ALTERNATIVE INVESTMENT TRUST — Net Asset Value 2011

May 15, 2011

Alternative Investment Trust

Alternative Investment Trust ARSN 112 129 218 Responsible Entity: The Trust Company (RE Services) Limited ACN 003 278 831 AFSL 235 150 Level 4 35 Clarence Street Sydney NSW Australia T 02 8295 8100

13 May 2011

ASX RELEASE

Unaudited Net Tangible Asset Backing as at 30 April 2011

Please find below information on the Net Tangible Asset (NTA) backing for AIQ as at 30 April 2011:

NTA per unit as at 30 April 2011 $0.9756[1]

For additional information on AIT, including the latest fact sheet, please refer to

www.thealternativeinvestmenttrust.com

1 Unaudited – In calculating the NTA, AIQ asset values have been calculated using unaudited absolute return fund performance estimates and estimated valuations of the Direct Investment Portfolio based on holding those assets to maturity for the month being reported.