New Energy Solar : Annual General Meeting Presentation - 31 May 2022

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Annual General Meeting of New Energy Solar Limited

31 May 2022

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Disclaimer

This presentation is prepared by New Energy Solar Manager Pty Limited (ACN 609 166 645) (Investment Manager), a corporate authorised representative (CAR No. 1237667) of E&P Funds Management Pty Limited (ACN 159 902 708, AFSL 450 257), and investment manager for New Energy Solar Limited (ACN 609 396 983) (Company, NEW or New Energy Solar).

This Presentation may contain general advice. Any general advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider the appropriateness of the advice with regard to your objectives, financial situation and needs, and consider obtaining advice from a financial advisor. You should obtain a copy of the relevant prospectus or offer document before making any decisions to purchase the product. The historical performance of New Energy Solar is not a reliable indicator of future performance.

This presentation may contain statements, opinions, projections, forecasts and other material (forward looking statements), based on various assumptions. Those assumptions may or may not prove to be correct. The Investment Manager and its advisers (including all of their respective directors, consultants and/or employees, related bodies corporate and the directors, shareholders, managers, employees or agents of any of them) (Parties) do not make any representation as to the accuracy or likelihood of fulfilment of the forward-looking statements or any of the assumptions upon which they are based. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and the Parties assume no obligation to update that information.

The Parties give no warranty, representation or guarantee as to the accuracy or completeness or reliability of the information contained in this document. The Parties do not accept, except to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this presentation. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained in this presentation.

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Welcome and Chairman's Address

onlyJeffrey Whalan (AO) useersonal

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NEW asset sale

Process proceeding as expected

• On 28 February 2022, the Board of NEW announced a sale process for NEW's US assets.
• First stage of the sale process has completed and indicative, non-binding bids have been submitted.
• RBC is assisting the NEW Board to assess these bids and engage with potential acquirers.
• A select group of potential acquirers will be invited to conduct more detailed due diligence and submit binding offers.
• Should the next stage proceed as expected, negotiations to finalise a transaction will take place in the second half of 2022.
• There is no guarantee the process will proceed as expected or that a transaction will result.

Note: 1. See NEW's ASX announcements of 8 September 2020 and 26 October 2020.	4

Portfolio performance of US assets in 2021

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Portfolio performance1

US Portfolio Generation Performance

	140,000	86%	84%	83%	84%	85%	84%	85%	86%	86%	87%	87%	87%	100%
	120,000																																											80%
	100,000
MWh																																											60%
80,000
60,000																																											40%
	40,000																																											20%
	20,000
	-																																											0%
	Jan	Feb	Mar	Apr	May	Jun		Jul	Aug Sep Oct Nov Dec
		2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021

Actual Generation

Weather Adjusted Budgeted Generation

Cumulative Generation/Cumulative Weather Adjusted Budget (RHS)

US Portfolio Revenue Performance

	97%	96%	94%	96%	96%	95%	95%	94%	94%	94%	94%	94%	100%
	8.0
	7.0																																							80%
millions	6.0
4.0
	5.0																																							60%
US$	3.0																																							40%
2.0																																							20%
	1.0
																																							0%
	-
	Jan	Feb	Mar	Apr	May	Jun		Jul	Aug Sep Oct Nov Dec
	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021	2021

Revenue (Includes BI & Reimbursed Curtailment)

Weather Adjusted Budgeted Revenue

Cumulative Revenue/Cumulative Weather Adjusted Budgeted Revenue (RHS)

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• Generation deficit primarily from Rosamond fire damage and economic curtailment at MS2.
• Insurance proceeds for the Rosamond remediation and compensation for economic curtailment under terms of the MS2 PPA have reduced the impact on revenue.

Note: 1. Generation and forecasts are shown on an equity ownership basis.	5