The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

21 July 2025

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Additional Subscription and Total Voting Rights

Onward Opportunities Limited, the UK smaller company focussed investment company, is pleased to announce that, further to the announcement of 7.00 a.m. on 16 July 2025, in response to investor demand it has raised additional gross proceeds of approximately £0.6 million by way of an additional direct subscription (the "Additional Subscription") for 452,698 new ordinary shares (the "Additional Subscription Shares") at a price of 126.64 pence per Additional Subscription Share.

The Subscription and Additional Subscription, in aggregate, raised gross proceeds of £2.0 million. The net proceeds of which, being approximately £1.93 million, will provide the Company with additional resources with which to pursue its stated investing policy.

Pursuant to the Additional Subscription, application has been made for the Additional Subscription Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on or around 23 July 2025 and the Additional Subscription Shares will, on issue, rank pari passu in all respects with the Company's existing ordinary shares.

Total Voting Rights

On Admission, the Company will have a total of 27,251,521 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 27,251,521 may be used by the Company's shareholders as the denominator in the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Concert Party

On Admission, the members of the Concert Party in the Company will collectively hold an aggregate of 11,407,204 ordinary shares in the Company, representing 41.9 per cent. of the Company's enlarged issued ordinary share capital, of which the Portfolio Manager holds 10,011,089 ordinary shares, representing 36.7 per cent. of the Company's enlarged issued ordinary share capital, on behalf of its discretionary clients.

Capitalised terms not otherwise defined in the text of this announcement have the same meanings ascribed to them as in the "Issue of Equity" announcement published by the Company at 7.00 a.m. on 16 July 2025.

To find out more, please visit: www.onwardopportunities.co.uk