EPE Special Opportunities Limited

Announcement of ZDP Share Buybacks

EPE Special Opportunities Limited ("ESO" or the "Company") announces its intention to commence purchases of up to 7,500,000 of the Company's zero dividend preference shares ("ZDP Shares") from today's date up to and including 31 July 2023 ("Share Buybacks"), at pricing up to the accrued redemption yield of the ZDP Shares as at the date of purchase.

The proposed Share Buybacks will be funded by the Company's cash reserves. Any ZDP Shares purchased by the Company will be held in treasury.

The Board believes that the current low level of liquidity in the ZDP Shares may restrict its ability to purchase ZDP Shares. Accordingly, the Company has agreed that on any given trading day Share Buybacks may exceed 25 per cent. of the average daily trading volume on each trading platform on which the Company's ZDP Shares are traded. Where a buyback of ZDP Shares exceeds 25 per cent. of the average daily trading volume on any trading platform, the Company will not fall within the exemption contained in Article 5(1) of the Market Abuse Regulation.

The Company may, where it considers appropriate, undertake Share Buybacks at a price that exceeds the higher of the price of the last independent trade and the highest current independent purchase bid on the trading venue where the purchase is carried out (being the price stipulated by Article 3(2) of the Commission Delegated Regulation (EU) 2016/1052 (Commission Delegated Regulation), as referred to in Article 5(6) of the Market Abuse Regulation).

The proposed Share Buybacks will be effected on behalf of the Company by Liberum Capital Limited.

Any purchase of the Company's ZDP Shares contemplated by this announcement will be carried out on a regulated trading venue and be executed in accordance with, save as detailed above, Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).

Details of purchases of any ZDP Shares made by the Company will be notified to a Regulatory Information Service by the Company following any repurchase as required by the Market Abuse Regulation.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

This announcement contains inside information. The person responsible for releasing this information on behalf of the Company is Amanda Robinson of Langham Hall Fund Management (Jersey) Limited.

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