e01f3335-d186-4c72-a7a7-733357795ff2.pdf

BACIT Limited

March 2016 Factsheet KEY DETAILS INVESTMENT METHODOLOGY

Net Assets Inception Date

NAV Total Return Since Inception NAV Per Share (£)

Share Price (Mid Market) (£) Ex-Div (16 July 2015)

£470.4m

26 October 2012

29.54%

£1.2229

£1.3150

2.1p

BACIT Limited ("BACIT") targets attractive medium to long term returns by investing in leading long only and alternative investment funds with proven managers and across multiple asset classes. The composition of the investment portfolio will vary over time in terms of asset classes, strategies, managers and funds; BACIT intends to be invested in at least 15 distinct investment funds or managed account strategies over time. Further, BACIT invests in the CRT Pioneer Fund LP (the "Pioneer Fund") and may also invest in other drug development and medical innovation projects undertaken by The Institute of Cancer Research, subject to limitations on the amount of its NAV that it may invest in such projects in any year.

Annual Donation (% of NAV) 1% Financial Year End 31 March

BACIT invests only where the relevant investment manager provides investment capacity on a "gross return" basis, meaning that BACIT and its subsidiaries (the "Group") do not bear the impact of management or

SEDOL ISIN

Bloomberg Ticker

B8P59C0 GG00B8P59C08

BACT:LN

performance fees on its investments. This does not apply to the investment in the Pioneer Fund. Investing on

a "gross return" basis is achieved by the relevant manager or fund agreeing not to charge management or performance fees, by rebating or donating to the Group any management or performance fees charged or otherwise arranging for the Group to be compensated so as effectively to increase its investment by the amount of any such fees. BACIT donates 1% of its NAV each year to charity (50% to The Institute of Cancer Research and 50% to The BACIT Foundation).

NAV TOTAL RETURN VERSUS INDICES

as at 31 March 1M 3M YTD BACIT Limited

1.45

1.40

1.35

1.30

Share Price

NAV Total Return

2.73% 3.14% 3.14%

0.08% -2.52% -2.52%

1.25

1.20

1.15

1.10

MSCI World (TR, $)

6.79% -0.35% -0.35%

1.05

Mar 16

Feb 16

Jan 16

Dec 15

Nov 15

Oct 15

Sep 15

Aug 15

Jul 15

Jun 15

May 15

Apr 15

Mar 15

Feb 15

Jan 15

Dec 14

Nov 14

Oct 14

Sep 14

Aug 14

Jul 14

Jun 14

May 14

Apr 14

Mar 14

Feb 14

Jan 14

Dec 13

Nov 13

Oct 13

Sep 13

Aug 13

Jul 13

Jun 13

May 13

Apr 13

Mar 13

Feb 13

Jan 13

Dec 12

Nov 12

Oct 12

1.00

HFRIFOFS Index

2.16%

-3.43%

-3.43%

FT All-Share (TR, £)

1.94%

-0.41%

-0.41%

BACIT Limited

HFRI Fund of Funds Strategic Index

FT All-Share (TR, £) MSCI World (TR, $)

PERFORMANCE (% TOTAL RETURN)*

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD

2016

-2.19

-0.41

0.08

-

-

-

-

-

-

-

-

-

-2.52

2015

2.73

1.01

3.58

-0.16

1.53

-2.56

2.15

-2.07

-2.13

1.60

2.39

1.44

9.69

2014

-0.55

0.58

0.13

-1.64

2.18

-0.20

-0.51

0.26

0.58

0.17

2.36

0.55

3.91

2013

4.12

2.55

2.58

-0.16

2.69

-1.57

1.24

-1.23

-0.78

2.94

-0.42

0.82

13.32

2012

-

-

-

-

-

-

-

-

-

-

0.53

2.34

2.89

* Returns are inclusive of dividend distributions

COMPANY INFORMATION TOP 10 HOLDINGS

Structure Closed End Investment Company

Fund

Investment Manager

Strategy

Asset

% of

Domicile Guernsey

Class

NAV

Listing London Stock Exchange

1 Polar Capital Japan Alpha

Polar Capital

Long Bias

Equities

6.4%

Website www.bacitltd.com

2 Polygon European Equity Opportunity

Polygon Global Partners

Hedge

Equities

5.7%

Investment Manager BACIT (UK)Limited

3 Majedie UK Equity

Majedie Asset Management

Long Bias

Equities

5.4%

Administrator Northern Trust International

4 Maga Smaller Companies UCITS

Otus Capital Management

Hedge

Equities

5.0%

Custodian Northern Trust (Guernsey) Ltd

5 Tower Master Fund

Ten Five Capital Management

Hedge

Equities

4.8%

Registrar Capita Registrars (Guernsey) Limited

6 Parity Value

Parity Asset Management Limited

Hedge

Macro

4.7%

Corporate Broker J.P. Morgan Cazenove

7 SW Mitchell European

SW Mitchell Capital

Hedge

Equities

4.6%

8 Sinfonietta

Symphony Financial Partners

Hedge

Macro

4.4%

9 Portland Hill

Portland Hill Capital

Hedge

Equities

3.9%

10 Cumulus

City Financial Investment Co

Hedge

Commodity

3.8%

Total

48.7%

CHARITIES SUPPORTED BY BACIT

The BACIT Foundation

The charitable objects of The BACIT Foundation relate primarily to the prevention, treatment, cure and ultimately eradication of cancer, but also cover diseases allied to cancer, and such other charitable objects and organisations as the Foundation may from time to time consider desirable.

The Institute Of Cancer Research

The Institute of Cancer Research, London, is one of the world's most influential cancer research institutes, with an outstanding record of achievement dating back more than 100 years. Today, the ICR is ranked as the UK's leading academic research centre, and leads the world in isolating cancer-related genes and discovering new targeted drugs for personalised cancer treatment. The ICR employs leading scientists from over 50 countries around the world and since 2005 alone, 16 drug development candidates have been discovered based on ICR research, 6 of which have progressed into phase 1 clinical trials. The ICR has charitable status and relies on support from partner organisations, charities and donors to fund its research and innovation.

All Charities

Alzheimer's Research UK JDRF (The Juvenile Diabetes Research Foundation)

The Alzheimer's Society The Louis Dundas Centre For Children's Palliative Care

Beating Bowel Cancer Maggie's

Butterfly Thyroid Cancer Trust Marie Curie Cancer Care

Child Bereavement UK NSPCC

Cure Leukaemia The Rwanda Hope Foundation

Downside Up Scope

The Egmont Trust Skiing With Heroes

The Institute Of Cancer Research SSAFA Forces Help

The James Wentworth-Stanley Memorial Fund Women For Women International

BACIT (UK) Limited, 2nd Floor, 10 Aldermanbury, London EC2V 7RF Telephone: +44 20 3603 0453 Email: IR@bacit.co BACIT (UK) Limited, registered number 9066820, is authorised and regulated by the Financial Conduct Authority.

BACIT Limited

ASSET ALLOCATION (% OF NAV)

FUND STRATEGY ALLOCATION (% OF NAV)

Cash Commodi

Private Equity 3% 6%

5%

Macro 12%

Infrastructure 2%

Fixed Income

3%

Equity Long Bias

21%

DENOMINATION OF INVESTMENTS (% OF NAV)

ty

Credit

13%

Equity Hedge 35%

Cash 3%

Long Bias

34%

Infrastructure 2%

STRATEGY GEOGRAPHICAL FOCUS (% OF NAV)

Hedge

61%

US$ Partially Hedged into GBP, € Hedged into GBP, SEK Unhedged

Cash 3%

EUR (hedged) Emerging9%

USD (hedged) 14% Asia-Pacific 14%

26%

US 5%

UK 8%

Europe 41%

GBP

34%

Global 10%

USD

25%

SEK Europe & US

1% 10%

NAV PERFORMANCE ANALYSIS ALLOCATION LIMITS

Inception

26 October 2012

Current

Limit

% of

NAV (£m)

£470.4

Limit

1 Month Return

0.08%

Asset Class

Equity Hedge

35%

80%

43%

3 Month Return

-2.52%

Manager

Polygon Global Partners

11%

30%

38%

YTD Return

-2.52%

Fund

Polar Capital Japan Alpha

6%

20%

32%

Last 12 Months Return

-0.51%

NAV Total Return Since Inception

29.54%

INDEX ANALYSIS OF NAV PERFORMANCE

Annualised Return Since Inception

7.87%

Annualised Volatility Since Inception

5.88%

Monthly comparative MSCI World

FT All-Share

HFRIFOFS

Sharpe Ratio

1.3

(TR, $)

(TR, £)

Index

Best Month

4.12%

Alpha

6%

5%

6%

Worst Month

-2.56%

Beta

0.21

0.35

0.72

% Positive Months

63%

Correlation

0.42

0.63

0.61

Largest Drawdown

-4.59%

Outperformance in Down Markets*

93%

94%

71%

*This measures the percentage of months when the benchmark falls, that BACIT outperforms it.

DATA SOURCES:

Data has been sourced from Bloomberg, Northern Trust, the Company's administrator, and the underlying funds.

IMPORTANT INFORMATION AND LEGAL DISCLAIMER

This fact sheet contains information regarding BACIT Limited's (the "Company's") performance and outlook. The information contained in the fact sheet is unaudited, and the reported NAVs of the underlying funds may have been subject to deductions in respect of management and performance fees which will not apply to the Company's investment. This fact sheet is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. The material provided is not intended to provide a sufficient basis on which to make an investment decision. Past performance is no guarantee of future returns and estimated results, performance or achievements may materially differ from actual results. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

Information and opinions presented in the material contained on these pages relating to the Company and its investments have been obtained or derived from sources believed by the Company to be reliable, but the Company makes no representation as to their accuracy or completeness. Except as required by applicable law, the Company expressly disclaims any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise.

Prepared by Mainspring Fund Services Limited E: bacit@mainspringfs.com W: mainspringfs.com

Registered charity numbers 216401 and SC037717

BACIT Limited issued this content on 28 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 April 2016 21:56:53 UTC

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