Investor Presentation

UGE: 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

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