Alternative Liquidity Fund Limited Fund Data

ALF's Dec 31 Net Asset Value (NAV) was almost unchanged from the previous quarter. The Autonomy position has been sold for the ALF holding value (c.$100k) and we received the final distribution payment from V Invest. ALF and the other major shareholders of the Vision FCVS RJ Fund (RJ Fund) are still in negotiations with Vision regarding the remaining credits in the RJ Fund. Vision has proposed a final distribution to all shareholders in exchange for the retention of the remaining claims. These claims, as discussed previously, are the most difficult to monetize and novate, mainly due to the inadequate ownership-chain verification. It is in the interest of shareholders that a sale of the remaining claims, less the fund's current and potential future liabilities to Vision, be negotiated in exchange for a cash distribution and full redemption from the RJ fund. We are hopeful that an agreement can be reached this calendar quarter. Vision's lawyers successfully overturned the 1st instance court's decision (from November 2025) regarding the claim validity. The court also rejected Eletrobrás's statute of limitations (prescription) argument and Eletrobrás has been ordered to present calculations of the undisputed amount available for immediate release (as previously mentioned, this is c. 77% of the claim value). Separately, the remaining dispute concerns the date for accrual of the contractual/remuneration interest, which remains pending at the 2nd instance court. As we have seen since Eletrobrás's privatization, the company's litigation posture remains firm and continues to create procedural friction. We continue to work towards creating as much liquidity as possible from these last two remaining positions to maximise shareholder returns.

ALF's Dec 31 Net Asset Value (NAV) was almost unchanged from the previous quarter. The Autonomy position has been sold for the ALF holding value (c.$100k) and we received the final distribution payment from V Invest. ALF and the other major shareholders of the Vision FCVS RJ Fund (RJ Fund) are still in negotiations with Vision regarding the remaining credits in the RJ Fund. Vision has proposed a final distribution to all shareholders in exchange for the retention of the remaining claims. These claims, as discussed previously, are the most difficult to monetize and novate, mainly due to the inadequate ownership-chain verification. It is in the interest of shareholders that a sale of the remaining claims, less the fund's current and potential future liabilities to Vision, be negotiated in exchange for a cash distribution and full redemption from the RJ fund. We are hopeful that an agreement can be reached this calendar quarter. Vision's lawyers successfully overturned the 1st instance court's decision (from November 2025) regarding the claim validity. The court also rejected Eletrobrás's statute of limitations (prescription) argument and Eletrobrás has been ordered to present calculations of the undisputed amount available for immediate release (as previously mentioned, this is c. 77% of the claim value). Separately, the remaining dispute concerns the date for accrual of the contractual/remuneration interest, which remains pending at the 2nd instance court. As we have seen since Eletrobrás's privatization, the company's litigation posture remains firm and continues to create procedural friction. We continue to work towards creating as much liquidity as possible from these last two remaining positions to maximise shareholder returns.