System1 Group PLC (AIM: SYS1)

 ("System1", or "the Company", or "the Group")

Relationship Agreement with Brave Bison

Further to the announcement on 2 March 2026 in relation to Brave Bison Group plc ("Brave Bison") acquiring a 27.85 per cent. shareholding in System1, the Company announces that it has entered into a customary relationship agreement with Brave Bison (the "Relationship Agreement") which includes the opportunity for a representative of Brave Bison to be appointed as an observer to the Company's board of directors (the "Board").  

The key terms of the Relationship Agreement are as follows:

·    Brave Bison has a right to appoint an observer to attend Board meetings subject to the prior approval of the Board;

·    Brave Bison shall not take any action that is intended to or has the effect of preventing the Board from operating independently of Brave Bison;

·    Brave Bison shall not take any action that would prevent System1 from complying with its obligations under applicable laws including the AIM Rules for Companies, the UK Market Abuse Regulation and the Corporate Governance Code published by the Quoted Companies Alliance;

·    All transactions and dealings between the Company and Brave Bison, or any of its associated undertakings, shall be effected on arm's length terms and on a normal commercial basis; and

·    The Relationship Agreement contains terms governing the provision of information to Brave Bison by the Company and customary provisions regarding the protection of confidential information.

The Relationship Agreement will terminate if Brave Bison and its associated undertakings cease to hold, in aggregate, 17.5 per cent. of the voting rights attaching to the issued ordinary share capital of the Company.

Rupert Howell, Non-Executive Chair of System1 commented:

"The Board of System1 is committed to acting in the interests of all its shareholders and we welcome Brave Bison as a significant shareholder in the Company. After careful consideration, and in line with its robust governance practices, the Board concluded it to be in the best interests of all shareholders and stakeholders to enter into a suitable agreement with Brave Bison, fostering a constructive and transparent relationship." 

Oliver Green, Chairman of Brave Bison commented:

"We are pleased to formalise our relationship with System1, and we look forward to working constructively with the Board and management team."

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About System1 Group plc

System1 is a marketing decision-making platform business, utilised by some of the world's largest brands, across 81 markets globally. Since 2000, System1 has helped marketers tap into consumers' emotions to predict and improve the commercial impact of ads and ideas. Drawing on the world's largest database of emotional norms, our advertising and idea tests measure emotion to give our customers the most accurate predictions of the business impact of creativity. We 'predict' (provide research results) and work with our customers and 'improve' (provide insight and consultancy on those results) advertising effectiveness, innovation effectiveness and brand effectiveness. 

We work for more than 500 customers, including 5 of the top 10 US and 8 of the top 10 UK advertisers. Customers include Pfizer, Amazon, TikTok, Sky, Lego, Pladis and Natura.

Further information on the Company can be found at www.system1group.com.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 and as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.