GACI First Investment Company - Publication of Offering Circular

THIS ANNOUNCEMENT IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

8 September 2025

GACI FIRST INVESTMENT COMPANY

UPDATE OF GUARANTEED EURO MEDIUM TERM NOTE PROGRAMME

GACI First Investment Company, a wholly-owned subsidiary of the Public Investment Fund, today announces the update of its Guaranteed Euro Medium Term Note Programme (the "Programme").

As part of the update of the Programme, the following offering circular (the "Offering Circular") has been submitted and approved by the London Stock Exchange's International Securities Market today:

Offering Circular dated 8 September 2025 relating to the Guaranteed Euro Medium Term Note Programme, issued by GACI First Investment Company, as Issuer, and unconditionally and irrevocably guaranteed by the Public Investment Fund, as Guarantor.

A copy of the Offering Circular can be viewed at:

http://www.rns-pdf.londonstockexchange.com/rns/4673Y_1-2025-9-8.pdf

This website is not provided for, or directed at, U.S. persons or persons in the United States. If you are a U.S. person or are viewing this page from the United States, you should exit this section of the website.

For further information, please contact:

[email protected]

DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the Offering Circular may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Circular) only and is not intended for use and should not be relied upon by any person outside the countries and/or to whom the offer contained in the Offering Circular is not addressed. Prior to relying on the information contained in the Offering Circular you must ascertain from the Offering Circular whether or not you are part of the intended addressees of the information contained therein.

Your right to access this service is conditional upon complying with the above requirement.

The Offering Circular does not constitute an offer of securities for sale in the United States. The notes described herein and in the Offering Circular have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any relevant securities law of any state of the United States of America, and may not be offered or sold to U.S. persons or to persons within the United States of America, except pursuant to an exemption from the Securities Act. For a further description of certain restrictions on offers and sales of the notes and on distribution of the Offering Circular, see the "Subscription and Sale" section of the Offering Circular.

No offer or invitation to acquire any securities is being made pursuant to this announcement.