Exercise of Options

12 April 2018

Northern Bear plc

("Northern Bear" or the "Company")

Exercise of Options

Northern Bear announces that it has received notice of the exercise of options over, in aggregate, 35,000 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares"), comprising 15,000 options at an exercise price of 45.75 pence per Ordinary Share and 20,000 options at an exercise price of 28.5 pence per Ordinary Share (the "Options Exercise").

The Company has transferred 35,000 Ordinary Shares out of treasury to satisfy the Options Exercise. The Company's issued share capital now consists of 18,511,722 Ordinary Shares with voting rights. In addition, Northern Bear holds 369,540 Ordinary Shares in treasury. The aforementioned figure of 18,511,722 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Northern Bear under the Financial Conduct Authority's Disclosure and Transparency Rules.

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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 Regulation (EU) No. 596/2014.