9 February 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

Result of EGM and grant of warrants

Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data processing semiconductor technology for networking appliances, announces that all resolutions proposed at its Extraordinary General Meeting ("Meeting") held earlier today were duly passed. The resolutions put to the Meeting were voted on by way of a poll. The results of the poll for the resolutions were as follows:

Total votes cast 51,753,144

NOTES:

1.   Proxy appointments which gave discretion to the Chairman of the Meeting have been included in the "For" total for the appropriate resolution

2.   Votes "For" and "Against" any resolution are expressed as a percentage of votes validly cast for that resolution

3.   A vote withheld is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution

Grant of warrants

Following the passing of the resolutions, and further to the announcements of the Company's recent Placing on 17 January 2023 and 19 January 2023 (the "Announcements"), the Company has granted 23,571,430 warrants to investors in the Placing and Broker Option on the terms set out in the Announcements, including the following grants to directors of the Company:

The FCA notification, made in accordance with the requirements of the UK Market Abuse Regulation is appended further below.

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About Ethernity ( www.ethernitynet.com )

Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative, comprehensive networking and security solutions on programmable hardware that increase telco/cloud network infrastructure capacity. Ethernity's semiconductor logic offers Data processing functionality for different networking applications, innovative patented wireless access technology, and fibre access media controllers, all equipped with control software with a rich set of networking features. Ethernity's solutions quickly adapt to customers' changing needs, improving time-to-market, and facilitating the deployment of 5G over wireless and fibre infrastructure.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.