Compulsory Partial Redemption

Further to the announcement on 20 March 2026, the Board is pleased to announce details of the Company's second capital distribution totalling US$30 million to the Company's shareholders by way of a compulsory partial redemption of shares at a price of 85.83 US cents per share (the "Compulsory Redemption"). The amount to be applied to the Compulsory Redemption and the redemption price per share have been determined by the Board with reference to the 31 March 2026 net asset value.

The Compulsory Redemption will be affected pro rata to holdings on the share register as at the close of business on 11 May 2026 (the "Redemption Date"), being the record date for the Compulsory Redemption. Approximately 20 per cent. of the Company's issued share capital will be redeemed on the Redemption Date (the "Redemption Ratio") equivalent to approximately 34,952,813 of the Company's issued shares. Fractions of shares produced by the Redemption Ratio will not be redeemed, so the number of shares to be compulsorily redeemed from each shareholder will be rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be affected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 26 May 2026. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders representing the balance of their shareholding in the Company after the Redemption Date.

The Company currently has 178,329,763 shares in issue. All of the shares redeemed on the Redemption Date will be cancelled and accordingly will thereafter be incapable of transfer by shareholders or reissue by the Company.

The shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN, GG00BTZC2850, (the "Old ISIN") will expire. The new ISIN, GG00BWZ6KJ56, (the "New ISIN") in respect of the remaining shares which have not been compulsorily redeemed will be enabled and available for transactions from 8.00 a.m. on 12 May 2026, which is also the ex-date for the transaction. The Company's TIDMs, "TMIP" and "TMI", will remain unchanged. For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

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