Offer for Subscription - Update

Puma Alpha VCT plc

5 November 2025

Offer for Subscription - Update

On 15 January 2025 Puma Alpha VCT plc (the "Company") published a prospectus in relation to an offer for subscription for new ordinary shares of £0.01 each in the Company to raise up to £15 million, with an over-allotment facility to raise up to a further £5 million (the "Offer").

On 30 September 2025 the Company announced that the Offer would be closed to further applications at 5.00 pm on 31 October 2025 with the final allotment expected to take place during the week commencing 3 November 2025 and admission expected to take place within two business days of such allotment.

Following the announcement on 4 November 2025 of the Company's unaudited net asset value as at 31 August 2025, it is now expected that the final allotment under the Offer will be postponed until mid-late November, with admission expected to take place within two days of such allotment.

For further information please contact:

Eliot Kaye

Company Secretary

Puma Alpha VCT plc

020 7408 4050