Dividend Declaration

15 September 2022

Aquila Energy Efficiency Trust PLC (the "Company")

 Dividend Declaration

The Board is pleased to declare its first interim dividend, for the period from 1 April 2022 to 30 June 2022, of 1 pence per Ordinary share. The dividend will be paid on 31 October 2022 to shareholders who appear on the register on 30 September 2022. The Company's Ordinary shares will be marked ex-dividend on 29 September 2022.

As set out in the prospectus published on 10 May 2021, the Company is targeting a dividend of a minimum of 3.5 pence per Ordinary Share in relation to the financial year ending 31 December 2022. As announced in the Company's Half-yearly Financial Report published today, the Board does not expect that this stated dividend target will be fully covered by earnings, due to slower than anticipated deployment. However, the Board has decided that it will retain this dividend target for the current financial year and meet any earnings shortfall through paying out of distributable reserves.

For further information please contact:

Sanne Fund Services (UK) Limited +44 (0) 20 3327 9720

Company Secretary

LEI: 213800AJ3TY3OJCQQC53

Notes:

\* The dividend target set out above is a target only and not a profit forecast. There can be no assurance that this target can or will be met and it should not be seen as an indication of the Company's expected or actual results or returns. The Company's ability to distribute dividends will be determined by the existence of sufficient distributable reserves, legislative requirements and available cash reserves. Accordingly, investors should not place any reliance on this target in deciding whether to invest in the ordinary shares or assume that the Company will make any distributions at all.