THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, CANADA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION

30 September 2022

Gulf Investment Fund plc (Ticker: GIF)

Results of Tender Offer

Minimum Size Condition passed

Further to the Tender Offer announcement on 15 September 2022 (the "Announcement"), the Tender Offer closed at 1.00 p.m. on 29 September 2022.

178,064 shares were validly tendered, equal to 0.43 per cent. of the shares in issue as at 20 September 2022. The Board of Gulf Investment Fund plc (the "Company") is pleased that the resulting post Tender Offer share capital will therefore be 40,927,152 Shares, which is significantly in excess of the Minimum Size Condition (set out in the circular to shareholders dated 3 December 2021 (the "Circular") and re-confirmed in the Announcement).

In line with the terms of the Tender Offer the Directors will allocate the assets and liabilities of the Company between the Continuing Pool and the Tender Pool on the Calculation Date. Following the allocation of assets and liabilities to the Continuing Pool and the Tender Pool, the Board will instruct the Investment Adviser to sell the assets in the Tender Pool, as required. The Company will continue to prepare and publish NAV announcements for the Continuing Pool only.

In accordance with the terms of the Tender Offer, the Directors will select a date upon which the Final Tender Offer Asset Value of the Tender Pool will be calculated (the "Tender Pool Determination Date"). The Final Tender Offer Asset Value will equal the unaudited Net Asset Value of the assets in the Tender Pool on the Tender Pool Determination Date. The Tender Price will be an amount equal to the Final Tender Offer Asset Value divided by the total number of Tendered Shares (rounded down to four decimal places) in each case on the Tender Pool Determination Date. A further announcement will be made in due course.

Completion of the Tender Offer remains subject to certain conditions set out in paragraph 2 of the terms and conditions of the Tender Offer which is contained in the Announcement. Subject to completion of the Tender Offer, the Investment Adviser will continue to hold 17,319,759 Shares in the Company representing approximately 42.3 per cent. of the post Tender Offer share capital.

Future Tender Offers

In light of the ongoing Shareholder support for the Company and consistent with the proposals set out in the Circular, the Company intends to seek the requisite authorities required from its Shareholders to undertake the Contractual Bi-Annual Tender Offers in 2023 at the time of the 2022 Annual General Meeting. Details of these proposals will be circulated to Shareholders in due course.

For the purposes of this announcement, unless otherwise defined, capitalised words and phrases shall have the meaning given to them in the Circular.

Legal Entity Identifier: 2138009DIENFWKC3PW84

For further information:

Anderson Whamond                                                                                                   Via Apex Corporate Services

Gulf Investment Fund plc

Ian Dungate/Suzanne Jones                                                                                                      +44 (0) 1624 630400

Apex Corporate Services (IOM) Limited

Sapna Shah/Alex Collins/Atholl Tweedie                                                                            +44 (0) 20 7886 2500

Panmure Gordon

William Clutterbuck                                                                                                                      +44 (0) 20 7379 5151

Maitland/AMO