CHRY Chrysalis Investments Limited

The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than to professional investors in Belgium, Denmark, the Republic of Ireland, Luxembourg, the Netherlands, Norway and Sweden), Canada, Australia, Japan or the Republic of South Africa.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

7 March 2024

Chrysalis Investments Limited ("Chrysalis" or the "Company")

Portfolio Update

The Company is pleased to announce an approximate £4 million investment in Smart Pension Limited ("Smart"), alongside certain other investors. This investment is in addition to the approximate £2 million invested in Smart on 16 January 2024, as disclosed in the FY23 Financial Report and Audited Financial Statements released on 29 January 2024.

The terms of this combined approximate £6million investment are likely to lead to an increase of approximately 3.7p in the Company's Net Asset Value per share if applied to the Company's Net Asset Value as of 31 December 2023. A formal revaluation of the portfolio will occur shortly for the quarter ended 31 March 2024, in accordance with the Company's standard process.

Smart has grown strongly since Chrysalis first invested in June 2021, and the Smart Pension Master Trust ("SPMT") is now the UK's third biggest master trust operator. SPMT currently has 1.3 million members and nearly £5 billion of assets under management ("AUM"), out of a group total of approximately £12.5 billion AUM. SPMT and Smart's international business is powered by Keystone, the group's proprietary technology platform. Keystone is a cloud-based retirement and savings platform that can serve multiple jurisdictions globally and is ideally suited to consolidation, as high levels of automation (including self-service) drives efficiencies and helps to deliver scale, ultimately leading to better value for members.

The proceeds of the raise will be used to further accelerate growth, including via M&A (SPMT has undertaken seven acquisitions since inception), and will underpin Smart's drive towards profitability.

At 5 March 2024, and following completion of this investment, the Company had £27.2 million of liquidity, including a £13.6 million position in Wise plc.

Nick Williamson and Richard Watts (co-portfolio managers) commented:

"We are delighted to support Smart alongside its other key investors. As a result of this new investment, Smart is now even better placed to grow its master trust and platform business and we look forward to supporting Smart on its journey towards profitability, with significant progress towards break-even expected over 2024."

-ENDS-

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at https://www.chrysalisinvestments.co.uk

The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company. The information contained herein is unaudited.

This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.