Partial Divestment of interest in Alkemy SpA

17 February 2022

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company")

Partial Divestment of interest in Alkemy SpA

CIP is pleased to announce that it has sold 40,000 shares in Alkemy SpA (BIT:ALK) ("Alkemy") for a total consideration of €803,169 (net of commissions and expenses) (the "Divestment").

For illustrative purposes, CIP's average buy-in price in respect of its holding in Alkemy was €11.28 per share (net of commissions and expenses) and the average sale price per share of the Divestment was €20.08 (net of commissions and expenses), representing a 1.78 times cash-on-cash return.

Following the Divestment, CIP holds a remaining interest of 361,415 ordinary shares in Alkemy.

For the year ended 31 December 2020, Alkemy reported a net profit after tax of €1.82 million and had net assets of €31.40 million.

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).