Results of Tender Offer

FOR IMMEDIATE RELEASE

25 October 2019

RESULTS OF TENDER OFFER

Cedarvale Holdings Ltd ("Cedarvale") confirms that its Tender Offer to purchase ordinary shares ("Shares") in the capital of Northern Bear plc ("Northern Bear") at 72 pence per Share, closed on 24 October 2019. Valid Tenders were received in aggregate for 4,655,217 Shares, representing approximately 25.1% of the issued share capital of Northern Bear.

Following completion of the Tender Offer, Cedarvale and its Beneficial Owner (the "Cedarvale Investors") will own a total of 4,736,717 Shares of Northern Bear, representing approximately 25.6% of the issued share capital of Northern Bear.

The procedure for settlement of the Tender Offer, including payments to tendering shareholders, is set forth in the tender offer document published by Cedarvale on 3 October 2019 (the "Tender Offer Document"). If you have any further queries relating to the settlement procedure, please contact the Receiving Agent, Neville Registrars Limited, on 0121 585 1131 or, if telephoning from outside the UK, on +44 121 585 1131. You also may email the Receiving Agent at [email protected]. Terms defined in the Tender Offer Document have the same meaning in this announcement.

Enquiries:

Arden Partners plc

Tel: 020 7614 5900

Ciaran Walsh