BACIT Limited (“BACIT”) is a closed-ended investment company, registered and incorporated in Guernsey (registration number 55514). BACIT was admitted to trading on the London Stock Exchange’s main market for listed securities on 26 October 2012. Shares in BACIT trade under the ticker BACT.L.

BACIT invests through BACIT Investments LP Incorporated, a Guernsey limited partnership (the ‘‘Limited Partnership’’) which makes investments and hold assets in a manner consistent with BACIT’s investment policy. The general partner of the Limited Partnership is BACIT GP Limited, a wholly-owned Guernsey incorporated subsidiary of the Company. BACIT is the sole limited partner of the Limited Partnership.

BACIT’s investment objective is to deliver superior returns from investments in leading long-only and alternative investment funds across multiple asset classes.

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 does not apply to the investment in the CRT Pioneer Fund LP. 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 back 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 return on the relevant investment by the amount of any such fees.

The composition of the Group’s investment portfolio will vary over time in terms of its investment in asset classes, strategies, managers and funds but BACIT intends to be invested in at least 15 distinct investment funds or managed account strategies at any time.

Further, BACIT invests in the CRT Pioneer Fund LP and may also invest in other drug development and medical innovation projects undertaken by The Institute of Cancer Research (“ICR”), subject to limitations on the amount of its NAV that it may invest in such projects in any year.

BACIT makes an annual charitable donation, paid in arrears, of one per cent. of NAV, half of which is donated to the ICR and half of which is donated to The BACIT Foundation (registered charity number 1149202). The BACIT Foundation (net of the BACIT Foundation’s running expenses) grants those funds to charities named in a list of charities proposed annually by The BACIT Foundation (including the ICR) in proportions determined each year by investors in BACIT. The list of charities is sent to shareholders at or around the same time as BACIT’s annual report is dispatched in each year.