3 November 2022

Aquila Energy Efficiency Trust PLC (the "Company")

 Dividend Declaration

The Board is pleased to declare an interim dividend for the period from 1 July 2022 to 30 September 2022 of 1.25 pence per Ordinary share. The dividend will be paid on 9 December 2022 to shareholders who appear on the register on 18 November 2022.  The Company's Ordinary shares will be marked ex-dividend on 17 November 2022.

The Board does not expect that its stated dividend target of 3.5 pence per Ordinary Share for the financial year ending 31 December 2022 will be 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.

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, and a minimum of 5 pence per Ordinary Share in relation to the financial year ending 31 December 2023, with the aim of increasing this dividend progressively over the medium term*.

For further information please contact:

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

Company Secretary

LEI: 213800AJ3TY3OJCQQC53

Notes:

*The target returns and dividends set out above are targets only and are not profit forecasts. There can be no assurance that these targets can or will be met and they 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 these targets in deciding whether to invest in the ordinary shares or assume that the Company will make any distributions at all.