Class A – Ticker: FNNAX/CUSIP: 302675103

Class I – Ticker: FNNIX/CUSIP: 302675202

	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Notification date	2/25/2020	5/26/2020	8/25/2020	11/24/2020
Deadline date	3/18/2020	6/17/2020	9/16/2020	12/16/2020
Payment by	3/25/2020	6/24/2020	9/23/2020	12/23/2020

The repurchase offer does not constitute an offer to buy or the solicitation of an offer to sell securities in any circumstance or jurisdiction in which such offer or solicitation is unlawful. Each repurchase offer is being made solely pursuant to terms and conditions set forth in the Fund’s repurchase offer notice, repurchase offer terms and the related repurchase request form.

Investors are strongly encouraged to read carefully the applicable offer to purchase and any documents incorporated by reference therein, which are filed with the U.S. Securities and Exchange Commission.

Repurchase terms
FS Multi-Alternative Income Fund is a non-diversified, closed-end interval fund. Liquidity is provided to shareholders through quarterly repurchase offers. The Fund offers to repurchase no less than 5% and no more than 25% of shares outstanding shares quarterly at net asset value. Dates are subject to change. Each repurchase offer is subject to the terms and conditions set forth in the applicable repurchase offer notice.

Notification date: The date on which the repurchase offer period notification will be sent to shareholders via email and/or mail. Investors who have elected electronic delivery will receive their documentation via email. All other investors will receive physical copies in the mail. Financial professionals will receive an email notification with a way to access copies of the repurchase offer documentation sent to investors for their reference. Deadline date: The date the quarterly repurchase offers are scheduled to expire. The Fund must receive all repurchase requests in response to the repurchase offer or withdrawals/modifications of previously submitted repurchase requests for such repurchase offer from shareholders by this date. Payment by: The date by which the Fund must pay shareholders for any common shares repurchased. Proceeds sent to brokerage accounts may take 7 to 10 days to appear in accounts. Checks are sent via USPS and usually arrive within 7 to 10 days after mailing for registered shareholders. Proceeds sent via ACH to a bank account are typically credited to the bank account in 3 to 5 days for registered shareholders.

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