Holding(s) in Company

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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedⁱⁱ:			System1 Group plc LEI: 213800TDLR42C3Q9ZB74
1b. Please indicate if the issuer is a non-UK issuer
Non-UK issuer
2. Reason for the notification
An acquisition or disposal of voting rights						X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify)ⁱⁱⁱ:
3. Details of person subject to the notification obligation^iv
Name			Kestrel Partners LLP
City and country of registered office (if applicable)			LONDON, UK
4. Full name of shareholder(s) (if different from 3.)^v
Name			Kestrel Opportunities, a cell of Guernsey Portfolios PCC Ltd (through Bank of New York Nominees Ltd) and individual client accounts (through iDealing Nominees Limited).
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached^vi:			30 April 2026
6. Date on which issuer notified:			01 May 2026
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 of issuer^vii
Resulting situation on the date on which threshold was crossed or reached	Less than 5%.			Less than 5%.
Position of previous notification (if applicable)	5.32%			5.32%

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached^viii
A: Voting rights attached to shares
Class/type of shares ISIN code (if possible)		Number of voting rights^ix					% of voting rights
		Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)			Direct (Art 9 of Directive 2004/109/EC) (DTR5.1)		Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Ordinary Shares of 1p each ISIN GB00B1GVQH21				Less than 5%.					Less than 5%.


SUBTOTAL 8. A		Less than 5%.					Less than 5%.

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument		Expiration date^x	Exercise/ Conversion Period^xi			Number of voting rights that may be acquired if the instrument is exercised/converted.			% of voting rights



			SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))
Type of financial instrument	Expiration date^x		Exercise/ Conversion Period ^xi		Physical or cash settlement^xii			Number of voting rights	% of voting rights



					SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer^xiii
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 entity^xiv (please add additional rows as necessary)
Name^xv	% 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
Bank of New York Nominees Ltd	Less than 5%.		Less than 5%.
iDealing Nominees Ltd	Less than 5%.		Less than 5%.




10. In case of proxy voting, please identify:
Name of the proxy holder		N/A
The number and % of voting rights held		N/A
The date until which the voting rights will be held		N/A

11. Additional information^xvi
The indirect voting rights held under (9) relate to shares held in client portfolios managed by Kestrel Partners LLP under discretionary investment management agreements reported in accordance with DTR 5.1.5 (1) (a)

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