#1Genex Investor Presentation March 2023#2Diverse renewable energy project portfolio By 2025 our portfolio of committed renewable energy and storage projects will provide clean energy to over 400,000 homes offsetting more than 2mtpa of CO2 emissions KIDSTON CLEAN ENERGY HUB 50MW Kidston Solar Project (Operating) (KS1) 250MW/2,000MWh Kidston Pumped Storage Hydro Project (Construction) (K2-Hydro) ~258MW Kidston Wind Project (Development) (K3W) Up to 270MW Kidston Stage 2 Solar Project (Feasibility) BOULDERCOMBE BATTERY PROJECT (BBP) 50MW/100MWh Large-Scale Battery Energy Storage System "BESS" (Construction) BULLI CREEK CLEAN ENERGY PROJECT Up to 400MW BESS (Development) Up to 1.6GW Solar Project (Development) Genex Renewable Energy, On Tap | Investor Presentation JEMALONG SOLAR PROJECT (JSP) 50MW Jemalong Solar Project (Operating) 2#3Genex diversified renewable portfolio 50MW Kidston Solar 50MW Jemalong Solar CY2022 CY2023 CY2024 50MW Bouldercombe Battery TY Construction 250MW Kidston Pumped Storage TV Construction Hydro 258MW Kidston Wind Feasibility & Financing 400MW Bulli Creek Battery Project Genex Renewable Energy, On Tap | Investor Presentation Operation Operation CY2025 CY2026 Commissioning/Operation Commissioning/Operation TV Construction Operations Feasibility & Financing TV Construction Operations 3#4Corporate snapshot ASX code: Shares on issue: GNX 1.385Bn Board and Management Market cap (23.03.2023): $200.9M Dr. Ralph Craven Non-Executive Chairman Teresa Dyson Non-Executive Director Simon Kidston Non-Executive Director Kenichi Seshimo Non-Executive Director Cash (31.12.2022): $65.3M SHAREHOLDERS Skip Enterprises J-POWER ■Other 72% 20% 8% Genex Renewable Energy, On Tap | Energy Conference James Harding Chief Executive Officer Craig Francis Chief Financial Officer Arran McGhie Chief Operations Officer Ben Guo Non-Executive Director Ana Gomiero Ben Williams General Counsel GM Development & Construction Amy Crowley Portfolio Manager Lu Chen Group Financial Controller 4#5Financial Highlights - Q2 FY23 02 FY23 total generation of 61,766MWh Ո Ո Q2 FY23 revenues of $6.2 million $ 1H FY23 revenues of $13.4 million up 21% from 1H FY22 $ Cash position of $65.3 million as of 31 December 2022 KS1 generation of 30,791MWh JSP generation of 30,975MWh KS1 revenue of $2.8 million average price of $90/MWh JSP revenue of $3.4 million average price of $112/MWh 1H FY23 operating cash flow of $3.2 million 1H FY23 + Lost time injury = zero Environmental incident = zero Genex Renewable Energy, On Tap | Investor Presentation (1) All financial information is on an unaudited basis 5#6Industry Backdrop Genex Renewable Energy, On Tap | Investor Presentation CO 6#7Genex 0% % of power generation 10% 2022 20% 2023 80% 70% 60% 50% 40% 30% 2024 Renewable energy growth. The need for storage 90% Generation capacity forecast for NEM Renewable energy is expected to increase to 83% of NEM total power supply in 2055 2025 2026 2027 2028 2029 2030 2031 2032 2033 Renewable Energy, On Tap | Investor Presentation 2034 2035 2036 2037 2038 2039 2040 2041 Solar Wind Coal 2042 2043 07ליל 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 Source: based Genex estimates (2021) Growing penetration of renewable generation underpins the business case for storage $ Large-scale storage will maximise renewable energy availability (particularly solar) 7 +4#8Current market dynamics highlight urgent need for storage Old Average Daily Pricing - 1H 2021 vs. 1H 2022 High coal and gas prices are resulting in higher marginal pricing in morning and evening peaks when the sun is not shining Availability issues of older fleet of coal fired power plants. impacting reliability of peak generators and reliance on wind and solar Climate change coupled with extreme weather conditions contributing to price volatility Price shape has been exacerbated over the last 12 months, highlighting the urgent need for energy storage QLD RRP ($/MWh) 900 800 700 600 500 400 300 200 100 0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 1H 2021 1H 2022 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00 24.00 Source: AEMO BBP revenue guidance was based upon a Q2 2021 market scenario - since this time the average price spread in QLD has increased by more than 200% Genex Renewable Energy, On Tap | Investor Presentation 8#9Committed Portfolio Genex Renewable Energy, On Tap | Investor Presentation 9#10Operational Solar Portfolio - 1H FY23 Results KS1-operating since 2017 Located at the Kidston Clean Energy Hub, Queensland ($ Total 6 monthly revenue of $6.5M JSP - operating since 2021 Located in Jemalong, near Forbes New South Wales $ Total 6 monthly revenue of $6.9M with an average bundled price of $130/MWh 6 monthly net generation of 59,699MWh of 20-year offtake with the Queensland Government renewable energy Genex Renewable Energy, On Tap | Investor Presentation Queensland Government 6 monthly net generation of 50,192MWh of renewable energy Selling into the spot market AEMO AUSTRALIAN ENERGY MARKET OPERATOR Revenue figures are on an unaudited basis and the average price per MWh doesn't include the sale of LGCs Revenue figures are on an unaudited basis 10#11250MW Kidston Pumped Storage Hydro Project Changing the Game 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 Adds much needed system strength to the weak North Queensland grid [ Unlocks the renewable generation potential of North Queensland Over $500 million in public benefits due to reduction in wholesale electricity prices Helps the State achieve its Renewable Energy Target of 70% by 2032 Genex Renewable Energy, On Tap | Investor Presentation Kidston Pumped Storage Hydro Project 11#12250MW Kidston Pumped Storage Hydro - Project Highlights. Kidston Pumped Storage Hydro Project Inflation linked offtake agreement for up to 30 years with EnergyAustralia Long term, low fixed interest rate debt financing from the NAIF for $610M Strong financial support from the Federal and State Government $ Currencies fully hedged as part of Fixed price lump sum EPC contract with Tier 1 contractors McConnell Dowell and John Holland EPC contract $ Construction on track for energisation in H2 CY24 Genex Renewable Energy, On Tap | Investor Presentation 12#13Plan layout and 3D view CANAL INTAKE STRUCTURE ACCESS ROAD POWERSTATION CAVERN ACCESS TUNNEL NEW PERMANENT ACCESS ROAD ELRIDGE PIT (LOWER RESERVOIR) WISES PIT (UPPER RESERVOIR Genex Renewable Energy, On Tap | Investor Presentation WISES PIT DAM CREST ELEVATION 552-70 Intake Shafts Ventilation Shaft Y-Junction Adit 4 Powerhouse Vent Gallery Adit 1 Underground works MAT2 Kidston Pumped Storage Hydro Project Cable Shaft MAT Adit 3 Old MAT Water Ingress Adit 2 Transformer Hall Tailrace Tunnels 13#14Project Delivery - Major Contracts Structure ✔ POWER QUEENSLAND Technical Services J-POWER Independent Certifier Lender's Engineer Powerlink MCCONNELL DOWELL John Holland ANDRITZ ENGINEERED SUCCESS beon Energy Solutions M M GHD MOTT MACDONALD WSP entura wsp Genex Renewable Energy, On Tap | Investor Presentation WSP Operations & Maintenance Andritz Hydro Genex Power Ltd Asset Management Facility Management Lease Arrangements Camp Construction Module Supply Camp Operations Owner's Engineer Entura Kidston Hydro Project Pumped Hydro Equipment Supply Andritz Hydro EPC Contractor (Hydro Plant) D&C Contractor (Connection Assets) Beon McConnell Dowell John Holland JV Nominated Subcontracts Design & Engineering Mott MacDonald GHD JV Kidston Pumped Storage Hydro Project Ausco Exacto ISS Powerlink Connection Agreement (Transmission Line) 14#15Project Construction Schedule Stage 1: key works 20 May-2021 31 Dec-2021 Financial Close 773F07 P282 Overall Key Work Packages Detailed design complete 31 Dec-2022 Kidston Pumped Storage Hydro Project PATTEL'S OVER SIZE Turbine and Generator manufacture 31 Dec 2023 Turbine and Generator installation 31 Dec 2024 Commencement Commencement of Commence Powerhouse Pit Transmission of access tunnel Wises Dam dewatering line Cavern Excavation Genex Renewable Energy, On Tap | Investor Presentation Energisation 15#1650MW/100MWh Bouldercombe Battery Project Megapacks have arrived at the project site Activities Update Balance of plant on site, ready for installation for energisation in Construction on track Q2 CY2023 $ Fixed price supply and works contracts with Tesla and CPP Project Highlights ($ Currencies and interest rates fully hedged Innovative fixed and floating revenue structure with Tesla The BBP Project will provide significant exposure to price volatility events Genex Renewable Energy, On Tap | Investor Presentation Li NITY ITA Figure 1: Tesla Megapacks arrive on site Figure 2: Tesla Megapacks arrive on site 16#17Genex $- $20 $40 ած $60 $80 $100 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 $120 Committed Portfolio Outlook Contracted volumes deliver utility like cashflow profile, supporting our debt and underpinning future dividends and growth $140 Revenue Outlook: KS1, JSP, K2-Hydro & BBP Average annual revenue $95.6m until 2055 FY 2027 FY 2028 FY 2029 FY 2030 Renewable Energy, On Tap | Investor Presentation FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037 FY 2038 FY 2039 Financial Year FY 2040 FY 2041 FY 2042 FY 2043 FY 2044 FY 2045 FY 2046 FY 2047 FY 2048 FY 2049 FY 2050 FY 2051 FY 2052 FY 2053 FY 2054 FY 2055 +~$250m in 20551 83% Revenue contracted for 30 years >73% EBITDA margin Minimal sustaining capex requirements Notes to graph: 1: Includes EnergyAustralia option to acquire K2-Hydro for depreciated book value in 2055 17#18Development Portfolio Genex Renewable Energy, On Tap | Investor Presentation 18#19~258MW Kidston Stage 3 Wind Project The K3-Wind Project will complete the Kidston Clean Energy Hub Extensive wind resource monitoring with favourable profile identified Transmission capacity has sized the project at circa 258MW Development approvals and EPBC approvals currently underway Benefit from existing utilities and infrastructure from the K2-Hydro project Genex Targeting the facility to be fully operational in early 2026 JDA signed with J- POWER to earn 50% in the project Renewable Energy, On Tap | Investor Presentation Avg. Hourly MWh 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Avg. Daily MWh 80 70 60 50 40 30 20 10 1 0:00 Kidston Wind - Daily Resource Profile 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 Kidston Wind - Monthly Resource Profile Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 19#20~2GW Bulli Creek Battery and Solar Project Activities Update Advancement of design layouts for staging options Engagement with offtake counterparties to inform the staging strategy for the development Project Highlights Commencement of procurement processes Proximity to the Queensland-NSW Up to 400MW BESS All planning, cultural heritage and enviro Interconnector; Strong Up to 1.6GW Solar marginal loss factors approvals have been received וי | To be developed over several stages with a final investment decision for stage one targeted for 2H CY2024 Genex Renewable Energy, On Tap | Investor Presentation Photo of BBP for illustrative purposes only 20 20#21Genex . • Assisting Qld meet its Renewable Energy & Jobs Plan Old Government targeting 80% renewable energy by 2035, with a 90% reduction in electricity emissions New energy renewable projects will create 100,000 jobs, with 70% in regional Queensland • Genex is well placed to assist the Old Government in achieving these targets 900 jobs created for Kidston Hydro 2,470MW in Genex development pipeline Renewable Energy, On Tap | Investor Presentation S Projects provide boosts to rural economics Strong relationships with Qld GOCs 100 Renewable Energy Target 90 80 Renewable Energy % 40 • 2 2 2 2 2 30 20 60 70 2024 Emission Reduction % 100 ០៩ ៩ ៩ ៩ ឬ 8 ៨ 8 ខ ៩ 60 90 2025 2026 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Financial Year Electricity Emissions Reduction Target Financial Year 2032 2033 2034 2035 2036 2037 Source: Queensland Energy and Jobs Plan 2040 Source: Queensland Energy and Jobs Plan 21#22Our people, communities and the environment 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 Renewable Energy, On Tap | Investor Presentation 22 22#23Summary Genex Renewable Energy, On Tap | Investor Presentation 23#24Investment highlights 01 Diverse renewable energy and storage portfolio ✓ 400MW of committed power generation and storage ✓ 2 operating 50MW solar projects (KS1 & JSP) K2-Hydro in construction Bouldercombe Battery Project in construction K3W project in advanced stage development 02 Proven track record of project execution Successfully developed to financial close >$1Bn 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 FINANCE CORP Queensland ✔ POWER Government Powerlink Energy Australia 04 Revenue stream certainty ✓ 83% revenue contracted for 30 years >73% EBITDA margin ✓ Minimal sustaining capex $ ✓ Average interest rate of <3% locked in via long term hedge 05 Exposure to improved pricing dynamics Rapid rise in RRP electricity prices in NSW and QLD Increasing volatility with QLD intraday spreads increasing 200% since 1H CY2021 KS1, JSP and BBP are poised to take advantage and deliver considerable earnings growth over the medium term 06 Near term development of pipeline opportunities ~258MW Kidston Stage 3 Wind Project (construction anticipated H1 CY2024) Up to 400MW Bulli Creek Battery Project ✓ Up to 1.6GW Bulli Creek Solar Project Genex Renewable Energy, On Tap | Energy Conference שש | | || 24#25Contact James Harding Chief Executive Officer Tel: +612 9048 8855 Craig Francis Chief Financial Officer Tel: +612 9048 8862 Email: [email protected] Email: [email protected] Genex Renewable Energy, On Tap | Investor Presentation in t f You Tube#26Disclaimer 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. 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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 Renewable Energy, On Tap | Investor Presentation 26 26