Also Waives 100% of Remaining Non-Affiliate Lock-Ups, Provides Update on Portfolio Realize-and-Reinvest Model, and Bolsters Senior Team with Industry-Leading Talent

Powerlaw Corp. (NASDAQ:PWRL) (the "Fund"), a publicly traded fund offering exposure to private technology companies, today announced a series of corporate actions designed to continue to deliver stockholder value:

The Fund’s Board of Directors has approved an annual dividend program for the Fund’s fiscal year 2027, which begins on October 1, 2026, and has declared the first three monthly dividends under the program. The Fund intends to declare and pay monthly dividends to stockholders at an annual rate of 6% based on the Fund’s August 31, 2026 NAV of $16.23 per share, which translates into a monthly dividend equal to $0.0812 per share. For all stockholders of record as of October 20, 2026, the Fund intends to pay the first dividend on October 30, 2026. The Board of Directors may amend or terminate the dividend program at any time.
In addition to the above monthly dividends, the Fund intends to declare required year-end tax distributions, if any, in December 2026 and pay them during the first quarter of 2027.
To enhance market float and trading liquidity, the Fund has waived the remaining lock-up restrictions for non-affiliated stockholders.
The strategic partial sale of the Fund’s SpaceX shares to fund dividends, tax distributions, and new private-market investments, demonstrating the Fund’s realize-and-reinvest model in action.
The appointment of three senior professionals at Powerlaw Capital Group, LLC ("Powerlaw"), strengthening capabilities across deal execution, corporate strategy, distribution channels, and investor relations.

Building on the private-market expertise of Akkadian Ventures, the Fund listed its shares on May 27, 2026 to unlock private market value for public investors by giving them exposure to some of the world’s most sought-after private company investment opportunities that historically have been reserved for institutional investors.

"We are focused on liquidity, value creation, and long-term compounding growth. Today’s announcements reflect our commitment to building a vital, long-term platform that converts private market growth into tangible value for our stockholders," said Mike Dinsdale, Co-founder and Chief Executive Officer.

Initiation of Monthly Dividend

The Fund’s Board of Directors approved a monthly dividend, to be declared quarterly, for the Fund’s fiscal year 2027 which begins on October 1, 2026. The dividend will have a 6% annual rate based on the Fund’s August 31, 2026 NAV of $16.23 per share, which translates into a monthly dividend equal to $0.0812 per share. The Fund’s Board of Directors has already declared the monthly dividends for the Fund’s first fiscal quarter of 2027. For all stockholders of record as of October 20, 2026, the Fund intends to make the first monthly dividend on October 30, 2026. Based on the September 18, 2026 closing share price on Nasdaq of $11.39 and assuming that a stockholder bought Fund shares at that price prior to the first record date of October 20, 2026, that the stockholder continues to hold those shares through and including the record date for the monthly dividend in September 2027 and that the monthly dividend is declared and paid by the Board of Directors in its discretion at the rate of $0.0812 per share each month during the Fund's fiscal year 2027, the monthly dividend represents approximately an 8.6% effective annualized dividend yield.

For the months of October, November, and December of 2026, the Fund’s Board of Directors has approved the following specific dividends:

Month	Record Date	Payable Date	Per Share
October	10/20/2026	10/30/2026	$0.0812
November	11/20/2026	11/30/2026	$0.0812
December	12/21/2026	12/30/2026	$0.0812

Subject to the availability of adequate cash returns from potential future portfolio realizations, the Fund intends to maintain a regular monthly dividend cadence. There is no guarantee that the Fund will have sufficient cash available to fund dividends. Because the monthly dividend rate is intended to be adjusted annually based on the corresponding August 31 NAV, the size of the monthly dividend could be adjusted annually to reflect the value of the portfolio. The Fund’s Board of Directors may terminate the dividend program at any time.

Annual Tax Distribution

In addition to the above-described monthly dividends, the Fund intends to declare required year-end tax distributions, if any, in December 2026 and pay them during the first quarter of 2027.

Dividend Reinvestment Plan

Stockholders may choose how they receive the monthly dividends and any annual year-end tax distributions. Stockholders are automatically enrolled in the Fund’s Dividend Reinvestment Plan (DRIP). Pursuant to the terms of the DRIP, any stockholders who have not opted out at least five business days prior to the applicable record date will have any dividends or distributions reinvested in additional shares to be issued by the Fund. Additional details, deadlines, and instructions about participation in the DRIP are available in the Fund’s prospectus and in the FAQ in the Investor Relations section of the Fund’s website at pwrl.com. The Fund’s prospectus is available on the Securities and Exchange Commission’s website at sec.gov, and it is also available on the Fund’s website at pwrl.com.

Early Waiver of Non-Affiliate Lock-Ups

As of the Fund’s May 27, 2026 direct listing, the Fund’s stockholders were subject to agreements with the Fund that attached lock-up restrictions to their shares and provided a fixed schedule for the expiration of those restrictions. Effective September 24, 2026, the Fund has waived those remaining lock-up restrictions with respect to the remaining shares, which would have otherwise been released on November 23, 2026. Based on this waiver, 13,716,695 additional shares are eligible for immediate sale in the public market on September 24, 2026. This lock-up waiver does not apply to any stockholders who are directors, officers, employees, or contractors to the Fund, and also does not affect any lock-up agreements that any stockholder has entered into with a third party other than the Fund.

Portfolio Gain Realization and Reinvestment

On September 2, 2026, the Fund sold its first tranche of SpaceX shares that the Fund received from the applicable third-party investment vehicles, and netted approximately $19.0 million ($140/share). This partial disposition of the Fund’s largest position is evidence of its realize-and-reinvest model in action.

Ben Black, Co-founder and Chief Investment Officer, added, "Our strategy focuses on identifying and investing in category-defining private technology companies that can potentially generate top-decile returns. As mature holdings hit key liquidity milestones, our realize-and-reinvest model offers the potential to return meaningful capital directly to stockholders while continuously funding the next generation of industry leaders. This disciplined investment cycle is designed to compound value for investors over the long term. By offering public investors exposure to these private-market returns at compelling valuations, Powerlaw is establishing a new standard for venture investing."

Strategic Leadership Additions

Powerlaw is pleased to announce three senior leadership additions:

Aayush Phumbhra, Senior Vice President / Partner: Co-founder of Chegg, Inc. (NYSE:CHGG), with two decades of experience as an entrepreneur, operator, and investor across leading technology companies and venture funds.
Steve Blatney, Vice President, Channel & Distribution: Drives institutional market coverage and distribution strategy, backed by executive capital markets roles across Citi-ONE ATS, Nasdaq Private Market, and Galileo Global Securities.
Nicole Bellefeuille, Vice President, Investor Relations: Brings deep investor relations and market strategy expertise, drawing on senior product marketing experience at BlackRock and dedicated investor relations experience at Makena Capital and Farallon Capital Management.

"We are adding key leadership talent across critical functions to drive our growth, execute our broader strategy, and scale for the future," said Mike Dinsdale.

Investor Conference Call & Webcast

The Fund’s management will host a conference call and live webcast on September 30, 2026, to discuss today’s corporate announcements and answer investor questions.

Date: Wednesday, September 30, 2026
Time: 1:30pm PT / 4:30pm ET
Webcast & Question Submission: Investors and interested parties may register for the webcast and submit questions in advance by visiting the Events page in the Investor Relations section of the Fund's website at pwrl.com. An archived replay of the webcast will be made available on the website following the event.

Notes on Dividends and Distributions

The Fund estimates that distributions may be paid from net investment income, net realized capital gains, and/or a return of capital. The Fund will make available a notice pursuant to Section 19(a) of the Investment Company Act of 1940, as amended (the "Investment Company Act") with each distribution for which it is required, providing estimated sources at the time of payment. Final tax characteristics of all dividends and distributions for the year will be determined after year-end and reported on Form 1099-DIV. There is no guarantee that the Fund will have sufficient cash available to fund dividends and distributions. The amount of dividends and distributions is not guaranteed, and the Board of Directors may terminate the dividend program at any time. All or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Stockholders should not assume that the source of distributions from the Fund is net profit. Stockholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.

About Powerlaw Corp.

Powerlaw Corp. (NASDAQ:PWRL) is a listed closed-end fund registered under the Investment Company Act, offering a combination of direct and indirect exposure to leading private technology companies through a single Nasdaq-listed security. It provides daily liquidity, monthly NAV reporting, and quarterly portfolio disclosure. As a registered investment company under the Investment Company Act, the Fund is subject to the reporting, governance, and other investor protection provisions applicable to publicly traded funds. The Fund intends to elect to be treated, and to qualify annually, as a regulated investment company ("RIC") for U.S. federal income tax purposes beginning with its taxable year ending September 30, 2026. For more information, visit pwrl.com.

About Powerlaw Fund Adviser, LLC

Powerlaw Fund Adviser, LLC is the investment adviser to the Fund and an affiliate of Akkadian Ventures, LLC ("Akkadian"), a San Francisco-based venture secondary investment firm with more than $1.55 billion in assets under management across affiliated advisers and strategies as of June 30, 2026. Since 2010, Akkadian has completed more than 900 primary and secondary transactions across 139 portfolio companies, bringing deep experience, longstanding industry relationships, and a disciplined underwriting approach to private technology investing. For more information, visit powerlawfunds.com.

Important Information

Investors are advised to carefully consider the investment objective, risks, charges, and expenses of the Fund before investing. A prospectus, dated May 20, 2026, as amended from time to time, which has been filed with the Securities and Exchange Commission, contains this and other information about the Fund and should be read carefully before investing.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An offer may only be made by means of a prospectus, copies of which may be obtained when available from: Powerlaw Capital Group, LLC at 631 Folsom Street, Suite A-B, San Francisco, California 94107 or by visiting our website at pwrl.com.

An investment in the Fund is speculative and involves a high degree of risk, with substantial risk of loss. Shares of closed-end funds such as the Fund frequently trade at a discount to net asset value. The Fund is a listed closed-end fund registered under the Investment Company Act. Like other Nasdaq-listed securities, it can be held in standard brokerage accounts and in individual retirement accounts.

Closed-end funds differ from open-end funds in that closed-end funds do not redeem their shares at the request of an investor. No stockholder has the right to require the Fund to redeem such stockholder's shares. While the Fund's shares are listed on an exchange, an active orderly market for the shares may not develop or be sustained. Investors may be unable to sell their shares at or above the price initially paid for those shares. There is no assurance that the Fund will achieve its investment objective, or that the private companies in which the Fund invests will ever have a liquidity event.

The Fund may gain indirect exposure to companies by investing in special purpose vehicles or similar investment structures (collectively, "SPVs"). Investors should be aware that the use of SPVs introduces additional layers of structural complexity, costs, expenses, and additional risks related to liquidity, transparency, and valuation. More information regarding these risks is included in the Fund’s prospectus.

Forward-Looking Statements

This communication includes "forward-looking statements," including with respect to the Fund’s dividend program, trading market, and the performance of the Fund’s investments. These statements also include statements regarding the Fund's objectives to expand access to private markets and other statements that are not historical facts. You can sometimes identify forward-looking statements through the use of words or phrases such as "will," "expect," "anticipate," "aim," "intend," or similar words and expressions of the future.

Forward-looking statements involve known and unknown risks, uncertainties, and assumptions, including the risks outlined under "Risk Factors" in the prospectus and elsewhere in the Fund's filings with the Securities and Exchange Commission, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. The Fund and its affiliates have no obligation, and do not undertake any obligation, to update or revise any forward-looking statement made in this communication to reflect changes since the date of this communication, except as required by law.

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Investors: ir@pwrl.com

Media: media@pwrl.com