1Q20 Portfolio Valuations & Buy-back Programme

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

Riverstone Credit Opportunities Income Plc Announces 1Q20 Quarterly Portfolio Valuations & Recent Activity and share buy-back programme

London, UK (30 April 2020) - Riverstone Credit Opportunities Income Plc ("RCOI") announces its quarterly portfolio summary as of 31 March 2020, inclusive of updated quarterly unaudited fair market valuations:

Cumulative Portfolio Summary

Unrealised Portfolio

Realised Portfolio

The Gross Realised Capital column includes interest, fee income, and principal received. The Gross Unrealised Value column includes the amortization of OID, accrued interest, fees and any unrealised change in the value on the investment.

Recent Activity

§ Project Sierra - RCOI participated in a $75.0 million first lien delayed-draw term loan for a sponsor backed midstream company that provides crude gathering, storage and blending services to a diversified footprint of producers in the core of the Delaware Basin. At closing in early March 2020, $13.7 million was committed by RCOI. The first lien term loan has a maturity of March 2023 and an expected all-in yield to maturity of 11.7 per cent for RCOI on a fully-drawn basis.

§ Project Mariners Sell-Down and subsequent Upsize - RCOI originally participated in a $140 million first lien term loan for a privately-held company that provides vessel and logistic services including cargo handling and towing, as well as tugboat, ship assist, and escort services predominantly focused on the energy sector. At initial closing in July 2019, $14.9 million was committed by RCOI. RCOI subsequently sold a portion of its position to third parties, resulting in a $12.2 million commitment as of 31 March 2020. On 13 April 2020, RCOI participated in a new $7.0 million pari-passu revolver tranche to provide working capital liquidity to the company, with a commitment of $1.0 million, bringing total RCOI exposure to $13.2 million. RCOI received its pro rata share of fees and gains pertaining to the sales and upsize.

§ Project Ducks Realisation - RCOI originally participated in a $65 million first lien term loan for a sponsor-backed exploration and production company with operations focused in Weld County, Colorado, which is in the Denver-Julesburg Basin. At closing on 25 November 2019, $13.8 million was committed by RCOI.  Following the sale of midstream assets and the borrower monetising their hedge book, the loan was repaid early on 28 April 2020. RCOI received $7.7 million on the $6.8 million invested which represented a 35.9 per cent. IRR and 1.13x MOIC.

Manager Outlook

§ The Investment Manager's focus on asset-based lending with structural protections and conservative loan-to-value ratios has resulted in relatively strong fundamental performance during very challenging market conditions.  Despite the large number of investment opportunities that have been reviewed, the Investment Manager has remained very disciplined in deploying capital.

§ The current macro environment for energy has been highly volatile due to the acceleration of the coronavirus pandemic globally as well as developments related to OPEC+ which have been changing rapidly. These dynamics have created significant dislocations in the energy market, and many small and middle market companies are expected to need capital. In addition to providing support to existing portfolio companies, the Investment Manager expects to take advantage of opportunities that arise from the difficulties borrowers are facing in terms of access to financing.

Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, added:

"Although the unrealised positions in the portfolio were marked down an average of 4% between 31 December 2019 and 31 March 2020, we are still confident of a full recovery on all positions.  The principal driver of the markdown was widening spreads for comparable companies driven by Covid-19 concerns and commodity price volatility. While the market-based element to our valuations was stretched more than any other time in our history during the first quarter, we expect that our strategy of providing short duration, first lien loans with conservative loan to value metrics will ultimately serve to offset the volatility inherent in the energy industry."

 Share buy-back programme

The Company also announces that it has appointed J.P. Morgan Securities plc to act as its broker to commence market purchases of its own shares (the "buy-backs").

The buy-backs will be undertaken for the purpose of allowing the Company to return some of its uncommitted capital to shareholders.

The buy-backs will be funded from the Company's existing resources.

The buy-backs will be made pursuant to the authority granted at a general meeting of the Company held on 30 April 2019, pursuant to which it has authority to repurchase a maximum of 14,999,999 of its ordinary shares (being its outstanding shareholder authority). Such authority lasts until the conclusion of the first annual general meeting of the Company, or if earlier, 18 months from 24 May 2019, being the date on which the Company's shares were officially listed on the London Stock Exchange (the "IPO").

The Company notes that, as part of the discount management measures outlined in its IPO prospectus, the Company expressed an intention, in specific circumstances in which its ordinary shares trade at a discount to net asset value, to repurchase its own ordinary shares. In light of the unique prevailing market conditions, the Company has decided that, for the time being, it will make buy-backs as and when considered prudent, instead of following the terms set out in the IPO prospectus.

No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buy-backs which would equate to a premium on the net asset value of such shares.

This arrangement is in accordance with the Company's general authority to repurchase shares and (although not strictly applicable to the Company) the parameters set out in Listing Rules 12.4.1 and 12.4.2 of the Financial Conduct Authority's Listing Rules.

About Riverstone Credit Opportunities Income Plc:

RCOI seeks to generate consistent Shareholder returns predominantly in the form of income distributions, principally by making senior secured loans to small and middle-market energy companies. The investment strategy is predicated on asset-based lending, with conservative loan-to-value ratios and structural protective features to mitigate risk. The Company invests broadly across energy subsectors globally, with an initial focus on North America. RCOI intends to create a diversified portfolio across basins, commodities, and end-markets to provide natural synergies and hedges that could enhance the overall stability of the portfolio.

For further details, see www.RiverstoneCOI.com

Neither the contents of RCOI's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

Media Contacts

For Riverstone Credit Opportunities Income Plc:

Daniel Lim

+1 212 271 6266