19 July 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Riverstone Credit Opportunities Income

Investment and Quarterly Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce a robust portfolio performance for the quarter ended 30 June 2024.

 Unaudited Net Asset Value

As at 30 June 2024, the unaudited net asset value per Ordinary Share, including net revenue for the quarter, was $1.02⁷ ($1.06: 31 March 2024), reflecting stable performance by the unrealised portfolio.

Portfolio Summary and Key Performance Indicators

·    Portfolio of 100% floating rate, short duration, senior secured loans, from investing in companies engaged in driving forward the energy transition

·    40.6%⁷ NAV total return⁵ achieved since IPO in May 2019

·    36.1 cents in dividends paid since inception⁶

Harland & Wolff Update

The most significant move in the Company's NAV in the second quarter came from a reduction in the value of its position in a loan made to Harland & Wolff ("H&W"). The Company and other funds managed by RCOI's investment manager, Riverstone Investment Group LLC, (together with its affiliates "Riverstone") are co-invested in a $115m loan to H&W of which RCOI's contribution is $14.6m. The reduction in value of this loan in the second quarter was taken in consultation with the Company's external valuation provider and reflects the best estimate of the investment manager as to the fair market value of the position. The principal reason for the reduction in value is that, as announced today by H&W, the UK Department for Business and Trade has notified H&W that HM Government will not be proceeding with the provision of export development guarantee or loan facilities that they had long been considering for H&W.

In connection with the notification from the UK Department for Business and Trade that no loan or guarantee facilities will be provided to H&W, the company has quickly expedited discussions with Riverstone, as manager of its sole financial creditors, in order to secure additional debt facilities to support the near-term working capital needs of H&W's business following its recent significant revenue growth. In addition, the Company is engaging Rothschild & Co to explore strategic options for H&W.

The additional funding is expected to be provided solely by credit funds managed by Riverstone and to close in the next few days. The new capital provided is expected to be classified as a super priority position to the existing facility under of which the Company is a lender. As a condition to the financing, the most recent $15 million upsize of the facility completed in February 2024 (in which RCOI did not participate), is also expected to be recharacterised as part of the new super priority facility. As announced by H&W, the increase in debt facilities will be accompanied by a change in personnel of H&W's senior management and the insertion of new  non-executive directors.

RCOI will not participate in the new super priority facility as it has now entered into managed wind-down (and had previously already reached its concentration limit in H&W). The Q2 NAV does not reflect the impact of this new financing as it had not closed as of 30 June 2024.

The Board will continue closely to monitor developments regarding the Company's investment in Harland & Wolff, in particular when considering the appropriate timing for cash returns to Shareholders pursuant to its wind-down strategy. In the meantime, the Company's cash balances are invested in a money market and are yielding a healthy risk-free return.

Furthermore, given that a significant portion of the Company's previously expected earnings for the second quarter was expected to come from a possible H&W refinancing, the Board is evaluating the appropriate level of dividend to pay for the second quarter and will provide further information in due course.

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.

As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LP.  Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.

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.