Fund News CFM Newsletter October 2008 Last March, the Society of Actuaries released a new mortality table –the Valuation Basic Table (VBT) 2008- which replaces the VBT 2001. The introduction of a new table has a great impact to anyone involved in the longevity industry, as it is one of the key inputs for building the pricing models. In Centurion Fund Managers, we are closely following the recent developments and our group of actuaries is evaluating the potential impact of these changes in our business. We have also contracted and independent actuarial company to study the impact of the VBT 2008 on our valuation methodologies. Read more... CFM Newsletter September 2008 David Rawson-Mackenzie, Managing Director of Centurion Fund spoke at the recent Life Settlements Conference 2008 in Las Vegas at the end of September, where he was part of a panel discussing "An Investor’s View of Diversified Life Settlement Portfolios and the Emerging Synthetics Market". The panel explored the aspects of building diversified portfolios suitable for institutional investors, how to manage administration once policies have been aggregated, and how to predict risk and return based on Life Settlements sub-strategy and policy selection. Read more... Our new broker portal is now available to all Centurion Fund Managers brokers and you can access it in https://portal.groupcenturion.com Read more... CFM Newsletter July/August 2008 Probably the most exciting development in the Life Settlements market this year has been the growing number of financial institutions entering the market for longevity derivatives – or synthetic policies. The addition of synthetic derivatives to the existing secondary market for life policies will both complement the existing market and no doubt help greatly to raise general awareness of this growing asset class. The acquisition of synthetic policies has helped CFM’s life settlement portfolio reach US$700m Read more...

Industry News October 2008 With the financial markets going through a period of instability and volatility, we realise that investors will have concerns regarding the state of the insurance industry in the US and in particular how that will affect the life settlement market and ultimately their investments. In response to this we have prepared the following questions and answers: How safe are US life insurance companies? What happens if a US insurance company is declared insolvent? So what happened with AIG? How can I be sure that an insurance company is financially sound? How is Centurion spreading the credit risk exposure to US insurance companies? Historically how does the insolvency of banks compare to that of insurance companies in the US? What is the difference between insolvency and bankruptcy?