23 March 2026

Ethernity Networks Limited

("Ethernity" or the "Company")

Issue of Equity to Directors

Ethernity Networks Limited (AIM: ENET.L; OTCMKTS: ENETF), a leading supplier of data processing and PON semiconductor technology for networking appliances, announces the issue of new ordinary shares of no par value in the Company ("Ordinary Shares") to certain directors of the Company ("Directors"), further to the announcements made on 2 February 2026 and 10 March 2026.

Conversion of accrued and unpaid salaries and fees to Directors into Ordinary Shares

On 2 February 2026, the Company announced that alongside the placing to raise £367,500 (the "Placing"), it was proposed that certain Directors would up to £70,000 of convert accrued and unpaid salaries and Director fees into new Ordinary Shares at the issue price of the Placing, being £0.00004 (0.004p) (the "Director Fee Conversions"). The Director Fee Conversions were conditional on the approval of shareholders at the Extraordinary General Meeting that was held on 18 March 2026 ("EGM"). Following the passing of the resolutions at the EGM, the Company has on 22 March 2026 issued 1,350,000,000 new Ordinary Shares (the "Director Fee Conversion Shares") to certain Directors of the Company, in conversion of £54,000 of Director fees. The details of the issue of Director Fee Conversion Shares to each Director and their resultant holding of Ordinary Shares is set out below.

*Includes the new Ordinary Shares issued to Mr Albagli as further detailed below.

The remaining conversion of up to £16,000 of unpaid net salary or fees, which would result in the issue of up to 400,000,000 new Ordinary Shares, will be determined and approved by the Board in a later stage, but not later than three months from the date of the EGM.

Related party transaction

The issue of the Director Fee Conversion Shares to certain Directors constitutes a related party transaction under the AIM Rules for Companies. The independent Directors, being Richard Bennett, Julie Kunstler and Aviva Banczewski, consider that the issue of the Director Fee Conversion Shares is fair and reasonable insofar as the Company's shareholders are concerned.

Issue of equity to Chairman

Further to the announcement on 10 March 2026 and following the approval of the resolutions at the EGM, the Company has also today issued the remaining 88,357,437 Ordinary Shares to Mr Albagli in satisfaction of the balance of the Ordinary Shares due under his existing contract for the two years ending 28 February 2026. His resultant holding of Ordinary Shares is detailed in the table above.

Total voting rights

Application will be made to the London Stock Exchange for 1,438,357,437 new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 26 March 2026. The new Ordinary Shares will, upon issue, rank pari passu with the existing Ordinary Shares in the Company. Following Admission, the Company's enlarged issued share capital will be 26,470,185,930 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 26,470,185,930 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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About Ethernity Networks

Ethernity Networks (AIM: ENET.L; OTCMKTS: ENETF) provides innovative networking and security solutions on programmable hardware, enhancing telco/cloud infrastructure capacity. Its semiconductor logic enables advanced data processing for networking applications, alongside patented wireless access and fiber media controllers. Ethernity's solutions accelerate time-to-market and support the deployment of 5G over wireless and fiber infrastructure.

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