Additional Subscription and Total Voting Rights

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.

19 January 2026

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 12 January 2026, and in response to additional investor demand it has raised further gross proceeds of approximately £0.79 million by way of an additional direct subscription (the "Additional Subscription") for 541,079 new ordinary shares (the "Additional Subscription Shares") at a price of 146.13 pence per Additional Subscription Share.

The Subscription and Additional Subscription, in aggregate, have raised gross proceeds of £4.51 million. The net proceeds, being approximately £4.40 million, will provide the Company with additional resources with which to pursue its stated investing policy.

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 22 January 2026 and the Additional Subscription Shares will, on issue, rank pari passu in all respects with the Company's existing ordinary shares.

Related Party Participation in the Additional Subscription

Dowgate Wealth Limited (the "Portfolio Manager"), the Company's Portfolio Manager and a Substantial Shareholder of the Company, has subscribed for 14,717 Additional Subscription Shares. As a result, and on Admission, the members of the Concert Party in the Company will collectively hold an aggregate of 11,578,866 ordinary shares in the Company, representing 35.32 per cent. of the Company's enlarged issued ordinary share capital, of which the Portfolio Manager holds 10,287,751 ordinary shares, representing 31.38 per cent. of the Company's enlarged issued ordinary share capital, on behalf of its discretionary clients.

The Portfolio Manager is deemed a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") and the Portfolio Manager's participation in the Additional Subscription constitutes a related party transaction under Rule 13 of the AIM Rules. The directors of the Company consider, having consulted with the Company's nominated adviser, that the Portfolio Manager's participation in the Additional Subscription is fair and reasonable insofar as shareholders are concerned.

Total Voting Rights

On Admission, the Company will have a total of 32,780,094 ordinary shares in issue. No ordinary shares are held in treasury. The figure of 32,780,094 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.

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 12 January 2026.

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