BACIT Limited

31 December 2012

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 may invest up to 1% of NAV each year to acquire interests in drug development and medical innovation projects undertaken by the Institute of Cancer Research.

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 performance fees on its investments. This 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 does not charge its investors fees. However, it donates 1% of NAV each year to charity (50% to the Institute of Cancer Research and 50% to the BACIT Foundation).

PERFORMANCE

as at 31 December

BACIT Limited Share Price NAV Per Share

MSCI World GBP 1.75% 2.06% 13.18% FTSE All-­?Share Index 0.92% 3.15% 8.24% HFRIFOF Index 1.35% 1.49% 5.77%

KEY DETAILS


Net Assets £209.7m

NAV PER SHARE VERSUS INDICES SINCE INCEPTION


1.0400

1.0300

1.0200

1.0100

1.0000

0.9900

0.9800

0.9700

0.9600 Oct

FTSE All-­?Share Index HFRI Fund of Funds Strategic Index

Inception Date
Shares in Issue

26 October 2012

206,734,775

RISK/RETURN VERSUS INDICES SINCE INCEPTION

NAV Per Share(£) 1.0145
Share Price (Mid Market) (£) 1.0625
Management Fee 0% Performance Fee 0% Annual Donation (% of NAV) 1%

20%

Risk/Return

Financial Year End

31stMarch

18%

MSCI World GBP

BACIT Limited

SEDOL B8P59C0
ISIN GG00B8P59C08
Bloomberg Ticker BACT:LN

COMPANY INFORMATION



Structure Closed End Investment Company

16%

14%

12%

10%

8%

6%

4%

2%

0%

FTSE All-­?Share Index

HFRIFOF Index



Domicile Guernsey Listing London Stock Exchange Website www.bacitltd.com

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Annualized Standard Deviajon

TOP 10 HOLDINGS



Investment Manager BACIT GP Limited Fund Manager Asset Class Strategy % of NAV

1 CG Portfolio Fund plc Dollar Fund CG Asset Management Long Bias Fixed Inc 7.6% Administrator Northern Trust International 2 Maga Smaller Companies Fund Otus Capital Hedge Fund Equity Hedge 6.0%

3 Majedie Asset UK Equity Majedie Asset Management Long Bias Equity 5.9%

Custodian Northern Trust (Guernsey) Ltd 4 BlackRock UK Special BlackRock Long Bias Equity 4.9%

5 AIMS Diversified Fund Armajaro Hedge Fund Commodity 4.2% Registrar Capita Registrars (Guernsey) Limited 6 Chenavari Multi Strategy Chenavari Investment Managers Hedge Fund Credit 3.7% Shareholder Inquiries UK: 0871 664 0321 7 Polygon Mining Fund Polygon Investment Partners Hedge Fund Commodity 3.6%

Rest of World: +44 20 8639 3399 8 SW Mitchell European Fund SW Mitchell Hedge Fund Equity Hedge 3.5%



9 Cumulus Energy Cumulus Hedge Fund Commodity 3.3% Corporate Broker J.P. Morgan Cazenove 10 Polar Capital Japan Large Cap Fund Polar Capital Long Bias Equity 3.2% Total 45.8%

PERFORMANCE



Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2012 0.53% 2.35% 2.90%

B A C I T F A C T S H E E T 1

BACIT Limited



ASSET ALLOCATION (% OF NAV)


FUND STRATEGY ALLOCATION (% OF NAV)

Cash
22%
Credit
7%
Relajve Value
3%
Global Macro
2%
Hedge Fund
45%
Fixed Inc
8%
Equity
23%
Commodity
16%
Long Bias
32%
Equity Hedge
19%
Cash
22%

DENOMINATION OF INVESTMENTS (% OF NAV)

STRATEGY GEOGRAPHICAL FOCUS (% OF NAV)

U EUR

4%
US
14%
Asia-­?Pac
13%
UK
14%
Emerging
9%
USD
47%
GBP
49%
Global
26%
Europe
25%

NAV PERFORMANCE ANALYSIS ALLOCATION POLICY

Inception

October 2012

Current Limit % of Limit
NAV (£m) £209.7m Asset Class Hedge Fund 45% 80% 57%
1 Month Return 2.35% Strategy Equity 23% 50% 45%
3 Months Return N/A Manager Polygon Investment Partners 10% 30% 32% YTD Return 2.90% Fund CG Portfolio Fund plc Dollar Fund 8% 20% 38% Last 12 Months Return N/A

Annualized Return Since Inception 18.69%
Annualised Volatility Since Inception 4.46% Sharpe Ratio 3.9
Sortino Ratio

INDEX ANALYSIS

MSCI World
FTSE All-­?
HFRIFOF
Best Month 2.35%
GBP Share Index
Index
Worst Month 0.53% Alpha N/A N/A N/A
% Positive Months 100% Beta N/A N/A N/A Largest Drawdown 0.00% Correlation N/A N/A N/A Outperformance in Down Markets N/A N/A N/A

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.

BACIT GP LIMITED, 1 KNIGHTSBRIDGE GREEN, LONDON SW1X 7QA Telephone +44 20 3603 0453 Email IR@bacit.co

B A C I T F A C T S H E E T 2

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