Issue of Equity

20 May 2021

Polar Capital Holdings plc

Issue of Equity

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces that today 1,333,921 ordinary shares of 2.5 pence in the Company have been allotted and issued, each fully paid, under its block listing facility (Crystallisation of Preference Shares) in respect of the previously announced crystallisation of the Healthcare Opportunities Fund and the Polar Capital Global Healthcare Trust plc (RNS Number 6491D on 11 October 2018), and the partial crystallisation of the North American Fund (RNS Number 0949U on 20 November 2019). These shares will rank pari passu in all respects with the Company's existing shares in issue.

This issue comprises the fourth and final allotment of shares in respect of the Healthcare Opportunities Fund and the Polar Capital Global Healthcare Trust plc (1,218,022 shares) and the third allotment of shares in respect of the North American Fund (115,899 shares).

The Company's current issued share capital is 98,779,934 ordinary shares and following this allotment, the total number of ordinary shares allotted and in issue will be 100,113,855.

Background

As set out at the time of the Company's admission to AIM, Polar Capital has structured its fund management operations in such a way that the fund management teams are placed in separate business units. Each business unit is a separate profit centre and the fund managers responsible receive an annual payment which comprises a share of their unit's core operating profit (operating profit before performance fees and related distributions) and performance fees.

In addition, each fund management team is offered the prospect of an interest in the capital of the Company through the purchase of an individual class of preference shares in Polar Capital Partners Limited, a wholly owned subsidiary of the Company. These preference shares have been structured in such a way as to become convertible upon the occurrence of certain events known as crystallisation events into cash or, at the option of the Company, ordinary shares in the Company at a ratio that is intended to be earnings enhancing for the Group.

Upon the occurrence of a crystallisation event the fund managers concerned cease to be eligible to receive their share of the business unit's core operating profit and simultaneously going forward receive a reduced interest in their performance fees.

For further information please contact:

Polar Capital +44 (0)20 7227 2700

Gavin Rochussen (Chief Executive)

John Mansell (Executive Director)

Samir Ayub (Finance Director)

Numis Securities Limited - Nomad and Joint Broker +44 (0)20 7260 1000

Charles Farquhar

Stephen Westgate

Kevin Cruickshank (QE)

Peel Hunt LLP - Joint Broker +44 (0)20 3597 8680

Andrew Buchanan

Rishi Shah

Camarco +44 (0)20 7757 4995

Ed Gascoigne-Pees

Jennifer Renwick

Monique Perks