Further re. Redemption

This announcement contains inside information defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

1 August 2019

LEAF CLEAN ENERGY COMPANY

FURTHER RE. REDEMPTION ANNOUNCEMENT

As previously announced on 29 July 2019, and in accordance with the Special Resolution passed by the requisite majority at the Extraordinary General Meeting held on 1 July 2014 and the powers therein granted to the Board, the Company will return approximately £53.1 million to Shareholders, at 151.94 pence per each share redeemed by way of a compulsory redemption of 66.47% of all Shareholders' holdings of Shares (the "Redemption").

Words and expressions defined in the Circular posted to shareholders on 11 June 2014 (the "Circular") shall, save where the context requires otherwise, have the same meaning where they are used in this announcement. The Circular is available to view on the Company's website at www.leafcleanenergy.com/media-relations/download-centre.

The Redemption Price per Share shall be 151.94 pence (by reference to the Leaf Board's estimate of the NAV per Share as at 31 May 2019). The Redemption will be effected pro rata to holdings of Shares on the register at the close of business on the Redemption Record Date being 9 August 2019. Approximately 66.47% of the Company's issued share capital will be redeemed on the Redemption Date (that is 66.47 Shares for every 100 Shares held (the "Relevant Percentage"). Fractions of Shares will not be redeemed and so the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares.

The Company's current cash balance is £83.6 million, following receipt of US$107.2 million from Invenergy in relation to the Delaware Court of Chancery's ("Chancery Court") Final Order and Judgement, as previously announced on 27 June 2019. Invenergy has appealed the prejudgment interest award of US$30.0 million. Accordingly, the Company is reserving an equivalent cash amount to the interest award together with its best estimate of further costs and potential liabilities until final resolution of Invenergy's appeal filed in the Delaware Supreme Court ("Supreme Court"), in case such sums are payable. We believe that the appeals process will be concluded during September 2019. As a result, the amount available for distribution is £53.1 million.

Following the Redemption, and net of the aforementioned payments and reserves, the Company will have £1.9 million in uncommitted cash.

The Company currently has 52,570,692 Shares in issue of which none are held in treasury. All of the Shares redeemed on the Redemption Date will be cancelled. A further announcement will be released following the Redemption Date to confirm the new number of Shares in issue.

The Shares will be disabled in CREST on the Redemption Date and the existing ISIN, KYG541351279 (the "Old ISIN"), will expire. A new ISIN, KYG541352004, in respect of the remaining Shares which have not been redeemed (the "New ISIN") will be enabled and available for transactions from and including the first Business Day following the Redemption Date. Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such Shares will have a market claim for a proportion of the redemption proceeds. CREST will automatically transfer any open transactions as at the Redemption Date (which is the record date for the purposes of the Redemption) to the New ISIN.

Payments of redemption proceeds are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by cheque (in the case of Shares held in certificated form) by 16 August 2019. Shareholders will be paid their redemption proceeds in Sterling.

EXPECTED TIMETABLE

For further information please contact:

Mark Lerdal +1 (415) 264-5096

Leaf Clean Energy Company

Nicholas Wells/Callum Davidson +44 (0) 207 397 8980

Cenkos Securities plc