Result of AGM

BACIT LIMITED                                 

   (aregistered closed-ended collective investment scheme incorporated as a    
    non-cellular company limited by shares under the laws of Guernsey with     
                           registration number 55514                           

                                ("the Company")                                

                   RESULT OF ANNUAL GENERAL MEETING ("AGM")                    

                               8 SEPTEMBER 2014                                

The Board of BACIT Limited is pleased to announce that at the AGM held on 8
September, all fourteen resolutions as set out in the Notice dated 28 July 2014
were duly passed by way of a show of hands.

    The proxy votes received on each resolution proposed at the AGM were as    
 follows. A vote withheld is not a vote in law and has not been counted in the 
                      votes for and against a resolution.                      

         Ordinary Resolutions                        For      Against    Vote   
                                                                       Withheld 
                                                                                
1.   That the Annual Audited Financial           100,942,742  172,172      0    
     Statements of the Company for the year                                     
     ended 31 March 2014, together with the                                     
     Reports of the Directors and the Auditors                                  
     thereon, be received and considered.                                       
                                                                                
2.   That Deliotte LLPbe re-appointed as         100,934,030  172,172    8,712  
     Auditors until the conclusion of the next                                  
     annual general meeting.                                                    
                                                                                
3.   That the Board of Directors be authorised   93,511,073  7,603,841     0    
     to determine the remuneration of the                                       
     Auditors.                                                                  
                                                                                
4.   That Jeremy Tigue be re-elected as a        101,111,524     0       3,390  
     Director.                                                                  
                                                                                
5.   That Tom Henderson be re-elected as a       100,216,481  895,043    3,390  
     Director.                                                                  
                                                                                
6.   That Peter Hames be re-elected as a         101,111,524     0       3,390  
     Director.                                                                  
                                                                                
7.   That Colin Maltby be re-elected as a        101,056,297  55,227     3,390  
     Director.                                                                  
                                                                                
8.   That Nicholas Moss be re-elected as a       100,939,352  55,227    120,335 
     Director.                                                                  
                                                                                
9.   That Jon Moulton be re-elected as a         101,047,585  63,939     3,390  
     Director.                                                                  
                                                                                
10.  That Martin Thomas be re-elected as a       100,254,996  856,528    3,390  
     Director.                                                                  
                                                                                
11.  That the Directors' Remuneration Report     100,974,404   3,390    137,120 
     contained in the Annual Audited Financial                                  
     Statements of the Company for the year                                     
     ended 31 March 2014 be approved.                                           
                                                                                
12.  That the Directors be generally and         101,113,494   1,420       0    
     unconditionally authorised to allot and                                    
     issue, grant rights to subscribe for, or to                                
     convert securities into, up to 126,990,289                                 
     ordinary shares (being 33.33 per cent. of                                  
     the Company's shares in issue as at the                                    
     latest practicable date prior to the date                                  
     of publication of this document) for the                                   
     period expiring on the date falling fifteen                                
     months after the date of passing of this                                   
     Resolution 12 or the conclusion of the next                                
     annual general meeting of the Company,                                     
     whichever is the earlier, save that the                                    
     Company may before such expiry make an                                     
     offer or agreement which would or might                                    
     require shares to be allotted and issued                                   
     after such expiry and the Directors may                                    
     allot and issue shares in pursuance of such                                
     an offer or agreement as if the authority                                  
     had not expired.                                                           
                                                                                
     Special Resolution                              For      Against    Vote   
                                                                       Withheld 
                                                                                
13.  That the Company be and is hereby generally 101,074,979  39,935       0    
     and unconditionally authorised in                                          
     accordance with section 315 of the                                         
     Companies (Guernsey) Law, 2008, as amended                                 
     (the "Companies Law"), to make market                                      
     acquisitions (as defined in the Companies                                  
     Law) of its shares (either for the                                         
     retention as treasury shares for future                                    
     resale or transfer or cancellation),                                       
     PROVIDED THAT:                                                             
                                                                                
     a. the maximum number of shares authorised                                 
     to be purchased shall be 57,108,104                                        
     ordinary shares (being 14.99 per cent. of                                  
     the shares in issue as at the latest                                       
     practicable date prior to the date of                                      
     publication of this document);                                             
                                                                                
     b. the minimum price (exclusive of                                         
     expenses) which may be paid for a share                                    
     shall be 1 penny;                                                          
                                                                                
     c. the maximum price which may be paid for                                 
     a share is an amount equal to the higher                                   
     of: (a) 105 per cent. of the average of the                                
     middle market quotations for a share on the                                
     relevant market for the five business days                                 
     immediately preceding the date on which the                                
     share is purchased; and (b) the higher of                                  
     (i) the price of the last independent trade                                
     for a share and (ii) the highest current                                   
     independent bid for a share at the time of                                 
     purchase; and                                                              
                                                                                
     d. the authority hereby conferred shall                                    
     expire at the annual general meeting of the                                
     Company in 2015 unless such authority is                                   
     varied, revoked or renewed prior to such                                   
     date by a special resolution of the Company                                
     in general meeting."                                                       
                                                                                
     Extraordinary Resolution                        For      Against    Vote   
                                                                       Withheld 
                                                                                
14.  That, in accordance with Article 6.7 of the 93,509,653  7,605,261     0    
     Articles, the Directors be empowered to                                    
     allot and issue (or sell from treasury)                                    
     38,097,467 ordinary shares (being 10 per                                   
     cent. of the shares in issue as at the                                     
     latest practicable date prior to the date                                  
     of this notice) for cash as if Article 6.2                                 
     of the Articles did not apply to the                                       
     allotment and issue (or sale from treasury)                                
     for the period expiring on the date falling                                
     fifteen months after the date of passing of                                
     this Resolution 14 or the conclusion of the                                
     next annual general meeting of the Company,                                
     whichever is the earlier, save that the                                    
     Company may before such expiry make offers                                 
     or agreements which would or might require                                 
     shares to be allotted and issued (or sold)                                 
     after such expiry and the Directors may                                    
     allot and issue (or sell) shares in                                        
     pursuance of any such offer or agreement                                   
     notwithstanding that the power conferred by                                
     this Resolution 14 has expired.                                            

In accordance with Listing Rule 9.6.3, a copy of the Extraordinary and Special
resolutions passed at the Annual General Meeting have 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
The Company Secretary
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL

Tel: [phone]