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1 February 2024

          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 2023 report of H2O Adagio SP SR and H2O MultiBonds SP I (the Master Funds of SCBADAGIO and SCBMBOND respectively) as follows:

Monthly comments:

Summary of November and December Report:

          As of November 2023, given the evolution of certain assets held within side-pocketed (“SP”), the estimated valuations as of the end of November have been revised downward.

          As of December 2023, the estimated valuations of the SP have been revised upwards as of end-December 2023 compared to those at end-November 2023. Following an initial reimbursement in January 2023, the SP funds will distribute around €70 million in the coming weeks. Details of this new reimbursement will be set out in a letter to unitholders and in an anticipatory communication to H2O AM's various partners and intermediaries. It is important to note that the valuation uncertainty, which led to the segregation of the SP funds persists. Any valuation therefore remains an estimate, and only liquidation will allow an exact valuation.

Source: Side Pockets – November and December 2023 report from H2O Asset Management.

Please be informed accordingly.
SCB Asset Management Company Limited