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15 December 2020

       According to SCB Asset Management Company Limited (SCBAM) announced the closed SCBADAGIO and SCBMBOND and proceeded to pay all the redemption from the Mirror Fund after deduction of expenses to the Unitholders.

       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 to the unitholders.

       SCBAM would like to inform H2O Adagio SP SR and H2O MultiBonds SP I (the Master Funds of SCBADAGIO and SCBMBOND respectively) Side Pockets – October 2020 reports

       SCBAM would like to further update on the side-pocketed funds, i.e. H2O Adagio SP SR and H2O MultiBonds SP, per below.

Monthly comments:

1. The side-pocketed funds consist of instruments of the Tennor Group (inc. securities and/or Buy & Sell Backs and collateral), and of cash. The holdings inventories edited by CACEIS are available for invested clients with a one-month lag;
2. There was no cash reimbursement in October as no securities were disposed of, and Buy & Sell Backs were rolled over;
3. The Rubin Robotics placements, which were held by four funds (namely H2O Adagio SP, H2O Moderato SP, H2O Allegro SP, and H2O MultiBonds SP), were entirely exchanged for Avatera Medical shares on October 9 in compliance with the prospectus. This switch triggered unrealized capital gains, which explains most of the increase in the estimated valuations of H2O Adagio SP, H2O Moderato SP, and H2O Allegro SP;
4. H2O stopped accruing the coupons on the La Perla, Tennor & Voltaire issues, as payments are delayed. It explains the negative impact on H2O MultiBonds SP which was the most exposed to these bonds;
5. Management fees (and hedging costs for the non-EUR share-classes) had a slight negative impact on all SPs.
   
   Source: Side Pockets – October 2020 report as of November 16^th 2020 from H2O Asset Management.

Please be informed accordingly.
SCB Asset Management Company Limited