28 July 2026

DSW CAPITAL PLC

("DSW Capital", "DSW" or the "Group")

(AIM: DSW)

Vesting of Share Option Award

DSW Capital, a profitable, mid-market, challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands, announces that, as disclosed in its annual results released earlier today, the Remuneration Committee has completed its assessment of the performance conditions attaching to the share option award granted to James Dow in August 2022 under the Company's long-term incentive arrangements.

Following this review, the Remuneration Committee determined that the relevant performance conditions had been partially met and, accordingly, 46,933 share options granted to James Dow out of a total entitlement of 221,629 share options have vested. The 46,933 vested share options will be satisfied through the transfer of existing ordinary shares held by the Company's Employee Benefit Trust. No new ordinary shares will be issued by the Company in connection with the vesting of the award and, as a result, the satisfaction of the award will not cause any dilution to existing shareholders.

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About DSW Capital

DSW Capital, owner of the Dow Schofield Watts and DR Solicitors brands, is a profitable, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, Dow Schofield Watts is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW Capital operates licensing arrangements with its businesses and has over 130 Fee Earners across 12 offices in the UK. These businesses trade primarily under the Dow Schofield Watts and DR Solicitors brands.

DSW Capital's vision is for our brands to become the most sought-after destinations for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW Capital gives professionals the autonomy and flexibility to fulfil their potential.

Being part of the DSW Capital group brings support benefits in recruitment, funding and infrastructure. DSW Capital's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm or "Magic Circle" legal background, who want to launch their own businesses and recognise the value of DSW Capital's brands and the synergies which come from being part of the network.

DSW Capital aims to scale its agile model through organic growth, geographical expansion, additional service lines and acquisitions. The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing network.