NUC.L Regulatory News (NUC)

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

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

3 December 2020

Statement from Aquiline: No intention to make an offer for

Nucleus Financial Group Plc ("Nucleus")

Aquiline Capital Partners LLC ("Aquiline") notes yesterday's statement by Nucleus regarding a possible offer for Nucleus and announces that, following highly preliminary discussions, it does not intend to make an offer for Nucleus.

As a result of this announcement, Aquiline will be bound by the restrictions contained in Rule 2.8 of the Code.

For the purposes of Rule 2.8 of the Code, Aquiline reserves the right to make or participate in an offer or possible offer for Nucleus (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months following the date of this announcement:

1. with the agreement of the Board of Nucleus;

2. following the announcement of a firm intention to make an offer for Nucleus by a third party;

3. following the announcement by Nucleus of a "whitewash" proposal (for the purposes of Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

4. if the Panel on Takeovers and Mergers determines that there has been a material change of circumstances.

Enquiries: Maria Gonzalez: mjgonzalez@prosek.com / +44 (0) 7787 775 714

Important Notices

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.