NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

13 April 2026

Aquila Energy Efficiency Trust PLC (the "Company")

New management arrangements

Highlights

·    Transition to a self-managed alternative investment fund

·    Termination of arrangements with Aquila Capital as investment adviser and Fundrock as AIFM

·    Retention of services of Alex Betts and Franco Hauri (via his personal service company, Truenorth Value Partners GmbH) as consultants to the Company

Self-management and new consultancy arrangements

The Company announces that having made a successful application to the Financial Conduct Authority (the "FCA"), it has been entered onto the FCA register of small registered UK AIFMs and, from 10 April 2026, is operating as a small, self‑managed alternative investment fund. The Company intends to remain self-managed for the remainder of its wind-down process.  

Following constructive discussions between Aquila Capital and the Board starting in 2025, the Board considered all options regarding the ongoing management of the Company and its assets, for the remainder of its managed wind-down process. The Board considered its options, in particular, in the context of its annual requirement, pursuant to the FCA's UK Listing Rules, as to whether the continuing appointment of Aquila Capital on the terms agreed was in the best interests of the Company's shareholders as a whole.    

The Board acknowledges Aquila Capital's role as investment adviser in relation to the Company since its IPO in 2021.

Of note in this consideration, the Company's portfolio, comprises 21 assets that are geographically diverse, small in size, contractually complex and many have lengthy maturities of between ten to 18 years.

The Board has therefore agreed:

-     mutually with Aquila Capital that the investment advisory agreement with Aquila Capital ("Investment Advisory Agreement") has terminated with effect from 10  April 2026, with no payment in lieu of notice;

-     to appoint as consultants to the Company, both Alex Betts and Truenorth Value Partners GmbH ("Truenorth Value Partners") (the personal service company of Franco Hauri) (together the "Consultants"), the two individuals who, as part of Aquila Capital, have been principally responsible for managing the investment portfolio at Aquila Capital since IPO in 2021 and assisting the Board in the preparation of the Company's financial reports; and

-     that the Alternative Investment Fund Manager agreement with Fundrock ("AIFM Agreement") has terminated with effect from 10 April 2026.

The Company has entered into a consultancy agreement with Alex Betts and Truenorth Value Partners ("Consultancy Agreement"). Under the Consultancy Agreement:

-     the Consultants will inter alia assist with the realisation strategies for the Company's investments as well as their ongoing management; 

-     the Consultants are entitled to receive a base fee of £550,000 per annum in aggregate for an initial period of 18 months, reducing to £300,000 once either (i) the number of assets is five or fewer or (ii) aggregate asset NAV is £5 million or less;

-     the Consultants will receive a performance fee on each disposal calculated by reference to the value realised as a percentage of the relevant asset's net asset value ("Asset NAV"), as follows:

i.    2 per cent of the value realised where such value exceeds 90 per cent of the Asset NAV;

ii.   1.75 per cent of the value realised where such value is between 80 per cent and 90 per cent of the Asset NAV; and

iii.  1 per cent of the value realised where such value is less than 80 per cent of the Asset NAV" of between 1 per cent and 2 per cent of the value of each asset disposed of, depending on the net value realised as a result of the disposal; and

-     no performance fee payments will be released until a further £15 million of value has been realised through disposals of assets.  In addition, while 50% of any performance fee in respect of an asset will be paid shortly after disposal, subject to the value received meeting a hurdle, the balance will be retained by the Company until the Company no longer has any remaining assets or payments due to be received on any assets.

The rationale for the Company entering into the Consultancy Agreement is that it retains the Aquila Capital individuals who were allocated by Aquila Capital to deliver Aquila Capital's investment advisory services since the Company's inception.  Alex Betts and Franco Hauri will provide their services to the Company under the Consultancy Agreement on that basis. This will allow continuity of knowledge of the complex assets that comprise the portfolio. Accordingly, as of 10 April 2026, Aquila Capital no longer has an ongoing role as investment adviser to the Company.

The Board believes that the new investment management arrangements which no longer require an external AIFM, provide for the continued involvement of key persons who have been managing the Company's complex assets and who are incentivised to complete the Company's managed run off, which will enter its fourth year in June this year.

For further information, please contact:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as it forms part of UK domestic law ("MAR"). Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR. The person responsible for arranging the release of this announcement on behalf of the Company is Grace Goudar of Apex Listed Companies Services (UK) Limited.

The Company's LEI is 213800AJ3TY3OJCQQC53.

This announcement may contain forward‑looking statements. Forward‑looking statements include, without limitation, statements containing the words "anticipate", "believe", "intend", "estimate", "project", "forecast", "plan", "expect", "will", "could", "may", "might", or words of a similar meaning. By their nature, forward‑looking statements involve risk and uncertainty because they relate to future events and circumstances, including, without limitation, the Company's wind‑down and realisation strategies, values and timing achieved on disposals, future management arrangements and related fees and costs. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward‑looking statements. Nothing in this announcement is intended to be, or to be construed as, a profit forecast. Forward‑looking statements speak only as of the date of this announcement and the Company undertakes no obligation to update them except as required by applicable law or regulation.