LIMMAT CAPITAL ALTERNATIVE INVESTMENTS

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1 , Ltd. March 214 Performance Update EUR EUR USD USD Fund Size 1 12 m is a tactical long/short equity trading fund with a focus on liquid European equities and equity futures. Dear Investor, For now our themes for 214 of being more tactical and nimble are playing out. Equity markets weakened into the mid of March on the escalating crisis in Ukraine and fears that the conflict between Russia and the West could shift into a military confrontation. However as with recent corrections, the markets recovered quickly rallying into the month end, leaving the majority of indices relatively unchanged over the month. In March, the Trading and Event-Driven books were positive performance contributors while the Investing book lost money. In the Trading book the main contributing trades included Greek banking stocks and a Swiss personnel and temporary employment company. These trades contributed almost all of the book s profits while trading in a few single stocks on the long side and short equity index futures (DAX and SMI) decreased the otherwise positive performance. Performance Statistics HFRX EH () () (USD) March % -.8% -.37% Year-to-date 2.74%.57% 1.% Return since inception 18.71% %.51% Annualized return 12.91% -4.32%.6% Annualized volatility 6.7% 12.13% 8.35% Maximum drawdown -5.29% -5.41% % Lifetime Sharpe ratio** Lifetime Sortino ratio** Number of positive months Number of negative months Winning months 78% 48% 57% Correlation (monthly) ** 3-month Libor averaged.89% during the period In the Investing book, we increased our net exposure over the course of the month by covering some short futures positions during the market correction. Once again, markets showed expected volatility and dispersion across sectors and regions, which made a right stock selection very challenging. Recent strong performers corrected quite heavily and cyclical laggards and defensive stocks outperformed. We remain cautious on sectors with emerging markets exposure and stocks which are trading on rich valuation. We keep on searching and investing in companies with solid business cases and visible triggers. The book s winners included BMW, Ahold, Novartis, Dialog Semiconductor while Stada Arzneimittel, Lloyds Banking Group, Rheinmetall, Deutsche Börse and Bank of Ireland were among the book s biggest losers Audited Performance ( ) 2 The Event-Driven book had a strong performance by profiting from the participation in different placings and the IPO of UK s Poundland Group, a single price value retailer; on the other hand, Raiffeisen Bank International and Lloyds Banking Group detracted from performance. The Fund maintained an average net long exposure of 29% during the reporting period. The Fund s gross exposure increased to 92% at the end of the month compared to the 75% in February. 1 5 Sep-5 Feb-6 Jul-6 Dec-6 May-7 Oct-7 Aug-8 Jan-9 Jun-9 Nov-9 Apr-1 Feb-11 Dec-11 Oct-12 Aug-13 HFRX EH () HFRX EH (USD) Fund Facts Manager Alternative Investments AG Lockup None Prime Broker Credit Suisse Min. Investment USD 1, or its equivalent in and EUR Administrator Quintillion Limited Auditor KPMG Currency es ISIN Valor Bloomberg Liquidity Monthly/3days KYG LCEQ KY Mgmt/PerfFee 1.5%/15% EUR KYG LCEQEUR KY HighWatermark Cumulative USD KYG LCEQUSD KY

2 , Ltd. Performance Report Audited Performance Summary % 1.55% 3.97% 1.22% 4.78% 3.3% -.48% 1.61% % % 1.38% 1.67% 1.59% 1.42% %.38% 2.7% 2.41% 1.93% -.68% -.65% 1.12% -2.7%.91% 2.22% 1.31% 6.37% 11% % 1.6% 4.51% 4.41% 1.31% 1.8%.77% 1.23%.1.91%.74%.5% 17.78% 137% % 1.9%.44%.53%.8%.38% %.18%.35%.5.43% 6.42% 152% % -.41% 2.22% -.19%.74% 1.32% -1.44% -3.91% 2.59%.51% 1.3% % 154% % -.15%.21%.46%.3%.82%.29%.34% %.99% -.21%.61% 1.92% -.66%.51% -.29% %.98%.19% Capital 1 (m ) Fund AuM 1 (m ) 5.12% 1.22% 1.36% 7.85% 8% % -.37% 1.85% 4.62% 31.2% 41% % 3.73%.46%.35% 33.88% 89% % -.6%.68%.96% 2.5% %.75%.61% 1.3% 5.26% 173% % 181% 9 12 EUR 29 1.% % 1.9%.49%.55%.11%.46%.42% -.43% % -.33% 2.23% -.11%.87% 1.41% -1.45% -3.73% % %.45%.4%.85%.34%.38% % %.63% 1.89% -.65%.52% -.28% % 1..21% Capital 1 (m EUR).12%.93%.76%.8% 3.17% 3% 3.19%.39%.57% % %.59% 1.7% -.65% 1.62% 12% -.44% -.5%.71%.87% 2.24% 15% 23.34%.75%.62% 1.6% % % 24% 22 USD %.46%.54% % -.42% % -.38% 2.27% -.21%.78% 1.37% -1.56% -3.79% Capital 1 (m USD).2.37%.51%.55% 4.42% 4% %.58% % 5% % -.12%.24%.45%..88%.36%.44% -.42% -.1%.74%.95% 2.5 8% %.98% -.19%.66% 1.87% -.64%.54% -.27%.36%.77%.63% 1.7% 5.54% 14% % 1.3%.21% % 4 Pro Forma Performance Summary % 1.55% 3.97% 1.22% 4.78% 3.3% -.48% 1.61% % % 1.38% 1.67% 1.59% 1.42% %.38% 2.7% 2.41% 1.93% -.68% -.65% 1.12% 29.23% 2.3% 4.71% 4.99% 1.95%.93%.53% 1.48% % 1.21% -.61%.55% 1.64%.37%.3%.38% % -.% 3.3% -.18%.91% 1.76% -1.17% 2.1% % -.15%.21%.46%.3%.82%.29%.34% %.99% -.21%.61% 1.92% -.66%.51% -.29% %.98%.19% 5.12% 1.22% 1.36% 7.85% 8% 2.17% -.37% 1.85% 4.62% 31.2% 41%.64% 3.73%.46%.35% 33.88% 89% -2.7%.49%.97% 1.29% 4.62% 98%.7% 1.19%.43% % 138%.59% 1.31%.85%.46% 9.65% 161% 2.59%.51% 1.3% % 182% -.45% -.6%.68%.96% 2.5% 188%.33%.75%.61% 1.3% 5.26% 23% 2.74% 212% 3 Allocation during period: 65% Equities, 35% IR Equity only (allocation scaled to 1) HFRX EH () 2 HFRX EH (USD) p-5 ov-5 an-6 ar-6 ay-6 ul-6 p-6 ov-6 an-7 ar-7 ay-7 ul-7 p-7 ov-7 an-8 ar-8 ay-8 ul-8 p-8 ov-8 an-9 ar-9 ay-9 ul-9 p-9 ov-9 an-1 ar-1 ay-1 ul-1 p-1 ov-1 an-11 ar-11 ay-11 ul-11 p-11 ov-11 an-12 ar-12 ay-12 ul-12 p-12 ov-12 an-13 ar-13 ay-13 ul-13 p-13 ov-13 an-14 ar-14

3 , Ltd. Exposure & Risk Report Top/Bottom Performers 3 Top MTD PnL % NAV Bottom MTD PnL % NAV ALPHA GA Equity.59% DAX Index -.23% ADEN VX Equity.3 SAZ GY Equity -.16% SXXP Index.21% LLOY LN Equity -.16% PLND LN Equity.12% RHM GY Equity -.11% AH NA Equity.8% DB1 GY Equity -.7% Top Exposures 4 Long % NAV Short % NAV ALPHA GA Equity 6.73% DAX Index -8.87% AIRE SW Equity 3.3 SXXP Index -6.83% DB1 GY Equity 3.8% SMI Index -3.74% LLOY LN Equity 2.89% SX5E Index -2.95% HEI GY Equity 2.78% S1M4 Index -1.38% 18.78% % Exposures 4 and Expected Shortfall Risk 5 Exposures Month-end Average # Posns 6 Long 62.3% 58.2% 17 Short -29.9% -28.9% 2 Gross 92.2% 87.2% 127 Net 32.5% 29.3% Shortfall.64%.64% Liquidity & Concentration Analysis Time to unwind 7 % AuM Longs Shorts 5 days 95.5% Posn Size 4,6,8 # %NAV # %NAV 1 days 96.6% Posns ±1% % 6 -.1% 2 days 96.9% Posns ±3% % % 3 days 96.9% Posns ±5% 1 6.7% % 9 days 97.5% Posns ± Exposure 4 and Turnover 9 (% of NAV, last 24 months) 1% 1 75% 5 % -% -5-75% Net Exposure Long exposure Daily Turnover Gross Exposure Short exposure Monthly Turnover Apr-12 Jun-12 Jul-12 Aug-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Assets under Management (m ) Sep-5 Nov-5 Jan-6 Mar-6 May-6 Jul-6 Nov-6 Jan-7 May-7 Jul-7 Nov-7 Jan-8 May-8 Jul-8 Nov-8 Jan-9 May-9 Jul-9 Nov-9 Jan-1 May-1 Jul-1 Nov-1 Jan-11 May-11 Nov-11 Jan-12 Jul-12 Nov-12 Jan-13 May-13 Jul-13 Nov-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Oct-13 Nov-13 Dec-13 Feb-14

4 , Ltd. Additional Information 1 Monthly Returns 2 ( ) 4 35 Monthly Return Distribution 2 ( ) HFRX EH () 5% % Sep-5 Mar-6-14% -1-6% -2% 2% 6% 1 Stress Analysis Monthly Performance of ( ) when the performance of the HFRX EH Index () was worse than -2% Monthly Drawdown 1 ( ) HFRX EH () -1 5% % % -6 ( ) HFRX EH () HFRX EH (USD) 4% Daily Returns 2% -2% -4% 1 Rolling Correlation, 3 and days to HFRX EH () Oct-5 Apr-6 May-6 Feb-7 Jul-7 Nov-7 Jan-8 Feb-8 Jun-8 Oct-8 Dec-8 May-9 Oct-9 Jun-1 Aug-1 Apr-11 May-11 Jun-11 Aug-11 Oct-11 Jun-13 Outperformance Distribution 1 Monthly Outperformance of ( ) vs. HFRX EH () % -12% -6% 6% 12% 18% 6 12-month Rolling Sharpe Ratio Sep-5 Mar-6

5 , Ltd. Explanatory Notes and Important Legal Information 1 The Fund Size on page 1 refers to the total capital of, Ltd., which includes the capital of all share classes but excluding any capital flows on the first day of the following month. The total Fund Size is expressed in millions of Swiss Francs () and any capital invested in share classes whose currency is not is converted at the relevant foreign exchange rate effective at 4 pm GMT on the last business day of the month. Share Capital on page 2 refers to the total capital, in millions, invested in the respective share classes expressed in their base currencies. 2 Fund performance reflects and includes the audited historical performance of LC Trading Fund, a predecessor to, Ltd., during the period between October and July 28. es denominated in EUR and USD were launched on 1 August 29 and 1 February 21, respectively. During the period between September 28 and August 211, equity books were allocated 65% of the Fund s capital, with the remaining 35% having been allocated to RV sovereign interest rate strategy (RV IR). The Pro Forma performance figures during this period denoted in blue were derived by scaling the performance of equity books to 1 allocation and deducing fees. 3 Any positions with the same underlying security are aggregated and netted. 4 The analysis is a snap shot of exposures on the last business day of the month, aggregated by the underlying security. Equity exposures are beta- For option-like instruments, the exposures are adjusted by the delta of the adjusted market values expressed as a percentage of the Fund s total assets. instrument and the beta of the underlying security. 5 Expected Shortfall (aka conditional value at risk) is calculated using the parametric method and the figure is the 95% confidence loss amount at a one day horizon. 6 The number of positions (# Posns or #) indicates the individual legs or lines in the portfolio; for example, a pair trade containing two legs would appear as 2 in this report, a basket trade of 5 longs and 3 shorts and 1 equity index future short would appear as 9. 7 Estimated percent of the Fund s AuM that could be liquidated within the given timeframe. The estimate is calculated using the average daily volume during the specified time period and assuming an order size of not more than 1/3 of average daily volume. Actual liquidity will depend on market conditions. 8 Indicates the number of equity and equity-linked positions (beta-adjusted) with estimated exposure greater than or equal to the specified percentage value. For example, a 3.5% position would be included in Posn ± 1% and Posn ± 3%. For most positions, estimated exposure equals the expected loss if the value of all of the issuer s securities falls to zero (or, in the case of short positions, if the value doubles). 9 The daily and monthly turnover shows the total traded amount for equities, premium for options, and notional amount for equity index futures. 1 The histogram shows the distribution of relative monthly performance of LC Equity Fund, Ltd. ( ) versus the HFRX EH Index converted to Swiss Francs (i.e., the difference in monthly returns between the Fund and the peer group). Normal distribution is shown for the realized volatility of relative monthly performance and zero mean. This document is neither an offer to sell nor asolicitation to buy an interest in, Ltd. (the "Fund"). The Fund has not been approved by the Swiss Financial Market Supervisory Authority FINMA as aforeign collective investment scheme pursuanttoart. 12oftheSwissFederalAct oncollective Investment SchemesofJune 23, 26 (the "CISA"). Accordingly, the sharesin the Fundmaynotbe publiclyofferedinorfromswitzerlandandneitherthis document noranyothermaterialsrelatingtothe sharesand/orthefund may be made available through apublic offering in or from Switzerland. The shares in the Fund may only be offered and this document may only be distributed in or from Switzerland to qualified investors (as defined in the CISA and its implementing ordinance). An offer can only be made by the Offering Memorandum of the Fund and only in the jurisdictions in which an offer would be lawful. The Offering Memorandum for the Fund contains important information concerning riskfactors, conflictsofinterest, andothermaterialaspectsofthe Fund andshouldbe readcarefully before adecisiontoinvest. The information herein may be based on estimates and may in no event be relied upon. Past performance isnoindicationorguarantee offuture performance. This communication and any attachments or enclosures herein have been provided to you upon your explicit request and for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to herein.

LIMMAT CAPITAL ALTERNATIVE INVESTMENTS

LIMMAT CAPITAL ALTERNATIVE INVESTMENTS , Ltd. August 213 Performance Update 267.26 EUR EUR 117.47 USD USD 11.86 Fund Size 1 121 m is a tactical long/short equity trading fund with a focus on liquid European equities and equity futures. Dear