#1Genex Power Capital Raising Presentation February 2022 Approved by the Board of Genex Power Limited#2Diverse renewable energy project portfolio Portfolio of renewable energy generation and storage projects Revenue substantially underpinned by long-term contracts 100MW of operating assets KIDSTON CLEAN ENERGY HUB 50MW Kidston Solar Project (Operating) 250MW/2000MWh Kidston Pumped Storage Hydro Project (Construction) Up to 200MW Kidston Wind Project (Development) Up to 270MW Kidston Stage 2 Solar Project (Feasibility) · 250MW in construction . Up to 520MW of pipeline assets BOULDERCOMBE BATTERY PROJECT (BBP) 50MW/100MWh Large-Scale Battery Energy Storage System "BESS" (Development) JEMALONG SOLAR PROJECT (JSP) 50MW Jemalong Solar Project (Operating) Genex | Green Energy, On Demand | Presentation 2#3Capital Raising Genex | Green Energy, On Demand | Presentation 3#4Equity Raising Overview OFFER STRUCTURE AND SIZE OFFER PRICE ⚫ A non-underwritten $40M placement to sophisticated, professional and institutional investors (Placement) Approximately 266.7M new fully paid ordinary shares (New Shares) to be issued under the Placement, representing 25% of existing shares on issue ⚫ Share Purchase Plan capped at $10.0M1 (SPP) • Offer Price of $0.15 per new share, represents a: • 11.8% discount to the last close on 18 February 2022 of $0.170 per share USE OF FUNDS BALANCE SHEET RANKING SYNDICATE 13.2% discount to the 5-day volume weighted average price of $0.173 on 18 February 2022 Funds raised and a $35.0M senior debt facility will be used to reach financial close and fund construction of the Bouldercombe Battery Project (BBP), for general working capital and transaction costs associated with the Placement (See slide 5 for further details) Post capital raise, the BBP will be fully funded and Genex will retain working capital of $16.5M (before the costs of the Placement) to support the business in executing its portfolio development strategy New Shares issued under the Placement will rank pari passu with existing fully paid ordinary shares Canaccord Genuity (Australia) Limited and Morgans Corporate Limited are Joint Lead Managers and Bookrunners to the Placement Note 1: Shares to be issued at the lower of $0.15 per share or the 5-day volume weighted average price prior to the close of the SPP Genex | Green Energy, On Demand | Presentation 4#5Sources $M¹ Existing cash (31 December 2021) Equity Raising $36.62 $40.00 New BBP Debt Facility $35.00 Total $111.62 Sources and Uses Proceeds from the Placement and a new $35M debt facility will be used to reach financial close and fund construction of the BBP, with proceeds being applied to: 1) BBP Capital Expenditure • Total all-in capital expenditure of $60.0M², inclusive of finance costs and contingency. • $35.0M new 14-year fixed rate senior debt facility to underpin capex, with balancing $25.0M provided by proceeds of the equity raising. 2) Repayment of CEFC Facility $3.0M committed to repayment of the short term tranche of funds advanced in May 2021 under the existing CEFC facility for K2-Hydro, as per the agreed repayment terms of that facility. 3) General Working Capital and Costs of the Placement Uses • The balancing $16.5M will be applied to: • General working capital for Genex to continue to implement its portfolio development strategy during the construction phase of K2-Hydro and the BBP; and • Transaction costs associated with the Placement. Genex | Green Energy, On Demand | Presentation SM¹ BBP Capex² $60.00 Repayment of K2-Hydro CEFC facility $3.00 Current cash committed to projects (DSRA, K2-Hydro etc.)³ $32.14 Working Capital and costs of equity raising $16.48 Total $111.62 Note 1: Calculated based upon completion of the Placement, excluding any proceeds from the Share Purchase Plan Note 2: Subject to movements in the AUD:USD exchange rate Note 3: Portion of current cash balances committed to K2-Hydro, Jemalong Solar Project and Kidston Solar Project ie. DSRAS, construction contingency accounts etc. 5#6Timetable & Pro-forma Capital Structure TIMETABLE Trading halt Launch of Placement Trading halt lifted and recommencement of trading Settlement of Placement Allotment of New Shares CAPITAL STRUCTURE ($M) Current Market Capitalisation at 18 February 2022² Equity Raising Pro-forma Cash Retained for Working Capital³ Existing Debt at 30 June 20214 New Debt5 Total Enterprise Valuation Monday, 21 February 2022 Monday, 21 February 2022 Wednesday, 23 February 2022 Friday, 25 February 2022 Monday, 28 February 2022 $M¹ $181.88 $40.00 ($14.68) $796.75 $35.00 $1,038.95 Note 1: Calculated based upon completion of the Placement, excluding any proceeds from the Share Purchase Plan Note 2: Equity calculated by number of shares on issue multiplied by the share price Note 3: Proceeds from Equity Raising plus current uncommitted cash retained for working capital Note 4: Based on existing facilities at 30 June 2021, NAIF K2-Hydro facility being fully drawn and repayment of $3M under CEFC facility Note 5: New BBP debt facility, based on it being fully drawn Genex | Green Energy, On Demand | Presentation 6#7Bouldercombe Battery Project Genex | Green Energy, On Demand | Presentation 7#8% of power generation Renewable energy growth The need for storage 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% T 2022 2023 Generation capacity forecast for NEM Renewable energy is expected to increase to 83% of NEM total power supply in 2055 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Genex | Green Energy, On Demand | Presentation 2036 2037 2038 2039 2040 2041 2042 2043 Solar Wind ►Coal 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Source: Genex estimates +4 Growing penetration of renewable generation underpins the business case for storage $ Large-scale storage will maximise renewable energy availability (particularly solar) 8#9Evolving energy market. the need for storage Growth of intermittent wind and solar creating volatility in the market Need for low-cost, large-scale storage to facilitate high penetration of renewables and maintain reliability requirements $120.00 $100.00 $80.00 5 minute settlement has increased volatility $60.00 4 Large-scale batteries can respond to the market in under a second $/MWh $40.00 $20.00 Genex is addressing the need for energy storage via: 250MW Kidston Pumped Storage Hydro Project; and 50MW Bouldercombe Battery Project. Genex | Green Energy, On Demand | Presentation is 12:30:00 $(20.00) $(40.00) $(60.00) 1:30:00 2:30:00 3:30:00 4:30:00 5:30:00 Paid to Charge / Paid to Discharge QLD Retail Electricity Price Queensland Electricity Prices - 11 September 2021 6:30:00 7:30:00 8:30:00- 8:30:00- 10:30:00- 11:30:00- 12:30:00- 13:30:00- 14:30:00 - 15:30:00- 16:30:00 17:30:00 18:30:00 19:30:00 20:30:00 21:30:00 22:30:00 23:30:00 9 Source: AEMO#10Australian's operational large-scale battery landscape Batteries have the ability to operate in all 9 markets (energy market + 8 FCAS markets) Currently only one large-scale battery generating in the Queensland market Genex set to leverage the strong arbitrage business case due to growing solar generation in the electricity market BESS have the capability to address system security issues caused by rapid deployment of intermittent generation Site: Wandoan (2021) Supplier: Doosan GridTech Capacity: 100MW/150MWh Site: Hornsdale (2017) Supplier: Tesla Capacity: 100MW/129MWh Site: Ballarat (2018) Supplier: Fluence Capacity: 52MW/25MWh Site: Lake Bonney (2018) Supplier: Tesla Capacity: 52MW/25MWh Site: Gannawarra (2018) Supplier: Tesla Capacity: 30MW/30MWh Site: Dalrymple (2018) Supplier: ABB & Samsung Capacity: 8MW/30MWh Site: VBB (2021) Supplier: Tesla Capacity: 300MW/450MWh Genex | Green Energy, On Demand | Presentation 10#11Australia's battery growth There is a requirement for significant BESS battery roll out along the east coast of Australia Approximately 123GWh of capacity needed by 2040 MWh 600 500 400 300 200 The only operating BESS's in Australia are located in SA VIC & OLD Batteries inserted into renewable energy zones fill the gaps in dispatchable supply allowing renewable generation to be used more effectively 100 0 Genex | Green Energy, On Demand | Presentation Current Operating BESS „ GWh (thousands) Required BESS by 2040 50 40 30 50 20 20 10 NSW SA QLD VIC NSW SA Source: AEMO VIC QLD Source: Genex estimates 11#12Bouldercombe Battery Project 50MW/100MWh BESS located in Bouldercombe, Rockhampton in Queensland - adjacent to the Powerlink substation ✓ Genex's first battery project ✓ Tesla selected as the battery supplier ✓ Signed offtake arrangements based on fixed and floating (revenue sharing) with Tesla Land secured under 30 year leasing arrangement next to Powerlink's Bouldercombe substation Generator Performance Standards approved ✓ Connection Agreement executed with Powerlink Queensland ✓ $35M debt facility secured BOULDERCOMBE Substation Genex | Green Energy, On Demand | Presentation BOULDERCOMBE Project Site 12#13Bouldercombe Battery Financials BBP will leverage energy market arbitrage and FCAS markets to deliver strong and predictable revenue streams Bouldercombe Illustrative Net Revenue Offtake Revenue Split - Illustrative Example Year Revenue share Merchant revenue retained Genex fixed revenue Initial Capex of $ $58M-$60M¹ to develop the asset Average revenue to 2030 $11M-$15M² per annum Operating life expected to be greater than the 20 year warranty Strong EBITDA margin of >75% expected from BBP + FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Equity Case Project Revenue ■ Banking Case Project Revenue Genex | Green Energy, On Demand | Presentation 1: Includes owner's costs, contingency and financing costs all subject to final FX rates 2: Average revenue range based on bank case and equity case assumptions (including plant retirement, new plant including competing battery developments, contingency events, foresight, transmission losses and other factors). Post tax equity IRR of 9%-17%2 13#14◉ Large-scale batteries & contingency events - Callide C case study ■ On 25 May 2021, Unit 4 (405MW) at the Callide C coal-fired power station suffered a turbine fire: Average RRP prices in Queensland escalated to $15,000 for nearly 2 hours Qld RRP (A$/MWh) If BBP had been operational at the time, it would have made $1.3M in gross margin on 25 May 2021 solely from arbitrage activities Over the period to 30 June, as prices remained volatile, the BBP would have netted a total of $4.9M from arbitrage gross margin alone, equating to in excess of 500% of forecast daily revenues ■ Extreme contingency events such as Callide C are unpredictable, but likely to increase in frequency as coal plant ages and retires ■ Importantly similar events are not factored into Genex's revenue forecasts for the BBP and therefore represent substantial upside to equity A$'000 per day $2,000 $0 500,000 400,000 300,000 200,000 100,000 0 Genex | Green Energy, On Demand | Presentation Significant events can deliver substantial profitability for batteries Qld RRP during Callide C event $16,000 $2,000 $14,000 $1,750 $12,000 $1,500 $10,000 $1,250 $8,000 $6,000 $4,000 $1,000 $750 $500 $250 $0 5:30 6:30 7:30 8:30 9:30 10:30 11:30 12:30 13:30 14:30 15:30 16:30 17:30 18:30 Avg. 26-May-21 to 30-Jun-21 (RHS) - 25-May-2021 (LHS) BBP Illustrative Arbitrage Gross Margins - 25-May-21 to 30-Jun-21 13456989 BBP Arbitrage GM Average daily forecast GM Average daily GM during event Source: AEMO, Genex calculations 14 19:30 20:30 21:30 22:30 23:30#15High level of secured revenue provides utility like cashflow Contracted volumes deliver utility like cashflow profile, supporting our debt and underpinning future dividends and growth $140 $120 $100 Revenue Outlook: KS1, JSP, K2-Hydro & BBP +~$250m in 20551 3,500 Revenue Split Average annual revenue $89.5m until 2055 Contracted Merchant Debt Coverage 84% Revenue contracted for 30 years ած 品 $80 $60 $40 $20 is 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Genex | Green Energy, On Demand | Presentation Financial Year ■Total excl. BBP BBP 2048 2049 2050 2051 ած 3,000 2,500 2,000 1,500 1,000 500 0 Total debt Revenue to 2055 Notes to graph: 1: Includes EnergyAustralia option to acquire K2-Hydro for depreciated book value in 2055 >76% EBITDA margin Minimal sustaining capex requirements 15#16Project portfolio update Genex | Green Energy, On Demand | Presentation 16#17Kidston pumped Hydro provides growth and scale 250MW/2,000MWh pumped storage hydro First pumped hydro project in Australia for 40 years Third largest electricity storage device in Australia Low capex due to unique reuse of exhausted mining pits 900 direct jobs created [[3] Full wrap, lump sum EPC contract with Tier 1 contractors $147m Qld Govt. transmission line funding unlocks the Kidston Hub $47 million grant from ARENA, the largest grant provided to date $610 million long term concessional fixed rate loan from the NAIF Genex | Green Energy, On Demand | Presentation 17#18Kidston Pumped Storage Hydro Project Kidston Hydro Project Schedule MCCONNELL DOWELL Stage 1: key works 20 May-2021 31 Dec-2021 Financial Close Genex | Green Energy, On Demand | Presentation PKP JOHN ANDRITZ HOLLAND ENGINEERED SUCCESS Overall Key Work Packages Turbine and Detailed design complete Generator 31 Dec-2022 manufacture 31 Dec 2023 Turbine and Generator installation 31 Dec 2024 Commencement Wises of access tunnel Dam Powerhouse Cavern Pit Transmission Commissioning dewatering line 18#19Solar energy portfolio. Kidston 50MW - operating since 2017 $ Net Revenue for Q2 FY22 of $2.88M1 $ YTD revenue of $5.53M1 Generation for Q2 FY22 31,419MWh, YTD generation of 57.457MWh Among the top 4 best performing solar projects in the NEM for 2021 (Rystad Energy) 2 20 year offtake with the Queensland Government Queensland Government Jemalong 50MW - operating since 2021 $ Net Revenue for Q2 FY22 of $2.92M¹ average bundled price $83.81/MWh $ YTD Revenue of $5.64M1 Generation for Q2 FY22 of 31,856MWh, YTD generation of 57,051MWh Among the top 5 best performing solar projects in the NEM for the December 2021 period (Rystad Energy) 3 Selling into the spot market Genex | Green Energy, On Demand | Presentation 1) figures are unaudited and inclusive of LD payments under the EPC Contract for JSP 2) https://media-exp1.licdn.com/dms/image/C5622AQGPxaLyrmGodA/feedshare-shrink_1280/0/1641972042797?e=1645660800&v=beta&t=Vlt_urVusRQrrm TuoWnUzbVX0CQj52XefSDu_yNr43Y 3) https://reneweconomy.com.au/wp-content/uploads/2022/01/RystadSolarWindperformancetable.jpg AEMO AUSTRALIAN ENERGY MET OPERATOR 19#20Up to 200MW Kidston Wind Project Development Targeting bringing the Project to financial close in 2H CY2023 and commencement of operations in 2H CY2025 Development funding agreement signed with J-POWER to earn 50% in the project through initial investment Combination of wind, solar and hydro completes the Kidston Clean Energy Hub (a globally unique integration) Will leverage existing infrastructure (transmission line) and co-location advantages to K2-Hydro WORKSTREAM Land agreements and development approvals Resource monitoring and yield assessment Supplier(s) and contractor(s) tendering and contracting Grid connection studies, application and contracting Financing and offtake Financial Close Construction Commissioning/Operations Genex | Green Energy, On Demand | Presentation 1H CY2022 2H CY2022 1H CY2023 2H CY2023 1H CY2024 2H CY2024 1H CY2025 2H CY2025 20 20#21Portfolio Outlook Genex | Green Energy, On Demand | Presentation 21#22Genex diversified renewable portfolio. 50MW Kidston Solar 50MW Jemalong Solar 50MW Bouldercombe Battery 250MW Kidston Pumped Storage CY2022 TY Construction CY2023 CY2024 CY2025 CY2026 Operation Operation TV Construction TV Construction Hydro Up to 200MW Kidston Wind Feasibility & Financing Genex | Green Energy, On Demand | Presentation ...... Commissioning/Operation ....... *Commissioning/Operation ..... Operation 22 22#23Our people, communities and the environment. Power People, Health and Safety • • • Continuation of COVID-19 protocols to ensure our people and communities remain safe Commitment to managing risk and driving safety leadership through our organisation and ensuring our contractors implement best practice Strong focus on diversity and indigenous engagement within our workforce Environment • Strict focus on minimising disturbance Commitment to conserving and protecting the environments we operate in K2-Hydro converting disturbed mine site. to sustainable energy generation 2 million tonnes CO2 abatement by 2025 Community . • • • Focus on job creation in our local communities Indigenous Engagement Strategy to promote Indigenous employment and procurement for K2-Hydro Genex was the lead financial sponsor for the Talaroo Hot Springs (Indigenous enterprise) 900 jobs created at Kidston and along the transmission route Genex | Green Energy, On Demand | Presentation 23#24Investment highlights. 01 Diverse renewable energy and storage portfolio 2 operating 50MW solar projects (KS1 & JSP) K2-Hydro funded and in construction Battery and wind projects in advanced stages 02 Proven track record of project execution ✓ Successfully developed >$200m worth of projects Secured long term energy contracts providing secure cash flows Developed, financed and built KS1 and JSP on time and on budget 03 Strong relationships Tier 1 stakeholders ARENA NAIF CEFC CLEAN ENERGY CO Queensland POWER Government Powerlink EnergyAustralia T TESLA 04 Revenue stream certainty ✓ 84% revenue contracted for 30 years >76% EBITDA margin ✓ Minimal sustaining capex ✓ Average annual revenue $89.54m until 2055 $ ✓ Utility like nature of cashflow and revenue stream 05 350MW of power generation and storage $1 billion renewable energy & storage portfolio Average interest rate of 2.96% locked in via long term hedge 06 Near term development of pipeline opportunities ✓ 250MW of near term development opportunities . 50MW/100MWh Bouldercombe Battery - construction 2022 • Up to 200MW Kidston Wind - construction 2023 Genex | Green Energy, On Demand | Presentation שש || || 24#25Corporate snapshot ASX code: Shares on issue: Board and Management GNX 1.069Bn¹ Market cap (18.02.2022): $182M Cash (31.12.2021): $36.6M² Dr. Ralph Craven Non-Executive Chairman Teresa Dyson Non-Executive Director SHAREHOLDERS ■J-POWER ■Institutions Other 43% 10% 47% Genex | Green Energy, On Demand | Presentation Yongqing Yu Non-Executive Director Kenichi Seshimo Non-Executive Director Ben Guo Non-Executive Director Simon Kidston Non-Executive Director James Harding Chief Executive Officer Craig Francis Chief Financial Officer Arran McGhie Chief Operations Officer Ana Gomiero General Counsel 1. Prior to the current capital raising announced 23 February 2022 2. Bonds, Deposits and Bank Guarantees are excluded 25 25#26Contact Simon Kidston Non-Executive Director Tel: +612 9048 8852 James Harding Chief Executive Officer Tel: +612 9048 8855 Email: [email protected] Email: [email protected] in G t Genex | Green Energy, On Demand | Presentation f You Tube#27Disclaimer This document has been prepared by Genex Power Limited ("Genex" or "Company") for the purpose of providing a company and technical overview to interested analysts/investors. None of Genex, nor any of its related bodies corporate, their respective directors, partners, employees or advisers or any other person ("Relevant Parties") makes any representations or warranty to, or takes responsibility for, the accuracy, reliability or completeness of the information contained in this document to the recipient of this document ("Recipient") and nothing contained in it is or may be relied upon as, a promise or representation, whether as to the past or future. The information in this document does not purport to be complete nor does it contain all the information that would be required in a disclosure statement or prospectus prepared in accordance with the Corporations Act 2001 (Commonwealth). It should be read in conjunction with Genex's other periodic releases. This document is not a recommendation to acquire Genex shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. Except to the extent prohibited by law, the Relevant Parties disclaim all liability that may otherwise arise due to any of this information being inaccurate or incomplete. By obtaining this document, the Recipient releases the Relevant Parties from liability to the Recipient for any loss or damage that it may suffer or incur arising directly or indirectly out of or in connection with any use of or reliance on any of this information, whether such liability arises in contract, tort (including negligence) or otherwise. This document contains certain "forward-looking statements". 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Recipients of the document must make their own independent investigations, consideration and evaluation. By accepting this document, the Recipient agrees that if it proceeds further with its investigations, consideration or evaluation of investing in the Company it will make and rely solely upon its own investigations and inquiries and will not in any way rely upon this document. This document is not and should not be considered to form any offer or an invitation to acquire Genex shares or any other financial products, and neither this document nor any of its contents will form the basis of any contract or commitment. In particular, this document does not constitute any part of any offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of any "US person" as defined in Regulation S under the US Securities Act of 1993 ("Securities Act"). Genex shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered. Genex | Green Energy, On Demand | Presentation 27 27