Guernsey Portfolios PCC Ltd

Dear Investors,

INVESTOR UPDATE ON Guernsey Portfolios PCC Limited (“GP PCC") 31 March 2021 Financial Statements

 The Offering Document states that the financial year-end date of the fund is 31st March in each calendar year and the Board has 6 months therefrom to provide the shareholders with the financial statements. As we approach the 30/09/21 deadline for GP PCC, the current status of the financial statements is as follows:

• The Financial Statements are prepared, but there requires to be updates due to an issue identified today by the Custodian which has impacted some of the cells within the GP PCC, including the one which you invest into
• The audit work therefore cannot be concluded today

It is envisaged that the financial statements will be completed by 31/10/21.

With this in mind, following consultation with the auditors, custodian, GFSC and TISE it was agreed to extend the audit of GP PCC to be completed by 31/10/21. This will enable sufficient time to:

• Complete the required amendments
• Update the financial statements of the outstanding cells
• Complete the audit of these outstanding cells, and the other cells (currently going through audit) by 31/10/2021 (note, because the fund is one single legal entity, a delay in any cell has a knock on effect on all the cells)

This is not a position which the Board have taken lightly, but one which the Board believes is best for all parties, including the shareholders, in coming to the cleanest point for finalising the financial statements.

The Board would like to put on record our apologies for not being able to complete the financial statements by the necessary deadline. We will record this as a breach in our records.

Yours sincerely and kind regards,

Mark Cleary

Director