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 SUCH JURISDICTION

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

FOR IMMEDIATE RELEASE

4 March 2025

Verdane Fund Manager AB

Statement regarding possible offer for Team Internet Group plc ("Team Internet")

Further to the announcement made by Team Internet on 4 February 2025, Verdane Fund Manager AB, in its capacity as manager of Verdane Freya XI Investment AB, ("Verdane") confirms that it does not intend to make an offer for Team Internet.

This is a statement to which Rule 2.8 of the Code applies.

Under Note 2 on Rule 2.8 of the Code, Verdane, and any person(s) acting in concert with it, reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances:

(a)        with the agreement of the board of directors of Team Internet;

(b)        following the announcement of a firm intention to make an offer for Team Internet by or on behalf of a third party;

(c)        following the announcement by Team Internet of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

(d)        where the Takeover Panel has determined that there has been a material change of circumstances.

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