Genie Energy : Investor Presentation - June 2023

Genie Energy Ltd

(NYSE: GNE)

Investor Presentation

June 2023

Safe Harbor Statement

This presentation contains forward -looking statements. Statements that are not historical facts are forward -looking statements and such forward -looking statements are statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward -looking statements include:

• statements about Genie's and its divisions' future performance;
• projections of Genie's and its divisions' results of operations or financial condition; and
• statements regarding Genie's plans, objectives or goals, including those relating to its strategies, initiatives, competition, acquisitions, dispositions and/or its products and offerings.

Words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "g		uid eline,"
"aim," "will," "should," "likely," "continue" and similar expressions are intended to identify forward	-looking statements but ar	e
not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward	-
looking statements and all such forward -looking statements are qualified in their entirety by reference to the following
cautionary statements.
Forward -looking statements are based on Genie's current expectations, estimates and assumptions and because forward	-
looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and
uncertainties, many of which are unforeseeable and beyond the Genie's control. Such known and unknown risks, uncertainties	ed
and other factors may cause Genie's actual results, performance or other achievements to differ materially from the anticipat
results, performance or achievements expressed, projected or implied by these forward	-looking statements.
These factors include those discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations in Genie's periodic filings made with the Securities and Exchange Commission.
Genie cautions that such factors are not exhaustive and that other risks and uncertainties may cause actual results to differ
materially from those in forward -looking statements.
Forward -looking statements speak only as of the date they are made and are statements of Genie's current expectations
concerning future results, events and conditions and Genie is under no obligation to update any of the forward	-looking
statements, whether as a result of new information, future events or otherwise.

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Genie Energy At A Glance

Genie is a leading provider of electricity, natural gas and green energy to retail and commercial customers in the U.S.

Genie Energy Ltd.

$335M	42.1%
TTM Revenue	TTM GM
$68M	$62M
TTM Adj. EBITDA***	TTM Operating Inc.
$1.97	~2.0%
TTM GAAP EPS**	Dividend Yield (5/30/23)

*as of 3/31/23

• from continuing operations
  ***see recons in appendix

Genie Retail

Energy

(GRE)

$114M	$15.7M
Cash and equivalents	2022 Stock Repurchased
(no debt)*

Genie

Renewables

(GREW)

~3.8X

EV/TTM Adj. EBITDA

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Track Record of Driving Shareholder Returns

Experienced Management

Team/Board

CEO	Michael Stein
CFO	Avi Goldin
Chairman	Howard Jonas
Lead Ind. Dir.	Wesley Perry

* Based on Yahoo market value as of 6/2/23

Company	Market Value	Most Recent
	@9/14/09	Market Value*

Genie Energy	10/28/11	$369M
(NYSE: GNE)	(Spin-off)
IDT Corp	$53M	$806M
(NYSE: IDT)
IDW Media	9/14/09	$7M
(NYSE American: IDW)	(Spin-off)
Straight Path Communications	7/31/13	$2,164M
(NYSE: STRP)	(Spin-off)	(sold to VZ 2/18)
Rafael Holdings	3/26/18	$55M
(NYSE: RFL)	(Spin-off)
Zedge	6/1/16	$32M
(NYSE American: ZDGE)	(Spin-off)
Total	$53M	$3,433M

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Investment Highlights

		Portfolio &	Strong Balance
Large market	Attractive	Risk	Sheet/Cash
Management	Flow Provide
opportunity	Growth Profile
Are	Strategic
		Differentiators	Flexibility

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