THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION

28 October 2021

Gulf Investment Fund plc (Ticker: GIF)

Tender Offer Update

Further to the announcement on 8 October 2021, the Board of Gulf Investment confirms that all assets in the Tender Pool have been sold. 26 October 2021 will be the Tender Pool Determination Date. As at that date, the Final Tender Offer Asset Value was $9,828,152, giving a Tender Price of $1.7877.

The 5,497,652 Tendered Shares will be cancelled.

It is expected that the proceeds payable to shareholders who tendered shares will be made by 3 November 2021.

For the purposes of this announcement, unless otherwise defined, capitalised words and phrases shall have the meaning given to them in the Circular.

Legal Entity Identifier: 2138009DIENFWKC3PW84

For further information:

Nicholas Wilson                                                                                                                         +44 (0) 1624 692 600

Gulf Investment Fund plc

Ian Dungate/Suzanne Jones                                                                                                     +44 (0) 1624 692 600

Mainstream Fund Services (IOM) Limited

Sapna Shah/Alex Collins/Atholl Tweedie                                                                               +44 (0) 20 7886 2500

Panmure Gordon

William Clutterbuck                                                                                                                   +44 (0) 7785 292 617

Maitland/AMO