Company Announcements

2 March 2022

River and Mercantile UK Micro Cap Investment Company Limited

("Company")

Result of Annual General Meeting

The Board of the Company announces that all of the resolutions proposed at the Annual General Meeting convened today were duly passed.

The Board believes that the votes against Resolution 6 relate to the fact that, as disclosed in the annual report, Mark Hodgson is not considered an independent director because he is a director of Carne Global AIFM Solutions (C.I.) Limited ("Carne"). Carne is the Alternative Investment Fund Manager of the Company but is totally unrelated to River & Mercantile Asset Management. The opinion of the other Directors is that Mark provides considerable and complementary expertise to the Board, particularly in the area of risk management, in which Carne has a significant operation. In accordance with the recommendations of the Association of Investment Companies in relation to non-independent directors, Mark is subject to annual re-election; and indeed the independent directors also put themselves forward for annual re-election.

The Board further note the votes received against Resolution 7 relating to the re-election of the Auditors, PricewaterhouseCoopers CI LLP, being 24.36%.  The Board will contact those shareholders who voted against the resolution to better understand their views.  The Board, through the Chair, the Investment Manager and the Company's corporate broker, seeks to maintain an ongoing dialogue with major shareholders, including dissenting shareholders, and will continue to engage with shareholders.

Further to the provision 1.D.4 of the 2018 UK Code of Corporate Governance and principle 5.2.4. of the 2019 AIC Code of Corporate Governance, a further announcement will be made in due course.

Further information on the votes cast on each resolution will be available on the Company's website shortly.

- ENDS -

For further information please contact:

Singer Capital Markets

Alan Ray / James Moat, Investment Banking

Tel: +44 (0)20 7496 3000

Camarco

Jake Thomas

Tel: +44 (0) 20 3781 8337

BNP Paribas Securities Services S.C.A., Guernsey Branch - Company Secretary

Jasper Cross

Tel: +44 (0) 1481 750859