Board update

Shearwater Group plc, the cybersecurity, advisory and managed security services group, is pleased to announce the appointment of Jonathan Entract as Independent Non-Executive Director of the Company and Chair of the Audit Committee, effective from 01 July 2026.

Previously Partner at InfraRed Capital Partners, Jonathan is an ACA qualified chartered accountant who brings over 25 years' experience in M&A, across both buy-side and sell-side transactions, evaluating investment opportunities, and serving on the boards of multiple portfolio companies to support their strategic development and growth ambitions.

The Board believes that Jonathan's financial expertise, corporate governance experience and commercially focused mindset will strengthen the Board composition to support Shearwater's next phase of growth.

Robin Southwell OBE, Chair, commented: "We are delighted to welcome Jonathan to the Board. He brings a fresh perspective and a highly complementary set of skills and experience to support Shearwater as it continues to execute its strategy. We look forward to the contribution he will make both as an Independent Non-Executive Director and as Chair of the Audit Committee."

The following disclosures are required regarding Jonathan Entract's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the "AIM Rules"):

Jonathan Mark Entract (aged 53) is currently, or has during the past five years been, a director of the following companies:

Berden Solar Limited

European Investments (GFP) Limited

InfraRed Iberia Holdings, S.L.

European Solar Opportunities II S.à r.l.

Charles II Realisation LLP

European Investments (GFP II) Limited

Statera Energy Limited

GFPII Limited

Viridis 178 Limited

FPS11 Limited

Mantella Power Ltd

European Investments Solar Holdings Limited

European Investments Solar Holdings 2 Limited

European Investments Tulip Limited

European Storage Investments Group Limited

European Storage Investments Holdings 1 Limited

European Storage Investments Holdings 2 Limited

European Storage Investments Holdings 3 Limited

European Wind Investments Group 2 Limited

European Wind Investments Group 3 Limited

European Wind Investments Group Limited

German Offshore Wind Investments Group Limited

German Offshore Wind Investments Group (Holdings) Limited

Irish Wind Investments Group Limited

Offshore Wind Investments Group 2 Limited

Offshore Wind Investments Group 3 Limited

Offshore Wind Investments Group Limited

Offshore Wind Investments Group 4 Limited

The Renewables Infrastructure Group (UK) Investments Limited

Scandinavian Wind Investments Group Limited

Statera Holding Limited

Trafalgar Wind Holdings Limited

The Renewables Infrastructure Group (UK) Limited

Merkur Offshore Wind Farm Holdings Limited

FPS13 Limited

The companies listed below, each of which Mr Jonathan Entract was a director of, formed part of the GFP Group (the "Group") and were subject to creditors' voluntary liquidations ("CVL") in connection with an investment by InfraRed Environmental Infrastructure Fund (the "Fund") (managed by InfraRed Capital Partners Limited). The Fund provided shareholder loans to the Group and, following the disposal of the underlying assets in each company, there were insufficient proceeds to repay those loans in full. All third‑party creditors were paid in full. The unsecured creditor balances reported in the liquidators' final accounts therefore relate solely to shareholder creditor claims (being amounts owed to the Fund), which were not fully recovered. The companies to which these CVLs applied are set out below:

• European Investments (GFP) Limited was dissolved on 21 January 2025 following a CVL, with unsecured shareholder creditor claims of approximately £63,087,999 and a nominal distribution of 0.01 pence in the pound.
• European Investments (GFP II) Limited was dissolved on 13 June 2024 following a CVL, with unsecured shareholder creditor claims of approximately £68,712 and no distribution due to insufficient realisations.
• GFPII Limited was dissolved on 10 November 2023 following a CVL, with unsecured shareholder creditor claims of approximately £64,421,248 and no distribution due to insufficient realisations.
• Viridis 178 Limited was dissolved on 30 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £41,188,189 and no distribution due to insufficient realisations.
• FPS11 Limited was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £884,638 and no distribution due to insufficient realisations.
• Mantella Power Ltd was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £119,278 and no distribution due to insufficient realisations.
• FPS13 Limited was dissolved on 27 September 2023 following a CVL, with unsecured shareholder creditor claims of approximately £496,713 and no distribution due to insufficient realisations.