4 February 2025

Onward Opportunities Limited

("Onward Opportunities" or the "Company")

Net Asset Value

Onward Opportunities announces that as at 31 January 2025, the unaudited net asset value ("NAV") per ordinary share was 125.99 pence, a decrease of 2.61% versus the previous month end.

The above NAV calculation is based on the Company's issued share capital as at 31 January 2025 of 23,979,754 ordinary shares of no par value.

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About Onward Opportunities

Onward Opportunities is an investment company focussed on the UK small cap market, led by an Investment Committee and Lead Manager with over 160 years' combined experience.

Onward has a clear investment strategy, to capitalise on the significant valuation anomalies arising from a lack of investor information on UK small and micro-cap stocks. Through its analysis, experience and deep understanding of the UK Small Cap market, Onward Opportunities is able to identify these anomalies, enabling investment in opportunities with superior potential upside.

The investment philosophy is to focus on companies with competitive advantage, strong management track record, balance sheet asset backing, attractive cash flow potential and visibility of earnings. Investee companies will also have scope for material potential valuation upside that can be delivered from catalysing strategic, operational or management initiatives. Onward Opportunities helps its portfolio companies realise this potential through active engagement.

Since IPO in March 2023, the investment strategy and philosophy have proven successful, consistently outperforming the AIM All Share Index. Onward Opportunities' investment objective is to deliver a return on investments of at least 2.0x invested capital over a three-to-five-year hold period, aggregating into a total annualised return of at least 15% per annum.