THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO ACQUIRE, SECURITIES IN THE UNITED STATES OF AMERICA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT SHALL FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT OR COMMITMENT WHATSOEVER.

Investment Company PLC

LEI: 2138004PBWN5WM2XST62

28 July 2026

The Investment Company plc

(the "Company")

Admission and Total Voting Rights

The Company is pleased to confirm, inter alia, the Completion of the Tender Offer, Admission of new Ordinary Shares, the appointment of Dowgate Wealth Limited ("Dowgate") as the Company's portfolio manager, the amendment to the Company's investment objective and policy, the amendment to the Company's articles of association and the resignation of David Horner as a director of the Company.

As previously announced, the Company raised approximately £7.5 million pursuant to the Issue (comprising the Placing and Offer for Subscription) and the Retail Offer.

Additionally, and as announced on 10 July 2026, 5,439,991 Ordinary Shares were validly tendered pursuant to the Tender Offer, constituting 59.2 per cent. of the issued share capital of the Company before the Proposals.

Admission and Total Voting Rights

The Company confirms that 669,390 new Ordinary Shares will be admitted to the Official List and to trading on the Main Market of the London Stock Exchange at 8.00 a.m. today.

Following Completion of the Tender Offer, Issue and Retail Offer, the total number of voting rights of the Company will be 13,508,943 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms used but not otherwise defined in this Announcement shall have the meaning given to them in the Company's circular dated 4 June 2026 (the "Circular") which is available on the Company's website https://theinvestmentcompanyplc.co.uk/.

Board Changes

As set out in the Circular, the Board also confirms that David Horner has resigned from the Board effective immediately.

New investment objective and policy

The Company's new investment objective and policy is as follows:

Investment objective

The Company's investment objective is to protect and grow the real purchasing power of Shareholders' capital over the long term.

Investment policy

The Company will seek to achieve its investment objective by investing in a diversified portfolio of assets focused on the theme of scarcity. The Company will allocate capital, through a high conviction approach, across three distinct scarcity-based pillars, being strategic equity participations, foundational reserves and inflation-protected instruments with the aim of preserving value.

The Company expects the portfolio to differ significantly from traditional equity indices, reflecting its absolute return and capital preservation focus.

Strategic Equity Investments

The Company will invest in the equity of companies that own finite productive capacity, which invest in the critical science of material production, energy sovereignty or advanced technologies and engineering systems required to sustain the modern world ("Strategic Equity Investments"). The Company will focus on equities that demonstrate "scarcity of franchise", being businesses with unreplaceable assets, high barriers to entry and the pricing power necessary to pass through inflation. The Company's equity portfolio will be a focused 20-30 stock portfolio with the majority in large, global companies that fit the Company's scarcity theme.

Foundational Reserve Investments (Store of Value)

The Company will invest in investments that allow the Company to gain exposure to monetary metals ("Monetary Metals"), such as gold and silver bullion, and assets that inherently display scarcity, namely Bitcoin (together "Foundational Reserve Investments"). Foundational Reserve Investments may either be held directly or via investment in physically backed exchange traded funds. These Foundational Reserve Investments will serve as the portfolio's primary hedge against currency debasement and sovereign fiscal dominance. In addition to the core direct holdings, the Company may invest in the shares of issuers operating within the Foundational Reserve Investment ecosystem, including companies which are engaged in the extraction (mining) or secure storage of, or which hold royalty and streaming interests in, Monetary Metals or Bitcoin.

Inflation-Protected Investments

To provide defensive assets whilst still retaining some (arguably limited) inflation protection properties, the Company will have the ability to invest in index-linked bonds and treasury inflation-protected securities, specifically selected to offer protection against negative real interest rates ("Inflation-Protected Investment"). These will be used to reduce overall portfolio volatility when appropriate.

Risk Diversification  

The Company will seek to achieve a spread of investment risk by diversifying across asset classes, geographies and sectors.

The Company will maintain the following investment restrictions (which will be measured at the time of investment):

·      No exposure to any single equity investment will exceed 15 per cent. of Gross Asset Value.

·      The Company may invest up to 80 per cent. of Gross Asset Value in Strategic Equity Investments.

·      The Company may invest up to 60 per cent. of Gross Asset Value in Foundational Reserve Investments, of which, no more than 40 per cent. of Gross Asset Value will be invested in Monetary Metals and no more than 20 per cent. of Gross Asset Value will be invested in aggregate in Bitcoin, Bitcoin-related equities and equity instruments. Bitcoin-related equities and equity instruments may include: (a) shares of companies providing services materially linked to the Bitcoin ecosystem, including custody, trading, mining, settlement or exchange services; or (b) exchange-traded funds, exchange-traded notes or other listed securities whose investment objective or economic exposure is to track or reference the price or performance of Bitcoin, whether directly or indirectly.

·      The Company may invest up to 30 per cent. of Gross Asset Value in Inflation-Protected Investments.

·      No more than 10 per cent., in aggregate, of the Gross Asset Value at the time of investment will be in other listed closed-ended investment funds.

The Company will not be required to dispose of any investment or to rebalance its portfolio as a result of a change in the respective valuations of its investments and non-compliance resulting from changes in the price or value of assets following investment will not be considered a breach of the investment restrictions.

Gearing and Derivatives

The Company may conservatively utilise gearing if it believes the use of borrowings will enhance Shareholder returns over the medium to longer term. Borrowing may also be utilised over the short term for working capital and liquidity purposes. Borrowing, in aggregate, will not exceed 20 per cent. of Net Asset Value, calculated at the time of drawdown of the relevant borrowing.

Cash Management

The Company may hold cash on deposit and may invest in cash equivalent investments, which may include government issued treasury bills, money market collective investment schemes, other money market instruments and other short-term investments in money market type funds ("Cash and Cash Equivalents"). There is no restriction on the amount of Cash and Cash Equivalents that the Company may hold.

Derivatives and Hedging

The Company will not use derivatives for investment purposes. The Company may use derivatives for efficient portfolio management, including hedging against currency or market risks.

For further information, please contact:

Further information on the Company can be found on its website at https://theinvestmentcompanyplc.co.uk/