Clarification re: Tender Offer

21 December 2017

Legal Entity Identifier: 2138009DIENFWKC3PW84

Gulf Investment Fund plc

("GIF" or the "Company")

Clarification re Tender Offer

The below information is being disclosed as a result of an error with the tender offer calculation. For the avoidance of doubt, there is no change to the total of 10,273,471 shares tendered.

The 11 December announcement included the following paragraph:

Results of Tender Offer

….A total of 10,014,467 Shares were validly tendered under the Basic Entitlement of the Tender Offer. This equates to approximately 9.75 per cent. of the Shares in issue as at 9 November 2017 (excluding treasury shares), and approximately 97.48 per cent. of the Shares available under the Tender Offer. Excess tenders will be satisfied to the extent of a further 259,004 Shares, representing 0.43 per cent. of the excess Shares tendered….

This paragraph should be replaced with the following paragraph:

A total of 10,041,048 Shares were validly tendered under the Basic Entitlement of the Tender Offer. This equates to approximately 9.77 per cent. of the Shares in issue as at 9 November 2017 (excluding treasury shares), and approximately 97.74 per cent. of the Shares available under the Tender Offer. Excess tenders will be satisfied to the extent of a further 232,423 Shares, representing 0.39 per cent. of the excess Shares tendered.

For further information:

Gulf Investment Fund Plc +44 (0) 1624 692 600

Nick Wilson

Panmure Gordon +44 (0) 20 7886 2500

Richard Gray / Andrew Potts / Atholl Tweedie

Maitland +44 (0) 20 7379 5151

William Clutterbuck / Cebuan Bliss

Galileo Fund Services Limited +44 (0) 1624 692 600

Ian Dungate / Suzanne Jones