#1UGE Ⓡ Investor Presentation November 2023#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. UGE TSXV: UGE | OTCQB: UGEIF 2#3Investment Thesis Rapidly scaling renewable IPP · • Full life cycle approach; origination through asset management Diversified portfolio with 12%+ unlevered after-tax IRRS Reliable recurring revenue generation from growing operating portfolio Project experience • Team of 70+ with specialties across all stages of project lifecycle 750+ projects executed • 500+ Megawatts (MW) of project experience Significant portfolio with massive IRA tailwind • • 348MW under active development; 3GW pipeline Portfolio distributed across 12 states; 4MW average project size Includes community solar, PPAs, and energy storage projects G UGE TSXV: UGE | OTCQB: UGEIF 3#4UGE Green Bond offers attractive, senior-secured returns Benefits of UGE's Green Bonds . • • • Diversified, high quality portfolio provides security Attractive returns, driven by strong project economics High impact: utilized to develop solar projects and expand the use of clean energy Project portfolio leads to cheaper, cleaner energy across the U.S. Terms of Recent Offering: UGE • $1,000 face value; $950 subscription price $CAD and $USD offerings available • 5-year term • 9% coupon paid semi-annually; 10.1% yield to maturity • Secured by 150% pledge of projects • Offerings have been consistently oversubscribed TSXV: UGE | OTCQB: UGEIF#5UGE has a clean capitalization table with significant upside Capitalization (all figures CAD) Share Price & Volume Chart (Past 2Y)4 Share Price (as of 10/31/2023) ($) $1.56 $CAD/Share Basic Shares Outstanding (M) 33.0 $3.50 Latest (as of 10/31/2023) 52-Week High: $1.56 $1.98 52-Week Low: $1.08 Dilutive Options & Warrants (M) 3.3 $3.25 3-month Average Daily Volume 35,185 $3.00 Fully Diluted Shares Outstanding (M) 36.3 $2.75 Fully Diluted Equity Value ($M) $56.6 $2.50 $2.25 Less: Cash¹ ($M) $11.9 $2.00 $1.75 Plus: Operating Debt² ($M) $4.0 $1.50 Enterprise Value ($M) $48.7 $1.25 $1.00 $0.75 Management & Insider Ownership 33% $0.50 Project Backlog³ 348 MW $0.25 Note: All financial data as of Q2 2023 filings/MD&A, unless noted 1 Includes proceeds of $5.75MM USD from August 2023 Green Bond offering 2 Does not include Project Debt of $40.4MM USD (~$53.9MM CAD) 3 As of August 2023; Refers to projects in Stage 3.1-5 UGE Oct-21 Jan-22 Apr-22 Jul-22 4 Source: Yahoo Finance TSXV: UGE | OTCQB: UGEIF Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 000's Shares Traded 1,200 1,000 800 600 400 200 5#6UGE's full lifecycle approach stands out against the competition UGE UGE owns projects from start to finish Develop Build UGE Versus Finance Own & Operate Develop Build Finance Own & Operate Company 1 Company 2 Company 3 Company 4 The Results: Greater Profits, Efficiency, & Client Satisfaction TSXV: UGE | OTCQB: UGEIF 6#7• UGE's team has the experience and expertise to execute on our targets Tyler Adkins Origination Nick Blitterswyk Chief Executive Officer Founder of UGE 14+ years leading the company Background as an actuary at • JPMorgan and AIG . University of Calgary • Stephanie Bird Chief Financial Officer 20+ years experience with • emphasis on high-growth, public companies CPA CA ICD.d; EDP in Organizational Leadership from Kellogg School of Management Seyi Adeyemi Annalise M&A and Power Marketing Reichert Development Oceana Lamberto-Egan Engineering • Brandon McNeil Chief Operating Officer Andrew Hines Chief Commercial Officer 18+ years experience leading operations in the energy and electrification industry Former VP of Lightning eMotors Colorado State University • 10+ years as Co-Founder & CCO of Asia's foremost provider of corporate clean energy solutions MBA from The Wharton School Kristin Lundquist Projects Mateo Chaskel Capital Sabrina Martins Investments Erik Luckau Legal 15+ years in renewable energy Advanced degrees in 10+ years at UGE leading origination and new market development MS in Sustainability Science from Lund University Leads origination • physics from University of Cambridge and Imperial College London Leads market analysis, mergers & acquisitions, and power purchasing . 10+ years of project management experience in solar and sustainability Oversaw 7000+ solar projects and 55- person team at SunPower • University of California, Davis • Leads development from origination to NTP 15 years in solar, led EPC partnerships for SunPower BA, Pitzer College; Fulbright Scholar Electrician Leads project engineering team 15+ years project management experience with 10+ in solar BS in Civil Engineering from University of the Pacific Leads project management from NTP through COD • 14 years at UGE with cross-functional experience BS and MS in Mechanical Engineering from Columbia University Leads project finance 10+ years investment experience 8 years at Blackstone MS, Columbia Climate School; BA, Vassar College Leads capital allocation and investor relations • JD, Georgetown University Former Vice- President, General Counsel EMEA, and Associate General Counsel Worldwide Development at AES Corporation UGE TSXV: UGE | OTCQB: UGEIF 7#8UGE's model benefits from the best of "develop and flip" and "buy and hold" approaches emeren® Empowering Renewables Develop and Flip Companies Short-term Quick moving and highly specialized Quick monetization via developer fee nexamp UGE WESTBRIDGE ENERGY CORP RECURRENT ENERGY A subsidiary of Canadian Solar RE-VOLV Brookfield UGE NEXTera ENERGY STANDARD SOLAR 6 Greenbacker CAPITAL™ ALTUSPOWER RENEWABLE ENERGY BLUEWAVE Buy and Hold PE Investors Long-term, M&A strategies Alignment of interest High quality cash flowing assets#9UGE is building a significant, long-term value creation engine To develop a project, we invest... $0.03-$0.10/watt¹ Development Expenses 2-3 years = $0.40/watt² + UGE starts to monetize developer surplus at NTP Current Project Backlog³ 348MW What does this mean for UGE? Developer Surplus $139M 1 Development expenses - includes development period rent, interconnection costs, and other pre-NTP expenses 2 Representative numbers on typical projects developed by UGE 3 As of Aug 2023 UGE TSXV: UGE | OTCQB: UGEIF Plus, recurring revenues of... $0.21/watt/year² On projects over 25-40 years + Annual Operating Revenue $73M 6#10Our Maine portfolio demonstrates the strong cash flow potential 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 Surplus Maine portfolio Four projects, 7.5MW CODs expected to start in October 2023 Sources: $25.7MM Uses: ~$21MM Developer Surplus: ~$4.7MM We invested $322k $4.7MM Development Expenses UGE starts to monetize at + 2-3 years UGE NTP Plus, recurring revenues of... $1.6MM/year Over 35 years TSXV: UGE | OTCQB: UGEIF#11UGE's portfolio is set up to win $USD MM 25 20 20 15 10 5 0 UGE Recurring Revenue & Gross Margin 2021 2022 100MW Operating Revenue Gross Margin TSXV: UGE | OTCQB: UGEIF 11#12Project Backlog (MW) UGE has consistently exceeded aggressive growth targets 375 350 325 300 275 250 225 200 175 150 125 100 75 U.S. Project Development Backlog +96 Exceeding Targets 348 MW backlog¹, outpacing our ambitious 2023 YE target of 360MW 15x Growth In project backlog since strategic pivot in 2020 50 25 0 12/31/2019 2020 Additions 12/31/2020 2021 Additions 12/31/2021 2022 Additions 12/31/2022 Target 2023 H1 Additions 12/31/2023 Target 1 As of July 2023 Note: "Backlog" defined as Stages 3.1-5 UGE TSXV: UGE | OTCQB: UGEIF 12 12#13The backlog is large and geographically well diversified UGE WA UGE Projects Stages 3.1-6 (As of Aug 2023) 3 projects 15 MW 17 projects (5 operating) 35 MW VT ME 10 projects 18 MW 1 project MT 4 MW ND 12 projects FOR MN 65 MW NH ID SD WI NY MA WY MI CT RI IA PA -NJ NE 21 projects 93 MW 9 projects (2 operating) 11 MW NV OH DE UT IN CO WV MD CA 8 projects 75MW KS VA MO 1 project KY DC 5 MW NC TN OK AZ NM AR SC 6 projects 16 MW MS AL GA TX LA 4 projects 15 MW AK FL HI 3 projects (1 operating) 8 MW TSXV: UGE | OTCQB: UGEIF 13#14The project development process is complex; UGE is focused on consistently delivering projects to commercial operation Pipeline Pre-client Commitment Stages 1-2 Site Control Stage 3.0 Megawatts - Project rated capacity Fair Market Value -7% discount rate Average Annual Revenue - Recurring through program life In all cases Company's best estimates at the time of publication 1 As of 6/30/2023 Development Pipeline Project Backlog: 348MW Development Stages 3.1, 3.2 & 3.3 Deployment Stages 4 & 5 Operating Stages 6 All dollar amounts in USD mm Megawatts Site Control Project Development Deployment Operating 605 344 14 4 Fair Market Value per MW Total Fair Market Value Average Annual Revenue $2.75 $2.74 $3.14 $1,664 $936 $44 $126 $71 $4 $2.63 $10 $1 UGE TSXV: UGE | OTCQB: UGEIF 14#1516.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 • . UGE has experienced rapid growth in under-construction and operating assets over last 6 months Assets in Deployment (MW) Q2 Q3 Q4 Q1 2021 22 Q2 Q3 Q4 Q1 10 2022 13MW of new project NTPs in H1 2023 14.3MW of projects currently in Deployment (6/30/2023) UGE 2023 Operating Portfolio (MW) 4.0 14.3 3.5 3.0 2.5 2.0 1.5 1.0 0.5 22 Q2 • Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 60% growth in operating assets in H1 2023 TSXV: UGE | OTCQB: UGEIF 3.8 15#16(MW) 400 Buildout of current backlog will realize significant long-term, contracted revenue streams with limited operating risk by 2026 Backlog Conversion Estimates to NTP/COD 375 350 Cumulative COD¹ 325 NTP (Aug 2023)² 300 275 250 225 200 175 150 125 100 75 50 22 19 25 10 3 7 7 2 51 I I I I I T I I 100MW I I I 1 T I I I I I 118 I 5 T I I 1 72 I I Q1 Q2 Q3 Q4 Q1 Q2 33 Q3 Q4 Q1 Q2 2024 2025 2023 UGE Note: Only considers backlog through 2026 (excludes 2027 and 2028) 1 Excludes 4MW of projects already Operational 2 Considers historical actuals for 2023YTD TSXV: UGE | OTCQB: UGEIF 63 Q3 10 6 6 10 Q4 Q1 10 Q2 Q3 Q4 2026 16#17Recent project successes illustrate our expertise Project: Smithville Status: Operating Size: 1.4MW Location: Smithville, TX Commercial Operation: January 2023 UGE Project: Bertoline Status: Operating Size: 0.74MW Location: Peekskill, NY Commercial Operation: October 2022 TSXV: UGE OTCQB: UGEIF Project: Norway Status: Under Construction Size: 1.0MW Location: Norway, ME Commercial Operation: September 2023 17 17#181 2 UGE is focused on mid-scale, "distributed" projects Community Solar Larger projects that provide affordable, clean energy Battery Energy Storage Systems ("BESS") 2 3 Next phase of renewables development Commercial/Municipal PPAs Direct power purchase agreements with buildings and towns UGE UGE Backlog Project Type (% of Total) 3 1 TSXV: UGE OTCQB: UGEIF 18#19Community solar projects align with UGE's mission and bottom line UGE Expanding Access to Renewable Energy Expanding Access • • 80% of households and >90% of businesses are unable to install solar themselves Community solar enables subscribers to purchase energy credits at discount to grid price Real estate owners receive lease payments for hosting the solar system Profitable Business Model Profitable Business Model • • • Mid-scale projects provide large scale opportunity and get through the development process faster Electricity offtake rates are anchored by retail rates versus wholesale rates IRA-specific incentives closely align with community solar TSXV: UGE | OTCQB: UGEIF 19#20ESG Principals Guide Our Work 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 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. Social Equity & Resilience 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. Human Rights & Safety 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. UGE TSXV: UGE | OTCQB: UGEIF#21Equity research analysts all forecast positive equity returns Analyst(s) CORMARK Nicholas Boychuk, CFA SECURITIES INC. PI FINANCIAL Summary Share Price Targets Latest Research Date UGE Share Price Target ($CAD) Premium (Discount) to Current¹ 8/28/2023 $3.00 92% experience. driven. Devin Schilling, CFA 8/28/2023 $2.25 44% iAm Naji Baydoun, CFA 8/28/2023 $3.00 92% Capital Markets ☑H.C.WAINWRIGHT&CO. Average: 1 Based on UGE share price of $1.56 as of 10/31/2023 UGE Sameer Joshi Amit Dayal 8/28/2023 $3.50 124% TSXV: UGE OTCQB: UGEIF $2.94 +88% 21#22UGE Green Bond offers attractive, senior-secured returns Benefits of UGE's Green Bonds . • • • Diversified, high quality portfolio provides security Attractive returns, driven by strong project economics High impact: utilized to develop solar projects and expand the use of clean energy Project portfolio leads to cheaper, cleaner energy across the U.S. Terms of Recent Offering: UGE • $1,000 face value; $950 subscription price $CAD and $USD offerings available • 5-year term • 9% coupon paid semi-annually; 10.1% yield to maturity • Secured by 150% pledge of projects • Offerings have been consistently oversubscribed TSXV: UGE | OTCQB: UGEIF#23Questions & Contact Info Nick Blitterswyk CEO Stephanie Bird CFO [email protected] 917-720-5683 UGE [email protected] SOPHIC -CAPITAL- Sabrina Martins MD, Investments [email protected] -720-5685 Sean Peasgood Investor Relations [email protected] 647-799-3033 TSXV: UGE OTCQB: UGEIF 23 23#24CUGE Appendix#25Financials Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 In $000s except per share information or denoted otherwise Operations Energy production (kWh) 234,680 295,155 140,206 173,318 346,624 528,417 Energy generation capacity (kW) 1,162 1,420 1,420 1,420 2,147 2,363 330,127 2,326 730,325 3,758 961,825 3,758 Revenue EPC $487 $427 $979 $178 $393 $1,456 $722 $108 $66 Engineering services $36 $34 $151 $142 $106 $199 $286 $307 $48 Energy Generation $52 $69 $40 $44 $81 $142 $84 $107 $184 Total Revenue $530 Income (loss) from operations Net income (loss) Net income (loss)/share basic and diluted $575 ($1,006) ($1,354) ($1,074) ($1,498) ($802) ($1,335) ($952) ($1,611) ($0.03) ($0.04) $1,171 $364 $580 $1,797 $1,091 $522 $297 ($1,570) ($1,439) ($1,214) ($1,483) $1,920 ($2,617) ($2,965) ($3,156) ($2,811) ($3,995) ($0.03) ($0.05) ($0.04) ($0.05) ($0.09) ($0.09) ($0.12) 30-Jun-23 21-Dec-22 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 FINANCIAL POSITION Cash & Equivalents (excl. Restricted Cash) Solar Assets and Construction in Progress Operating Debt Project Debt Diluted Shares Outstanding Shareholders' Equity (Deficit) $2,974,221 $10,742,782 $2,994,541 $31,024,918 ($10,391,061) 36,534,295 $2,090,576 $5,779,259 $2,551,156 green bonds $16,505,384 ($7,768,884) 38,756,216 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. UGE TSXV: UGE | OTCQB: UGEIF 25 25#26Developer fees flow through the Cash Flow Statement As the operating portfolio scales, cash flows from Operating Projects will begin to rise Operating Activities Overhead Operating Projects Other Income Financing Activities Project Financing Corporate Financing Investing Activities Net "Developer fees" run through the cash flow statement as the difference between financing and investing activities, adjusted for corporate funding UGE TSXV: UGE | OTCQB: UGEIF 26#27Our projects have robust capital structures Typical structure involves debt, tax equity, and Equity 100% 10% 1 90% Equity: Developer's out-of-pocket contribution 80% 30% 2 2 Tax equity: monetization of the Investment Tax Credits (ITCs) generated 70% 3 Debt: construction-phase to operational, individual project or portfolio level 60% 50% 40% How does UGE finance projects? 3 • Debt: U.S. banking relationships 30% 60% Tax equity: institutional investor relationships Equity: paid in kind 20% UGE 10% TSXV: UGE | OTCQB: UGEIF Typical Project Funding Sources 27 27