FRM Formation Grp

FORMATION GROUP PLC
('Formation' or the 'Company')

Investment in Proton Partners International Limited
(‘PPI’)

Formation notes the commencement of trading today in the ordinary shares of £0.001 each in PPI (the ‘PPI Shares’) on the NEX Exchange Growth Market.

Formation is interested in 4,347,826 PPI Shares, which the Company acquired in March 2018 at a price of 115p per PPI Share for a total cash consideration of £5.0 million.

Based on today’s admission price of 225p per PPI Share, Formation’s interest in PPI is valued at approximately £9.78 million.

The directors of the Company accept responsibility for the contents of this announcement.

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