EPE Special Opportunities Limited

Announcement of Ordinary and ZDP Share Buybacks

EPE Special Opportunities Limited ("ESO" or the "Company") announces its intention to commence a share buyback programme (the "Programme") covering both the ordinary shares ("Ordinary Shares") and the zero dividend preference shares ("ZDP Shares") of the Company (together, "Shares").

The Company anticipates purchasing Shares with a purchase price of up to £3,000,000 in aggregate, subject to availability on attractive terms. These transactions will be in line with the Company's stated policy to pursue the buybacks where appropriate.

The Programme will be funded by the Company's cash reserves. Any Shares purchased by the Company will be held in treasury. Any Shares acquired pursuant to the Programme will be announced to the market without delay.

The Board believes that the current low level of liquidity in both the Company's issued Ordinary Shares and ZDP Shares may limit its ability to effectively carry out the Programme. Accordingly, the Company has agreed that on any given trading day, a buyback of shares under the programme may exceed 25 percent of the average daily trading volume on each trading platform on which the Company's Ordinary Shares or ZDP Shares are traded. Where a buyback exceeds 25 percent of the average daily trading volume on any platform, the Company will not fall within the exemption contained in Article 5(1) of MAR.

The Company may, where it considers appropriate, undertake purchases 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 purchase of Ordinary Share Buy Backs will be effected on behalf of the Company by its broker, Numis Securities Limited.

The purchase of ZDP Share Buybacks will be effected on behalf of the Company by Panmure Liberum Limited.

Any purchase of the Company's Ordinary Shares contemplated by this announcement will be carried out on a regulated trading venue and, save as detailed above, in accordance with 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 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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