Business
TR-1 Notification of Major Holdings
Aegis Financial Corporation, through its control owner Scott Barbee, has increased its voting rights in Capital Limited to 10.31%, representing 22,313,531 shares, up from a previous holding of 5.17%. This acquisition occurred on November 21, 2025, with the notification made on November 24, 2025. The Aegis Value Fund, managed by Aegis Financial Corporation, holds 9.89% of the issuer's shares. Disclaimer*
About this update from Capital Limited
TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN BMG022411000 Issuer Name CAPITAL LIMITED UK or Non-UK Issuer Non-UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Aegis Financial Corporation City of registered office (if applicable) McLean Country of registered office (if applicable) United States of America Name City of registered office Country of registered office Scott L. Barbee 4. Details of the shareholder Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above City of registered office (if applicable) Country of registered office (if applicable) 5. Date on which the threshold was crossed or reached 21-Nov-2025 6. Date on which Issuer notified 24-Nov-2025 7. Total positions of person(s) subject to the notification obligation % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 10.310000 0.000000 10.310000 22313531 Position of previous notification (if applicable) 5.170000 0.000000 5.170000 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A. Voting rights attached to shares Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) BMG022411000 22313531 10.310000 Sub Total 8.A 22313531 10.310000% 8B1. Financial Instruments according to (DTR5.3.1R.(1) (a)) Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B1 8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b)) Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B2 9. Information in relation to the person subject to the notification obligation 2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary) Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold Scott L. Barbee 10.310000 0.000000 10.310000% Scott L. Barbee Aegis Financial Corporation 10.310000 0.000000 10.310000% 10. In case of proxy voting Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional Information Aegis Financial Corporation ("AFC") is a US-based investment management company that manages the Aegis Value Fund, a series of The Aegis Funds, as well as other separately managed accounts. Scott Barbee is the control owner of AFC. The indirect shares reported in this filing are controlled by Scott Barbee in his capacity as the discretionary portfolio manager for AFC and the Aegis Value Fund. As of the date the threshold was reached or crossed, the Aegis Value Fund held 21,410,872 shares or 9.89%, of the issuer. 12. Date of Completion 24-Nov-2025 13. Place Of Completion USA