#1INVESTOR PRESENTATION May 2023 UGE R TSXV: UGE OTCQB: UGEIF#2Confidentiality and Forward-Looking Statements Confidentiality This presentation of UGE International Ltd. ("UGE") is confidential and for the intended recipient's use only. The contents are not to be communicated, reproduced or distributed to the public or the press. This memorandum is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. Forward Looking Statements This presentation contains forward-looking statements, which can be identified by the use of forward-looking terminology, such as but not limited to: "may", "intend", "expect", "anticipate", "estimate", "seek", or "continue", or the negative thereof or other variations thereon or comparable terminology. In particular, any statements, express or implied, concerning trends, future operating results, growth, performance, business prospects and opportunities or the ability to generate revenues, income or cash flow are forward-looking statements. These statements reflect management's current beliefs, including beliefs as to future financial and operating results, and they are based on information currently available to management. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to known and unknown risks and uncertainties. Such risks include but are not limited to: the impact of general economic conditions, market volatility, fluctuations in costs, and changes to the competitive environments, as well as other risks disclosed in the public filings of UGE and its publicly filed press releases. Certain forward-looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in National Instrument 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding anticipated results or market conditions. Readers are cautioned that FOFI may not be appropriate for other purposes. These factors should be considered carefully, and undue reliance should not be placed on forward-looking statements. Although the forward-looking statements are based upon what management believes to be reasonable estimates and assumptions, UGE cannot ensure that actual results will not be materially different from those expressed or implied by these forward-looking statements. Unless specifically required by law, UGE does not assume any obligations to update or revise these forward-looking statements to reflect new events or circumstances. UGE seeks safe harbor. CUGE TSXV: UGE | OTCQB: UGEIF 2#3Reasons to Invest Rapidly scaling renewable Independent Power Producer ("IPP") Targeted mid-scale projects offer higher returns, diversified portfolio Vast experience, full life-cycle approach Over 500 Megawatts (MW) of experience; now owning/operating assets (vs. selling) T Mobile Bloomberg Fast growing sector with massive Inflation Reduction Act ("IRA") tailwind IRA provides long-term, lucrative incentives Our Model: Develop Build Own / Operate UGE 1 As of Q1 2023 (2023.03.31) TSXV: UGE | OTCQB: UGEIF Our Experience: 000 >500 MW Experience >750 Projects -712,800 Tons of CO2 Avoided Annually 3#4The Value of an IPP 1. What is an IPP? Owner/Operator of a portfolio of energy generating assets 2. What is the appeal? • Long-term return generation via energy sale/production Current average IPP EV/EBITDA multiple: 13.0X 3. How UGE stands out • Full project lifecycle developer from start to finish* Mid-scale assets: higher returns; enable 'equity-lite' business model 25-40 year lifetimes, longer than the industry average UGE See following slide for additional detail regarding UGE's business model TSXV: UGE | OTCQB: UGEIF ED FOR ff FREE#5Key Competitive Advantage: Full Lifecycle Developer UGE owns projects from start to finish Develop Build Finance о Own & Operate 14 Develop Company 1 UGE VERSUS Build Finance O Own & Operate Company 2 Company 3 Company 4 The Results: Greater Profits, Efficiency, & Client Satisfaction CUGE TSXV: UGE | OTCQB: UGEIF LO 5#6UGE: A Significant Value Creation Engine To develop a project, we spend: Dev Ex¹ Which takes: $0.03-$0.10/watt 2-3 years Development Time frame And generates: Project EBITDA² $0.18/W/year for 25-40 years $0.10/W/year net of debt Development expenses - includes development period rent, interconnection costs, and other pre- NTP expenses 2 Representative numbers on typical projects developed by UGE 3 Representative value creation over most recently reported backlog based on IPP peer group multiples x 13.0 (IPP peer valuations) = $1.30/W x 313MW of project backlog = $407mm value generation³ CUGE TSXV: UGE | OTCQB: UGEIF 6#7UGE's focus: Mid-scale ("Distributed") Projects 1 Community Solar Affordable, clean energy for all who want it 2 Commercial/Municipal PPAs Direct power purchase agreements with buildings and towns 3 Battery Energy Storage Systems ("BESS") Next phase of renewables development UGE Backlog Project Type Makeup 3 30% 1 60% 10% 2 UGEIF#8Recent Projects Project: Smithville Status: Operating Size: 1.4MW Location: Smithville, TX Commercial Operation: January, 2023 Project: Bertoline Status: Operating Size: 0.74MW Location: Peekskill, NY Commercial Operation: October, 2022 Project: Norway Status: Under Construction Size: 1MW Location: Norway, ME Commercial Operation: June, 2023 CUGE TSXV: UGE | OTCQB: UGEIF 8#9U.S. Development Pipeline Totals Nearly 800MW1 Development Pipeline: 788MW ~2.7GW Pipeline Pre-client Commitment Stages 1-2 Site Control Stage 3.0 Project Backlog: 313MW Project Development Stages 3.1 - 3.2 Deployment Stages 3.3, 4 & 5 Operating Stages 6 All dollar amounts in USD mm Megawatts Fair Market Value per MW Total Fair Market Value Average Annual Revenue UGE Site Control Project Development Deployment Operating 476 $2.75 298 15 4 $2.38 $2.47 $2.63 $709 $10 $61 $1 $1,309 $105 $36 $4 Megawatts - Project rated capacity; Fair Market Value -10% discount rate; Average Annual Revenue - Recurring through program life. In all cases Company's best estimates at the time of publication 1 As of Q1 2023 (2023.03.31) TSXV: UGE | OTCQB: UGEIF 6#10Project Backlog (MW) Consistently Exceeding Targets U.S. Project Development Backlog 400 375 350 325 300 275 250 225 200 175 150 125 100 +53 15x Growth In project backlog since strategic pivot in 2020 Exceeding Targets 313 MW backlog¹, outpacing 2023 YE target of 360MW 75 50 25 0 12/31/2019 2020 Additions 12/31/2020 2021 Additions 12/31/2021 2022 Additions 12/31/2022 Target 2023 Q1 Additions 12/31/2023 Target UGE 1 As of Q 2022 Milestones Release - U.S. Only Note: "Backlog" defined as Stages 3.1-5 TSXV: UGE | OTCQB: UGEIF 10#11Q1'23 Milestones Backlog Growth (MW) Assets in Deployment (MW) 12.0 350 11.1 313 300 10.0 250 200 150 100 50 8.0 6.0 4.0 2.0 0 0.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Backlog growth of 53MW (new quarterly record) Total project backlog of 313MW (2023/3/31) CUGE • Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 10MW of project NTPs (new quarterly record) All expected to hit COD in 2023 TSXV: UGE | OTCQB: UGEIF 11#12Q1'23 Milestones 4.0 3.5 3.0 2.5 2.0 1.5 10 1.0 0.5 Operating Portfolio (MW) 3.8 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 60% growth in operating assets QoQ CUGE UGE Projects Stages 3.1 - 6.0* As-of March 31, 2023 23 projects 106 MW 8 projects (2 operating) 8 MW 3 projects 19 MW WA 1 project 4 MW MT 15 projects (5 operating) 22MW 11 projects VT ME 9 projects 18 MW ND 60 MW OR MN ID SD WI WY MI RI IA PA NJ NE NV OH DE IN UT CO WV MD CA KS VA MO KY DC 5 projects 42 MW NC TN OK AZ NM AR SC 5 project 13 MW MS AL GA LA 4 projects 15 MW AK HI FL 3 projects (1 operating) TSXV: UGE | OTCQB: UGEIF 8 MW 12#13Portfolio Will Generate Significant Recurring Revenue Recurring Revenue & Gross Margin on Recurring 25 25 20 20 $USD MM Recurring 15 10 5 0 CUGE 2021 2022 100MW Revenue Gross Margin TSXV: UGE | OTCQB: UGEIF 13#14How Projects are Financed Typical structure involves debt, tax equity, and Equity 1 • 100% 10% 1 90% 80% Equity: Developer's out-of-pocket contribution 30% 2 2 Tax equity: monetization of the Investment Tax Credits (ITCs) generated 70% 60% 3 Debt: construction-phase to operational, individual project or portfolio level How does UGE finance projects? CUGE 50% 40% 30% 60% 3 Debt: U.S. banking relationships 20% Tax equity: institutional investor relationships Equity: paid in kind 10% TSXV: UGE | OTCQB: UGEIF Typical Project Funding Sources 14#15What Does that Mean for Cash Flow? 1. UGE's Approach Drives Cash Flow Investment tax credit of 30-50+% post-IRA Based on project Fair Market Value Debt sizes based on recurring cash flows. Net result: Sources - Uses = Developer Fee 2. Example: Maine portfolio Three projects, 6.7MW • Sources: $19.6M • • CUGE Uses: $13M Developer Fee: ~$6.6M Across backlog: Cash flow positive in 2023 TSXV: UGE | OTCQB: UGEIF#16Strong Executive Leadership with a History in Solar Nick Blitterswyk Chief Executive Officer 10+ years leading UGE; Background as an actuary at JPMorgan and AIG Stephanie Bird Chief Financial Officer Over 20 years experience with emphasis on high-growth, public companies Trevor Weed Chief Operating Officer Seasoned solar executive; 15 years operational experience Tyler Adkins Chief Revenue Officer Co-founded UGE Philippines; sales, development, launching new markets Andrew Hines Chief Commercial Officer 10+ years as Co-Founder & CCO of Asia's foremost provider of corporate clean energy solutions Independent Board Members: Stephen Blum (Yale, KPMG), Jian Yang (Opencare, Industrious, former UGE CFO), Chris Asimakis (EnWave, Potentia co-founder), Steve Markscheid (Jinko, Daqo board member), Wendy Liu (Global Head of Corporate Life - Zurich)#17Capitalization Capitalization (all figures CAD) Share Price & Volume Chart (Past 2Y)³ Share Price (as of 04/30/2023) ($) $1.25 $CAD/Share Latest (as of 04/30/2023): $1.25 Basic Shares Outstanding 52-Week High: $1.78 (M) 36.5 $3.50 000's Shares Traded 1,200 52-Week Low: $0.72 $3.25 3-month Average Daily Volume: 19,536 Dilutive Options & Warrants (M) 3.6 $3.00 1,000 Fully Diluted Shares Outstanding (M) 40.1 $2.75 $2.50 Fully Diluted Equity Value ($M) $50.1 800 $2.25 Less: Cash1 ($M) $2.5 $2.00 Plus: Debt¹ $1.75 600 ($M) $6.5 $1.50 Enterprise Value ($M) $54.1 $1.25 400 $1.00 $0.75 Management & Insider Ownership Total Projects in Development² Note: All financial data as of Q4 2022 filings/MD&A, unless noted (1) Pro-forma for $1.7mm of Green Bonds closed during Q1 2023 (2) Q1 2023 (2023.03.31) 33% 200 $0.50 $0.25 788 MW May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22 Nov-22 Feb-23 May-23 3 Source: Bloomberg CUGE TSXV: UGE | OTCQB: UGEIF 17#18Equity Research Analyst Coverage Summary Share Price Targets ¡Ani Capital Markets H PI FINANCIAL experience. driven. CORMARK SECURITIES INC. ☑H.C.WAINWRIGHT&CO. Average: Analyst Naji Baydoun, CFA / Gabriel 04/28/2023 Moreau Latest Research Date UGE Share Price Premium (Discount) Target ($CAD) to Current¹ $3.00 140% Devin Schilling, CFA 04/25/2023 $3.00 140% Nicholas Boychuk, CFA 04/10/2023 $4.00 220% Naji Baydoun, CFA / Gabriel Moreau 04/06/2023 $3.50 180% 1 "Current" utilizes closing UGE (TSXV) share price of $1.25 as of 04/30/2023 UGE TSXV: UGE | OTCQB: UGEIF $3.38 170% 18#19Our ESG Principals Guide Our Work CUGE Environmental Responsibility Since our founding in 2008, our mission has been to help the world transition away from energy sources that pollute our planet and deplete its resources. Each year our renewable energy projects offset 390,000 tons of CO2 and provide clean energy to communities around the world. Economic Development Social Equity & Resilience Human Rights & Safety The renewable energy projects we develop do more than generate clean electricity; they create jobs, reduce electricity costs for consumers, and provide ancillary revenue for the individuals, institutions and businesses who serve as project hosts. UGE's community solar projects allow families and local businesses to enjoy the economic and environmental benefits of solar without the capital investment or the space for solar on-site. Climate change will impact low to moderate income communities disproportionately, making it even more important to increase their energy resilience with localized sources of electricity. A critical element of optimizing our social impact is ensuring human rights and personal safety of our employees. UGE's Health and Safety Policy ensures a safe workplace. We are proud to say that there has never been a workplace injury or fatality on any of our projects. TSXV: UGE | OTCQB: UGEIF 19#20Financial Highlights Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 In $000s except per share information or denoted otherwise Operations Energy production (kWh) 103,341 234,680 295,155 140,206 173,318 346,624 528,417 Energy generation capacity (kW) 852 1,162 1,420 1,420 1,420 2,147 2,363 330,127 2,326 Revenue EPC $370 $487 $427 $979 $178 $393 $1,456 $722 Engineering services $26 $36 $34 $151 $142 $106 $199 $286 Energy Generation $28 $52 $69 $40 $44 $81 $142 $84 Total Revenue $424 $575 $530 $1,171 $364 $580 $1,797 $1,091 Income (loss) from operations ($1,079) ($1,006) ($1,354) ($1,074) ($1,498) ($1,570) ($1,214) $1,920 • Net income (loss) ($1,073) ($802) ($1,335) ($952) ($1,561) ($1,439) ($1,483) ($2,965) Net income (loss) / share ($0.04) ($0.03) ($0.04) ($0.03) ($0.05) ($0.04) ($0.05) ($0.09) basic and diluted FINANCIAL POSITION Cash & Equivalents (excl. Restricted Cash) Solar Assets and Construction in Progress Operating Debt Project Debt Shareholders' Equity (Deficit) At: 31-Dec-22 31-Dec-21 $2,090,576 $5,779,259 $2,551,156 $14,692,032 $(7,768,884) 32,878,075 Clean balance sheet and growing asset base • • Operating portfolio doubled in 2022; expected to scale significantly in 2023 Growing assets as project development and deployment accelerates Operating debt includes convertible note and COVID-related government programs Minimal dilution as solar assets provide collateral for secured green bonds • $1,251,562 $2,620,762 $2,150,193 $3,244,006 $(1,338,859) Diluted Shares Outstanding 32,239,408 1 These items are Non-GAAP measures that do not have standard definitions under IFRS, may not be reconcilable to IFRS measures and may not be comparable to other companies; please see Non-GAAP Measures section of this MD&A for more details. CUGE TSXV: UGE | OTCQB: UGEIF 20 20#21Questions & Contact Info CUGE Nick Blitterswyk CEO 917-720-5683 [email protected] Stephanie Bird CFO [email protected] TSXV: UGE | OTCQB: UGEIF SOPHIC -CAPITAL = Sean Peasgood Investor Relations [email protected] 647-799-3033 21 21#22Backlog Deployment Forecast¹ 320 NTP (3/31/23)1 COD (3/31/23)1 U.S. Backlog Conversion Estimates to NTP/COD (MW) Cumulative COD (3/31/23) Cumulative COD (12/31/22) 320 313 300 280 260260 240 220 200 180 160 140 120 100 40 20 4 882 80 60 300 280 260 240 220 200 180 160 140 120 100 80 86 73 73 81 60 35 40 29 22 20 10 9 1013 1517 1515 15 1316 8 9 10 1 1 2 4 6 9 4 6 4 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2026 2027 2028 UGE Note: As of Q1 2023 Supplemental Disclosure 1 Includes Q1 2023 historical actuals for projects that reached NTP and COD (10.1MW and 1.4MW, respectively, in addition to current Backlog) TSXV: UGE | OTCQB: UGEIF 22 22#2323 projects 106 MW 8 projects (2 operating) 8 MW What is Community Solar? 80% of households and >90% of businesses are unable to install solar themselves With community solar: • • Subscribers purchase energy credits at discount to grid price Real estate owners receive lease payments for hosting the solar system Fastest growing segment of U.S. solar industry with 8X DOE growth target through 2025 • Inflation Reduction Act provides targeted support to community solar projects Aligns with climate justice movement in that it supports low and moderate communities Community Solar Program Rating by State¹ UGE Projects Stages 3.1 - 6.0* As-of March 31, 2023 3 projects 19 MW 15 projects 9 projects 18 MW WA 1 project 4 MW MT (5 operating) 22MW 11 projects VT ME ND 60 MW OR MN NH ID SD WI WY MI CT RI IA PA -NJ NE NV OH -DE IL IN UT CO WV MD CA VA KS MO KY DC 5 projects 42 MW NC TN OK AZ NM AR SC 5 project 13 MW MS AL GA LA 4 projects 15 MW FL 3 projects HI (1 operating) 8 MW AK UGE TSXV: UGE | OTCQB: UGEIF 23 23#24Energy Storage System ("ESS") Initiative Opportunity Overview Various value drivers such as charging during peak renewable times / discharging during peak non-renewable times Allows energy price arbitrage (i.e., 'buy low, sell high') as well as other revenue drivers Takes advantage of incentives offered by utilities and government authorities UGE Prospects Additional growth lever to complement existing platform Notable addition to Mass. market entry (>100MW early-stage projects)1 MA Clean Peak Program Incentive: Provides certificates to eligible storage resources that can reduce load during peak demand hours² SUSD MM 0.20 Example Massachusetts Battery Revenue "Stack": Annual Revenues* Diversity of Revenue Sources 0.15 Revenue 1 Revenue 2 Revenue 3 Revenue 4 Revenue 5 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 *Illustrative economics per-1MW rated capacity ESS; revenue drivers include payments derived from Clean Peak program and other grid services. Indicative Economics: 5MW Year 1 Revenue ($) Lease ($/year) $947k Interconnection Cost ($) $250k 0.10 $50k MA Battery Project Property Tax ($/year) Project NPV $65k Total CapEx ($) Total OpEx ($/year) $4.3MM 0.05 $250k $2.8MM Project Fair Market Value ("FMV") $7.0MM 0.00 Note: Present value figures assume 10% Discount Rate UGE Press Release: UGE MA Market Entry (November 2021) 2 Understanding the Massachusetts Clean Peak Energy Program TSXV: UGE | OTCQB: UGEIF 24 24#25UGE Green Bonds Benefits of UGE's Green Bonds Attractive returns, secured by UGE's solar projects High impact: utilized to develop solar projects and expand the use of clean energy LUGE Terms of Recent Offering: • . • • $1,000 face value; $977.50 subscription price 9% coupon paid semi-annually; 9.2% yield to maturity 4-year term 150% security through UGE projects Issued through Offering Memorandum in AB, BC, ON