CIP Merchant Capital Limited announces that Marco Fumagalli and Carlo Sgarbi have advised the Company that they have decided not to seek re-election as directors of the company at its upcoming annual general meeting due to be held at September 10, 2021. This decision has been taken in order to demonstrate increased independence of the Board and to reduce the number of directors such that the Board's composition is more suited to that of an externally managed AIM quoted investment company. The company wishes to clarify that Mr. Fumagalli and Mr. Sgarbi will remain directors of the company's investment manager, Merchant Capital Manager Limited.