Update on Proposal

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION IN PARTICULAR THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA AND JAPAN

This announcement is an advertisement and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in Alternative Liquidity Fund Limited (the "Company") or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities. Any investment decision must be made exclusively on the basis of the final prospectus published by the Company and any supplement thereto.

16 April 2019

ALTERNATIVE LIQUIDITY FUND LIMITED

LEI: 213800R5CHD76J3LU713

UPDATE ON PROPOSALS

On 6 February 2019, Alternative Liquidity Fund Limited (the "Company") published a circular (the "Circular") in connection with proposals to amend its investment policy and adopt new articles of association in relation to the introduction of a new class of ordinary shares pursuant to an Initial Placing, Offer for Subscription and subsequent Placing Programme (the "Proposals").

The Company's shareholders granted their approval of the Proposals at the extraordinary general meeting of the Company held on 25 February 2019.

The Circular contained an indicative timetable in relation to the Initial Placing and Offer. The Company has not yet published its Prospectus in connection with the Initial Placing and Offer and as such, the Initial Placing and Offer will not close in accordance with the indicative timetable. A revised timetable is expected to be published in due course together with the Prospectus.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular.

For further information please contact:

Notes:

This announcement is for information purposes only and does not purport to be full or complete and any decision regarding the Proposals should be made only on the basis of the circular published by the Company on 6 February 2019.