ESO Epe Special Opportunities Limited

EPE Special Opportunities Limited

Announcement of Share Buy Backs

EPE Special Opportunities Limited ("ESO" or the "Company") announces its intention to commence purchases of ordinary shares of the Company ("Ordinary Shares") ("Share Buy Backs"), subject to availability on attractive terms. The transactions will be in line with the Company's stated policy to pursue Share Buy Backs.

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

The Board believes that the current low level of liquidity in its issued ordinary shares may limit the progress in buying back shares. Accordingly, the Company has agreed that on any given trading day a buyback of shares under the share buyback programme may exceed 25 percent of the average daily trading volume on each trading platform on which the Company's shares are traded. Where a buyback of 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) MAR.

The Company may when appropriate undertake Share Buy Backs 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 Buy Backs will be effected on behalf of the Company by its broker, Numis Securities Limited ("Deutsche Numis").

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, 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 any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase as required by the MAR.

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

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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