17 December 2021

DSW CAPITAL PLC

("DSW Capital" or "DSW" or the "Company")

Director / PDMR Shareholding

As disclosed in the Admission Document, the Company announces that, following Admission, on 16 December, James Dow, Chief Executive Officer, and Nicole Burstow, Chief Financial Officer, were granted IPO PSP Awards of 53,333 and 41,667 Ordinary Shares, respectively.

The Company has applied for the new Ordinary Shares to be admitted to trading on the AIM Market and admission is expected to take place on 21 December 2021. The 95,000 new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Following the admission of the Ordinary Shares, James Dow and Nicole Burstow will hold 3,145,793 and 235,365 Ordinary Shares, representing 14.64% and 1.10% of the issued share capital of the Company, respectively.¹

Total Voting Rights

For the purpose of the Disclosure and Transparency Rules, following the admission of the 95,000 new Ordinary Shares (excluding any treasury shares) the new total number of shares in issue will be 21,482,508.  Accordingly, this figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.

All defined terms used in this announcement have the meanings set out in the Company's Admission Document dated 13 December 2021, which is available on the Company's website: https://dswcapital.com/.

Redeemable Preference Shares

As disclosed in the Admission Document, the Directors intended to redeem all of the 50,000 Redeemable Preference Shares shortly following admission resulting in the payment of £12,500 to James Dow (being the aggregate amount paid up on such Redeemable Preference Shares). The Company announces that the Redeemable Preference Shares have been redeemed today, 17 December.

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About DSW Capital - https://dswcapital.com

DSW Capital, owner of the Dow Schofield Watts brand, is a profitable, fast growing, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW currently operates licensing arrangements with 19 licensee businesses with 82 fee earners ("FEs"), across six offices in England and one in Scotland. These trade primarily under the Dow Schofield Watts brand.

DSW's vision is for the DSW Network to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW gives professionals the autonomy and flexibility to fulfil their potential. Being part of the DSW Network brings support benefits in recruitment, funding and infrastructure. DSW's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm background, who want to launch their own businesses and recognise the value of the Dow Schofield Watts brand and the synergies which come from being part of the DSW Network.

DSW aims to scale its agile model through organic growth, geographical expansion, additional service lines and investing in "Break Outs" (existing teams in larger firms). The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing DSW Network.

The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail: