Day 56 Update on Acceptance Levels

Introduction

On 7 October 2026, Brave Bison announced the terms and conditions of its increased final* offer comprising of 180 pence in cash, 2.394 new Brave Bison Shares and 1 Bison CVR (which is a contingent value right which may deliver 20 pence in cash) (the “Final Offer”) to acquire the c.72 per cent. of System1’s issued and to be issued share capital not already owned by Brave Bison (the “Offer Shares”). The Final Offer, excluding the Bison CVR, has an implied value of 405 pence per System1 Share based on the implied value set out in the Final Offer Announcement. On 9 October 2026, Brave Bison published the Final Offer Document.

Acceptance level update

As at 3.00 p.m. on 22 October 2026, Brave Bison:

had received valid acceptances of the Offer in respect of a total of 1,028,532 System1 Shares (representing approximately 8.10 per cent. of System1’s issued share capital); and

was interested in 3,534,010 System1 Shares (representing approximately 27.85 per cent. of System1’s issued share capital).

Therefore, as at 3.00 p.m. on 22 October 2026, Brave Bison is able to count a total number of 4,562,542 System1 Shares, representing approximately 35.95 per cent. of the existing issued share capital of System1, towards the satisfaction of the Acceptance Condition to the Offer.

The valid acceptances listed in paragraph 2(a) above include 1,008,788 System1 Shares (representing approximately 7.95 per cent. of the issued share capital of System1) which were the subject of an irrevocable undertaking or a letter of intent to accept the Offer.

As described in paragraph 4 below, a further 491,192 System1 Shares are the subject of an irrevocable undertaking or letter of intent to accept the Offer (representing approximately 3.87 per cent. of the issued share capital of System1). Insofar as Brave Bison is aware, these commitments remain outstanding as at 3.00 p.m. on 22 October 2026.

No acceptances have been received from persons acting in concert with Brave Bison.

Save as disclosed in this announcement and the Final Offer Document, none of:

Brave Bison;

the Brave Bison Directors or their respective connected persons;

any person acting in concert with Brave Bison; or

Action to be taken by System1 Shareholders

System1 Shareholders who have not yet accepted the Offer are urged to do so as soon as possible, but in any event by no later than 1.00 p.m. (London time) on 26 October 2026 in accordance with the following procedures:

Irrevocable undertakings and letters of intent

Brave Bison has received the following irrevocable undertakings to accept, or procure the acceptance of, the Final Offer in respect of, in aggregate, 1,361,419 System1 Shares, representing approximately 10.73 per cent. of System1’s issued share capital.

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Includes 50,089 System1 Shares held by Stefan Barden’s wife, Sandra Barden.

In addition, Brave Bison has received the following letters of intent to accept, or procure the acceptance of, or in the case of Cornamusa, to recommend to Gesalcala SGIIC that Gesalcala SGIIC accepts, the Final Offer in respect of, in aggregate, 138,561 System1 Shares, representing approximately 1.09 per cent. of System1’s issued share capital.

Accordingly, Brave Bison has either received irrevocable undertakings to accept the Final Offer, or letters of intent in respect of the acceptance (or in the case of Cornamusa, to recommend to Gesalcala SGIIC Gesalcala SGIIC’s acceptance) of the Final Offer, in respect of 1,499,980 System1 Shares representing approximately 11.82 per cent. of System1’s issued share capital.

• Questions
• General

In this announcement references to the issued share capital of System1 are based on 12,689,073 System1 Shares (excluding System1 Shares held in treasury) in issue as at 22 October 2026 (being the last Business Day prior to the date of this announcement) based on publicly available information.

Addleshaw Goddard LLP is acting as legal adviser to Brave Bison.

The LEI of Brave Bison is 213800BEII7EWIN8X308.

The LEI of System1 is 213800TDLR42C3Q9ZB74.

No prospectus

Notices relating to the United States

Publication on Brave Bison website

Other Disclosure Requirements of the Takeover Code

No Profit Forecasts

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