Publication and Posting of Offer Document

Brave Bison Group PLC

27 August 2026

 

THIS ANNOUNCEMENT AND THE INFORMATION HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS AND REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT IS NOT A PROSPECTUS NOR A PROSPECTUS EXEMPTED DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE OFFER OR THE NEW BRAVE BISON SHARES EXCEPT ON THE BASIS OF INFORMATION IN THE OFFER DOCUMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE

27 August 2026

OFFER

by

BRAVE BISON GROUP PLC

(“BRAVE BISON”)

for

SYSTEM1 GROUP PLC

(“SYSTEM1”)

to create AIM’s challenger marketing data

and technology company

to be implemented by means of a takeover offer

under Part 28 of the Companies Act 2006

PUBLICATION AND POSTING OF OFFER DOCUMENT

On 30 July 2026, Brave Bison announced the terms and conditions of its improved, revised proposal to acquire all of the issued and to be issued share capital of System1 not already owned by Brave Bison, to be effected by means of a takeover offer (as defined in section 974 of the Companies Act) ("Offer").

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Offer Document (as defined below).

Publication and Posting of the Offer Document

Brave Bison announces that the offer document containing, amongst other things, the full terms and conditions of the Offer and the procedures for acceptance (the "Offer Document"), together with the related Form of Acceptance and Election (for System1 Shareholders holding System1 Shares in certificated form), were published and posted today, 27 August 2026, to System1 Shareholders.

A copy of the Offer Document and a sample Form of Acceptance and Election will shortly be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Brave Bison’s website at https://bravebison.com/investors/?tab=offer-for-system1.

System1 Shareholders will need to take the action as set out in this announcement, the Offer Document, and for holders of System1 Shares in certificated form the accompanying Form of Acceptance and Election, to accept the Offer.

Expected Timetable of Principal Events

The Offer Document contains an expected timetable of principal events in relation to the Offer on page 8 which is also set out in the Appendix to this announcement.

Action to be taken by System1 Shareholders to accept the Offer

The Offer will initially be open for acceptance until 1:00 p.m. (London time) on 26 October 2026, unless the Unconditional Date is brought forward or extended by Brave Bison in accordance with the Takeover Code and as further described in Part D of Part 2 (Conditions and Further Terms of the Offer) of the Offer Document.

The earliest date on which the Offer may be declared unconditional is 17 September 2026. If the Offer is declared unconditional on this date, System1 Shareholders who have accepted the Offer prior to 17 September 2026 will receive payment by 1 October 2026. System1 Shareholders are therefore encouraged to accept the Offer as soon as possible.

System1 Shareholders who hold System1 Shares in certificated form should read paragraph 15.1 of Part 1 (Letter from Brave Bison) of the Offer Document and complete the accompanying personalised Form of Acceptance and Election in accordance with the instructions printed thereon. The completed Form of Acceptance and Election, together with the share certificate(s) and/or other document(s) of title, should be returned as soon as possible by post to MUFG Corporate Markets, Corporate Actions, Central Square, 29 Wellington Street, Leeds, LS1 4DL so as to arrive no later than 1:00 p.m. (London time) on 26 October 2026 (or such other date set by Brave Bison as described further in the Offer Document). Further details on the procedures for acceptance are set out in paragraph 15.1 of Part I (Letter from Brave Bison) at Part 1 of the Offer Document

System1 Shareholders who hold their System1 Shares in uncertificated form (that is, in CREST) should read paragraph 15.2 of Part 1 (Letter from Brave Bison) of the Offer Document and ensure that an electronic acceptance is made by them or on their behalf and that settlement is made no later than 1:00 p.m. (London time) on 26 October 2026 (or such other date set by Brave Bison as described in the Offer Document). If such shareholders hold their System1 Shares as a CREST sponsored member, they should refer to their CREST sponsor as only their CREST sponsor will be able to send the necessary TTE instruction to Euroclear. Further details on the procedures for acceptance of the Offer for holders of System1 Shares in uncertificated form are set out in in paragraph 15.2 of Part 1 (Letter from Brave Bison) of the Offer Document.

Questions

If System1 Shareholders have any questions about this announcement or the Offer Document, or are in any doubt as to how to complete the Form of Acceptance and Election (if they hold System1 Shares in certificated form) or as to how to make an electronic acceptance (if they hold System1 Shares in uncertificated form through CREST), please contact the Shareholder Helpline operated by MUFG on 0371 664 0321 or via email at [e-mail]. Lines are open 9:00 a.m. to 5:30 p.m., Monday to Friday excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Calls may be recorded and randomly monitored for security and training purposes. Please note the shareholder helpline cannot provide advice on the merits of the Offer nor give any financial, investment, or legal advice.

Enquiries:

Brave Bison Group plc	via Cavendish
Oliver Green, Executive Chairman
Theo Green, Chief Growth Officer
Philippa Norridge, Chief Financial Officer
Cavendish Capital Markets Limited (Financial Adviser, Nominated Adviser and Joint Broker)	[phone]
Ben Jeynes
Henrik Persson
Edward Whiley

Addleshaw Goddard LLP is acting as legal adviser to Brave Bison.

The person responsible for arranging the release of this announcement on behalf of Brave Bison is Theo Green, Chief Growth Officer.

The LEI of Brave Bison is 213800BEII7EWIN8X308 and the LEI of System1 is 213800TDLR42C3Q9ZB74.

APPENDIX

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

The following indicative timetable is based on Brave Bison's current expectations and is subject to change. If any of the dates and/or times in this expected timetable change, the revised dates and/or times will be notified to System1’s Shareholders by announcement through the Regulatory Information Service of the London Stock Exchange, with such announcement being made available on Brave Bison’s website at https://bravebison.com/investors/?tab=offer-for-system1. Unless otherwise stated, all times referred to in this announcement and timetable set out below are London times.

Event	Time and/or date
Publication and posting of the Offer Document and the Form of Acceptance and Election	27 August 2026
Latest time and date by which the Offer can be accepted(1) (2)	1.00 pm 26 October 2026
Latest date and time by which the Offer may be declared or become unconditional (i.e. “Day 60”)(3)	11.59 p.m. 26 October 2026
Admission of, and dealings (for normal settlement) commence in New Brave Bison Shares on AIM(4)	By or as soon as possible after 8.00 a.m. on the Business Day after the Offer becoming or being declared unconditional or such other date as announced by Brave Bison
Despatch of share certificates in respect of New Brave Bison Shares and cheques in respect of fractional entitlements to New Brave Bison Shares (where applicable) and payment of cash consideration to System1 Shareholders pursuant to the terms of the Offer(4)	No later than 14 calendar days after the Offer becoming or being declared unconditional
Long-stop Date	11.59 p.m. on 31 December 2026

_________

(1) If the Offer becomes or is declared unconditional and Brave Bison receives acceptances of the Offer in respect of and/or otherwise acquires 90 per cent. (90%) or more in value of the Offer Shares, Brave Bison intends to exercise its rights pursuant to the statutory squeeze-out provisions of sections 974 to 991 of the Companies Act 2006 to acquire compulsorily, on the same terms as the Offer, the remaining System1 Shares in respect of which the Offer has not at such time been accepted. If the Offer becomes or is declared unconditional, Brave Bison will keep the Offer open for acceptances for at least 14 days following the date on which the Offer becomes or is declared unconditional.

(2) The Offer shall lapse unless all of the Conditions have been fulfilled (or, where permitted, waived) by midnight (London time) on the earlier of the Unconditional Date and the Long-Stop Date (subject to the rules of the Takeover Code and, where applicable, the consent of the Panel).

(3) Brave Bison reserves the right to bring forward the date by which all of the Conditions must be satisfied or waived (and therefore shorten the period for which the Offer is open for acceptance) by publishing an Acceleration Statement in accordance with the requirements of the Takeover Code, specifying a new Unconditional Date.

(4) Any settlement of consideration pursuant to the Offer shall take place within 14 days of the Unconditional Date for any System1 Shareholder who has accepted the Offer prior to 1,00 p.m. on the Unconditional Date or, in the event that the Offer remains open for acceptances following being declared unconditional in accordance with the terms of the Offer Document, within 14 days from receipt of a valid acceptance by a System1 Shareholder.

Important Notices

Disclaimers

Cavendish Capital Markets Limited ("Cavendish"), which is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom, is acting exclusively as financial adviser to Brave Bison and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Brave Bison for providing the protections afforded to clients of Cavendish nor for providing advice in connection with the matters referred to herein. Neither Cavendish nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Cavendish in connection with this announcement, any statement contained herein, any offer or otherwise. Apart from the responsibilities and liabilities, if any, which may be imposed on Cavendish by the Financial Services and Markets Act 2000, or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither Cavendish nor any of its affiliates accepts any responsibility or liability whatsoever for the contents of this announcement, and no representation, express or implied, is made by it, or purported to be made on its behalf, in relation to the contents of this announcement, including its accuracy, completeness or verification of any other statement made or purported to be made by it, or on its behalf, in connection with Brave Bison or the matters described in this announcement. To the fullest extent permitted by applicable law, Brave Bison and its affiliates accordingly disclaim all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement, or any statement contained herein.

No prospectus

This announcement does not constitute a prospectus, prospectus equivalent document or an exempted document.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

Overseas Shareholders

The information contained herein is not for release, distribution or publication, directly or indirectly, in or into the United States or any other Restricted Jurisdiction where applicable laws prohibit its release, distribution or publication.

The release, publication or distribution of this announcement, the Offer Document, the Form of Acceptance and Election in, into or from jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements. Any failure to comply with such requirements may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

This announcement does not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. In particular, this announcement does not constitute an offer of securities to the public in the United States.

This announcement has been prepared for the purposes of complying with English law and the Takeover Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside England.

The availability of the Offer to System1 Shareholders who are not resident in and citizens of the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Any such person should read paragraph 14 of Part 1 of the Offer Document, paragraph 7 of Part D to Part 2 of the Offer Document and: (i) if such person holds System1 Shares in certificated form, Part E to Part 2 of the Offer Document; or (ii) if such person holds System1 Shares in uncertificated form, Part F to Part 2 of the Offer Document, and in each case inform themselves of, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom to accept the Offer or to execute and deliver a Form of Acceptance and Election in connection with the Offer, and persons who are not resident in the United Kingdom to receive New Brave Bison Shares in part consideration pursuant to the terms of the Offer, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the combination disclaim any responsibility or liability for the violation of such restrictions by any person.

The Offer is not being, and will not be, made, directly or indirectly, in or into or by the use of mails of, or by any other means (including, without limitation, electronic mail, facsimile transmission, telex, telephone, internet or other forms of electronic communication) of interstate or foreign commerce of, or any facility of a national securities exchange of the United States or, unless determined otherwise by Brave Bison, any other Restricted Jurisdiction, and will not be capable of acceptance by any such use, means or facility or from within the United States or any other Restricted Jurisdiction. Accordingly, copies of this announcement, the Offer Document, and the Form of Acceptance and Election and any related documents are not being, and must not be, directly or indirectly, mailed or otherwise distributed, forwarded, transmitted or sent in or into or from the United States or any other Restricted Jurisdiction and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) should observe these restrictions and must not mail, or otherwise distribute, forward, transmit or send any such documents in or into or from the United States or any other Restricted Jurisdiction. Doing so may invalidate any purported acceptance of the Offer. Any person (including, without limitation, agents, custodians, nominees and trustees) who would, or otherwise intends to, or who may have a legal or contractual obligation to, forward this announcement, the Offer Document, the Form of Acceptance and Election and any related documents to any jurisdiction outside the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of any jurisdiction, seek appropriate advice and read paragraph 14 of the letter from Brave Bison set out in Part 1 of the Offer Document and paragraph 7 of Part D to Part 2 to the Offer Document before doing so.

The New Brave Bison Shares to be issued pursuant to the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) nor under any of the relevant securities laws of any securities regulatory authority of any state or other jurisdiction of the United States or any other Restricted Jurisdiction.  Accordingly, the New Brave Bison Shares may not be offered, sold or delivered, directly or indirectly, in or into the United States, or any other Restricted Jurisdiction or to, or for the account or benefit of, any U.S. Person or Restricted Overseas Person, absent registration or an available exemption from the registration requirements under the U.S. Securities Act and applicable U.S. state securities laws (in the case of the United States) and any applicable requirements of any other Restricted Jurisdiction. The New Brave Bison Shares are being offered or sold only outside the United States to non-U.S. Persons in offshore transactions in accordance with, the safe harbour from the registration requirements provided by Regulation S.

Notices relating to the United States

Brave Bison is not extending the offer into the United States. No document relating to the Offer will be posted into the United States.

Neither this announcement, the Offer Document the Form of Acceptance and Election nor any other document relating to the Offer constitutes a public offer of securities for sale in the United States or a public offer to acquire or exchange securities in the United States. No offer to acquire securities or to exchange securities for other securities has been made, or will be made, directly or indirectly, in or into, or by the use of the mails, any means or instrumentality of interstate or foreign commerce or any facilities of a national, state or other securities exchange of, the United States.

Neither this announcement, the Offer Document, the Form of Acceptance and Election nor any other document relating to the Offer constitutes an offer of the New Brave Bison Shares to any person with a registered address, or who is resident or located, in the United States or is otherwise a U.S. Person. The New Brave Bison Shares have not been and will not be registered under the U.S. Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, in or into the United States or to, or for the account or benefit of, any U.S. Person except in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The New Brave Bison Shares are being offered or sold only outside the United States to non-U.S. Persons in offshore transactions in accordance with, the safe harbour from the registration requirements provided by Regulation S. System1 Shareholders will be required to acknowledge, warrant, and represent to Brave Bison, together with such other representations that Brave Bison may require in its sole discretion, that it is not a person with a registered address, or resident or located, in the United States or otherwise a U.S. Person to participate in the Offer. Brave Bison will refuse to issue or transfer New Brave Bison Shares to investors that do not meet the foregoing requirements.

Any person with a registered address, or resident or located, in the United States or is otherwise a U.S. Person will receive, in lieu of New Brave Bison Shares to which they would otherwise be entitled, the net cash proceeds (in sterling) from the sale of such New Brave Bison Shares, as more fully described in paragraph 16(C) of Part 1 to the Offer Document.

The receipt of consideration pursuant to the Offer by a System1 Shareholder may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each System1 Shareholder is urged to consult his independent professional adviser immediately regarding the tax consequences of accepting the Offer.

US investors should closely read paragraph 14 of Part 1, as well as paragraph 7 of Part D to Part 2 of the Offer Document, for further details.

Brave Bison reserves the right to elect, with the consent of the Panel (where necessary), to implement the Offer by way of a Court-sanctioned scheme of arrangement in accordance with Part 26 of the Companies Act 2006. A scheme of arrangement is not subject to the tender offer rules under the U.S. Exchange Act and therefore would be subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement which differ from the disclosure requirements of the US tender offer rules. If the Offer is implemented by way of a scheme of arrangement, the New Brave Bison Shares would be expected to be issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) of the U.S. Securities Act. Section 3(a)(10) exempts securities issued in exchange for one or more outstanding securities from the general requirements of registration where the terms and conditions of the issuance and exchange of such securities have been approved by a court, after a hearing on the fairness of the terms and conditions of the issuance and exchange at which all persons to whom such securities will be issued have the right to appear and be heard. The Court would hold a hearing on the Scheme’s fairness to System1 Shareholders, at which hearing all such shareholders would be entitled to attend in person or through counsel. If the Offer is implemented by way of the Scheme, a person who receives New Brave Bison Shares pursuant to the Scheme and who is an affiliate of Brave Bison may not resell such securities without registration under the U.S. Securities Act or pursuant to the applicable resale provisions of Rule 144 under the U.S. Securities Act or another applicable exemption from registration or in a transaction not subject to registration (including a transaction that satisfies the applicable requirements of Regulation S under the U.S. Securities Act). Whether a person is an affiliate of a company for the purposes of the U.S. Securities Act depends on the circumstances, but affiliates can include certain officers, directors and significant shareholders. Persons who believe that they may be affiliates of Brave Bison should consult their own legal advisers prior to any sale of securities received pursuant to the Scheme.

It may be difficult for shareholders in the United States to enforce certain rights and claims arising in connection with the Offer under US federal securities laws since Brave Bison and System1 are located outside the United States, and their officers and most of their directors reside outside the United States. It may not be possible to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. It also may not be possible to compel a non-US company or its affiliates to subject themselves to a US court's judgment.

To the extent permitted by applicable law and in accordance with the Takeover Code and normal U.K. practice, Brave Bison or its affiliates or agents may make purchases of, or make arrangements to purchase, shares of System1 outside the United States otherwise than under the Offer.

Neither the SEC nor any US state securities commission has approved or disapproved this Offer, or passed upon the adequacy or completeness of the Offer Document. Any representation to the contrary is a criminal offence.

Publication on Brave Bison website

In accordance with Rule 26 of the Code, a copy of the Offer Document, the Form of Acceptance and Election and other documents required to be published by Rule 26 of the Code, subject to certain restrictions relating to persons in the United States or any other Restricted Jurisdictions, will be available at https://bravebison.com/investors/?tab=offer-for-system1  by no later than 12 noon (London time) on the Business Day following the date of this announcement. The content of this website is not incorporated into and does not form part of the Offer.

Other Disclosure Requirements of the Code

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of "relevant securities" of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the "offer period" and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th Business Day following the commencement of the offer period. Relevant persons who deal in the "relevant securities" of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any "relevant securities" of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant "dealing".

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an "interest in relevant securities" of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons "acting in concert" with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose "relevant securities" Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on [phone] if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Terms in quotation marks are defined in the Takeover Code, which can also be found on the Panel's website.

No Profit Forecasts

Other than the Brave Bison FY26 Profit Forecasts, no statement in this announcement is intended as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share or dividend per share for Brave Bison, System1 or the Enlarged Group, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share or dividend per share for Brave Bison, System1 or the Enlarged Group.

Forward-looking statements

This announcement (including information incorporated by reference in this announcement) contains certain forward-looking statements with respect to the financial condition, results of operations and business of Brave Bison and/or System1 and certain plans and objectives of Brave Bison and/or System1 with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by Brave Bison and the Brave Bison Board in the light of its experience and its perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. Brave Bison does not assume any obligation to update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions.

Requesting Hard Copy Documents

In accordance with Rule 30.3 of the Takeover Code, subject to certain restrictions relating to the United States or any other Restricted Jurisdiction, System1 Shareholders and persons with information rights may request a hard copy of the Offer Document by contacting MUFG’s helpline on 0371 664 0321 or via email at [e-mail].. Lines are open between 09.00 a.m. – 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Calls may be recorded and monitored for security and training purposes. Please note that MUFG cannot provide financial, tax, investment or legal advice.

For persons who receive a copy of this announcement in electronic form or via a website notification, a hard copy of the Offer Document will not be sent unless so requested. Such persons may also request that all future documents, announcements and information to be sent to them in relation to the Offer should be in hard copy form.

Electronic communications

Please be aware that addresses, electronic addresses and certain information provided by System1 Shareholders and other relevant persons for the receipt of communications by System1 may be provided to Brave Bison during the Offer Period as required under Section 4 of Appendix 4 of the Takeover Code to comply with Rule 2.11 of the Takeover Code.

 

END