Genie Energy : Investor Presentation - March 2023

Genie Energy Ltd

(NYSE: GNE)

Investor Presentation

March 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," "guideline," "aim," "will," "should," "likely," "continue" and similar expressions are intended to identify forward-looking statements but are 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 and other factors may cause Genie's actual results, performance or other achievements to differ materially from the anticipated 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.

$316M	49.1%
2022 Revenue	2022 GM
$83M	$78M
2022 Adj. EBITDA***	2022 Operating Inc.
$2.28	~2.8%
2022 GAAP EPS**	Dividend Yield (3/17/23)

*as of 12/31/22

• from continuing operations
  ***see recons in appendix

Genie Retail

Energy

(GRE)

$105M	$15.7M
Cash (no debt)*	2022 Stock Repurchased

Genie

Renewables

(GREW)

~2.0X

EV/2022 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

Company	Market Value	Most Recent
	@9/14/09	Market Value*
Genie Energy (NYSE: GNE)	10/28/11 (Spin-off)	$285M
IDT Corp (NYSE: IDT)	$53M	$860M
IDW Media (NYSE American: IDW)	9/14/09 (Spin-off)	$10M
Straight Path Communications (NYSE:	7/31/13 (Spin-off)	$2,164M
STRP)		(sold to VZ 2/18)
Rafael Holdings (NYSE: RFL)	3/26/18 (Spin-off)	$39M
Zedge (NYSE American: ZDGE)	6/1/16 (Spin-off)	$32M
Total	$53M	$3,390M

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* Based on Yahoo market value as of 3/20/23

Investment Highlights

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

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