Legal Entity Identifier: 2138009DIENFWKC3PW84

21 January 2022

GULF INVESTMENT FUND PLC

TREASURY SHARES - CANCELLATION

Gulf Investment Fund plc (the "Company") announces that 5,146,685 shares purchased on 21 January 2021 have been cancelled in accordance with the Company's treasury share policy. Following the cancellation, the Company no longer holds any shares in treasury.

The Company's issued share capital comprises 46,320,172 ordinary shares with voting rights.

In accordance with the Disclosure and Transparency Rule 5.6.1, the Company's total number of shares with voting rights therefore remains unchanged at 46,320,172.

For further information please contact

Ian Dungate                                                                        +44 (0) 1624 692600

Mainstream Fund Services (IOM) Limited

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

Panmure Gordon

William Clutterbuck/Finlay Donaldson                               +44 (0) 20 7379 5151

Maitland