Aquila Energy Efficiency Trust plc (AEET) ORD GBP0.01

The Company will be managed with the intention of realising all remaining assets in the Portfolio in a prudent manner consistent with the principles of good investment management and with a view to returning cash to Shareholders in an orderly manner. The Company will pursue its investment objective by effecting an orderly realisation of its assets in a manner that seeks to achieve the best balance for Shareholders between maximising the value received from those assets and making timely returns of capital to Shareholders. This process might include sales of individual assets, mainly structured as loans/receivables, or groups of assets, or running off the Portfolio in accordance with the existing terms of the assets, or a combination.

Under the Investment Advisory Agreement, the following fee is payable to the Investment Adviser 0.95% per annum of NAV plus VAT of the Company up to and including GBP 500 million and 0.75% per annum of NAV plus VAT of the Company above GBP 500 million.

Following the failure of the Continuation Vote, the Board has reviewed the dividend policy of the Company and future dividends will only be paid from net income, and after reviewing cash flow forecasts, and only in respect of 6 month periods not quarterly periods. Therefore, the next dividend declaration will be in respect of the 6 month period ended 30 June 2023.

Alex Betts

Alex Betts has over 25 years' experience in private equity and 14 years in resource efficiency and has invested in a range of industries, geographies and stages. Based in London, he joined Aquila Capital from Adaxia Capital Partners. Alex is a former member of the private equity team at CCC, was Head of Royal Dutch Shell's corporate venture capital unit and a former partner of Montagu Private Equity. He is British and graduated in Classics from Oxford University.

Miriam GreenwoodChairman, Lisa Arnold, David Fletcher, Nicholas Bliss, Laura Sandys, Janine Freeman