JPWR.H Jade Power Trust

Jade Power Trust ("Jade Power" or the "Trust") (TSXV: JPWR.H) is pleased to report its financial results for the year ended 2022. All amounts are expressed in Canadian Dollars unless otherwise noted.

Highlights1

• On November 22, 2022, the Trust completed the sale of all of its wind, solar and hydro operating assets for a net purchase price of €66 million (CAD $90.7 million). Total cash proceeds on the disposition net of cash in subsidiaries were €59.5 million (CAD $81.9 million). The gain on the disposition of the operating assets was $43.4 million exclusive of transaction costs of $6.2 million.
• On November 28, 2022, the Trust announced the declaration of a Special Initial Distribution to Unitholders from the net available proceeds from the sale of the operating assets. A total of $72.1 million was paid to Unitholders on December 12, 2022 in respect to the Special Initial Distribution.

Included in the reported financial results below are operating results from the previously owned operating assets up to November 22, 2022:

• Energy generation of 146,638 MWh for the year compared to 153,044 MWh for the previous year of 2021. Energy generation of 19,572 MWh for the fourth quarter of 2022, representing energy generated up to the date of the disposition of the operating assets, compared to 43,146 MWh for the comparable period in 2021.
• Revenue for the year ended December 31, 2022, was $16.9 million. This compares to $18.7 million of revenue for the comparable year ended December 31, 2021. Revenue for the three months ended December 31, 2022, was $2.1 million. This compares to $4.8 million for the comparable three months ended December 31, 2021.
• Net income for the year ended December 31, 2022 was $35.5 million, or $1.59 per Unit. This compares to $3.7 million, or $0.16 per Unit for the year ended December 31, 2021. Net income for the three months ended December 31, 2022 was $33.3 million, or $1.50 per Unit. The compares to a net loss of $0.8 million, or $(0.04) per Unit for the comparative three months ended December 31, 2021. Net income for the year ended and quarter ended December 31, 2022 includes a gain $43.4 million pursuant to the Sale Transaction.

David Barclay, Chairman and Chief Executive Officer of Jade Power, commented,

“I would like to thank our Unitholders for their support. 2022 has proven to be a monumental year for Jade Power. Through the sale of our assets, we believe, we have delivered on the best value opportunity to our Unitholders. As previously announced, it is our intention to distribute all of the net proceeds received from the Sale Transaction less a reserve to be held to operate the Trust for a period of time. Although the exact payment date and value of future special distributions is not determinable at this time, we look forward to maximizing value to Unitholders.”

For further information, please contact:

David BarclayChairman and Chief Executive Officer+1 954-895-7217david.barclay@bellsouth.netinfo@jadepower.com

About Jade Power

Jade Power Trust (“Jade Power” or the “Trust”) is an unincorporated open-ended limited purpose trust established under the laws of the Province of Ontario Prior to the sale of its operating assets, the Trust, through its subsidiaries, generated and sold electricity. Following the closing of the Sale Transaction, the listing of the trust units (“Units”) in the capital of the Trust was transferred to the NEX Board (“NEX”) of the TSX Venture Exchange (the “TSXV") as a result of the Trust no longer meeting certain of the TSXV’s continuous listing requirements. The trading of the Units on NEX became effective at the opening of trading on December 2, 2022. The Trust qualifies as a "mutual fund trust" and not a “SIFT trust” (each as defined under the Income Tax Act (Canada) (the "Tax Act").” All material information about the Trust may be found under Jade Power's issuer profile at www.sedar.com.

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Jade Power and its business are discussed under the heading "Business Risks and Uncertainties" in the Trust's annual Management's Discussion & Analysis for the year ended December 31, 2022, a copy of which is available on Jade Power's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the NEX nor its regulation services provider (as that term is defined in the policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

1 All per Unit amounts for the comparative periods have been restated to reflect the 10:1 Unit consolidation effective September 23, 2021.