Directorate Changes

2 September 2021

CIP MERCHANT CAPITAL LIMITED

("CIP Merchant Capital" or the "Company")

Directorate Changes

The Board of CIP Merchant Capital announces that Marco Fumagalli and Carlo Sgarbi have advised the Company that they have decided not to seek re-election as directors of the Company at its forthcoming annual general meeting ("AGM"), due to be held at 11.00 a.m. on 10 September 2021.

This decision has been taken in order to demonstrate increased independence of the Board and to reduce the number of directors such that the Board's composition is more suited to that of an externally managed AIM quoted investment company. The Company wishes to clarify that Mr Fumagalli and Mr Sgarbi will remain directors of the Company's investment manager, Merchant Capital Manager Limited.

Accordingly, ordinary resolutions 8 and 9 in respect of the re-election of Messrs Fumagalli and Sgarbi, who will step down from the Board as of the close of the AGM, will no longer form part of the business of the AGM. Any votes received in respect of these resolutions will be disregarded.

All other resolutions will remain as originally communicated in the original notice to shareholders, which is available to download from the Company's website at www.cipmerchantcapital.com.

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