WAM ALTERNATIVE ASSETS LIMITED — Net Asset Value 2016

Aug 11, 2016

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12 August 2016

Dear Shareholder

Blue Sky Alternatives Access Fund Limited (ASX:BAF) – Net Tangible Assets (‘NTA’) per share increase for July 2016

BAF is pleased to report its NTA for the month ended 31 July 2016, with a pre-tax NTA increase to $1.1251 per share, a gain of 0.31% for the month.

The key driver of the gain was a 2% uplift on the Alternatives Fund’s investment in the Blue Sky Water Fund.

The Alternatives Fund made one new investment in July, deploying US$1.0 million (A$1.35 million) into the Blue Sky Private Equity aCommerce Fund. This fund will acquire equity in aCommerce Group Limited, the largest end-to-end provider of e-commerce solutions in South East Asia.

BAF’s asset class allocation as at 31 July 2016 is as follows:

Asset class	Weight (%)
Private Equity & Venture Capital	23.4%
Real Assets	31.3%
Private Real Estate	37.5%
Hedge Funds	3.8%
Cash	4.0%
Total	100.0%

On 19 August 2016, BAF will release its financial statements for the 2016 financial year, and announce its 2016 financial year dividend. We look forward to providing you with details of the 2016 dividend at that time.

Yours faithfully

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Andrew Champion Executive Director

Important note

BSAAF Management Pty Ltd ABN 82 168 923 279 has prepared the information in this document. This document has been prepared for the purpose of providing general information only, without taking account of any particular investor’s objectives, financial situation or needs. It is not an offer or invitation for subscription or purchase, or a recommendation of any financial product and is not intended to be relied upon by investors in making an investment decision. Past performance is not a reliable indicator of future performance.

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MONTHLY UPDATE JULY 2016

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NET TANGIBLE ASSETS – AS AT 31 JULY 2016[1]

Net Tangible Assets (NTA) per share (pre-tax) $ 1.1251 Net Tangible Assets (NTA) per share (post-tax) $ 1.0965

1. NTA figures in this report are unaudited.

NET TANGIBLE ASSETS – SINCE INCEPTION

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1.10
3.0 cent fully
1.08 franked dividend
1.06
1.04
1.02
options exercised
1.00
0.98
0.96
0.94
0.92
0.90
16 June 2014
(date of listing)
Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16
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FUND PERFORMANCE[3]

Period	Pre-Tax	Post-Tax
1 month	0.31%	0.23%
3 months	3.00%	2.94%
6 months	4.59%	4.53%
12 months	10.68%	9.29%

1. Includes NTA growth, dividends and franking credits.

SECTOR WEIGHTINGS

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Cash
Hedge 4%
Funds
3.8% Private Equity
and
Venture Capital
23.4%
Private
Real Estate
37.5%
Real Assets
31.3%
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PORTFOLIO VALUATION[2]

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Current value ($’m) % of Portfolio
PRIVATE EQUITY AND VENTURE CAPITAL
Private Equity $24.52 17.3%
Venture Capital $8.63 6.1%
Subtotal $33.15 23.4%
REAL ASSETS
Water Fund $31.52 22.3%
Other Real Assets $12.81 9.0%
Subtotal $44.33 31.3%
PRIVATE REAL ESTATE
Residential Development $19.51 13.8%
Commercial Asset Management $31.08 22.0%
Residential Asset Management $2.38 1.7%
Subtotal $52.97 37.5%
HEDGE FUNDS
Dynamic Macro $5.35 3.8%
Subtotal $5.35 3.8%
Cash $5.59 4.0%
GRAND TOTAL $141.39 100.0%
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1. Figures in this report are unaudited. The current value for each investment in the table above is consistent with the Alternatives Fund’s investment valuation policy, which may be found at blueskyfunds.com.au/alternativesfund. Note that the total value of the investment portfolio will not directly reconcile to the NTA due to the impact of interest revenue, management fees, accrued performance fees, etc.

Important Notice: BSAAF Management Pty Ltd ACN 168 923 279 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the Alternatives Fund nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this announcement in making an investment decision but must make its own assessment of the Alternatives Fund and conduct its own investigations and analysis. Past performance is not a reliable indicator of future performance. Further, forward looking statements, including projections, guidance on future earnings, opinions and estimates in this announcement (‘Forward Looking Statements’) are based on assumptions and contingencies which are subject to change, as are statements about market and industry trends, which are based on interpretations of current market conditions. These statements are also subject to known and unknown risks and uncertainties many of which are outside the control of the Manager or the Alternatives Fund. Forward Looking Statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

ABOUT THE ALTERNATIVES FUND

Blue Sky Alternatives Access Fund Limited (‘Alternatives Fund’) is a listed investment company that invests in a diverse range of alternative assets including:

• Private equity and venture capital;

• Real assets;

• Private real estate; and

• Hedge funds.

The Alternatives Fund is the only listed investment company on the Australian Securities Exchange (‘ASX’) that allows investors to make a strategic allocation to a diverse portfolio of directly managed alternative assets.

The Alternatives Fund is listed on the ASX under the code BAF.

OBJECTIVES OF THE ALTERNATIVES FUND

The primary objectives of the Alternatives Fund are to:

• Deliver long term absolute returns to shareholders, comprised of both capital appreciation and a dividend yield (franked to either 100% or the maximum extent possible);

• Provide investors with access to a diverse range of alternative assets; and

• Provide investors with the ability to invest in alternative assets through an ASX listed structure that is more readily accessible and liquid than is typical for many alternative assets.

MANAGER OF THE ALTERNATIVES FUND

BSAAF Management Pty Limited (‘Manager’) is the manager of the Alternatives Fund. All investments made by the Manager on behalf of the Alternatives Fund are directly managed by wholly owned subsidiaries of Blue Sky Alternative Investments Limited (ASX:BLA) (‘Blue Sky’).

Blue Sky has in excess of $2.0 billion in assets under management and a nine year track record of generating overall returns to investors in its funds of 16.9% p.a. (net of fees, since inception).[4]

1. Overall returns to investors in Blue Sky managed funds are equity weighted to 31 December 2015. For more details, please refer to BLA’s regular ASX announcements on the investment performance of its funds. Please also note that past performance is not a reliable indicator of future performance.

FURTHER INFORMATION

Executive Director: Andrew Champion

Executive Director contact: achampion@blueskyfunds.com.au Website: blueskyfunds.com.au/alternativesfund Investor enquiries: investorservices@alternativesfund.com.au Phone: +61 7 3270 7500

MONTHLY UPDATE JULY 2016

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INVESTMENT PERFORMANCE

The pre-tax NTA of the Alternatives Fund increased by 0.35 cents per share, or 0.31%, in July to $1.1251. The result was primarily driven by a 2% gain from the Blue Sky Water Fund, partially offset by a marginally negative performance from Hedge Funds and the up-front cost of deploying capital into one new Private Equity investment.

• Blue Sky Water Fund

The value of the Alternatives Fund’s units in the Blue Sky Water Fund increased by 2% in July. Being the first month of the Water Year, July is a key month for new water allocation announcements. These water allocations represent actual water volumes the Water Fund can sell over the course of the 2016/17 Water Year to produce income. Adding these assets into the fund accounted for the majority of this month’s performance.

Despite wet conditions across much of the Murray-Darling Basin, the Water Fund is well positioned to produce strong yields this Water Year through a mix of lease income, carryover rental income and spot sales.

NEW INVESTMENTS

• Blue Sky Private Equity aCommerce Fund

The Alternatives Fund invested US$1.0 million (A$1.35 million) into the Blue Sky Venture Capital aCommerce Fund which has participated in a financing round in aCommerce Group Limited, the largest end-to-end e-commerce solutions provider in South East Asia.

With a deeply experienced management team and operations in Thailand, Philippines and Indonesia, aCommerce provides robust localised e-commerce solutions for over 175 leading global brands and retail clients. aCommerce’s product offering facilitates rapid market penetration for its clients through providing an outsourced solution for services such as local language e-commerce website design, localised marketing, channel management, warehousing, delivery, logistics, customer care and cross-border management.

This investment provides the Alternatives Fund with exposure to the rapid growth of e-commerce in South East Asia and is expected to deliver strong capital growth over an investment term of approximately four years.

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Fund name Amount invested5 Date invested6 % allocated capital Target IRR7 Anticipated exit8 Description	PRIVATE EQUITY & VENTURE CAPITAL	PRIVATE EQUITY	Early Learning Fund 4,000,000 Jun-14 3.3% CY17 Holds equity in Foundation Early Learning Limited, a premium Australian child care operator.	Wild Breads Fund 2,000,000 Jun-14 1.6% CY17 - CY18 Holds equity in Wild Breads Pty Ltd, a leading business in the rapidly growing artisan and specialty bread category in Australia.	Hospital Pharmacy Services Fund 3,500,000 Dec-14 2.9% CY19 - CY20 Holds equity in Hospital Pharmacy Services Pty Ltd, Australia's largest outsourced hospital and oncology pharmacy business.	Origo Education Fund 1,500,000 Jun-15 1.2% CY19 - CY20 Holds equity in Origo Education, a rapidly growing Australian business providing digital and print education instructional materials to in the United States of America, Australia, Canada and New Zealand.	Hotels Fund 6,000,000 Jun-15 4.9% CY19 - CY20 Holds equity in the GM Hotels, a portfolio of three freehold and seven long-term leasehold hotels in South Australia.	Aquila Fund 4,000,000 Dec-15 3.3% CY19 - CY20 Holds equity in Aquila, an Australian retail business focusing on the men’s footwear and smart casual fashion segment.	Digital Outdoor Advertising Fund9 2,110,595 Feb-16 1.7% CY20 - CY21 Holds equity in a US-based business which will construct, own and operate a network of digital billboards in a major US metropolitan market.	Total Private Equity 23,110,595 19.0% 25.0% - 30.0% Important Notice:BSAAF Management Pty Ltd ACN 168 923 279 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the Alternatives Fund nor does it constitute fnancial product or investment advice nor take into account your investment objectives, taxation situation, fnancial situation or needs. An investor must not act on the basis of any matter contained in this announcement in making an investment decision but must make its own assessment of the Alternatives Fund and conduct its own investigations and analysis. Past performance is not a reliable indicator of future performance. Further, forward looking statements, including projections, guidance on future earnings, opinions and estimates in this announcement (‘Forward Looking Statements’) are based on assumptions and contingencies which are subject to change, as are statements about market and industry trends, which are based on interpretations of current market conditions. These statements are also subject to known and unknown risks and uncertainties many of which are outside the control of the Manager or the Alternatives Fund. Forward Looking Statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. 5. Total capital deployed to date, inclusive of follow-on investments and net of capital returned. 6. Date of initial investment. 7. These fgures represent the Manager’s general expectations as to the returns the relevant asset class can generate over time. These fgures are not intended to represent a forecast or guidance and do not take into account the performance to date of the existing portfolio of investments or the Manager’s view on the likely future performance of any one or more specifc assets. 8. These dates refect the most recent information provided to the Manager by the manager of the relevant fund. An exit in this context generally refers to a disposal of the underlying fund assets by the fund’s manager rather than the disposal by the Alternatives Fund of its investment (for which there is typically no secondary market or redemption mechanism). These dates are subject to change at the discretion of the relevant fund’s manager taking into account factors including investment performance and prevailing market conditions. 9. Confdentiality restrictions in force at the time of this report prohibit release of certain transaction details, including the name of the business invested in. Further information will be provided in future reports.

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Description A fund to invest in a diversified portfolio of venture capital investments, including Parcel Point/ Fluent Retail, Shoes of Prey, Vinomofo, THR1VE and Eloquii. Holds equity in Shoes of Prey, a rapidly growing fashion footwear company that has developed a unique platform enabling customised women’s footwear to be manufactured and sold ‘on demand’. Holds equity in Vinomofo, Australia's leading pure-play online wine retailer. Has an interest in aCommerce, the largest provider of outsourced e-commerce solutions in South East Asia. Invests in a diversified portfolio of agricultural water entitlements, largely in the Southern Murray-Darling Basin. Holds equity in Gundaline Pty Ltd, the owner and operator of a large-scale irrigated cropping business east of Hay in NSW. Holds the freehold property and business assets comprising Hillston Citrus, an irrigated citrus orchard near Hillston in NSW. Holds equity in Water Utilities Group, which owns and operates a portfolio of high-quality water infrastructure assets. To hold equity in certain unique elements of the Australian livestock value chain.
8
Anticipated exit CY20 CY20 CY19 - CY20 CY20 Open-ended CY20 CY22 CY18 CY22 - CY23
7 30.0% 15.0%
Target IRR
10.0% - 14.0%
% allocated capital 3.3% 0.8% 2.5% 1.1% 7.6% 26.4% 19.8% 19.8% 3.6% 3.3% 2.1% 0.8% 9.8% 29.5%
Date 6 Jun-14 Oct-15 Dec-15 Jul-16 Jun-14 Jun-14 Oct-15 Oct-14 Jun-16
invested
Amount 5
invested 4,000,000 1,000,000 3,000,000 1,347,164 9,347,164 32,457,759 24,000,000 24,000,000 4,365,000 4,000,000 2,500,000 1,000,000 11,865,000 35,865,000
BSAAF Management Pty Ltd ACN 168 923 279 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the Alternatives Fund nor
Fund name VENTURE CAPITAL VC2014 Fund Shoes of Prey Fund Vinomofo Fund aCommerce Fund Total Venture Capital Total Private Equity & Venture Capital REAL ASSETS WATER RIGHTS Water Fund Total Water Rights OTHER REAL ASSETS Agriculture Fund Agriculture Fund II Water Utilities Australia Fund II Livestock Opportunity Fund Total Other Real Assets Total Real Assets performance of any one or more specific assets. redemption mechanism). These dates are subject to change at the discretion of the relevant fund’s manager taking into account factors including investment performance and prevailing market conditions.
5. Total capital deployed to date, inclusive of follow-on investments and net of capital returned. 6. Date of initial investment. 7. These figures represent the Manager’s general expectations as to the returns the relevant asset class can generate over time. These figures are not intended to represent a forecast or guidance and do not take into account the performance to date of the existing portfolio of investments or the Manager’s view on the likely future 8. These dates reflect the most recent information provided to the Manager by the manager of the relevant fund. An exit in this context generally refers to a disposal of the underlying fund assets by the fund’s manager rather than the disposal by the Alternatives Fund of its investment (for which there is typically no secondary market or Important Notice: does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this announcement in making an investment decision but must make its own assessment of the Alternatives Fund and conduct its own investigations and analysis. Past performance is not a reliable indicator of future performance. Further, forward looking statements, including projections, guidance on future earnings, opinions and estimates in this announcement (‘Forward Looking Statements’) are based on assumptions and contingencies which are subject to change, as are statements about market and industry trends, which are based on interpretations of current market conditions. These statements are also subject to known and unknown risks and uncertainties many of which are outside the control of the Manager or the Alternatives Fund. Forward Looking Statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.
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Description		Regina Street Greenslopes Trust 1,000,000 Jun-14 0.8% 1H FY17 A residential development of 61 apartments (29 one bedroom and 32 two bedroom) in the South Brisbane suburb of Greenslopes.	37 Regent Street Woolloongabba Trust 1,000,000 Jun-14 0.8% 1H FY17 A residential development of 44 apartments (9 one bedroom and 35 two bedroom) in the South Brisbane suburb of Wolloongabba.	Logan Road Greenslopes Trust 1,000,000 Aug-14 0.8% 1H FY17 A residential development of 53 apartments (12 one bedroom, 36 two bedroom and 5 three bedroom) in the South Brisbane suburb of Greenslopes.	Main Street Kangaroo Point Trust 2,000,000 Aug-14 1.6% 2H FY17 A residential development of 105 apartments (25 one bedroom, 72 two bedroom and 8 three bedroom) in the Central Brisbane suburb of Kangaroo Point.	Grantson Street Windsor Trust 1,000,000 Aug-14 0.8% 1H FY17 A residential development of 65 apartments (2 one bedroom, 49 two bedroom and 14 three bedroom) in the North Brisbane suburb of Windsor.	Duke Street Kangaroo Point Trust 2,000,000 Sep-14 1.6% 2H FY17 A residential development of 125 apartments (46 one bedroom, 75 two bedroom and 4 three bedroom) in the Central Brisbane suburb of Kangaroo Point.	Flora Street Greenslopes Trust 1,000,000 Jun-15 0.8% 1H FY18 A residential development of 107 apartments (15 one bedroom, 84 two bedroom and 8 three bedroom) in the South Brisbane suburb of Greenslopes.	19 Railway Terrace Milton Trust 2,000,000 Sep-15 1.6% 1H FY18 A residential development of 82 apartments (10 one bedroom, 64 two bedroom and 8 three bedroom) in the Brisbane suburb of Milton.	Wellington Road East Brisbane Trust 2,000,000 Sep-15 1.6% 1H FY18 A residential development of 71 apartments (17 one bedroom, 46 two bedroom and 8 three bedroom) in the Brisbane suburb of East Brisbane.	Wellington Road East Brisbane Trust II 1,000,000 Nov-15 0.8% 2H FY18 The second stage of the Wellington Road East Brisbane development, consisting of 75 apartments (17 one bedroom, 50 two bedroom and 8 three bedroom).	High Street Lutwyche Trust 1,000,000 Nov-15 0.8% 2H FY18 A residential development of 59 apartments (15 one bedroom, 41 two bedroom and 3 three bedroom) in the North Brisbane suburb of Lutwyche.	5. Total capital deployed to date, inclusive of follow-on investments and net of capital returned. 6. Date of initial investment. 7. These fgures represent the Manager’s general expectations as to the returns the relevant asset class can generate over time. These fgures are not intended to represent a forecast or guidance and do not take into account the performance to date of the existing portfolio of investments or the Manager’s view on the likely future performance of any one or more specifc assets. 8. These dates refect the most recent information provided to the Manager by the manager of the relevant fund. An exit in this context generally refers to a disposal of the underlying fund assets by the fund’s manager rather than the disposal by the Alternatives Fund of its investment (for which there is typically no secondary market or redemption mechanism). These dates are
Anticipated exit8	RESIDENTIAL DEVELOPMENT INVESTMENTS
Target IRR7
% allocated capital
Date invested6
Amount invested5
Fund name PRIVATE REAL ESTATE

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MONTHLY UPDATE JULY 2016
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SUMMARY OF CURRENT INVESTMENTS (CONT.) Fund name Amount invested5 Date invested6 % allocated capital Target IRR7 Anticipated exit8 Description	RESIDENTIAL DEVELOPMENT INVESTMENTS	Retirement Living Fund 3,000,000 Jun-16 2.5% CY21 A project to develop a multi-stage independent living retirement precinct in Brisbane.	Total Residential Development investments 18,000,000 14.8% 20.0% - 25.0%	SOCIAL AND COMMERCIAL ASSET MANAGEMENT INVESTMENTS	Darra Industrial Income Fund 2,000,000 Dec-14 1.6% CY18 To hold the freehold title to a 3,479m2single-tenant industrial manufacturing, distribution and offce facility sited on a 7,254m2land holding in the Brisbane suburb of Darra.	Student Accommodation Fund 1,500,000 Dec-14 1.2% CY20 - CY22 A project to develop and operate a purpose-built, 286 bed student accommodation precinct in the Brisbane suburb of Woolloongabba, close to several large tertiary education institutions.	Student Accommodation Fund II 5,000,000 Mar-15 4.1% CY20 - CY22 A project to develop and operate a purpose-built, 733 bed student accommodation precinct in the Brisbane suburb of South Brisbane, close to several large tertiary education institutions.	Student Accommodation Fund III 6,000,000 Jun-15 4.9% CY20 - CY22 A project to develop and operate a purpose-built, 789 bed student accommodation precinct on La Trobe Street in the Melbourne CBD and in close proximity to six university campuses.	Student Accommodation Fund IV 3,500,000 Jun-15 2.9% CY20 - CY22 A project to develop and operate a purpose-built, 415 bed student accommodation precinct on Waymouth Street in Adelaide’s West End, close to Uni SA, Adelaide Uni and a new $3b health and biomedical precinct.	Student Accommodation Fund V 3,000,000 Nov-15 2.5% CY20 - CY22 A project to develop and operate a purpose-built, 175 bed student accommodation precinct on Peel Street, North Melbourne opposite the University of Melbourne Parkville Campus.	Student Accommodation Fun VI 1,250,000 May-16 1.0% CY22 A project to develop and operate a purpose-built, 546 bed student accommodation precinct on in the Brisbane suburb of Toowong, a short distance from the University of Queensland.	Cove Property Group 2 Rector Street Trust 6,974,473 Feb-16 5.7% CY23 A project to acquire, reposition and lease up a 26 storey building at 2 Rector Street in the Financial District, Manhattan, New York.	5. Total capital deployed to date, inclusive of follow-on investments and net of capital returned. 6. Date of initial investment. 7. These fgures represent the Manager’s general expectations as to the returns the relevant asset class can generate over time. These fgures are not intended to represent a forecast or guidance and do not take into account the performance to date of the existing portfolio of investments or the Manager’s view on the likely future performance of any one or more specifc assets. 8. These dates refect the most recent information provided to the Manager by the manager of the relevant fund. An exit in this context generally refers to a disposal of the underlying fund assets by the fund’s manager rather than the disposal by the Alternatives Fund of its investment (for which there is typically no secondary market or redemption mechanism). These dates are Total Social and Commercial Asset Management Investments 29,224,473 24.1% 13.0% - 18.0%

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Description Management rights for the 3 tower, 788 apartment ‘Southport Central’ precinct on the Gold Coast, plus the freehold title to the manager’s office. A portfolio of quantitative trading strategies, diversified across currency, commodity, equity and interest rate markets, utilising derivatives and short selling in its strategy execution and an econometric method of allocating risk.
8
Anticipated exit CY17 Open-ended
7 10.0%
Target IRR
12.0% - 16.0% Cash + 6.0% -
% allocated capital 1.8% 1.8% 40.7% 4.1% 4.1% 100.0%
Date 6 Oct-14 Dec-15
invested
Amount 5
invested 2,200,000 2,200,000 49,424,473 5,000,000 5,000,000 122,747,233
Fund name RESIDENTIAL ASSET MANAGEMENT INVESTMENTS Management Rights Income Fund IV Total Residential Asset Management investments Total Private Real Estate HEDGE FUNDS Alliance Fund (Dynamic Macro) Total Hedge Funds Total portfolio
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MONTHLY UPDATE JULY 2016

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TIMELINE – EXIT HORIZON FOR ALL INVESTMENTS[8]

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1H FY17	Grantson Street Windsor Trust
	Regina Street Greenslopes Trust
	Logan Road Greenslopes Trust
	37 Regent Street Woolloongabba Trust
2H FY17	Duke St Kangaroo Point Trust
	Main Street Kangaroo Point Trust
CY17	Wild Breads Fund
	Management Rights Income Fund IV
	Early Learning Fund
1H FY18	Wellington Road East Brisbane Trust
	Flora Street Greenslopes Trust
	19 Railway Terrace Milton Trust
2H FY18	High Street Lutwyche Trust
	Wellington Road East Brisbane Trust II
CY18	Darra Industrial Income Fund
	Water Utilities Australia Fund II
CY19	Origo Education Fund
	Hotel Fund
	Hospital Pharmacy Services Fund
	Aquila Fund
CY19-20	Vinomofo Fund
CY20	Student Accommodation Fund
	VC2014 Fund
	Agriculture Fund
	Shoes of Prey Fund
	aCommerce Fund
CY20 - CY21	Student Accommodation Fund II
	Student Accommodation Fund III
	Student Accommodation Fund IV
	Student Accommodation Fund V
	Student Accommodation Fund VI
	Digital Outdoor Advertising Fund
CY21	Retirement Living Fund
CY22	Agriculture Fund II
CY23	Cove Property Group 2 Rector Street Trust
	Livestock Opportunity Fund
Open-ended	SRA Alliance Fund (Dynamic Macro)
	Water Fund

1. These dates reflect the most recent information provided to the Manager by the manager of the relevant fund. An exit in this context generally refers to a disposal of the underlying fund assets by the fund’s manager rather than the disposal by the Alternatives Fund of its investment (for which there is typically no secondary market or redemption mechanism). These dates are subject to change at the discretion of the relevant fund’s manager taking into account factors including investment performance and prevailing market conditions.

Important Notice: BSAAF Management Pty Ltd ACN 168 923 279 (‘Manager’) has prepared the information in this announcement. This announcement has been prepared for the purposes of providing general information only and does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the Alternatives Fund nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this announcement in making an investment decision but must make its own assessment of the Alternatives Fund and conduct its own investigations and analysis. Past performance is not a reliable indicator of future performance. Further, forward looking statements, including projections, guidance on future earnings, opinions and estimates in this announcement (‘Forward Looking Statements’) are based on assumptions and contingencies which are subject to change, as are statements about market and industry trends, which are based on interpretations of current market conditions. These statements are also subject to known and unknown risks and uncertainties many of which are outside the control of the Manager or the Alternatives Fund. Forward Looking Statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.