March 2026

Buybacks

The last share buyback was undertaken on 12 June

2025 On 16 March 2026, the Company announced the

recommencement of a share buyback programme, in order

to create liquidity in the shares, reduce the discount and be

accretive to NAV to remaining Shareholders

Service Providers

It is normal practice for Investment companies to delegate authority for day-to-day administration and

management of the assets to third parties. At every Board meeting a review of ﬁnancial and operational

performance, as well as legal and regulatory compliance, is undertaken The Board also reviews other areas

over the course of the ﬁnancial year including the Company’s business strategy; key risks; stakeholder-related

matters; diversity and inclusivity; environmental matters; corporate responsibility and governance, compliance

and legal matters

The Company engages a number of service providers who it regards as key to its ongoing business The

Board recognise that the continued engagement with these service providers is vital and the success of

these service providers is synonymous with the success of the Company It receives reports from providers

and regularly monitors the contribution they make to the Company’s operations The Company Secretary and

Investment Manager both attend Board Meetings The Trustees of the underlying Trust and the Administrator

provide regular updates to the during the year

Feedback following discussions has allowed the Board to review commercial arrangements in place with

service providers which collectively seeks to motivate each service provider and collectively to beneﬁt the

Company to achieve the desired success. Whilst providing ﬁnancial motivation of one stakeholder can impact

ongoing costs and be detrimental to other stakeholders, the Board have balanced this in the commercial

decisions made impacting service providers as stakeholders

Strategic Report Key Issues

continued

Section 172(1) Statement

continued

Life Settlement Assets PLC

Annual Report 2025

Investment Manager

The Investment Manager to the Trust

is crucial to the Company in meeting its

objective

The Board recognises the key relationship the Company

has with its Investment Manager and its importance to the

overall success of the Company Representatives of the

Investment Manager attend Board meetings and are in

regular contact with the Directors outside formal meetings,

to ensure that communication is maintained The Board and

Investment Manager maintain an open and honest dialogue

The contractual arrangements with the Investment Manager

are kept under review

UK Administrator and

Company Secretary

As the focal point for other service

providers the Board acknowledges the

key role undertaken to ensure the eﬀective

running of the Company

The Company Secretary and UK Administrator, ISCA

Administration Services Limited (“ISCA”), is often the primary

contact point for ﬁnancial advisers and stakeholders in the

Company ISCA attend all Board and Committee meetings,

and the Board are in regular contact with them outside of

the scheduled meetings to share up-to-date information

concerning the Company

Servicing Agent

As the provider responsible for maintaining

the policies the Servicing Agent plays a

vital role in the success of the Company

The contractual arrangements with the Servicing Agent are

kept under review

During the year, the Audit Committee Chairman visited the

Servicing Agent to review the controls in place and listen to

their views It was agreed that Vespera continuing to act as

Servicing Agent would be beneﬁcial to the Company.

Trustee

The

Trustee

plays

vital

role

safeguarding the assets of the Acheron

Trust

The Trustee maintains ongoing contact with the Directors

outside of the formal Board Meetings

During the year, the Board appointed a co-trustee to the

Trust A Trustee provides a written report and attends Board

Meetings by video conference when required

Other key service providers

The Company has several other key

service providers, each of which provides

an important service to the Company

The other key service providers are the

Luxembourg Administrator, Broker and

Registrar

The other key service providers are reviewed on a regular basis

During the year, the Board reviewed the Company’s corporate

brokering arrangements and, as a result, appointed Cavendish

Capital Markets Limited as the Company’s corporate broker

on 27 November 2025

Section 172(1) Statement

continued

Annual Report 2025

Life Settlement Assets PLC

Other Disclosures

Investments and Underlying Assets

As at 31 December 2025, the Share Class was invested

in underlying assets as follows:

•

The Company invests in life insurance policies

acquired from special or “distressed” situations,

with exposure to both HIV (average age mid 60s)

and elderly insureds (average age late 70s) Policies

held to the beneﬁt of the former share classes D, E

and B have been merged into the class A shares It

is a widely diversiﬁed portfolio by gender and the

number of lives insured with circa 3,700 underlying

policies; and

•

a brokerage account as discussed in note 15 for the

the purposes of cash management

During the year, as part of its cash management

strategy, the Company entered into a loan agreement

with Orange Delivery Pte Ltd, a special purpose

vehicle company incorporated under the laws of

Singapore Under the terms of the loan agreement,

the Company has loaned USD 1 million to Orange

Delivery Pte. Ltd. The loan will have a ﬁnal maturity

date of 11 September 2030, with a ﬁxed interest

of 8% per annum Repayment of the loan will be

made exclusively out of the available cashﬂows of a

securitised portfolio of rooftop solar assets held by

Orange Delivery Pte Ltd

The Company’s rights, title and interest pursuant to

the loan are secured against a put option agreement

entered into between the Company and Tomson

Pte Ltd, a company owned by one of the directors

of the Investment Manager Under the terms of

the put option agreement, Tomson Pte Ltd has

agreed to purchase the Company’s claim under

the loan agreement in full for consideration equal

to the principal amount originally advanced by the

Company together with accrued interest, upon

exercise of the put option by the Company after an

initial two years at the Company’s discretion

Cash Retention

The Board considered the retention of cash as working

capital to meet the payment of ongoing premiums

required to service the portfolio of life policies

Valuation of Portfolio

The assessment of the valuation of the portfolio

includes selecting an appropriate discount factor

based on research available and the mix of policies

in the portfolio

Comparative Benchmarks and Performance

Due to the lack of directly comparable companies

investing

the

secondary

market

life

policies, the Company does not follow a speciﬁc

sector

geographic

benchmark,

although

indirect comparisons may be made from time to

time with other market indices

The life settlement market has a low correlation

with traditional equity and ﬁxed income markets, as

returns are dependent on the actuarial and mortality

rate assumptions used This can make this market an

attractive alternative asset class

The performance of the Company against its key

performance indicators is described in the Company

Performance on page 5 and the Glossary on page 92.

Ongoing Charges

The Company’s total annual costs (investment

management fees and other expenses) are 54%

(2024: 50%) of average net assets for the year to

31 December 2025 Excluding the servicing and legal

costs the ratio would be 30% (2024: 27%)

Strategic Report Key Issues

continued

Life Settlement Assets PLC

Annual Report 2025

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, the portfolio is placed into an asset trust, the

Acheron Portfolio Trust (the “Trust”)

Services Agreement

Investment

Management

Agreement

A Ordinary Shareholders

Beneﬁcial interest

(attributable Ordinary Shares)

Acheron Portfolio Trust

US Life Insurance Policies

Acheron Capital Ltd

The Company’s principal strategic partner relationship is with the Trust’s Investment

Manager, Acheron Capital Ltd, which provides investment management services

Annual Report 2025

Life Settlement Assets PLC

The Board monitors success in implementing the Company’s strategy against a range of

Key Performance Indicators (“KPIs”), which are viewed as signiﬁcant measures of success

over the longer term These key indicators are those provided in the performance tables on

page 5 Although performance relative to the KPIs is monitored over quarterly periods, it is

success over the long-term that is viewed as more important This is particularly important

given the inherent volatility of maturities and short-term investment returns

The Board has adopted the following KPIs which are summarised on page 20, the Glossary

on page 92 and in the Statement of Comprehensive Income on page 58

Share price*

– this is the mid-price of the

shares and is a key measure for Shareholders

to show the most likely realisable value of

this investment if it was sold Changes in the

share price are closely monitored by the

Board

NAV per share*

– as this is the primary

indicator of the underlying value attributable

to each share

Discount to NAV*

– as this measure can be

used to monitor the diﬀerence between the

underlying Net Asset Value and the share

price

Total maturities (USD)*

– the value of

the total maturities in USD provides an

indicator of the underlying cash ﬂow that

the Company receives from its main source

of income – policy maturities There are

factors which could impact the outcome

of this performance measure including:

average life expectancy and the age of

the

underlying

policy

holders

Please

note that the Actual to Expected (“A/E”)

ratio, which is closely linked to the total

maturities KPI, is a key method by which

the Board seeks to anticipate the level

of maturities The A/E ratio measures

the declared maturities compared to the

projected maturities based on the actuarial

models A ratio close to 100% indicates

maturities correspond exactly to the model

A percentage greater than 100% means the

maturities are more than anticipated by the

models and less than 100% the opposite is

the case

Earnings per share

– this is a key measure

of ﬁnancial performance used to assess the

fortunes of the Company over each ﬁnancial

period

Running costs*

– The Ongoing Charges of

the Company for the ﬁnancial year under

review represented 5.4% (2024: 5.0%) of

average net assets Excluding the servicing

and legal costs the ratio would be 30%

(2024: 27%)

Shareholders should note that this ratio has

been calculated in accordance with the

Association of Investment Companies’ (“AIC”)

recommended

methodology,

published

in May 2012. This ﬁgure indicates the

annual percentage reduction in Shareholder

returns as a result of recurring operational

expenses Although the Ongoing Charges

ﬁgure is based on historic information, it

does provide Shareholders with a guide to

the level of costs that may be incurred by

the Company in the future

* Alternative Performance Measures

Key Performance Indicators (KPIs)

Please Note: The Company regularly uses performance measures to present its ﬁnancial

performance. These measures may not be comparable to similar measures used by

other companies, nor do they correspond to IFRS standards or other accounting principles.

Life Settlement Assets PLC

Annual Report 2025

Investment Objective

The Company’s investment objective is to generate

long-term returns for investors by investing in the life

settlement market The Company has not established

target rates of return with respect to its investments

Investment Policy

The Company will seek to achieve the Company’s

Investment Objective as follows:

A Ordinary Share Class (LSAA)

The assets attributable to the A Ordinary Share Class

are predominantly invested in life insurance policies

acquired from special or “distressed” situations, with

exposure to both HIV and elderly insureds

The Company met the Investment Policy by acquiring

the entire beneﬁcial interest in the Acheron Portfolio

Trust (“APT”) from the Predecessor Company shortly

after Admission

Source of Policies

Policies will be or have been obtained from a variety

of sources, primarily in the United States

Further Acquisitions

The Company has sought, where possible, to acquire

additional interests in individual life insurance policies

or fractional policies and portfolios of such policies

via the secondary market, tertiary market or private

placements The Company has previously purchased

all the remaining policy interests in the MBC Trust

Once this transaction is concluded it will review

its policy towards further acquisitions Any policy

towards the retention of cash from maturities will

also be set after this review The Board will carefully

balance the amount that should be distributed

to Shareholders via share buybacks or dividends

and that which should be retained to fund future

potential investment opportunities During the year,

USD 125,000 was invested in 2 new policies

The Company may also raise additional capital

in the future to acquire further Policies that meet

the Investment Objective and Investment Policy

of the Share Class (or those of a Share Class to be

established in future) Such Policies will subsequently

be granted to APT

Investment Controls

Any transaction involving more than 10% of the Gross

Asset Value of the Company, directly or indirectly, will

require the prior approval of the Board in writing

Hedging and Use of Derivatives

The Company and/or the Trust may also hold

derivative or other ﬁnancial instruments designed for

eﬃcient portfolio management or to hedge interest

or inﬂation risks. The Trust may invest in liquidity

management products as deemed ﬁt by the Trustee

or the Investment Manager, as well as mortality

hedging products as deemed ﬁt by the Investment

Manager, including, but not limited to, mortality

related Insurance Linked Securities (“ILS”)

Dividend Policy

The Company has no stated dividend target The

Company aims to distribute a substantial portion of

its funds derived from its operations as dividends to

Shareholders There can be no assurance that the

Company will be able to achieve this aim

The Company will only pay dividends to the extent

that it has suﬃcient ﬁnancial resources available for

that purpose

In accordance with regulation 19 of the Investment

Trust (Approved Company) (Tax) Regulations 2011, the

Company will not (except to the extent permitted by

those regulations) retain more than 15% of its income

(as calculated for UK tax purposes) in respect of any

accounting period

As there is a deﬁcit on the Revenue Reserve, all

dividends are payable from the Special Reserve

Borrowing

As at the date of this Report, the Company as a small

registered Alternative Investment Fund (“AIF”) does

not intend to borrow due to the costs and regulatory

implications that this would entail However, the

Company reserves the right to borrow in the future

in appropriate circumstances and at the discretion of

the Board (or, subject to the terms of the applicable

Investment Management Agreement, the Investment

Manager if such borrowing is at Trust level), provided

that any such borrowing entered into, shall be limited

to a maximum of 10% of the Net Asset Value (at the

time the borrowing is incurred)

Overview of Strategy and Investment Policy

Annual Report 2025

Life Settlement Assets PLC

Policy Advances

The Company utilises policy advances to provide an

acceleration of the cash ﬂow to the Company. A policy

advance refers to excess cash withdrawn from cash

reserves generated at the level of the life insurance

contracts Policy advances will be deducted from any

proceeds when the maturities are collected These

policy advances are also described in note 35 of these

accounts The Board is of the opinion that these are

policy advances from cash available in the policies

and do not constitute borrowing for the purposes of

the Alternative Investment Fund Managers Directive

(“AIFMD”)

Cash Management

Pending reinvestment or distribution of cash receipts,

cash received by the Company and the Trust may be

held on deposit, in cash, cash equivalents, near cash

instruments, money market instruments and money

market funds and cash funds in line with the risk

appetite speciﬁed by the Board. During the year, the

Company loaned USD 10 million to Orange Delivery

Pte Ltd as detailed in note 17 on pages 80 and 81,

The Directors, along with the Trust’s Investment

Manager, must ensure that the Company’s and the

Trust’s liabilities can be met as they fall due

Corporate and Operational Structure

The Board retains responsibility for key elements of

the Company’s strategy, including the following:

•

the

Company’s

investment

policy

which

determines the diversity of the Company’s

portfolio The Board sets limits and restrictions

with the aim of reducing risk and maximising

returns; and

•

the appointment, amendment or removal of the

Company’s third-party service providers; and

ensuring an eﬀective system of oversight over

the Company’s risk management and corporate

governance

In order to eﬀectively undertake its duties, the Board

may seek expert legal advice It can also call upon

the advice of the Company Secretary

The Board acts in a way that it considers to be in

good faith and is most likely to promote the success

of the Company for the beneﬁt of its Shareholders as

a whole, and in doing so have regard (amongst other

matters) to:

•

the likely consequences of any decision in the

long-term;

•

the impact of the Company’s operations on

the community and the environment;

•

the importance of the Company maintaining a

reputation for high standards of business conduct;

and

•

the need to act fairly to avoid conﬂicts between

the interests of the Directors and those of the

Company

The Company has outsourced operations to various

third-party service providers as detailed below:

•

Investment Management:

As it is an internally-

managed investment trust, the Company has not

appointed an investment manager to provide it

with investment managerial services However,

the Acheron Portfolio Trust, as the Trust holding

the policy assets on behalf of the Company,

has appointed Acheron Capital Limited as its

Investment

Manager

under

the

Investment

Management Agreement with eﬀect from the

date of Admission The Investment Manager

is authorised and regulated by the FCA (under

reference number 443685) Further details of the

Investment Management Agreement are set out in

Part 6 of the Prospectus dated January 2018

•

The Trustees:

Dr Robert Edelstein, who served as a

Director of the Company until his retirement from

the Board on 31 December 2020, was previously

the sole Trustee of the Acheron Portfolio Trust

Robert has continued in his role as Trustee and

advises the Board directly, as required During

the year, Stephen Edelstein was appointed as Co-

Trustee to assist Robert in his duties

•

The Registrar:

The City Partnership (UK) Limited

was appointed as the Company’s Registrar on

26 March 2021

Overview of Strategy and Investment Policy

continued

Life Settlement Assets PLC

Annual Report 2025

Corporate and Operational Structure

continued

•

Administrator:

Compagnie Européenne de Révision Sàrl has been the

Administrator to the Company since its formation and was also the Administrator

to the predecessor company

•

Company Secretary:

ISCA Administration Services Limited was appointed as the

Company Secretary in December 2019

•

Tracking and Servicing Agent:

The Trust has appointed a Tracking and Servicing

Agent to assess on a regular basis if Consenting Individuals have passed away

If Consenting Individuals have passed away the Tracking and Servicing Agent

obtains respective death certiﬁcates and ensures that they are delivered to the

insurance company that issued the relevant Policy so that applicable death

beneﬁts can be claimed. The Trust has entered into a servicing agreement

with the Tracking and Servicing Agent detailing the services the Tracking and

Servicing Agent will provide As at the date of this Report, Vespera Servicing

LLC (formerly Litai), Fort Lauderdale has been appointed by the Trust to service

life settlement policy interests owned by the Trust

•

Actuary:

As in previous years the Company has engaged Lewis & Ellis Inc to

provide an independent actuarial valuation of the portfolio of interests in life

policies in its asset base. They have conﬁrmed that the approach taken by

our Investment Manager, including the principal assumptions used by them,

is appropriate and the net asset value of the portfolio represents fair value

Since their initial engagement in 2006 the Lewis & Ellis valuation

methodology has covered the initial portfolio of interests acquired by the

Company in 2005, and any additional viatical and life settlement policies

purchased since then The factors taken into account in arriving at the

valuation include prior mortality experience, future mortality assumptions,

a projection of maturities and premiums, and other relevant adjustments

to model annual future cash ﬂows, and their net present value. The

valuation may be adjusted from time to time to reﬂect long term changes

in future mortality assumptions, premium projections and discount rates

The NAV of the Company is determined by the Investment Manager based

on this methodology, together with other assets and liabilities on the Balance

Sheet including cash and taking account of current and future expenses

Further details can be found in the Investment Manager’s Report on

pages 9 to 12

•

Brokers:

Cavendish Capital Markets Limited was appointed as the Company’s

brokers on 27 November 2025

Annual Report 2025

Life Settlement Assets PLC

Principal Risks

The Company is exposed to a number of potential risks and uncertainties These risks could have a material

impact on ﬁnancial performance and position and could cause actual results to diﬀer materially from expected

and historical results

The Company faces a number of risks in the normal course of its activities and as a result the management of

those risks the Company faces is essential The Board maintains the overall responsibility for risk management

but has delegated to the Audit Committee the task of regular and robust assessments of the Company’s

risks and controls The Audit Committee has accordingly established a robust process to identify and monitor

the risks faced by the Company. The process involves the maintenance of a risk register, which identiﬁes the

principal and emerging risks facing the Company and assesses each risk on a scale, classifying the probability

of the risk and the potential impact that an occurrence of the risk could have on the Company A number of

day-to-day risk management functions of the Trust are undertaken by the Trust’s Investment Manager, who

regularly reports to the Audit Committee

The Directors have reviewed the Principal Risks of the Company as detailed below These have been

identiﬁed as those most likely to impact the Company’s performance during the year and in the immediate

accounting periods thereafter The potential impact of the Principal Risks remains unchanged from that

reported for the year ended 31 December 2024, except for one newly identiﬁed key risk in the current year

– Key Man Risk – which is considered may have a signiﬁcant impact, consistent with the other Principal

Risks This had previously been disclosed as a secondary risk Detailed sensitivity analysis of the portfolio is

provided in note 14 on page 79

Risk

Mitigation

HIV Mortality Risk

Changes in mortality rates may adversely aﬀect the

performance of the Policies held by the Company

This is particularly so in respect of HIV mortality risk

where HIV policies going forward will be a larger

proportion of the portfolio

The Investment Manager regularly assesses HIV

mortality rates based on available information to

ensure any required changes are made to the

valuation model

Premium Management Risk

Unanticipated volatility in mortality rates makes

liquidity management of premium reserves diﬃcult,

as the Company (or the Trust) need to be able to

meet premiums and costs at all times Failure to pay

a premium may result in the relevant Policy lapsing

and the Company being unable to receive insured

sums as a result

Management monitors cash on an ongoing basis in

accordance with the practice and limits set by the

Board

Volatility Risk

The portfolio may be more volatile than expected

as a consequence of certain policies representing a

larger proportion of the portfolio than other policies

The Investment Manager seeks to ensure a

diversiﬁed portfolio of policies.

Risks

Life Settlement Assets PLC

Annual Report 2025

Risk

Mitigation

Advance Age Mortality Risk

There is a lack of data to reliably determine general

or disease speciﬁc mortality at advanced ages, as

well as the date beyond which a Policy no longer has

value This makes the use of statistically unproven

assumptions necessary As a consequence, should

such assumptions prove to be incorrect, the

Company’s performance and that of the Ordinary

Shares may fall short of expectations

The Company has engaged an independent

Actuary to perform its own assessment of the value

of the portfolio of policies. Valuation diﬀerences

between the two models are investigated

Valuation Risk

The

Investment

Manager

uses

modelling

determining the investments to make; however, if

the assumptions made by the Investment Manager

in building these models are or were materially

incorrect, there could be a substantial adverse

eﬀect on the Net Asset Value and the Company’s

performance and that of the Ordinary Shares may

fall short of expectations

The discount rate used for reporting or valuation

purposes may be on a portfolio basis or on a bottom

up Policy by Policy or Policy type by Policy type

basis, which can create material value diﬀerences.

Further,

there

no well-established

market

discount rate, which makes the use of speciﬁc

discount rates for actuarial purposes subjective

The Company has engaged an independent

Actuary to perform its own assessment of the value

of the portfolio of policies. Valuation diﬀerences

between the two models are investigated

The discount rate applied is regularly assessed

by the Investment Manager based on available

information and the Board approve the discount

rate assumption Changes in the discount rate will

only be made once approved by the Board

Key Man Risk

The Company relies on key individuals to manage

the day-to-day aﬀairs of the Company. There can be

no assurance as to the continued service of these

key individuals The departure of key individuals

without adequate replacement may have a material

adverse eﬀect on the Company’s prospects and

results Accordingly, the ability of the Company to

achieve its investment objective depends heavily

on the experience of the Investment Manager’s

team, and more generally, on the ability of the

Investment Manager to attract and retain suitable

staﬀ.

The Board liaise regularly with the Investment

Manager to monitor this risk

Principal Risks

continued

Annual Report 2025

Life Settlement Assets PLC

Risk

Mitigation

Tax

Any changes in the Company’s tax status or

in taxation legislation could aﬀect the value of

investments held by the Company, aﬀect the

Company’s ability to provide returns to Shareholders

and aﬀect the tax treatment for Shareholders of

their investments in the Company The results of the

Company would also likely be adversely aﬀected

if the Company were not eligible to claim beneﬁts

under the current income tax treaty between

the United Kingdom and the United States In

conformity with the income tax treaty, withholding

tax on matured policies is not due if at least 6% of

the average capital stock of the main class of Shares

is traded annually on a recognised stock exchange

Changes in taxation may also adversely aﬀect the

results of the Company

The Company intends at all times to conduct its

aﬀairs so as to enable it to qualify as an investment

trust for the purposes of Section 1158 of the

Corporation Tax Act 2010 Both the Board and the

Investment Manager are aware of the requirements

which are to be fulﬁlled in any accounting period

for the Company to maintain its investment trust

status The conditions required to satisfy the

investment trust criteria shall be monitored by

the compliance function of the Investment Manager

and performance of the same shall be reported to

the Board on a quarterly basis The Board monitors

the trading of the Shares regularly to assess the 6%

requirement This helps ensure that action could be

taken to encourage more trading and reduce the

likelihood of incurring a tax charge

Breach of Applicable Legislative Obligations

The Company and its third-party service providers

are subject to various legislative and regulatory

regimes Any breach of applicable legislative and/

or regulatory obligations could have a negative

impact on the Company and impact returns to

Shareholders

The Company engages only with third-party

service providers which hold the appropriate

regulatory approvals for the function they are to

perform and can demonstrate that they can adhere

to the regulatory standards required of them Each

appointment is governed by agreements which

contain the ability for the Company to terminate the

arrangements with each of these counterparties

with limited notice should such counterparty

continually or materially breach any of their

legislative obligations, or their obligations to the

Company more broadly Additionally, each of the

counterparties is subject to regular performance

and compliance monitoring by the Investment

Manager, as appropriate to their function, to ensure

that they are acting in accordance with applicable

regulations and are aware of any upcoming

regulatory changes which may aﬀect the Company.

Counterparty Risk

If an insurance company that has issued a Policy in

which the Company invests defaults, the Company

may not receive one or more payments owing to it

Insurance companies are required to separate

their operations between General Insurance and

Life Insurance, meaning the eﬀect on the assets

and the risk on Life Settlement policies would be

ring-fenced in the event of signiﬁcant business

diﬃculties. The HIV policies are protected by a

State Guarantee up to USD 150k – USD 200k per

policy which covers a signiﬁcant proportion of these

policies Non-HIV policies tend to be of a higher

value than that covered by the State Guarantee

and involve some risk, but the insurance industry

spreads their risk through re-insurance in many

asset backed companies across the world

Principal Risks

continued

Risks

continued

Life Settlement Assets PLC

Annual Report 2025

Secondary Risks Speciﬁc to the Company

As described on pages 38 and 39, the Board and Audit Committee have an ongoing process of monitoring

and reviewing risks and internal controls The principal risks and mitigations are highlighted above and the

secondary risks are listed below

Identiﬁcation and settlement of Maturities:

There is no

central source to be notiﬁed of deaths and therefore

the Company is reliant on its Servicing Agent and

their proactive work to identify any policy maturities

Delays can occur between the date of death and

the commencement of a claim under a policy Further

delays can occur in obtaining key documentation to

enable the claim to be accepted for payment

Litigation Risk:

The assignment of life insurance

policies can be a contentious matter and the sector

has historically been subject to high levels of litigation

Premium Assumptions Risk:

Changes in the amount of

premiums charged by the insurance company that

has issued a Policy may increase the costs borne by

the Company and adversely aﬀect its performance.

Fluctuations in the Market Price of the Company’s

The market price of the Company’s shares

may not reﬂect the Net Asset Value and may ﬂuctuate

widely in response to diﬀerent factors. There can

be no assurance that the Company’s shares will be

repurchased by the Company even if they trade

materially below their Net Asset Value Similarly, the

shares may trade at a premium to Net Asset Value

whereby the shares can trade on the open market at

a price that is higher than the value of the underlying

assets There can be no assurance, express or implied,

that Shareholders will receive back the amount of

their investment in the Company’s shares

Third-Party Service Providers:

The Company has

no employees and the Directors have all been

appointed on a non-executive basis Whilst the

Company has taken all reasonable steps to establish

and maintain adequate procedures, systems and

controls to enable it to comply with its obligations,

the Company relies upon the performance of third-

party service providers for its executive function In

particular, the Investment Manager, Administrator,

Registrar and Company Secretary The termination

of service provision by any service provider, or failure

by any service provider to carry out its obligations

to the Company, or to carry out its obligations to

the Company in accordance with the terms of its

appointment, could have a material adverse eﬀect

on the Company’s operations and its ability to meet

its investment objective

Achievement of the Investment Objective:

There can be

no assurance that the Company will be successful in

implementing the Investment Objective

Climate Change:

The Company is aware of the impact

of Climate Change across the business world and has

sought to assess the impact this could have on the

Company either directly or indirectly The Company

is managed and operated through a number of third-

party suppliers and does not undertake any activities

directly nor does it have any oﬃces. The nature of its

investments in life assurance policies is not directly

impacted by Climate Change, any long-term change

in climate is unlikely to have a detrimental impact on

the valuation of those policies Long-term climate

change could have an impact on the ability of third-

party suppliers to continue to service the Company

and impact the insurance industry as a whole and its

ability to meet all claims, including the maturity of life

assurance policies when they are payable The Board

has sought to reduce its carbon impact through the

use of conference and video calls for meetings where

possible and encourages the Company’s third-party

suppliers to assess their own carbon impact

For a detailed description of the Company’s ﬁnancial risks, please refer to note 4 of the Financial Statements.

Annual Report 2025

Life Settlement Assets PLC

Viability Statement and Other Disclosures

The Directors have assessed the prospects of the

Company over a longer period than the 12 months

referred to in the ‘Going Concern’ guidelines

The Board conducted this review focusing on a

period of three years This period was selected as it

is aligned with the Company’s strategic planning In

making this assessment the Board also considered

the Company’s principal risks

Investment trusts in the UK operate in a well-

established and robust regulatory environment and

the Directors have assumed that:

•

investors will continue to want to invest in

closed-end investment trusts because the ﬁxed

capitalisation structure is suited to pursuing the

current investment strategy; and

•

the Company’s remit of investing in life settlement

assets predominantly in the US will continue to be

attractive to investors

The Company’s primary source of income is from

policy maturities As the timing of these maturities

is not entirely predictable the Board sometimes will

need to take advantage of policy advances The

Company can utilise policy advances in order for

premiums to be kept active A policy advance refers

in this case to excess cash withdrawn from cash

reserves generated at the level of the life insurance

contracts Policy advances are deducted from any

proceeds when the maturities are collected

In the unlikely event that maturities and policy

advances are insuﬃcient to meet ongoing cash and

policy premium obligations, the Directors have the

authority to make short-term borrowing arrangements

with ﬁnancial institutions. These borrowing options

are explained in more detail in the Strategic Report

on page 21

As with all investment vehicles, there is a risk that the

performance of individual investments will vary and

that capital may be lost but this is not regarded as a

threat to the viability of the Company Operationally,

the Company retains title to all assets including the

life settlement assets and cash

In assessing viability, the Company has reviewed

cash ﬂow projections for the period to December

2028 based on the model discussed on page 67

The Directors have also considered the eﬀect of a

reduced level of maturities or an increase in costs

The closed-end nature of the Company means

that, unlike an open-ended fund, it does not need

to liquidate positions when Shareholders wish to

sell their shares, the expenses of the Company

are predictable and modest in comparison with

the assets and there are no capital commitments

currently foreseen which would alter that position The

share buybacks and dividends are at the Directors’

discretion based on the ﬁnancial resources available.

In addition, the Investment Management fee is based

on a percentage of net assets Therefore a fall in net

assets would result in a corresponding fall in one of

the major expenses of the Company Taking these

factors into account, the Directors conﬁrm that they

have a reasonable expectation that the Company will

continue to operate and meet its expenses as they

fall due over the next three years

Environment, Human Rights, Employee, Social and

Community Issues

The Company is required by law to provide details

of environmental matters (including the impact of the

Company on the environment), employee, human

rights, social and community issues (including

information about any policies it has in relation to

these matters and the eﬀectiveness of those policies).

The Company does not have any employees and the

Life Settlement Assets PLC

Annual Report 2025

Board is composed of non-executive Directors As an

investment trust, the Company has a minimal impact

on the environment The Company aims to minimise

any detrimental eﬀect that its actions may have by

adhering to applicable social legislation, and as a

result does not maintain speciﬁc policies in relation

to these matters

The Company is a low energy user and is therefore

exempt

from

the

reporting

obligations

under

the Companies (Directors’ Report) and Limited

Liability Partnerships (Energy and Carbon Report)

Regulations 2018 The Company has no greenhouse

gas emissions to report from the operations of

the Company, nor does it have responsibility for

any emissions producing sources including those

within its underlying investment portfolio under

part 7 of schedule 7 to the Large and Medium sized

Companies and Groups (Accounts and Reports)

Regulations 2008, as amended

In carrying out its investment activities and in

relationships with suppliers, the Company aims to

conduct itself responsibly, ethically and fairly

Modern Slavery Act

The Company is not within the scope of the Modern

Slavery Act 2015 because it has insuﬃcient turnover

and is therefore not obliged to make a human

traﬃcking statement.

Approval

The Strategic Report was approved by the Board of

Directors on 27 April 2026 and signed on its behalf by:

Michael Baines

27 April 2026

Annual Report 2025

Life Settlement Assets PLC

Governance

Board of Directors

The following were Directors of the Company at the year end

Michael Baines, Chairman

Michael Baines is a graduate

of the University of Oxford and

The

Royal

Military

Academy

Sandhurst

and

has

previously

held high-level positions such as

the Head of Risk Management

and Deputy Chairman of Robert

Fleming Securities and Managing

Director at Atlas Capital Mr Baines

is currently Chairman of Church

House Investment Management

Guner Turkmen

Guner Turkmen is an accomplished

investment

professional

with

years of experience in the ﬁnance

industry He began his career in

ﬁnance working in investment

banking,

and

later

served

the head of Alternative Asset

Management and Fixed Income at

Union Capital Group SA However,

his vision for sustainable and low-

risk

investment

strategies

led

him to found his own investment

ﬁrm, Lake Geneva Investment

Partners (“LGIP”), in 2008 From

the

beginning,

Mr

Turkmen

deemed transparency and robust

execution to be indispensable,

which led him to build a solid

wealth management team His

strategy is to invest in assets with

sustainable growth to maximise

investment returns, rather than

seeking an absolute performance

LGIP’s objective is to generate

performance for its clients by

limiting long-term volatility and

potential losses in their funds in

order to preserve their capital

Christopher Casey,

Audit Committee Chairman

Christopher Casey has extensive

experience as a non-executive

director

and

audit

committee

chairman of public companies, in

particular investment trusts He is

currently Chairman of CQS Natural

Resources Growth and Income plc,

and Audit Committee Chairman of

BlackRock Frontiers Investment

Trust plc and Fidelity Special

Ventures plc Christopher’s career

spans over 40 years and he was

previously a partner at KPMG He

graduated from Oxford University

in 1977 with a degree in Politics,

Philosophy and Economics

Life Settlement Assets PLC

Annual Report 2025

The Directors present the Annual Report and

Financial Statements of the Company for the year

ended 31 December 2025 The Financial Statements

have been prepared in accordance with International

Accounting Standards and in accordance with the

requirements of the Companies Act 2006

Legal Form

The Company was incorporated on 16 August

2017 in England and Wales with company number

10918785 under the Companies Act 2006 as a

private company limited by shares The Company

was re-registered as a public company limited by

shares and an investment company under section

833 of the Companies Act 2006 on 24 January 2018

It is a closed-ended investment company and is an

investment trust for the purposes of section 1158 of

the Corporation Tax Act 2010

Regulatory Status

The Company is not a collective investment scheme

and therefore is not regulated as such by the FCA

However, it is subject to the FCA’s Disclosure

Guidance and Transparency Rules, Market Abuse

Regulation (“MAR”), and Prospectus Rules

The Company is registered by the FCA as a “small

registered UK AIFM” pursuant to regulation 10(2) of

the AIFM Rules on the basis that it is a small internally

managed AIF

The Directors intend, at all times, to conduct the

aﬀairs of the Company so as to enable it to qualify

as an investment trust for the purposes of section

1158 of the Corporation Tax Act 2010

The Company’s shares are listed on the Specialist

Fund Segment of the London Stock Exchange

(“SFM”) The SFM and the Company’s shares are

targeted at institutional and professional investors

The Company has obtained approval from HMRC as

an investment trust company subject to continuing

to meet the eligibility requirements In the opinion of

the Directors, the Company has conducted its aﬀairs

during the period under review, and subsequently,

so as to qualify as an investment trust for the

purposes of section 1158 of the Corporation Tax Act

2010 (as amended)

Directors

The names and biographical details of the Board

members as at the year end can be found on

page 32.

Directors’ retirements are subject to the Company’s

Articles of Association (the “Articles”) The Articles

provide that the Company may appoint a person

who is willing to act as a director, and any director

so appointed is required to retire at the next AGM

after his or her appointment and is eligible for re-

appointment

Mr Baines, Mr Casey and Mr Turkmen will be subject

to re-election at the forthcoming AGM on 9 June

2026

None of the Directors have a service contract with

the Company or is entitled to compensation for loss

of oﬃce on the takeover of the Company.

The powers of the Directors are set out in

the

Statement

Corporate

Governance

pages 37 to 39

Community and Environment

The Company does not make any political or

charitable donations

Engagement with Stakeholders

As stated above in the Strategic Report the

Company does not have any employees nor

customers in the way a trading company has How

the Company has worked with and considered the

views of stakeholder groups has been described in

the Section 172 statement on pages 13 to 17

Share Capital

The Company has one class of share, the A Ordinary

share At the year-end there were 44,143,469 A

Ordinary shares of USD 001 each in issue All shares

are listed on the Specialist Fund Segment of the

main market of the London Stock Exchange

During the year, 1,259,474 shares of USD 001 each,

representing 28% of the opening share capital,

were bought back and cancelled for a total cost of

USD 22 million

Since the year end, the Company has bought

back 415,954 Ordinary A Shares at a total cost of

USD 07 million representing 09% of the shares in

issue at the year end At the date of the signing of

this report the number of shares in issue is 43,727,515

Risks

The principal risks of the Company are shown on

pages 24 to 26 and in note 4 on pages 68 to 70

Report of the Directors

Annual Report 2025

Life Settlement Assets PLC

Streamlined Energy and Carbon Reporting

The Company has no direct greenhouse gas

emissions to report from its operations, nor does it

have responsibility for any other emissions producing

sources under the Companies Act 2006 (Strategic

Report and Directors’ Reports) Regulations 2013 For

the same reasons, the Company considers itself to

be a low energy user under the Streamlined Energy

and Carbon Reporting regulations and therefore it is

not required to disclose energy and carbon reports

Going Concern

The Financial Statements of the Company have been

prepared on a going concern basis The forecast

projections and actual performance are reviewed on

a regular basis throughout the period Further details

are shown in the Viability Statement on page 28 The

Directors believe that it is appropriate to prepare

the Financial Statements on a going concern basis

and that the Company has adequate resources to

continue in operational existence for a period of at

least 12 months from the date of the approval of

the Financial Statements The Company is able to

meet its liabilities and obligations including annual

premiums and its ongoing charges from the assets

held

Corporate Governance

A Statement on Corporate Governance is provided

on pages 37 to 39

Management Agreements

The Company has not appointed an investment

manager to provide it with investment managerial

services However, the Trust has appointed Acheron

Capital Limited as their Investment Manager under

the Investment Management Agreement signed from

the date of admission to trading on the London Stock

Exchange A Services Agreement has been entered

into between the Company and the Investment

Manager whereby the Investment Manager has

agreed to assist the Board in the management

of the day-to-day activities of the Company The

Company will reimburse the Investment Manager

for certain expenses related to carrying out the day-

to-day activities of the Company The Investment

Manager will be remunerated under the agreement

with the Trust but will not be paid fees in connection

to the Services Agreement Further details of the

agreement with Acheron Capital are provided in

note 8 on page 72.

The Co-Trustees of the Acheron Portfolio Trust

are Dr Robert Edelstein, who was a Director of the

Company until his retirement from the Board on

31 December 2020, and Stephen Edelstein, who was

appointed during the year

The Company has retained ISCA Administration

Services Limited as Company Secretary

The Company has retained Compagnie Européenne

de Révision Sàrl as its Administrator They have

been retained by the Company to calculate its Net

Asset Value and to provide certain other accounting

services

The Company has retained Lewis & Ellis Inc as an

actuary to provide a valuation of the policies

The Company appointed Cavendish Capital Markets

Limited as broker on 27 November 2025

It is the Directors’ opinion that the continuing

appointment of these key suppliers is in the best

interests of the Company and its Shareholders The

Directors are satisﬁed that these suppliers have the

required skill and expertise to continue to manage

the Company’s assets successfully and to ensure

the Company meets its statutory obligations

Dividends

As shown in note 29 on page 84, the Company paid

a special dividend of 45307 cents per share, totalling

USD 20 million, which was paid on 30 October 2025

to Shareholders on the register at 10 October 2025

On 9 March 2026 the Company declared a special

dividend

67960

cents

per

share,

totalling

approximately USD 30 million, which was paid on

14 April 2026 to Shareholders on the register on

20 March 2026

No ﬁnal dividend in respect of the year ended

31 December 2025 will be paid

Report of the Directors

continued

Life Settlement Assets PLC

Annual Report 2025

Substantial Shareholdings

The Directors have been informed of the following

notiﬁable interests of 3.0% or more in the voting

shares of the Company at 31 December 2025:

Notiﬁcation From

Number of

% of voting

rights

Tomson Pte Limited

3,094,415

70

Premier Miton Group Plc

1,525,000

35

There were no other changes to the above holdings

between 31 December 2025 and the date of this

report

Post Balance Sheet Events

Since the year end, the Company has bought

back 415,954 Ordinary A Shares at a total cost of

USD 07 million representing 09% of the shares in

issue at the year end At the date of the signing of this

report the number of shares in issue is 43,727,515

On 9 March 2026 the Company declared a special

dividend

67960

cents

per

share,

totalling

approximately USD 30 million, which was paid on

14 April 2026 to Shareholders on the register on

20 March 2026

Annual General Meeting

The Company will be holding its AGM on Tuesday,

9 June 2026 Full details of the meeting, the

resolutions to be proposed and how to vote are set

out in the Notice of Meeting on pages 86 to 90 A

summary of some of the resolutions being proposed

is set out below

Ordinary Business at the Annual General Meeting

Re-election of Directors

The notice of the meeting includes resolutions to

re-elect

each

the

Company’s

Directors

Biographies of each Director are shown on page 32

of this Report The Board believes that they bring

valuable skill, experience and expertise to the

Company and recommends that Shareholders

vote in favour of the resolutions relating to their re-

election

Reappointment of Auditors

Resolution 6 proposes the reappointment of BDO

LLP as the Company’s External Auditor for the

forthcoming year and the authority proposed under

Resolution 7 will authorise the Directors to determine

the Auditor’s remuneration

Special Business at the Annual General Meeting

Allotment of Shares

The authority proposed under Resolution 8 will

authorise the Directors to allot shares or grant rights

to subscribe for shares in the Company generally, in

accordance with section 551 of the Companies Act

2006 (the “Act”), up to an aggregate nominal amount

of 10% of the Ordinary Share Class, as of the date of

this Notice (excluding treasury shares)

Disapplication of Pre-emption Rights

Resolution 9 will give Directors the general authority

to allot Ordinary Shares for cash without ﬁrst

oﬀering the securities to existing Shareholders in

certain circumstances The resolution proposes

that the disapplication of such pre-emption rights

be sanctioned in respect of the allotment of equity

securities with an aggregate 10% of the issued share

capital of the Ordinary Share Class as at the date of

this report No allotment of shares from treasury may

be made at a price below the prevailing estimated

Net Asset Value

Authority for the Company to Repurchase its

Own Shares

Resolution 10 authorises the Company to purchase

up to 1499% of the Company’s shares in issue at the

date of the Annual General Meeting Purchases will

be made on the open market for cash at prices in

accordance with the terms laid out in the Resolution

Shares will be purchased only in circumstances

where the Board believes that it is in the best

interests of Shareholders generally Furthermore,

purchases will only be made if the Board believes

that they would result in an increase in NAV per

share and earnings per share The Board currently

intends to cancel those shares purchased

The authority for each of the above resolutions

under special business will expire on the date falling

15 months after the passing of the resolution or, if

earlier, at the conclusion of the Annual General

Meeting to be held in 2027

Annual Report 2025

Life Settlement Assets PLC

Shareholder Meeting and Proxy voting

Although

the

Company’s

AGM

open

for

Shareholders to attend, the Board is mindful that

not all Shareholders may wish to attend and vote in

person To ensure that all votes are counted for the

resolutions being put to the meeting a Poll will be

called Shareholders are encouraged to submit their

proxy votes ahead of the meeting to ensure that

their votes count towards deciding each resolution

Appointing the Chair of the meeting rather than a

named person will ensure that the vote will count

Notice of the Annual General Meeting is on pages

86 to 90 of this report Shareholders are requested

to return a proxy vote (described above) as early

as possible – if you appoint the Chairman of the

Shareholder Meetings as your proxy, this will ensure

your votes are cast in accordance with your wishes

and avoids the need for another person to attend as

a proxy in your place

If Shareholders have any questions that they would

like to raise at the Annual General Meeting, these

should be submitted in advance to the following

email address:

lsa@iscaadmin.co.uk

 You should

also continue to monitor the Company’s website

and announcements for any updates in relation

to the meeting arrangements that may need to

be provided If the Board believes that it becomes

necessary or appropriate to make alternative

arrangements for the holding of the Shareholder

Meetings,

will

ensure

that

Shareholders

are given as much notice as possible Further

information

will

made

available

through

https://www.lsaplc.com/investor-relations/

annual-reports/



Recommendation

The Board considers the Resolutions to be proposed

at the AGM are in the best interests of Shareholders

as a whole and the Company and, accordingly,

recommends that Shareholders vote in favour of

each Resolution, as the Directors intend to do in

respect of their own shareholdings

Company Information

The following information is disclosed in accordance

with the Companies Act 2006:

•

The Company’s capital structure and voting rights

are summarised on page 82

•

Details of the substantial Shareholders in the

Company are listed on page 35

•

The rules concerning the appointment and

replacement of Directors are contained in the

Company’s Articles of Association

•

The Articles of Association can be amended

by the passing of a Special Resolution of the

members in a General Meeting

•

Amendment of the Articles of Association and

the giving of powers to issue or buy back the

Company’s shares require the relevant Resolution

to be passed by Shareholders

•

There are no restrictions concerning the transfer

of securities in the Company; no restrictions on

voting rights; no special rights with regard to

control attached to securities; no agreements

between

holders

securities

regarding

their transfer known to the Company; and no

agreements which the Company is party to that

might aﬀect its control following a successful

takeover bid

•

Consideration of likely future developments is

detailed in the Strategic Report

Details of the ﬁnancial risk management objectives

and

policies

the

Company

together

with

information on exposure to credit, price, liquidity

and cash ﬂow risks are contained in note 4 on pages

68 to 70

Auditor

The Auditor, BDO LLP, has indicated its willingness

to act as the Company’s External Auditor and

Resolutions 6 and 7 proposing its appointment

and authorising the Directors to determine its

remuneration for the ensuing year will be submitted

at the AGM

The Directors who were in oﬃce on the date of

approval

these

Financial

Statements

have

conﬁrmed, as far as they are each aware, that there

is no relevant audit information of which the Auditor

is unaware. Each of the Directors has conﬁrmed that

they have taken all the steps that they ought to have

taken as Directors in order to make themselves aware

of any relevant audit information and to establish

that it has been communicated to the Auditor

On behalf of the Board

Michael Baines

27 April 2026

Report of the Directors

continued

Life Settlement Assets PLC

Annual Report 2025

Statement on Corporate Governance

The Company is committed to maintaining high

standards of corporate governance and the Directors

are accountable to Shareholders for the governance

of the Company’s aﬀairs. A high-level description of

the Company’s corporate governance structure is

provided below

Due to its listing on the Specialist Funds Market, the

Company is not obliged to and does not currently

intend to comply with the UK Corporate Governance

Code issued by the Financial Reporting Council

or the corporate governance code issued by the

Association of Investment Companies

Responsibilities of the Board

The Board is responsible for the eﬀective stewardship

of the Company’s aﬀairs and determines the strategic

direction of the Company The Board meets at

least four times a year and reviews the Company’s

investment

policy,

performance

and

ﬁnancial

position There is an agreed procedure for Directors,

in the furtherance of their duties, to take independent

professional advice at the Company’s expense

The Chairman is responsible for leading the Board

and ensuring that it continues to deal eﬀectively

with all aspects of its role In particular, he ensures

that Acheron Capital and the Administrator provide

the Directors, in a timely manner, with management,

regulatory and ﬁnancial information that is clear,

accurate and relevant Representatives of the third-

party service providers attend each Board meeting,

enabling the Directors to seek clariﬁcation on speciﬁc

issues or to probe further on matters of concern

At the year end, the Board comprises three Directors

all of whom are non-executive and independent of the

Investment Manager In the light of the small size of

the Board, it has been decided not to appoint a formal

Nominations Committee and appointments of any

new directors are considered by the Board as a whole

Diversity

The Directors are aware of the need to have a Board

which, as a whole, comprises an appropriate balance

of skills, experience and diversity

The Board is required to disclose their compliance in

relation to the targets on board diversity set out under

the Listing Rules which are as follows:

1

at least 40% of the individuals on the Board of

Directors are women;

2

at least one of the senior positions on the Board of

Directors is held by a woman; and

3

at least one individual on the Board of Directors is

from a minority ethnic background

The table below sets out the composition of the Board

at the year-end based on the prescribed criteria

Number

Board

Members

the

Board

Senior

positions

on the

Board

Gender

Identity

Men

100

Women

–

Ethnic

Background

White British

or other White

(including

minority-white

groups)

100

Mixed/

Multiple Ethnic

groups

–

Asian/Asian

British

–

Black/African

–

Other ethnic

group

including Arab

–

The Board currently and throughout the year

consists of three male directors of Caucasian ethnic

background and therefore does not meet these

requirements The Board has agreed that it will be

mindful of these regulations in any future recruitment

process it might undertake providing a suitable

candidate possesses the key skills and experience

required for the position

Annual Report 2025

Life Settlement Assets PLC

Powers of the Directors

The powers of the Directors are set out in the Articles

of Association which are publicly available from

Companies House Except as otherwise provided

by regulation and legislation, the Directors may

exercise all of the ordinary powers usually conferred

on directors to manage the aﬀairs of a company and

to delegate such of those powers to committees,

agents or individuals as they consider appropriate

The Directors may authorise the Company to borrow;

to pay fees, expenses, salaries and make other

payments to directors, executives and employees;

and to provide pensions or other beneﬁts for directors,

executives and employees; but have not exercised

these powers except for the payment of fees to non-

executive directors

Board Attendance

Attendance at the main Board and Audit Committee

meetings held during the reporting period is shown

below In addition, ad hoc meetings are held where

necessary Meetings were held either face-to-face or

electronically

Board

meetings

Audit

committee

meetings

Michael Baines

6/6

2/2

Christopher Casey

6/6

2/2

Guner Turkmen

6/6

–

Performance Evaluations

The performance of the Company is considered in

detail at each Board meeting

As part of the Board evaluation discussions, each of

the Directors assessed the overall time commitment

of their external appointments and it was concluded

that all Directors have suﬃcient time to discharge

their duties This conclusion was reached on the basis

that most external appointments are non-executive

roles which are far less time-consuming than full-

time executive positions in a trading company

In addition to being a non-executive Director of LSA,

and as set out on page 32, Mr Casey is a non-executive

director of three other investment trusts Investment

trusts generally only require time for quarterly board

meetings, committee meetings, which usually take

place on the same day as board meetings, and for

reviewing documents such as board papers, annual

and half yearly reports Mr Casey has made himself

available for all meetings of the Company and, in

his capacity as Audit Committee Chairman, has also

held several meetings and conference calls with the

Company’s Auditor In between scheduled meetings

and calls, he also makes himself available to the

Investment Manager and the Company Secretary as

and when his expertise and opinion are required

Internal Controls

The

Board

has

overall

responsibility

for

the

establishment of the Company’s systems of internal

control and for reviewing their eﬀectiveness. Internal

control systems are designed to meet the particular

requirements of the Company and to manage

rather than eliminate the risks of failure to achieve

its objectives The systems by their very nature

provide reasonable but not absolute assurance

against material misstatement or loss The Board has

reviewed the eﬀectiveness of the Company’s internal

control systems including the ﬁnancial, operational

and compliance controls and risk management

processes for the year

The key procedures which have been established

with a view to providing eﬀective internal control are

as follows:

•

Throughout the year under review, there has been

an ongoing process for identifying, evaluating

and managing the signiﬁcant risks faced by the

Company, which accords with the guidance in the

FRC’s Guidance on Risk Management, Internal

Control and Related Financial and Business

Reporting The process involves reports from the

Company’s Administrator, Cerlux, the Trustees,

Professor R Edelstein and Stephen Edelstein,

the Company Secretary and the Investment

Manager Discussions are held with each party

Statement on Corporate Governance

continued

Life Settlement Assets PLC

Annual Report 2025

to assess the overall operations of the Company

to identify ongoing and new risks being, or likely

to be faced by the Company These are taken in

conjunction with the Investment Manager’s regular

report which covers investment performance In

addition, the Company Secretary and Investment

Manager report on the overall control environment

at the Company’s third-party service providers

Internal

control

statements

from

third

party

service providers are also reviewed by the Audit

Committee

•

The duties relating to investment management,

accounting and custody of assets are segregated

and the procedures of the individual parties are

designed to complement one another

•

The Board is responsible for setting the overall

Investment Policy and monitors the activities of

the Investment Manager at its regular meetings

The responsibilities of the Investment Manager

are included in the Investment Management

Agreement between the Trust and Acheron

Capital Acheron is authorised and regulated by

the Financial Conduct Authority

•

Administration

and

accounting

duties

are

performed by Compagnie Européenne de Révision

Sàrl

•

Company secretarial duties are performed by an

external Company Secretary, ISCA Administration

Services Limited

•

Authorisation and exposure limits are set by the

Board

•

The Company clearly deﬁnes the duties and

responsibilities of its agents through their contracts

The appointment of agents and advisers is

conducted by the Board after consideration of the

quality of parties involved and the Board monitors

their

on-going

performance

and

contractual

arrangements.

The

Board

reviews

ﬁnancial

information produced by the Investment Manager,

Administrator and the Company Secretary on a

regular basis

The risk management process and systems of internal

control are designed to manage rather than eliminate

the risk of failure to achieve the Company’s objectives

It should be recognised that such systems can only

provide reasonable, rather than absolute, assurance

against material misstatement or loss. No signiﬁcant

failings or weaknesses have been identiﬁed.

Accountability and Relationship

with Service Providers

The Statement of Directors’ Responsibilities in

respect of the accounts is set out on page 47 The

responsibilities of the Independent Auditor are set out

on pages 48 to 55 The Directors’ Report states that

the Company is a going concern and conﬁrmation of

the Directors consideration on viability is on page 28

The Board has delegated contractually to external

third parties day to day accounting, company

secretarial and administration duties, and registration

services Each of these contracts was entered into

after consideration by the Board of the quality and

cost of the services oﬀered. The Board receives

regular formal reports from Acheron Capital and ad

hoc information as required

Conﬂicts of Interest

The Board has put in place a framework for Directors

to report conﬂicts of interest or potential conﬂicts of

interest, which it believes works eﬀectively. Directors

are aware that they have a continuing obligation to

notify the Company Secretary of all existing, new

and potential situations or interests which do or

could conﬂict with the interests of the Company. All

disclosed situations and interests are reviewed by

the Board at its meetings and, where appropriate,

authorised It is the Board’s intention to continue to

review all notiﬁed situations on a regular basis.

On behalf of the Board

Michael Baines

27 April 2026

Annual Report 2025

Life Settlement Assets PLC

The Audit Committee was chaired, throughout the

year, by Christopher Casey

At the year end and at the date of this report,

the Committee comprised of Christopher Casey

(Chairman) and Michael Baines The Committee

members

have

recent

and

relevant

ﬁnancial

experience and have competence relevant to the

sector in which the Company is operating

Role of the Committee

The

Audit

Committee

(“the

Committee”)

responsible for monitoring the process of production

and ensuring the integrity of the Company’s Financial

Statements The other primary responsibilities of the

Committee are:

•

to consider the Financial Statements of the

Company and make recommendations to the

Board;

•

to monitor adherence to best practice in ﬁnancial

reporting and corporate governance;

•

to review the eﬀectiveness of the internal

controls and risk management environment of

the Company and assess the need for a separate

internal audit function;

•

to receive compliance reports from service

providers;

•

to consider the accounting policies of the

Company and the areas of judgement in the

Financial Statements;

•

to consider the valuation process of the life

settlement assets;

•

to make recommendations to the Board in relation

to the appointment of the Auditor, the terms of

their engagement and remuneration;

•

to review the Auditor’s ﬁndings;

•

to review and monitor the Auditor’s independence

and objectivity and the eﬀectiveness of the audit

process; and

•

to review the cyber security procedures as

appropriate

Matters Considered in the Year

The Committee met twice during the ﬁnancial year to consider the Financial Statements and to review the

internal control systems The Committee Chairman also met with the Auditors for a pre-year end planning

meeting The Company’s Auditor and the Investment Manager were invited to attend meetings of the

Committee as appropriate

In relation to the Annual Report for the year ended 31 December 2025 the following signiﬁcant issues were

considered by the Committee:

Issue

How the Committee addressed the issue

Valuation of policies

The Directors retained Lewis and Ellis Actuaries and Consultants to provide an

independent actuarial valuation of the portfolio which has conﬁrmed that the

approach taken by the Manager is appropriate

Financial impact of the

completion of the MBC

transaction

August

2024,

the

Company

received

monies

amounting

USD 9.7 million comprising the ﬁrst tranche of sale proceeds of USD 5.7 million

and the return of overpaid premiums of USD 40 million The Directors have

reviewed and agreed that the estimate of the remaining net proceeds payable

to the Company relating to the Company’s fractional interests in policies held by

MBC is reasonable and recoverable

Suitability of the

discount rate applied

in the valuation

process

The Committee reviewed a paper on the discount rate, as prepared by the

Investment Manager, outlining the reasons why a 12% discount rate was

appropriate, and agreed with the discount rate selected

Audit Committee Report

Life Settlement Assets PLC

Annual Report 2025

Issue

How the Committee addressed the issue

Prior Year Adjustment

The Committee reviewed the information in relation to a group of policies as

discussed in note 30 on page 84 and concluded that this should be treated as

a Prior Year Adjustment

Controls in place at

Servicing Agent

The Audit Committee Chairman visited the oﬃces of the Servicing Agent during

the year to review the controls and reported back to the Committee the controls

evidenced

Investment Trust status

The Committee reviews the Manager’s procedures for complying with relevant

regulations so as to ensure that the Company maintains its Investment Trust

status and regularly seeks conﬁrmation of compliance with these regulations.

The

Investment

Manager

and

Administrator

have

reported

the

Committee

conﬁrm

continuing compliance with their individual regulatory

requirements and for maintaining the Company’s

investment trust status

The Committee liaised with Acheron Capital Limited,

throughout the year, and received reports on their

legal compliance A risk assessment and review of

the Internal Controls document maintained by the

Board was considered in detail and amended as

necessary

Internal Audit

The Company does not have an internal audit

function, as all of its day-to-day operations are

delegated to third parties, all of whom have their

own internal control procedures The Committee

discussed whether it would be appropriate to

establish an internal audit function, and agreed that

the existing system of monitoring and reporting

by third parties remains appropriate and suﬃcient.

The need for an internal audit function is reviewed

annually

External Audit

The Audit Committee monitors and reviews the

eﬀectiveness of the external third-party service

providers, audit process for the publication of the

Annual Report and makes recommendations to the

Board on the re-appointment, remuneration and

terms of engagement of the Auditors

Prior to each Annual Report being published, the

Committee considers the appropriateness of the

scope of the audit plan, the terms under which

the audit is to be conducted, as well as the matter

of remuneration, with a view to ensuring the best

interests of the Company are protected

Audit fees are computed on the basis of the time

spent on the Company’s aﬀairs by the Audit partners

and staﬀ and on the levels of skill and responsibility

of those involved

Following its review, the Committee considers

that, individually and collectively, the Auditor is

appropriately experienced to fulﬁl the role required,

and has recommended its re-appointment to the

Board A resolution for its re-appointment will be

proposed at the forthcoming Annual General Meeting

The Committee has considered the independence

and objectivity of the Auditor and it is satisﬁed in

these respects that BDO LLP can fulﬁl its obligations

to the Company and its Shareholders

BDO LLP do not provide any non-audit services to

the Company

Christopher Casey

Audit Committee Chairman

27 April 2026

Annual Report 2025

Life Settlement Assets PLC

The Board presents the Directors’ Remuneration Report for the year ending 31 December 2025 An Ordinary

resolution for the approval of this report will be put to Shareholders at the forthcoming AGM

As the Company has no employees and all of the Directors are non-executive, the Board has not established

a separate Remuneration Committee Directors’ remuneration is determined by the Board as a whole, at its

discretion within an aggregate ceiling of £200,000 per annum Each Director abstains from voting on their

own individual remuneration The Board has reviewed its existing remuneration levels and has agreed to keep

Directors’ fees from 1 January 2026 at the same level as 2025

The Company’s Remuneration Policy is set out below This Policy was approved by Shareholders at the AGM

on 18 June 2025 The votes cast on the resolution approving the Remuneration Policy were as below and it

is the intention that this Policy will apply for three years A resolution to approve the policy for a further three

years will therefore be proposed at the AGM in 2028

Number of votes

% of votes cast

For

27,236,075

972

Against

794,690

28

At Chairman’s discretion

–

Total votes cast

28,030,765

1000

Number of votes withheld

–

A separate resolution to adopt the Remuneration report was advisory only and not binding on the Company

The votes cast at the 2025 AGM on the advisory resolution were:

Number of votes

% of votes cast

For

27,236,075

972

Against

794,690

28

At Chairman’s discretion

–

Total votes cast

28,030,765

1000

Number of votes withheld

–

Directors’ Remuneration Report

Life Settlement Assets PLC

Annual Report 2025

Policy Table

Fixed Fee Element

Remuneration consists of a ﬁxed fee each year and the Directors of the

Company are entitled to such rates of annual fees as the Board at its

discretion determines

Discretionary Element

In accordance with the Company’s Articles of Association, if a Director

is requested to perform extra or special services, they will be entitled to

receive such additional remuneration as the Board considers appropriate

Taxable Beneﬁts

In accordance with the Company’s Articles of Association the Directors

are also entitled to be reimbursed for out-of-pocket expenses and any

other reasonable expenses incurred in the proper performance of their

duties. Travel and other expenses may be considered as taxable beneﬁts

for Directors Where applicable, the associated tax liability will be settled

by the Company

Purpose and Link to Strategy

Directors’ fees are set to: be suﬃcient to attract and retain individuals

of a high calibre with suitable knowledge and experience to promote

the long-term success of the Company; reﬂect the time spent by the

Directors on the Company’s aﬀairs; reﬂect the responsibilities borne by

the Directors; and recognise the more onerous roles of the Chairman of

the Board and the Chairman of the Audit Committee through the payment

of higher fees

Operation

Fees payable to the Directors will be reviewed annually A number of

factors will be considered to ensure that the fees are set at an appropriate

level. These will include: the average rate of inﬂation during the period

since the last fee increase; the level of Directors’ remuneration for other

investment trusts of a similar size; and the complexity of the Directors’

responsibilities

Maximum

Total remuneration paid to the non-executive Directors is subject to an

annual aggregate limit of £200,000 in accordance with the Company’s

Articles of Association Any changes to this limit will require Shareholder

approval by ordinary resolution

There are no performance related elements to the Directors’ fees

Directors do not receive bonus payments or pension contributions from the Company or any option to acquire

shares. There is no entitlement to exit payments or compensation on loss of oﬃce. None of the Directors has a

service contract with the Company and their terms of appointment are set out in a letter provided when they

join the Board. These letters are available for inspection at the Company’s registered oﬃce.

Consideration of Shareholders’ Views

Shareholder approval for the Remuneration Report will be sought at the AGM held in 2026 and Shareholders

will have the opportunity to express their views and raise any queries ahead of this meeting by emailing

lsa@iscaadmin.co.uk



Annual Report 2025

Life Settlement Assets PLC

Directors’ Emoluments (Audited Information)

The Directors who served during the year received the following emoluments in the form of fees in the ﬁnancial

year ended 31 December 2025 and the preceding ﬁve ﬁnancial years.

Director

2025

Total

USD

‘000

2024/

2025

Change

2024

Total

USD

‘000

2023/

2024

Change

2023

Total

USD

‘000

2022/

2023

Change

2022

Total

USD

‘000

2021/

2022

Change

2021

Total

USD

‘000

2020/

2021

Change

2020

Total

USD

‘000

2019/

2020

Change

Michael Baines

3.6

38

231

(58)

78

422

Christopher Casey

3.1

85

180

–

(20)

1000

Guner Turkmen

–

500

–

Others now retired

–

(1000)

(607)

Total

167

162

154

125

129

158

As the Company has no employees the table above sets out the total remuneration costs and beneﬁts paid

by the Company

In total USD nil (2024: USD nil) was reimbursed to Directors during the year for their expenses There are no other

Directors’ expenses to report

The annual fees for each Director for the twelve months commencing 1 January 2026 are unchanged at:

•

Michael Baines, Chairman – USD 86,000 (£65,000)

•

Christopher Casey, Audit Committee Chairman – USD 66,000 (£50,000)

•

Guner Turkmen – USD 15,000

All compensation is short-term employee beneﬁts and no Directors are remunerated through share-based

payments

Directors’ and Oﬃcers’ liability insurance cover is maintained by the Company on behalf of the Directors.

Directors’ Remuneration Report

continued

Life Settlement Assets PLC

Annual Report 2025

Relative Importance of Spend on Remuneration

The following table shows the proportion of the Company’s income spent on remuneration during the year

ended 31 December 2025

2025

USD ‘000

2024

USD ‘000

change

Directors’ remuneration paid

167

162

31

Share buybacks for cancellation

2,224

7,848

(717)

Dividends paid (note 29)

2,000

3,000

(333)

The Directors’ remuneration has not changed in Pounds Sterling, therefore the change is purely due to

exchange rate diﬀerences.

Total Shareholder Return

The Company does not have a speciﬁc benchmark against which performance is measured. The graph

below compares the Company’s NAV and share price on a total return basis with the total return on an

equivalent investment in the HFRI Fund Weighted Composite Index during the period. This index reﬂecting

the performance of an investment in Hedge Funds has been selected as the most relevant to the Company

Company’s Performance Graph

220

180

160

140

120

100

Dec.

2018

Dec.

2019

HFRI*

LSA Ordinary Shares

Dec.

2024

Annual Performance of

Ordinary Shares vs. HFRI Index

Dec.

2020

200

Dec.

2021

Dec.

2022

Dec.

2023

Dec.

2025

* The HFRI Fund Weighted Composite Index is a global, equal-weighted index of single-manager funds that report to HFR Database

Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of USD 50 Million under management

or USD 10 Million under management and a twelve (12) month track record of active performance The HFRI Fund Weighted Composite

Index does not include Funds of Hedge Funds

Annual Report 2025

Life Settlement Assets PLC

Directors’ Interests in Shares (Audited Information)

There are no requirements for the Directors to own shares in

the Company

The Directors interests and those of their connected persons

in the shares of the Company are set out in the table below All

of the holdings are beneﬁcial and all of the Directors held oﬃce

during the period under review

Director

31 December

2025

31 December

2024

Michael Baines

50,000

Christopher Casey

–

Guner Turkmen

–

No other changes to these holdings had been notiﬁed up to

the date of this report

The Directors’ Remuneration Report was approved by the

Board on 27 April 2026

For and on behalf of the Board

Michael Baines

Chairman

27 April 2026

Directors’ Remuneration Report

continued

Life Settlement Assets PLC

Annual Report 2025

The Directors are responsible for preparing the Annual

Report and the Financial Statements in accordance

with UK adopted International Accounting Standards

and applicable law and regulations

Company law requires the Directors to prepare

Financial Statements for each ﬁnancial year. Under

that law the Directors are required to prepare the

Financial Statements in accordance with UK adopted

International Accounting Standards in conformity

with the requirements of the Companies Act 2006

Under company law the Directors must not approve

the Financial Statements unless they are satisﬁed

that they give a true and fair view of the state of

aﬀairs of the Company and of the proﬁt or loss for the

Company for that period

In preparing these Financial Statements, the Directors

are required to:

•

select suitable accounting policies and then apply

them consistently;

•

make judgements and accounting estimates that

are reasonable and prudent;

•

state whether they have been prepared in

accordance

with

adopted

international

accounting standards, subject to any material

departures disclosed and explained in the Financial

Statements;

•

prepare the Financial Statements on the going

concern basis unless it is inappropriate to presume

that the Company will continue in business; and

•

prepare a Directors’ Report, an Audit Committee

Report,

Strategic

Report

and

Directors’

Remuneration Report which comply with the

requirements of the Companies Act 2006

The Directors are responsible for keeping adequate

accounting records that are suﬃcient to show and

explain the Company’s transactions and disclose with

reasonable accuracy at any time the ﬁnancial position

of the Company and enable them to ensure that the

Financial Statements comply with the Companies Act

2006

They are also responsible for safeguarding the assets

of the Company and hence for taking reasonable

steps for the prevention and detection of fraud and

other irregularities The Directors are responsible for

ensuring that the Annual Report and accounts, taken

as a whole, are fair, balanced, and understandable and

provides the information necessary for Shareholders

to assess the Company’s performance, business

model and strategy

Website Publication – www.lsaplc.com

The Directors are responsible for ensuring the Annual

Report and the Financial Statements are made

available on a website Financial Statements are

published on the Company’s website in accordance

with legislation in the United Kingdom governing

the preparation and dissemination of Financial

Statements, which may vary from legislation in

other jurisdictions The maintenance and integrity of

the Company’s website is the responsibility of the

Directors The Directors’ responsibility also extends

to the ongoing integrity of the Financial Statements

contained therein

Directors’ Responsibilities Pursuant to DTR4

The Directors conﬁrm to the best of their knowledge:

•

The Financial Statements have been prepared in

accordance with the applicable set of Accounting

Standards, give a true and fair view of the assets,

liabilities, ﬁnancial position and proﬁt and loss of

the Company

•

The Annual Report includes a fair review of the

development and performance of the business

and the ﬁnancial position of the Company, together

with a description of the principal risks and

uncertainties that they face

Michael Baines

Chairman

27 April 2026

Statement of Directors’ Responsibilities

Annual Report 2025

Life Settlement Assets PLC

Independent Auditor’s Report to the Members of

Life Settlement Assets PLC

Opinion on the Financial Statements

In our opinion the Financial Statements:

•

give a true and fair view of the state of the

Company’s aﬀairs as at 31 December 2025 and of

its proﬁt and the cash ﬂows for the year then ended;

•

have been properly prepared in accordance with

UK adopted International Accounting Standards;

and

•

have been prepared in accordance with the

requirements of the Companies Act 2006

We have audited the Financial Statements of Life

Settlement Assets PLC (the “Company”) for the

year ended 31 December 2025 which comprise the

Statement of Comprehensive Income, the Statement

of Financial Position, the Statement of Changes

in Equity, the Cash Flow Statement and Notes to

the Financial Statements, including a summary of

material accounting policy information. The ﬁnancial

reporting framework that has been applied in their

preparation is applicable law and UK adopted

International Accounting Standards

Basis for opinion

conducted

our

audit

accordance with

International Standards on Auditing (UK) (“ISAs

(UK)”)

and

applicable

law

Our

responsibilities

under those standards are further described in the

Auditor’s responsibilities for the Audit of the Financial

Statements section of our report We believe that the

audit evidence we have obtained is suﬃcient and

appropriate to provide a basis for our opinion

Independence

remain

independent

the

Company

accordance with the ethical requirements that are

relevant to our audit of the Financial Statements in the

UK, including the FRC’s Ethical Standard as applied to

listed public interest entities, and we have fulﬁlled our

other ethical responsibilities in accordance with these

requirements The non-audit services prohibited

by the FRC’s Ethical Standard were not provided to

the Company and we remain independent of the

Company in conducting our audit

Conclusions relating to going concern

In auditing the Financial Statements, we have

concluded that the Directors’ use of the going

concern basis of accounting in the preparation of the

Financial Statements is appropriate Our evaluation

of the Directors’ assessment of the Company’s ability

to continue to adopt the going concern basis of

accounting included:

•

reviewing the appropriateness of the forecasted

cash ﬂow calculated by performing a sensitivity

analysis on the expected receipt of cash from

maturities, future expenditure and the cash outﬂow

arising from premium payments and dividend

payments to Shareholders;

•

challenging

the

Directors’

assumptions

and

judgements

made

assessing

them

for

reasonableness

through

comparing

forecasts

to historical ﬁgures and assessing the Directors’

historical ability to forecast accurately by comparing

budgeted ﬁgures to actual results;

•

understanding the business model, objectives,

strategies and related business risk, the Directors

measurement and review of the Company’s

ﬁnancial performance including forecasting and

budgeting processes and the Company’s risk

assessment process;

•

checking the mathematical accuracy of the

forecasts;

•

calculating

and

reviewing

ﬁnancial

ratios

ascertain the ﬁnancial health of the Company; and

•

evaluating the adequacy and appropriateness

disclosures

the

Financial

Statements

with reference to the Directors’ going concern

assessment

Based on the work we have performed, we have not

identiﬁed any material uncertainties relating to events

or conditions that, individually or collectively, may

cast signiﬁcant doubt on the Company’s ability to

continue as a going concern for a period of at least

twelve months from when the Financial Statements

are authorised for issue However, because not all

future events or conditions can be predicted, this

statement is not a guarantee as to the Company’s

ability to continue as a going concern

Life Settlement Assets PLC

Annual Report 2025

Our responsibilities and the responsibilities of the Directors with respect

to going concern are described in the relevant sections of this report

Overview

2025

2024

Key Audit Matters

Valuation of life

settlement investments

Revenue recognition

Materiality

Company Financial Statements as a whole

USD 2125 million (2024: USD 1330 million)

based on 2% of Net Assets (2024: 2% of total life

settlement investments at fair value)

An overview of the scope of our audit

Our audit was scoped by obtaining an understanding of the Company

and its environment, the applicable ﬁnancial reporting framework and

the Company’s system of internal control. We identiﬁed and assessed

the risks of material misstatement in the Financial Statements We then

applied professional judgement to focus our audit procedures on the

areas that posed the greatest risks to the Financial Statements We

continually assessed risks throughout our audit, revising the risks where

necessary, with the aim of reducing the risk of material misstatement to

an acceptable level, in order to provide a basis for our opinion

Key Audit Matters

Key audit matters are those matters that, in our professional judgement,

were of most signiﬁcance in our audit of the Financial Statements of the

current period and include the most signiﬁcant assessed risks of material

misstatement (whether or not due to fraud) that we identiﬁed, including

those which had the greatest eﬀect on: the overall audit strategy, the

allocation of resources in the audit, and directing the eﬀorts of the

engagement team These matters were addressed in the context of our

audit of the Financial Statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these matters

Annual Report 2025

Life Settlement Assets PLC

Key Audit Matter

How the scope of our audit addressed the Key Audit Matter

Valuation of life settlement

investments

(Notes 3.3, 4.3, 13 and 14 to the

Financial Statements)

The life settlement portfolio at

the year-end comprised of ‘level

3’ (unobservable inputs) ﬁnancial

assets held at fair value through

proﬁt or loss, as their performance

is evaluated on a fair value basis,

valued at USD 72 million (2024:

USD 69 million (restated))

Management’s actuarial expert

performs

the

valuation

investments which are reviewed

and approved by the Board The

valuations are, however, complex

and there is a high level of

estimation uncertainty involved

in determining the life settlement

investment

valuations

based on assumptions such as

mortality rates, discount rates

and projected premiums, all of

which can vary over time, and

may signiﬁcantly impact the fair

value of the portfolio

We considered the valuation of

investments to be the key area of

focus as investments represent

the most signiﬁcant balance in

the Financial Statements and

underpin the principal activity of

the Company

For

these

reasons,

considered

valuation

life

settlement investments to be a

key audit matter

We responded to this matter by performing the following procedures:

•

We obtained an understanding of the process of fair valuation of

life settlement portfolios including the policy acquisition, realisation

and valuation processes and controls

•

With the assistance of our own external independent actuarial

expert, we assessed the appropriateness of the assumptions and

methodology undertaken by management’s actuarial expert We

reviewed and challenged their ﬁndings through discussions in

relation to key assumptions and conﬁrmed possible sensitivities

were within an appropriate range

•

We assessed the independence, objectivity and competence of our

external expert and performed similar procedures of management’s

actuarial expert including reviewing service agreements, evaluating

ﬁnancial interests in the Company, business or personal relationships

and whether other services are provided to the Company Please

note that the use of the Auditor’s expert in this capacity does not

reduce our responsibility for the audit opinion

•

Reconciled the data provided by independent third party service

providers with the data used by management’s actuarial expert to

gain assurance that the data used in the valuation is complete and

accurate and reconciles to the Financial Statements

Key observations

Based on our procedures performed we did not identify any matters

to suggest that the valuation of life settlement investments was not

appropriate

Independent Auditor’s Report to the Members of

Life Settlement Assets PLC

continued

Life Settlement Assets PLC

Annual Report 2025

Key Audit Matter

How the scope of our audit addressed the Key Audit Matter

Revenue recognition

(Notes 3.11, 5, 6 and 7 to the

Financial Statements)

Revenue arises predominantly

from death beneﬁts received

matured

life

settlement

policies and is a key factor in

demonstrating the performance

of the portfolio

There is a risk that the policy

maturities are not accurately

accounted for due to manual

error

There is a risk around timing of

the servicing agent identifying a

death, as well as them notifying

the

Investment

Manager

this

policy

maturing,

which

could result in revenue being

recognised

the

incorrect

period

There is also a risk that the

classiﬁcation of income between

revenue and capital is not in

accordance with the Company’s

accounting policies

Incorrect

classiﬁcation

income

between

revenue

and capital could result in the

material misstatement of the

distributable

reserves

the

Company

For

these

reasons,

considered revenue recognition

to be a key audit matter

We responded to this matter by performing the following procedures:

•

Obtained an understanding of the design and implementation

of controls in place over the completeness and validity in relation

to revenue recognition, speciﬁcally, the controls in place at the

servicing agent over the timely identiﬁcation of maturities and the

controls in place at the Investment Manager and Administrator in

respect of recognition of maturities

•

Assessed

whether

the

Company’s

accounting

policies

for

revenue recognition is in accordance with the requirements of UK

adopted International Accounting Standards, with the additional

requirements of Statement of Recommended Practice (“SORP”)

issued by Association of Investment Companies (“AIC”) and tested

its consistent application on revenue recognition during the year

•

Tested the occurrence of investment income by selecting a sample

of maturities of life settlement portfolio from the portfolio trust report

provided by the administrator and checking the associated income

to third party sources, including tracing a sample of matured policies

back to custodian’s initial notice of death

•

Gained assurance over the completeness of maturities by obtaining

a conﬁrmation of all active policies as at the year-end date from the

independent servicing agent and comparing this listing against the

active policies per the portfolio trust report to identify any maturities

which had not been recognised Additionally, we selected a sample

of maturities declared near and subsequent to year end and traced

these to source documentation to assess whether they were

recorded in the correct accounting period

•

For both revenue and capital income, we agreed to supporting

documentation to assess whether the items were appropriately

classiﬁed and presented in the Financial Statements in accordance

with the Company’s accounting policies

•

We traced a sample of dividend income receipts to bank and

recalculated a sample of realised gains/losses

Key observations:

Based on our procedures performed we did not identify any matters to

suggest that revenue recognition was not appropriate

Annual Report 2025

Life Settlement Assets PLC

Our application of materiality

We apply the concept of materiality both in planning and performing our audit, and in evaluating the eﬀect of

misstatements We consider materiality to be the magnitude by which misstatements, including omissions,

could inﬂuence the economic decisions of reasonable users that are taken on the basis of the Financial

Statements

In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we

use a lower materiality level, performance materiality, to determine the extent of testing needed Importantly,

misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of

the nature of identiﬁed misstatements, and the particular circumstances of their occurrence, when evaluating

their eﬀect on the Financial Statements as a whole.

Based on our professional judgement, we determined materiality for the Financial Statements as a whole and

performance materiality as follows:

2025

2024

Materiality

USD 2,125,000

USD 1,330,000

Basis for determining

materiality

2% of Net Assets

2% of total life settlement

investments at fair value

Rationale for the

benchmark applied

Net Assets are considered to

be the benchmark with the

most interest to the users of

the Financial Statements in

understanding the ﬁnancial

position of the Company as an

investor in life settlement assets

Given that the Company’s

portfolio is comprised of unquoted

investments which would typically

have a wider spread of reasonable

alternative possible valuations, we

have applied a percentage of 2% of

invested assets (USD 66280m)

Performance materiality

USD 1,593,000

USD 1,000,000

Basis for determining

performance materiality

75% of materiality

Rationale for the

percentage applied for

performance materiality

The level of performance materiality

applied was set after having

considered a number of factors

including the expected total value of

known and likely misstatements and

the level of transactions in the year

The level of performance materiality

applied was set after having

considered a number of factors

including the expected total value of

known and likely misstatements and

the level of transactions in the year

Speciﬁc materiality

We also determined that for items impacting the Revenue Return before tax, a misstatement of less than

materiality for the Financial Statements as a whole, speciﬁc materiality, could inﬂuence the economic decisions

of users as it is a measure of the Company’s performance of income generated from its investments after

expenses As a result, we determined materiality for these items to be USD 385,000 (2024: USD 420,000),

based on 5% of expenditure (2024: 5% of expenditure) We further applied a performance materiality level of

75% (2024: 75%) of speciﬁc materiality which came to USD 288,000 (2024: USD 320,000) to ensure that the risk

of errors exceeding speciﬁc materiality was appropriately mitigated.

Reporting threshold

We agreed with the Audit Committee that we would report to them all individual audit diﬀerences in excess of

USD 106,000 (2024: USD 70,000). We also agreed to report diﬀerences below this threshold that, in our view,

warranted reporting on qualitative grounds

Independent Auditor’s Report to the Members of

Life Settlement Assets PLC

continued

Life Settlement Assets PLC

Annual Report 2025

Other information

The Directors are responsible for the other information The other information comprises the information

included in the Annual Report other than the Financial Statements and our Auditor’s Report thereon Our

opinion on the Financial Statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon Our responsibility is

to read the other information and, in doing so, consider whether the other information is materially inconsistent

with the Financial Statements or our knowledge obtained in the course of the audit, or otherwise appears

to be materially misstated If we identify such material inconsistencies or apparent material misstatements,

we are required to determine whether this gives rise to a material misstatement in the Financial Statements

themselves If, based on the work we have performed, we conclude that there is a material misstatement of

this other information, we are required to report that fact

We have nothing to report in this regard

Other Companies Act 2006 reporting

Based on the responsibilities described below and our work performed during the course of the audit, we are

required by the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described

below

Strategic Report and

Directors’ Report

In our opinion, based on the work undertaken in the course of the audit:

•

the information given in the Strategic Report and the Directors’ Report for the

ﬁnancial year for which the Financial Statements are prepared is consistent with

the Financial Statements; and

•

the Strategic Report and the Directors’ Report have been prepared in accordance

with applicable legal requirements

In the light of the knowledge and understanding of the Company and its environment

obtained in the course of the audit, we have not identiﬁed material misstatements in

the Strategic Report or the Directors’ Report

Directors’

Remuneration

In our opinion, the part of the Directors’ Remuneration Report to be audited has been

properly prepared in accordance with the Companies Act 2006

Matters on which we

are required to report

by exception

We have nothing to report in respect of the following matters in relation to which the

Companies Act 2006 requires us to report to you if, in our opinion:

•

adequate accounting records have not been kept, or returns adequate for our

audit have not been received from branches not visited by us; or

•

the Financial Statements and the part of the Directors’ Remuneration Report to be

audited are not in agreement with the accounting records and returns; or

•

certain disclosures of Directors’ Remuneration speciﬁed by law are not made; or

•

we have not received all the information and explanations we require for our audit

Annual Report 2025

Life Settlement Assets PLC

Responsibilities of Directors

As explained more fully in the Statement of Director’s

Responsibilities the Directors are responsible for

the preparation of the Financial Statements and for

being satisﬁed that they give a true and fair view, and

for such internal control as the Directors determine

is necessary to enable the preparation of Financial

Statements that are free from material misstatement,

whether due to fraud or error

In preparing the Financial Statements, the Directors

are responsible for assessing the Company’s ability

to continue as a going concern, disclosing, as

applicable, matters related to going concern and

using the going concern basis of accounting unless

the Directors either intend to liquidate the Company

or to cease operations, or have no realistic alternative

but to do so

Auditor’s responsibilities for the Audit of the

Financial Statements

Our objectives are to obtain reasonable assurance

about whether the Financial Statements as a whole

are free from material misstatement, whether due to

fraud or error, and to issue an Auditor’s Report that

includes our opinion Reasonable assurance is a

high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs (UK)

will always detect a material misstatement when it

exists Misstatements can arise from fraud or error

and are considered material if, individually or in the

aggregate, they could reasonably be expected to

inﬂuence the economic decisions of users taken on

the basis of these Financial Statements

However, the primary responsibility for the prevention

and detection of fraud rests with both those charged

with governance of the Company and management

Extent to which the audit was capable of detecting

irregularities, including fraud

Irregularities,

including

fraud,

are

instances

non-compliance with laws and regulations We

design procedures in line with our responsibilities,

outlined above, to detect material misstatements in

respect of irregularities, including fraud The extent

to which our procedures are capable of detecting

irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

•

our understanding of the Company and the

industry in which it operates;

•

discussion with management and those charged

with governance; and

•

obtaining and understanding of the Company’s

policies and procedures regarding compliance

with laws and regulations

We considered the signiﬁcant laws and regulations

to be Companies Act 2006, UK adopted International

Accounting Standards, industry practice represented

by the AIC SORP and the Company’s qualiﬁcation as

an Investment Trust under UK tax legislation as any

non-compliance of this would lead to the Company

losing various deductions and exemptions from

corporation tax

Our procedures in respect of the above included:

•

agreement of the Financial Statement disclosures

to underlying supporting documentation;

•

enquiries of management and those charged

with governance relating to the existence of any

non-compliance with laws and regulations;

•

review of minutes of Board meetings throughout

the

period,

legal

correspondence

and

correspondence with the relevant authorities

for instances of non-compliance with laws and

regulations;

•

reviewing

the

Company’s

Investment

Trust compliance to check that the Company was

meeting its requirements to retain their Investment

Trust Status; and

•

review of legal expenditure accounts to understand

the nature of expenditure incurred

Fraud

We assessed the susceptibility of the Financial

Statements to material misstatement including fraud

Our risk assessment procedures included:

•

enquiry with management and those charged with

governance regarding any known or suspected

instances of fraud

•

0btaining an understanding of the Company’s

policies and procedures relating to:

detecting and responding to the risks of fraud;

and

internal controls established to mitigate risks

related to fraud

Independent Auditor’s Report to the Members of

Life Settlement Assets PLC

continued

Life Settlement Assets PLC

Annual Report 2025

•

review of minutes of meeting of those charged with

governance for any known or suspected instances

of fraud;

•

discussion amongst the engagement team as to

how and where fraud might occur in the Financial

Statements; and

based on our risk assessment, we considered the

areas most susceptible to fraud to be management

override of controls and valuation of life settlement

investments

Our procedures in respect of the above included:

•

assessing

signiﬁcant

estimates

made

management for bias as set out in the Key Audit

Matters section of the report relating to the

valuation of life settlement investments; and

•

in addressing the risk of management override of

control, we:

performed a review of estimates and judgements

applied

management

the

Financial

Statements to assess their appropriateness and

the existence of any systematic bias;

reviewed a sample of journal entries posted

during the year based on our risk assessment

performed;

considered the opportunity and incentive to

manipulate accounting entries and target tested

relevant adjustments made in the period end

ﬁnancial reporting process; and

reviewed for signiﬁcant transactions outside the

normal course of business

We also communicated relevant identiﬁed laws

and regulations and potential fraud risks to all

engagement team members who were all deemed

to have appropriate competence and capabilities

and remained alert to any indications of fraud

non-compliance

with

laws

and

regulations

throughout the audit

Our audit procedures were designed to respond

to risks of material misstatement in the Financial

Statements, recognising that the risk of not detecting

a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error,

as fraud may involve deliberate concealment by,

for example, forgery, misrepresentations or through

collusion There are inherent limitations in the audit

procedures performed and the further removed

non-compliance with laws and regulations is from

the events and transactions reﬂected in the Financial

Statements, the less likely we are to become aware

of it

A further description of our responsibilities is available

the

Financial

Reporting

Council’s

website

at:

www.frc.org.uk/auditorsresponsibilities



This

description forms part of our Auditor’s Report

Other matters which we are required to address

We were appointed by the Board of Directors

on recommendation of the Audit Committee on

21 November 2019 to audit the Financial Statements

for the period ended 31 December 2019

Our total uninterrupted period of engagement is 7

years, covering the periods ended 31 December 2019

to 31 December 2025

Our audit opinion is consistent with the additional

report to the Audit Committee

Use of our report

This report is made solely to the Company’s

members, as a body, in accordance with Chapter 3

of Part 16 of the Companies Act 2006 Our audit work

has been undertaken so that we might state to the

Company’s members those matters we are required

to state to them in an Auditor’s Report and for no other

purpose To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other

than the Company and the Company’s members as

a body, for our audit work, for this report, or for the

opinions we have formed

In due course, as required by the Financial Conduct

Authority Disclosure Guidance and Transparency

Rule 4115R - 4118R, these Financial Statements will

form part of the Electronic Format Annual Financial

Report ﬁled on the National Storage Mechanism

of the FCA in accordance with DTR 4115R – DTR

4118R This Auditor’s Report provides no assurance

over whether the Electronic Format Annual Financial

Report has been prepared in compliance with DTR

4115R – DTR 4118R

Daniel Quiligotti (Senior Statutory Auditor)

For and on behalf of BDO LLP, Statutory Auditor

London, UK

27 April 2026

BDO LLP is a limited liability partnership registered

in England and Wales (with registered number

OC305127)

Annual Report 2025

Life Settlement Assets PLC

Financial

Statements

Statement of Comprehensive Income

for the year ended 31 December 2025

Notes

Revenue

USD ‘000

2025

Capital

USD ‘000

Total

USD ‘000

Revenue

USD ‘000

2024 restated*

Capital

USD ‘000

Total

USD ‘000

Income

Gains from life settlement

portfolios

–

12,193

–

9,919

Income from life settlement

portfolios

1,604

–

1,604

1,501

–

1,501

Gain from investments at fair

value through proﬁt or loss

–

237

–

Other income

540

–

540

331

–

331

Total income

2,144

12,430

14,574

1,832

9,928

11,760

Operating expenses

Investment management fees

(1,545)

–

(1,545)

(1,669)

(602)

(2,271)

Other expenses

(3,920)

–

(3,920)

(3,833)

–

(3,833)

Operating (loss)/proﬁt before

ﬁnance costs and taxation

(3,321)

12,430

9,109

(3,670)

9,326

5,656

Finance costs

Exchange (losses)/gains

(6)

–

(6)

–

Interest payable

(2,248)

–

(2,248)

(2,439)

–

(2,439)

(Loss)/proﬁt before taxation

(5,575)

12,430

6,855

(6,077)

9,326

3,249

Taxation

–

(Loss)/proﬁt for the year

(5,575)

12,430

6,855

(6,040)

9,326

3,286

Basic and diluted earnings per share

Earnings per class A share USD

(0.125)

0.279

0.154

(0126)

0194

0068

* The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

All revenue and capital items in the above statement derive from continuing operations of the Company

The Company does not have any income or expense that is not included in the proﬁt for the year and therefore

the proﬁt for the year is also the total comprehensive income for the year.

The total column of this statement is the Statement of Total Comprehensive Income of the Company The

supplementary revenue and capital columns are prepared in accordance with the Statement of Recommended

Practice (“SORP”) issued by the Association of Investment Companies (“AIC”) in December 2025

The notes on pages 62 to 84 form part of these Financial Statements

Life Settlement Assets PLC

Annual Report 2025

Statement of Financial Position

as at 31 December 2025

Notes

2025

USD‘000

2024

restated*

USD‘000

Assets

Life settlement investments at fair value through proﬁt or loss

13,14

71,993

68,906

Maturities receivable

6,951

5,969

Trade and other receivables

8,689

9,779

Premiums paid in advance

3,509

3,299

Investments at fair value through proﬁt or loss

7,311

8,049

Cash and cash equivalents

9,646

9,242

Total

assets

108,099

105,244

Liabilities

Other payables

(817)

(593)

Performance fees accrual

(1,000)

Total liabilities

(1,817)

(1,593)

Net assets

106,282

103,651

Represented by

Capital and reserves

Share capital

441

454

Special reserve

76,218

80,442

Capital redemption reserve

270

257

Capital reserve

86,744

74,314

Revenue reserve

(57,391)

(51,816)

Total equity attributable to ordinary Shareholders of the Company

42

106,282

103,651

Net Asset Value per share basic and diluted

Class A shares USD

2.41

228

* The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

Given the nature of the Company’s assets and liabilities, the Directors consider it is appropriate to present the

Statement of Financial Position on a liquidity basis in accordance with IAS 160

These Financial Statements were approved by the Board of Directors on 27 April 2026 and signed on its behalf

by:

Michael Baines, Chairman

Registered in England and Wales with Company Registration number: 10918785

The notes on pages 62 to 84 form part of these Financial Statements

Annual Report 2025

Life Settlement Assets PLC

Statement of Changes in Equity

for the year ended 31 December 2025

Notes

capital

USD ‘000

Special

reserve

USD ‘000

Capital

redemption

reserve

USD ‘000

Capital

reserve

USD ‘000

Revenue

reserve

USD ‘000

Total

USD ‘000

Restated balance as at

31 December 2024*

454

80,442

257

74,314

(51,816)

103,651

Comprehensive income/(loss)

for the year

–

12,430

(5,575)

6,855

Contributions by and

distributions

to owners

Shares bought back and

cancelled

(13)

(2,224)

–

(2,224)

Dividends paid in year

–

(2,000)

–

(2,000)

Balance as at 31 December

2025

441

76,218

270

86,744

(57,391)

106,282

Of which:

– Realised gains

62,363

– Unrealised gains

24,381

Notes

capital

USD ‘000

Special

reserve

USD ‘000

Capital

redemption

reserve

USD ‘000

Capital

reserve

restated*

USD ‘000

Revenue

reserve

USD ‘000

Total

restated*

USD ‘000

Balance as at 31 December

2023

498

91,290

213

64,988

(45,776)

111,213

Comprehensive income/(loss)

for the year restated*

–

9,326

(6,040)

3,286

Contributions by and

distributions

to owners

Shares bought back and

cancelled

(44)

(7,848)

–

(7,848)

Dividends paid in year

–

(3,000)

–

(3,000)

Balance as at 31 December

2024

454

80,442

257

74,314

(51,816)

103,651

Of which:

– Realised gains

58,067

– Unrealised gains

16,247

* The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

The Special reserve was created as a result of the cancellation of the Share premium account following a

court order issued on 18 June 2019 The special reserve is distributable and may be used to fund purchases of

the Company’s own shares and to make distributions to Shareholders

The Revenue and Realised Capital Reserves are also distributable reserves

The notes on pages 62 to 84 form part of these Financial Statements

Life Settlement Assets PLC

Annual Report 2025

Cash Flow Statement

for the year ended 31 December 2025

Notes

2025

USD ‘000

2024

restated*

USD ‘000

Cash ﬂow generated from operating activities

Proﬁt for the year

6,855

3,286

Non-cash adjustments

– gains on unquoted investments

(208)

(9)

– interest payable

2,248

2,439

Movement on life settlement portfolios

(2,230)

4,806

Net movement in policy advances

(732)

(3,707)

Interest paid

(2,248)

(2,439)

Investment in life settlement portfolios

(125)

–

Changes in operating assets and liabilities

(Increase)/decrease in maturities receivables

(982)

8,576

Decrease in trade and other receivables

2,090

3,501

(Increase)/decrease in premiums paid in advance

(210)

315

Increase/(decrease) in other payables

224

(792)

Decrease in performance fee provision

–

(3)

Net cash inﬂows generated from operating activities

4,682

15,973

Investing activities

Loan investment

(1,000)

–

Purchase of investments

(including reinvested dividends)

(14,954)

(20,127)

Sale of investments

15,900

12,087

Net cashﬂows used in investing activities

(54)

(8,040)

Financing activities

Shares bought back and cancelled

(2,224)

(7,848)

Dividends paid

(2,000)

(3,000)

Net cash ﬂows used in ﬁnancing activities

(4,224)

(10,848)

Net increase/(decrease) in cash and cash equivalents

404

(2,915)

Cash balance at the beginning of the year

9,242

12,157

Cash balance at the end of the year

9,646

9,242

* The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

The notes on pages 62 to 84 form part of these Financial Statements

Annual Report 2025

Life Settlement Assets PLC

Notes to the Financial Statements

for the year ended 31 December 2025

GENERAL INFORMATION

Life Settlement Assets PLC (“Life Settlement Assets” or the “Company”) is a public company limited by shares

and an investment company under section 833 of the Companies Act 2006 It was incorporated in England

and Wales on 16 August 2017 with a registration number of 10918785. The registered oﬃce of the Company is

The Oﬃce Suite, Den House, Den Promenade, Teignmouth TQ14 8SY.

The principal activity of Life Settlement Assets is to manage investments in whole interests in life settlement

policies issued by life insurance companies operating predominantly in the United States

In May 2018, the Company received conﬁrmation from HM Revenue & Customs of its approval as an Investment

Trust for tax accounting periods commencing on or after 26 March 2018, subject to the Company continuing

to meet the eligibility conditions contained in section 1158 of the Corporation Tax Act 2010 and the ongoing

requirements in Chapter 3 of Part 2 of the Investment Trust (Approved Company) (Tax) Regulations 2011

(Statutory Instrument 2011/2999)

The Company has one class of Ordinary Shares in issue, the A Shares, which principally participates in a

portfolio of life settlement assets and associated liabilities, which were acquired from Acheron Portfolio

Corporation (Luxembourg) SA (“APC” or the “Predecessor Company”) on 26 March 2018

Statement of compliance with IFRS

The Company’s Financial Statements have been prepared in accordance with UK adopted International

Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies

reporting under these standards They have also been prepared in accordance with the Statement of

Recommended Practice (“SORP”) for investment companies issued by the AIC in December 2025, except to

the extent that it conﬂicts with International Accounting Standards.

IFRS ACCOUNTING POLICIES

2.1.

Basis of preparation

The Financial Statements have been prepared using the accounting policies speciﬁed below and in accordance

with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006

as applicable to companies reporting under those standards The Financial Statements have been prepared

on a going concern basis under the historical cost convention except for the measurement at fair value of life

settlements and unquoted investments held at fair value through proﬁt or loss. The going concern statement

can be found on page 34. The Company’s activities, together with the material risk factors likely to aﬀect its

future development and performance, as well as the Board of Directors’ “Viability Statement” are set out in the

Strategic Report on pages 4 to 29

The Statement of Financial Position has been prepared on a liquidity basis in accordance with IAS 1.60.

Going Concern

The Financial Statements of the Company have been prepared on a going concern basis The forecast

projections and actual performance are reviewed on a regular basis throughout the period Further details

are shown in the Viability Statement on page 28 The Directors believe that it is appropriate to prepare the

Financial Statements on a going concern basis and that the Company has adequate resources to continue

in operational existence for a period of at least 12 months from the date of the approval of the Financial

Statements The Company is able to meet, from its assets, all of its liabilities including annual premiums and

its ongoing charges

Life Settlement Assets PLC

Annual Report 2025

IFRS ACCOUNTING POLICIES

continued

2.2.

Changes in accounting policy and disclosures

The following accounting standards were eﬀective for the period commencing 1 January 2025 but did not

have a signiﬁcant impact on the Financial Statements of the Company

Amendments to IAS 21: The Eﬀects of Changes in Foreign Exchange Rates. ‘Lack of Exchangeability’ that

contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when

it is not

Standards and amendments to existing standards that are not yet eﬀective and have not been early adopted

by the Company

The following new standards have been published but are not eﬀective for the Company’s accounting period

beginning on 1 January 2025 The Directors do not expect the adoption of the following new standards,

amended standards or interpretations to have a signiﬁcant impact on the Financial Statements of the Company

in future periods

Amendments to IFRS 7 and IFRS 9: Amendments to the Classiﬁcation and Measurement of Financial Instruments

and Power Purchase Agreements. Assessing contractual cash ﬂow characteristics of ﬁnancial assets and

amending disclosure requirements. IFRS 7 and IFRS 9 will be eﬀective for reporting periods beginning on or

after 1 January 2026

Annual improvements to the following IFRS Accounting Standards eﬀective for reporting periods beginning

on or after 1 January 2026:

•

IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge Accounting by a First-time

Adopter;

•

IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7: Disclosure

of Deferred Diﬀerence between Fair Value and Transaction Price and Gain or Loss on Derecognition: IFRS 7:

Introduction and Credit Risk Disclosures;

•

IFRS 9 Financial Instruments: Derecognition of Lease Liabilities, and Transaction Price;

•

IFRS 10 Consolidated Financial Statements: Determination of De Facto Agent; and

•

IAS 7 Statement of Cash ﬂows: Cost method.

The following new standards have been published and will be eﬀective for reporting periods commencing on

1 January 2027:

•

IFRS 19: Subsidiaries without Public Accountability Disclosures: enables simpliﬁcation of reporting systems

and processes for companies, reducing the costs of preparing eligible subsidiaries’ ﬁnancial statements,

while maintaining the usefulness of those ﬁnancial statements for their users.

•

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024

supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards

including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes

in Accounting Estimates and Errors). Even though IFRS 18 will not have any eﬀect on the recognition and

measurement of items in the consolidated ﬁnancial statements, it is expected to have a signiﬁcant eﬀect on

the presentation and disclosure of certain items

IFRS 18 improves the quality of ﬁnancial reporting by:

requiring deﬁned subtotals in the statement of proﬁt or loss;

requiring disclosure about management-deﬁned performance measures; and

adding new principles for aggregation and disaggregation of information

Annual Report 2025

Life Settlement Assets PLC

MATERIAL ACCOUNTING POLICIES

The material accounting policies that have been applied in the preparation of these Financial Statements are

summarised below

3.1.

Foreign currency translation

The Financial Statements are presented to the nearest thousand, in United States Dollars (USD), which is also

the functional currency of the Company

Foreign currency transactions are translated into the functional currency of the Company, using the exchange

rates prevailing at the date of the transaction (spot exchange rates) Foreign exchange gains and losses

resulting from the settlement of such transactions are recognised in proﬁt or loss.

3.2.

Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting used by the Company’s

management The Company’s management, who are responsible for allocating resources and assessing

performance of the operating segments, has been identiﬁed as the Board of Directors that makes strategic

decisions

Segment information

The Company’s management makes the strategic resource allocations on behalf of the Company The

Company’s management has identiﬁed that the insurance portfolios or portfolio rights acquired can all be

classiﬁed as life settlement activities all of which are located in the United States of America. As such, there is

a single operating segment

The asset allocation decisions are based on a single, integrated investment strategy, and the Company’s

performance is evaluated on an overall basis The investment objective of the Company is long-term capital

growth An analysis of the investment portfolio is given in note 14 of the Financial Statements

The internal reporting provided to Management for the Company’s assets, liabilities and performance is

prepared on a consistent basis with the measurement and recognition principles of IAS

The Company’s income is generated on the life settlement portfolios and unquoted investments in the USA

3.3.

Life settlement portfolios

Being the ﬁnal and exclusive beneﬁciary of the Acheron Portfolio Trust, the Company reﬂects all the transactions

performed on these life insurance portfolios in its own Financial Statements Investments in transactions to

support the acquisition of life settlement assets by the Trust are considered as having been undertaken by the

Company for its own account

Insurance policies which are acquired are recognised initially at fair value (the transaction price) If a life

insurance policy matures, is surrendered or is sold, the related purchase price is deducted from the proceeds

in calculating the realised gains from the policy Cash advanced on life insurance policies is deducted from

the value of the relevant policy

The value of insurance contracts is usually recovered upon the death of the insured policyholder However,

the Company may from time-to-time decide to dispose of an individual life insurance contract

Insurance portfolios are measured at fair value with changes in fair value recognised in proﬁt or loss and

allocated to capital

3.4.

Unquoted investments

The investment in the JP Morgan Living Trust is a brokerage account investing in company bonds, money

market funds and shares, and is measured at fair value through proﬁt and loss and valued at net asset value

as shown in note 15

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

MATERIAL ACCOUNTING POLICIES

continued

3.5.

Policy advances

Certain type of life settlement policies (‘whole life’) accumulate over time a cash surrender value reﬂecting ﬁxed

premiums paid in excess of the cost of insurance (“COI”) The Trusts can access this excess cash reserve on its

policies in the form of advances on each individual policy from the insurance company The Trusts can pay back

these “policy advances” in whole or in part at any time before the death of the insured The interest due on the

advance accrues on the cash advance and after the death of the insured, the outstanding balance will be deducted

from any proceeds when the maturity is collected If the Trusts decide to lapse the policy, any remaining cash in the

policy in excess of the advance is paid to the Trust as the owner of the policy In practice, the advances work as an

accelerated death beneﬁt on the policy and its impact is fully accounted for in the policy valuation.

The Company has included the policy advances within the investments in life settlement portfolios

Please refer to note 14 for the gross amounts of policy advances and life settlement policies

Financial assets and liabilities are oﬀset and the net amounts presented in the Financial Statements when

there is a legally enforceable right to set oﬀ the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously. The Board are satisﬁed that the qualifying

criteria for oﬀset have been met.

3.6.

Financial instruments

Financial assets and ﬁnancial liabilities are recognised when the Company becomes a party to the contractual

provisions of the ﬁnancial instrument. Financial assets are derecognised when the contractual rights to the cash

ﬂows from the ﬁnancial asset expire, or when the ﬁnancial asset and all substantial risks and rewards are transferred.

A ﬁnancial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Financial assets and ﬁnancial liabilities are measured initially at fair value plus transaction costs, except for

ﬁnancial assets and ﬁnancial liabilities carried at fair value through proﬁt or loss, which are measured initially

at fair value

Financial assets and ﬁnancial liabilities are measured subsequently as described below.

Financial assets

For the purpose of subsequent measurement, ﬁnancial assets are classiﬁed into the following categories upon

initial recognition:

•

ﬁnancial assets at amortised cost; and

•

ﬁnancial assets held at fair value through proﬁt or loss.

All ﬁnancial assets, except for those held at fair value through proﬁt or loss, are subject to review for impairment

at least at each reporting date

Financial assets at amortised cost

Financial assets at amortised cost include receivables, including the loan to Orange Delivery Pte Ltd, and

cash

The loan to Orange Delivery Pte Ltd is held at cost of USD 10 million and is reviewed annually for signs of

impairment Further details are given in note 17 on pages 80 and 81

As discussed in the Chairman’s Statement on page 7, at 31 December 2025, trade and other receivables

included an amount of USD 6,095,000 (2024: USD 6,095,000) in relation to amounts due from the Mutual

Beneﬁts Keep Policy Trust (“MBC”).

Financial assets held at fair value through proﬁt or loss

The life settlement investments and unquoted investments are classiﬁed as ﬁnancial assets held at fair value

through proﬁt or loss.

Assets in this category are measured at fair value, with gains or losses recognised in proﬁt or loss.

Annual Report 2025

Life Settlement Assets PLC

MATERIAL ACCOUNTING POLICIES

continued

Financial liabilities

The Company’s ﬁnancial liabilities only consist of other payables and accruals.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the

eﬀective interest method.

3.7.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks and demand deposits with

original maturities of three months or fewer

3.8.

Taxation

The current income tax charge is calculated on the basis of the local tax laws enacted or substantively

enacted at the balance sheet date in the countries where the companies operate and generate taxable

income Management periodically evaluates positions taken in tax returns with respect to situations in which

applicable tax regulation is subject to interpretation It establishes provisions, where appropriate, on the basis

of the amounts expected to be paid to the tax authorities

Deferred income tax, if any, is recognised, using the liability method, on temporary diﬀerences arising between

the tax basis of the Company’s assets and liabilities and their carrying amounts in the Financial Statements

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted

by the balance sheet date and are expected to apply when the related deferred income tax asset is realised

or the deferred income tax liability is settled

Due to the Company’s status as an investment trust, and its intention to continue to meet the conditions

required to maintain approval under Section 1158 of the Corporation Act Tax 2010, the Company has not

accounted for any deferred tax on its losses

3.9.

Equity and reserves

Share capital represents the nominal value of the shares that have been issued as reduced by the nominal

value of shares bought back and cancelled

Capital redemption reserve represents the nominal value of shares purchased and cancelled

The Special reserve was created as a result of the cancellation of the Share premium account following a

court order issued on 18 June 2019 The Special reserve is distributable and may be used to fund purchases of

the Company’s own shares and to make distributions to Shareholders

Capital reserve represents realised and unrealised capital gains and losses on the disposal and revaluation of

investments

Revenue reserve represents retained gains/(losses) from the revenue derived from holding investment assets

less the costs associated with running the Company

All transactions with owners of the Company are recorded separately within equity

3.10.

Provisions, contingent liabilities and contingent assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past

events, it is probable that an outﬂow of resources will be required to settle the obligation, and the amount of

the obligation can be reliably estimated

Provisions are measured at the present value of the expenditures expected to be required to settle the

obligation using a pre-tax rate that reﬂects the current market assessment of the time value of money and the

risks speciﬁc to the obligation. The increase in the provision due to the passage of time is recognised as an

interest expense

As stated in note 26, it is possible that as the wind up of the MBC Trust is ﬁnalised, further overpaid premiums

may be identiﬁed. At the year end and the date of this report it is not possible to state with full certainty if this

is the case and to quantify any possible refund

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

MATERIAL ACCOUNTING POLICIES

continued

3.11.

Income and expense recognition

3.11.1.

Capital and revenue

The Capital column comprises the fair value of the consideration received in relation to maturities or to the

surrender or sale (if any) of life settlement policies Maturities are recognised when the Company is formally

aware of the maturity of a life insurance policy Net gains from life settlement portfolios represents the overall

net gain and derives from the maturity or the sale of insurance policies less their original acquisition value and

the change in the valuation of the fair market value of the remaining policies Acquisition costs of matured

policies as well as premiums incurred are deducted for determining net gains/(losses) from life settlement

policies The net gains from the JP Morgan Living Trust represents the overall gains of the current value less

the original cost

The Revenue column comprises dividends and interest income generated on invested cash in the life

settlement policies as well as other operational income together with the expenses of the Company and

interest payable as discussed in note 313 and 314

3.11.2.

Premiums

Premiums are expensed when paid However, only the portion of the premiums that relates to the insurance

coverage period up to 31 December of each ﬁnancial period is recognised as an expense in determining the

net gains/(losses) from life settlement policies The remaining amount is shown as premiums paid in advance

on the Balance Sheet

3.11.3.

Interest income

Interest income is recognised on a proportional basis using the eﬀective interest method.

3.12.

Signiﬁcant estimates

The preparation of these Financial Statements in conformity with International Accounting Standards requires

the use of certain critical accounting estimates. Critical accounting estimates are reﬂective of signiﬁcant

judgements and uncertainties and potentially yield materially diﬀerent results under diﬀerent assumptions or

conditions

The areas where assumptions and estimates are signiﬁcant to the Financial Statements and involve a higher

degree of judgement or complexity relate mainly to the valuation of the investment portfolios

The life settlement (LS) and HIV portfolio values are modelled by management and valued annually by

qualiﬁed external professional actuaries in the United States, Lewis & Ellis. The key assumptions used by the

actuary for factors such as mortality, projected premiums and discount rates are further explained in note 14.1.

The results from a sensitivity analysis around these factors are shown in note 143 Risk factors related to

actuarial assumptions are further described in note 41

Using these values, Acheron Capital Ltd (the Investment Manager of the Trust in which the policies are kept)

resets its internal model at beginning of each year, if necessary It then produces regular monthly valuations

using its internal model

3.13.

Expenses

All operating expenses and the management fee are accounted for on an accruals basis and are allocated

wholly to revenue The performance fee paid to the Investment Manager is allocated wholly to capital as any

fee would be based on capital distributions to Shareholders made from maturities received

3.14.

Interest

Interest payable on the policy advances is accounted for on an accruals basis and charged to revenue

Annual Report 2025

Life Settlement Assets PLC

MATERIAL ACCOUNTING POLICIES

continued

3.15.

Expected Credit Loss Provision

The Company applies the IFRS 9 simpliﬁed approach to measuring expected credit losses using a lifetime

expected credit loss provision for receivables To measure expected credit losses on a collective basis, trade

receivables are grouped based on similar credit risk and ageing The expected loss rates are based on the

Company’s historical credit losses experienced over the four-year period prior to the period end The historical

loss rates are then adjusted for current and forward-looking information on macroeconomic factors aﬀecting the

life settlement market sector. The Company has identiﬁed the gross domestic product (GDP), unemployment

rate and inﬂation rate as the key macroeconomic factors in the country where the Company operates.

The main factors considered by the Board in determining the lifetime expected credit losses are whether the debts

are 6 months or more past due and whether there is currently uncertainty over whether the maturity will be paid

FINANCIAL RISK MANAGEMENT

4.1.

Financial risk factors

The Company’s overall risk management program focuses on the unpredictability of ﬁnancial markets and

seeks to minimise the potential adverse eﬀects on the Company’s ﬁnancial performance. Risk management

is carried out by the Board of Directors Note 143 on page 79 also provides details of the sensitivity analysis to

signiﬁcant risk factors undertaken by L&E.

Foreign Exchange Risk

Assets, income and most transactions are denominated in USD Only part of the Company’s current expenses

is denominated in USD and other parts are denominated in Euros and Pound Sterling and are paid as incurred

Consequently, the Company believes that it does not have a signiﬁcant foreign exchange risk and therefore

no sensitivity analysis is required

Interest Rate Risk

Apart from cash and cash equivalents, the assets of the Company are mainly composed of portfolios of life

settlement policies Life settlement policies are uncorrelated with traditional capital markets Changes in the

level of interest rates (other than extraordinary moves) are not a major factor in the valuation of such assets

Mortality projections and premium payment projections are the major factors that aﬀect the valuation of the

Company’s assets

The Company has no signiﬁcant interest-bearing assets, The Company pays interest on “policy advances”

(note 3.5). The interest rate is either ﬁxed or variable depending on each policy contract. A change of one percent

in the interest rate has no signiﬁcant impact on the Company’s ﬁnancial situation. Therefore the Company’s

income and operating cash ﬂows are not substantially dependent on changes in market interest rates and no

sensitivity analysis is required

Market Risk

The Company invests in life settlement policies, generally acquired in the secondary market Markets for these

investments are not active markets, and transactions happen more often when there is a forced seller The

Board is of the opinion that, although a secondary market exists, the market risk is not relevant because the

valuation of the portfolio is based on an actuarial model and has a low correlation with any market

Credit Risk

The primary credit risk faced by the Company relates to solvency of the insurance companies that underwrite the

insurance policies, which are the main assets of the Company It should be noted that in addition to the creditworthiness

of the insurance company issuing the life insurance policy, most of the policies also beneﬁt from legal guarantees at

a state level in the event that the insurance company that issued the policy becomes insolvent

Credit risk is also mitigated by owning life insurance policies issued by a wide range of insurance companies

and through not having an excessive exposure to any one company

Available cash is deposited with reputable banks

The unquoted investment is in the JP Morgan Living Trust brokerage account as detailed in note 15 on page 80.

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

FINANCIAL RISK MANAGEMENT

continued

The Company has reviewed all of the outstanding maturities and, as stated in note 16 on page 80, has not

written oﬀ any amounts as irrecoverable.

The Board believe that all expected losses have been provided for in the year The ECL for year ended

31 December 2025 calculated under IFRS 9 and based on the average percentage of historical maturities,

excluding exceptional items, written oﬀ over the previous 4 years of 2%, is immaterial (2024: Immaterial).

The Company’s maximum exposure to credit risk at the Balance Sheet date was as follows:

31 December

2025

USD ‘000

31 December

2024

restated*

USD ‘000

Life settlement portfolio

71,993

68,906

Investments at fair value through proﬁt or loss

7,311

8,049

Maturities and other receivables

15,640

15,748

Cash and cash equivalents

9,646

9,242

104,590

101,945

The maximum credit exposure represents the carrying amount. There is no material impairment of ﬁnancial

assets carried at amortised cost

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

Liquidity risk

Prudent liquidity risk management requires the Company to maintain suﬃcient cash for the Company’s

operational requirements such as operating expenses and on-going premium payments

Life settlement policies are long term investments maturing on the death of the insured person Therefore,

investments in life settlement policies will not generate immediate income and are highly illiquid by nature

The Company can, however, receive cash advances from the life insurance policies which are deducted from

the value of the policies

Management monitors cash and cash equivalents on an ongoing basis This is carried out in accordance with

the practice and limits set by the Board of Directors

All ﬁnancial liabilities will be settled within 12 months or less.

Risks associated with actuarial assumptions

Mortality tables are used in the valuation processes of the Company in order to simulate the cash ﬂow expected

from the policies Past mortality experience may not be an absolute accurate indicator of future mortality rates

Individuals with speciﬁc life expectancies may experience a lower mortality rate in the future than experienced

by persons with the same traits in the past. Changes in the mortality tables may have an adverse eﬀect on the

Company’s operations and the Net Asset Value of the Shares

Individuals may live longer than expected by the Company when the respective policies were purchased

In this case, the value of the policy decreases The Company will be required to pay additional life insurance

premium payments on the policy until its maturity. This may result in delayed cash ﬂow to the Company, which

may have an adverse eﬀect on the return per share.

The Company has often acquired policies by auction without having obtained all available information

concerning such policies The valuation leading to these acquisitions is thus, based on assumptions that may,

in fact, be incorrect or may never be validated

The valuation methods used by diﬀerent actuaries may vary. The methods used by an actuary may thus

produce diﬀerent results for the same insured person from those used by other actuaries.

Annual Report 2025

Life Settlement Assets PLC

FINANCIAL RISK MANAGEMENT

continued

Advances in medical science and disease treatment, particularly those related to HIV and AIDS, may increase

the life expectancy of individuals or viators Although an actuary will attempt to account for such advances,

one or more unexpected breakthroughs in medical treatment, or a cure for a previously incurable illness,

could further increase the life expectancy of the insured

In some cases, the Company will depend on life expectancy estimate of doctors, disease speciﬁc medical

mortality models or actuaries From time to time, the Company may seek the opinion of any such persons or

rely on such a model to determine life expectancies

The valuation is thus dependent on these estimations or mortality proﬁles accurately modelling life expectancies.

The valuation of the policies is inherently judgemental due to a number of assumptions that have to be made

in this process. Any change in one of these assumptions may result in substantially diﬀerent values. Whilst the

Investment Manager and the Actuary attempt to provide reasonable valuations for the policies held by the Trust,

there is no guarantee that these valuations will correspond to the realisable value of the policies

A more detailed description of the principal risks is included in the Strategic Report on pages 24 to 26

4.2.

Capital risk management

The Company’s objectives in managing capital are to safeguard the Company’s ability to continue as a going

concern and to maintain an optimal capital structure in order to minimise the Company’s cost of capital

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to

Shareholders, return capital to Shareholders or issue new Shares

The Company’s capital at 31 December 2025 comprises:

31 December

2025

USD ‘000

31 December

2024

restated*

USD ‘000

Share capital

441

454

Special reserve

76,218

80,442

Capital redemption reserve

270

257

Capital reserve

86,744

74,314

Revenue reserve

(57,391)

(51,816)

106,282

103,651

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

4.3.

Fair value estimation

The fair value of life settlement portfolios (which are not traded in an active market) is determined by using

valuation techniques As discussed more fully in note 13, the Company uses a variety of methods and makes

assumptions that are based on the market conditions that exist at each balance sheet date Valuation policies

are further explained in note 14

The value of the JP Morgan brokerage account is shown at the net asset value of the account, as supplied by

the account provider

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

GAINS FROM LIFE SETTLEMENT PORTFOLIOS

Revenue

USD ‘000

2025

Capital

USD ‘000

Total

USD ‘000

Revenue

USD ‘000

2024 restated

Capital

USD ‘000

Total

USD ‘000

Realised gains:

Maturities

–

20,618

–

23,139

Acquisition cost of maturities

and fair value movement*

–

(6,775)

–

(5,559)

Sub total

–

13,843

–

17,580

Incurred premiums paid in

year on all policies

–

(10,640)

–

(12,424)

Premium refund from

previous years

–

4,012

Unrealised gains:

Fair value adjustments

–

8,990

–

751

Total gains from life

settlement policies

–

12,193

–

9,919

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

* Acquisition cost of maturities and fair value movement includes the impact of drawdowns from policy advances

When a maturity is declared, a realised capital income or loss is recognised on the investment in the policy,

calculated by deducting from the value of the maturity the initial acquisition cost and the previously unrealised

fair value adjustments

The amount of premiums incurred during the year is reﬂected as a deduction of income from life settlement

portfolios The amount of premiums paid in advance amounted to USD 3,509,000 (2024: USD 3,299,000) as at

31 December 2025

INCOME FROM LIFE SETTLEMENT PORTFOLIOS

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Dividends

584

632

Income from matured policies

773

660

Interest

247

209

1,604

1,501

A number of the policies in which the Company invests have an embedded entitlement to dividends and

interest as shown above

Annual Report 2025

Life Settlement Assets PLC

OTHER INCOME

Other income comprises:

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Other income

Dividends

330

201

Interest income

170

128

540

331

The dividends relate to the amounts received from the JP Morgan Living Trust

MANAGEMENT FEES AND PERFORMANCE FEES

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Acheron Capital management fees

1,545

1,669

Performance fees

–

602

1,545

2,271

Under an agreement dated 26 March 2018, the Investment Manager is entitled to a management fee payable

by the Trust at an annual rate of no more than 15% of the Net Asset Value Management fees paid during the

year amounted to USD 1,545,000 (2024: USD 1,669,000)

The Performance fee in respect of the Trust was previously an amount equal to 20% of the sum of the

distributions made to the holders of the Shares in the Company corresponding to the Trust, in excess of the

Performance Hurdle (assessed at the time of each distribution)

On 30 June 2022, the Company announced that after discussions with Acheron Capital Limited (“ACL”) an

agreement had been reached with ACL that once the current litigation process with one of the policy trustees

has been resolved, the performance fee would be reduced from 20% as described above to 10% over the

existing hurdle rate

The “Performance Hurdle” is met when (from time to time) the aggregate distributions (in excess of the Catch-

Up Amount) made to the holders of the corresponding Ordinary Shares compounded at 3% per annum for the

share class (from the date of each distribution) equal the aggregate investment made by the Ordinary Shares

in the Company (from time to time) compounded at 3%

The “Catch-Up Amount” is an amount equal to the distributions that would have been required to be made

to the Predecessor Company’s shareholders of the corresponding share class in order for the Accrued

Performance Distributions (less, where applicable, any clawback of such Accrued Performance Distributions)

to be paid (determined as at 31 December 2021), reduced by an amount equal to any distributions paid to the

Predecessor Company’s shareholders of the relevant share class prior to the Acquisition

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

OTHER EXPENSES

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Policies servicing fees

2,384

2,543

Audit fees payable to the Company’s auditor

348

347

Legal and ﬁnancial advisors fees

459

145

Administration management

159

147

Accounting fees and NAV calculation

106

198

Actuarial fees

Directors’ fees*

167

162

Directors liability insurance

Travelling expenses

Other expenses

100

3,920

3,833

* Details of the Directors’ fees are disclosed in the Directors’ Remuneration Report on pages 42 to 46 An amount of USD nil (2024: USD nil)

remains payable at 31 December 2025

Details of Directors who are key management personnel are given on page 32

Other expenses include fees payable to the Company’s auditor, which amounted to USD 348,000 for the audit

of the statutory ﬁnancial statements for the year ended 31 December 2025 (31 December 2024: USD 347,000).

No fees were incurred for other audit-related or non-audit services in either year At 31 December 2025, there

were no audit fees from the year ended 31 December 2024 remaining unpaid

10.

INTEREST EXPENSES

Interest expenses amount to USD 2,248,000 (2024: USD 2,439,000) and includes interest on “policy advances”

of USD 2,203,000 (2024: USD 2,419,000)

11.

TAXATION

31 December

2025

USD ‘000

31 December

2024

restated*

USD ‘000

Proﬁt before taxation

6,855

3,249

Tax at UK Corporation Tax rate of 250% (2024: 250%)

1,714

812

Eﬀects of:

Non-taxable capital gain

(3,108)

(2,482)

Excess management expenses carried forward

1,394

1,670

Tax provision written oﬀ

–

Actual tax credit

–

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

As at 31 December 2025, the Company has tax losses and excess management expenses of USD 51,379,000

(2024: USD 45,804,000) that are available to oﬀset future taxable proﬁts. A deferred tax asset has not been

recognised in respect of those losses as due to the Company’s status as an investment trust it is not expected

to generate taxable income in the future against which such losses can be utilised There is no expiry date to

these losses

Provided the Company maintains its status as an investment trust, then any capital gains will remain exempt

from Corporation Tax

The Company suﬀers US withholding tax on in

come received from dividends and interest

Annual Report 2025

Life Settlement Assets PLC

11. TAXATION

continued

Withholding tax on matured policies

In accordance with the taxation treaty between the United States of America and the United Kingdom,

withholding tax on matured policies is not due if at least 6% of the average capital stock of the main class of

Shares is traded during the previous year on a recognised stock exchange The Board are of the opinion that

in the year ended 31 December 2025 the Company fulﬁlled this requirement.

12.

EARNINGS PER SHARE

Basic and diluted earnings per share is total earnings after taxation divided by the weighted average number

of shares in issue during the year All shares are fully paid Neither unpaid shares nor any kind of option are

outstanding, so the basic (loss)/proﬁt per share is also the diluted (loss)/proﬁt per share.

Class A

2025

2024

restated*

Earnings per share:

Revenue return (USD ‘000)

(5,575)

(6,040)

Capital return (USD ‘000)

12,430

9,326

Total return (USD ‘000)

6,855

3,286

Weighted average number of shares during the year

44,521,741

48,007,839

Income return per share (USD)

(0.125)

(0126)

Capital return per share (USD)

0.279

0194

Basic and diluted total earnings per share (USD)

0.154

0068

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

13.

FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

The life settlement portfolios and the unquoted investment in the JP Morgan brokerage account have been

classiﬁed as ﬁnancial assets held at fair value through proﬁt or loss as their performance is evaluated on a fair

value basis

The fair value hierarchy set out in IFRS 13 groups ﬁnancial assets and liabilities into three levels based on the

signiﬁcant inputs used in measuring the fair value of the ﬁnancial assets and liabilities.

The fair value hierarchy has the following levels:

•

level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

•

level 2: inputs other than quoted prices included within level 1 that are observable for the assets or liabilities,

either directly (ie as prices) or indirectly (ie derived from prices); and

•

level 3: inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

The investment in JP Morgan Living Trust of USD 7,311,000 (2024: USD 8,049,000) is classiﬁed as level 2 as the

valuation of the bonds, money market funds and shares in which it invests, as supplied by the account provider

is based on market prices

The life settlement portfolios of USD 71,993,000 (2024: USD 68,906,000) are classiﬁed as level 3. At the year

end, these portfolios were valued by the external actuary using an actuarial model as discussed in note 14

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

13.

FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

continued

2025

(Book and fair value)

USD‘000

2024

restated*

(Book and fair value)

USD‘000

Assets at fair value through proﬁt or loss

Life settlement investments

71,993

68,906

Unquoted investments

7,311

8,049

Assets at amortised cost or equivalent

Maturities receivable

6,951

5,969

Trade and other receivables

8,689

9,779

Cash and cash equivalents

9,646

9,242

Liabilities at amortised cost or equivalent

Other payables

(817)

(593)

Performance fee accrual

(1,000)

Total for ﬁnancial instruments

102,773

100,352

Non-ﬁnancial instruments

Premiums paid in advance

3,509

3,299

Total net assets

106,282

103,651

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

Premiums paid in advance are not considered to be ﬁnancial instruments.

The Board has considered what amount of the life settlement investments is expected to be realised within

one year of the balance sheet date and concluded that, whilst diﬃcult to make a reliable estimate due to the

nature of the underlying asset, it is estimated to be in the range between USD 4-8 million

14.

FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS:

LIFE SETTLEMENT PORTFOLIOS

31 December

2025

USD ‘000

31 December

2024

restated*

USD ‘000

Movements of the year are as follows:

Opening valuation

68,906

70,005

Acquisitions during the year

125

–

Proceeds from matured policies

(20,618)

(23,139)

Net realised gains on policies

13,843

17,580

Movements in cash from policy advances

732

3,707

Movements in unrealised valuation

8,990

753

Closing valuation

71,993

68,906

Detail at year end:

Acquisition value

82,277

87,967

Unrealised capital gains

24,294

16,249

Policy advances

(34,578)

(35,310)

Closing valuation

71,993

68,906

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

Annual Report 2025

Life Settlement Assets PLC

14.

FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS:

LIFE SETTLEMENT PORTFOLIOS

continued

Policy advances

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Balance at 1 January 2025

35,310

39,017

Advances received

–

2,456

Payments made

(732)

(6,163)

Balance at 31 December 2025

34,578

35,310

Distribution of the portfolio by class of Shares and by type of risk

Class A

USD ‘000

Elderly life insurance (non HIV) portfolio

8,549

HIV portfolio

63,444

Balance as at 31 December 2025

71,993

Class A

restated*

USD ‘000

Elderly life insurance (non HIV) portfolio

13,495

HIV portfolio

55,411

Balance as at 31 December 2024

68,906

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

Fair market value reﬂects the view of the US actuary. The Investment Manager of the Trust in which the policies

are kept (Acheron Capital) has also set up an internal actuarial model to value the policies and produces

monthly valuations

14.1.

Main assumptions used to determine the fair value

a) Mortality/Life expectancy

Lewis & Ellis Inc (“L&E”) has built its own proprietary general population mortality table It has done so by utilising

insurance industry and other data available, including the underlying data that went into the construction of

the Valuation Basic Table, which has been commonly utilised within the life settlement industry The mortality

is adjusted for several factors, such as demographic shifts in the population, improvements in mortality,

pharmaceutical advances and volatility in the mortality experienced as measured against the baseline curves

chosen for valuation The table includes an assumption of continuing mortality improvement each year The

retained table is used in connection with each insured age, gender and smoking status

L&E also considers the most recent life expectancy reports, when available Life expectancy reports are

medical opinions from specialised companies, based on the latest medical updates of each individual, giving

their speciﬁc mortality proﬁle and life expectancy. When life expectancy reports from more than one external

provider are available, L&E uses an average When only ‘stale’ life expectancy reports are available, the life

expectancy is used but adjusted materially upwards using a formula dependent upon the medical underwriter

that issued the report L&E uses the retained or computed life expectancy with the adjusted mortality table to

derive a probability of death for each insured for every month over the next 35 years

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

14.

FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS:

LIFE SETTLEMENT PORTFOLIOS

continued

The Actual to Expected ratio is a measure of how well the model has behaved compared to experience This

ratio was computed for the life settlement portfolios underlying Class A Shares A key issue with this exercise is

the concentration of the death beneﬁt in certain policies with larger face values. This generates an embedded

volatility in the actual maturity outcomes compared to statistical projections To circumvent this imbalance, the

actuaries have calculated the Actual to Expected ratio to measure the model’s performance while limiting the

maximum exposure of the portfolio to any life insurance policy

L&E report an actual to expected in monetary terms is 154% for Non-HIV policies and 101% for HIV in 2025

b) Policy Structure

LSA’s current portfolio is categorised into policies linked to either HIV policyholders or non-HIV policyholders

Shareholders collectively hold a gross face value of USD 35 million for life settlements related to non-HIV

policies and USD 387 million for HIV policies For the non-HIV segment, the face value-weighted average

age now stands at 792 years old This average age corresponds to a life expectancy of 10 years for men and

11.5 years for women in the population at large.

Assessing the life expectancy of individuals with HIV is more challenging The present face value-weighted

average age of the HIV population is now over 65 year old Their actual mortality rate exceeds the one implied

by their age, indicating characteristics of a population biologically signiﬁcantly older. Life expectancy for this

group is lower than their non-HIV counterparts in the same age bracket

Despite these observations, uncertainties persist There exists an ongoing ‘race’ between the cumulative

impact of the retrovirus over time and advancements in medical treatment While the life expectancy of HIV

policies remains lower than that of the general population, it has shown a consistent expansion over the last

few decades Yet medical research has shifted its attention from HIV to other diseases, such as Alzheimers This

dynamic reﬂects the evolving landscape of HIV treatment and the complex interplay of medical advancements,

and the persistent challenges posed by the virus

c) Projected Premiums

Whenever an illustration is available, L&E uses this data for premium projections. An illustration is an oﬃcial

document from the insurance company that speciﬁes what premiums are due to be paid in the following years

for a life insurance policy An illustration can be used to compute what is the likely minimum payment that

can be made for each year until the life insurance policy expires. The process of moving from paying a ﬁxed

premium to paying the minimum contractual premium is known as optimisation

Premium projection has been more challenging given the unilateral increases in Cost of Insurance (“COI”)

made by a few insurance companies Whenever information on such COI increases has been available, it has

been directly incorporated

When no illustration is available or is deemed unsuitable to be used, for instance because it does not project

suﬃciently into the future, L&E takes the last observed premium payment and applies an annual increase of

8% per year which L&E has determined by observing the upper band of the premium increases on non-ﬁxed

policies (whole life) over a prolonged period of time

Annual Report 2025

Life Settlement Assets PLC

14.

FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS:

LIFE SETTLEMENT PORTFOLIOS

continued

d) Discount rate

The discount rate reﬂects the time value of money and a risk component. The risk component reﬂects the

uncertainties attached to each individual life insurance policy, such as its mortality risk, premium risk and

counterparty risk

HIV/AIDS Portfolios

In determining the discount rate for the HIV/AIDS portfolios, it should be noted that there is no readily

observable market for these policies As a result the Investment Manager used their experience in the life

settlement market, on the basis that life settlement portfolios are comparable assets

A discount rate of 12% (2024: 12%) is used for the HIV/AIDS portfolios To assess the discount rate, the

following reasoning has been used, starting with a base rate:

•

assuming a suﬃciently large portfolio, the base rate must be consistent with the discount rate determined

for a situation where the mortality assumptions and policy speciﬁcs are well deﬁned. Speciﬁcally,

the mortality is deﬁned so that actual experience is expected to track well with the deﬁned mortality

assumptions

Life Settlement Portfolios (Non-HIV/Non-AIDS)

In determining the discount rate for the life settlement portfolios, it has been considered that complete

policy information was not always available For most life settlement valuations, premium schedules and

at least two recent life expectancy opinions are usually provided For these valuations, premium schedules

were estimated for some of the policies and mortality assumptions were developed using an actuarial

approach Given this, the discount rate is subjective but based on the Investment Manager’s experience in

the life settlement market

In valuing the portfolio, a uniform discount rate of 12% has been applied to both HIV and non-HIV policies,

consistent with past valuations

Generally, long-term interest rates have hovered around or above 4%, albeit with increasing volatility

As a result, the ‘life settlement’ premium—accounting for risk and associated costs—remains the most

signiﬁcant component of the overall discount rate.

While the average duration of non-HIV policies is decreasing, the risk proﬁle is rising as certain policies near

expiration. In contrast, HIV policies are becoming less risky. This is due to two key factors: ﬁrst, as policyholders

age, the policies increasingly resemble traditional life settlements; second, the HIV mortality model has now

demonstrated consistent reliability over time

Additionally, the portfolio no longer includes fractional policies This structural improvement, despite a few

lingering legacy issues, has resulted in a cleaner and more manageable portfolio

Overall, the asset class is gaining broader recognition for its low correlation to traditional markets Given these

developments, maintaining the discount rate at 12% remains a reasonable approach

14.2.

Precision and changes in actuarial parameters/data

As per the market standard, the servicing, management and holding entities expenses are not taken into

account in deriving the valuation of the life settlement portfolios The actuaries, following industry standards,

are solely discounting the probabilistic projections of death beneﬁts minus premiums, “policy loans” and

interest thereon

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

14.

FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS:

LIFE SETTLEMENT PORTFOLIOS

continued

14.3.

Sensitivity analysis

L&E conducted various sensitivity analyses which are summarised as follows:

a) Class A

a.1) Discount rate sensitivity

Discount rate – non HIV portfolio

10%

11%

12%

13%

Value of portfolio (USD ‘000)

9,171

8,845

8,549

8,277

% of total face amount

259

250

241

234

Discount rate – HIV portfolio

10%

11%

12%

13%

Value of portfolio (USD ‘000)

67,460

65,306

63,444

61,819

% of total face amount

174

169

164

160

a.2) Premium assumption sensitivity

Value based on 12% discount rate

– non HIV portfolio

Annual premium increase at

Value of portfolio (USD ‘000)

8,549

7,894

% of total face amount

241

223

Value based on 12% discount rate

– HIV portfolio

Annual premium increase at

Value of portfolio (USD ‘000)

63,444

61,121

% of total face amount

164

158

a.3) Mortality sensitivity

Value based on 12% discount rate

– non HIV portfolio

USD

‘000

% of face

amount

Value of portfolio as reported

8,549

241

Value at 90% of current mortality assumption*

7,499

212

Value at 80% of current mortality assumption

6,560

185

Value based on 12% discount rate

– HIV portfolio

USD

‘000

% of face

amount

Value of portfolio as reported

63,444

164

Value at 90% of current mortality assumption*

59,431

154

Value at 80% of current mortality assumption

55,501

143

* Assumption that mortality is only 90% of expected mortality

Annual Report 2025

Life Settlement Assets PLC

15.

INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Balance as at 1 January 2025

8,049

–

Purchases

14,954

20,127

Sales

(15,900)

(12,087)

Realised gains

121

Cost

7,224

8,051

Unrealised gain/(loss)

(2)

Balance as at 31 December 2025

7,311

8,049

Comparative ﬁgures have been reclassiﬁed to conform with current-year presentation following the

reclassiﬁcation of a deposit account from investments to cash and cash equivalents. This reclassiﬁcation had

no impact on net assets or proﬁt for the period.

A further USD 29,000 is included in realised gains, shown in the Statement of Comprehensive Income, being

gains received in the bank account

The investment is in the JP Morgan Living Trust, a brokerage account, and is valued at fair value being the

net asset value provided by the account provider Fair value in this instance is the market price of the bonds,

money market funds and shares in which it invests

The sensitivity analysis below assumes that this asset produces a movement overall of 2%, which the Directors

feel is a reasonable assumption in the current climate, and that the portfolio of bonds are perfectly correlated

to this overall movement Shareholders should note that this level of correlation would not be the case in reality

A 2% increase in the valuation would increase the proﬁt for the year by USD 0.1 million with a decrease of 2%

having the equal and opposite eﬀect.

16.

MATURITIES RECEIVABLE

Maturities receivable of USD 6,951,000 (2024: USD 5,969,000) are declared maturities that have not yet been

paid. All maturities receivable are due within one year. No maturities have been written oﬀ as irrecoverable

during the year

17.

TRADE AND OTHER RECEIVABLES

The trade debtors and receivables including an estimate of the amount expected from the MBC transaction

together with other receivables

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Due from MBC

6,095

Amounts held at broker for buy backs

–

2,191

Loan to Orange Delivery Pte Ltd

1,024

–

Withholding tax recoverable

838

–

Other receivables

732

1,493

8,689

9,779

The tranche due from MBC is expected to be received during 2026

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

17.

TRADE AND OTHER RECEIVABLES

continued

The loan to Orange Delivery Pte Ltd is secured by a put option in the case of non-payment, has an interest

rate of 8% per annum and matures in 2030

As part of its cash management strategy, the Company entered into a loan agreement with Orange Delivery

Pte Ltd, a special purpose vehicle company incorporated under the laws of Singapore Under the terms of

the loan agreement, the Company has loaned USD 1 million to Orange Delivery Pte Ltd The loan will have

a ﬁnal maturity date of 11 September 2030, with a ﬁxed interest of 8% per annum. Repayment of the loan will

be made exclusively out of the available cashﬂows of a securitised portfolio of rooftop solar assets held by

Orange Delivery Pte Ltd

The Company’s rights, title and interest pursuant to the loan are secured against a put option agreement

entered into between the Company and Tomson Pte Ltd, a company owned by a director of the Investment

Manager Under the terms of the put option agreement, Tomson Pte Ltd has agreed to purchase the Company’s

claim under the loan agreement in full for consideration equal to the principal amount originally advanced by

the Company together with accrued interest, upon exercise of the put option by the Company after an initial

two years at the Company’s discretion

18.

PREMIUMS PAID IN ADVANCE

Premiums paid in advance of USD 3,509,000 (2024: USD 3,299,000) consist of premiums on life insurance

policies paid as at 31 December 2025 that relate to the period following the balance sheet date

19.

CASH AND CASH EQUIVALENTS

Cash comprises cash at bank and demand deposits Cash equivalents are short-term, highly liquid investments

that are readily convertible to known amounts of cash and which are subject to insigniﬁcant risk of changes in value.

For the purpose of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents

as deﬁned above.

20.

OTHER PAYABLES

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Trade and other payables

494

259

Other creditors and accruals

323

334

817

593

21.

PERFORMANCE FEE ACCRUAL

31 December

2025

USD ‘000

31 December

2024

USD ‘000

Accrual brought forward

1,000

1,003

Increase in accrual during the year (note 8)

–

602

Performance fee paid during the year

–

(605)

Accrual at the year end

1,000

The Performance fee does not have a ﬁxed date for payment but can become payable immediately in the

event that:

a

a crystallisation event as set out in the Investment Management Agreement occurs; or

b

distributions to Shareholders exceed the Performance Hurdle

Annual Report 2025

Life Settlement Assets PLC

22.

SHARE CAPITAL

At the 31 December 2025 the Company’s share capital amounts to USD 441,432 (2024: USD 454,029), and is

represented by 44,143,469 ordinary shares of USD 001 each

Number

of Shares

A Shares

USD ‘000

Total

USD ‘000

Balance as at 31 December 2024

45,402,943

454

Shares bought back and cancelled

(1,259,474)

(13)

Balance as at 31 December 2025

44,143,469

441

During the year, 1,259,474 (2024: 4,423,841) shares of USD 001 each, representing 28% (2024: 89%) of the

opening share capital, were bought back and cancelled for a total cost of USD 22 million (2024: USD 78 million),

including stamp duty

As at 31 December 2025, the issued and fully paid share capital is comprised of 44,143,469 Class A shares

(31 December 2024: 45,402,943 Class A shares) All shares have equal voting rights

Since the year end, the Company has bought back 415,954 Ordinary A Shares at a total cost of USD 07 million

representing 09% of the shares in issue at the year end At the date of the signing of this report the number of

shares in issue is 43,727,515

23.

CAPITAL MANAGEMENT POLICIES

The Company’s capital management objectives are:

•

to ensure it will be able to continue as a going concern;

•

to maximise the long-term revenue and capital return to its Shareholders by returning cash generated from

maturities to Shareholders, taking into consideration cash requirements needed to fund operations and

premium payments. To this eﬀect the Board of Directors has set policies of the level of cash to be held at

any point in time; and

•

to realise capital returns to Shareholders by way of dividend distributions, distributions of capital reserves

and share buybacks or tender oﬀers.

The Board of Directors, with the assistance of the Investment Manager of the Trust, monitors the capital

requirements and possibilities of realising capital returns to Shareholders on a regular basis

The capital structure of the Company consists of share capital, special reserve, capital redemption reserve,

capital and revenue reserves as disclosed on the Statement of Financial Position

The Special reserve was created as a result of the cancellation of the Share premium account following a

court order issued on 18 June 2019 The Special reserve is distributable and may be used to fund purchases of

the Company’s own shares and to make distributions to Shareholders

The capital structure of the Company does not include debt ﬁnancing.

The Company uses policy advances to borrow from the cash surrender value accumulated on some life

settlement policies The Company’s policy is to potentially withdraw that cash from time to time

Considering the volatility of collected maturities and the dependence on a reduced number of large life

settlement policies, the use of gearing cannot be excluded

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

24.

NET ASSETS AND NET ASSET VALUE PER CLASS OF SHARES

The net assets and net asset value (NAV) for each class of Shares are shown below

31 December 2025

Class A

Net assets (USD ‘000)

106,282

Number of shares

44,143,469

NAV per share (USD)

2.41

31 December 2024

Class A

restated*

Net assets (USD ‘000)

103,651

Number of shares

45,402,943

NAV per share (USD)

228

The ﬁgures for 31 December 2024 have been restated to reﬂect the prior year adjustment as detailed in note 30 on page 84.

25.

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

At the year end, the Company has no (2024: nil) capital commitments in respect of life settlement portfolios Life

settlements portfolios do require continued payments of insurance premiums unless the Company decides

not to renew the policies

At the year end, the Company has no (2024: nil) contingent liabilities

26.

CONTINGENT ASSET

In the previous year, the Company received a refund of USD 40 million in respect of overpaid premiums

previously made to the MBC Trust The Company has not been informed of any further overpayments of

premiums, but it is possible that as the wind up of the MBC Trust is ﬁnalised further overpaid premiums may

be identiﬁed and a further refund due. At the year end and the date of this report it is not possible to state with

full certainty if this is the case and to quantify any possible refund

27.

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH THE ACHERON TRUST’S

INVESTMENT MANAGER

Related parties and key management personnel of the Company are the members of the Board of

Directors of the Company as shown on page 32 The amounts paid to Directors in the year are as follows:

Note

2025

USD ‘000

2024

USD ‘000

Directors’ fees

167

162

The terms of their appointment, are shown in the Directors’ Remuneration Report on pages 42 to 46 There

are no amounts owing to the Directors at the year end

The amounts paid to the Investment Manager by the Acheron Trust are shown in detail in note 8 on

page 72. The amount paid in advance to the Investment Manager at 31 December 2025 was USD 704,000

(2024: USD 427,000)

Annual Report 2025

Life Settlement Assets PLC

28.

POST BALANCE SHEET EVENTS

Since the year end, the Company has bought back 415,954 Ordinary A Shares at a total cost of USD 07 million

representing 09% of the shares in issue at the year end At the date of the signing of this report the number of

shares in issue is 43,727,515

On 9 March 2026 the Company declared a special dividend of 67960 cents per share, totalling approximately

USD 30 million, which was paid on 14 April 2026 to Shareholders on the register on 20 March 2026

29.

DIVIDENDS

The dividends paid in the year were as follows

2025

USD ‘000

2024

USD ‘000

Special capital dividend of 45307 cents per A share paid

on 30 October 2025 (2024: special capital dividend

of 60209 cents per A share paid on 15 March 2024)

2,000

3,000

2,000

3,000

On 30 October 2025, the Company paid a special dividend of 45307 cents per share, totalling USD 20 million,

to Shareholders on the register at 10 October 2025

A further dividend was declared on 9 March 2026 as detailed in note 28

No ﬁnal dividend in respect of the year ended 31 December 2025 will be paid.

30.

PRIOR YEAR ADJUSTMENT

On 25 June 2025, the Company announced that it had completed a detailed review of all LSA’s Mutual Beneﬁts

Keep Policy Trust (“MBC”) policies This review was initiated following concerns raised on 28 March 2025

regarding the incorrect valuation of a life policy held on the Company’s behalf. The Board conﬁrmed that the

review identiﬁed no additional overvalued policies.

However, with the enhanced visibility gained from the consolidation of all policies with Vespera, the servicing

agent, the Board was advised that one speciﬁc group of policies had been undervalued due to the incorrect

application of a term age The valuation of this group of policies required an upward adjustment of approximately

USD 3 million, representing an uplift of around 3% in the NAV and this was made in the Net Asset Value

announced for 31 May 2025

The Directors concluded that this correction related to prior periods and therefore should be treated as a

prior year adjustment, requiring restatement of the Financial Statements for the year ended 31 December

2024 and obtained an independent valuation of these policies at 31 December 2024 from Lewis and Ellis

The restatement was USD 2,626,000 and impacted the Statement of Financial Position, and the Statement of

Comprehensive Income, with the corresponding impact reﬂected in equity. A corresponding adjustment was

reﬂected in the Statement of Cash Flows and related Notes to the Financial Statements.

Notes to the Financial Statements

continued

Life Settlement Assets PLC

Annual Report 2025

Shareholder

Information

Notice of Annual General Meeting 2026

LIFE SETTLEMENT ASSETS PLC (THE “COMPANY”)

Notice is hereby given that the 2026 Annual General Meeting (the “AGM”) of the Company will be held at the

oﬃces of Cavendish Capital Markets Limited, 1 Bartholomew Close, London EC1A 7BL on Tuesday, 9 June

2026 at 200 pm for the following purposes:

1

To receive and adopt the audited Annual Report and Accounts of the Company for the year ended

31 December 2025 together with the Directors’ Report and Auditor’s Report thereon

2

To approve the Directors’ Remuneration Report as set out in the Annual Report

3

To re-elect Michael Baines as a Director of the Company

4

To re-elect Christopher Casey as a Director of the Company

5

To re-elect Guner Turkmen as a Director of the Company

6

To re-appoint BDO LLP as Auditors to the Company until the conclusion of the next AGM

7

To authorise the Directors’ to determine BDO LLP’s remuneration as Auditor to the Company

Special Business

To consider the following resolutions:

Authority to allot new shares – Ordinary Resolution

8

THAT, in substitution for any existing authorities pursuant to section 551 of the Companies Act 2006,(the

“Act”) the Directors of the Company are generally and unconditionally authorised to exercise any power

of the Company to allot shares and relevant securities (as described in that section) in the Company, and

to grant rights to subscribe for, or to convert any security into, shares in the Company, up to an amount

representing 10% of the issued Ordinary A Shares (excluding treasury shares) as at the date of the notice

convening the meeting at which this resolution is proposed, provided that the price at which each such

Ordinary Share may be allotted will be above the then prevailing estimated Net Asset Value per Ordinary

Share (as determined by the Board of Directors in their reasonable discretion) and that this authority shall

expire at the conclusion of the Annual General Meeting of the Company to be held in 2027 (unless renewed

at a general meeting prior to such time), save that the Company may before such expiry make oﬀers or

agreements which would or might require shares and relevant securities to be allotted, or rights to be

granted after such expiry and so the Directors of the Company may allot shares and relevant securities or

grant rights in pursuance of such oﬀers or agreements as if the authority conferred hereby had not expired.

Authority to disapply pre–emption rights on allotment or sale of relevant securities – Special Resolution

9

THAT, subject to the passing of Resolution 8 set out in this notice, in substitution of all existing authorities

the Directors of the Company be and hereby are empowered pursuant to sections 570 and 573 of the Act

to allot or make agreements to allot equity securities (within the meaning of section 560 of that Act) for

cash pursuant to the authority conferred on them by Resolution 8 set out in this notice or by way of a sale

of treasury shares as if section 561(1) of the Act did not apply to any such allotment or sale provided that

this power shall be limited to:

(a)

the allotment or equity securities and/or sale of equity securities held in treasury for cash up to

an aggregate number of equity securities of each Share Class as represents 10% of the number of

Ordinary Shares of that Share Class (excluding treasury shares) as at the date of the notice convening

the meeting at which this resolution is proposed; this power shall expire (unless previously renewed,

varied or revoked) upon the expiry of the general authority conferred by Resolution 8 above;

Life Settlement Assets PLC

Annual Report 2025

(b)

before this power expires, the Directors may make oﬀers or agreements which would or might require

equity securities to be allotted (and treasury shares sold) after such expiry and the Directors are entitled

to allot or sell equity securities pursuant to any such oﬀer or agreement as if this power had not expired;

(c)

this power is in substitution of all unexercised powers given for the purposes of section 570 of that Act;

and

(d)

no allotment of securities shall be made which would result in equity securities being issued or sold

from treasury at a price which is equal to or less than the then prevailing estimated Net Asset Value per

Ordinary A Shares as determined by the Board of Directors in their reasonable discretion

Authority to repurchase the Company’s shares – Special Resolution

10

THAT the Company be and hereby is generally and unconditionally authorised for the purposes of section

701 of the Act to make one or more market purchases (as deﬁned in section 693(4) of the Act) of its issued

Ordinary Shares of any class, in the capital of the Company, on such terms and in such manner as the

Directors may from time to time determine, provided that:

(a)

the maximum number of Ordinary Shares hereby authorised to be purchased is the number of Ordinary

A Shares (excluding treasury shares) that represents 1499% of the issued Ordinary Share capital as at

the date of passing this resolution;

(b)

the minimum price (exclusive of expenses) which may be paid for an Ordinary A Share is the nominal

amount of that share;

(c)

the maximum price (exclusive of expenses) which may be paid for an Ordinary A Share is the higher of:

i

an amount equal to 5% above the average of the middle market quotations for an Ordinary Share

as derived from the Daily Oﬃcial List of the London Stock Exchange plc for the ﬁve business days

immediately preceding the day on which that Ordinary Share is contracted to be purchased; and

ii

an amount equal to the higher of the price of the last independent trade and the highest current

independent bid on the trading venues where the purchase is carried out at the relevant time;

(d)

any purchase of shares will be made in the market for cash at prices below the latest estimated monthly

net asset value per share (as determined by the Directors);

(e)

the authority conferred by this resolution shall (unless previously renewed or revoked in general

meeting) expire on the date falling 15 months after the passing of this resolution or, if earlier, at the

conclusion of the Annual General Meeting of the Company to be held in 2027; and

(f)

the Company may make a contract to purchase Shares under the authority hereby conferred prior to

the expiry of such authority which contract will or may be executed wholly or partly after the expiry of

such authority and may make a purchase of shares pursuant to any such contract as if the authority

conferred hereby had not expired

By order of the Board

Company Secretary

ISCA Administration Services Limited

Registered Oﬃce

The Oﬃce Suite

Den House

Den Promenade

Teignmouth TQ14 8SY

Annual Report 2025

Life Settlement Assets PLC

Notes to the Notice of the AGM

1

Pursuant to Regulation 41 of the Uncertiﬁcated Securities Regulations 2001, entitlement to attend and vote

at the meeting (and the number of votes that may be cast thereat), will be determined by reference to the

of the meeting or of the adjourned meeting Changes to the Register of Members of the Company after

the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at

the meeting

2

A member entitled to attend and vote at the meeting is entitled to appoint a proxy or proxies to attend,

speak and vote on his or her behalf A proxy need not also be a member but must attend the meeting

to represent you Details of how to appoint the chairman of the meeting or another person as your proxy

using the form of proxy are set out in the notes on the form of proxy If you wish your proxy to speak on

your behalf at the meeting you will need to appoint your own choice of proxy (not the chairman) and give

your instructions directly to them

3

You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to

diﬀerent shares. You may not appoint more than one proxy to exercise rights attached to any one share.

To appoint more than one proxy, you may copy the proxy form, clearly stating on each copy the shares to

which the proxy relates, or to request additional copies of the proxy form contact the Company’s Registrars,

The City Partnership (UK) Limited, on +44 (0) 1484 240 910 (lines are open between 900am and 530pm

Monday to Friday, calls are charged at standard geographic rates and will vary by provider) Calls outside

the United Kingdom will be charged at applicable international rates. Diﬀerent charges may apply to calls

from mobile telephones and calls may be recorded and randomly monitored for security and training

purposes For legal reasons The City Partnership (UK) Limited will be unable to give advice on the merits

of the proposals or provide ﬁnancial, legal, tax or investment advice. Please indicate in the box next to the

proxy holder’s name the number of shares in relation to which they are authorised to act as your proxy

Please also indicate by ticking the box provided if the proxy instruction is one of multiple instructions being

given All forms must be signed and returned together in the same envelope

4

The statement of the rights of members in relation to the appointment of proxies in paragraphs (2) and

(3) above does not apply to Nominated Persons The rights described in these paragraphs can only be

exercised by members of the Company

5

Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act

2006 (the “Act”) to enjoy information rights (a “Nominated Person”) may, under an agreement between him/

her and the member by whom he/she was nominated, have a right to be appointed (or to have someone

else appointed) as a proxy for the meeting If a Nominated Person has no such proxy appointment right or

does not wish to exercise it, he/she may, under any such agreement, have a right to give instructions to

the Shareholder as to the exercise of voting rights

6

If you have been nominated to receive general shareholder communications directly from the Company,

it is important to remember that your main contact in terms of your investment remains as it was (so the

registered shareholder, or perhaps custodian or broker, who administers the investment on your behalf)

Therefore any changes or queries relating to your personal details and holding (including any administration

thereof) must continue to be directed to your existing contact at your investment manager or custodian

The Company cannot guarantee dealing with matters that are directed to us in error The only exception

to this is where the Company, in exercising one of its powers under the Act, writes to you directly for a

response

Life Settlement Assets PLC

Annual Report 2025

7

To be valid, the enclosed form of proxy for the meeting, together with the power of attorney or other

authority, if any, under which it is signed or a notarially certiﬁed or oﬃce copy thereof, must be deposited at

the oﬃces of the Company’s Registrar, The City Partnership (UK) Limited, The Mending Rooms, Park Valley

Mills, Meltham Road, Huddersﬁeld HD4 7BH, so as to be received not later than 2.00pm on Friday, 5 June

2026 or 48 hours (excluding non-business days) before the time appointed for any adjourned meeting

or, in the case of a poll taken subsequent to the date of the meeting or adjourned meeting, so as to be

received no later than 24 hours before the time appointed for taking the poll

8

Appointment of a proxy or CREST proxy instruction will not preclude a member from subsequently

attending and voting at the meeting should he or she subsequently decide to do so You can only appoint

a proxy using the procedure set out in these notes and the notes to the form of proxy

9

CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment

service may do so by using the procedures described in the CREST Manual CREST personal members or

other CREST sponsored members, and those CREST members who have appointed a service provider(s),

should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate

action on their behalf

10

In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate

CREST message (a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear

UK & Ireland Limited’s speciﬁcations, and must contain the information required for such instruction, as

described in the CREST Manual The message, regardless of whether it constitutes the appointment of a

proxy or is an amendment to the instruction given to a previously appointed proxy must in order to be valid,

be transmitted so as to be received by the issuer’s agent (ID 8RA57) by 2pm on Friday, 5 June 2026 For this

purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the

message by the CREST Application Host) from which the issuer’s agent is able to retrieve the message by

enquiry to CREST in the manner prescribed by CREST After this time any change of instructions to proxies

appointed through CREST should be communicated to the appointee through other means

11

CREST members and, where applicable, their CREST sponsors, or voting service providers should note

that Euroclear UK & Ireland Limited does not make available special procedures in CREST for any particular

message Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy

Instructions It is the responsibility of the CREST member concerned to take (or, if the CREST member is a

CREST personal member, or sponsored member, or has appointed a voting service provider, to procure

that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure

that a message is transmitted by means of the CREST system by any particular time In this connection,

CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in

particular, to those sections of the CREST Manual concerning practical limitations of the CREST system

and timings

12

As at 24 April 2026 (being the last business day prior to the publication of this notice), the Company’s issued

share capital comprised 43,727,515 Class A shares Therefore, the total voting rights in the Company as at

24 April 2026 was 43,727,515

13

The Directors’ appointment letters will be available for inspection at the Company’s registered oﬃce during

normal business hours on any weekday (excluding Saturdays, Sunday and public holidays) and shall be

available for inspection at the place of the Annual General Meeting for at least ﬁfteen minutes prior to and

during the meeting

Annual Report 2025

Life Settlement Assets PLC

Notes to the Notice of the AGM

continued

14

If a corporate shareholder has appointed a corporate representative, the corporate representative will

have the same powers as the corporation could exercise if it were an individual member of the Company If

more than one corporate representative has been appointed, on a vote on a show of hands on a resolution,

each representative will have the same voting rights as the corporation would be entitled to If more than

one authorised person seeks to exercise a power in respect of the same shares, if they purport to exercise

the power in the same way, the power is treated as exercised; if they do not purport to exercise the power

in the same way, the power is treated as not exercised

15

Under section 527 of the Act, members meeting the threshold requirements set out in that section have

the right to require the Company to publish on a website a statement setting out any matter relating to:

(i) the audit of the Company’s accounts (including the Auditor’s Report and the conduct of the audit) that

are to be laid before the AGM; or (ii) any circumstance connected with an auditor of the Company ceasing

to hold oﬃce since the previous meeting at which annual accounts and reports were laid in accordance

with section 437 of the Act The Company may not require the Shareholders requesting any such website

publication to pay its expenses in complying with sections 527 or 528 of the Act Where the Company is

required to place a statement on a website under section 527 of the Act, it must forward the statement to

the Company’s Auditor no later than the time when it makes the statement available on the website The

business which may be dealt with at the AGM includes any statement that the Company has been required

under section 527 of the Act to publish on a website

16

At the meeting Shareholders have the right to ask questions relating to the business of the meeting and

the Company is obliged under section 319A of the Act to answer such questions, unless; a) to do so would

interfere unduly with the conduct of the meeting or would involve the disclosure of conﬁdential information,

b) the information has been given on the Company’s website,

www.lsaplc.com

in the form of an answer

to a question, or c) it is undesirable in the interests of the Company or the good order of the meeting that

the question be answered

17

Further information, including the information required by section 311A of the Act, regarding the meeting is

available on the Company’s website,

www.lsaplc.com



18

Members satisfying the thresholds in section 338A of the Companies Act 2006 may request the Company

to include in the business to be dealt with at the Annual General Meeting any matter (other than a proposed

resolution) which may properly be included in the business at the Annual General Meeting A matter may

properly be included in the business at the Annual General Meeting unless (i) it is defamatory of any person

or (ii) it is frivolous or vexatious A request made pursuant to this right may be in hard copy or electronic

form, must identify the matter to be included in the business, must be accompanied by a statement

setting out the grounds for the request, must be authenticated by the person(s) making it and must be

received by the Company not later than six weeks before the date of the Annual General Meeting

19

This notice, together with information about the total number of shares in the Company in respect of

which members are entitled to exercise voting rights at the meeting at 24 April 2026 (the business day

prior to the approval of this Notice) and, if applicable, any members’ statements, members’ resolutions or

members’ matter of business received by the Company after the date of this Notice, will be available on

the Company’s website:

www.lsaplc.com



Life Settlement Assets PLC

Annual Report 2025

DIRECTORS

Michael Baines

– Chairman

Christopher Casey

Guner Turkmen

COMPANY SECRETARY AND REGISTERED OFFICE

ISCA Administration Services Limited

The Oﬃce Suite

Den House

Den Promenade

Teignmouth TQ14 8SY

Email:

lsa@iscaadmin.co.uk

Telephone: 01392 487056

REGISTRARS

The City Partnership (UK) Limited

The Mending Rooms

Park Valley Mills

Meltham Road

Huddersﬁeld

HD4 7BH

AUDITOR

BDO LLP

55 Baker Street

London

W1U 7EU

BROKERS

Cavendish Capital Markets Limited

1 Bartholomew Close

London

EC1A 7BL

TRUST’S INVESTMENT MANAGER

Acheron Capital Limited

Suite 1, 7th Floor

50 Broadway

London

SW1H 0BL

FINANCIAL CALENDAR

Company year end

Annual results announced

Annual General Meeting

Company half-year end

Half-year results announced

31 December 2025

April 2026

9 June 2026

30 June 2026

September 2026

LEI

2138003OL2VBXWG1BZ27

WEBSITE

www.lsaplc.com