Update on Transaction

1 April 2025

NET ZERO INFRASTRUCTURE PLC

("NZI" or the "Company")

Update on Transaction

Further to the announcement on 18 January 2024, in which NZI announced that it had signed a non-binding letter of intent ("LOI") with QuiaPEG Pharmaceuticals Holding AD (publ) ("QuiaPEG" or the "Potential Target"), pursuant to which NZI would, inter alia, have an option to purchase IP from the Potential Target at the end of a 12 month period, the Company announces that the LOI has not been extended beyond its initial 12 month period.

During the period of the LOI, NZI and QuiaPEG have engaged in extensive discussions regarding a potential licence agreement and a purchase option for NZI concerning the QuiaPEG's intellectual property assets. Although NZI has shown interest in continuing the discussions and thereby extending the LOI, QuiaPEG has decided not to extend the LOI. The Company does not exclude entering into a new letter of intent with QuiaPEG, but it is now focused on other opportunities.

The NZI Board is therefore now actively considering another potential acquisition opportunity in a different sector of the market, which would constitute a reverse takeover under the Financial Conduct Authority's Listing Rules. Non-binding heads of terms are being negotiated. However, as there is no guarantee that these will be signed and given that the Company has very limited cash resources available, the NZI Board has requested that the Company's shares remain suspended from trading on the London Stock Exchange for the time being pending clarification of the potential acquisition, which could result in the provision of capital, and therefore the Company's financial position.

Further announcements will be made in due course, as appropriate.

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