Vidullanka : CORPORATE DISCLOSURE

13th January 2022

Mr. Renuke Wijewardhane

Chief Regulatory Officer

Colombo Stock Exchange

World Trade Centre

Colombo 01

Dear Sir,

Vidullanka PLC - Corporate Disclosure

On behalf of our client Vidullanka PLC, we wish to inform you that Vidullanka PLC is in the final stages of completing the subscription to a 30% equity stake in Quantel Renewable Energy Limited (QRE), Malawi for a consideration of USD 360,000 by its subsidiary Muvumbe Hydro (U) Limited. The share subscription to be completed in partnership with Frontier Energy, Denmark, where both parties will collectively own 75% of the company following the share subscription.

QRE has secured the Power Purchasing Agreement from the Electricity Supply Corporation of Malawi (ESCOM), succeeded by the Power Market Limited / Government of Malawi to build, own and operate 50MWac Bwengu Solar PV power plant in Northern Malawi . In accordance with the power purchasing agreement signed, the project is entitle for a tariff denominated in United States Dollars.

The project is estimated to require an investment of USD 60 million, of which 75% is expected to be debt funded. Following the conclusion of the project development, Vidul group shall own 34% of the project company and Frontier shall own 51%. The remaining 15% shall be held by the promoters of QRE.

Established in 2011, Frontier Energy (https://frontier.dk) is one of the leading renewable energy investors in Africa with more than 60 renewable energy projects within hydro, geothermal, wind and solar PV sectors with a total capacity of more than 1,100 MW.

This project expected to be grid connected in 2023.

Further details will be informed to CSE in due course.

Yours faithfully,

MANAGERS & SECRETARIES (PRIVATE) LIMITED

Sgd. Mrs. C. Salgado

Director

Secretaries