ContourGlobal : 2022 Annual Presentation to Bondholders

Bondholder presentation

April 18, 2023

Disclaimer

The information contained in these materials has been provided by ContourGlobal Limited ("ContourGlobal" or the "Company") solely for use at the presentation of the Company's results in respect of the year ended 31 December 2022 and has not been independently verified. For the purposes of this disclaimer, "Presentation" shall mean this document, the oral presentation of the slides by the Company and the related question-and-answer session and any materials distributed at, or in connection with, that presentation.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions provided in this Presentation. It is not the Company's intention to provide, and you may not rely on this Presentation as providing, a complete or comprehensive analysis of the Company's financial position or prospects. The information and opinions contained in this Presentation are provided as at the date of this Presentation and are subject to change without notice. Neither the Company nor any of its directors, officers, employees, affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

Certain statements in this Presentation are, or may be deemed to be, "forward-looking statements." Forward-looking statements include all matters other than statements of historical facts, including, without limitation, those regarding the intentions, beliefs or current expectations of the directors or the Company concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of the Company and the industry in which it operates.. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict , including, but not limited to, changes in economic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment and other government actions. Forward-looking statements are not guarantees of future performance. The Company's actual results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in this Presentation. In addition, even if the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of the Company and the development of the industry in which it operates are consistent with the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statement made in this Presentation speaks only as of the date on which it is made. Other than in accordance with its legal or regulatory obligations, the Company does not undertake any obligation to update or revise publicly any forward-looking statement whether as a result of new information, future events or otherwise.

Information contained in this Presentation relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertaining to the Company's business is based on the Company's estimates and is provided solely for illustrative purposes. In many cases, there is no readily available external information to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has also compiled, extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes of its internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market segments described.

This Presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Company's financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. The non-IFRS adjustments for all periods presented are based upon information and assumptions available as of the date of this Presentation.

This Presentation does not constitute an offer to sell or an invitation to buy securities in the Company or an invitation or inducement to engage in or enter into any contract or commitment or other investment activity. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

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Agenda

Key Highlights for FY 2022

Operations

Financial Results

Strategy and Growth

Hagn Wind Park 47MW (Austria)

Arrubal 800MW natural gas (Spain)

Orellana CSP 50MW solar farm (Spain)

Hobbs 604MW natural gas (New Mexico, US)

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Solar Italy - 95 MW

1. Key Highlights

Joseph C. Brandt

President & Chief Executive Officer

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FY 2022 - Record Adjusted EBITDA, Cashflow Coverage Alongside Solid Strategic Progress

LTI1		EAF%2	Adjusted EBITDA		FFO		CFADS

0	93.4%	$901m	$490m	$314m
1 in 2021	94.4% in 2021	+7% YoY reported	+11% YoY	$367m in 2021
		+13% YoY constant FX rate

• First year in the history of the Group with no LTI in 2022, a mark of operational excellence
• Continued execution of contracted power sales model: Bonaire PPA prolonged by 6 years with opportunity for another 6 more years, Slovakia solar FIT scheme prolonged by 5 years, Termoemcali capacity payment prolonged to end of 2026, Borger Texas PPA prolonged to end of 2026 with opportunity to extend 15 more years, California assets ("Redwood") capacity recontracted for 2 more years with opportunity for 5 more years
• Austrian wind repowering finished ahead of time and on budget, leading to 13 years additional FiT
• Inflation adjustment in PPA/client contract formulas provided a significant competitive advantage and positive impact on assets margins (~70% of asset Adj EBITDA is inflation protected)
• Successful sale of our Brazilian Hydro assets at attractive price
• Small uncontracted portion of business realized attractive margins on the ancillary markets (Spain) and during the peak periods (California)

1. Lost-TimeIncidents
2. Equivalent Availability Factor

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