31 October 2025

CQS Natural Resources Growth and Income PLC
(the "Company")
LEI: 549300ES8CNIK2CQR054

Share Buyback Policy

CQS Natural Resources Growth and Income PLC, an investment trust focused on capital growth and income predominantly from a portfolio of mining and resource investments, has announced an update to its Share Buyback Policy.

The Board has resolved to use share buybacks with the aim of maintaining a single digit discount to the Company's net asset value ("NAV") per share in normal market conditions, taking into account the inherent volatility of the markets in which the Company invests.

Christopher Casey, Chairman of the Board, commented:

"The Company and shareholders are already seeing the benefits from the value-enhancing initiatives recently put in place by the Board, including a reduction of investment management fee, and the adoption of an enhanced annual dividend of circa 8 per cent. of NAV.

Having traded at a sustained premium after these initiatives were put in place, the Company has recently been able to sell, effectively re-issuing, shares from treasury. It is gratifying to see the shareholders who chose to remain invested in the Company rewarded.

The Board is conscious that, having issued shares at a premium to net asset value, the Company's shares should not trade at too wide of a discount to their NAV. The Board has determined to use share buybacks with the aim of maintaining a single digit discount to the Company's NAV per share in normal market conditions as this will be of further benefit to shareholders."

For further information, please contact:

CQS Natural Resources Growth and Income PLC

Christopher Casey, Chairman
cnr@tavistock.co.uk
(c/o Tavistock Communications)

Cavendish, Financial Adviser and Corporate Broker

Robert Peel, Andrew Worne
+44 20 7908 6000

Frostrow Capital LLP, Company Secretary

Tasmin Arthurton
+44 203 709 2408
cosec@frostrow.com

Tavistock, Public Relations

Jos Simson, Gareth Tredway
+44 20 7920 3150
cnr@tavistock.co.uk