Photon Energy N.V.

Quarterly Report • May 13, 2021

Photon Energy N.V.

Monthly Report for April 2021

For the period from 1 to 30 April 2021

1. Information on the occurrence of trends and events in the market environment of the Issuer, which in the Issuer's opinion may have important consequences in the future for the financial condition and results of the Issuer

1.1 Production results of Photon Energy's power plants in the reporting period

The Company reports 24.1 GWh of electricity produced YTD compared to 21.1 GWh one year ago (+14.1%), propelled by the addition of new Hungarian power plants over the past year (17.6 MWp added since April 2020). This represents an avoidance of 9,510 tonnes of CO² emissions for the first four month in 2021.

In April the overall performance of the power plants in Photon Energy's portfolio came in approximately 8.6% below expectations due to unfavourable weather conditions. On a year-to-date basis, the overall performance of the portfolio slightly underperformed forecasts by 3.1%.

For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Exchange of project rights concluded with Canadian Solar

On 13 April 2021, the Group announced an agreement to exchange project rights with its development partner Canadian Solar in Australia. As a result, Photon Energy will continue developing the 160 MWp project Maryvale Solar Farm independently, while further development of the Gunning Solar Farm and the Suntop 2 Solar Farm projects will be handled by Canadian Solar. Of the three projects, Maryvale is in the furthest stages of development.

Under the terms of the agreement, Photon Energy has exchanged its 49% stake in the 220 MWp Gunning Solar Farm and 25% stake in the 200 MWp Suntop2 Solar Farm projects for Canadian Solar's stake in the Maryvale Solar Farm project. The Group now possesses a 65% stake in the Maryvale Solar Farm and will work with its original local co-development partner (which owns the remaining 35% stake) to undertake preliminary design and grid connection studies, followed by a connection agreement which is expected to be reached within 12 months.

1.3 Photon Energy participates in RayGen Resources capital increase.

On 14 April 2021, Photon Energy Group announced its participation in Raygen Resources Pty Ltd. ('RayGen') capital increase, with an equity investment of AUD 3 million, maintaining a 9% stake in the technology company.

The Group entered a strategic partnership, where Photon Energy acts as a project developer and EPC contractor in the projects supplied by RayGen, and announced its initial investment in the Melbourne-based company in April 2020. RayGen technology tackles the problem of intermittency of solar energy as it combines high efficiency concentrated PV generation with thermal absorption and storage, providing for the highest energy density of any solar technology available today.

1.4 Reporting on Photon Energy's project pipeline

Photon Energy is currently developing PV projects in Australia (174.6 MWp), Hungary (99.3 MWp), Romania (190.1 MWp) and Poland (67.5 MWp), and is evaluating further markets for opportunities.

For detailed information, please refer to chapter 3 "Reporting on Photon Energy's project pipeline".

2. Proprietary PV power plants

The table below represents power plants owned directly or indirectly by Photon Energy N.V. as of the date of the report.

Table 1. Production results in April 2021

Project name	Capacity	Feed-in-Tariff	Prod. 2021 April	Proj. 2021 April	Perf.	YTD Prod.	YTD Proj.	Perf.	YTD YoY
Unit	kWp	per MWh, in 2021	kWh	kWh	%	kWh	kWh	%	%
Komorovice	2,354	CZK 15,117	256,290	300,789	-14.8%	586,644	694,977	-15.6%	-29.3%
Zvíkov I	2,031	CZK 15,117	252,260	266,854	-5.5%	586,017	662,028	-11.5%	-24.7%
Dolní Dvořiště	1,645	CZK 15,117	172,902	191,813	-9.9%	419,768	456,588	-8.1%	-21.9%
Svatoslav	1,231	CZK 15,117	121,330	135,432	-10.4%	281,363	313,650	-10.3%	-25.4%
Slavkov	1,159	CZK 15,117	143,221	158,206	-9.5%	350,563	374,257	-6.3%	-21.1%
Mostkovice SPV 1	210	CZK 15,117	22,811	26,456	-13.8%	53,367	61,549	-13.3%	-26.5%
Mostkovice SPV 3	926	CZK 16,240	104,376	117,850	-11.4%	244,351	269,803	-9.4%	-23.9%
Zdice I	1,499	CZK 15,117	183,732	198,326	-7.4%	435,399	472,327	-7.8%	-20.7%
Zdice II	1,499	CZK 15,117	186,860	200,388	-6.8%	451,309	478,472	-5.7%	-19.5%
Radvanice	2,305	CZK 15,117	259,851	299,871	-13.3%	603,970	685,194	-11.9%	-25.6%
Břeclav rooftop	137	CZK 15,117	16,667	18,330	-9.1%	41,245	45,071	-8.5%	-21.8%
Total Czech PP	14,996		1,720,300	1,914,315	-10.1%	4,053,996	4,513,917	-10.2%	-24.0%
Babiná II	999	EUR 425.12	95,675	104,669	-8.6%	242,532	244,887	-1.0%	-15.1%
Babina III	999	EUR 425.12	98,431	106,618	-7.7%	249,714	251,347	-0.6%	-15.7%
Prša I.	999	EUR 425.12	99,151	113,279	-12.5%	256,001	271,520	-5.7%	-14.7%
Blatna	700	EUR 425.12	72,859	80,891	-9.9%	178,088	185,632	-4.1%	-16.6%
Mokra Luka 1	963	EUR 382.61	113,859	122,311	-6.9%	321,620	327,954	-1.9%	-17.9%
Mokra Luka 2	963	EUR 382.61	114,434	129,177	-11.4%	330,608	342,327	-3.4%	-17.6%
Jovice 1	979	EUR 382.61	86,727	99,124	-12.5%	208,948	231,266	-9.7%	-21.7%
Jovice 2	979	EUR 382.61	86,557	98,014	-11.7%	207,244	228,482	-9.3%	-22.0%
Brestovec	850	EUR 382.61	105,452	118,250	-10.8%	265,205	287,322	-7.7%	-23.7%
Polianka	999	EUR 382.61	100,099	109,887	-8.9%	223,601	250,438	-10.7%	-25.2%
Myjava	999	EUR 382.61	118,389	130,005	-8.9%	276,028	302,112	-8.6%	-25.2%
Total Slovak PP	10,429		1,091,633	1,212,224	-9.9%	2,759,589	2,923,285	-5.6%	-19.7%
Tiszakécske 1	689	HUF 34,140	79,874	89,507	-10.8%	235,420	241,554	-2.5%	-14.9%
Tiszakécske 2	689	HUF 34,140	80,390	89,640	-10.3%	237,599	243,919	-2.6%	-14.8%
Tiszakécske 3	689	HUF 34,140	79,059	88,810	-11.0%	226,140	234,223	-3.5%	-15.2%
Tiszakécske 4	689	HUF 34,140	80,480	89,640	-10.2%	238,649	243,919	-2.2%	-14.8%
Tiszakécske 5	689	HUF 34,140	80,190	89,507	-10.4%	229,704	241,554	-4.9%	-17.0%
Tiszakécske 6	689	HUF 34,140	80,187	89,640	-10.5%	236,723	243,919	-3.0%	-14.8%
Tiszakécske 7	689	HUF 34,140	80,271	89,478	-10.3%	237,202	241,365	-1.7%	-14.2%
Tiszakécske 8	689	HUF 34,140	79,885	89,376	-10.6%	234,410	240,249	-2.4%	-14.9%
Almásfüzitő 1	695	HUF 34,140	84,115	89,559	-6.1%	238,645	241,757	-1.3%	-12.5%
Almásfüzitő 2	695	HUF 34,140	82,235	89,523	-8.1%	232,166	241,549	-3.9%	-13.1%
Almásfüzitő 3	695	HUF 34,140	81,578	89,382	-8.7%	233,688	239,903	-2.6%	-9.8%
Almásfüzitő 4	695	HUF 34,140	84,526	89,668	-5.7%	239,496	242,423	-1.2%	-13.4%
Almásfüzitő 5	695	HUF 34,140	84,929	89,428	-5.0%	245,240	240,432	2.0%	-13.2%
Almásfüzitő 6	660	HUF 34,140	84,872	86,342	-1.7%	242,933	231,630	4.9%	-13.3%
Almásfüzitő 7	691	HUF 34,140	84,846	88,980	-4.6%	241,910	239,039	1.2%	-13.4%
Almásfüzitő 8	668	HUF 34,140	85,423	87,173	-2.0%	241,325	234,484	2.9%	-13.2%
Nagyecsed 1	689	HUF 34,140	80,333	88,930	-9.7%	228,390	235,526	-3.0%	-14.0%
Nagyecsed 2	689	HUF 34,140	83,206	88,930	-6.4%	230,144	235,526	-2.3%	-13.9%
Nagyecsed 3	689	HUF 34,140	83,427	89,094	-6.4%	231,539	235,490	-1.7%	-13.9%
Fertod I	528	HUF 34,140	69,346	67,861	2.2%	189,250	178,447	6.1%	-14.0%

Project name	Capacity	Feed-in-Tariff	Prod. 2021 April	Proj. 2021 April	Perf.	YTD Prod.	YTD Proj.	Perf.	YTD YoY
Unit	kWp	per MWh, in 2021	kWh	kWh	%	kWh	kWh	%	%
Fertod II No 2	699	HUF 34,140	88,556	91,441	-3.2%	245,711	241,780	1.6%	-13.0%
Fertod II No 3	699	HUF 34,140	88,642	91,441	-3.1%	246,978	241,780	2.1%	-12.4%
Fertod II No 4	699	HUF 34,140	88,368	91,441	-3.4%	251,670	241,780	4.1%	-10.8%
Fertod II No 5	691	HUF 34,140	88,060	91,552	-3.8%	245,033	244,250	0.3%	-12.8%
Fertod II No 6	699	HUF 34,140	88,103	91,441	-3.7%	245,667	241,780	1.6%	-12.4%
Kunszentmárton I No 1	697	HUF 34,140	83,716	90,683	-7.7%	251,151	248,314	1.1%	-12.4%
Kunszentmárton I No 2	697	HUF 34,140	83,343	90,687	-8.1%	247,735	248,362	-0.3%	-12.4%
Kunszentmárton II No 1	693	HUF 34,140	85,540	97,709	-12.5%	257,418	234,920	9.6%	na
Kunszentmárton II No 2	693	HUF 34,140	85,988	97,709	-12.0%	257,673	235,218	9.5%	na
Taszár 1	701	HUF 34,140	79,043	92,298	-14.4%	250,878	255,260	-1.7%	-13.9%
Taszár 2	701	HUF 34,140	78,930	92,298	-14.5%	251,350	255,260	-1.5%	-13.8%
Taszár 3	701	HUF 34,140	80,260	92,298	-13.0%	252,548	255,260	-1.1%	-13.6%
Monor 1	688	HUF 34,140	84,001	88,050	-4.6%	249,280	238,935	4.3%	-10.6%
Monor 2	696	HUF 34,140	83,553	91,251	-8.4%	248,731	246,942	0.7%	-11.5%
Monor 3	696	HUF 34,140	83,543	91,251	-8.4%	245,697	246,942	-0.5%	-11.4%
Monor 4	696	HUF 34,140	83,658	91,251	-8.3%	248,330	246,942	0.6%	-11.4%
Monor 5	688	HUF 34,140	83,386	91,516	-8.9%	248,805	243,726	2.1%	-11.5%
Monor 6	696	HUF 34,140	83,727	91,251	-8.2%	247,175	246,942	0.1%	-12.3%
Monor 7	696	HUF 34,140	83,724	91,251	-8.2%	248,304	246,942	0.6%	-11.8%
Monor 8	696	HUF 34,140	83,432	91,251	-8.6%	246,644	246,942	-0.1%	-11.5%
Tata 1	672	HUF 34,140	89,797	101,476	-11.5%	238,702	242,591	-1.6%	11.4%
Tata 2	676	HUF 34,140	79,001	89,823	-12.0%	233,218	239,037	-2.4%	18.7%
Tata 3	667	HUF 34,140	78,805	88,477	-10.9%	232,390	232,574	-0.1%	7.0%
Tata 4	672	HUF 34,140	90,543	103,645	-12.6%	240,624	248,859	-3.3%	12.1%
Tata 5	672	HUF 34,140	54,412	103,956	-47.7%	198,263	249,777	-20.6%	-8.7%
Tata 6	672	HUF 34,140	88,887	102,477	-13.3%	240,291	245,555	-2.1%	4.0%
Tata 7	672	HUF 34,140	89,659	101,535	-11.7%	241,308	242,767	-0.6%	6.8%
Tata 8	672	HUF 34,140	90,471	102,901	-12.1%	244,674	246,731	-0.8%	15.1%
Malyi 1	695	HUF 34,140	76,554	89,927	-14.9%	221,439	233,325	-5.1%	na
Malyi 2	695	HUF 34,140	76,689	90,015	-14.8%	221,852	233,670	-5.1%	na
Malyi 3	695	HUF 34,140	76,552	90,015	-15.0%	221,903	233,670	-5.0%	na
Puspokladány 1	1,406	HUF 34,140	190,454	198,188	-3.9%	506,358	518,532	-2.3%	na
Puspokladány 2	1,420	HUF 34,140	192,222	193,474	-0.6%	512,597	498,604	2.8%	na
Puspokladány 3	1,420	HUF 34,140	187,424	189,579	-1.1%	500,105	486,140	2.9%	na
Puspokladány 4	1,406	HUF 34,140	189,719	196,768	-3.6%	505,056	514,906	-1.9%	na
Puspokladány 5	1,420	HUF 34,140	192,281	193,130	-0.4%	513,356	497,888	3.1%	na
Puspokladány 6	1,394	HUF 34,140	187,622	196,182	-4.4%	493,922	508,273	-2.8%	na
Puspokladány 7	1,406	HUF 34,140	190,139	196,649	-3.3%	501,762	514,685	-2.5%	na
Puspokladány 8	1,420	HUF 34,140	188,398	190,147	-0.9%	500,737	487,973	2.6%	na
Puspokladány 9	1,406	HUF 34,140	165,869	196,534	-15.6%	449,898	514,477	-12.6%	na
Puspokladány 10	1,420	HUF 34,140	187,821	189,400	-0.8%	499,068	485,814	2.7%	na
Total Hungarian PP	49,098		6,080,064	6,602,839	-7.9%	17,174,873	17,311,029	-0.8%	40.2%
Symonston	144	AUD 301.60	13,875	11,263	23.2%	66,075	67,895	-2.7%	12.0%
Total Australian PP	144		13,875	11,263	23.2%	66,075	67,895	-2.7%	12.0%
Total	74,667		8,905,872	9,740,640	-8.6%	24,054,532	24,816,127	-3.1%	14.1%

Notes:

Capacity: installed capacity of the power plant

Prod.: production in the reporting month - Proj.: projection in the reporting month

Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1.

YTD Prod.: accumulated production year-to-date i.e. from January until the end of the reporting month.

YTD Proj.: accumulated projection year-to-date i.e. from January until the end of the reporting month

Perf. YTD: performance of the power plant year-to-date i.e. (YTD prod. in 2021 / YTD proj. in 2021) – 1

YTD YOY: (YTD Prod. in 2021 / YTD Prod. in 2020) – 1.

.

Chart 1.a Total production of the Czech portfolio Chart 1.b Total production of the Slovak portfolio

Chart 1.c Total production of Hungarian portfolio

Chart 2. Generation results versus forecast between 1 January 2016 and 30 April 2021

Chart 3. Specific Performance Ratio between 1 January 2016 and 30 April 2021

Specific Performance Ratio is a measure of efficiency which shows the amount of kWh generated per 1 kWp of installed capacity and enables the simple comparison of year-on-year results and seasonal fluctuations during the year.

The Company reports 24.1 GWh of electricity produced YTD compared to 21.1 GWh one year ago (+14.1%), propelled by the addition of new Hungarian power plants over the past year (17.6 MWp added since April 2020). This represents an avoidance of 9,510 tonnes of CO² emissions for the first four month in 2021.

In April the overall performance of the power plants in Photon Energy's portfolio came in approximately 8.6% below expectations due to unfavourable weather conditions. On a year-to-date basis, the overall performance of the portfolio slightly underperformed forecasts by 3.1%.

3. Reporting on Photon Energy's project pipeline

Project development is a crucial activity in Photon Energy's business model of covering the entire value chain of PV power plants. The main objective of project development activities is to expand the PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons Photon Energy may decide to cooperate with third-party investors either on a joint-venture basis or with the goal of exiting the projects to such investors entirely. Ownership of project rights provides Photon Energy with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. Hence, Our Czech, Slovak and Hungarian portfolios were short of generation estimates by 10.1%, 9.9% and 7.9% respectively, while our Australian power plant performed on average above expectations by approximately 23.2%.

The specific performance ratio of the proprietary portfolio (SPR) reached 119.3 kWh/kWp compared to 162.6 kWh/kWp one year ago (-26.7% year-on year).

project development is a key driver for Photon Energy's future growth. The Group's experience in project development and financing in the Czech Republic, Slovakia, Germany, Italy and Hungary is an important factor in selecting attractive markets and reducing the inherent risks related to project development.

Photon Energy is currently developing PV projects in Australia (174.6 MWp), Hungary (99.3 MWp), Romania (190.1 MWp) and Poland (67.5 MWp), and is evaluating further markets for opportunities.

Country	1. Feasibility*	2. Early development	3. Advanced development	4. Ready-to-build technical	5. Under construction	Total in MWp
Australia	-		160.0		- 14.6	174.6
Hungary	70.7	27.2	1.4		- -	99.3
Romania	92.7	97.4	-		- -	190.1
Poland	44.9	22.6	-		- -	67.5
Total in MWp	208.3	147.2	161.4		- 14.6	531.5

*Development phases are described in the glossary available at the end of this chapter.

PV projects have two definitions of capacity. The grid connection capacity is expressed as the maximum of kilowatts or megawatts which can be fed into the grid at any point in time. Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system be-tween the solar modules and the grid connection point. Cumulatively system losses typically add up to 15-20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak – Wp) can be installed without exceeding the grid connection limit. At times of extremely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits. Photon Energy will refer to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development process.

Projects having reached an advanced development phase, as well as projects for which sufficient details can be disclosed are described in the table below:

Country	Location	Dvt Phase	Project function	Share	MWp	Commercial Model	Land	Grid connection	Construction permit	Expected RTB
Australia	Leeton	5	Own portfolio	100%	7.3	Merchant	Secured	Secured	Secured	Commissioning
Australia	Fivebough	5	Own Portfolio	100%	7.3	Merchant	Secured	Secured	Secured	process in progress
Australia	Maryvale	3	Developer	65%	160.0	Co development	Secured	Ongoing	Secured	Q1 2022
Hungary	Tolna 1	3	Own portfolio	100%	1.4	Contract-for difference	Secured	Secured	Secured	Q3 2021
Hungary	Tolna 2	2	Own Portfolio	100%	27.2	All options open	Secured for some projects	Secured	Secured	Q3 2021

¹ Contr.-for-Diff stands for 'Contract for difference' and is a revenue model in form of electricity sales on the electricity spot market plus the compensation of the difference to a guaranteed Feed-in-Tariff.

Australia

As of the date of publishing this report, Photon Energy has three large scale solar farms at different stages of development in New South Wales ("NSW).

On 13 April, the Company announced an agreement to exchange project rights with its development partner Canadian Solar. As a result, Photon Energy will continue developing the 160 MWp Maryvale Solar Farm project independently, while further development of Gunning Solar Farm and Suntop 2 Solar Farm projects will be handled by Canadian Solar.

Until that date, these three projects were co-developed with Canadian Solar as part of an agreement concluded in 2018 (to date, two other projects, Suntop 1 with 189MW and Gunnedah with 146MW, have been successfully developed and sold in the scope of this cooperation):

Under the terms of the agreement, Photon Energy has exchanged its 49% stake in the 220 MWp Gunning Solar Farm project and 25% stake in the 200 MWp Suntop 2 Solar Farm project for Canadian Solar's stake in the Maryvale Solar Farm project. As part of the transaction, the Company now possesses a 65% stake and the original local co-development partner will continue its work on the project holding a 35% stake in the project.

Of the three projects, Maryvale is in the furthest stages of development. The Company expects to undertake preliminary design and grid connection studies within the next six months, followed by a Connection Agreement which is expected to be reached early next year.

Maryvale Solar Farm has development approval and is located in the NSW Central-West Orana Renewable Energy Zone, which is earmarked to unlock up to 3 GW of network capacity by the mid-2020s.

► Development status for Maryvale (160 MWp): Development Approval was granted on 4 December 2019. The grid connection options are still in progress with Essential Energy. We are currently preparing for Grid Protection Study (GPS) and it is expected that project development can be completed within Q1 2022.

The current status of other projects developed by Photon Energy is summarized below:

► Leeton and Fivebough (Total capacity 14.6 MWp): In May 2020, Photon Energy announced the conclusion of an agreement with Infradebt for the project debt financing of the two PV power plants we are developing in Leeton, with a grid connection capacity of 4.95 MWp AC and an installed capacity of 7.3 MWp DC each.

Photon Energy Engineering Australia Pty Ltd. is acting as engineering, procurement and construction (EPC) contractor for both projects. After commissioning long-term O&M services will be provided by Photon Energy Operations Australia Pty Ltd.

The plants' bi-facial PV modules are mounted on singleaxis trackers and will supply the produced electricity to Essential Energy's distribution network as non-scheduled generators. The combined annual electricity production of both PV power plants is forecast to be 27.8 GWh, and will be sold on the National Electricity Market on a merchant basis, as will the Large Generation Certificates (LGCs) generated by the plants. No power purchase agreements (PPAs) have been entered into by Photon Energy.

These are the two largest projects to be added to Photon Energy's portfolio to date, and our first merchant projects providing competitive energy into the market. The experience we gain in operating the power plants will be used to maximise revenues in the energy market.

► Construction status: The project works are now completed and we are finalising the commissioning process. We intend to connect both plants and begin injection to the grid within Q2 2021.

Glossary of terms	Definitions
Development phase 1: "Feasibility"	LOI or MOU signed, location scouted and analyzed, working on land lease/purchase, environmental assessment and applica tion for grid connection.
Development phase 2: "Early development"	Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies "EIS" for Australia), preliminary design. Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.). Specific to Australia: community consultation, technical studies.
Development phase 3: "Advanced development"	In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, Finishing work on permitting for connection line, etc. In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted.
Development phase 4: "Ready-to-build technical"	In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (inter nal/external). In Australia: Development application approved, offer to connect to grid received and detailed design commenced. Financing and off-take models/arrangements (internal/external) under negotiation.
Development phase 5: "Under construction"	Procurement of components, site construction until the connection to the grid. On top for Australian projects, signature of Financing and off-take agreements, reception of Construction certificate, conclusion of connection agreement, EPC agree ment, Grid connection works agreements.

Glossary of terms	Definitions
NSW Department for Planning and Environment (DP&E)	NSW DP&E is a government agency in charge of planning and development of New South Wales, to ensure the balance between the commercial business development and the needs of local communities. Each project submitted to DP&E must include environmental impact studies (EIS) and once it is reviewed by DP&E, the project is published and available for the public opinion to submit their comments. If the project is rejected by more than 25 people it is moved to Independent Planning Committee (IPC) for review. If there is no public opposition, the project is approved and DP&E issues the project Development Approval (DA)
Independent Planning Com mittee (IPC)	In case more than 25 public petitions against the project are submitted, IPC needs to investigate further into social and envi ronmental impact of the project. IPC might make some recommendations to be made to the project plan to secure the issu ance of DA.
Essential Energy	Essential Energy is Distribution Network Service Provider, which operates and manages low voltage electricity network in NSW. The process to secure the grid connection with Essential Energy includes GPS and AEMO's license.
Transgrid	Transgrid is a Distribution Network Service Provider (DNSP), which operates and manages the NSW high voltage transmis sion network. Transgrid, in co-operation with Australian Energy Market Operator (AEMO, see description below), is in charge of grid connection approval. To issue its decision Transgrid requires Generation Protection Studies (GPS). GPS is a complete analysis and tests of the impact that a potential power plant would have on the grid. Each power plant is tested under different assumptions (extreme weather conditions, demand/supply changes etc.) and its performance/impact on the grid's stability is thoroughly analysed. Once GPS are completed and accepted, Transgrid is issuing grid connection terms. Those terms are part of the agreement signed with Transgrid, which together with AEMO license secures and finalizes the grid connection process.
Australian Energy Market Operator (AEMO)	AEMO is responsible for operating Australia's largest gas and electricity markets and power systems. AEMO is overlooking all energy producers in NSW and is involved in the process of grid connection approval. AEMO reviews the grid connection terms and GPS studies and issues the license to feed electricity to the grid. AEMO also controls the on-going power generation to make sure that grid stability is maintained.

Hungary

Below is a short summary of projects in the pipeline and of the progress achieved in the reporting period.

► Tolna (28.6 MWp): The thirteen projects with a total planned installed DC capacity of 28.6 MWp are located in the Tolna region in the south of Hungary. Two power plants have a grid connection capacity of 5.0 MW AC each, whereas 1 MW AC have been secured for each of the remaining eleven projects. The grid connection points have been secured and the negotiations for suitable land plots have been finalized for several projects. Grid connection plans have been initiated and already partially approved, to allow us to conclude grid connection agreements with E.ON. with a validity of two years.

On 8 December 2020, one of the 1MW AC (approx. 1.4 MWp DC) project was granted a METAR premium of 24,470 HUF/MWh (approx. EUR 68 per MWh) with a maximum supported production of 21,585 MWh over a period of up to 15 years. This achievement results from the approval of the project application to the first pilot tender for the METAR system organized in September 2019.

The revenue model will either take the form of a contractfor-difference based on METÁR licenses (for projects proving successful through an auction process in the future), a PPA, or the direct sale of electricity through a trader on the Hungarian electricity market. Construction plans include the use of tracking technology allowing bifacial solar modules to follow the course of the sun, which are expected to achieve a 15-20% higher specific performance than fixed installations.

Now the team has solidified grid capacity, land, and a commercial structure, the projects will continue to take shape as they move towards construction and realization.

The current project pipeline in Hungary consists of 15 projects with a total planned capacity of 99.3 MWp.

4. Enterprise value & Share price performance

4.1 Main market of the Warsaw Stock Exchange

On 30 April 2021 the Company's shares (ISIN NL0010391108) closed at a price of PLN 11.70 (-10.0% MoM), corresponding to a price to book ratio of 3.00. The monthly trading volume amounted to 135,294 shares (vs. an average monthly volume of 199,210 YTD).

Chart 4. Enterprise value vs. trailing 12 months (TTM) EBITDA

Notes:

EV – Enterprise value is calculated as the market capitalisation as of the end of the reporting month, plus debt, plus minority interest, minus cash. All the balance sheet data are taken from the last quarterly report.

Trailing 12 months EBITDA – defined as the sum of EBITDA reported in the last four quarterly reports; i.e. the sum of EBITDA reported in Q2 2020, Q3 2020, Q4 2020, and Q1 2021.

Trading of the Company's shares on the regulated market of the Warsaw Stock Exchange (WSE) (Giełda Papierów Wartościowych w Warszawie) commenced on 5 January 2021. Prior to that date, data presented in this section have been extracted from the trading activity on NewConnect.

Chart 5. Enterprise value / trailing 12 months EBITDA and price to book ratio

Price/book ratio – is calculated by dividing the closing price of the stock as of the end of the reporting period by the book value per share reported in the latest quarterly report.

EV/EBITDA ratio – is calculated by dividing the Enterprise Value by the Trailing 12 months (TTM) EBITDA.

Chart 6. Total monthly volumes vs. daily closing stock prices

4.2 Main market of the Prague Stock Exchange

On 30 April 2021 the share price (ISIN NL0010391108) closed at a level of CZK 78.00 (-3.1% MoM), corresponding to a price to book ratio of 3.53x. The Company reports a monthly trading volume of 33,511 shares in April, compared to an average monthly trading volume of 54,867 YTD.

Trading of the Company's shares on the regulated market of the Prague Stock Exchange (PSE) (Burza cenných papírů Praha) commenced on 5 January 2021. Prior to that date, Data have been extracted from the trading activity on the Free Market of the Prague Stock Exchange.

4.3 Quotation Board of the Frankfurt stock exchange

On 30 April 2021 the share price (FSX: A1T9KW) closed at a level of EUR 2.62 (-6.4% MoM), corresponding to a price to book ratio of 3.07x.

The Company reports a monthly trading volume of 17,610 shares in April, compared to an average monthly trading volume of 21,885 YTD.

The Company's shares have been traded on the Quotation Board of the Frankfurt Stock Exchange since 11 January 2021.

5. Bond trading performance

In December 2016 the Company issued a 7-year corporate bond with a 6% annual coupon and monthly payments in the Czech Republic. The corporate bond (ISIN CZ0000000815) with a nominal value of CZK 30,000 has been traded on the Free Market of the Prague Stock Exchange since 12 December 2016.

On 27 October 2017 the Company issued a 5-year corporate EUR bond with a 7.75% annual coupon and quarterly coupon payments in Germany, Austria and Luxemburg. The original target volume of EUR 30 million has been subscribed to in full on

5.1 EUR Bond 2017/22 trading performance

EUR Bond 2017-22 trading performance to date

In the trading period from 25 October 2017 until 30 April 2021, the trading volume amounted to EUR 49.745 million (nominal value, including the volume traded in Berlin, Munich & Stuttgart) with an opening price of 100.00 and a closing price of 103.75 in Frankfurt. During this period the average daily turnover amounted to EUR 56,209.

Chart 7. The Company's EUR bond 2017/22 trading on the Frankfurt Stock Exchange in Germany

5.2 CZK Bond 2016/23 trading performance in Prague

In the trading period from 12 December 2016 until 30 April 2021, the trading volume amounted to CZK 15.560 million with a closing price of 100.00.

Since 28 July 2020, the Company's shares have already been traded on the Free Market (Freiverkehr) of the Munich Stock Exchange.

In addition the Company's shares have also been traded on the Free Market (Freiverkehr) of the Berlin Stock Exchange since 13 January 2021, and on the Free Market (Freiverkehr) of the Stuttgart Stock Exchange since 14 January 2021.

7 September 2018, before the end of the public placement period originally set until 20 September 2018. The corporate bond (ISIN DE000A19MFH4) with a nominal value of EUR 1,000 has been traded on the Open Market of the Frankfurt Stock exchange since 27 October 2017. The bond is also listed on the stock exchanges in Berlin, Hamburg, Hannover, Munich and Stuttgart. The Group has successfully increased the bond placement by EUR 7.5 million in 2019, and EUR 7.5 million in 2020 with all parameters unchanged. The total outstanding bond volume amounts to EUR 45.0 million as of the end of the reporting period.

EUR Bond 2017/22 trading performance in April 2021

In April 2021 the trading volume amounted to EUR 193,000 with an opening price of 103.70 and a closing price of 103.75 in Frankfurt. The average daily turnover amounted to EUR 9,650.

Chart 8. MIN, MAX and closing monthly prices

6. Summary of all information published by the Issuer as current reports for the period covered by the report

No reports have been published in the EBI (Electronic Database Information) system of the Warsaw Stock Exchange during or after the reporting period.

In the period covered by this report the following current reports have been published in the ESPI (Electronic Information Transmission System) system of the Warsaw Stock Exchange:

• ► ESPI report 13 13.04.2021 Photon Energy increases its share in Maryvale Solar Farm through an asset swap with Canadian Solar.
• ► ESPI report 14 14.04.2021 Photon Energy participates in RayGen Resources capital increase.
• ► ESPI Report 15 14.04.2021 Monthly report for March 2021.
• ► ESPI Report 16 19.04.2021 Annual report 2020.
• ► ESPI Report 17 20.04.2021 AGM 2021 Convocation notice.

After the reporting period, the following reports have been published in the ESPI (Electronic Information Transmission System) system of the Warsaw Stock Exchange:

► ESPI report 18 – 11.05.2021 – Quarterly report for Q1 2021.

7. Investors' calendar

• ► 17-18 May 2021: ESG: "Prague Spring" Symposium / online
• ► 18-19 May 2021: Frühjahrskonferenz (Spring Conference) 2021 Frankfurt / online
• ► 1 June 2021: Annual General Meeting, Amsterdam
• ► 10 June 2021: Monthly report for May 2021
• ► 14 July 2021: Monthly report for June 2021
• ► 10 August 2021: Entity and consolidated quarterly reports for Q2 2021/H1 2021
• ► 12 August 2021: Online presentation of Photon Energy Group's Q2 2021/H1 2021 results
• ► 12 August 2021: Monthly report for July 2021
• ► 14 September 2021: Monthly report for August 2021
• ► 14 October 2021: Monthly report for September 2021
• ► 10 November 2021: Entity and consolidated quarterly reports for Q3 2021
• ► 15 November 2021: Online presentation of Photon Energy Group's Q3 2021 results
• ► 15 November 2021: Monthly report for October 2021
• ► 22-24 November 2021: Deutsches Eigenkapitalforum in Frankfurt
• ► 14 December 2021: Monthly report for November 2021

8. Investor relations contact

Emeline Parry, Investor relations manager E-mail: ir@photonenergy.com

Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands Web: www.photonenergy.com

Amsterdam, 13 May 2021

Georg Hotar, Member of the Board of Directors Michael Gartner, Member of the Board of Directors