Update on Share Buy Backs

EPE Special Opportunities Limited

Update on Share Buy Backs

EPE Special Opportunities Limited ("ESO" or the "Company") confirms its continued intention to purchase ordinary shares of the Company ("Ordinary Shares") ("Share Buy Backs"), subject to availability on attractive terms. This confirmation follows the announcement made by the Company on 10 June 2019, indicating the commencement of Share Buy Backs.

Any Share Buy Backs will be in line with the Company's stated policy to pursue Share Buy Backs and will be made in accordance with the terms set out in the notice made at the Company's annual general meeting held on 30 July 2019.

The proposed Share Buy Backs will be funded by the Company's cash reserves. Any Ordinary Shares purchased by the Company will be held by in treasury.

Any Share Buy Backs are likely to exceed 25 per cent of the average daily volume in the Ordinary Shares.

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 (MAR)).

The proposed Share Buy Backs will be effected on behalf of the Company by its broker, Numis Securities Limited.

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 Hilary Jones of R&H Fund Services (Jersey) Limited.

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