Title: ALF Fact Sheet April 2020 URL Source: https://is.gd/AQEZmK Published Time: Tue, 24 Jun 2025 09:14:09 GMT Markdown Content: www.alternativeliquidityfund.com Alternative Liquidity Fund Limited | 1 DESCRIPTION > Alternative Liquidity Fund Limited (“ALF” or the “Company”) is a > Guernsey -domiciled, London Stock Exchange (LSE) -traded closed > ended investment company .ALF is listed on the Specialist Fund > Segment of the LSE .ALF is aself -managed AIF and has appointed > Hindsight Solutions Ltd .as Investment Adviser to assist the Board to > realise ALF’s investments and return cash to investors . FUND UPDATE ALF's Net Asset Value (NAV) increased by 2.29 % in the first quarter of 2025 . The positive performance was driven by portfolio cash inflows during the quarter and an appreciation of the Brazilian Real vs USD . ALF received approximately $502 k in portfolio distributions in the first quarter . They came from Vision Invest RJ (328 k), the sale of our position in Warana 2018 (144 k), and an additional audit hold -back payment of 30 k from Autonomy Rochavera . The FCVS RJ portfolio of credits continues to progress through the Brazilian Treasury . Although we have not heard any concrete news with regards to a firm date for novation, we have been informed by Vision that the process is proceeding well . After hiring new lawyers for Vision Special Credit Opp Eletrobras Fund, the Siemens case has moved to a virtual trial which will conclude on July 18 th . Eletrobras pushed hard to switch from a virtual trial to an in -person hearing with oral arguments, which would have delayed the proceedings significantly Thanks to our new legal team’s efforts, the presiding judge denied that request and kept the trial virtual . In a virtual trial our chances are stronger given that there is no oral debate, only an evaluation of the written motions already filed . Since the courts have previously ruled in our favour and the total claim has been in escrow for over two years, our legal team is cautiously optimistic . COMPANY INFORMATION > Investment > Adviser: > Hindsight > Solutions Ltd. > Subscriptions & > Redemptions: None, LSE Traded > Dollar Share ORD Bloomberg: ALF.LN > Domicile: Guernsey Reuters: ALF.L > SEDOL: BYRGPD6 ISIN: GG00BYRGPD65 PORTFOLIO OVERVIEW (as at March 31, 2025): # TICKER: ALF # March 31, 2025 GEOGRAPHIC ALLOCATION % of ALF NAV (ex cash) Americas 100% Brazil 97% North America 3% Europe 0% Asia 0% Rest of World 0% ASSET CLASS EXPOSURE % of ALF NAV Bonds/Credit 96% Real Estate 1% Equity 1% Other 1% Cash 1% SIGNIFICANT POSITIONS Manager NAV ($M) Provision ALF NAV ($M) % of Portfolio Vision FCVS RJ Fund $14.88 -60% $5.95 57.5% Vision Special Credit Opp Eletrobras Fund $4.30 -45% $2.36 22.8% Vision Invest RJ $2.67 -42% $1.56 15.1% Autonomy Rochavera Fund $0.18 -50% $0.09 0.9% Cash $0.39 $0.39 3.8% Total $22.41 $10.35 100.0% Fund Liabilities -$1.23 -$1.23 -13.4% Total $21.2 $9.2 100% Net Asset Value Per Share (Mar 31, 2025) 0.145 0.0626 Net Asset Value Per Share (Dec 31, 2024) 0.145 0.0612 Change (%) in NAV Per Share 0.08% 2.29% ALF VALUATION METHODOLOGY www.alternativeliquidityfund.com Alternative Liquidity Fund Limited | 2 ALF is invested in approximately 14 illiquid third -party funds and companies* . The quality of assets and information provided by the managers of these funds varies greatly . While many funds provide regular net asset value estimates of their portfolio, the Board believes that these valuations can be optimistic in their inputs or assumptions and it is generally expected that these type of funds trade at a discount to these valuations in the secondary market (where observable) . Some of the funds in the ALF portfolio are also delinquent in providing their valuation estimates and/or have not had their accounts audited in a regular timeframe . As such, the Board thinks it is appropriate to review the valuations provided by the underlying funds and apply provisions where appropriate . Unfortunately, the secondary market for fund interests is not deep, is characterized by many small transactions and pricing information is not transparent . Price points can also be skewed adversely through the activity of one -off, highly motivated sellers . As such, the Board cannot readily apply a ‘mark to secondary bid’ valuation approach . As previously mentioned, the provisioning process takes into account the quality of the information received from the underlying funds, their valuation processes, geographical locations and risks associated with an underlying fund’s assets . Where possible, this analysis is then checked against observable secondary market activity . Provisions are applied based on the following criteria : 1. Where a manager, liquidator or other authorized party has advised that they expect a recovery materially less than the stated net asset value, the conservative end of the recovery range is used . Where no third -party guidance is received, the Board applies provisions of 10 % – 50 % across each of the following criteria cumulatively : 2. If the net asset value is delinquent and/or not provided within the timeframe previously advised to investors, a provision is applied . 3. If a third -party liquidator (or similar) has been appointed, an incremental discount is applied and if this party has not made progress on the fund in a reasonable time frame, this discount may be increased . 4. The Board seeks to receive bottom -up information on the remaining assets in each of the underlying funds . Because these funds are run by third parties, it is not always possible to get the full amount of information desired . An incremental discount is applied if the additional asset level information desired has not been received . 5. If fund audited financial statements are late or qualified, a discount is applied, which increases if an audit has not been completed for several years . 6. It is expected that invested funds have third party administrators/valuation agents . Should the Board not be able to determine whether such a group is still involved, an incremental discount is applied . 7. An additional discount is applied relating to the perceived incremental geographic, political or currency related risk of the fund or manager . 8. It is not uncommon for legacy illiquid funds to be involved in some type of litigation or have issues with key regulators . An incremental discount is applied depending on the severity of the litigation or investigation . 9. Should the fund or assets still have significant leverage, an incremental discount is applied . The Board then gathers the cumulative discounts applied in steps 1 through 9 and seeks to compare the proposed provision against what is observable in the secondary market . The following incremental test is applied . 10 . If the Board is aware of a reliable third party, completed secondary market price that is : a. Within the last 6 months : AND b. At a discount to the manager -provided net asset value of greater than 50 % discount ; AND c. The price is more than 25 % different to the Board’s price calculated by applying 1 through 9, then an extra provision is applied to equate the provision levels to the secondary market value . The Board will keep that provision in place until new and/or significant information emerges . # TICKER: ALF # March 31, 2025 > *Includes portfolio holdings with a positive NAV after provisions . www.alternativeliquidityfund.com Alternative Liquidity Fund Limited | 3 ALF VALUATION METHODOLOGY (Continued) The following table summarizes how each of the top 4 investments in ALF (by ALF NAV) measure against the valuation approach a nd the cumulative provision applied against each: BOARD OF DIRECTORS The Board comprises three Directors, all of whom are non -executive and independent of the Investment Adviser . The Directors are responsible for the determination of the Company’s investment policy and overall supervision . The Directors are as follows : Quentin Spicer (Chairman) : Mr Spicer is a resident of Guernsey . He qualified as a solicitor with Wedlake Bell in 1968 and became a partner in 1970 and head of the Property Department . He moved to Guernsey in 1996 to become senior partner in Wedlake Bell Guernsey, specialising in United Kingdom property transactions and secured lending for UK and non -UK tax resident entities . Mr Spicer retired from practice in 2013 . He is former chairman of F&C UK Real Estate Investments Limited, Quintain Guernsey Limited, The Guernsey Housing Association LBG, and is a director of a Summit Properties Limited . He is a member of the Institute of Directors . Dr . Richard Berman : Dr Berman is a UK resident . He has been involved with the investment management sector since 1989 . He was previously a Manager with Orion Bank Limited, Treasurer of Andrea Merzario SpA, Group Treasurer of Heron Corporation plc, joint Managing Director and co -founder of Pine Street Investments Limited, and CEO and co -founder of Sabrecorp Limited and Signet Capital Management Limited, respectively . His experience includes the establishment, regulation and management of funds and fund management companies in a range of jurisdictions . He has a PhD in History from the University of Exeter and an MA in Economics from the University of Cambridge . He is a Fellow of the Chartered Securities & Investment Institute, a Fellow of the Association of Corporate Treasurers, and a Visiting Research Fellow at Oxford Brookes University . Anthony Pickford : Mr Pickford is a resident of Guernsey . He qualified as a Chartered Accountant in 1976 . He moved to Guernsey in 1978 as an Audit Senior with Carnaby Harrower Barnham & Company (now Deloitte) . In 1986 he joined Chandlers as a partner with a specialism in insolvency matters and advised a range of financial services companies and trading companies on insolvency matters as well as acting as financial adviser to local entities . He became Managing Director of the firm in 2000 and assumed the role of Chairman in 2004 until his retirement in 2008 . He has previously been a non -executive Director of several listed companies . # TICKER: ALF # March 31, 2025 Valuation Guidelines Fund Holdings Total ALF Provision ✓/- /- /- /- /- /- /- /-  ✓/- Vision Brazil FCVS RJ Fund ✓    Vision Brazil Special Credit Opp Eletrobras Fund ✓    Vision Invest RJ ✓    Autonomy Rochavera Fund    7. Asset or Manager Based in EM Country 8. Significant SEC Inquiry or Litigation 9. Asset Levered 10. Recent Secondary Market Trading Activity 1. Alternative Outcome Advised 2. Not Reporting NAV on Schedule 3. Liquidator Appointed 4. Unwillingness of Manager to Provide Asset Level Info 5. AFS not Produced on Schedule 6. No Third Party Administrator SERVICE PROVIDERS Custodian: Citibank, N.A. Guernsey Legal: Carey Olsen Auditor: Grant Thornton LLP UK Legal: Stephenson Harwood LLP Administrator: Apex Fund and Corporate Services (Guernsey) Limited Registrar: MUFG Corporate Markets DISCLOSURES/ FOOTNOTES There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses . Due to rounding, totals in tables may not add up to 100 %. Fund holdings are subject to change and should not be considered investment advice . Alternative Liquidity Fund Limited Disclaimer : Alternative Liquidity Fund Limited believes that the information displayed on this document is accurate as at the date of publication, but we do not guarantee the accuracy or currentness of any information and we disclaim all representations and warranties, whether express or implied, to the extent permitted by applicable law and regulation . Further, the information displayed may be amended by us at any time and without notice . By continuing to use this document, you agree to the exclusion by us, to the extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to your use of and our provision of this document and its content . By proceeding, you are representing that you have understood and accepted the terms, conditions and restrictions noted herein . An investor should consider investment objectives, risks, charges and expenses of the Fund(s) carefully before investing . Please read the prospectus for complete information before investing . All trademarks, service marks, and logos appearing on this Site are the exclusive property of their respective owners . The information on this Website is not an offer to sell or solicitation of an offer to buy an interest in any investment fund or for the provision of any investment management or advisory services . MUFG Corporate Markets, ALF’s Registrar, is available to answer any queries in relation to your shareholding . In particular, please contact Link Customer Support to claim any distributions that may have been unpaid due to outdated shareholder information . Phone : (UK) 0871 664 0300 ; (Overseas) +44 (0) 371 664 0300 calls cost 12 p per minute plus your phone company's access charge . Calls outside the United Kingdom will be charged at the applicable international rate . Offices are open between 09 :00 - 17 :30 , Monday to Friday excluding public holidays in England and Wales . Email : enquiries@linkgroup .co .uk Post : Link Asset Services, The Registry, 34 Beckenham Road, Beckenham , Kent, BR 3 4TU Shareholders are reminded that distributions are dependent upon the liquidity of the portfolio, which is highly illiquid, and the timing of underlying distributions is difficult to predict . www.alternativeliquidityfund.com Alternative Liquidity Fund Limited | 4 # TICKER: ALF # March 31, 2025 Announcement Date Ex Date Record Date Payment Date Amount (per share) Augus t 31, 2016 September 5, 2016 September 6, 2016 September 15, 2016 $ 0.020 November 28, 2016 November 30, 2016 December 1, 2016 December 15, 2016 $ 0.055 June 8, 2017 June 20, 2017 June 21, 2017 June 30, 2017 $ 0.025 October 30, 2017 October 31, 2017 November 1, 2017 November 10, 2017 $ 0.030 April 6, 2018 April 9, 2018 April 10, 2018 April 19, 2018 $ 0.030 November 22, 2018 November 22, 2018 November 23, 2018 December 13, 2018 $ 0.020 Ja nua ry 24, 2019 Janua ry 25, 2019 Janua ry 28, 2019 Februa ry 15, 2019 $ 0.020 December 5, 2019 December 19, 2019 December 20, 2019 Ja nua ry 7, 2020 $ 0.015 July 24, 2020 July 28, 2020 July 29, 2020 Augus t 18, 2020 $ 0.010 Ma rch 25, 2021 Ma rch 29, 2021 March 30, 2020 April 23, 2021 $ 0.010 October 29, 2021 November 2, 2021 November 3, 2021 December 3, 2021 $ 0.015 Ja nua ry 5, 2023 Janua ry 12, 2023 Janua ry 13, 2023 Ja nua ry 31, 2023 $ 0.015 Total $ 0.265 DISTRIBUTIONS