Green Earth Group NV — Earnings Release 2022

Oct 5, 2022

Press Release

DGB announces operational Q3 update

4 October 2022 | 18:00h CET

Dutch Green Business Group N.V. ("DGB" or "the Group") (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, announces its operational Q3 update. During the last quarter, DGB saw an increase in offtake agreements to 532,720 tCO2e, up from 25,000 tCO2e last quarter (+2,030.9% quarterly growth) and up from 8,841 during the same quarter in the previous year (+5,925.6% YoY growth). The Group expanded its project development pipeline from 16.9m expected tCOe in Q2 to 27.2m expected tCO2e in Q3 (+61.1% quarterly growth ) by scaling its afforestation and reforestation operations in Cameroon and Kenya.

DGB is a boots-on-the-ground project developer for nature-based projects to originate high-integrity verified emission reduction carbon credits ("VERs"). VERs are voluntary emission reductions, carbon offsets or carbon credits. VERs are a reduction in greenhouse gas emissions ("GHG") from an independently audited project. Each VER represents one metric tonne of verified carbon dioxide emissions reduction ("tCO2e").

Carbon markets are rapidly expanding. There is near-universal consensus from governments and private companies that the market needs to grow to match global net-zero needs. The current average index price for Nature-Based Carbon Offset Credit in the voluntary carbon markets is \$8,33 per tCO2e, and there is a premium for high-quality offsets.

Q3 2022 Operational and other highlights

• ● Signed offtake agreements: DGB focuses on scaling its operations and financing the projects by entering into long-term offtake agreements for carbon credits to be verified in the coming years. This is an essential part of its financing and carbon credit sales strategy. During Q3 the Group saw an increase in offtake agreements to 532,720 tCO2e, up from 25,000 tCO2e last quarter (+2,030.9% quarterly growth) and up from 8,841 during the same quarter the previous year (+5,925.6% YoY growth).
• Project pipeline: In Q3 DGB scaled its afforestation and reforestation operations in Cameroon and Kenya. The project pipeline of the Group now consists of 5 projects with over 27.2m expected tCO2e. This represents a growth from 16.9m expected tCOe in Q2 (+61.1% quarterly growth) and growth up from 157,000

expected tCO2e during the same quarter in the previous year, making DGB the most prominent project developer of carbon credits in The Netherlands.

● Amount of projects: DGB has mapped opportunities and locations globally with plans for ecosystem restoration and to realise new natural habitats. In Q3 explored new areas, resulting in 6 new potential projects. The Group started conducting feasibility assessments in Q3 to estimate how much carbon per annum is set to be absorbed by the projects at what cost. The feasibility assessments help assess the risk-return ratios and thereby help advise on actions to achieve the best return on investment. The projects that are considered feasible will be developed by DGB and added to its project pipeline.

"The expansion over all divisions of our company is a sign of confidence in our capability as a project developer to originate premium high-quality carbon reduction credits. During this quarter we received positive feedback and concrete proposals for the projects in our pipeline from investors and corporate buyers in our tender process. So far, this resulted in the completion of one significant offtake agreement, and I expect to close other transactions in the near future to finance our entire current project pipeline.", stated CEO S.A.M. Duijvestijn

DGB hosts an online conference call on Wednesday, October 5th at 14:00h CET, during which its board of directors will speak on the state of affairs and look ahead to the coming period. There is no participation cost, and access is for shareholders and non-shareholders.