Notice of EGM

BACIT LIMITED (a closed-ended investment company incorporated in Guernsey with registration number 55514) (the "Company") 25 November 2014 Notice of Extraordinary General Meeting to approve amendment to investment policy to facilitate investment in CRT Pioneer Fund LP A Circular, including a notice of an extraordinary general meeting of theCompany to be held at 3 p.m. on 15 December 2014 regarding an amendment to theCompany's investment policy (the "Investment Policy") to facilitate a proposedinvestment in CRT Pioneer Fund LP (the "Pioneer Fund"),is being sent toshareholders today. The Pioneer Fund is an English limited partnership, managed by Sixth ElementCapital LLP ("Sixth Element"). The Pioneer Fund's investment policy is toinvest in projects and intellectual property assets with a life science ormedical technologies focus related to oncology, including therapeutics anddiagnostics. Through these investments the Pioneer Fund aims to enable thecommercialization of innovative scientific research or prototypes arisingprimarily but not exclusively from the network of research centres, researchgroups or individual researchers associated with Cancer Research UK for thebenefit of cancer patients globally. The Company's Investment Policy currently permits it to invest up to one percent. per annum of the Company's net asset value to acquire interests in drugdevelopment and medical innovation projects undertaken by the Institute ofCancer Research or its subsidiaries in the field of cancer research andtherapeutics which have the potential for commercial development andapplication ("ICR Projects"). The Company now has an opportunity to invest inthe Pioneer Fund which will allow it to benefit from the expertise of SixthElement in investments relevant to this part of its Investment Policy. Paymentsto the Pioneer Fund will be counted as investments in ICR Projects for thepurpose of the one per cent. of net asset value limit on amounts that may beinvested annually in ICR Projects. It is possible, but unlikely, that in anyone year (and after taking account of any uninvested amounts carried over fromprevious years) payments to the Pioneer Fund may be required to exceed thislimit.Unlike the Company's other investments, the investment in the PioneerFund would not be made on a "fee free" basis. As the proposed investment into the Pioneer Fund and the terms on which itwould be made do not fall precisely within the Investment Policy, shareholdersare being asked to approve an amendment to the Investment Policy to permit theGroup's investment in the Pioneer Fund as set out in more detail in theCircular. A copy of the Circular will shortly be available on the Company's website athttp://www.bacitltd.com . The Circular has also been submitted to the NationalStorage Mechanism and will shortly be available for inspection atwww.morningstar.co.uk/uk/nsm . Enquiries:Northern Trust International Fund Administration Services (Guernsey) LimitedTel: +44 (0) 1481 745368