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 OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR REGULATIONS.

PLEASE SEE THE SECTION ENTITLED "IMPORTANT NOTICE" TOWARDS THE END OF THIS ANNOUNCEMENT.

2 October 2023

The Conygar Investment Company PLC (the "Company")

Conygar ZDP PLC (the "Issuer")

Result of ZDP Issue

Further to the announcement made on 28 September 2023, the Issuer is pleased to announce that it has raised gross proceeds of £15.0 million pursuant to a placing (the "Placing") and parent subscription (the "Parent Subscription" and together with the Placing the "Issue") of 15,000,000 zero dividend preference shares ("ZDP Shares") at a price of £1.00 per ZDP Share (the "Issue Price"). Further details will be provided in the listing document (the "Listing Document") expected to be published by the Issuer on 3 October 2023. The Parent Subscription amounted to a total of 10 million ZDP Shares as part of the Issue.

The ZDP Shares have a life of five years and a final capital entitlement of 153.86 pence per ZDP Share on the 4 October 2028 (the "ZDP Repayment Date"), equivalent to a gross redemption yield of 9.0 per cent. per annum on the Issue Price.

Admission and dealings

Applications will be made to The International Stock Exchange for the ZDP Shares issued pursuant to the Issue to be admitted to the Official List of The International Stock Exchange ("Admission"). It is expected that Admission will become effective at 8.00 a.m. on 4 October 2023. The ISIN number of the ZDP Shares is GB00BMGBHD21 and the SEDOL code is BMH6RG9. It is expected that CREST accounts will be credited as soon as reasonably practicable after 8.00 a.m. on 4 October 2023 in respect of ZDP Shares issued in uncertificated form and that definitive share certificates in respect of ZDP Shares held in certificated form will be despatched by post within 10 business days of Admission.

Enquiries:

IMPORTANT NOTICE

Liberum, which is a member of the London Stock Exchange, is authorised and regulated in the UK by the FCA and is acting exclusively for the Issuer and the Company in connection with the Issue, Admission and any other matter referred to in this announcement. Liberum will not regard any other person as its client in relation to the Issue, Admission or any other transaction or arrangement referred to in this announcement and will not be responsible to anyone other than the Issuer and the Company for providing the protections afforded to its clients or for providing any advice in relation to the Issue, Admission or any other transaction or arrangement referred to in this announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on Liberum by FSMA or the regulatory regime established thereunder, Liberum does not make any representation, express or implied, in relation to, nor accepts any responsibility whatsoever for, the contents of this announcement or any other statement made or purported to be made by it or on its behalf in connection with the Issuer, the Company, the ZDP Shares, the Issue, Admission or any other transaction or arrangement referred to in this announcement, and nothing in this announcement is or shall be relied upon as a promise or representation in this respect, whether as to the past or future. Liberum and its affiliates accordingly, to the fullest extent permissible by law, disclaim all and any responsibility or liability (save for any statutory liability) whether arising in tort, contract or otherwise which it or they might otherwise have to any person, other than the Issuer and the Company, in respect of this announcement or any such statement.