Brave Bison Regulatory News (BBSN)

18 July 2019

CIP MERCHANT CAPITAL LIMITED

("CIP Merchant Capital" or the "Company")

Sixth Investment - Brave Bison Group plc

CIP Merchant Capital is pleased to announce its investment in Brave Bison Group plc (AIM: BBSN) ("Brave Bison"), a social video company quoted on AIM market of the London Stock Exchange. The Company has acquired, in aggregate, 36,332,550 ordinary shares of 0.1p each in Brave Bison, representing approximately 5.97 per cent. of Brave Bison's issued share capital, for a total consideration of approximately £0.6 million.

In the year ended 31 December 2018, Brave Bison had revenues of £21.2 million, gross profit of £6.5 million, Adjusted EBITDA1 of £0.8 million, a net loss attributable to its shareholders of £71,000. As at 31 December 2018, Brave Bison had cash and cash equivalents of £5.4 million and net assets of £5.3 million. Currently, Brave Bison has a market capitalisation of approximately £11 million.

The investment constitutes the Company's sixth portfolio company.

[1] Adjusted EBITDA is earnings before interest, taxes, depreciation and amortisation and excludes restructuring costs and share-based payments.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.