Clarification

Brave Bison wishes to correct clerical errors in the preparation of a data table contained in Appendix 3 of the announcement entitled “Increased Fourth Offer” published on 14 September 2026 (the “Announcement”). The high and low estimates set out in a data table in Appendix 3 were not correctly extracted from source materials but, for the avoidance of doubt, the arithmetic mean of consensus at 21 April 2026 is unchanged.

Appendix 3 of the Announcement should have read as follows, where emboldened and asterisked figures in the data table have been updated together with an explanatory footnote:

At 21 April 2026 Canaccord Genuity Limited and Singer Capital Market Limited published forecasts in respect of System1.

Canaccord Genuity Limited are acting as financial adviser, Rule 3 adviser, nominated adviser and broker to System1 and Singer Capital Markets Limited are joint brokers to both System1 and to Brave Bison. The Takeover Panel has confirmed that notwithstanding the fact that both Canaccord Genuity Limited and Singer Capital Markets Limited are connected advisers to parties to the Offer, their consensus at 21 April 2026 can be included in this announcement.

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*†Canaccord Genuity Limited did not provide an estimate of adjusted PAT on 21 April 2026. This has been calculated on the basis of adjusted PBT of £4.5m less tax of £1.4m, in each case as per the stated estimates of Canaccord Genuity Limited as at 21 April 2026.

These high and low estimates in respect of System1 consensus market expectations for FY27E as at 21 April 2026 have been compiled and published by Brave Bison in accordance with Rule 27.8 of the Takeover Code. A copy of these consensus market expectations is also available on Brave Bison’s website at https://bravebison.com/investors/?tab=offer-for-system1.

Reference to the consensus market expectations for FY27E as at 21 April 2026 in this announcement has been made without the agreement or approval of System1. In accordance with Rule 28.7(c)(v) of the Takeover Code, Brave Bison confirms that, save in respect of revenue and adjusted profit before tax, the consensus market expectations for FY27E as at 21 April 2026 are not endorsed by System1 and have not been reviewed or reported on in accordance with the requirements of Rule 28.1(a) of the Takeover Code.

The LEI of Brave Bison is 213800BEII7EWIN8X308 and the LEI of System1 is 213800TDLR42C3Q9ZB74.

No prospectus

Notices relating to the United States

Neither this announcement, the Original Offer Document, the Form of Acceptance and Election, the Increased Offer Document, the Second Form of Acceptance and Election nor any other document relating to the Offer constitutes a public offer of securities for sale in the United States or a public offer to acquire or exchange securities in the United States. No offer to acquire securities or to exchange securities for other securities has been made, or will be made, directly or indirectly, in or into, or by the use of the mails, any means or instrumentality of interstate or foreign commerce or any facilities of a national, state or other securities exchange of, the United States.

Publication on Brave Bison website

Other Disclosure Requirements of the Code

No Profit Forecasts

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