Riverstone Cred Regulatory News (RCOI)

20 October 2022

Riverstone Credit Opportunities Income

Quarterly Update

Material 7% NAV Growth & Further Successful Realisations

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce its quarterly portfolio summary as of 30 September 2022, inclusive of updated quarterly unaudited fair market valuations.

Unaudited Net Asset Value

As of 30 September 2022, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 30 September, was $1.10 ($1.02: 30 June 2022) an uplift of 7%.

Period Highlights

· Material increase in NAV from $1.02 on 30 June 2022 to $1.10 on 30 September 2022. The majority of the increase due to the investment in Seawolf Water Resources at an attractive discount.

· Established track record of attractive realisations continues:

o FS Crude LLC realised on 16 September 2022 at 14.8 percent gross IRR and 1.23x gross MOIC

o Circulus Holdings realised on 6 October 2022 at 16.6 percent gross IRR and 1.14x gross MOIC

o Epic Propane initial investment realised on 30 September 2022 with nearly $1 million of gains received; in addition, loan amended and extended to 30 September 2026 at attractive economics and converted to sustainability linked loan with Sustainable Fitch providing an SPO

· Continue to invest capital across infrastructure, infrastructure services and energy transition pipeline to keep the fund committed and dividend stable

o On 1 September 2022, upsize of investment in Hoover Circular Solutions

o On 26 September 2022, secondary investment in a stapled bundle of private securities in Seawolf Water Resources including a first lien term loan along with preferred stock and common equity

Portfolio Summary / Lifetime Key Performance Indicators

· Portfolio of 100% floating rate, short duration, senior secured loans supporting RCOI's ambition to deliver annual returns to shareholders of 8-10%

· 33.0% NAV total return5 since IPO in May 2019

· 20.6 cents in dividends paid since inception6

Market Update

· Q3 2022 saw volatility increase due to a slowdown in global growth expectations and oil prices dropping by over 10%. Despite this, the Company believes the current energy market environment remains constructive for RCOI's borrowers. By continuing to focus the RCOI portfolio on energy infrastructure and infrastructure services, swings in the commodity markets will have less of a direct impact on the current portfolio and future investments. This was illustrated by the Company's Q3 2022 performance, where RCOI experienced a significant increase in NAV per share in the face of significant volatility.

· Based on the current unfunded commitments, recent deal activity and potential new investment opportunities, the Investment Manager believes RCOI will remain close to fully committed throughout 2022.

Reuben Jeffery III, Chairman of RCOI, commented:

"Q3 2022 was very encouraging for RCOI given further profitable realisations as well as new commitments in our target sectors. In addition, a significant quarterly increase in NAV was principally attributable to the attractive investment opportunity secured in Seawolf Resources. I believe the Company is well-positioned to continue to provide attractive returns from its portfolio as well as through new senior secured investments from the considerable pipeline of opportunities progressing through due diligence.

Since launch in May 2019 the Company we are pleased that the Company has delivered a total NAV return5 of 33.0% including 20.6 cents per share in dividend distributions6."

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

"We are pleased that RCOI's existing portfolio is now majority green and sustainability linked loans across our target sectors, an important milestone. In an active third quarter of 2022, RCOI had $24.8 million of realisations and committed $31.6 million of new capital in three investments, an upsize to Hoover Circular Solutions, the amended EPIC Propane investment and Seawolf Resources. We are pleased to have completed over 10 deal realisations since the start of COVID, all with a blended IRR of 17% over that time period, demonstrating the resilience of our investment strategy.

Hoover Circular Solutions is a company with which we have a long history and intricate familiarity, and which provides essential infrastructure and services to the petrochemicals sector. We believe this upsizing represents a compelling opportunity for RCOI to increase exposure to a short duration investment with a highly attractive yield. Since our initial investment in EPIC Propane, the borrower has been a steady and strong performer, completing construction of a mission-critical piece of energy infrastructure during the tumultuous COVID pandemic. We were pleased to extend this investment which we see as a win for both the borrower and the Company. Finally, despite the stress experienced during the COVID pandemic, Seawolf today is experiencing some of its best operating and financial results of the past four years.

Based on the growing track record of attractive realisation multiples, strong portfolio cash flow and the high level of current investment we believe that going forward our portfolio income will be sufficient to grow the Company in addition to delivering on our dividend target yield of 8-10% per annum and preserving principal."

Cumulative Portfolio Summary

Unrealised Portfolio[1]

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 of the investment.

For Riverstone Credit Opportunities Income Plc:

Adam Weiss

+1 212 271 2953

Media Contacts:

Buchanan

About Riverstone Credit Opportunities Income Plc:

RCOI lends to companies that build and operate the infrastructure used to generate, transport, store and distribute both renewable and conventional sources of energy, and companies that provide services to that infrastructure. RCOI also lends to companies seeking to facilitate the energy transition by decarbonizing the energy, industrial and agricultural sectors, building sustainable infrastructure and reducing or sequestering carbon emissions. The Company seeks to ensure that its investments are having a positive impact on climate change by structuring each deal as either a green loan or a sustainability-linked loan, documented using industry best practices.

For further details, see https://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.