Partial Compulsory Redemption of Shares

Chenavari Capital Solutions Limited (the Company)

26 November 2019

Partial Compulsory Redemption of Shares

This announcement contains inside information

Further to the approval given by the Company's Shareholders on 15 March 2017 to enable compulsory redemptions of the Ordinary Shares (as described in the Circular dated 15 February 2017), the Company today announces that it will return £5,800,000 on 9 December 2019 (the "Redemption Date") by way of a compulsory partial redemption of up to 6,769,374 Ordinary Shares (the "Ninth Redemption"). Approximately 16.8% of the issued share capital will be redeemed.

The Ninth Redemption will be effected at 85.68 pence per Ordinary Share, being the NAV per Ordinary Share as at 31 October 2019. The Redemption will be effected pro rata to holdings of Ordinary Shares on the register at the close of business on the Redemption Record Date, being 9 December 2019. As at today's date, the Company has 40,356,995 Ordinary Shares in issue, of which none are held in treasury.

On this basis, a holder of 10,000 Ordinary Shares will have 1,677 Ordinary Shares redeemed, and receive £1,436.85 in cash.

Fractions of Ordinary Shares will not be redeemed and so the number of Ordinary Shares to be redeemed for each shareholder will be rounded down to the nearest whole number of Ordinary Shares.

The amount to be applied to the partial redemption of Ordinary Shares comprises monies from the Company's existing cash balances.

All Ordinary Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, Ordinary Shares will be incapable of transfer.

The Ordinary Shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BKTDR317 (the "Old ISIN") will expire.

The new ISIN number GG00BK96BH26 (the "New ISIN") in respect of the remaining Ordinary Shares which have not been redeemed will be enabled and available for transactions from and including 10 December 2019.

Up to and including the Redemption Date, Ordinary Shares will continue to be traded under the Old ISIN and as such, a purchaser of such Ordinary Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any further returns of capital.

Expected timetable for redemption:

Capitalised terms used but not defined in this announcement shall bear the meanings ascribed to them in the Circular to Shareholders dated 15 February 2017.

Enquiries:

Chenavari Investment Managers

Kirstie Sumarno

Email: ccslir@chenavari.com

Telephone: +44 20 7259 3600