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17 March 2023

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

Monthly comments:

• January Report: As previously announced, following the partial reimbursement of the FSSSN at the end of December 2022, which has decreased its nominal value by EUR 250m, the first phase of reimbursement of unitholders was implemented in January 2023 on the six following funds: H2O Adagio SP, H2O Moderato SP, H2O MultiBonds SP, H2O Allegro SP, H2O MultiEquities SP and H2O MultiStrategies SP.
  The estimated valuation of the side pockets as of 30/12/22 was calculated before the reimbursement. This valuation served as the basis for calculating the distribution amount that was paid per unit. Following the reimbursements, technical estimated valuations were computed between January 23^rd and 25^th on the six funds mentioned above, resulting from a decrease of amount equal to the cash distributed to unitholders.
  It should be noted that marginal differences (1 to 2 cents) between the reimbursement and the valuation decrease per unit may have resulted from i) the exchange rates used and ii) the fact that estimated valuations and reimbursement amounts are not rounded, but truncated. Then, estimated valuations were computed again as of the end of January. They are equivalent to the technical valuations computed between 23/01 and 25/01 except for minor differences including FX rates.
• February Report: No major change in February 2023 regarding the estimated valuations.

Source: Side Pockets – January and February 2023 report from H2O Asset Management

Please be informed accordingly.
SCB Asset Management Company Limited