Distribution Receipt

STOCK EXCHANGE ANNOUNCEMENT

For immediate release 16 December 2016

ALTERNATIVE LIQUIDITY FUND LIMITED

(a closed-ended investment company incorporated in Guernsey with registration number 60552)

The Directors of Alternative Liquidity Fund Limited are pleased to announce that approximately US$2.5 million was received in December by way of a further cash distribution at NAV from the Growth Management and Growth Premier funds ("GML"). This represents approximately 37 per cent. of the GML position.

Enquiries

T Gardner

Morgan Creek Capital Management Europe

Email: [email protected]

Telephone: (44) 020 7647 2171