The information contained in this announcement is restricted and is not for publication, release or distribution in the United States of America, any member state of the European Economic Area (other than to professional investors in Belgium, Denmark, the Republic of Ireland, Luxembourg, the Netherlands, Norway and Sweden), Canada, Australia, Japan or the Republic of South Africa.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

7 February 2023

Chrysalis Investments Limited ("Chrysalis" or the "Company")

Portfolio Update

The Company can today announce that, subject to usual closing conditions, it has agreed to purchase £20 million of equity in Starling Bank ("Starling") via a secondary market transaction led by an existing, third-party shareholder in Starling.

The Company's Investment Adviser is optimistic about the prospects for Starling and believes this transaction will generate future value for Chrysalis shareholders.

On the 1 February 2023, the Company's Quarterly NAV Announcement detailed a gross cash position as of 30 January 2023 of approximately £69 million and a total liquidity position (including the listed position in Wise plc) of approximately £81 million. Assuming the Starling transaction closes, the Company's gross cash and total liquidity positions would both be reduced by £20 million, and Starling would account for approximately 15% of the portfolio including gross cash, versus approximately 12% as of 30 January 2023.

At the recent Capital Markets Day the Investment Adviser referred to a potential follow-on commitment to fund the portfolio of approximately £20 million. For clarity, this secondary transaction did not form part of this analysis.

If, following Completion, the Company's independent Valuation Committee recommends that the Board apply the "price of recent investment" approach to the Company's holding in Starling this would result in a modest uplift in the Company's NAV per share compared with the 31 December 2022 calculation.

-ENDS-

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at https://www.chrysalisinvestments.co.uk

The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company. The information contained herein is unaudited.

This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.