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 the
Company to be held at 3 p.m. on 15 December 2014 regarding an amendment to the
Company's investment policy (the "Investment Policy") to facilitate a proposed
investment in CRT Pioneer Fund LP (the "Pioneer Fund"),is being sent to
shareholders today. 

The Pioneer Fund is an English limited partnership, managed by Sixth Element
Capital LLP ("Sixth Element"). The Pioneer Fund's investment policy is to
invest in projects and intellectual property assets with a life science or
medical technologies focus related to oncology, including therapeutics and
diagnostics. Through these investments the Pioneer Fund aims to enable the
commercialization of innovative scientific research or prototypes arising
primarily but not exclusively from the network of research centres, research
groups or individual researchers associated with Cancer Research UK for the
benefit of cancer patients globally.

The Company's Investment Policy currently permits it to invest up to one per
cent. per annum of the Company's net asset value to acquire interests in drug
development and medical innovation projects undertaken by the Institute of
Cancer Research or its subsidiaries in the field of cancer research and
therapeutics which have the potential for commercial development and
application ("ICR Projects"). The Company now has an opportunity to invest in
the Pioneer Fund which will allow it to benefit from the expertise of Sixth
Element in investments relevant to this part of its Investment Policy. Payments
to the Pioneer Fund will be counted as investments in ICR Projects for the
purpose of the one per cent. of net asset value limit on amounts that may be
invested annually in ICR Projects. It is possible, but unlikely, that in any
one year (and after taking account of any uninvested amounts carried over from
previous years) payments to the Pioneer Fund may be required to exceed this
limit.Unlike the Company's other investments, the investment in the Pioneer
Fund would not be made on a "fee free" basis.

As the proposed investment into the Pioneer Fund and the terms on which it
would be made do not fall precisely within the Investment Policy, shareholders
are being asked to approve an amendment to the Investment Policy to permit the
Group's investment in the Pioneer Fund as set out in more detail in the
Circular.

A copy of the Circular will shortly be available on the Company's website at
http://www.bacitltd.com . The Circular has also been submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/nsm .

Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel:       [phone]