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1 February 2022

             As SCB Asset Management Company Limited (SCBAM) previously announced on the closure of SCBADAGIO and SCBMBOND and returned the sale proceeds from the Mirror Fund after deduction of expenses to the unitholders.

            SCBAM would like to further update on the Side Pockets – November and December 2021 report for H2O Adagio SP SR and H2O MultiBonds SP I (the Master Funds of SCBADAGIO and SCBMBOND respectively) as follows:

Monthly comments:

November:

• The estimated monthly values of the SP funds remain suspended in November and the latest published estimates are as of August 31^st, 2021

December:

• Given the evolution of the assets in the SP funds, the absence of reimbursement since the First Super Senior Secured Note (FSSSN) release, and the decision of the Dutch court detailed below, the estimated valuations of the SP funds as of December 31^st, 2021 are lower compared to the latest ones published as of August 31^st, 2021.
  A Dutch court declared Tennor Holding BV insolvent. H2O AM is one of the creditors of Tennor Holding BV. Tennor Holding BV appealed this decision. On December 21^st, the Dutch court has cancelled in the second instance the default of Tennor. The creditors did not make an appeal to the Supreme Court of Netherlands. We are working, with our legal and financial advisers, on different scenarios.
• H2O AM confirms its full commitment to complete the total disposal of the assets of Side Pockets funds, as soon as possible and in the best interests of its unitholders.

Source: Side Pockets – November and December 2021 report from H2O Asset Management. 

Please be informed accordingly.
SCB Asset Management Company Limited