Statement re Publication of CFE’s Mandatory Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION (INCLUDING THE UNITED STATES) WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

For immediate release

31 January 2022

CIP MERCHANT CAPITAL LIMITED

("CIP" or the "Company")

Statement re Publication of CFE's Mandatory Offer Document

The Board of CIP (the "Board") notes the announcement released earlier today by Corporation Financière Européenne S.A. ("CFE") regarding the publication of an offer document in respect of its hostile, mandatory cash offer for the Ordinary Shares in CIP not already held by CFE (or any persons acting in concert with it) at a price of 55 pence per Ordinary Share.

The Board will publish its full response to the Offer, including more details on the reasons for its previously announced unanimous and unequivocal rejection of the Offer, via a circular (the "Defence Circular"), in due course, but, in the meantime, reiterates its advice to shareholders to take no action in respect of the Offer at this point.

The Defence Circular will be posted to shareholders within the next two weeks and will also be made available on the Company's website once published.

Any shareholders wishing to contact or make representations to the Board with regard to the Offer are welcome to do so and are advised to contact the Company via the Company's Fund Administrator at [email protected].

This announcement has been made without the prior consent of CFE.

Further announcements will be made as and when appropriate.

Terms and definitions used in this announcement shall have the same meanings as ascribed to them in the Company's response announcement of 17 January 2022 unless otherwise stated.

Enquiries:

Additional information

The information contained in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (which applies in the United Kingdom by operation of the European Union (Withdrawal) Act 2018 (as amended)). The person responsible for arranging release of this announcement on behalf of CIP is Adrian Collins.

Strand Hanson Limited ("Strand Hanson"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as financial adviser, nominated adviser and broker to CIP and no-one else in relation to the Offer and/or other matters described in this announcement and will not be responsible to anyone other than CIP for providing the protections afforded to clients of Strand Hanson nor for providing advice in relation to the Offer, the contents of this announcement or any other matter referred to herein. Neither Strand Hanson 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 Strand Hanson in connection with the Offer, this announcement, any statement contained herein or otherwise.

Publication on a website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available on CIP's website at: www.cipmerchantcapital.com (subject to certain restrictions relating to persons resident in restricted jurisdictions) by no later than 12 noon (London time) on 1 February 2022. For the avoidance of doubt, the content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.