Exercise of Warrants

Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces that it has received a notice to exercise warrants ("Warrants") over 5,524,007 new ordinary shares of 0.02 pence each in the Company (the "Warrant Shares") at an exercise price of 2 pence per Warrant, raising approximately £110,480 for the Company.

The Warrants were issued to the provider of the up to £3 million loan facility (the "Facility"), in respect of the initial £500,000 that was drawn down by Tern under the Facility, as announced by the Company on 12 June 2023. The exercise price of 2 pence per Warrant is equivalent to the issue price of Tern's placing announced on 24 January 2024, in line with the terms of the Warrants.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for the Warrant Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Warrant Shares on AIM will commence on or around 20 May 2024.

In accordance with the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules, the Company confirms that following Admission, the Company's enlarged issued ordinary share capital will comprise 432,700,318 ordinary shares of 0.02 pence each in the Company. The Company does not hold any shares in Treasury. Therefore, from Admission, the total number of voting rights in the Company will be 432,700,318 and this figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.